EXHIBIT 99.2
DEBTOR: GREAT OCEAN CRUISE LINE, L.L.C. CASE NUMBER: 01-10959 (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 OCEAN CRUISE LINE, L.L.C. CASE NUMBER: 01-10959 (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, Investment & Attachment 1
8:53 AM Petty Cash Accounts
Summary Great Ocean Cruise Line, L.L.C.
Great Ocean Cruise Case No: 01-10959 (EIK) UNAUDITED
Line, LLC
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
- ------- ------------- ------------- ------------- -------------- ----------
Mississippi Queen Steamer 100,000.00 100,000.00 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
16-Apr-02 Receipts & Disbursements Attachment 2-1
8:50 AM Great Ocean Cruise Line, L.L.C.
R&D - Hibernia - Case No: 01-10959 (EIK) UNAUDITED
MQ Steamer Hibernia
Mississippi Queen Steamer Account
Account # - 812-502-719
1 March 02 - 31 March 02
Opening Balance - 1 Mar 02
100,000.00
Receipts
----------
0.00 Total Receipts
Disbursements
----------
0.00 Total Disbursements
Closing Balance - 31 Mar 02
100,000.00
16-Apr-02 Concentration & Investment Account Statements Attachment 3
8:54 AM Great Ocean Cruise Line, L.L.C.
Summary Case No: 01-10959 (EIK)
Great Ocean For Month Of March, 2002
Cruise Line, LLC
Attach 3
No Statements Due To No Concentration Or Investment Accounts
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=21 (MISSISSIPPI QUEEN)
PTD-Actual
31-Mar-02
-----------
Revenue
Gross Revenue (2,456.42)
Allowances (48,711.19)
-----------
Net Revenue (51,167.61)
Operating Expenses
Air 0.00
Hotel 0.00
Commissions 0.00
Onboard Expenses 146.81
Passenger Expenses (678.57)
Vessel Expenses 36,370.37
Layup/Drydock Expense 0.00
Vessel Insurance 72,068.14
-----------
Total Operating Expenses 107,906.75
-----------
Gross Profit (159,074.36)
SG&A Expenses
Sales & Marketing 0.00
Start-Up Costs 1,451.50
-----------
Total SG&A Expenses 1,451.50
-----------
EBITDA (160,525.86)
Depreciation 0.00
-----------
Operating Income (160,525.86)
Other Expense/(Income)
Interest Income 0.00
Equity in Earnings for Sub 0.00
Reorganization expenses 0.00
-----------
Total Other Expense/(Income) 0.00
-----------
Net Pretax Income/(Loss) (160,525.86)
Income Tax Expense 0.00
-----------
Net Income/(Loss) (160,525.86)
===========
AMCV US SET OF BOOKS Date: 18-APR-02 17:03:50
BALANCE SHEET - ATTACHMENT 5 Page: 1
Current Period: MAR-2
currency USD
Company=21 (MISSISSIPPI QUEEN)
YTD-Actual YTD-Actual
31-Mar-02 22-Oct-01
-------------- --------------
ASSETS
Cash and Equivalent 100,000.00 91,427.94
Restricted Cash 0.00 0.00
Accounts Receivable 27,274.85 61,448.42
Inventories 301,281.55 387,173.50
Prepaid Expenses 0.00 9,438.70
Other Current Assets 0.00 (14,555.00)
-------------- --------------
Total Current Assets 428,556.40 534,933.56
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 21,706,040.13 19,836,574.32
Net Deferred Financing Fees 0.00 0.00
Net Investment in Subsidiaries 0.00 0.00
-------------- --------------
Total Other Assets 21,706,040.13 19,836,574.32
-------------- --------------
Total Assets 31,670,332.50 29,907,243.85
============== ==============
AMCV US SET OF BOOKS Date: 18-APR-02 17:03:50
BALANCE SHEET - ATTACHMENT 5 Page: 2
Current Period: MAR-2
currency USD
Company=21 (MISSISSIPPI QUEEN)
YTD-Actual YTD-Actual
31-Mar-02 22-Oct-01
-------------- --------------
LIABILITIES
Accounts Payable 1,826.90 9,423.11
Accrued Liabilities 1,209,204.06 935,232.90
Deposits 2,623,097.77 0.00
-------------- -------------
Total Current Liabilities 3,834,128.73 944,656.01
Long Term Debt 0.00 0.00
Other Long Term Liabilities 0.00 0.00
-------------- -------------
Total Liabilities 3,834,128.73 944,656.01
OTHER
Liabilities Subject to Compromise 2,667,587.11 2,827,647.41
-------------- -------------
Total Other 2,667,587.11 2,827,647.41
OWNER'S EQUITY
Common Stock 0.00 0.00
Add'l Paid In Capital 4,571,000.00 4,571,000.00
Current Net Income (Loss) (608,526.06) (984,131.23)
Retained Earnings 21,206,142.72 22,548,071.66
-------------- -------------
Total Owner's Equity 25,168,616.66 26,134,940.43
-------------- -------------
Total Liabilities & Equity 31,670,332.50 29,907,243.85
============== =============
GREAT OCEAN CRUISE ATTACHMENT 6 01-10959 (JCA)
LINE, L.L.C. 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 29,613,350.37 -- 76.41 29,613,273.96
AMCV Cruise Operations, Inc. 01-10967 (21,419,111.30) -- 35,273.10 (21,454,384.40)
The Delta Queen Steamboat Co. 01-10970 14,935,686.13 1,693,478.13 170,017.90 16,459,146.36
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 49,604.28 -- 82,682.65 (33,078.37)
Cruise America Travel, Incorporated 01-10966 (2,953,907.27) -- -- (2,953,907.27)
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)
------------------------------------------------------------------------
20,300,612.06 1,693,478.13 288,050.06 21,706,040.13
========================================================================
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 27,274.85 27,274.85
American Express Credit Card Processor --
Discover Credit Card Processor --
Diners Credit Card Processor --
Travel Agents --
--------------------------------------------------------------------------------
Total 0 0 0 27,274.85 27,274.85
================================================================================
ATTACHMENT # 7
MISSISSIPPI QUEEN
AP-STEAMER CHECKS
21-000-221300-00000
MARCH-02
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
17248 A. Sisson-J. Sisson 100.00
Total per G/L: 1826.90
=======
ATTACHMENT # 8
DEBTOR: GREAT OCEAN CRUISE LINE, L.L.C. CASE NUMBER: 01-10959 (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. Physical inventory counts have been performed internally for food and
beverage. An evaluation of fuel inventory pricing has been performed
and carrying values have been adjusted accordingly. 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 ceased recording
lay-up accruals as it is currently in lay-up and is scheduled to be
sold shortly thereafter.
3. The Debtor has been unable to negotiate acceptable contract terms with
credit card processors other than its primary processor, Paymentech.
Accordingly, the Debtor has written off prepetition receivables that
cannot be processed for collection.