-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RQ/prQQr/kCA+9pcv04zYjY3D/rZLDAnXXBAeJX9s/1tOdx5XyYIqdeFomDaEuXr hDoYkzYGMJ5cu7uauCREWQ== 0000927016-01-501409.txt : 20010614 0000927016-01-501409.hdr.sgml : 20010614 ACCESSION NUMBER: 0000927016-01-501409 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010601 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010613 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CVEO CORP CENTRAL INDEX KEY: 0000716934 STANDARD INDUSTRIAL CLASSIFICATION: RUBBER & PLASTICS FOOTWEAR [3021] IRS NUMBER: 041419731 STATE OF INCORPORATION: MA FISCAL YEAR END: 0102 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 033-06161 FILM NUMBER: 1659651 BUSINESS ADDRESS: STREET 1: ONE FORDHAM RD CITY: NORTH READING STATE: MA ZIP: 01864 BUSINESS PHONE: 5086641100 MAIL ADDRESS: STREET 1: ONE FORDHAM ROAD CITY: NORTH READING STATE: MA ZIP: 01864 FORMER COMPANY: FORMER CONFORMED NAME: CONVERSE INC DATE OF NAME CHANGE: 19940824 8-K 1 d8k.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K Current Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): June 1, 2001 CVEO Corporation - -------------------------------------------------------------------------------- (Exact name of registrant specified in Charter)
Delaware 1-13430 04-1419731 - ------------------------------------------------------------------------------------------------------------------------------- (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
One Fordham Road, North Reading, MA 01864 - -------------------------------------------------------------------------------- (Address of principal executive offices) Zip Code Registrant's telephone, including area code: 978.664.1100 ---------------------------------- - -------------------------------------------------------------------------------- (Former name and former address, if changed since last report) ITEM 5. OTHER EVENTS Pursuant to Bankruptcy Rule 2015, on June 1, 2001 CVEO Corporation (the "Company"), formerly named Converse Inc., filed its monthly operating report covering the period ending April 30, 2001 with the United States Bankruptcy Court for the District of Delaware. Attached as Exhibit 99.1 to this Form 8-K is the following financial information included in such monthly operating report: . Schedule of Cash Receipts and Disbursements January 22, 2001 to April 30,2001. . Consolidated Balance Sheet as of February 24, 2001. . Consolidated Income Statement for the month of February 2001 and year to date. . Consolidated Balance Sheet as of March 31, 2001. . Consolidated Income Statement for the month of March 2001 and year to date. . Consolidated Balance Sheet as of April 30, 2001. . Consolidated Income Statement for the month of April 2001 and year to date. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits -------- 99.1 Financial Information SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized, in North Reading, Massachusetts on June 12, 2001. CVEO CORPORATION By: /s/ James E. Lawlor ---------------------------------- James E. Lawlor Senior Vice President and Chief Financial Officer 2 INDEX TO EXHIBITS Exhibit Page - ------- ---- 99.1 Financial Information 4 3 EX-99.1 2 dex991.txt FINANCIAL INFORMATION EXHIBIT 99.1
CVEO Corporation f/k/a Converse Inc. ---------------------------------------------------------- Shedule of Cash Receipts & Disbursements Form Actual Actual Actual Actual Total MOR1 $=thousands 1/22-1/27 1/28-2/24 2/25-3/31 4/1-4/30 1/22-4/30 JAN FEB MAR APR CASH RECEIPTS: Domestic Accounts 2,413 5,887 10,008 14,007 32,315 Outlet Stores 255 1,227 1,533 1,495 4,510 Int'l Distributors 2,315 1,555 6,839 5,038 15,747 Subs- Europe - - - - - Iberia - - - - - Mexico - - - - - Japan(CJI) - - - - - Royalty Receipts 119 2,411 385 1,074 3,989 Other Receipts 127 116 9 252 TOTAL RECEIPTS 5,102 11,207 18,881 21,623 56,813 DISBURSEMENTS: Accounts Payable Raw Materials 69 188 111 21 389 Duties/Customs 96 745 903 380 2,124 Other Disbursements 14 920 1,549 1,436 3,919 Traffic 45 416 584 276 1,321 Advertising/Mktg - 287 75 22 384 Player Contracts - 59 42 - 101 Rent - 252 268 258 778 Capital Expenditures - - - - - Income/Frchise Tax Pmts - - - - - Float Adjustment (224) (780) 214 181 (609) Total Accounts Payable - 2,087 3,746 2,574 8,407 Foreign Fnshd Gds-L/C 1,141 6,738 7,665 3,909 19,453 FFG-Open Acct - - - - - Payroll - 1,605 2,484 1,526 5,615 Tax Payments 317 1,053 1,264 802 3,436 Europe - - - - - Mexico - - - - - Japan - 19 113 - 132 Singapore - 96 62 61 219 Other 224 853 1,190 591 2,858 Restructuring Fees - 65 52 163 280 TOTAL CASH DISBURSEMENTS 1,682 12,516 16,576 9,626 40,400 - ------------------------------------------------------------------------------------------------------------------- NET CASH REC/DSB
BEFORE BA FIN 3,420 (1,309) 2,305 11,997 16,413 - ------------------------------------------------------------------------------------------------------------------- ADD BA FINANCING 1,119 6,583 7,529 981 16,212 LESS BA MATURITY 473 2,343 4,921 19,175 26,912 - ------------------------------------------------------------------------------------------------------------------- NET CASH REC/DSB AFTER BA FINANCING 4,066 2,931 4,913 (6,197) 5,713 - ------------------------------------------------------------------------------------------------------------------- PAYROLL BKDWN. M - - - - (ACHed prior day T - - - - for value..) W - - - - Th - - - - F - - - - INTEREST/FEES; BANKS 19 325 677 664 1,685 NOTEHOLDERS 370 877 147 1,394 CONVERTIBLE NOTES - - DIP FEE 393 250 643 PROCEEDS SALE OF BLDG - - - REVOLVER BALANCE 34,983 32,747 29,781 37,039 37,039 LETTERS OF CREDIT ADD: - 3,397 4,542 1,747 9,686 SUBTRACT: 1,140 6,736 7,756 3,818 19,450 TOTAL L/C 9,099 5,760 2,546 477 477 BA REFINANCING ADD: 1,119 6,583 7,529 981 16,212 SUBTRACT: 473 2,342 4,920 19,174 26,909 TOTAL B/A REFI 11,345 15,584 18,193 - - STANDBY L/C 828 828 828 828 828 TOTAL LINE UTILIS. 56,255 54,920 51,348 38,344 38,344 ---------------------------------------------------------
CVEO CORPORATION f/k/a CONVERSE INC. CONSOLIDATED BALANCE SHEET CVEO Corporation f/k/a Converse Inc.(debtor) and subsidiaries (non-debtor) FEBRUARY 2001 Ending Balance 2/24/01 -------------- ASSETS CURRENT ASSETS Cash and cash equivalents 2,989,389 Accounts receivables 38,899,951 Receivable from subsidiaries - Inventories 38,673,998 Prepaid expenses and other current assets 2,444,792 -------------- Total current assets 83,008,130 Net property, plant and equipment 5,688,533 Investment in subsidiaries - Other assets 10,941,862 -------------- 99,638,525 ============== LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIENCY) Current liabilities: Credit facility 48,331,263 Current portion long-term debt 102,907,687 Notes payable (137,628) Accounts payable 40,795,090 Accrued expenses 17,558,907 Income taxes payable 6,319,424 -------------- Total current liabilities 215,774,743 Current assets in excess of reorganization value 23,719,655 Stockholders' equity (deficiency): Common stock 17,535,556 Additional paid in capital 4,449,390 Unearned compensation (212,361) Retained deficit (160,845,091) Cumulative currency translation adjustment (783,367) -------------- Total stockholders' equity (deficiency) (139,855,873) -------------- 99,638,525 ============== CVEO CORPORATION f/k/a CONVERSE INC. CONSOLIDATED INCOME STATEMENT CVEO Corporation f/k/a Converse Inc.(debtor) and subsidiaries (non-debtor) FEBRUARY 2001
------------------------------------ Month of Feb. 2001 YTD Feb. 2001 ------------------------------------ Net revenue 15,806,955 29,647,741 Cost of sales 11,457,235 21,284,654 ------------------------------------ Gross profit 4,349,720 8,363,087 Selling, general and administrative expenses 3,030,258 6,725,337 Royalty income 1,615,820 3,155,332 Restructuring and other unusual charges 933,220 933,220 ------------------------------------ Earnings from operations 2,002,062 3,859,862 Interest expense 875,526 2,945,301 Other (income) expense, net 425,067 1,031,463 ------------------------------------ Net income before income tax 701,469 (116,902) Income tax expense 241,031 469,846 ------------------------------------ Net income 460,438 (586,748) ====================================
CVEO CORPORATION f/k/a CONVERSE INC. CONSOLIDATED BALANCE SHEET CVEO Corporation f/k/a Converse Inc.(debtor) and subsidiaries (non-debtor) MARCH 2001
Ending Balance 3/31/01 --------------- ASSETS CURRENT ASSETS Cash and cash equivalents 2,358,394 Accounts receivables 44,793,027 Receivable from subsidiaries - Inventories 30,733,428 Prepaid expenses and other current assets 2,071,512 --------------- Total current assets 79,956,361 Net property, plant and equipment 5,281,316 Investment in subsidiaries - Other assets 11,190,948 --------------- 96,428,625 =============== LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIENCY) Current liabilities: Credit facility 47,973,786 Current portion long-term debt 102,907,687 Notes payable (270,849) Accounts payable 38,795,500 Accrued expenses 17,232,103 Income taxes payable 6,488,902 --------------- Total current liabilities 213,127,129 Current assets in excess of reorganization value 23,546,519 Stockholders' equity (deficiency): Common stock 17,553,048 Additional paid in capital 4,436,788 Unearned compensation (179,712) Retained deficit (161,558,000) Cumulative currency translation adjustment (497,147) --------------- Total stockholders' equity (deficiency) (140,245,023) --------------- 96,428,625 ===============
CVEO CORPORATION f/k/a CONVERSE INC. CONSOLIDATED INCOME STATEMENT CVEO Corporation f/k/a Converse Inc.(debtor) and subsidiaries (non-debtor) MARCH 2001
-------------------------------------- Month of Mar. 2001 YTD Mar. 2001 ------------------------------------- Net revenue 24,214,403 53,862,144 Cost of sales 19,459,424 40,744,078 ------------------------------------- Gross profit 4,754,979 13,118,066 Selling, general and administrative expenses 3,720,521 10,445,858 Royalty income 1,430,574 4,585,906 Restructuring and other unusual charges 528,050 1,461,270 ------------------------------------- Earnings from operations 1,936,982 5,796,844 Interest expense 1,867,044 4,812,345 Other (income) expense, net 558,884 1,590,347 ------------------------------------- Net income before income tax (488,946) (605,848) Income tax expense 223,964 693,810 ------------------------------------- Net income (712,910) (1,299,658) =====================================
CVEO CORPORATION f/k/a CONVERSE INC. CONSOLIDATED BALANCE SHEET CVEO Corporation f/k/a Converse Inc.(debtor) and subsidiaries (non-debtor) APRIL 2001 PRELIMINARY Ending Balance 4/30/01 -------------- ASSETS CURRENT ASSETS Cash and cash equivalents 2,029,827 Accounts receivables 35,011,801 Receivable from subsidiaries - Inventories 25,545,491 Prepaid expenses and other current assets 1,580,054 -------------- Total current assets 64,167,173 Net property, plant and equipment 5,119,321 Investment in subsidiaries - Other assets 11,091,163 -------------- 80,377,657 ============== LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIENCY) Current liabilities: Credit facility 37,038,206 Current portion long-term debt 102,907,687 Notes payable (94,754) Accounts payable 36,564,100 Accrued expenses 15,845,426 Income taxes payable 6,473,318 -------------- Total current liabilities 198,733,983 Current assets in excess of reorganization value 23,373,382 Stockholders' equity (deficiency): Common stock 17,553,048 Additional paid in capital 4,436,788 Unearned compensation (147,063) Retained deficit (162,974,215) Cumulative currency translation adjustment (598,266) -------------- Total stockholders' equity (deficiency) (141,729,708) -------------- 80,377,657 ============== Preliminary, subject to audit adjustments for Purchase Price adjustments CVEO CORPORATION f/k/a CONVERSE INC. CONSOLIDATED INCOME STATEMENT CVEO Corporation f/k/a Converse Inc.(debtor) and subsidiaries (non-debtor) APRIL 2001 PRELIMINARY ---------------------------------- Month of Apr. 2001 YTD Apr. 2001 ---------------------------------- Net revenue 11,731,838 65,593,982 Cost of sales 9,061,949 49,806,027 --------------------------------- Gross profit 2,669,889 15,787,955 Selling, general and administrative expenses 2,151,702 12,597,560 Royalty income 1,009,123 5,595,029 Restructuring and other unusual charges 782,441 2,243,711 --------------------------------- Earnings from operations 744,869 6,541,713 Interest expense 1,394,116 6,206,461 Other (income) expense, net 578,854 2,169,201 --------------------------------- Net income before income tax (1,228,101) (1,833,949) Income tax expense 188,113 881,923 --------------------------------- Net income (1,416,214) (2,715,872) ================================= Preliminary, subject to audit adjustments for Purchase Price adjustments -----END PRIVACY-ENHANCED MESSAGE-----