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)
DECEMBER 2001
Ending Balance
12/31/01
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ASSETS
CURRENT ASSETS
Cash and cash equivalents 14,531,339
Accounts receivable 1,120,361
Inventories -
Prepaid expenses and other current assets 683,266
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Total current assets 16,334,966
Net property, plant and equipment 487,725
Other assets 7,776,563
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24,599,254
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LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIENCY)
Current liabilities:
Credit facility 0
Current portion long-term debt 74,265,000
Accounts payable 35,091,854
Accrued expenses 16,097,077
Income taxes payable
6,498,044
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Total current liabilities 131,951,975
Current assets in excess of reorganization value 21,988,293
Stockholders' equity (deficiency):
Common stock 17,553,048
Additional paid in capital 4,436,788
Unearned compensation (100,971)
Retained deficit (150,751,443)
Cumulative currency translation adjustment (478,436)
-----------------
Total stockholders' equity (deficiency) (129,341,014)
-----------------
24,599,254
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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)
DECEMBER 2001
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Month of Dec. 2001 YTD Dec. 2001
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Net revenue 65,869,367
Cost of sales 51,968,750
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Gross profit 0 13,900,617
Selling, general and administrative expenses 253,362 18,789,200
Royalty income - 5,478,479
Restructuring and other unusual charges 40,682 3,986,289
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Earnings from operations (294,044) (3,396,393)
Interest expense 1,208,254 14,111,620
Other (income) expense, net (1,244,427) (27,972,757)
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Net income before income tax (257,871) 10,464,744
Income tax expense 5,425 992,535
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Net income (263,296) 9,472,209
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CVEO CORPORATION F/K/A CONVERSE INC.
SCHEDULE OF CASH RECEIPTS & DISBURSEMENTS FORM MOR1
$=thousands
---------------------------------------------
Prior Month Actual Total
Cumulative 12/1-12/31 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 27 901
Interest Receipts 237 113 350
Other Receipts 1,937 121 2,058
TOTAL RECEIPTS 61,026 261 61,287
DISBURSEMENTS:
Accounts Payable
Raw Materials 389 389
Duties/Customs 2,124 2,124
Other Disbursements 9,227 420 9,647
Traffic 1,321 1,321
Advertising/Mktg 384 384
Player Contracts 101 101
Rent 778 778
Capital Expenditures - -
Float Adjustment -
Total Accounts Payable 14,324 420 14,744
Foreign Fnshd Gds-L/C 19,453 19,453
Payroll/Benefits 10,782 172 10,954
Tax Payments 3,947 3,947
Japan 132 132
Singapore 219 219
Other 2,858 2,858
Restructuring Fees 4,214 107 4,321
TOTAL CASH
DISBURSEMENTS 55,929 699 56,628
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NET CASH REC/DSB
BEFORE BA FIN 5,097 (438) 4,659
- ---------------------------------------------------------------------------------------------
ADD BA FINANCING 16,212 16,212
LESS BA MATURITY 26,912 26,912
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- ---------------------------------------------------------------------------------------------
NET CASH REC/DSB (5,603) (438) (6,041)
- ---------------------------------------------------------------------------------------------
Proceeds Sale of Assets 88,750 5,000 93,750
(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 5,807 29,713
REVOLVER BALANCE - -
NET CASH ACTIVITY 19,671 (1,245) 18,426
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 15,042 13,797 13,797
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