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