EX-99.1 3 dex991.txt CONSOLIDATED BALANCE SHEET 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) NOVEMBER 2001
Ending Balance 11/30/01 -------------- ASSETS CURRENT ASSETS Cash and cash equivalents 15,905,971 Accounts receivable 4,871,536 Inventories - Prepaid expenses and other current assets 601,500 -------------- Total current assets 21,379,007 Net property, plant and equipment 487,725 Other assets 7,781,988 -------------- 29,648,720 ============== LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIENCY) Current liabilities: Credit facility 0 Current portion long-term debt 79,001,468 Accounts payable 35,418,267 Accrued expenses 15,647,232 Income taxes payable 6,498,044 -------------- Total current liabilities 136,565,011 Current assets in excess of reorganization value 22,161,429 Stockholders' equity (deficiency): Common stock 17,553,048 Additional paid in capital 4,436,788 Unearned compensation (100,971) Retained deficit (150,488,149) Cumulative currency translation adjustment (478,436) -------------- Total stockholders' equity (deficiency) (129,077,720) -------------- 29,648,720 ==============
CVEO CORPORATION f/k/a CONVERSE INC. CONSOLIDATED INCOME STATEMENT CVEO Corporation f/k/a Converse Inc.(debtor) and subsidiaries (non-debtor) NOVEMBER 2001
-------------------------------------- Month of Nov. 2001 YTD Nov. 2001 -------------------------------------- Net revenue 65,869,367 Cost of sales (74,475) 51,968,750 -------------------------------------- Gross profit 74,475 13,900,617 Selling, general and administrative expenses 585,749 18,535,838 Royalty income - 5,478,479 Restructuring and other unusual charges 86,089 3,945,607 -------------------------------------- Earnings from operations (597,363) (3,102,349) Interest expense 665,264 12,903,366 Other (income) expense, net 491,318 (26,728,330) -------------------------------------- Net income before income tax (1,753,945) 10,722,615 Income tax expense 5,425 987,110 -------------------------------------- Net income (1,759,370) 9,735,505 ======================================
CVEO Corporation f/k/a Converse Inc. Schedule of Cash Receipts & Disbursements Form MOR1 $=thousands
Prior Month Actual Total Cumulative 11/1-11/30 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 209 28 237 Other Receipts 1,709 228 1,937 TOTAL RECEIPTS 60,770 256 61,026 DISBURSEMENTS: Accounts Payable Raw Materials 389 389 Duties/Customs 2,124 2,124 Other Disbursements 8,995 232 9,227 Traffic 1,321 1,321 Advertising/Mktg 384 384 Player Contracts 101 101 Rent 778 778 Capital Expenditures - - Float Adjustment - - Total Accounts Payable 14,092 232 14,324 - Foreign Fnshd Gds-L/C 19,453 19,453 Payroll/Benefits 10,583 199 10,782 Tax Payments 3,947 3,947 Japan 132 132 Singapore 219 219 Other 2,858 2,858 Restructuring Fees 4,088 126 4,214 TOTAL CASH DISBURSEMENTS 55,372 557 55,929 -------------------------------------------------------------------------------------------------------------- NET CASH REC/DSB BEFORE BA FIN 5,398 (301) 5,097 -------------------------------------------------------------------------------------------------------------- ADD BA FINANCING 16,212 16,212 - LESS BA MATURITY 26,912 26,912
-------------------------------------------------------------------------------------------------------------- NET CASH REC/DSB (5,302) (301) (5,603) -------------------------------------------------------------------------------------------------------------- Proceeds Sale of Assets 88,750 88,750 (566) (566) INTEREST/FEES; BANKS 1,685 1,685 NOTEHOLDERS 1,965 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 19,972 (301) 19,671 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 15,343 15,042 15,042 --------------------------------------------------------