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 ---------------------------------------