Exhibit 99.12
DEBTOR: GREAT INDEPENDENCE SHIP CO. CASE NUMBER: 01-10969 (EIK)
MONTHLY OPERATING REPORT
AS OF MARCH 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 March 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 MARCH 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 March Monthly Operating Report
16-Apr-02 Summary Of Bank And Investment Accounts Attachment 1
3:36 PM Great Independence Ship Co.
Summary Case No: 01-10969 (EIK) UNAUDITED
Great Independence Ship Co. For Month Of March, 2002
Balances
----------------------------- Receipts & Bank
Opening Closing Disbursements Statements Account
Account As Of 3/01/02 As Of 3/31/02 Included Included Reconciled
- ------- ------------- ------------- -------- -------- ----------
Independence Steamer 0.00 0.00 No - No - No -
Bank of Hawaii Account Account Account
Account # - 0001-029126 Closed Closed Closed
16-Apr-02 Receipts & Disbursements Attachment 2
3:36 PM Great Independence Ship Co.
Summary Case No: 01-10969 (EIK)
Great Independence Ship Co. For Month Of March, 2002
Attach 2
No Receipts Or Disbursements - Account Closed
16-Apr-02 Concentration & Investment Account Statements Attachment 3
3:38 PM Great Independence Ship Co.
Summary Case No: 01-10969 (EIK)
Great Independence Ship Co. For Month Of March, 2002
Attach 3
No Statements Due To No Concentration Or Investment Accounts
AMCV US SET OF BOOKS Date: 19-APR-02 08:27:38
INCOME STATEMENT - ATTACHMENT 4 Page: 1
Current Period: MAR-02
currency USD
Company=54 (S.S. INDEPENDENCE)
PTD-Actual
31-Mar-02
----------
Revenue
Gross Revenue (12,903.81)
Allowances 0.00
--------------
Net Revenue (12,903.81)
Operating Expenses
Air 0.00
Hotel 0.00
Commissions 0.00
Onboard Expenses 0.00
Passenger Expenses 126,837.13
Vessel Expenses 1,039.36
Layup/Drydock Expense 0.00
Vessel Insurance 0.00
--------------
Total Operating Expenses 127,876.49
--------------
Gross Profit (140,780.30)
SG&A Expenses
Sales & Marketing 0.00
Start-Up Costs 0.00
--------------
Total SG&A Expenses 0.00
--------------
EBITDA (140,780.30)
Depreciation 0.00
--------------
Operating Income (140,780.30)
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) (144,971.68)
Income Tax Expense 0.00
--------------
Net Income/(Loss) (144,971.68)
==============
AMCV US SET OF BOOKS Date: 18-APR-02 17:04:26
BALANCE SHEET - ATTACHMENT 5 Page: 1
Current Period: MAR-2
currency USD
Company=54 (S.S. INDEPENDENCE)
YTD-Actual YTD-Actual
31-Mar-02 22-Oct-01
---------- ----------
ASSETS
Cash and Equivalent 0.00 64,505.83
Restricted Cash 0.00 0.00
Accounts Receivable 0.00 175,538.74
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 1,144,821.19 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 (17,753,320.49) (17,643,280.88)
Net Deferred Financing Fees 687,385.22 709,459.82
Net Investment in Subsidiaries 0.00 0.00
--------------------------------------
Total Other Assets (17,065,935.27) (16,933,821.06)
--------------------------------------
Total Assets 37,735,142.67 38,130,256.41
======================================
AMCV US SET OF BOOKS Date: 18-APR-02 17:04:26
BALANCE SHEET - ATTACHMENT 5 Page: 2
Current Period: MAR-2
currency USD
Company=54 (S.S. INDEPENDENCE)
YTD-Actual YTD-Actual
31-Mar-02 22-Oct-01
---------- ----------
LIABILITIES
Accounts Payable 0.00 0.00
Accrued Liabilities 0.00 31,544.34
Deposits 0.00 0.00
--------------------------------------
Total Current Liabilities 0.00 31,544.34
Long Term Debt 0.00 0.00
Other Long Term Liabilities 1,266,494.79 1,266,494.79
--------------------------------------
Total Liabilities 1,266,494.79 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'l Paid In Capital 17,616,000.00 17,616,000.00
Current Net Income (Loss) (33,106.13) (9,694,324.85)
Retained Earnings (13,465,019.95) (3,462,979.03)
--------------------------------------
Total Owner's Equity 4,118,873.92 4,459,696.12
--------------------------------------
Total Liabilities & Equity 37,735,142.67 38,130,256.41
======================================
Great Independence Ship Co. Attachment 6 01-10969 (JCA)
Summary List of Due To/Due From Accounts
For the Month Ended March 31, 2002
BEGINNING ENDING
AFFILIATE NAME CASE ID # BALANCE DEBITS CREDITS BALANCE
American Classic Voyages Co. 01-10954 (24,948,942.58) - - (24,948,942.58)
AMCV Cruise Operations, Inc. 01-10967 (36,654,424.42) - - (36,654,424.42)
The Delta Queen Steamboat Co. 01-10970 83,084.83 - - 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 I, Inc. N/A 277,329.74 - - 277,329.74
Great Hawaiian Cruise Line, Inc. 01-10975 24,664,282.52 39,375.23 4,616.79 24,699,040.96
Great Hawaiian Properties Corporation 01-10971 28,898,393.97 - - 28,898,393.97
American Hawaii Properties Corporation 01-10976 542,250.76 - - 542,250.76
CAT II, Inc. 01-10968 (11,802,199.12) - - (11,802,199.12)
---------------------------------------------------------
(17,788,078.93) 39,375.23 4,616.79 (17,753,320.49)
=========================================================
Great Independence Ship Co.
01-10969 (EIK)
Accounts Receivable Aging
As of March 31, 2002
Attachment 7
Not Applicable
Great Independence Ship Co.
01-10969 (EIK)
Accounts Payable Detail
As of March 31, 2002
Attachment 8
Not Applicable
DEBTOR: GREAT INDEPENDENCE SHIP CO. CASE NUMBER: 01-10969 (JCA)
PRELIMINARY MONTHLY OPERATING REPORT
AS OF MARCH 31, 2002
AND
FOR THE MONTH THEN ENDED
ATTACHMENT 9
NOTES TO MARCH 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. 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.
DEBTOR: GREAT INDEPENDENCE SHIP CO. CASE NUMBER: 01-10969 (JCA)
PRELIMINARY MONTHLY OPERATING REPORT
AS OF MARCH 31, 2002
AND
FOR THE MONTH THEN ENDED
ATTACHMENT 9
NOTES TO MARCH MONTHLY OPERATING REPORT
5. Credit card receivables have been reviewed for collectibility and
adjusted accordingly.