-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QdH8BNhHXnmva+m1NBlWkwDUg5t36aGVTWUmWRnmXW+qbpXsz+zW9Pht436FlQ3s kbPdF+uCa2n3ANxtEBeb9Q== 0000927016-02-000661.txt : 20020414 0000927016-02-000661.hdr.sgml : 20020414 ACCESSION NUMBER: 0000927016-02-000661 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020131 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020211 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: 02534930 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): January 31, 2002 CVEO Corporation - -------------------------------------------------------------------------------- (Exact name of registrant specified in Charter) Delaware 1-13430 04-1419731 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission File Number) (I.R.S. Employer of incorporation) Identification No.) One High Street, North Andover, MA 01845 - -------------------------------------------------------------------------------- (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) 1 ITEM 5. OTHER EVENTS Pursuant to Bankruptcy Rule 2015, on January 31, 2002 CVEO Corporation (the "Company"), formerly named Converse Inc., filed its monthly operating report covering the period ending December 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: o Consolidated Balance Sheet as of December 31, 2001. o Consolidated Income Statement for the month of December 2001 and the year then ended. o Schedule of Cash Receipts and Disbursements December 1, 2001 to December 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 Andover, Massachusetts on February 11, 2002. CVEO CORPORATION By: /s/ James E. Lawlor ---------------------------------------- James E. Lawlor Senior Vice President and Chief Financial Officer 2 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) DECEMBER 2001 Ending Balance 12/31/01 ----------------- ASSETS CURRENT ASSETS Cash and cash equivalents 14,531,339 Accounts receivable 1,120,361 Inventories - Prepaid expenses and other current assets 683,266 ----------------- Total current assets 16,334,966 Net property, plant and equipment 487,725 Other assets 7,776,563 ----------------- 24,599,254 ================= LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIENCY) Current liabilities: Credit facility 0 Current portion long-term debt 74,265,000 Accounts payable 35,091,854 Accrued expenses 16,097,077 Income taxes payable 6,498,044 ----------------- Total current liabilities 131,951,975 Current assets in excess of reorganization value 21,988,293 Stockholders' equity (deficiency): Common stock 17,553,048 Additional paid in capital 4,436,788 Unearned compensation (100,971) Retained deficit (150,751,443) Cumulative currency translation adjustment (478,436) ----------------- Total stockholders' equity (deficiency) (129,341,014) ----------------- 24,599,254 ================= 1 CVEO CORPORATION f/k/a CONVERSE INC. CONSOLIDATED INCOME STATEMENT CVEO Corporation f/k/a Converse Inc.(debtor) and subsidiaries (non-debtor) DECEMBER 2001
------------------------------------------ Month of Dec. 2001 YTD Dec. 2001 ------------------------------------------ Net revenue 65,869,367 Cost of sales 51,968,750 ------------------------------------------ Gross profit 0 13,900,617 Selling, general and administrative expenses 253,362 18,789,200 Royalty income - 5,478,479 Restructuring and other unusual charges 40,682 3,986,289 ------------------------------------------ Earnings from operations (294,044) (3,396,393) Interest expense 1,208,254 14,111,620 Other (income) expense, net (1,244,427) (27,972,757) ------------------------------------------ Net income before income tax (257,871) 10,464,744 Income tax expense 5,425 992,535 ------------------------------------------ Net income (263,296) 9,472,209 ==========================================
2 CVEO CORPORATION F/K/A CONVERSE INC. SCHEDULE OF CASH RECEIPTS & DISBURSEMENTS FORM MOR1 $=thousands
--------------------------------------------- Prior Month Actual Total Cumulative 12/1-12/31 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 27 901 Interest Receipts 237 113 350 Other Receipts 1,937 121 2,058 TOTAL RECEIPTS 61,026 261 61,287 DISBURSEMENTS: Accounts Payable Raw Materials 389 389 Duties/Customs 2,124 2,124 Other Disbursements 9,227 420 9,647 Traffic 1,321 1,321 Advertising/Mktg 384 384 Player Contracts 101 101 Rent 778 778 Capital Expenditures - - Float Adjustment - Total Accounts Payable 14,324 420 14,744 Foreign Fnshd Gds-L/C 19,453 19,453 Payroll/Benefits 10,782 172 10,954 Tax Payments 3,947 3,947 Japan 132 132 Singapore 219 219 Other 2,858 2,858 Restructuring Fees 4,214 107 4,321 TOTAL CASH DISBURSEMENTS 55,929 699 56,628 - --------------------------------------------------------------------------------------------- NET CASH REC/DSB BEFORE BA FIN 5,097 (438) 4,659 - --------------------------------------------------------------------------------------------- ADD BA FINANCING 16,212 16,212 LESS BA MATURITY 26,912 26,912
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- --------------------------------------------------------------------------------------------- NET CASH REC/DSB (5,603) (438) (6,041) - --------------------------------------------------------------------------------------------- Proceeds Sale of Assets 88,750 5,000 93,750 (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 5,807 29,713 REVOLVER BALANCE - - NET CASH ACTIVITY 19,671 (1,245) 18,426 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 15,042 13,797 13,797 ---------------------------------------
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