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) OCTOBER 2001 Ending Balance 10/31/01 ----------------- ASSETS CURRENT ASSETS Cash and cash equivalents 16,523,128 Accounts receivable 5,193,276 Inventories - Prepaid expenses and other current assets 724,498 ----------------- Total current assets 22,440,902 Net property, plant and equipment 591,164 Other assets 7,828,123 ----------------- 30,860,189 ================= LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIENCY) Current liabilities: Credit facility 0 Current portion long-term debt 79,001,468 Accounts payable 35,213,267 Accrued expenses 15,131,268 Income taxes payable 6,497,969 ----------------- Total current liabilities 135,843,972 Current assets in excess of reorganization value 22,334,565 Stockholders' equity (deficiency): Common stock 17,553,048 Additional paid in capital 4,436,788 Unearned compensation (100,971) Retained deficit (148,728,777) Cumulative currency translation adjustment (478,436) ----------------- Total stockholders' equity (deficiency) (127,318,348) ----------------- 30,860,189 ================= 4 CVEO CORPORATION f/k/a CONVERSE INC. CONSOLIDATED INCOME STATEMENT CVEO Corporation f/k/a Converse Inc.(debtor) and subsidiaries (non-debtor) OCTOBER 2001
----------------------------------- Month of Oct. YTD Oct. 2001 2001 ----------------------------------- Net revenue 65,869,367 Cost of sales (25,332) 52,043,225 ----------------------------------- Gross profit 25,332 13,826,142 Selling, general and administrative expenses 846,432 17,950,089 Royalty income - 5,478,479 Restructuring and other unusual charges 244,131 3,859,518 ----------------------------------- Earnings from operations (1,065,231) (2,504,986) Interest expense 558,712 12,238,102 Other (income) expense, net 3,843,017 (27,219,648) ----------------------------------- Net income before income tax (5,466,960) 12,476,560 Income tax expense 5,425 981,685 ----------------------------------- Net income (5,472,385) 11,494,875 ===================================
5 CVEO Corporation f/k/a Converse Inc. Schedule of Cash Receipts & Disbursements Form MOR1 $=thousands
Prior Month Actual Total Cumulative 10/1-10/31 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 Auction Fixed Assets - 874 874 Interest Receipts 175 34 209 Other Receipts 1,336 373 1,709 TOTAL RECEIPTS 59,489 1,281 60,770 DISBURSEMENTS: Accounts Payable Raw Materials 389 389 Duties/Customs 2,124 2,124 Other Disbursements 8,860 135 8,995 Traffic 1,321 1,321 Advertising/Mktg 384 384 Player Contracts 101 101 Rent 778 778 Capital Expenditures - - Float Adjustment - - Total Accounts Payable 13,957 135 14,092 - Foreign Fnshd Gds-L/C 19,453 19,453 Payroll/Benefits 10,193 390 10,583 Tax Payments 3,947 3,947 Japan 132 132 Singapore 219 219 Other 2,858 2,858 Restructuring Fees 3,784 304 4,088 TOTAL CASH DISBURSEMENTS 54,543 829 55,372 -------------------------------------------------------------------------------- NET CASH REC/DSB BEFORE BA FIN 4,946 452 5,398 -------------------------------------------------------------------------------- ADD BA FINANCING 16,212 16,212 - LESS BA MATURITY 26,912 26,912
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Prior Month Actual Total Cumulative 10/1-10/31 Cumulative ---------------------------------------------------------------------------- NET CASH REC/DSB (5,754) 452 (5,302) ---------------------------------------------------------------------------- Proceeds Sale of Assets 88,750 88,750 (566) (566) INTEREST/FEES; BANKS 1,685 1,685 NOTEHOLDERS 1,763 202 1,965 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 19,722 250 19,972 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 15,093 15,343 15,343 -------------------------------------------
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