-----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, UBklX1eCuGpetePTBbqR7SuLucOtoFQGdPQRUowcNXdT1JS5QF6ce3u4TkDjsiUR Mn1VlIMdfCmP4DcejrUzRA== 0000927016-02-002661.txt : 20020508 0000927016-02-002661.hdr.sgml : 20020508 ACCESSION NUMBER: 0000927016-02-002661 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020503 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020508 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: 02638718 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): May 3, 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) ITEM 5. OTHER EVENTS Pursuant to Bankruptcy Rule 2015, on May 3, 2002 CVEO Corporation (the "Company"), formerly named Converse Inc., filed its monthly operating report covering the period ending March 31, 2002 with the United States Bankruptcy Court for the District of Delaware (the "Court"). Attached as Exhibit 99.1 to this Form 8-K is the following financial information included in such monthly operating report: . Consolidated Balance Sheet as of March 31, 2002. . Consolidated Income Statement for the month of March 2002 and the 15 months ended March 31, 2002. . Schedule of Cash Receipts and Disbursements March 1, 2002 to March 31, 2002. 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 May 7, 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) MARCH 2002 Ending Balance 3/31/02 -------------- ASSETS CURRENT ASSETS Cash and cash equivalents 12,768,827 Accounts receivable 897,057 Inventories - Prepaid expenses and other current assets 376,079 -------------- Total current assets 14,041,963 Net property, plant and equipment 487,725 Other assets 7,776,563 -------------- 22,306,251 ============== LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIENCY) Current liabilities: Credit facility 0 Current portion long-term debt 74,265,000 Accounts payable 34,923,382 Accrued expenses 17,015,400 Income taxes payable 6,338,883 -------------- Total current liabilities 132,542,665 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 (153,461,839) Cumulative currency translation adjustment (478,597) -------------- Total stockholders' equity (deficiency) (132,051,571) -------------- 22,306,251 ============== CVEO CORPORATION f/k/a CONVERSE INC. CONSOLIDATED INCOME STATEMENT CVEO Corporation f/k/a Converse Inc.(debtor) and subsidiaries (non-debtor) MARCH 2002
----------------------------------------- 15 Months Month of Mar. 2002 Jan '01-Mar '02 ----------------------------------------- Net revenue 65,869,367 Cost of sales 51,968,750 ---------------------------------------- Gross profit - 13,900,617 Selling, general and administrative expenses 168,656 20,143,592 Royalty income - 5,478,479 Restructuring and other unusual charges 50,827 4,130,012 ---------------------------------------- Earnings from operations (219,483) (4,894,508) Interest expense 399,888 15,319,988 Other (income) expense, net 64,705 (27,968,842) ---------------------------------------- Net income before income tax (684,076) 7,754,346 Income tax expense - 992,535 ---------------------------------------- Net income (684,076) 6,761,811 ========================================
CVEO Corporation f/k/a Converse Inc. Shedule of Cash Receipts & Disbursements Form MOR1 $=thousands ------------------------------------------- Prior Month Actual Total Cumulative 3/1/02-3/31/02 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 1,026 1,026 Interest Receipts 393 20 413 Other Receipts 2,242 156 2,398 TOTAL RECEIPTS 61,639 176 61,815 DISBURSEMENTS: Accounts Payable Raw Material 389 389 Duties/Customs 2,124 2,124 Other Disbursements 10,020 165 10,185 Traffic 1,321 1,321 Advertising/Mktg 384 384 Player Contracts 101 101 Rent 778 778 Capital Expenditures - - Float Adjustment - - Total Accounts Payable 15,117 165 15,282 - Foreign Fnshd Gds-L/C 19,453 19,453 Payroll/Benefits 11,752 120 11,872 Tax Payments 3,947 3,947 Japan 132 132 Singapore 219 219 Other 2,858 2,858 Restructuring Fees 4,861 42 4,903 TOTAL CASH DISBURSEMENTS 58,339 327 58,666 - -------------------------------------------------------------------------------- NET CASH REC/DSB BEFORE BA FIN 3,300 (151) 3,149 - -------------------------------------------------------------------------------- ADD BA FINANCING 16,212 16,212 LESS BA MATURITY 26,912 26,912 - -------------------------------------------------------------------------------- NET CASH REC/DSB (7,400) (151) (7,551) - -------------------------------------------------------------------------------- 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 17,067 (151) 16,916 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 12,438 12,287 12,287 --------------------------------------- -----END PRIVACY-ENHANCED MESSAGE-----