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)
NOVEMBER 2001
Ending Balance
11/30/01
--------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 15,905,971
Accounts receivable 4,871,536
Inventories -
Prepaid expenses and other current assets 601,500
--------------
Total current assets 21,379,007
Net property, plant and equipment 487,725
Other assets 7,781,988
--------------
29,648,720
==============
LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIENCY)
Current liabilities:
Credit facility 0
Current portion long-term debt 79,001,468
Accounts payable 35,418,267
Accrued expenses 15,647,232
Income taxes payable 6,498,044
--------------
Total current liabilities 136,565,011
Current assets in excess of reorganization value 22,161,429
Stockholders' equity (deficiency):
Common stock 17,553,048
Additional paid in capital 4,436,788
Unearned compensation (100,971)
Retained deficit (150,488,149)
Cumulative currency translation adjustment (478,436)
--------------
Total stockholders' equity (deficiency) (129,077,720)
--------------
29,648,720
==============
CVEO CORPORATION f/k/a CONVERSE INC. CONSOLIDATED INCOME STATEMENT
CVEO Corporation f/k/a Converse Inc.(debtor) and subsidiaries (non-debtor)
NOVEMBER 2001
--------------------------------------
Month of Nov. 2001 YTD Nov. 2001
--------------------------------------
Net revenue 65,869,367
Cost of sales (74,475) 51,968,750
--------------------------------------
Gross profit 74,475 13,900,617
Selling, general and administrative expenses 585,749 18,535,838
Royalty income - 5,478,479
Restructuring and other unusual charges 86,089 3,945,607
--------------------------------------
Earnings from operations (597,363) (3,102,349)
Interest expense 665,264 12,903,366
Other (income) expense, net 491,318 (26,728,330)
--------------------------------------
Net income before income tax (1,753,945) 10,722,615
Income tax expense 5,425 987,110
--------------------------------------
Net income (1,759,370) 9,735,505
======================================
CVEO Corporation f/k/a Converse Inc.
Schedule of Cash Receipts & Disbursements Form MOR1
$=thousands
Prior Month Actual Total
Cumulative 11/1-11/30 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
Auction Fixed Assets 874 874
Interest Receipts 209 28 237
Other Receipts 1,709 228 1,937
TOTAL RECEIPTS 60,770 256 61,026
DISBURSEMENTS:
Accounts Payable
Raw Materials 389 389
Duties/Customs 2,124 2,124
Other Disbursements 8,995 232 9,227
Traffic 1,321 1,321
Advertising/Mktg 384 384
Player Contracts 101 101
Rent 778 778
Capital Expenditures - -
Float Adjustment -
-
Total Accounts Payable 14,092 232 14,324
-
Foreign Fnshd Gds-L/C 19,453 19,453
Payroll/Benefits 10,583 199 10,782
Tax Payments 3,947 3,947
Japan 132 132
Singapore 219 219
Other 2,858 2,858
Restructuring Fees 4,088 126 4,214
TOTAL CASH
DISBURSEMENTS 55,372 557 55,929
- --------------------------------------------------------------------------------------------------------------
NET CASH REC/DSB
BEFORE BA FIN 5,398 (301) 5,097
- --------------------------------------------------------------------------------------------------------------
ADD BA FINANCING 16,212 16,212
-
LESS BA MATURITY 26,912 26,912
- --------------------------------------------------------------------------------------------------------------
NET CASH REC/DSB (5,302) (301) (5,603)
- --------------------------------------------------------------------------------------------------------------
Proceeds Sale of Assets 88,750 88,750
(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 23,906 23,906
REVOLVER BALANCE - -
NET CASH ACTIVITY 19,972 (301) 19,671
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 15,343 15,042 15,042
--------------------------------------------------------