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
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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 -----------------------------------------------------------------------------
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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