-----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, PYuyJp+2ZFAPnhRojjhJxsY0u3DIfBiwcUy07/kaLAMhK52IUKeJGrDSSSE3PxMm /gnosGMRJKWzpVdKumuo0w== 0000927016-01-501802.txt : 20010710 0000927016-01-501802.hdr.sgml : 20010710 ACCESSION NUMBER: 0000927016-01-501802 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010629 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010709 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: 1676715 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 29, 2001 CVEO Corporation ----------------------------------------------- (Exact name of registrant specified in Charter) Delaware 1-13430 04-1419731 - ------------------------------------------------------------------------------- (State or other jurisdiction (Commission File Number) (I.R.S. Employer of incorporation) 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 29, 2001 CVEO Corporation (the "Company"), formerly named Converse Inc., filed its monthly operating report covering the period ending May 31, 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 May 31, 2001. . Consolidated Balance Sheet as of May 31, 2001 . Consolidated Income Statement for the month of May 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 July 3, 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 1 EX-99.1 2 dex991.txt FINANCIAL INFORMATION EXHIBIT 99.1 CVEO Corporation f/k/a Converse Inc. Shedule of Cash Receipts & Disbursements Form MOR1 $=thousands
Actual Actual Actual Actual Actual Total 1/22-1/27 1/28-2/24 2/25-3/31 4/1-4/30 5/1-5/31 1/22-5/31 ----------------------------------------------------------------------------- JAN FEB MAR APR MAY CASH RECEIPTS: Domestic Accounts 2,413 5,887 10,008 14,007 1,187 33,502 Outlet Stores 255 1,227 1,533 1,495 105 4,615 Int'l Distributors 2,315 1,555 6,839 5,038 15,747 - - - - - - - - - - - - - - - - - - - - Royalty Receipts 119 2,411 385 1,074 3,989 Other Receipts 127 116 9 196 448 TOTAL RECEIPTS 5,102 11,207 18,881 21,623 1,488 58,301 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 2,569 6,488 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 2,569 10,976 - 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 3,062 8,677 Tax Payments 317 1,053 1,264 802 511 3,947 - - - - - - - - - - Japan - 19 113 - 132 Singapore - 96 62 61 219 Other 224 853 1,190 591 2,858
1
Actual Actual Actual Actual Actual Total 1/22-1/27 1/28-2/24 2/25-3/31 4/1-4/30 5/1-5/31 1/22-5/31 ----------------------------------------------------------------------------- JAN FEB MAR APR MAY Restructuring Fees - 65 52 163 149 429 TOTAL CASH DISBURSEMENTS 1,682 12,516 16,576 9,626 6,291 46,691 ----------------------------------------------------------------------------- NET CASH REC/DSB BEFORE BA FIN 3,420 (1,309) 2,305 11,997 (4,803) 11,610 ----------------------------------------------------------------------------- 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) (4,803) 910 M - ------------------------------------------------- ----------------------------------------------------------------------------- T Proceeds Sale of Assets W 92,500 92,500 Th PAYROLL BKDWN. F - - - - (ACHed prior day - - - - for value..) - - - - - - - - - - - - INTEREST/FEES; BANKS 19 325 677 664 1,685 NOTEHOLDERS 370 877 147 369 1,763 CONVERTIBLE NOTES - - DIP FEE 393 250 643 - BT Loan Payoff - - - 37,039 37,039 Secured Notes Payoff 23,906 23,906 REVOLVER BALANCE 34,983 32,747 29,781 37,039 - - CASH BALANCE 26,383 26,383 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 828 828 828 828 919 919 TOTAL LINE UTILIS./CASH BALANCE 56,255 54,920 51,348 38,344 25,464 25,464 -----------------------------------------------------------------------------
2
CVEO CORPORATION f/k/a CONVERSE INC. CONSOLIDATED BALANCE SHEET CVEO Corporation f/k/a Converse Inc.(debtor) and subsidiaries (non-debtor) MAY 2001 PRELIMINARY Adjusted Balance 5/31/01 ------------------------- ASSETS CURRENT ASSETS Cash and cash equivalents 27,788,007 Accounts receivables 1,545,013 Receivable from subsidiaries - Inventories 271,566 Prepaid expenses and other current assets 1,162,733 ------------------------- Total current assets 30,767,319 Net property, plant and equipment 5,110,905 Investment in subsidiaries - Other assets 8,146,309 ------------------------- 44,024,533 ========================= LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIENCY) Current liabilities: Credit facility 0 Current portion long-term debt 79,001,468 Notes payable (107,888) Accounts payable 35,003,195 Accrued expenses 13,686,190 Income taxes payable 6,495,097 ------------------------- Total current liabilities 134,078,062 Current assets in excess of reorganization value 23,200,246 Stockholders' equity (deficiency): Common stock 17,553,048 Additional paid in capital 4,436,788 Unearned compensation (131,699) Retained deficit (134,633,476) Cumulative currency translation adjustment (478,436) ------------------------- Total stockholders' equity (deficiency) (113,253,775) ------------------------- 44,024,533 ========================= 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) MAY 2001 PRELIMINARY
------------------------------------- Month of May 2001 YTD May 2001 ------------------------------------- Net revenue 1,580 65,974,912 Cost of sales (25,067) 50,022,631 ------------------------------------- Gross profit 26,647 15,952,281 Selling, general and administrative expenses 1,217,246 13,814,806 Royalty income (9,090) 5,585,939 Restructuring and other unusual charges 560,479 2,804,190 ------------------------------------- Earnings from operations (1,760,168) 4,919,224 Interest expense 3,393,175 9,599,636 Other (income) expense, net 280,311 2,449,512 ------------------------------------- Net income before income tax (5,433,654) (7,129,924) Income tax expense 27,829 909,752 ------------------------------------- Net income (5,461,483) (8,039,676) =====================================
Preliminary, subject to audit adjustments for Purchase Price adjustments 4 -----END PRIVACY-ENHANCED MESSAGE-----