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)
SEPTEMBER 2001
Ending Balance
9/30/01
----------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 16,787,284
Accounts receivable 5,200,371
Receivable from subsidiaries -
Inventories -
Prepaid expenses and other current assets 1,056,377
----------------
Total current assets 23,044,032
Net property, plant and equipment 4,779,177
Other assets 8,121,314
----------------
35,944,523
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LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIENCY)
Current liabilities:
Credit facility 0
Current portion long-term debt 79,001,468
Accounts payable 35,072,613
Accrued expenses 14,710,735
Income taxes payable 6,497,969
----------------
Total current liabilities 135,282,785
Current assets in excess of reorganization value 22,507,702
Stockholders' equity (deficiency):
Common stock 17,553,048
Additional paid in capital 4,436,788
Unearned compensation (100,971)
Retained deficit (143,256,393)
Cumulative currency translation adjustment (478,436)
----------------
Total stockholders' equity (deficiency) (121,845,964)
----------------
35,944,523
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CVEO CORPORATION f/k/a CONVERSE INC. CONSOLIDATED INCOME STATEMENT
CVEO Corporation f/k/a Converse Inc.(debtor) and subsidiaries (non-debtor)
SEPTEMBER 2001
--------------------------------
Month of YTD Sept.
Sept. 2001 2001
--------------------------------
Net revenue 65,869,367
Cost of sales (20,829) 52,068,557
--------------------------------
Gross profit 20,829 13,800,810
Selling, general and administrative expenses 805,177 17,103,657
Royalty income - 5,478,479
Restructuring and other unusual charges 216,240 3,615,387
--------------------------------
Earnings from operations (1,000,588) (1,439,755)
Interest expense 612,471 11,679,390
Other (income) expense, net 588,448 (31,062,665)
--------------------------------
Net income before income tax (2,201,507) 17,943,520
Income tax expense 5,425 976,260
--------------------------------
Net income (2,206,932) 16,967,260
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CVEO Corporation f/k/a Converse Inc.
Shedule of Cash Receipts & Disbursements Form MOR1
$=thousands
Prior Month Actual Total
Cumulative 9/1-9/30 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 156 19 175
Other Receipts 1,152 184 1,336
TOTAL RECEIPTS 59,286 203 59,489
DISBURSEMENTS:
Accounts Payable
Raw Materials 389 389
Duties/Customs 2,124 2,124
Other Disbursements 8,676 184 8,860
Traffic 1,321 1,321
Advertising/Mktg 384 384
Player Contracts 101 101
Rent 778 778
Capital Expenditures - -
Float Adjustment -
-
Total Accounts Payable 13,773 184 13,957
-
Foreign Fnshd Gds-L/C 19,453 19,453
Payroll 9,924 269 10,193
Tax Payments 3,947 3,947
Japan 132 132
Singapore 219 219
Other 2,858 2,858
Restructuring Fees 2,783 1,001 3,784
TOTAL CASH
DISBURSEMENTS 53,089 1,454 54,543
- -------------------------------------------------------------------------------------------
NET CASH REC/DSB
BEFORE BA FIN 6,197 (1,251) 4,946
- -------------------------------------------------------------------------------------------
ADD BA FINANCING 16,212 16,212
-
LESS BA MATURITY 26,912 26,912
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- -------------------------------------------------------------------------------------------
NET CASH REC/DSB (4,503) (1,251) (5,754)
- -------------------------------------------------------------------------------------------
Proceeds Sale of Assets 88,750 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 20,973 (1,251) 19,722
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 16,344 15,093 15,093
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