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) JULY 2001
Ending Balance 7/31/01 -------------- ASSETS CURRENT ASSETS Cash and cash equivalents 20,238,159 Accounts receivable 5,367,628 Receivable from subsidiaries - Inventories 35,985 Prepaid expenses and other current assets 1,369,996 ------------ Total current assets 27,011,768 Net property, plant and equipment 4,951,077 Other assets 8,132,164 ------------ 40,095,009 ============ LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIENCY) Current liabilities: Credit facility 0 Current portion long-term debt 79,001,468 Notes payable Accounts payable 35,485,425 Accrued expenses 14,045,780 Income taxes payable 6,527,722 ------------ Total current liabilities 135,060,395 Current assets in excess of reorganization value 22,853,974 Stockholders' equity (deficiency): Common stock 17,553,048 Additional paid in capital 4,436,788 Unearned compensation (100,971) Retained deficit (139,229,789) Cumulative currency translation adjustment (478,436) ------------ Total stockholders' equity (deficiency) (117,819,360) ------------ 40,095,009 ============
CVEO CORPORATION f/k/a CONVERSE INC. CONSOLIDATED INCOME STATEMENT CVEO Corporation f/k/a Converse Inc.(debtor) and subsidiaries (non-debtor) JULY 2001
----------------------------------- Month of July 2001 YTD July 2001 ----------------------------------- Net revenue 65,869,367 Cost of sales 305,668 52,054,068 ----------------------------------- Gross profit (305,668) 13,815,299 Selling, general and administrative expenses 557,072 15,899,958 Royalty income - 5,478,479 Restructuring and other unusual charges 146,614 3,166,181 ----------------------------------- Earnings from operations (1,009,354) 227,639 Interest expense 453,747 10,553,243 Other (income) expense, net 589,523 (32,319,563) ----------------------------------- Net income before income tax (2,052,624) 21,993,959 Income tax expense 27,829 965,410 ----------------------------------- Net income (2,080,453) 21,028,549 ===================================
CVEO Corporation f/k/a Converse Inc. Shedule of Cash Receipts & Disbursements Form MOR1 $=thousands
Prior Month Actual Total Cumulative 7/1-7/31 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 Interest Receipts 79 12 91 Other Receipts 785 74 859 TOTAL RECEIPTS 58,842 86 58,928 DISBURSEMENTS: Accounts Payable Raw Materials 389 389 Duties/Customs 2,124 2,124 Other Disbursements 7,371 832 8,203 Traffic 1,321 1,321 Advertising/Mktg 384 384 Player Contracts 101 101 Rent 778 778 Capital Expenditures - - Float Adjustment - - Total Accounts Payable 12,468 832 13,300 - Foreign Fnshd Gds-L/C 19,453 19,453 Payroll 9,503 196 9,699 Tax Payments 3,947 3,947 Japan 132 132 Singapore 219 219 Other 2,858 2,858 Restructuring Fees 1,736 190 1,926 TOTAL CASH DISBURSEMENTS 50,316 1,218 51,534 -------------------------------------------------------------------------------- NET CASH REC/DSB BEFORE BA FIN 8,526 (1,132) 7,394 -------------------------------------------------------------------------------- ADD BA FINANCING 16,212 16,212 - LESS BA MATURITY 26,912 26,912 -----------------------------------------
------------------------------------ NET CASH REC/DSB (2,174) (1,132) (3,306) -------------------------------------------------------------------------------- Proceeds Sale of Assets 92,500 (3,750) 88,750 (566) (566) INTEREST/FEES; BANKS 1,685 1,685 NOTEHOLDERS 1,763 1,763 CONVERTIBLE NOTES - DIP FEE 643 643 - BT Loan Payoff 37,039 37,039 Secured Notes Payoff 23,906 23,906 REVOLVER BALANCE - - NET CASH ACTIVITY 27,618 (5,448) 22,170 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 22,989 17,541 17,541 -----------------------------------------