EXHIBIT 99.1
CHRISTOPHER CELENTINO, STATE BAR # 131688
LUCE, FORWARD, HAMILTON & SCRIPPS, LLP
600 WEST BROADWAY, SUITE 2600
SAN DIEGO, CA 92101
Attorney for Debtor-In-Possession
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF CALIFORNIA
In Re: CinemaStar Luxury Theaters, Inc., Debtor(s)
CASE NUMBER: 01-00110-JM11
CHAPTER 11
DEBTOR-IN-POSSESSION MONTHLY OPERATING REPORT
FOR THE MONTH OF: JANUARY 2001
TO: THE HONORABLE JUDGE MYERS
UNITED STATES BANKRUPTCY JUDGE
The Debtor-In-Possession hereby files its Monthly Operating Report
pursuant to the United States Trustee's Operating and Reporting Requirements for
Chapter 11 cases.
DATED: February 19, 2001
s/ Christopher Celentino
---------------------------------
Attorney for Debtor-In-Possession
Page 1 of 14
- -------------------------------------------------------------------------------
UNITED STATES DEPARTMENT OF JUSTICE
OFFICE OF THE UNITED STATES TRUSTEE
SOUTHERN DISTRICT OF CALIFORNIA
- -------------------------------------------------------------------------------
In Re: CinemaStar Luxury Theaters, Inc., Debtor(s)
CHAPTER 11 (BUSINESS)
CASE NO. 01-00110-JM11
OPERATING REPORT NO. 1
FOR THE MONTH ENDING: JANUARY 31, 2001
I. CASH RECEIPTS AND DISBURSEMENTS
A. (GENERAL ACCOUNT *)
- --------------------------------------------------------------------------------------- ---------------------
1. TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS n/a
- --------------------------------------------------------------------------------------- ---------------------
- --------------------------------------------------------------------------------------- ---------------------
2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS n/a
- --------------------------------------------------------------------------------------- ---------------------
- --------------------------------------------------------------------------------------- ---------------------
3. BEGINNING BALANCE 0.00
- --------------------------------------------------------------------------------------- ---------------------
- --------------------------------------------------------------------------------------- ---------------------
4. RECEIPTS DURING CURRENT PERIOD
- --------------------------------------------------------------------------------------- ---------------------
- --------------------------------------------------------------------------------------- ---------------------
ACCOUNTS RECEIVABLE - PRE-FILING 0.00
- --------------------------------------------------------------------------------------- ---------------------
ACCOUNTS RECEIVABLE - POST-FILING 0.00
- --------------------------------------------------------------------------------------- ---------------------
GENERAL SALES 981,652.24
- --------------------------------------------------------------------------------------- ---------------------
OTHER (SPECIFY) Advanced ticket sales, Mexico mgmnt fees 99,816.60
- --------------------------------------------------------------------------------------- ---------------------
OTHER ** (SPECIFY) 0.00
- --------------------------------------------------------------------------------------- ---------------------
- --------------------------------------------------------------------------------------- ---------------------
TOTAL RECEIPTS THIS PERIOD 1,081,468.84
- --------------------------------------------------------------------------------------- ---------------------
- --------------------------------------------------------------------------------------- ---------------------
5. BALANCE: 1,081,468.84
- --------------------------------------------------------------------------------------- ---------------------
- --------------------------------------------------------------------------------------- ---------------------
6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD 620,189.04
- --------------------------------------------------------------------------------------- ---------------------
(Total from Page 2)
- --------------------------------------------------------------------------------------- ---------------------
- --------------------------------------------------------------------------------------- ---------------------
7. ENDING BALANCE 461,279.80
- --------------------------------------------------------------------------------------- ---------------------
- ------------------------------------------------------- -----------------------------------------------------
8. GENERAL ACCOUNT NUMBER 07007494381
- ------------------------------------------------------- -----------------------------------------------------
DEPOSITORY NAME AND LOCATION Union Bank of California
- -------------------------------------------------------------------------------------------------------------
445 South Figueroa St., Los Angeles, CA 90051
- -------------------------------------------------------------------------------------------------------------
* ALL RECEIPTS MUST BE DEPOSITED INTO THE GENERAL ACCOUNT
** INCLUDE THE RECEIPTS FROM THE SALE OF ANY REAL OR PERSONAL PROPERTY OUT OF
THE ORDINARY COURSE OF BUSINESS; ATTACH AN EXHIBIT SPECIFYING WHAT WAS SOLD, TO
WHOM, TERMS, AND DATE OF COURT ORDER OR REPORT OF SALE.
Page 2 of 14
TOTAL DISBURSEMENTS DURING CURRENT PERIOD (General Account)
- ---------------------------------------------------------------------------------------------------------------
CHECKS
- ---------------------------------------------------------------------------------------------------------------
Date Check # Payee Purpose Amount
- ---------------------------------------------------------------------------------------------------------------
1/11/01 126 Pepsi Concession Inventory 1,663.01
- ---------------------------------------------------------------------------------------------------------------
1/11/01 127 Pepsi Concession Inventory 1,930.72
- ---------------------------------------------------------------------------------------------------------------
1/12/01 128 E Alejandre salary 1,011.13
- ---------------------------------------------------------------------------------------------------------------
1/12/01 129 J George void -
- ---------------------------------------------------------------------------------------------------------------
1/12/01 130 M Whitacre void -
- ---------------------------------------------------------------------------------------------------------------
1/12/01 131 M Whitacre salary 466.74
- ---------------------------------------------------------------------------------------------------------------
1/12/01 132 J George salary 620.45
- ---------------------------------------------------------------------------------------------------------------
1/17/01 133 Office Furniture Office furniture purchase 3,501.34
- ---------------------------------------------------------------------------------------------------------------
1/17/01 134 Pepsi Concession Inventory 1,738.15
- ---------------------------------------------------------------------------------------------------------------
1/16/01 135 Pepsi Concession Inventory 15,000.00
- ---------------------------------------------------------------------------------------------------------------
1/16/01 136 Quality Concessions Concession Inventory 1,950.00
- ---------------------------------------------------------------------------------------------------------------
1/16/01 137 Sony Film Payable 20,000.00
- ---------------------------------------------------------------------------------------------------------------
1/16/01 138 J Bailor salary 543.88
- ---------------------------------------------------------------------------------------------------------------
1/17/01 139 US postal service Postage 500.00
- ---------------------------------------------------------------------------------------------------------------
1/18/01 140 Pacer Cats POS maintenance 10,120.46
- ---------------------------------------------------------------------------------------------------------------
1/19/01 141 Optimal Web svcs - monthly fee 50.00
- ---------------------------------------------------------------------------------------------------------------
1/22/01 142 Manulife Employee benefits - 401K 2,666.55
- ---------------------------------------------------------------------------------------------------------------
1/29/01 143 Void void 0.00
- ---------------------------------------------------------------------------------------------------------------
1/23/01 144 Waxie Operating costs - 2,146.84
janitorial
- ---------------------------------------------------------------------------------------------------------------
1/23/01 145 City Clerk SB20 Business licenses 1,695.26
- ---------------------------------------------------------------------------------------------------------------
1/25/01 146 SB Dept Public Health Business licenses 843.75
- ---------------------------------------------------------------------------------------------------------------
1/25/01 147 Jessica George Emp. Benefits - tuition 90.79
reimbursement
- ---------------------------------------------------------------------------------------------------------------
1/25/01 148 SD Union Tribune Film advertising 3,750.24
- ---------------------------------------------------------------------------------------------------------------
1/25/01 149 State Comp Ins. Workers Comp Insurance 12,000.01
- ---------------------------------------------------------------------------------------------------------------
1/25/01 150 Paul Hobby travel reimbursement 4,679.16
- ---------------------------------------------------------------------------------------------------------------
1/25/01 151 Union Bank of Cal interest pmt 60,088.86
- ---------------------------------------------------------------------------------------------------------------
1/26/01 152 Union Bank of Cal credit card charge backs 1,400.93
- ---------------------------------------------------------------------------------------------------------------
1/26/01 153 City of Riverside Business licenses 220.00
- ---------------------------------------------------------------------------------------------------------------
1/26/01 154 Image Com Copy machine - purchase 2,000.01
- ---------------------------------------------------------------------------------------------------------------
1/29/01 155 Dianne Peacock travel reimbursement 93.00
- ---------------------------------------------------------------------------------------------------------------
1/29/01 156 City Clerk SB20 Business licenses 50.00
- ---------------------------------------------------------------------------------------------------------------
1/30/01 157 Allen Elrod reimbursement 270.93
- ---------------------------------------------------------------------------------------------------------------
1/31/01 158 Van Asch Janitorial Operating costs - 737.11
janitorial
- ---------------------------------------------------------------------------------------------------------------
1/31/01 159 County of Riverside Business licenses 492.00
- ---------------------------------------------------------------------------------------------------------------
TOTAL 152,321.32
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
WIRE TRANSFERS
- ---------------------------------------------------------------------------------------------------------------
1/16/01 1.01 Mission Grove Properties Theater rent 29,766.97
- ---------------------------------------------------------------------------------------------------------------
1/16/01 1.02 Mission Grove Theater rent 59,283.43
- ----------------------------------------------------------------------------------------------------------------
Page 3 of 14
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Properties
- ----------------------------------------------------------------------------------------------------------------
1/25/01 1.05 20th Century Fox Films Payable 28,686.80
- ---------------------------------------------------------------------------------------------------------------
1/25/01 1.06 Buena Vista Films Payable 14,211.25
- ---------------------------------------------------------------------------------------------------------------
1/25/01 1.07 Miramax Films Payable 6,945.73
- ---------------------------------------------------------------------------------------------------------------
1/25/01 1.08 Paramount Films Payable 11,650.74
- ---------------------------------------------------------------------------------------------------------------
1/25/01 1.09 Universal Films Payable 14,690.48
- ---------------------------------------------------------------------------------------------------------------
1/25/01 1.10 Warner Films Payable 12,470.05
- ---------------------------------------------------------------------------------------------------------------
1/25/01 1.11 Newline Films Payable 121.11
- ---------------------------------------------------------------------------------------------------------------
1/25/01 1.12 ManuLife Emp. Benefits - 401K - 7,558.32
for 2 months
- ---------------------------------------------------------------------------------------------------------------
1/25/01 1.13 Metropolitan Prov. Concession Inventory 7,946.91
- ---------------------------------------------------------------------------------------------------------------
1/31/01 1.14 Metropolitan Prov. Concession Inventory
- ---------------------------------------------------------------------------------------------------------------
TOTAL 193,331.79
- ---------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
TRANSFERS TO PAYROLL ACCOUNT
- ---------------------------------------------------------------------------------------------------------------
1/19/01 UBOC Acct. # 07007494365 Jan 19, 2001 Payroll Run 135,505.65
- ---------------------------------------------------------------------------------------------------------------
1/22/01 UBOC Acct. # 07007494365 Special Run: Closing 2,030.28
Galaxy 6 Thtr
- ---------------------------------------------------------------------------------------------------------------
1/26/01 UBOC Acct. # 07007494365 Feb 2, 2001 Payroll Run 137,000.00
- ---------------------------------------------------------------------------------------------------------------
TOTAL 274,535.93
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
TOTAL DISBURSEMENTS DURING CURRENT PERIOD 620,189.04
- ----------------------------------------------------------------------------------------------------------------
Page 4 of 14
I. CASH RECEIPTS AND DISBURSEMENTS (Continued)
B. (PAYROLL ACCOUNT)
- --------------------------------------------------------------------------------------- ---------------------
1. TOTAL RECEIPTS PER ALL PRIOR PAYROLL ACCOUNT REPORTS n/a
- --------------------------------------------------------------------------------------- ---------------------
- --------------------------------------------------------------------------------------- ---------------------
2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR PAYROLL ACCOUNT REPORTS n/a
- --------------------------------------------------------------------------------------- ---------------------
- --------------------------------------------------------------------------------------- ---------------------
3. BEGINNING BALANCE 0.00
- --------------------------------------------------------------------------------------- ---------------------
- --------------------------------------------------------------------------------------- ---------------------
4. RECEIPTS DURING CURRENT PERIOD 274,535.93
- --------------------------------------------------------------------------------------- ---------------------
TRANSFERRED FROM GENERAL ACCOUNT
- --------------------------------------------------------------------------------------- ---------------------
- --------------------------------------------------------------------------------------- ---------------------
5. BALANCE: 274,535.93
- --------------------------------------------------------------------------------------- ---------------------
- --------------------------------------------------------------------------------------- ---------------------
6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD 139,834.08
- --------------------------------------------------------------------------------------- ---------------------
- --------------------------------------------------------------------------------------- ---------------------
7. ENDING BALANCE 134,701.85
- --------------------------------------------------------------------------------------- ---------------------
- ------------------------------------------------------- -----------------------------------------------------
8. PAYROLL ACCOUNT NUMBER 07007494365
- ------------------------------------------------------- -----------------------------------------------------
DEPOSITORY NAME AND LOCATION Union Bank of California
- -------------------------------------------------------------------------------------------------------------
445 South Figueroa St., Los Angeles, CA 90051
- -------------------------------------------------------------------------------------------------------------
Page 5 of 14
TOTAL DISBURSEMENTS DURING CURRENT PERIOD (Payroll Account)
- ----------------------------------------------------------------------------------------------------------------
January 19, 2001 Payroll Run - Summary of Expense
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
Wages Earned - Normal Recurring 92,402.56
- ----------------------------------------------------------------------------------------------------------------
Wages Earned - Adjustments & Voids 3,746.88
- ----------------------------------------------------------------------------------------------------------------
Wage Garnishments 117.00
- ----------------------------------------------------------------------------------------------------------------
Federal Income Taxes 12,230.22
- ----------------------------------------------------------------------------------------------------------------
Social Security 15,264.35
- ----------------------------------------------------------------------------------------------------------------
Medicare 3,569.85
- ----------------------------------------------------------------------------------------------------------------
State Unemployment Taxes - Employer 3,581.36
- ----------------------------------------------------------------------------------------------------------------
Federal Unemployment Taxes 966.96
- ----------------------------------------------------------------------------------------------------------------
State Unemployment Taxes - Employee 1,273.49
- ----------------------------------------------------------------------------------------------------------------
State Income Taxes 2,352.98
- ----------------------------------------------------------------------------------------------------------------
Total 135,505.65
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
January 19, 2001 Payroll Run - Summary of Disbursements
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
Direct Deposits 79,132.34
- ----------------------------------------------------------------------------------------------------------------
ADP Checks Issued 52,626.44
- ----------------------------------------------------------------------------------------------------------------
Manual Checks Issued 3,746.88
- ----------------------------------------------------------------------------------------------------------------
TOTAL 135,505.66
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
January 22, 2001 Special Payroll Run: Closing Galaxy 6
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
Manual Checks Issued 2,030.28
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
January 24, 2001 Special Payroll Run: Closing Galaxy 6
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
Manual Checks Issued 2,298.15
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
TOTAL DISBURSEMENTS THIS PERIOD 139,834.09
- ----------------------------------------------------------------------------------------------------------------
Page 6 of 14
I. CASH RECEIPTS AND DISBURSEMENTS (Continued)
B. (TAX ACCOUNT)
- --------------------------------------------------------------------------------------- ---------------------
1. TOTAL RECEIPTS PER ALL PRIOR TAX ACCOUNT REPORTS n/a
- --------------------------------------------------------------------------------------- ---------------------
- --------------------------------------------------------------------------------------- ---------------------
2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR TAX ACCOUNT REPORTS n/a
- --------------------------------------------------------------------------------------- ---------------------
- --------------------------------------------------------------------------------------- ---------------------
3. BEGINNING BALANCE 0.00
- --------------------------------------------------------------------------------------- ---------------------
- --------------------------------------------------------------------------------------- ---------------------
4. RECEIPTS DURING CURRENT PERIOD
- --------------------------------------------------------------------------------------- ---------------------
TRANSFERRED FROM GENERAL ACCOUNT 25,000.00
- --------------------------------------------------------------------------------------- ---------------------
- --------------------------------------------------------------------------------------- ---------------------
5. BALANCE: 25,000.00
- --------------------------------------------------------------------------------------- ---------------------
- --------------------------------------------------------------------------------------- ---------------------
6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD 0.00
- --------------------------------------------------------------------------------------- ---------------------
- --------------------------------------------------------------------------------------- ---------------------
7. ENDING BALANCE 25,000.00
- --------------------------------------------------------------------------------------- ---------------------
- ------------------------------------------------------- -----------------------------------------------------
8. TAX ACCOUNT NUMBER 02180038712
- ------------------------------------------------------- -----------------------------------------------------
DEPOSITORY NAME AND LOCATION Union Bank of California
- -------------------------------------------------------------------------------------------------------------
445 South Figueroa St., Los Angeles, CA 90051
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
D. SUMMARY SCHEDULE OF CASH
- --------------------------------------------------------------------------------------- ---------------------
ENDING BALANCE FOR PERIOD
- --------------------------------------------------------------------------------------- ---------------------
- --------------------------------------------------------------------------------------- ---------------------
GENERAL ACCOUNT 461,279.80
- --------------------------------------------------------------------------------------- ---------------------
PAYROLL ACCOUNT 134,701.85
- --------------------------------------------------------------------------------------- ---------------------
TAX ACCOUNT 25,000.00
- --------------------------------------------------------------------------------------- ---------------------
OTHER ACCOUNTS *: 2,047,121.15
- --------------------------------------------------------------------------------------- ---------------------
OTHER MONIES *: 0.00
- --------------------------------------------------------------------------------------- ---------------------
PETTY CASH ** 0.00
- --------------------------------------------------------------------------------------- ---------------------
- --------------------------------------------------------------------------------------- ---------------------
TOTAL CASH AVAILABLE 2,668,102.80
- --------------------------------------------------------------------------------------- ---------------------
- --------------------------------------------------------------------------------------- ---------------------
* SPECIFY THE FUND AND THE TYPE OF HOLDING (I.E., CD, SAVINGS ACCOUNT,
INVESTMENT SECURITIES, ETC.) AND THE DEPOSITORY NAME, LOCATION, AND ACCOUNT
NUMBER
** ATTACH EXHIBIT ITEMIZING ALL PETTY CASH TRANSACTIONS
NOTE: ATTACH COPIES OF ALL MONTHLY ACCOUNTS FROM FINANCIAL INSTITUTIONS FOR
EACH ACCOUNT
Page 7 of 14
OTHER ACCOUNTS (SUPPLEMENT TO SCHEDULE I.D.)
- ---------------------------------------------------------------- --------------------- ----------------------
Bank / Account Type Account # Balance
- ---------------------------------------------------------------- --------------------- ----------------------
- ---------------------------------------------------------------- --------------------- ----------------------
Bank of America
- ---------------------------------------------------------------- --------------------- ----------------------
Master Concentration 14501-09188 970,239.84
- ---------------------------------------------------------------- --------------------- ----------------------
Merchant 14501-09189 65,766.25
- ---------------------------------------------------------------- --------------------- ----------------------
- ---------------------------------------------------------------- --------------------- ----------------------
Union Bank of California
- ---------------------------------------------------------------- --------------------- ----------------------
Master Concentration 0700494-349 908,359.33
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FOB Cinemastar Luxury Cinemas, Inc. 0700494-373 102,758.73
- ---------------------------------------------------------------- --------------------- ----------------------
Merchant 0700494-357 0.00
- ---------------------------------------------------------------- --------------------- ----------------------
Moviefone 0700494-146 0.00
- ---------------------------------------------------------------- --------------------- ----------------------
- ---------------------------------------------------------------- --------------------- ----------------------
Total 2,047,121.15
- ---------------------------------------------------------------- --------------------- ----------------------
- ---------------------------------------------------------------- --------------------- ----------------------
Page 8 of 14
II. STATUS OF PAYMENTS TO SECURED CREDITORS, LESSORS,
AND OTHER PARTIES TO EXECUTORY CONTRACTS
- ---------------------------------------------------------------------------------------------------------------------
CREDITOR, LESSOR, ETC. FREQUENCY OF PAYMENTS AMOUNT OF PAYMENT POST-PETITION TOTAL DUE
(Mo./Qtr.) PAYMENTS NOT MADE
(NUMBER)
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
Oceanside Mission Market Monthly $57,678.10 1 $57,678.10 (paid in
Place (Lessor MM 13 Theater) February)
- ---------------------------------------------------------------------------------------------------------------------
Coudres Family Ptrship Monthly $35,740.55 1 $35,740.55 (paid in
(Lessor PR 10 Theater) February)
- ---------------------------------------------------------------------------------------------------------------------
MDA - San Bernardino Monthly $96,851.61 0 $0.00
(Lessor SB20 Thtr)
- ---------------------------------------------------------------------------------------------------------------------
Mission Grove Theater Monthly $89,050.40 0 $0.00
Properties I&II (Lessor MG
18 Theater)
- ---------------------------------------------------------------------------------------------------------------------
United Title Company Monthly $4,983.40 0 $0.00
(Lessor - Corp Offices)
- ---------------------------------------------------------------------------------------------------------------------
Union Bank of California Monthly $57,472.22 1 $57,472.10 (paid in
($2,000,000 loan, principal February)
and interest)
- ---------------------------------------------------------------------------------------------------------------------
Midland Loan Services Monthly $17,646.36 1 $17,646.36
(Mortgage Note on Chula
Vista Property)
- ---------------------------------------------------------------------------------------------------------------------
Union Bank of California Monthly $646.80 0 $0.00
(Auto Lease)
- ---------------------------------------------------------------------------------------------------------------------
III. TAX LIABILITIES
- ------------------------------------------------------------------------------------ ------------------------
FOR THE REPORTING PERIOD:
- ------------------------------------------------------------------------------------ ------------------------
GROSS SALES SUBJECT TO SALES TAX 157,604.04
- ------------------------------------------------------------------------------------ ------------------------
TOTAL WAGES PAID 100,594.87
- ------------------------------------------------------------------------------------ ------------------------
- --------------------------------------- ----------------------- ---------------------- ----------------------
TOTAL POST-PETITION AMOUNT DELINQUENT DATE DELINQUENT
AMOUNTS OWING AMOUNT DUE
- --------------------------------------- ----------------------- ---------------------- ----------------------
- --------------------------------------- ----------------------- ---------------------- ----------------------
FEDERAL WITHHOLDING
- --------------------------------------- ----------------------- ---------------------- ----------------------
STATE WITHHOLDING
- --------------------------------------- ----------------------- ---------------------- ----------------------
FICA-EMPLOYER'S SHARE
- --------------------------------------- ----------------------- ---------------------- ----------------------
FICA - EMPLOYEE'S SHARE
- --------------------------------------- ----------------------- ---------------------- ----------------------
FEDERAL UNEMPLOYMENT
- --------------------------------------- ----------------------- ---------------------- ----------------------
STATE WITHHOLDING
- --------------------------------------- ----------------------- ---------------------- ----------------------
SALES AND USE 12,214.29
- --------------------------------------- ----------------------- ---------------------- ----------------------
REAL PROPERTY 164,718.89
- --------------------------------------- ----------------------- ---------------------- ----------------------
OTHER (SPECIFY)
- --------------------------------------- ----------------------- ---------------------- ----------------------
- --------------------------------------- ----------------------- ---------------------- ----------------------
TOTAL 176,933.18
- --------------------------------------- ----------------------- ---------------------- ----------------------
Page 9 of 14
IV. AGING OF ACCOUNTS PAYABLE AND ACCOUNTS RECEIVABLE
------------------------------------------------
- ---------------------------- ------------------------------- ACCOUNTS RECEIVABLE
ACCOUNTS PAYABLE * ------------------------ -----------------------
(POST-PETITION ONLY) Pre-Petition Post-Petition
- ---------------------------- ------------------------------- ------------------------ -----------------------
30 days or less 231,847.11
- ---------------------------- ------------------------------- ------------------------ -----------------------
31-60 days
- ---------------------------- ------------------------------- ------------------------ -----------------------
61-90 days
- ---------------------------- ------------------------------- ------------------------ -----------------------
91-120 days
- ---------------------------- ------------------------------- ------------------------ -----------------------
Over 120 days
- ---------------------------- ------------------------------- ------------------------ -----------------------
TOTALS: 231,847.11
- ---------------------------- ------------------------------- ------------------------ -----------------------
V. INSURANCE COVERAGE
- ----------------------- --------------------- -------------------- --------------------- --------------------
NAME OF CARRIER AMOUNT OF COVERAGE POLICY EXPIRATION PREMIUM PAID
DATE THROUGH:
- ----------------------- --------------------- -------------------- --------------------- --------------------
General Liability Royal Insurance of $2,000,000 10/14/01 2/14/01
America
- ----------------------- --------------------- -------------------- --------------------- --------------------
Umbrella Liability St. Paul's $10,000,000 10/14/01 2/14/01
Insurance Company
- ----------------------- --------------------- -------------------- --------------------- --------------------
Automobile Liability Royal Insurance of $1,000,000 10/14/01 2/14/01
America
- ----------------------- --------------------- -------------------- --------------------- --------------------
Directors & Officers National Union Fire $5,000,000 6/20/01 2/14/01
Liability Insurance Company
- ----------------------- --------------------- -------------------- --------------------- --------------------
Workers Compensation State (of CA) Variable n/a 2/14/01
Compensation
Insurance Fund
- ----------------------- --------------------- -------------------- --------------------- --------------------
Property Royal Insurance of $35,212,960 10/14/01 2/14/01
America
- ----------------------- --------------------- -------------------- --------------------- --------------------
Vacant Property Royal Indemnity $1,500,000 12/14/01 2/14/01
Company
- ----------------------- --------------------- -------------------- --------------------- --------------------
Foreign Package ACE USA $1,000,000 10/15/01 2/14/01
- ----------------------- --------------------- -------------------- --------------------- --------------------
VI. UNITED STATES TRUSTEE QUARTERLY FEES
(TOTAL PAYMENTS)
- ------------------- ------------------- --------------- ----------------- ----------------- -----------------
Qtrly Period Total Qtrly Fees Date Paid Amount Paid Qtrly Fee Still
Ending Disbursements Owing
- ------------------- ------------------- --------------- ----------------- ----------------- -----------------
- ------------------- ------------------- --------------- ----------------- ----------------- -----------------
- ------------------- ------------------- --------------- ----------------- ----------------- -----------------
- ------------------- ------------------- --------------- ----------------- ----------------- -----------------
* POST-PETITION ACCOUNTS PAYABLE SHOULD NOT INCLUDE PROFESSIONALS' FEES AND
EXPENSES WHICH HAVE BEEN INCURRED BUT NOT YET AWARDED BY THE COURT.
POST-PETITION ACCOUNTS PAYABLE SHOULD INCLUDE PROFESSIONALS' FEES AND EXPENSES
AUTHORIZED BY COURT ORDER BUT WHICH REMAIN UNPAID AS OF THE CLOSE OF THE PERIOD
OF THE REPORT.
Page 10 of 14
VII. PROFIT AND LOSS STATEMENT (ACCRUAL BASIS ONLY)
Cumulative
Current Month Post-Petition
------------- -------------
Admission Revenue 852,093 852,093
Concession Revenue 332,330 332,330
Video Revenue 17,590 17,590
Screen Advertising 7,375 7,375
Other Revenues 4,501 4,501
- --------------------------------------------------------------------------
Theater Revenue 1,213,890 1,213,890
Film Rental Expense 402,727 402,727
Concession COGS 44,796 44,796
- --------------------------------------------------------------------------
Theater Cost of Goods Sold 447,523 447,523
- --------------------------------------------------------------------------
Theater Gross Margin 766,368 766,368
- --------------------------------------------------------------------------
Salaries 104,655 104,655
Payroll Taxes 12,247 12,247
Rent Expense 321,888 321,888
CAM Expense 25,946 25,946
Utility Expense 40,439 40,439
Advertising Expense 17,461 17,461
Co-op Advertising Expense 5,819 5,819
Repairs & Maint Expense 10,409 10,409
Janitorial Services 25,825 25,825
Janitorial Supplies Expense 7,254 7,254
Insurance Expense 26,180 26,180
Property Taxes 95,299 95,299
Security Expense 4,360 4,360
Travel & Entertainment 264 264
Vehicle Expense 0 0
Supplies Expense 4,089 4,089
Banking Fees 1,419 1,419
Equipment Rental Expense 1,290 1,290
Outside Services Expense 0 0
Other Theater Expense 1,153 1,153
Pre-Opening Expense 0 0
- --------------------------------------------------------------------------
Theater Operating Expenses 705,995 705,995
- --------------------------------------------------------------------------
Operating Income 60,373 60,373
- --------------------------------------------------------------------------
General & Administrative Expenses 59,048 59,048
Deprec & Amortization 209,875 209,875
Interest Expense 59,311 59,311
Interest/Dividend Income 2 2
Taxes 482 482
Non-Recurring Income/Expense 0 0
- --------------------------------------------------------------------------
Non-Operating (Income)/Expense 328,718 328,718
- --------------------------------------------------------------------------
Net Income (268,345) (268,345)
==========================================================================
Page 11 of 14
VIII. BALANCE SHEET (ACCRUAL BASIS ONLY)
Current Month End
-----------------
Cash 2,418,346
Accts Receivable (19,208)
Conc Inventory 13,487
Concession Rebates 10,445
Supplies Inventory 9,777
Prepaids 465,629
- --------------------------------------------------------------------------
Current Assets 2,898,478
Fixed Assets 24,347,030
Accumulated Depreciation (12,930,220)
- --------------------------------------------------------------------------
Net Fixed Assets 11,416,810
Deposits-Leases 43,789
Deposits-Concession 940
Deposits 200
Loan Orig Fee (20,690)
Investment CLT SA de CV 22,875
Investment in Mexico 339,643
Goodwill - Mexico (128,003)
- --------------------------------------------------------------------------
Other Assets 258,755
- --------------------------------------------------------------------------
Assets 14,574,042
==========================================================================
Accounts Payable 2,970,914
Accrued Payroll 266,628
Other Accruals 649,739
Deferred Revenue 475,072
Concession Advances 49,971
Short Term Notes Payable 0
- --------------------------------------------------------------------------
Current Liabilities 4,412,325
Deferred Rent Accrual 4,142,631
Capital Leases (10,301)
Notes Payable 1,718,631
Credit Facility Debt 2,280,000
Intercompany Accounts 2,126,962
- --------------------------------------------------------------------------
Long-Term Liabilities 10,257,923
Common Stock 62,892
Additional Paid In Capital 29,642,292
Treasury Stock 0
Retained Earnings (26,278,047)
Current Year Retained Earnings (3,523,342)
Current Year Dividends 0
- --------------------------------------------------------------------------
Shareholders' Equity (96,206)
- --------------------------------------------------------------------------
Liabilities & Equity 14,574,042
=============================================================================
Page 12 of 14
STATEMENT OF CASH FLOWS (Supplement to Balance Sheet)
Current Month
-------------
CASH FLOW FROM OPERATIONS
Net Income / (Loss) (268,345)
Depreciation & Amortization 209,875
Non-Cash Interest Expense 0
Deferred Rent 74,758
Changes in Operating Assets & Liabilities:
Change in Current Assets 105,081
Change in Other Assets 12,694
Change in Accounts Payable (157,050)
Change in Other Liabilities (69,576)
- ---------------------------------------------------------------------------
Net Cash Provided By / (Used In) Operations (92,563)
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Property (1,029)
Sale of Property 0
- ---------------------------------------------------------------------------
Net Cash Provided By / (Used In) Investing Activities (1,029)
CASH FLOW FROM FINANCING ACTIVITIES
Payment of Debt & Capital Lease Obligations (70,000)
Proceeds from Debt Issuance / Drawdown 0
Proceeds from Issuance of Common Stock 0
- ---------------------------------------------------------------------------
Net Cash Provided By / (Used In) Financing Activities (70,000)
- ---------------------------------------------------------------------------
Net Increase / (Decrease) in Cash (163,592)
- ---------------------------------------------------------------------------
Beginning of Period Cash Balance 2,581,938
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
End of Period Cash Balance 2,418,346
===========================================================================
Page 13 of 14
IX. QUESTIONNAIRE
1. Has the debtor-in-possession made any payments on its pre-petition
unsecured debt, except as has been authorized by the court?
No X
Yes
Explain:
2. Has the debtor-in-possession during this reporting period provided
compensation or remuneration to any officers, directors, principals or
other insiders without appropriate authorization?
No X
Yes
Amount, to whom, and for what period:
3. State what progress was made during the reporting period toward filing a
plan of reorganization: Debtor has closed two non-performing theaters,
(Galaxy 6 and Chula Vista 10, which is operated by a subsidiary of the
debtor) is very close to signing lease amendments on two theater leases and
is in negotiations with a third landlord. Debtor has reduced headcount at
its corporate office and cancelled non-economic office equipment leases.
4. Describe potential future events which may have a significant impact
on the case.
5. Attach copies of all Orders granting relief from the automatic stay that
were entered during the reporting period.
6. Did you receive any exempt income this month, which is not set forth in
the operating report?
No X
Yes
If yes, please set forth the amounts and the source of the income.
I, DONALD H. HARNOIS, JR., CHIEF FINANCIAL OFFICER, declare under penalty of
perjury that I have fully read and understood the foregoing debtor-in-possession
operating report and that the information contained herein is true and complete
to the best of my knowledge.
Date: February 19, 2001
s/ Donald H. Harnois, Jr.
------------------------------------
Principal for debtor-in-possession