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)
MARCH 2002
Ending Balance
3/31/02
--------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 12,768,827
Accounts receivable 897,057
Inventories -
Prepaid expenses and other current assets 376,079
--------------
Total current assets 14,041,963
Net property, plant and equipment 487,725
Other assets 7,776,563
--------------
22,306,251
==============
LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIENCY)
Current liabilities:
Credit facility 0
Current portion long-term debt 74,265,000
Accounts payable 34,923,382
Accrued expenses 17,015,400
Income taxes payable 6,338,883
--------------
Total current liabilities 132,542,665
Current assets in excess of reorganization value 21,815,157
Stockholders' equity (deficiency):
Common stock 17,553,048
Additional paid in capital 4,436,788
Unearned compensation (100,971)
Retained deficit (153,461,839)
Cumulative currency translation adjustment (478,597)
--------------
Total stockholders' equity (deficiency) (132,051,571)
--------------
22,306,251
==============
CVEO CORPORATION f/k/a CONVERSE INC. CONSOLIDATED INCOME STATEMENT
CVEO Corporation f/k/a Converse Inc.(debtor) and subsidiaries (non-debtor)
MARCH 2002
-----------------------------------------
15 Months
Month of Mar. 2002 Jan '01-Mar '02
-----------------------------------------
Net revenue 65,869,367
Cost of sales 51,968,750
----------------------------------------
Gross profit - 13,900,617
Selling, general and administrative expenses 168,656 20,143,592
Royalty income - 5,478,479
Restructuring and other unusual charges 50,827 4,130,012
----------------------------------------
Earnings from operations (219,483) (4,894,508)
Interest expense 399,888 15,319,988
Other (income) expense, net 64,705 (27,968,842)
----------------------------------------
Net income before income tax (684,076) 7,754,346
Income tax expense - 992,535
----------------------------------------
Net income (684,076) 6,761,811
========================================
CVEO Corporation f/k/a Converse Inc.
Shedule of Cash Receipts & Disbursements Form MOR1
$=thousands
-------------------------------------------
Prior Month Actual Total
Cumulative 3/1/02-3/31/02 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 1,026 1,026
Interest Receipts 393 20 413
Other Receipts 2,242 156 2,398
TOTAL RECEIPTS 61,639 176 61,815
DISBURSEMENTS:
Accounts Payable
Raw Material 389 389
Duties/Customs 2,124 2,124
Other Disbursements 10,020 165 10,185
Traffic 1,321 1,321
Advertising/Mktg 384 384
Player Contracts 101 101
Rent 778 778
Capital Expenditures - -
Float Adjustment -
-
Total Accounts Payable 15,117 165 15,282
-
Foreign Fnshd Gds-L/C 19,453 19,453
Payroll/Benefits 11,752 120 11,872
Tax Payments 3,947 3,947
Japan 132 132
Singapore 219 219
Other 2,858 2,858
Restructuring Fees 4,861 42 4,903
TOTAL CASH DISBURSEMENTS 58,339 327 58,666
- --------------------------------------------------------------------------------
NET CASH REC/DSB
BEFORE BA FIN 3,300 (151) 3,149
- --------------------------------------------------------------------------------
ADD BA FINANCING 16,212 16,212
LESS BA MATURITY 26,912 26,912
- --------------------------------------------------------------------------------
NET CASH REC/DSB (7,400) (151) (7,551)
- --------------------------------------------------------------------------------
Proceeds Sale of Assets 93,750 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 29,713 29,713
REVOLVER BALANCE - -
NET CASH ACTIVITY 17,067 (151) 16,916
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 12,438 12,287 12,287
---------------------------------------