EXHIBIT 99.5
DEBTOR: CAPE COD LIGHT, L.L.C. CASE NUMBER: 01-10962 (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.
Nicholas J. Davison
- ----------------------------
Nicholas J. Davison
Senior President, Finance
DEBTOR: CAPE COD LIGHT, L.L.C. CASE NUMBER: 01-10962 (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 Accounts Attachment 1
Cape Cod Light, L.L.C.
Summary Case No: 01-10962 (EIK) UNAUDITED
Cape Cod Light, _LC For Month Of January,
Balances
----------------------------- Receipts & Bank
Opening Closing Disbursements Statements Account
Account As Of 1/01/02 As Of 1/31/02 Included Included Reconciled
- ------- -------------- ------------- -------------- -------- ----------
Cape Cod Light Escrow 8,158,727.80 8,158,727.80 No - Account Is No - Account Is No
US Dept Of Transportation Under Control Under Control
Maritime Administration Of Maritime Of Maritime
Adminstration Adminstration -
No Statements
Receipts & Disbursements Attachment 2
Cape Cod Light, L.L.C.
Summary Case No: 01-10962 (EIK)
Cape Cod Light, LLC For Month Of January, 2002
Attach 2&3
No Receipts Or Disbursements Due To No Bank Or Investment Accounts
Concentration & Investment Account Statements Attachment 3
Cape Cod Light, L.L.C.
Summary Case No: 01-10962 (EIK)
Cape Cod light, LLC 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=32 (CAPE COD LIGHT)
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
Sales & Marketing 0.00
Pre-Opening Costs 990.00
---------
Total SG&A Expenses 990.00
---------
EBITDA
(990.00)
---------
Depreciation 0.00
---------
Operating Income (990.00)
Other Expense/(Income)
Interest Income 0.00
Interest Expense 8,616.94
Equity in Earnings for Sub 0.00
Reorganization expenses 0.00
Total Other Expense/(Income) 8,616.94
---------
Net Pretax Income/(Loss) (9,606.94)
---------
Income Tax Expense 0.00
---------
Net Income/(Loss) (9,606.94)
---------
ATTACHMENT 5
AMCV US SET OF BOOKS
BALANCE SHEET - ATTACHMENT 5
Current Period: JAN-02
currency USD
Company=32 (CAPE COD LIGHT)
YTD-Actual YTD-Actual
JAN-02 OCT-01
--------------- ---------------
ASSETS
Cash and Equivalent 0.00 0.00
Restricted Cash 8,158,728.00 8,158,728.00
Marketable Securities 0.00 0.00
Accounts Receivable 0.00 42.00
Inventories 217,563.69 217,563.69
Prepaid Expenses 69,900.00 74,900.00
Other Current Assets 0.00 0.00
--------------- ---------------
Total Current Assets 8,446,191.69 8,451,233.69
Fixed Assets 35,993,283.77 35,993,283.77
Accumulated Depreciation 0.00 0.00
--------------- ---------------
Net Fixed Assets 35,993,283.77 35,993,283.77
Net Goodwill 0.00 0.00
Intercompany Due To/From (13,326,245.98) (13,322,516.26)
Net Deferred Financing Fees 2,602,317.20 2,630,465.87
Net Investment in Subsidiaries 0.00 0.00
Other Non Current Assets 0.00 0.00
--------------- ---------------
Total Other Assets (10,723,928.78) (10,692,050.39)
--------------- ---------------
Total Assets 33,715,546.68 33,752,467.07
--------------- ---------------
ATTACHMENT 5 (CONT)
AMCV US SET OF BOOKS
BALANCE SHEET - ATTACHMENT 5
Current Period: JAN-02
currency USD
Company=32 (CAPE COD LIGHT)
YTD-Actual YTD-Actual
JAN-02 OCT-01
--------------- ---------------
LIABILITIES
Accounts Payable 0.00 0.00
Accrued Liabilities 75,000.00 75,000.00
Deposits 0.00 0.00
--------------- ---------------
Total Current Liabilities 75,000.00 75,000.00
Long Term Debt 0.00 0.00
Other Long Term Liabilities 0.00 0.00
--------------- ---------------
Total Liabilities 75,000.00 75,000.00
OTHER
Liabilities Subject to Compromise 40,041,676.00 40,041,676.00
--------------- ---------------
Total Other 40,041,676.00 40,041,676.00
OWNER'S EQUITY
Common Stock 0.00 0.00
Add'1 Paid In Capital 0.00 0.00
Current Net Income (Loss) (9,606.94) (4,661,527.14)
Retained Earnings (6,391,522.38) (1,702,681.79)
--------------- ---------------
Total Owner's Equity (6,401,129.32) (6,364,208.93)
--------------- ---------------
Total Liabilities & Equity 33,715,546.68 33,752,467.07
--------------- ---------------
Cape Code Light, 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 1,670,131.78 -- -- 1,670,131.78
AMCV Cruise Operations, Inc. 01-10967 (3,947,213.20) -- 990.00 (3,948,203.20)
The Delta Queen Steamboat Co. 01-10970 1,436,292.11 -- -- 1,436,292.11
DQSB II, Inc. 01-10974 (82.74) -- -- (82.74)
Great AQ Steamboat, L.L.C. 01-10960 500,000.00 -- -- 500,000.00
Great River Cruise Line, L.L.C. 01-10963 270.05 -- -- 270.05
Great Ocean Cruise Line, L.L.C. 01-10959 (4,980.00) -- -- (4,980.00)
Cruise America Travel, Incorporated 01-10966 (2,706.08) -- -- (2,706.08)
Delta Queen Coastal Voyages, L.L.C. 01-10964 1,302.19 -- -- 1,302.19
Cape May Light, L.L.C. 01-10961 8,675.31 -- -- 8,675.31
Project America, Inc. N/A (52,500.00) -- -- (52,500.00)
Oceanic Ship Co. N/A 42,930.22 -- -- 42,930.22
Project America Ship II, Inc. N/A 97,472.74 -- -- 97,472.74
Ocean Development Co. 01-10972 (13,075,170.55) 73,481.41 73,481.41 (13,075,170.55)
American Hawaiian Properties Corporation 01-10976 (31,777.30) -- -- (31,777.30)
Great Independence Ship Co. 01-10969 32,099.49 -- -- 32,099 49
---------------- --------- ---------- ---------------
(13,325,255.98) 73,481.41 74 471.41 (13,326,245 98)
================ ========= ========== ===============
CAPE COD LIGHT, L.L.C.
ACCOUNTS RECEIVABLE AGING
AS OF JANUARY 31, 2002
ATTACHMENT 7
NOT APPLICABLE
CAPE COD LIGHT, L.L.C.
ACCOUNTS PAYABLE DETAIL
AS OF JANUARY 31, 2002
ATTACHMENT 8
NOT APPLICABLE
DEBTOR: CAPE COD LIGHT, L.L.C. CASE NUMBER: 01-10962 (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. Restricted cash represents escrowed proceeds from debt issued to
finance the construction of the Cape Cod Light. The debt is guaranteed
by, and the restricted cash is controlled by, the U.S. Maritime
Administration. This account was last reconciled on October 22, 2001.
The trustee has not provided to the Debtor additional information
needed to reconcile the account since that date.
4. The Cape Cod Light was under construction at the time the Debtor filed
for Chapter 11 bankruptcy protection. The vessel is not complete and
remains at the facilities of the shipbuilder, Atlantic Marine, Inc.
DEBTOR: CAPE COD LIGHT, L.L.C. CASE NUMBER: 01-10962 (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. Accrued liabilities contains an accrual for vessel lay-up. The Debtor
has ceased recording further accruals pending the outcome of Chapter 11
proceedings.
6. Prepaid insurance and accruals for self-insured claims are
un-reconciled pending receipt and final review of required information.