EXHIBIT 99.4
DEBTOR: CAPE MAY LIGHT, L.L.C. CASE NUMBER: 01-10961 (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: CAPE MAY LIGHT, L.L.C. CASE NUMBER: 01-10961 (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
9:33 AM & Petty Cash Accounts
Summary Cape May Light, L.L.C.
Cape May Light, LLC Case No: 01-10961 (EIK) UNAUDITED
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
- ------- ------------- ------------- -------- -------- ----------
American Classic Voyages Co. 0.00 0.00 No - No - No -
Bank of America Account Account Account
Account # - 0030 6982 7205 Closed Closed Closed
Cape May Light Escrow 785,839.00 785,839.00 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
American Classic Voyages Co. 0.00 0.00 No - No - No -
Bank of America Account Account Account
Account # - 0041 6103 2379 Closed Closed Closed
Cape May Light 0.00 0.00 No - No - Not No -
Petty Cash No Activity A Bank No Activity
Account
16-Apr-02 Receipts & Disbursements Attachment 2
9:33 AM Cape May Light, L.L.C.
Summary Case No: 01-10961 (EIK)
Cape May Light, LLC For Month Of March, 2002
Attach 2
No Receipts Or Disbursements Due To No Bank Activity Or Investment Accounts
16-Apr-02 Concentration & Investment Attachment 3
9:34 AM Account Statements
Summary Cape May Light, L.L.C.
Cape May Case No: 01-10961 (EIK)
Light, LLC 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 08:27:28
INCOME STATEMENT - ATTACHMENT 4 Page: 1
Current Period: MAR-02
currency USD
Company=31 (CAPE MAY LIGHT)
PTD-Actual
31-Mar-02
----------
Revenue
Gross Revenue 79.28
Allowances 0.00
----------
Net Revenue 79.28
Operating Expenses
Air 0.00
Hotel 0.00
Commissions 0.00
Onboard Expenses 64,463.83
Passenger Expenses (6,063.60)
Vessel Expenses 18,031.70
Layup/Drydock Expense 0.00
Vessel Insurance 44,172.17
----------
Total Operating Expenses 120,604.10
----------
Gross Profit (120,524.82)
SG&A Expenses
Sales & Marketing 0.00
Start-Up Costs 0.00
----------
Total SG&A Expenses 0.00
----------
EBITDA (120,524.82)
Depreciation 0.00
----------
Operating Income (120,524.82)
Other Expense/(Income)
Interest Income 0.00
Interest Expense 8,724.01
Equity in Earnings for Sub 0.00
Reorganization expenses 0.00
----------
Total Other Expense/(Income) 8,724.01
----------
Net Pretax Income/(Loss) (129,248.83)
Income Tax Expense 0.00
----------
Net Income/(Loss) (129,248.83)
==========
AMCV US SET OF BOOKS Date: 18-APR-02 17:04:03
BALANCE SHEET - ATTACHMENT 5 Page: 1
Current Period: MAR-2
currency USD
Company=31 (CAPE MAY LIGHT)
YTD-Actual YTD-Actual
31-Mar-02 22-Oct-01
------------- -------------
ASSETS
Cash and Equivalent 0.00 29,003.54
Restricted Cash 785,839.00 785,839.00
Accounts Receivable 6,235.46 15,651.15
Inventories 720,354.12 750,424.74
Prepaid Expenses 4,880.00 71,343.83
Other Current Assets 0.00 0.00
------------- -------------
Total Current Assets 1,517,308.58 1,652,262.26
Fixed Assets 42,033,338.72 42,033,338.72
Accumulated Depreciation (550,825.00) (550,825.00)
------------- -------------
Net Fixed Assets 41,482,513.72 41,482,513.72
Net Goodwill 0.00 0.00
Intercompany Due To/From (12,441,214.45) (12,278,102.19)
Net Deferred Financing Fees 2,512,514.97 2,559,333.82
Net Investment in Subsidiaries 0.00 0.00
------------- -------------
Total Other Assets (9,928,699.48) (9,718,768.37)
------------- -------------
Total Assets 33,071,122.82 33,416,007.61
============= =============
AMCV US SET OF BOOKS Date: 18-APR-02 17:04:03
BALANCE SHEET - ATTACHMENT 5 Page: 2
Current Period: MAR-2
currency USD
Company=31 (CAPE MAY LIGHT)
YTD-Actual YTD-Actual
31-Mar-02 22-Oct-01
------------- -------------
LIABILITIES
Accounts Payable 324.10 18,286.96
Accrued Liabilities 449,394.78 454,710.16
Deposits 0.00 0.00
------------- -------------
Total Current Liabilities 449,718.88 472,997.12
Long Term Debt 0.00 0.00
Other Long Term Liabilities 0.00 0.00
------------- -------------
Total Liabilities 449,718.88 472,997.12
OTHER
Liabilities Subject to Compromise 39,927,754.81 39,937,580.57
------------- -------------
Total Other 39,927,754.81 39,937,580.57
OWNER'S EQUITY
Common Stock 0.00 0.00
Add'l Paid In Capital 0.00 0.00
Current Net Income (Loss) (216,269.89) (2,857,115.19)
Retained Earnings (7,090,080.98) (4,137,454.89)
Total Owner's Equity (7,306,350.87) (6,994,570.08)
------------- -------------
Total Liabilities & Equity 33,071,122.82 33,416,007.61
============= =============
Cape May Light, LLC ATTACHMENT 6 01-10961 (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 657,659.57 -- -- 657,659.57
AMCV Cruise Operations, Inc. 01-10967 (8,015,892.93) 1,600.00 38,904.30 (8,053,197.23)
The Delta Queen Steamboat Co. 01-10970 8,466,448.11 -- 35,329.58 8,431,118.53
DQSB II, Inc. 01-10974 (82.74) -- -- (82.74)
Great AQ Steamboat, L.L.C 01-10960 1,640,241.44 -- -- 1,640,241.44
Great Pacific NW Cruise Line, L.L.C 01-10977 (5,380.67) -- -- (5,380.67)
Great River Cruise Line, L.L.C 01-10963 (33,543.95) -- -- (33,543.95)
Great Ocean Cruise Line, L.L.C 01-10959 (1,844.01) -- -- (1,844.01)
Cruise America Travel, Incorporated 01-10966 (1,054,561.24) -- -- (1,054,561.24)
Delta Queen Coastal Voyages, L.L.C 01-10964 200,617.38 15,558.57 -- 216,175.95
Cape Cod Light, L.L.C 01-10962 (8,675.31) -- -- (8,675.31)
Project America, Inc. N/A (57,268.50) -- -- (57,268.50)
Oceanic Ship Co. N/A 13,839.73 -- -- 13,839.73
Project America Ship II, Inc. N/A 412,316.64 -- -- 412,316.64
Ocean Development Co. 01-10972 (14,604,239.22) -- -- (14,604,239.22)
Great Hawaiian Properties Corporation 01-10971 4,188.00 -- -- 4,188.00
CAT II, Inc. 01-10968 2,038.56 -- -- 2,038.56
-----------------------------------------------------------------
(12,384,139.14) 17,158.57 74,233.88 (12,441,214.45)
=================================================================
CAPE MAY LIGHT, L.L.C. CASE #: 01-10961 (EIK)
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
DETAIL: 0-30 DAYS 31-60 DAYS 61-90 DAYS 91+ DAYS TOTAL
e
Paymentech Credit Card Processor 6,235.46 6,235.46
American Express Credit Card Processor --
Discover Credit Card Processor --
Diners Credit Card Processor --
Travel Agents --
---------------------------------------------------------------
Total -- -- -- 6,235.46 6,235.46
===============================================================
ATTACHMENT # 7
CAPE MAY LIGHT
AP-STEAMER CHECKS
31-000-221300-00000
MARCH-02
OUTSTANDING CHECKS:
1091 Multi-Marques 50.00
1162 K. McKnight-McRae's 100.00
1166 K. McKnight-Gordon's 100.00
1192 Donald Vivier-Capitol One 40.00
1195 Donald Vivier-Retailer Nat. Bank 20.00
1200 Joycelyn Owens-grats paid out 14.10
------
Total per G/L: 324.10
======
ATTACHMENT # 8
DEBTOR: CAPE MAY LIGHT, L.L.C. CASE NUMBER: 01-10961 (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 not been performed. Inventory amounts
have been adjusted to amounts contained in the Debtor's computer
systems. An evaluation of fuel inventory pricing has been performed
and carrying values have been adjusted accordingly. 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 Cape May Light, 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. Restricted cash represents escrowed proceeds from debt issued to
finance the construction of the Cape May 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.
5. 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.
6. Prepaid expenses that have expired have been written-off.