EXHIBIT 99.12
DEBTOR: GREAT INDEPENDENCE SHIP CO. CASE NUMBER: 01-10969 (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: GREAT INDEPENDENCE SHIP CO. CASE NUMBER: 01-10969 (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 And Investment Accounts
Great Independence Ship Co.
Summary Case No: 01-10969 (EIK) UNAUDITED
Great Independence Ship Co. For Month Of January, 2002
Balances
------------------------------ Receipts & Bank
Opening Closing Disbursements Statements Account
Account As Of 1/01/02 As Of 1/31/02 Included Included Reconciled
- ------- ------------- ------------- ------------- ---------- ----------
Independence Steamer 0.00 0.00 No- No - Not No -
Bank of Hawaii No Activity Concentration No Activity
Account # - 0001-029126 Account
ATTACHMENT 2
Receipts & Disbursements
Great Independence Ship Co.
Summary Case No: 01-10969 (EIK)
Great Independence Ship C For Month Of January, 2002
Attach 2&3
No Receipts Or Disbursements Due To No Active Accounts
ATTACHMENT 3
Concentration & Investment Account Statements
Great Independence Ship Co.
Summary Case No: 01-10969 (EIK)
Great Independence Ship C For Month Of January, 2002
Attach 2&3
No Statements Due To No Concentration Or Investment Accounts
ATTACHMENT 4
AMCV US SET OF BOOKS
INCOME STATEMENT - ATTACHMENT 4
CURRENT PERIOD: JAN-02
CURRENCY USD
COMPANY=54 (S.S. INDEPENDENCE)
PTD-ACTUAL
JAN-02
--------------
REVENUE
GROSS REVENUE 3,861.10
ALLOWANCES 0.00
------------
NET REVENUE 3,861.10
OPERATING EXPENSES
AIR 67.31
HOTEL 88.96
COMMISSIONS 0.00
ONBOARD EXPENSES 0.00
PASSENGER EXPENSES (2,430.35)
VESSEL EXPENSES 9,034.51
LAYUP/DRYDOCK EXPENSE 0.00
VESSEL INSURANCE 10,363.77
------------
TOTAL OPERATING EXPENSES 17,124.20
------------
GROSS PROFIT (13,263.10)
SG&A EXPENSES
GENERAL AND ADMIN EXPENSES (132,213.10)
SALES & MARKETING 0.00
PRE-OPENING COSTS 0.00
------------
TOTAL SG&A EXPENSES (132,213.10)
------------
EBITDA 118,950.00
DEPRECIATION 0.00
------------
OPERATING INCOME 118,950.00
OTHER EXPENSE/(INCOME)
INTEREST INCOME 0.00
INTEREST EXPENSE 4,191.38
EQUITY IN EARNINGS FOR SUB 0.00
REORGANIZATION EXPENSES 0.00
------------
TOTAL OTHER EXPENSE/ (INCOME) 4,191.38
------------
NET PRETAX INCOME/(LOSS) 114,758.62
------------
INCOME TAX EXPENSE 0.00
------------
NET INCOME/ (LOSS) 114,758.62
------------
ATTACHMENT 5
AMCV US SET OF BOOKS
BALANCE SHEET - ATTACHMENT 5
Current Period: JAN-02
currency USD
Company=54 (S.S. INDEPENDENCE)
YTD-Actual YTD-Actual
JAN-02 OCT-01
------------ ------------
ASSETS
Cash and Equivalent 0.00 64,505.83
Restricted Cash 0.00 0.00
Marketable Securities 0.00 0.00
Accounts Receivable 175,538.74 175,538.74
Inventories 1,144,821.19 1,148,206.76
Prepaid Expenses 0.00 2,954.26
Other Current Assets 0.00 16,615.13
--------------- ---------------
Total Current Assets 1,320,359.93 1,407,820.72
Fixed Assets 97,928,924.04 97,928,924.04
Accumulated Depreciation (44,272,667.29) (44,272,667.29)
--------------- ---------------
Net Fixed Assets 53,656,256.75 53,656,256.75
Net Goodwill 0.00 0.00
Intercompany Due To/From (17,782,354.24) (17,643,280.88)
Net Deferred Financing Fees 695,767.98 709,459.82
Net Investment in Subsidiaries 0.00 0.00
Other Non Current Assets 0.00 0.00
--------------- ---------------
Total Other Assets (17,086,586.26) (16,933,821.06)
--------------- ---------------
Total Assets 37,890,030.42 38,130,256.41
--------------- ---------------
ATTACHMENT 5 (CON'T)
AMCV US SET OF BOOKS
BALANCE SHEET - ATTACHMENT 5
Current Period: JAN-02
currency USD
Company=54 (S.S. INDEPENDENCE)
YTD-Actual YTD-Actual
JAN-02 OCT-01
------------- -------------
LIABILITIES
Accounts Payable 0.00 0.00
Accrued Liabilities 7,023.00 31,544.34
Deposits 0.00 0.00
------------- -------------
Total Current Liabilities 7,023.00 31,544.34
Long Term Debt 0.00 0.00
Other Long Term Liabilities 1,266,494.79 1,266,494.79
------------- -------------
Total Liabilities 1,273,517.79 1,298,039.13
OTHER
Liabilities Subject to Compromise 32,349,773.96 32,372,521.16
------------- -------------
Total Other 32,349,773.96 32,372,521.16
OWNER'S EQUITY
Common Stock 1,000.00 1,000.00
Add'1 Paid In Capital 17,616,000.00 17,616,000.00
Current Net Income (Loss) 114,758.62 (9,694,324.85)
Retained Earnings (13,465,019.95) (3,462,979.03)
------------- -------------
Total Owner's Equity 4,266,738.67 4,459,696.12
------------- -------------
Total Liabilities & Equity 37,890,030.42 38,130,256.41
------------- -------------
ATTACHMENT 6
Great Independence Ship Co.
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 (24,954,400.67) 135,221.84 129,763.75 (24,948,942.58)
AMCV Cruise Operations, Inc. 01-10967 (36,632,816.41) -- 12,874.01 (36,645,690.42)
The Delta Queen Steamboat Co. 01-10970 27,551.11 55,533.72 -- 83,084.83
Great AQ Steamboat, L.L.C 01-10960 4,881.60 -- -- 4,881.60
Great Ocean Cruise Line, L.L.C 01-10959 2,195.09 -- -- 2,195.09
Cruise America Travel, Incorporated 01-10966 (16,321.27) -- -- (16,321.27)
Cape Cod Light, L.L.C 01-10962 (32,099.49) -- -- (32,099.49)
Project America, Inc. N/A 21,415.35 -- -- 21,415.35
Oceanic Ship Co. N/A 1,172,074.09 -- -- 1,172,074.09
Project America Ship 1, Inc. N/A 277,329.74 -- -- 277,329.74
Great Hawaiian Cruise Line, Inc. 01-10975 24,661,273.21 -- 24,661,273.21
Great Hawaiian Properties Corporation 01-10971 28,898,393.97 -- 28,898,393.97
American Hawaiian Properties Corporation 01-10976 543,024.70 -- 773.94 542,250.76
Cat II, Inc. 01-10968 (11,802,199.12) -- -- (11,802,199.12)
-------------- ---------- ---------- --------------
(17,829,698.10) 190,755.56 143,411.70 (17,782,354.24)
============== ========== ========== ==============
ATTACHMENT #7
GREAT INDEPENDENCE SHIP, CO. CASE #: 01-10969 (EIK)
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
DETAIL: 0-30 DAYS 31-60 DAYS 61-90 DAYS 91+ DAYS TOTAL
- ------- --------- ---------- ---------- -------- -----
Paymentech Credit Card Processor 132528.09 132528.09
American Express Credit Card Processor 9897.46 9897.46
Discover Credit Card Processor 19562.88 19562.88
Diners Credit Card Processor 646.5 646.5
Travel Agents 9649.45 12903.81 22553.26
Total 0 0 9649.45 175538.74 185188.19
GREAT INDEPENDENCE SHIP CO.
ACCOUNTS PAYABLE DETAIL
AS OF JANUARY 31, 2002
ATTACHMENT 8
NOT APPLICABLE
DEBTOR: GREAT INDEPENDENCE SHIP CO. CASE NUMBER: 01-10969 (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. On October 22, 2001, the Debtor ceased all operations, and the U.S.
Maritime Administration took possession of the ss Independence, the
Debtor's primary asset, in connection with the uncontested foreclosure
of its marine lien on the vessel. In connection therewith, the Debtor
ceased recording depreciation expense and ceased accruing for the next
scheduled dry-dock.
2. Deferred financing costs represent costs incurred in connection with
placing pre- petition debt instruments. Deferred financing costs are
being amortized to interest expense over the term of the applicable
debt instrument. The Debtor has ceased paying cash interest on its
long-term debt, and accordingly, has ceased accruing for such payments
as interest expense.
3. Other long-term liabilities consists of deferred tax assets and
liabilities, net. Deferred tax assets and liabilities have been
recognized for the expected future tax consequences of temporary
differences between carrying amounts and the tax bases of assets and
liabilities. The Debtor has not recorded adjustments to these amounts
pending the outcome of Chapter 11 proceedings.
4. Prepaid insurance and accruals for self-insured claims are
un-reconciled pending receipt and final review of required information.
DEBTOR: GREAT INDEPENDENCE SHIP CO. CASE NUMBER: 01-10969 (EIK)
PRELIMINARY MONTHLY OPERATING REPORT
AS OF JANUARY 31, 2002
AND
FOR THE MONTH THEN ENDED
ATTACHMENT 9
NOTES TO JANUARY MONTHLY OPERATING REPORT
5. Food and beverage inventories for the SS Independence have been
adjusted to reflect physical inventory counts on board the ship on
October 20, 2001. All other inventory values are based on information
contained in the computer systems. See Note 1.