EXHIBIT 99.3
DEBTOR: GREAT AQ STEAMBOAT, L.L.C. CASE NUMBER: 01-10960 (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/ Nicohlas J. Davison
- -------------------------------
Nicholas J. Davison
Senior Vice President, Finance
DEBTOR: GREAT AQ STEAMBOAT, L.L.C. CASE NUMBER: 01-10960 (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 And Investment & Petty Cash Accounts Attachment 1
Great AQ Steamboat, L.L.C.
Summary Case No: 01-10960 (EIK) UNAUDITED
Great AQ Steamboat, L.L.C. 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
- ------- ------------- ------------- ------------- ---------- ----------
American Queen Steamer 10,000.00 10,000.00 Yes No - Not Yes
Hibernia Concentration
Account # - 812-395-343 Account
American Queen 0.00 0.00 No- Not A Bank No-
Petty Cash No Activity Account No Activity
Receipts & Disbursements Attachment 2-1
Great AQ Steamboat, L.L.C.
R&D - Hibernia - AQ Steamer Case No: 01-10960 (EIK) UNAUDITED
Hibernia
American Queen Steamer Account
Account # - 812-395-343
1 January 02 - 31 January 02
Opening Balance - 1 Jan 02
10,000.00
Receipts
90,000.00 From The Delta Queen Steamboat Company -
Hibernia - DQ Master Cash Account (812-395-335)
-------------
90,000.00 Total Receipts
Disbursements
(90,000.00) To The Delta Queen Steamboat Company -
Hibernia - Payroll Account (812-395-289)
-------------
(90,000.00) Total Disbursements
Closing Balance - 31 Jan 02
10,000.00
Concentration & Investment Account Statements Attachment 3
Great AQ Steamboat, L.L.C.
Summary Case No: 01-10960 (EIK)
Great AQ Steamboat, L.L.C. For Month Of January, 2002
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=23 (AMERICAN QUEEN)
PTD-Actual
JAN-02
-------------
Revenue
Gross Revenue 0.00
Allowances 0.00
-------------
Net Revenue 0.00
Operating Expenses
Air 121.80
Hotel 0.00
Commissions 0.00
Onboard Expenses 0.00
Passenger Expenses (2,037.20)
Vessel Expenses (4,453.10)
Layup/Drydock Expense 0.00
Vessel Insurance 50,114.01
-------------
Total Operating Expenses 43,745.51
-------------
Gross Profit (43,745.51)
SG&A Expenses
General and Admin Expenses 2,379.64
Sales & Marketing 0.00
Pre-Opening Costs 0.00
-------------
Total SG&A Expenses 2,379.64
-------------
EBITDA (46,125.15)
Depreciation 0.00
-------------
Operating Income (46,125.15)
Other Expense/(Income) Interest Income 0.00
Interest Expense 21,296.70
Equity in Earnings for Sub 0.00
Reorganization expenses 0.00
-------------
Total Other Expense/(Income) 21,296.70
-------------
Net Pretax Income/(Loss) (67,421.85)
-------------
Income Tax Expense 0.00
-------------
Net Income/(Loss) (67,421.85)
-------------
AMCV US SET OF BOOKS
BALANCE SHEET - ATTACHMENT 5
Current Period: JAN-02
currency USD
Company=23 (AMERICAN QUEEN)
YTD-Actual YTD-Actual
JAN-02 OCT-01
-------------- --------------
ASSETS
Cash and Equivalent 10,000.00 27,915.55
Restricted Cash 0.00 0.00
Marketable Securities 0.00 0.00
Accounts Receivable 42,209.12 100,111.04
Inventories 380,454.25 436,746.94
Prepaid Expenses 0.00 1,126.00
Other Current Assets 127,252.72 189,129.97
-------------- --------------
Total Current Assets 559,916.09 755,029.50
Fixed Assets 76,449,630.83 76,449,630.83
Accumulated Depreciation (23,703,366.77) (23,703,366.77)
-------------- --------------
Net Fixed Assets 52,746,264.06 52,746,264.06
Net Goodwill 0.00 0.00
Intercompany Due To/From 11,831,717.53 11,900,053.46
Net Deferred Financing Fees 552,974.02 561,110.86
Net Investment in Subsidiaries 0.00 0.00
Other Non Current Assets 0.00 0.00
-------------- --------------
Total Other Assets 12,384,691.55 12,461,164.32
-------------- --------------
Total Assets 65,690,871.70 65,962,457.88
-------------- --------------
AMCV US SET OF BOOKS
BALANCE SHEET - ATTACHMENT 5
Current Period: JAN-02
currency USD
Company=23 (AMERICAN QUEEN)
YTD-Actual YTD-Actual
JAN-02 OCT-01
-------------- --------------
LIABILITIES
Accounts Payable 2,434.58 5,469.58
Accrued Liabilities 737,461.66 754,127.79
Deposits 0.00 25.00
-------------- --------------
Total Current Liabilities 739,896.24 759,622.37
Long Term Debt 0.00 0.00
Other Long Term Liabilities 0.00 0.00
-------------- --------------
Total Liabilities 739,896.24 759,622.37
OTHER
Liabilities Subject to Compromise 48,582,746.01 48,583,115.71
-------------- --------------
Total Other 48,582,746.01 48,583,115.71
OWNER'S EQUITY
Common Stock 1,000.00 1,000.00
Add'1 Paid In Capital 4,060,000.00 4,060,000.00
Current Net Income (Loss) (67,421.85) (493,470.71)
Retained Earnings 12,374,651.30 13,052,190.51
-------------- --------------
Total Owner's Equity 16,368,229.45 16,619,719.80
-------------- --------------
Total Liabilities & Equity 65,690,871.70 65,962,457.88
-------------- --------------
GREAT AQ STEAMBOAT, 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 22,519,956.94 -- 109,757.80 22,410,199.14
AMCV Cruise Operations, Inc. 01-10967 (22,745,106.79) 400.50 10,197.34 (22,754,903.63)
The Delta Queen Steamboat Co. 01-10970 17,006,151.42 99,171.80 -- 17,105,323.22
DQSB II, Inc. 01-10974 (919.60) -- -- (919.60)
Great Pacific NW Cruise Line, L.L.C 01-10977 5,552.79 -- -- 5,552.79
Great River Cruise Line, L.L.C 01-10963 (165,397.01) -- -- (165,397.01)
Great Ocean Cruise Line, L.L.C 01-10959 (14,507.47) -- -- (14,507.47)
Cruise America Travel, Incorporated 01-10966 (3,165,198.27) -- -- (3,165,198.27)
Delta Queen Coastal Voyages, L.L.C 01-10964 144,264.37 -- 144,264.37
Cape Cod Light, L.L.C 01-10962 (500,000.00) -- (500,000.00)
Cape May Light, L.L.C 01-10961 (1,640,241.44) -- -- (1,640,241.44)
Project America, Inc. N/A (15,864.24) -- -- (15,864.24)
Oceanic Ship Co. N/A (7,408.30) -- -- (7,408.30)
Project America Ship I, Inc. N/A 459,787.19 -- -- 459,787.19
Great Hawaiian Properties Corporation 01-10971 (22,591.38) -- -- (22,591.38)
American Hawaiian Properties Corporation 01-10976 (1,496.24) -- -- (1,496.24)
Great Independence Ship Co. 01-10969 (4,881.60) -- -- (4,881.60)
-------------------------------------------------------------------------------------
11,852,100.37 99,572.30 119,955.14 11,831,717.53
=====================================================================================
GREAT AQ STEAMBOAT, L.L.C. CASE #: 01-10960 (EIK)
ATTACHMENT #7
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
DETAIL: 0-30 DAYS 31-60 DAYS 61-90 DAYS 91+ DAYS TOTAL
Paymentech Credit Card Processor 32954.01 32954.01
American Express Credit Card Processor 6069.56 6069.56
Discover Credit Card Processor 3185.55 3185.55
Diners Credit Card Processor 0
Travel Agents 0
Total 0 0 0 42209.12 42209.12
AMERICAN QUEEN
AP-STEAMER CHECKS
23-000-221300-00000
JANUARY, 2002
ATTACHMENT 8
OUTSTANDING CHECKS:
17707 Tashanda Morreno-Amber Hensley -60.00
17732 Peter Levaneur-Sally Ralicki -100.00
17766 Rebecca Patrick-US Dept of Education -300.00
17768 Bryant,Johnson-Kenshell Lang -80.00
17779 Mark King-Rosa Trumble -170.00
17818 Brian Biondi-Pete Biondi -200.00
17820 Joe Willett-NARP -28.00
17827 B. Grisham-AG Edwards -100.00
17828 Mark King -340.00
17837 Daniel Smith-Anastastia Jones -75.00
17838 Arlene Thomas-Michael Thomas -160.00
17848 J. Hill-Neurosurgical Specialties -117.00
17850 E. Newman - R. Ryan -250.00
17851 Louis Ford-SJ Beaulieau -225.00
17852 Jocelyn Beasley-Payoff Voucher -95.47
17853 Ben Vandeven -17.18
17854 Matt Copeland -16.93
17863 Julia Hill-Sears -100.00
Total per G/L: $(2,434.58)
==========
DEBTOR: GREAT AQ STEAMBOAT, L.L.C. CASE NUMBER: 01-10960 (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 not been performed. 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. 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. The Debtor ceased operating its primary asset, the American Queen, on
October 22, 2001. In connection therewith, the Debtor ceased accruing for
its next scheduled lay-up, ceased recording depreciation, and has not
adjusted related lay up accrual or asset values 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.