EXHIBIT 99.4
DEBTOR: CAPE MAY LIGHT, L.L.C. CASE NUMBER: 01-10961 (JCA)
MONTHLY OPERATING REPORT
AS OF JUNE 30, 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 June Monthly
Operating Report (Attachments 1 through 9) and, to the best of my knowledge,
these documents are true, correct, and complete.
/s/ STEVE MOELLER
- -----------------
Steve Moeller
Director, Accounting
DEBTOR: CAPE MAY LIGHT, L.L.C. CASE NUMBER: 01-10961 (JCA)
MONTHLY OPERATING REPORT
AS OF JUNE 30, 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 June Monthly Operating Report
20-Jul-02 Summary Of Bank,Investment & Petty Cash Accounts Attachment 1
3:11 PM Cape May Light, L.L.C.
Summary Case No: 01-10961 (JCA) UNAUDITED
Cape May Light, LLC For Month Of June, 2002
Balances
------------------------------ Receipts & Bank
Opening Closing Disbursements Statements Account
Account As Of 6/01/02 As Of 6/30/02 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 0.00 No - Amount Was No - Account Is No
US Dept of Transportation Offset Against Under Control
Maritime Administration Debt To 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
20-Jul-02 Receipts & Disbursements Attachment 2
3:13 PM Cape May Light, L.L.C.
Summary Case No: 01-10961 (JCA)
Cape May Light, LLC For Month Of June, 2002
Attach 2
No Receipts Or Disbursements Due To No Bank Activity Or Investment Accounts
20-Jul-02 Concentration & Investment Account Statements Attachment 3
3:14 PM Cape May Light, L.L.C.
Summary Case No: 01-10961 (JCA)
Cape May Light, LLC For Month Of June, 2002
Attach 3
No Statements Due To No Concentration Or Investment Accounts
AMCV US SET OF BOOKS Date: 26-JUL-02 09:47:30
INCOME STATEMENT - ATTACHMENT 4 Page: 1
Current Period: JUN-02
currency USD
Company=31 (CAPE MAY LIGHT)
PTD-Actual
30-Jun-02
----------------------
Revenue
Gross Revenue (1,091.22)
Allowances 0.00
----------------------
Net Revenue (1,091.22)
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 1,601.36
----------------------
Total Operating Expenses 1,601.36
----------------------
Gross Profit (2,692.58)
SG&A Expenses
Sales & Marketing 0.00
Start-Up Costs 0.00
----------------------
Total SG&A Expenses 0.00
----------------------
EBITDA (2,692.58)
Depreciation 0.00
----------------------
Operating Income (2,692.58)
Other Expense/(Income)
Interest Income 0.00
Equity in Earnings for Sub 0.00
Reorganization expenses 44,298,311.51
----------------------
Total Other Expense/(Income) 44,298,311.51
----------------------
Net Pretax Income/(Loss) (44,301,004.09)
Income Tax Expense 0.00
----------------------
Net Income/(Loss) (44,301,004.09)
======================
AMCV US SET OF BOOKS Date: 26-JUL-02 09:52:36
BALANCE SHEET - ATTACHMENT 5 Page: 1
Current Period: JUN-02
currency USD
Company=31 (CAPE MAY LIGHT)
YTD-Actual YTD-Actual
30-Jun-02 22-Oct-02
------------------ -------------------
ASSETS
Cash and Equivalent 0.00 29,003.54
Restricted Cash 0.00 785,839.00
Accounts Receivable 0.00 15,651.15
Inventories 0.00 750,424.74
Prepaid Expenses 0.00 71,343.83
Other Current Assets 0.00 0.00
------------------ -------------------
Total Current Assets 0.00 1,652,262.26
Fixed Assets 0.00 42,033,338.72
Accumulated Depreciation 0.00 (550,825.00)
------------------ -------------------
Net Fixed Assets 0.00 41,482,513.72
Net Goodwill 0.00 0.00
Intercompany Due To/From (12,521,058.22) (12,278,102.19)
Net Deferred Financing Fees 0.00 2,559,333.82
Net Investment in Subsidiaries 0.00 0.00
------------------ -------------------
Total Other Assets (12,521,058.22) (9,718,768.37)
------------------ -------------------
Total Assets (12,521,058.22) 33,416,007.61
================== ===================
AMCV US SET OF BOOKS Date: 26-JUL-02 09:52:36
BALANCE SHEET - ATTACHMENT 5 Page: 2
Current Period: JUN-02
currency USD
Company=31 (CAPE MAY LIGHT)
YTD-Actual YTD-Actual
30-Jun-02 22-Oct-02
------------------ -------------------
LIABILITIES
Accounts Payable 310.00 18,286.96
Accrued Liabilities 0.00 454,710.16
Deposits 0.00 0.00
------------------ -------------------
Total Current Liabilities 310.00 472,997.12
Long Term Debt 0.00 0.00
Other Long Term Liabilities 0.00 0.00
------------------ -------------------
Total Liabilities 310.00 472,997.12
OTHER
Liabilities Subject to Compromise 39,141,915.81 39,937,580.57
------------------ -------------------
Total Other 39,141,915.81 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) (44,573,203.05) (2,857,115.19)
Retained Earnings (7,090,080.98) (4,137,454.89)
------------------ -------------------
Total Owner's Equity (51,663,284.03) (6,994,570.08)
------------------ -------------------
Total Liabilities & Equity (12,521,058.22) 33,416,007.61
================== ===================
CAPE MAY LIGHT, LLC ATTACHMENT 6 01-10954(JCA)
SUMMARY LIST OF DUE TO/DUE FROM ACCOUNTS
FOR THE MONTH ENDED JUNE 30, 2002
BEGINNING ENDING
AFFILIATE NAME CASE NUMBER BALANCE DEBITS CREDITS BALANCE
American Classic Voyages Co. 01-10954 657,370.97 -- 646.64 656,724.33
AMCV Cruise Operations, Inc. 01-10967 (8,123,934.77) -- 968.82 (8,124,903.59)
The Delta Queen Steamboat Co. 01-10970 8,431,118.53 -- -- 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 212,241.29 5,144.24 -- 217,385.53
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 Cruise Line, Inc. 01-10975 (8,411.75) -- -- (8,411.75)
Great Hawaiian Properties Corporation 01-10971 4,188.00 -- -- 4,188.00
CAT II, Inc. 01-10968 2,038.56 -- -- 2,038.56
------------------------------------------------------------------------
(12,524,587.00) 5,144.24 1,615.46 (12,521,058.22)
========================================================================
CAPE MAY LIGHT, L.L.C.
01-10961 (JCA)
ACCOUNTS RECEIVABLE AGING
AS OF JUNE 30, 2002
ATTACHMENT 7
NOT APPLICABLE
CAPE MAY LIGHT
AP-STEAMER CHECKS
31-000-221300-00000
JUNE-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
-------
Total per G/L: 310.00
=======
ATTACHMENT # 8
DEBTOR: CAPE MAY LIGHT, L.L.C. CASE NUMBER: 01-10961 (JCA)
PRELIMINARY MONTHLY OPERATING REPORT
AS OF JUNE 30, 2002
AND
FOR THE MONTH THEN ENDED
ATTACHMENT 9
NOTES TO JUNE MONTHLY OPERATING REPORT
The information contained herein is unaudited.
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. The Debtor and three other Debtors completed the forfeiture of four
vessels to the Maritime Administration, the secured creditor of each
vessel, during June. Accordingly, the Debtor wrote-off the carrying
value of its vessel and related assets. The net loss of disposition
totaled $44.3 million.
2. Restricted cash represented 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. The Debtor offset this cash against the outstanding
debt, which was previously reclassified as a liability subject to
compromise.