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 ----------------------------- 7