EXHIBIT 99.1
DEBTOR: AMERICAN CLASSIC VOYAGES CO. CASE NUMBER: 01-10954 (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: AMERICAN CLASSIC VOYAGES CO. CASE NUMBER: 01-10954 (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
7:32AM Summary Of Bank And Investment Accounts Attachment 1
Summary American Classic Voyages Co
American Classic Case No: 01-10954 (EIK) UNAUDITED
Voyages 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
- ------- ------------- ------------- -------- -------- ----------
AMCV Deferred Compensation 0.00 0.00 No - No - No -
Bank One Account Account Account
Account # - 1590101554 Closed Closed Closed
AMCV Dental Benefits 0.00 0.00 No - No - No -
Chase (JP Morgan Chase & Co) Account Account Account
Account # - 002-2-426530 Closed Closed Closed
AMCV Employee Stock Plan 0.00 0.00 No - No - No -
LaSalle Bank Account Account Account
Account # - 5800015140 Closed Closed Closed
AMCV Insurance 0.00 0.00 No - No - No -
LaSalle Bank Account Account Account
Account # - 5800021411 Closed Closed Closed
AMCV Medical Benefits 5,863.27 3,048.44 Yes No - Not Yes
Chase (JP Morgan Chase & Co) Concentration
Account # - 002-2-426522 Account
American Classic Voyages Co 0.00 0.00 No - No - No -
Master Cash Account Account Account
LaSalle Bank Closed Closed Closed
Account # - 2355464
American Classic Voyages Co 0.00 0.00 No - No - No -
Payroll Account Account Account
LaSalle Bank Closed Closed Closed
Account # - 2369368
American Classic Voyages Co 7,010.01 0.00 Yes No - Not Yes
PAC Concentration
LaSalle Bank Account
Account # - 2355882
American Classic Voyages Co 8,035,212.82 6,146,055.96 Yes Yes Yes
Investment Account
Credit Suisse Asset Management
Account # - 247003452
American Classic Voyages Co 0.00 0.00 No - No - No -
Investment Account Account Account Account
Goldman Sachs & Co. Closed Closed Closed
Account # - 020-53613-2
American Classic Voyages Co 0.00 0.00 No - No - No -
Investment Account Account Account Account
Merrill Lynch Closed Closed Closed
Account # - 318-3271750-7
American Classic Voyages Co 0.00 0.00 No - No - No -
Investment Account Account Account Account
Conifer Securities Closed Closed Closed
Account # - 330-50683 1-8
16-Apr-02
7:33AM Receipts & Disbursements Attachment 2-1
R&D - Chase American Classic Voyages
- - AMCV Med Ben Case No: 01-10954 (EIK) UNAUDITED
Chase
AMCV Medical Benefits
Account # - 002-2-426522
1 March 02 - 31 March 02
Opening Balance - 1 Mar 02
5,863.27
Receipts
13,983.43 From United Healthcare (Reversal)
----------
13,983.43 Total Receipts
Disbursements
(16,798.26) To United Healthcare
----------
(16,798.26) Total Disbursements
Closing Balance - 31 Mar 02
3,048.44
16-Apr-02
8:06AM Receipts & Disbursements Attachment 2-2
R&D - LaSalle American Classic Voyages
- - AMCV PAC Case No: 01-10954 (EIK) UNAUDITED
LaSalle
PAC
Account # - 2355882
1 March 02 - 31 March 02
Opening Balance - 1 Mar 02
7,010.01
Receipts
---------
0.00 Total Receipts
Disbursements
(7,010.01) Distribution To Contributors
---------
(7,010.01) Total Disbursements
Closing Balance - 31 Mar 02
0.00
16-Apr-02 Receipts & Disbursements Attachment 2-3
8:08 AM American Classic Voyages
R&D - Credit Case No: 01-10954 (EIK) UNAUDITED
Suisse Investment Credit Suisse
Account Investment Account
Account # - 247003452
1 March 02 - 31 March 02
Opening Balance - 1 Mar 02
8,035,212.82
Receipts
10,843.14 Interest Earned
-------------
10,843.14 Total Receipts
Disbursements
(1,900,000.00) To The Delta Queen Steamboat Company -
Hibernia - DQ Master Cash Account
(812-395-335)
-------------
(1,900,000.00) Total Disbursements
Closing Balance - 31 Mar 02
6,146,055.96
AMCV US SET OF BOOKS Date: 19-APR-02 08:27:24
INCOME STATEMENT - ATTACHMENT 4 Page: 1
Current Period: MAR-02
currency USD
Company=10 (AMCV)
PTD-Actual
31-Mar-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
General and Admin Expenses 15,852.67
Sales & Marketing 0.00
Start-Up Costs 0.00
-------------
Total SG&A Expenses 15,852.67
-------------
EBITDA (15,852.67)
Depreciation 14,984.80
-------------
Operating Income (30,837.47)
Other Expense/(Income)
Interest Income (436.91)
Interest Expense 10,842.72
Equity in Earnings for Sub (4,131,863.02)
Reorganization expenses 487,381.74
-------------
Total Other Expense/(Income) 4,629,650.57
-------------
Net Pretax Income/(Loss) (4,660,488.04)
Income Tax Expense 0.00
-------------
-------------
Net Income/(Loss) -4,660,488.04
=============
AMCV US SET OF BOOKS Date: 18-APR-02 17:02:14
BALANCE SHEET - ATTACHMENT 5 Page: 1
Current Period: MAR-2
currency USD
Company=10 (AMCV)
YTD-Actual YTD-Actual
31-Mar-02 19-Oct-01
-------------- --------------
ASSETS
Cash and Equivalent 6,146,055.96 10,343,248.25
Restricted Cash 499,877.32 0.00
Marketable Securities 0.00 337.15
Accounts Receivable 3,678,916.74 3,678,916.74
Inventories 0.00 0.00
Prepaid Expenses 588,507.00 0.00
Other Current Assets 0.00 0.00
-------------- --------------
Total Current Assets 10,913,357.02 14,022,502.14
Fixed Assets 4,979,716.68 4,979,716.68
Accumulated Depreciation (4,573,506.53) (4,497,369.91)
-------------- --------------
Net Fixed Assets 406,210.15 482,346.77
Net Goodwill 79,850.94 81,420.64
Intercompany Due To/From 267,462,638.19 265,726,906.60
Net Deferred Financing Fees 3,294,158.46 3,408,954.89
Net Investment in Subsidiaries 37,431,844.07 48,551,297.73
Other Non Current Assets 0.00 109,986.54
-------------- --------------
Total Other Assets 308,268,491.66 317,878,566.40
-------------- --------------
Total Assets 319,588,058.83 332,383,415.31
============== ==============
AMCV US SET OF BOOKS Date: 18-APR-02 17:02:14
BALANCE SHEET - ATTACHMENT 5 Page: 2
Current Period: MAR-2
currency USD
Company=10 (AMCV)
YTD-Actual YTD-Actual
31-Mar-02 19-Oct-01
-------------- --------------
LIABILITIES
Accounts Payable 0.00 0.00
Accrued Liabilities 1,672,990.86 1,089,864.63
Deposits 0.00 0.00
-------------- --------------
Total Current Liabilities 1,672,990.86 1,089,864.63
Long Term Debt 0.00 0.00
Other Long Term Liabilities (3,221,982.41) (3,434,093.96)
-------------- --------------
Total Liabilities (1,548,991.55) (2,344,229.33)
OTHER
Liabilities Subject to Compromise 200,418,510.55 200,418,510.55
-------------- --------------
Total Other 200,418,510.55 200,418,510.55
OWNER'S EQUITY
Common Stock 211,013.08 211,013.08
Add'l Paid In Capital 204,438,037.35 204,438,037.35
Current Net Income (Loss) (9,910,043.60) (40,694,620.74)
Retained Earnings (74,020,467.00) (29,645,295.60)
-------------- --------------
Total Owner's Equity 120,718,539.83 134,309,134.09
-------------- --------------
Total Liabilities & Equity 319,588,058.83 332,383,415.31
============== ==============
American Classic Voyages, Co. ATTACHMENT 6 01-10954(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
- -------------- --------- --------- ------ ------- -------
AMCV Cruise Operations, Inc. 01-10967 78,732,843.30 1,352,211.22 572,249.31 79,512,805.21
The Delta Queen Steamboat Co. 01-10970 6,325,037.83 4,581.88 2,406.72 6,327,212.99
DQSB II, Inc. 01-10974 22,836.06 -- -- 22,836.06
Great AQ Steamboat, L.L.C 01-10960 (22,410,666.55) -- 485.75 (22,411,152.30)
Great Pacific NW Cruise Line, L.L.C 01-10977 (15,487,540.41) -- -- (15,487,540.41)
Great River Cruise Line, L.L.C 01-10963 6,707,630.20 -- 4,709.58 6,702,920.62
Great Ocean Cruise Line, L.L.C 01-10959 (29,613,350.37) 76.41 -- (29,613,273.96)
Cruise America Travel, Incorporated 01-10966 103,377.71 -- -- 103,377.71
Delta Queen Coastal Voyages, L.L.C 01-10964 934,299.38 -- -- 934,299.38
Cape Cod Light, L.L.C 01-10962 (1,670,131.78) -- -- (1,670,131.78)
Cape May Light, L.L.C 01-10961 (657,659.57) -- -- (657,659.57)
Project America, Inc. N/A (29,154,390.86) -- -- (29,154,390.86)
Oceanic Ship Co. N/A 41,557,089.74 -- -- 41,557,089.74
Project America Ship I, Inc. N/A 1,793,166.15 -- -- 1,793,166.15
Project America Ship II, Inc. N/A 27,241,846.63 -- -- 27,241,846.63
Ocean Development Co. 01-10972 206,379,952.56 -- -- 206,379,952.56
Great Hawaiian Cruise Line, Inc. 01-10975 3,599,725.67 -- -- 3,599,725.67
Great Hawaiian Properties Corporation 01-10971 (51,110,970.59) -- -- (51,110,970.59)
American Hawaii Properties Corporation 01-10976 2,484,165.74 -- -- 2,484,165.74
Great Independence Ship Co. 01-10969 24,948,942.58 -- -- 24,948,942.58
CAT II, Inc. 01-10968 15,959,416.62 -- -- 15,959,416.62
----------------------------------------------------------------------
266,685,620.04 1,356,869.51 579,851.36 267,462,638.19
======================================================================
American Classic Voyages Co.
01-10954 (EIK)
Accounts Receivable Aging
As of March 31, 2002
Attachment 7
Not Applicable
American Classic Voyages Co.
01-10954 (EIK)
Accounts Payable Detail
As of March 31, 2002
Attachment 8
Not Applicable
DEBTOR: AMERICAN CLASSIC VOYAGES CO. CASE NUMBER: 01-10954 (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. 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.
2. 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.
3. The Debtor has ceased recording accruals for distributions on its
Trust Preferred securities. Historically, these accruals for these
distributions were charged to "interest expense and other financing
costs."
4. Amount represents pre-petition total hold-backs by Paymentech, Inc.,
the Debtor's credit card processing agent against pre-petition
customer deposits. Detail for such hold-backs has not been received
from Paymentech, Inc.
5. The Company's self-funded health plan was terminated as of December
31, 2001. The Company is carrying a reserve for late claims. An
evaluation of this reserve was conducted at the end of the first
quarter and the results are reflected herein.