EXHIBIT 99.2
DEBTOR: GREAT OCEAN CRUISE LINE, L.L.C. CASE NUMBER: 01-10959 (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 OCEAN CRUISE LINE, L.L.C. CASE NUMBER: 01-10959 (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
Summary Of Bank, Investment & Petty Cash Accounts Attachment 1
Great Ocean Cruise Line, L.L.C.
Summary Case No: 01-10959 (EIK) Unaudited
Great Ocean For Month Of January, 2002
Cruise Line, LLC
Balances Receipts & Bank
Opening Closing Disbursements Statements Account
Account As Of 1/01/02 As Of 1/31/02 Included Included Reconciled
- ------- ------------- ------------- ------------- ---------- ----------
Mississippi Queen Steamer 10,000.00 10,000.00 Yes No - Not Yes
Hibernia Concentration
Account # - 812-502-719 Account
Mississippi Queen 0.00 0.00 No- Not A Bank No -
Petty Cash No Activity Account No Activity
Receipts & Disbursements Attachment 2-1
Great Ocean Cruise Line. L.L.C.
R&D - Case No: 01-109591(EIK) Unaudited
Hibernia - MQ Steamer Hibernia
Mississippi Queen Steamer Account
Account # - 812-502-719
1 January 02 - 31 January 02
Opening Balance - 1 Jan 02
10,000.00
Receipts
---------
0.00 Total Receipts
Disbursements
---------
0.00 Total Disbursements
Closing Balance - 31 Jan 02
10,000.00
Concentration & Investment Account Statements Attachment 3
Great Ocean Cruise Line. L.L.C.
Summary Case No: 01-10959(EIK)
Great Ocean For Month Of January, 2002
Cruise Line, LLC
Attach 2&3
No Statements Due To No Concentration Or Investment Accounts
AMCV US SET OF BOOKS
INCOME STATEMENT - ATTACHMENT 4
Current Period: JAN-02
currency USD
Company=21 (MISSISSIPPI QUEEN)
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 285.75
Vessel Expenses 1,785.17
Layup/Drydock Expense 283,749.00
Vessel Insurance 37,067.04
-----------
Total Operating Expenses 322,886.96
-----------
Gross Profit (322,886.96)
SG&A Expenses
General and Admin Expenses 2,380.64
Sales & Marketing 0.00
Pre-Opening Costs 0.00
-----------
Total SG&A Expenses 2,380.64
-----------
EBITDA (325,267.60)
Depreciation 0.00
-----------
Operating Income (325,267.60)
Other Expense/(Income)
Interest Income 0.00
Interest Expense 0.00
Equity in Earnings for Sub 0.00
Reorganization expenses 0.00
-----------
Total Other Expense/(Income) 0.00
-----------
Net Pretax Income/(Loss) (325,267.60)
-----------
Income Tax Expense 0.00
-----------
Net Income/(Loss) (325,267.60)
-----------
AMCV US SET OF BOOKS
BALANCE SHEET - ATTACHMENT 5
Current Period: JAN-02
currency USD
Company=21 (MISSISSIPPI QUEEN)
YTD-Actual YTD-Actual
JAN-02 OCT-01
-------------- --------------
ASSETS
Cash and Equivalent 10,000.00 91,427.94
Restricted Cash 0.00 0.00
Marketable Securities 0.00 0.00
Accounts Receivable 61,448.42 61,448.42
Inventories 321,073.91 387,173.50
Prepaid Expenses 0.00 9,438.70
Other Current Assets 0.00 (14,555.00)
-------------- --------------
Total Current Assets 392,522.33 534,933.56
Fixed Assets 32,530,486.54 32,530,486.54
Accumulated Depreciation (22,994,750.57) (22,994,750.57)
-------------- --------------
Net Fixed Assets 9,535,735.97 9,535,735.97
Net Goodwill 0.00 0.00
Intercompany Due To/From 19,883,761.21 19,836,574.32
Net Deferred Financing Fees 0.00 0.00
Net Investment in Subsidiaries 0.00 0.00
Other Non Current Assets 0.00 0.00
-------------- --------------
Total Other Assets 19,883,761.21 19,836,574.32
-------------- --------------
Total Assets 29,812,019.51 29,907,243.85
-------------- --------------
AMCV US SET OF BOOKS
BALANCE SHEET - ATTACHMENT 5
Current Period: JAN-02
currency USD
Company=21 (MISSISSIPPI QUEEN)
YTD-Actual YTD-Actual
JAN-02 OCT-01
------------- -------------
LIABILITIES
Accounts Payable 4,135.48 9,423.11
Accrued Liabilities 1,218,457.90 935,232.90
Deposits 313,963.90 0.00
------------- -------------
Total Current Liabilities 1,536,557.28 944,656.01
Long Term Debt 0.00 0.00
Other Long Term Liabilities 0.00 0.00
------------- -------------
Total Liabilities 1,536,557.28 944,656.01
OTHER
Liabilities Subject to Compromise 2,823,587.11 2,827,647.41
------------- -------------
Total Other 2,823,587.11 2,827,647.41
OWNER'S EQUITY
Common Stock 0.00 0.00
Add'1 Paid In Capital 4,571,000.00 4,571,000.00
Current Net Income (Loss) (325,267.60) (984,131.23)
Retained Earnings 21,206,142.72 22,548,071.66
------------- -------------
Total Owner's Equity 25,451,875.12 26,134,940.43
------------- -------------
Total Liabilities & Equity 29,812,019.51 29,907,243.85
------------- -------------
Great Ocean Cruise Line, L.L.C.
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 29,473,992.71 17,023.60 600.00 29,490,416.31
AMCV Cruise Operations, Inc. 01-10967 (21,385,571.10) 1,704.95 18,705.48 (21,402,571.63)
The Delta Queen Steamboat Co. 01-10970 14,349,980.10 267,666.17 -- 14,617,646.27
DQSB II, Inc. 01-10974 (877.52) -- -- (877.52)
Great AQ Steamboat, L.L.C 01-10960 14,507.47 -- -- 14,507.47
Great Pacific NW Cruise Line, L.L.C 01-10977 10,219.55 -- -- 10,219.55
Great River Cruise Line, L.L.C 01-10963 55,591.64 -- -- 55,591.64
Cruise America Travel, Incorporated 01-10966 (2,952,311.23) -- -- (2,952,311.23)
Delta Queen Coastal Voyages, L.L.C 01-10964 85,950.95 -- -- 85,950.95
Cape Cod Light, L.L.C 01-10962 4,980.00 -- -- 4,980.00
Cape May Light, L.L.C 01-10961 1,844.01 -- -- 1,844.01
Project America, Inc. N/A (4,475.20) -- -- (4,475.20)
Great Hawaiian Properties Corporation 01-10971 (34,964.32) -- -- (34,964.32)
Great Independence Ship Co. 01-10969 (2,195.09) -- -- (2,195 09)
--------------------------------------------------------------
19,616,671.97 286,394.72 19,305.48 19,883,761.21
==============================================================
GREAT OCEAN CRUISE LINE, L.L.C. CASE #: 01-10959 (EIK)
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
Detail: 0-30 Days 31-60 Days 61-90 Days 91+ Days Total
Paymentech Credit Card Processor 39803.67 39803.67
American Express Credit Card Processor 4694.39 4694.39
Discover Credit Card Processor 5628.41 5628.41
Diners Credit Card Processor 0
Travel Agents 11321.95 11321.95
Total 0 0 0 61448.42 61448.42
Attachment # 7
MISSISSIPPI QUEEN
AP-Steamer Checks
21-000-221300-00000
JANUARY, 2002
Outstanding CHECKS:
17103 Garrett TV & Appliances (498.75)
17104 Marvin Ross (957.96)
17165 Jim Coulson-MCI (50.69)
17183 S. Baham-Spiegel (20.00)
17190 C. Sisson-J. Sisson (199.50)
17227 Ron VandeVon-Aaron Vandevon (228.50)
17248 A. Sisson-J. Sisson (100.00)
17249 L, Williams-.Cox Cable (75.00)
17263 Tim Skinner-Visa (487.21)
17265 L. Williams-Capitol One (70.00)
17266 L. Williams-Sprint PCS (60.00)
17269 Aaron VandeVen (552.00)
17272 Jamie Kilb - MNBA (150.00)
17279 Elliot Timms - Bank of America (685.87)
Total per G/L: (4135.48)
=========
DEBTOR: GREAT OCEAN CRUISE LINE, L.L.C. CASE NUMBER: 01-10959 (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. Physical inventory counts have now been performed internally for food
and beverage. Other inventory amounts have been adjusted to amounts
contained in the Debtor's computer systems. The Debtor estimates that
it would cost up to $50,000 to perform physical counts of the
inventories of The Delta Queen Steamboat Company and its subsidiaries.
Should physical inventory counts be performed, amounts recorded as
inventory on the Debtor's books and records could change materially.
2. The Debtor ceased operating its primary asset, the Mississippi Queen,
on October 22, 2001. In connection therewith, the Debtor ceased
recording depreciation and has not adjusted asset values pending the
outcome of Chapter 11 proceedings. The Debtor has recorded all
post-petition accruals for its next scheduled lay-up in the current
period.
3. Prepaid insurance and accruals for self-insured claims are
un-reconciled pending receipt and final review of required information.