EX-99.1 3 dex991.txt EXHIBIT 99.1 - 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) JANUARY 2002 Ending Balance 1/31/02 ----------------- ASSETS CURRENT ASSETS Cash and cash equivalents 14,032,805 Accounts receivable 925,361 Inventories - Prepaid expenses and other current assets 552,284 ----------------- Total current assets 15,510,450 Net property, plant and equipment 487,725 Other assets 7,776,563 ----------------- 23,774,738 ================= LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIENCY) Current liabilities: Credit facility 0 Current portion long-term debt 74,265,000 Accounts payable 34,999,532 Accrued expenses 16,490,878 Income taxes payable 6,498,044 ----------------- Total current liabilities 132,253,454 Current assets in excess of reorganization value 21,815,157 Stockholders' equity (deficiency): Common stock 17,553,048 Additional paid in capital 4,436,788 Unearned compensation (100,971) Retained deficit (151,704,302) Cumulative currency translation adjustment (478,436) ----------------- Total stockholders' equity (deficiency) (130,293,873) ----------------- 23,774,738 ================= 4 CVEO CORPORATION f/k/a CONVERSE INC. CONSOLIDATED INCOME STATEMENT CVEO Corporation f/k/a Converse Inc.(debtor) and subsidiaries (non-debtor) JANUARY 2002
--------------------------------------------- 13 Months Month of Jan. 2002 Jan `01-Jan -02 --------------------------------------------- Net revenue 65,869,367 Cost of sales 51,968,750 --------------------------------------------- Gross profit - 13,900,617 Selling, general and administrative expenses 418,097 19,207,297 Royalty income - 5,478,479 Restructuring and other unusual charges 4,032,680 46,391 --------------------------------------------- Earnings from operations (464,488) (3,860,881) Interest expense 408,712 14,520,332 Other (income) expense, net 79,660 (27,893,097) --------------------------------------------- Net income before income tax (952,860) 9,511,884 Income tax expense - 992,535 --------------------------------------------- Net income (952,860) 8,519,349 =============================================
5 CVEO Corporation f/k/a Converse Inc. Schedule of Cash Receipts & Disbursements Form MOR1 $=thousands
------------------------------------------ Prior Month Actual Total Cumulative 1/1/02-1/31/02 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 901 901 Interest Receipts 350 23 373 Other Receipts 2,058 129 2,187 TOTAL RECEIPTS 61,287 152 61,439 DISBURSEMENTS: Accounts Payable Raw Materials 389 389 Duties/Customs 2,124 2,124 Other Disbursements 9,647 170 9,817 Traffic 1,321 1,321 Advertising/Mktg 384 384 Player Contracts 101 101 Rent 778 778 Capital Expenditures - - Float Adjustment - - Total Accounts Payable 14,744 170 14,914 - Foreign Fnshd Gds-L/C 19,453 19,453 Payroll/Benefits 10,954 235 11,189 Tax Payments 3,947 3,947 Japan 132 132 Singapore 219 219 Other 2,858 2,858 Restructuring Fees 4,321 242 4,563 TOTAL CASH DISBURSEMENTS 56,628 647 57,275 --------------------------------------------------------------------------------------- NET CASH REC/DSB BEFORE BA FIN 4,659 (495) 4,164 --------------------------------------------------------------------------------------- ADD BA FINANCING 16,212 16,212 LESS BA MATURITY 26,912 26,912 --------------------------------------------------------------------------------------- NET CASH REC/DSB (6,041) (495) (6,536) --------------------------------------------------------------------------------------- Proceeds Sale of Assets 93,750 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 29,713 29,713 REVOLVER BALANCE - - NET CASH ACTIVITY 18,426 (495) 17,931 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 13,797 13,302 13,302 ------------------------------------------
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