0000927016-01-503107.txt : 20011019
0000927016-01-503107.hdr.sgml : 20011019
ACCESSION NUMBER: 0000927016-01-503107
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20011001
ITEM INFORMATION: Other events
ITEM INFORMATION: Financial statements and exhibits
FILED AS OF DATE: 20011011
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: 1934 Act
SEC FILE NUMBER: 033-06161
FILM NUMBER: 1756797
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): October 1, 2001
CVEO Corporation
--------------------------------------------------------------------------------
(Exact name of registrant specified in Charter)
Delaware 1-13430 04-1419731
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(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation) Identification No.)
One High Street, North Andover, MA 01845
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(Address of principal executive offices) Zip Code
Registrant's telephone, including area code: 978.983.3375
---------------------------
--------------------------------------------------------------------------------
(Former name and former address, if changed since last report)
ITEM 5. OTHER EVENTS
1. Pursuant to Bankruptcy Rule 2015, on October 1, 2001 CVEO Corporation (the
"Company"), formerly named Converse Inc., filed its monthly operating report
covering the period ending August 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:
. Consolidated Balance Sheet as of August 31, 2001.
. Consolidated Income Statement for the month of August 2001 and year
to date.
. Schedule of Cash Receipts and Disbursements July 31, 2001 to August
31, 2001.
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
October 11, 2001.
CVEO CORPORATION
By: /s/ James E. Lawlor
----------------------------------------
James E. Lawlor
Senior Vice President and
Chief Financial Officer
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INDEX TO EXHIBITS
Exhibit Page
------- ----
99.1 Financial Information 4
3
EX-99.1
3
dex991.txt
FINANCIAL INFORMATION
EXHIBIT 99.1
CVEO CORPORATION f/k/a CONVERSE INC. CONSOLIDATED BALANCE SHEET
CVEO Corporation f/k/a Converse Inc.(debtor) and subsidiaries (non-debtor)
AUGUST 2001
Ending Balance
8/31/01
--------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 18,328,045
Accounts receivable 5,473,681
Receivable from subsidiaries -
Inventories 0
Prepaid expenses and other current assets 1,189,829
--------------
Total current assets 24,991,555
Net property, plant and equipment 4,951,077
Other assets 8,126,739
--------------
38,069,371
==============
LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIENCY)
Current liabilities:
Credit facility 0
Current portion long-term debt 79,001,468
Accounts payable 35,472,160
Accrued expenses 14,055,726
Income taxes payable 6,498,213
--------------
Total current liabilities 135,027,567
Current assets in excess of reorganization value 22,680,838
Stockholders' equity (deficiency):
Common stock 17,553,048
Additional paid in capital 4,436,788
Unearned compensation (100,971)
Retained deficit (141,049,463)
Cumulative currency translation adjustment (478,436)
--------------
Total stockholders' equity (deficiency) (119,639,034)
--------------
38,069,371
==============
4
CVEO CORPORATION f/k/a CONVERSE INC. CONSOLIDATED INCOME STATEMENT
CVEO Corporation f/k/a Converse Inc.(debtor) and subsidiaries (non-debtor)
AUGUST 2001
------------------------------------------
Month of Aug. 2001 YTD Aug. 2001
------------------------------------------
Net revenue 65,869,367
Cost of sales 35,318 52,089,386
------------------------------------------
Gross profit (35,318) 13,779,981
Selling, general and administrative expenses 398,522 16,298,480
Royalty income - 5,478,479
Restructuring and other unusual charges 232,966 3,399,147
------------------------------------------
Earnings from operations (666,806) (439,167)
Interest expense 513,676 11,066,919
Other (income) expense, net 668,450 ( 31,651,113)
------------------------------------------
Net income before income tax (1,848,932) 20,145,027
Income tax expense 5,425 970,835
------------------------------------------
Net income (1,854,357) 19,174,192
==========================================
5
CVEO Corporation f/k/a Converse Inc.
Schedule of Cash Receipts & Disbursements Form MOR1
$=thousands
-------------------------------------
Prior Month Actual Total
Cumulative 8/1-8/31 Cumulative
-
CASH RECEIPTS:
Domestic Accounts 33,502 33,502
Outlet Stores 4,740 4,740
Int'l Distributors 15,747 15,747
Royalty Receipts 3,989 3,989
Interest Receipts 91 65 156
Other Receipts 859 293 1,152
TOTAL RECEIPTS 58,928 358 59,286
DISBURSEMENTS:
Accounts Payable
Raw Materials 389 389
Duties/Customs 2,124 2,124
Other Disbursements 8,203 473 8,676
Traffic 1,321 1,321
Advertising/Mktg 384 384
Player Contracts 101 101
Rent 778 778
Capital Expenditures - -
Float Adjustment -
-
Total Accounts Payable 13,300 473 13,773
-
Foreign Fnshd Gds-L/C 19,453 19,453
Payroll 9,699 225 9,924
Tax Payments 3,947 3,947
Japan 132 132
Singapore 219 219
Other 2,858 2,858
Restructuring Fees 1,926 857 2,783
TOTAL CASH
DISBURSEMENTS 51,534 1,555 53,089
------------------------------------------------------------------------------
NET CASH REC/DSB
BEFORE BA FIN 7,394 (1,197) 6,197
------------------------------------------------------------------------------
ADD BA FINANCING 16,212 16,212
-
LESS BA MATURITY 26,912 26,912
-------------------------------------
6
---------------------------------------
NET CASH REC/DSB (3,306) (1,197) (4,503)
-------------------------------------------------------------------------
Proceeds Sale of Assets 88,750 88,750
(566) (566)
INTEREST/FEES;
BANKS 1,685 1,685
NOTEHOLDERS 1,763 1,763
CONVERTIBLE NOTES -
DIP FEE 643 643
-
BT Loan Payoff 37,039 37,039
Secured Notes Payoff 23,906 23,906
REVOLVER BALANCE - -
NET CASH ACTIVITY 22,170 (1,197) 20,973
LETTERS OF CREDIT
ADD: 9,686 9,686
SUBTRACT: 19,450 19,450
TOTAL L/C (3,710) (3,710)
BA REFINANCING
ADD: 16,212 16,212
SUBTRACT: 53,348 53,348
TOTAL B/A REFINANCING - -
STANDBY L/C 919 919
TOTAL LINE UTILIS./CASH BALANCE 17,541 16,344 16,344
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