EXHIBIT 99.10
DEBTOR: AMCV CRUISE OPERATIONS, INC. CASE NUMBER: O1-10967 (EIK)
MONTHLY OPERATING REPORT
AS OF JANUARY 31, 2002
AND
FOR THE MONTH THEN ENDED
In accordance with title 28, section 1746, of the United States Code, I declare
under penalty of perjury that I have examined the attached January Monthly
Operating Report (Attachments 1 through 9) and, to the best of my knowledge,
these documents are true, correct, and complete.
/s/ Nicholas J. Davison
- ------------------------------
Nicholas J. Davison
Senior Vice President, Finance
DEBTOR: AMCV CRUISE OPERATIONS, INC. CASE NUMBER: 01-10967 (EIK)
MONTHLY OPERATING REPORT
AS OF JANUARY 31, 2002
AND
FOR THE MONTH THEN ENDED
CONTENTS
Attachment 1 Summary of Bank and Investment Accounts
Attachment 2 Schedule of Receipts and Disbursements
Attachment 3 Bank and Investment Account Statements
Attachment 4 Income Statement
Attachment 5 Balance Sheet
Attachment 6 Summary of Due To/Due From Intercompany Accounts
Attachment 7 Accounts Receivable Aging
Attachment 8 Accounts Payable Detail
Attachment 9 Notes to January 2002 Monthly Operating Report
Attachment 1
Summary Of Bank, Investment & Petty Cash Accounts
AMCV Cruise Operations, Inc.
Summary Case No: 01-10967 (EIK) UNAUDITED
AMCV Cruise For Month Of January, 2002
Operations, Inc
Balances
------------------------------ Receipts & Bank
Opening Closing Disbursements Statements Account
Account As Of 1/01/02 As Of 1/31/02 Included Included Reconciled
- ------- ------------- ------------- ------------- ------------- ----------
AHC - Certificate Of Deposit* 25,000.00 25,000.00 Yes No - Not Yes
Bank One Concentration
Account # - 880058451981 Account
AHC - Certificate Of Deposit* 25,000.00 25,000.00 Yes No - Not Yes
Bank One Concentration
Account # - 880058452369 Account
AMCV Cruise Ops 24,403.17 72,293.45 Yes Yes Yes
Master Cash
First Union National Bank
Account # - 2090002602362
AMCV Escrow - Gohagan 219,626.12 219,911.95 Yes No - Not Yes
LaSalle Bank Concentration
Account # - 62-8766-40-4 Account
American Classic Voyages 35,030.00 0.00 Yes No - Not Yes
Fleet Bank Concentration
Account # - 941-9148945 Account
New Orleans Office 12,039.40 8,074.29 Yes Not A Bank Yes
Petty Cash Account
* Proceeds From Matured Certficates Of Deposit Being Retained By Bank One While
They Pursue Recover Equivalent Amounts Relating To Letters Of Credits That
Were Exercised After The Filing For Bankruptcy Where These Certificates Of
Deposits Were Collateral
Receipts & Disbursements Attachment 2-1
AMCV Cruise Operations, Inc.
R&D - Case No: 01-10967 (EIK) UNAUDITED
Bank One - Bank One
AHC CD (86) AHC Certificate Of Deposit
Account # - 880058451981
1 January 02 - 31 January 02
Opening Balance - 1 Jan 02
25, 000.00
Receipts
----------
0.00 Total Receipts
Disbursements
----------
0.00 Total Disbursements
Closing Balance - 31 Jan 02
25,000.00
Receipts & Disbursements Attachment 2-2
AMCV Cruise Operations, Inc.
R&D - Case No: 01-10967 (EIK) UNAUDITED
Bank One - Bank One
AHC CD (87) AHC Certificate Of Deposit
Account # - 880058452369
1 January 02 - 31 January 02
Opening Balance - 1 Jan 02
25, 000.00
Receipts
----------
0.00 Total Receipts
Disbursements
----------
0.00 Total Disbursements
Closing Balance - 31 Jan 02
25,000.00
Receipts & Disbursements Attachment 2-3
AMCV Cruise Operations, Inc.
R&D- First Union Case No: 01-10967 (EIK) UNAUDITED
AMCV Cruise Ops First Union
Master Cash AMCV Cruise Ops Master Cash
Account # - 2090002602362
1 January 02 - 31 January 02
Opening Balance - 1 Jan 02
24,403.17
Receipts
74,240.17 Misc Refunds & Commissions
132,213.10 State Of Hawaii Tax Refund
42,202.48 From Great River Cruise Line, LLC -
Delta Queen Petty Cash
35,030.00 From American Classic Voyages - Fleet Bank -
Account (941-9148945)
-----------
283,685.75 Total Receipts
Disbursements
(235,000.00) To The Delta Queen Steamboat Co. - Hibernia -
DQSC Master Cash - Account (812-395-335)
(692.00) Returned Deposits
(103.47) Bank Fees
-----------
(235,795.47) Total Disbursements
Closing Balance - 31 Jan 02
72,293.45
Receipts & Disbursements Attachment 2-4
American Classic Voyages
R&D -Lasalle Case No: 01-10967(EIK) UNAUDITED
AMCV Escrow - LaSalle
Gohagan AMCV Escrow - Gohagan
Account # - 62-8766-40-4
1 January 02 - 31 January 02
Opening Balance - 1 Jan 02
219,626.12
Receipts
285.83 Interest Earned
----------
285.83 Total Receipts
Disbursements
----------
0.00 Total Disbursements
Closing Balance - 31 Jan 02
219,911.95
Receipts & Disbursements Attachment 2-5
AMCV Cruise Operations. Inc.
R&D-Fleet Case No: 01-10967 (EIK) UNAUDITED
CML Other Fleet Bank
CML Other
Account # - 941-9148945
1 January 02 - 31 January 02
Opening Balance - 1 Jan 02
35,030.00
Receipts
----------
0.00 Total Receipts
Disbursements
(35,030.00) To AMCV Cruise Operations, Inc. - First Union -
AMCV Cruise Ops Master Cash -
Account (2090002602362)
----------
(35,030.00) Total Disbursements
Closing Balance - 31 Jan 02
0.00
Receipts & Disbursements Attachment 2-6
AMCV Cruise Operations, Inc.
R&D -NOLA Case No: 01-10967 (EIK) UNAUDITED
Petty Cash New Orleans Office
Petty Cash
Account # - NA
1 January 02 - 31 January 02
Opening Balance - 1 Jan 02
12,039.40
Receipts
30,000.00 From The Delta Queen Steamboat Co. - Hibernia
Master Cash - Account (812-395-335)
12,088.69 From Great River Cruise Line, L.L.C. -
DQ Petty Cash
----------
42,088.69 Total Receipts
Disbursements
(43,760.00) To The Delta Queen Steamboat Co. - Hibernia
Master Cash - Account (812-395-335)
(2,293.80) Misc Supplies/Other
----------
(46,053.80) Total Disbursements
Closing Balance - 31 Jan 02
8, 074.29
AMCV US SET OF BOOKS
INCOME STATEMENT - ATTACHMENT 4
Current Period: JAN-02
currency USD
Company=15 (AMCV OPS)
PTD-Actual
JAN-02
------------- --------------
Revenue
Gross Revenue 0.00
Allowances 0.00
-------------
Net Revenue 0.00
Operating Expenses
Air 0.00
Hotel 0.00
Commissions 0.00
Onboard Expenses 0.00
Passenger Expenses 0.00
Vessel Expenses 0.00
Layup/Drydock Expense 0.00
Vessel Insurance 0.00
-------------
Total Operating Expenses 0.00
-------------
Gross Profit 0.00
SG&A Expenses
General and Admin Expenses 406,386.96
Sales & Marketing 57,762.86
Pre-Opening Costs 0.00
-------------
Total SG&A Expenses 464,149.82
-------------
EBITDA (464,149.82)
Depreciation 40,575.90
-------------
Operating Income (504,725.72)
Other Expense/ (Income)
Interest Income (5,040.68)
Equity in Earnings for Sub (1,017,151.65)
Reorganization expenses 789, 813 .55
Other expense 10,206.15
-------------
Total Other Expense/ (Income) 1,812,130.67
-------------
Net Pretax Income/(Loss) (2,316,856.39)
-------------
-------------
Income Tax Expense 0.00
-------------
Net Income/ (Loss) (2,316,856.39)
-------------
AMCV US SET OF BOOKS
BALANCE SHEET - ATTACHMENT 5
Current Period: JAN-02
currency USD
Company=15 (AMCV OPS)
YTD-Actual YTD-Actual
JAN-02 OCT-0
------------- ------------
ASSETS
Cash and Equivalent 281,876.79 1,723,947.86
Restricted Cash 219,911.95 219,000.00
Marketable Securities 50,000.00 50,000.00
Accounts Receivable 0.00 99,684.62
Inventories 0.00 0.00
Prepaid Expenses 346,833.38 522,662.13
Other Current Assets 40,600.00 1,750.00
------------- -------------
Total Current Assets 939,222.12 2,617,044.61
Fixed Assets 9,372,064.98 9,371,627.23
Accumulated Depreciation (575,491.71) (453,764.30)
------------- -------------
Net Fixed Assets 8,796,573.27 8,917,862.93
Net Goodwill 0.00 0.00
Intercompany Due To/From (2,241,786.14) 2,150,807.43
Net Deferred Financing Fees 0.00 0.00
Net Investment in Subsidiaries 65,152,586.09 66,329,274.35
Other Non Current Assets 0.00 0.00
------------- -------------
Total Other Assets 62,910,799.95 68,480,081.78
------------- -------------
Total Assets 72,646,595.34 80,014,989.32
------------- -------------
AMCV US SET OF BOOKS
BALANCE SHEET - ATTACHMENT 5
Current Period: JAN-02
currency USD
Company=15 (AMCV OPS)
YTD-Actual YTD-Actual
JAN-02 OCT-0
-------------- --------------
LIABILITIES
Accounts Payable 67,222.23 5,363.60
Accrued Liabilities 278,143.86 289,488.87
Deposits 0.00 0.00
-------------- --------------
Total Current Liabilities 345,366.09 294,852.47
Long Term Debt 0.00 0.00
Other Long Term Liabilities 0.00 0.00
-------------- --------------
Total Liabilities 345,366.09 294,852.47
OTHER
Liabilities Subject to Compromise 29,596,386.40 32,307,000.02
-------------- --------------
Total Other 29,596,386.40 32,307,000.02
OWNER'S EQUITY
Common Stock 10,440.25 10,440.25
Add'1 Paid In Capital 112,772,392.56 112,772,392.56
Current Net Income (Loss) (2,316,856.39) (37,037,717.81)
Retained Earnings (67,761,133.57) (28,331,978.17)
-------------- --------------
Total Owner's Equity 42,704,842.85 47,413,136.83
-------------- --------------
Total Liabilities & Equity 72,646,595.34 80,014,989.32
-------------- --------------
AMCV Cruise Operations, Inc.
ATTACHMENT 6
Summary List of Due To/Due From Accounts
For the Period Ending January 31, 2002
BEGINNING ENDING
AFFILIATE NAME CASE NUMBER BALANCE DEBITS CREDITS BALANCE
American Classic Voyages Co. 01-10954 (78,558,545.13) 1,887,197.24 1,993,665.82 (78,665,013.71)
The Delta Queen Steamboat Co. 01-10970 (101,335,775.02) 46,701.77 909,215.72 (102,198,288.97)
DQS13 11, Inc. 01-10974 1,194.40 -- -- 1,194.40
Great AQ Steamboat, L.L.C 01-10960 22,745,106.79 10,197.34 400.50 22,754,903.63
Great Pacific NW Cruise Line, L.L.C 01-10977 9,372,500.72 9,429.72 -- 9,381,930.44
Great River Cruise Line, L.L.C 01-10963 9,469,140.70 43,177.64 67,254.01 9,445,064.33
Great Ocean Cruise Line, L.L.C 01-10959 21,385,571.10 18,705.48 1,704.95 21,402,571.63
Cruise America Travel, Incorporated 01-10966 4,057,712.45 2,495.50 1,859.32 4,058,348.63
Delta Queen Coastal Voyages, L.L.C 01-10964 (191,346.38) -- -- (191,346.38)
Cape Cod Light, L.L.C 01-10962 3,947,213.20 990.00 -- 3,948,203.20
Cape May Light, L.L.C 01-10961 7,971,800.32 32,121.40 10.00 8,003,911.72
Project America, Inc. N/A (4,501,824.46) 621.00 -- (4,501,203.46)
Oceanic Ship Co. N/A 57,263,797.07 22,677.59 3,893.65 57,282,581.01
Project America Ship 1, Inc. N/A 111,958.41 -- -- 111,958.41
Ocean Development Co. 01-10972 1,564,704.50 451,935.90 451,834.32 1,564,806.08
Great Hawaiian Cruise Line, Inc. 01-10975 1,574.81 -- -- 1,574.81
Great Hawaiian Properties Corporation 01-10971 (6,121,103.54) 4,228.48 -- (6,116,875.06)
American Hawaiian Properties Corporation 01-10976 5,188,103.46 2,117.21 -- 5,190,220.67
Great Independence Ship Co. 01-10969 36,632,816.41 15,280.38 2,406.37 36,645,690.42
Cat II, Inc. 01-10968 9,637,982.06 -- -- 9,637,982.06
----------------------------------------------------------------------
(1,357,418.13) 2,547,876.65 3,432,244.66 (2,241,786.14)
======================================================================
AMCV Cruise Operations, Inc.
Accounts Receivable Aging
As of January 31, 2002
Attachment 7
Not Applicable
AMCV US SET OF BOOKS Report Date: 14-FEB-2002
Accounts Payable Trial Balance
Reporting Level: Operating Unit
Reporting Context: AMCV POSTPET US OPERATING UNIT
Accounting Currency: USD
As of Date: 31-JAN-02
Supplier Name: All
Liability Account: All
Summarize Report: No
Exclude Invoices Before:
Invoice
Invoice Number Date Curr Amount Remaining Amount Invoice Description
- -------------- --------- ---- -------- ---------------- -----------------------------------
Liability Account: 15-000-220102-00000
Supplier Name: BELLSOUTH
9621 122801 28-DEC-O1 USD 4,564.48 4,564.48 954 VO8-9621 621
3363 122801 28-DEC-O1 USD 1,136.16 1,136.16 504 M83-3363 363
6892 122801 28-DEC-O1 USD 121.89 121.89 601 M23-6892 892
-------- --------
Total for Supplier : 5,822.53 5,822.53
Supplier Name: CINGULAR WIRELESS
122801 18-DEC-O1 USD 5,172.83 5,172.83 02409515-001-02
-------- --------
Total for Supplier : 5,172.83 5,172.83
Supplier Name: CLAY COUNTY PORT, INC.
013002 30-JAN-02 USD 1,600.00 1,600.00 FEBRUARY 2002
-------- --------
Total for Supplier : 1,600.00 1,600.00
Supplier Name: DIRECTV
0032-006733024 26-DEC-O1 USD 60.33 60.33 #006733024
0030-006733024A 26-OCT-O1 USD 60.33 60.33 ACCT#006733024
0031-006733024 26-NOV-O1 USD 60.33 60.33 ACCT#006733024
0024-0067330240 23-APR-O1 USD (659.33) (659.33) OVERPAID CK#4002327 ACCT#006733024
-------- --------
Total for Supplier : (478.34) (478.34)
Invoice
Invoice Number Date Curr Amount Remaining Amount Invoice Description
- -------------- --------- ---- -------- ---------------- ---------------------
Supplier Name: DIVERSEY LEVER, INC.
030706 18-DEC-O1 USD (8.97) (8.97) FUEL SURCHARGE CREDIT
-------- --------
Total for Supplier : (8.97) (8.97)
Supplier Name: EDELMAN PUBLIC RELATIONS WORLD WIDE
INV-109372 14-DEC-O1 USD 3,205.47 3,205.47 PR NOV'01
-------- --------
Total for Supplier : 3,205.47 3,205.47
Supplier Name: ENTERGY
011502 15-JAN-02 USD 17,166.70 17,166.70 12/12-1/15/02
--------- ---------
Total for Supplier : 17,166.70 17,166.70
Supplier Name: ICS LOGISTICS
0288148 04-JAN-O2 USD 990.00 990.00
0283958 07-DEC-O1 USD 990.00 990.00
0283955B 07-DEC-O1 USD 519.75 519.75
0284837B 14-DEC-O1 USD 841.50 841.50
0285850B 21-DEC-01 USD 1,155.00 1,155.00
0279009B 09-NOV-01 USD 1,483.25 1,483.25
0281965B 30-NOV-01 USD 1,666.50 1,666.50
0280764B 23-NOV-01 USD 222.75 222.75
0246815B 19-OCT-01 USD 1,031.25 1,031.25
0280754B 23-NOV-01 USD 965.25 965.25
0275849B 26-OCT-01 USD 651.75 651.75
0245847B 12-OCT-01 USD 1,056.00 1,056.00
0277994B 02-NOV-01 USD 1,509.75 1,509.75
0279991B 16-NOV-01 USD 1,881.00 1,881.00
--------- ---------
Total for Supplier : 14,963.75 14,963.75
Supplier Name: IOS CAPITAL
52948867 28-SEP 01 USD 1,322.52 1,322.52 10/25-11/24/01
52948199 17-SEP 01 USD 152.50 152.50 10/12-11/11/01
--------- ---------
Total for Supplier : 1,475.02 1,475.02
Invoice
Invoice Number Date Curr Amount Remaining Amount Invoice Description
- -------------- ------- ---- --------- ---------------- -------------------
Supplier Name: IRON MOUNTAIN
8558081 31-JUL-O1 USD 32.58 32.58
742364 28-FEB-O1 USD 42.42 42.42
8578427 31-AUG-O1 USD 42.42 42.42
8578428 31-AUG-O1 USD 32.58 32.58
8811892 30-SEP-O1 USD 42.42 42.42
8811893 30-SEP-O1 USD 32.58 32.58
0573679 31-DEC-O1 USD 42.42 42.42
0573680 31-DEC-O1 USD 32.58 32.58
012402 24-JAN-02 USD (517.62) (517.62)
9907105 24-JAN-02 USD 297.00 297.00 TERMINATION FEE
6950627 03-DEC-00 USD 31.44 31.44
6950628 03-DEC-00 USD 12.00 12.00
6950629 03-DEC-00 USD 32.58 32.58
7253350 31-JAN-O1 USD 42.42 42.42
7253351 31-JAN-O1 USD 32.58 32.58
7423655 28-FEB-O1 USD 32.58 32.58
8558080 31-JUL-01 USD 42.42 42.42
7954394 31-MAY-O1 USD 42.42 42.42
7627479 31-MAR-O1 USD 32.58 32.58
7627478 31-MAR-O1 USD 42.42 42.42
--------- ---------
Total for Supplier : 422.82 422.82
Supplier Name: ISLAND OASIS FROZEN COCKTAIL CO.,INC
111501 15-NOV-01 USD 1,137.25 1,137.25
--------- ---------
Total for Supplier : 1,137.25 1,137.25
Supplier Name: KENTWOOD SPRINGS
263908 9 21-JAN-02 USD 58.86 58.86
--------- ---------
Total for supplier : 58.86 58.86
Supplier Name: KRAMER, KEN
013102 31-JAN-02 USD (1,000.00) (1,000.00) CASH ADVANCE
101201 12-OCT-01 USD 1,731.20 1,731.20 T&E 10/6-12/01
101801A 18-OCT-O1 USD 427.16 427.16 T&E 10/13-18/01
101801 18-OCT-O1 USD 248.01 248.01 T&E 10/18/01
--------- ---------
Total for Supplier : 1,406.37 1,406.37
Invoice
Invoice Number Date Curr Amount Remaining Amount Invoice Description
- -------------- ------- ---- --------- ---------------- ---------------------------
Supplier Name: MCI WORLDCOM CONFERENCING
120101 O1-DEC-O1 USD (46.07) (46.07) 01-00005980958-00691
--------- ---------
Total for Supplier : (46 07) (46.07)
Supplier Name: NEW ORLEANS PRIVATE PATROL SERVICE, INC.
0037597-IN 10-JAN-02 USD 1,886.80 1,886.80 SECURITY 1/1-10/02
--------- ---------
Total for Supplier : 1,886.80 1,886.80
Supplier Name: QWEST
537226254 31-DEC-O1 USD 177.17 177.17 504 586-0631
536390137 15-DEC-O1 USD 10,588.86 10,588.86 954 660-3000 11/16-12/15/01
--------- ---------
Total for Supplier : 10,766.03 10,766.03
Supplier Name: SOMERSET REFINERY, INC
12718B 25-OCT-O1 USD 3,771.46 0.01 PO#11923
--------- ---------
Total for Supplier : 3,771.46 0.01
Supplier Name: SOUTHWESTERN BELL
0227 122401 24-DEC-O1 USD (14.66) (14.66) 314-436-0227-138-8
8922 120401 04-DEC-O1 USD (7.62) (7.62) 573 221-8922 555-7
--------- ---------
Total for supplier : (22.28) (22.28)
Supplier Name: SPRINT PCS
010402 04-JAN-02 USD 805.64 805.64 0056861692-1
--------- ---------
Total for Supplier : 805.64 805.64
Supplier Name : ST. JOHNS FABRICATORS, INC.
1503 30-JAN-02 USD 1,822.50 1,822.50
Invoice
Invoice Number Date Curr Amount Remaining Amount Invoice Description
- -------------- ------- ---- --------- ---------------- -------------------
Total for Supplier : 1,822.50 1,822.50
Supplier Name: SUNCOM
011502 15-JAN-02 USD 55.31 55.31 4.1062.10
--------- ---------
Total for Supplier : 55.31 55.31
Supplier Name: WITHERS/SUDDATH RELOCATION SYSTEMS, INC.
145196 30-OCT-01 USD 1,040.00 10.00 60 DOLLIE LOADS
--------- ---------
Total for Supplier : 1,040.00 10.00
--------- ---------
Total for Liability Account : 72,023.68 67,222.23
--------- ---------
Total for Report : 72,023 68 67,222 23
========= =========
DEBTOR: AMCV CRUISE OPERATIONS, INC. CASE NUMBER: 01-10967 (EIK)
PRELIMINARY MONTHLY OPERATING REPORT
AS OF JANUARY 31, 2002
AND
FOR THE MONTH THEN ENDED
ATTACHMENT 9
NOTES TO JANUARY MONTHLY OPERATING REPORT
The information contained herein is unaudited.
All assets presented herein continue to be held at historical book values, net
of accumulated depreciation or amortization. The Company has not attempted to
adjust its books to reflect fair market values of its assets, nor has it
attempted to adjust asset book values to reflect any potential impairments.
Liabilities included in these financial statements reflect amounts known by the
Company to have been incurred. The Company has listed in prior filings with the
United States Trustee potential additional claims it believes may be asserted
against the Company.
To the best of the Debtor's knowledge and belief, based on currently available
information, all Federal income and payroll taxes due and owing have been paid.
1. Prepaid insurance and accruals for self-insured claims are
un-reconciled pending receipt and final review of required information.
2. Asset sales commenced in the Florida and Louisiana offices during
January and are ongoing as of period end.