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)
OCTOBER 2001
Ending Balance
10/31/01
-----------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 16,523,128
Accounts receivable 5,193,276
Inventories -
Prepaid expenses and other current assets 724,498
-----------------
Total current assets 22,440,902
Net property, plant and equipment 591,164
Other assets 7,828,123
-----------------
30,860,189
=================
LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIENCY)
Current liabilities:
Credit facility 0
Current portion long-term debt 79,001,468
Accounts payable 35,213,267
Accrued expenses 15,131,268
Income taxes payable 6,497,969
-----------------
Total current liabilities 135,843,972
Current assets in excess of reorganization value 22,334,565
Stockholders' equity (deficiency):
Common stock 17,553,048
Additional paid in capital 4,436,788
Unearned compensation (100,971)
Retained deficit (148,728,777)
Cumulative currency translation adjustment (478,436)
-----------------
Total stockholders' equity (deficiency) (127,318,348)
-----------------
30,860,189
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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)
OCTOBER 2001
-----------------------------------
Month of Oct. YTD Oct.
2001 2001
-----------------------------------
Net revenue 65,869,367
Cost of sales (25,332) 52,043,225
-----------------------------------
Gross profit 25,332 13,826,142
Selling, general and administrative expenses 846,432 17,950,089
Royalty income - 5,478,479
Restructuring and other unusual charges 244,131 3,859,518
-----------------------------------
Earnings from operations (1,065,231) (2,504,986)
Interest expense 558,712 12,238,102
Other (income) expense, net 3,843,017 (27,219,648)
-----------------------------------
Net income before income tax (5,466,960) 12,476,560
Income tax expense 5,425 981,685
-----------------------------------
Net income (5,472,385) 11,494,875
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CVEO Corporation f/k/a Converse Inc.
Schedule of Cash Receipts & Disbursements Form MOR1
$=thousands
Prior Month Actual Total
Cumulative 10/1-10/31 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
Auction Fixed Assets - 874 874
Interest Receipts 175 34 209
Other Receipts 1,336 373 1,709
TOTAL RECEIPTS 59,489 1,281 60,770
DISBURSEMENTS:
Accounts Payable
Raw Materials 389 389
Duties/Customs 2,124 2,124
Other Disbursements 8,860 135 8,995
Traffic 1,321 1,321
Advertising/Mktg 384 384
Player Contracts 101 101
Rent 778 778
Capital Expenditures - -
Float Adjustment -
-
Total Accounts Payable 13,957 135 14,092
-
Foreign Fnshd Gds-L/C 19,453 19,453
Payroll/Benefits 10,193 390 10,583
Tax Payments 3,947 3,947
Japan 132 132
Singapore 219 219
Other 2,858 2,858
Restructuring Fees 3,784 304 4,088
TOTAL CASH
DISBURSEMENTS 54,543 829 55,372
- --------------------------------------------------------------------------------
NET CASH REC/DSB
BEFORE BA FIN 4,946 452 5,398
- --------------------------------------------------------------------------------
ADD BA FINANCING 16,212 16,212
-
LESS BA MATURITY 26,912 26,912
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Prior Month Actual Total
Cumulative 10/1-10/31 Cumulative
- ----------------------------------------------------------------------------
NET CASH REC/DSB (5,754) 452 (5,302)
- ----------------------------------------------------------------------------
Proceeds Sale of Assets 88,750 88,750
(566) (566)
INTEREST/FEES;
BANKS 1,685 1,685
NOTEHOLDERS 1,763 202 1,965
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 19,722 250 19,972
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 15,093 15,343 15,343
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