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) MAY 2002
Ending Balance 5/31/02 ---------------- ASSETS CURRENT ASSETS Cash and cash equivalents 11,827,388 Accounts receivable 894,639 Inventories - Prepaid expenses and other current assets 88,538 ------------- Total current assets 12,810,565 Net property, plant and equipment 487,725 Other assets 7,776,563 ------------- 21,074,853 ============= LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIENCY) Current liabilities: Credit facility 0 Current portion long-term debt 74,265,000 Accounts payable 35,398,708 Accrued expenses 17,879,700 Income taxes payable 6,278,219 ------------- Total current liabilities 133,821,627 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 (155,972,199) Cumulative currency translation adjustment (478,597) ------------- Total stockholders' equity (deficiency) (134,561,931) ------------- 21,074,853 =============
1 CVEO CORPORATION f/k/a CONVERSE INC. CONSOLIDATED INCOME STATEMENT CVEO Corporation f/k/a Converse Inc.(debtor) and subsidiaries (non-debtor) MAY 2002
--------------------------------------------- 17 Months Month of May 2002 Jan `01-May `02 --------------------------------------------- Net revenue 65,869,367 Cost of sales 51,968,750 -------------------------------------------- Gross profit - 13,900,617 Selling, general and administrative expenses 520,668 20,900,822 Royalty income - 5,478,479 Restructuring and other unusual charges 107,068 4,304,673 -------------------------------------------- Earnings from operations (627,736) (5,826,399) Interest expense 399,950 16,119,826 Other (income) expense, net 176,266 (27,193,085) -------------------------------------------- Net income before income tax (1,203,952) 5,246,860 Income tax expense - 992,535 -------------------------------------------- Net income (1,203,952) 4,254,325 ============================================
2 CVEO Corporation f/k/a Converse Inc. Shedule of Cash Receipts & Disbursements Form MOR1 $=thousands
------------------------------------------- Prior Month Actual Total Cumulative 5/1/02-5/31/02 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 435 20 455 Other Receipts 2,600 109 2,709 TOTAL RECEIPTS 62,039 129 62,168 DISBURSEMENTS: Accounts Payable Raw Materials 389 389 Duties/Customs 2,124 2,124 Other Disbursements 10,314 149 10,463 Traffic 1,321 1,321 Advertising/Mktg 384 384 Player Contracts 101 101 Rent 778 778 Capital Expenditures - - Float Adjustment - - Total Accounts Payable 15,411 149 15,560 - Foreign Fnshd Gds-L/C 19,453 19,453 Payroll/Benefits 11,981 208 12,189 Tax Payments 3,947 61 4,008 Japan 132 132 Singapore 219 219 Other 2,858 2,858 Restructuring Fees 5,090 233 5,323 TOTAL CASH DISBURSEMENTS 59,091 651 59,742 ------------------------------------------------------------------------------------- NET CASH REC/DSB BEFORE BA FIN 2,948 (522) 2,426 ------------------------------------------------------------------------------------- ADD BA FINANCING 16,212 16,212 LESS BA MATURITY 26,912 26,912 ------------------------------------------------------------------------------------- NET CASH REC/DSB (7,752) (522) (8,274) ------------------------------------------------------------------------------------- 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 - -
3 CVEO Corporation f/k/a Converse Inc. Shedule of Cash Receipts & Disbursements Form MOR1 (Continued) $=thousands
----------------------------------------- Prior Month Actual Total Cumulative 5/1/02-5/31/02 Cumulative NET CASH ACTIVITY 16,715 (522) 16,193 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 12,086 11,564 11,564 ----------------------------------------
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