EXHIBIT 99.1
DEBTOR: AMERICAN CLASSIC VOYAGES CO. CASE NUMBER: 01-10954 (JCA)
MONTHLY OPERATING REPORT
AS OF SEPTEMBER 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 September 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: AMERICAN CLASSIC VOYAGES CO. CASE NUMBER: 01-10954 (JCA)
MONTHLY OPERATING REPORT
AS OF SEPTEMBER 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 September Monthly Operating Report
Summary Of Bank And Investment Accounts Attachment 1
American Classic Voyages Co
Summary Case No: 01-10954 (JCA) UNAUDITED
American Classic Voyages Co For Month Of September, 2002
Balances
-------------------------- Receipts & Bank
Opening Closing Disbursements Statements Account
Account As Of 9/01/02 As Of 9/30/02 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 4,971.41 4,972.55 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 0.00 0.00 No - No - No -
PAC Account Account Account
LaSalle Bank Closed Closed Closed
Account # - 2355882
American Classic Voyages Co 61,592.99 0.00 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
Receipts & Disbursements Attachment 2-1
------------------------
American Classic Voyages
------------------------
R&D - Chase - AMCV Med Ben Case No: 01-10954 (JCA) UNAUDITED
-----------------------
Chase
-----
AMCV Medical Benefits
---------------------
Account # - 002-2-426522
------------------------
1 September 02 - 30 September 02
--------------------------------
Opening Balance - 1 September 02
- --------------------------------
4,971.41
Receipts
- --------
1.14 From United Healthcare (Reversal)
-------
1.14 Total Receipts
Disbursements
- -------------
0.00 To United Healthcare
-------
0.00 Total Disbursements
Closing Balance - 30 September 02
- ---------------------------------
4,972.55
Receipts & Disbursements Attachment 2-2
------------------------
American Classic Voyages
------------------------
R&D - Credit Suisse Investment Account Case No: 01-10954 (JCA) UNAUDITED
-----------------------
Credit Suisse
-------------
Investment Account
------------------
Account # - 247003452
---------------------
1 September 02 - 30 September 02
--------------------------------
Opening Balance - 1 September 02
- --------------------------------
61,592.99
Receipts
- --------
10.77 Interest Earned
--------
10.77 Total Receipts
Disbursements
- -------------
(61,200.26) To The Delta Queen Steamboat Company -
Hibernia - Master Cash # 812395335
(403.50) Mgt Fee
----------
(61,603.76) Total Disbursements
Closing Balance - 30 September 02
- ---------------------------------
0.00
AMCV US SET OF BOOKS Date: 22-OCT-02 11:35:21
INCOME STATEMENT - ATTACHMENT 4 Page: 1
Current Period: SEP-02
currency USD
Company=10 (AMCV)
PTD-Actual
30-Sep-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 459,416.38
Sales & Marketing 0.00
Start-Up Costs 0.00
-------------------
Total SG&A Expenses 459,416.38
-------------------
EBITDA (459,416.38)
Depreciation 13,721.08
-------------------
Operating Income (473,137.46)
Other Expense/(Income)
Interest Income (10.77)
Interest Expense 21,390.64
Equity in Earnings for Sub (37,008.39)
Reorganization expenses 283,550.58
-------------------
Total Other Expense/(Income) 341,938.84
-------------------
Net Pretax Income/(Loss) (815,076.30)
Income Tax Expense 0.00
-------------------
Net Income/(Loss) (815,076.30)
===================
AMCV US SET OF BOOKS Date: 22-OCT-02 12:52:25
BALANCE SHEET - ATTACHMENT 5 Page: 1
Current Period: SEP-02
currency USD
Company=10 (AMCV)
YTD-Actual YTD-Actual
30-Sep-02 19-Oct-01
---------- ----------
ASSETS
Cash and Equivalent 0.00 10,343,248.25
Restricted Cash 0.00 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 79,453.96 0.00
Other Current Assets 0.00 0.00
--------------- --------------
Total Current Assets 3,758,370.70 14,022,502.14
Fixed Assets 4,960,716.68 4,979,716.68
Accumulated Depreciation (4,657,472.02) (4,497,369.91)
--------------- --------------
Net Fixed Assets 303,244.66 482,346.77
Net Goodwill 0.00 81,420.64
Intercompany Due To/From 270,891,571.46 265,726,906.60
Net Deferred Financing Fees 3,165,814.62 3,408,954.89
Net Investment in Subsidiaries (555,331,253.41) 48,551,297.73
Other Non Current Assets 0.00 109,986.54
--------------- --------------
Total Other Assets (281,273,867.33) 317,878,566.40
--------------- --------------
Total Assets (277,212,251.97) 332,383,415.31
=============== ==============
AMCV US SET OF BOOKS Date: 22-OCT-02 12:52:25
BALANCE SHEET - ATTACHMENT 5 Page: 2
Current Period: SEP-02
currency USD
Company=10 (AMCV)
YTD-Actual YTD-Actual
30-Sep-02 19-Oct-01
---------- ----------
LIABILITIES
Accounts Payable 0.00 0.00
Accrued Liabilities 1,270,500.22 1,089,864.63
Deposits 0.00 0.00
--------------- --------------
Total Current Liabilities 1,270,500.22 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 (1,951,482.19) (2,344,229.33)
Liabilities Subject to Compromise 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) (606,307,863.76) (40,694,620.74)
Retained Earnings (74,020,467.00) (29,645,295.60)
--------------- --------------
Total Owner's Equity (475,679,280.33) 134,309,134.09
--------------- --------------
Total Liabilities & Equity (277,212,251.97) 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 September 30, 2002
BEGINNING ENDING
Affiliate Name Case Number Balance Debit Credits Balance
AMCV Cruise Operations, Inc. 01-10967 84,004,243.92 62,683.7 1,051,806.26 83,015,121.42
The Delta Queen Steamboat Co. 01-10970 6,204,670.44 -- -- 6,204,670.44
DQSB II, Inc. 01-10974 22,836.06 -- -- 22,836.06
Great AQ Steamboat, L.L.C 01-10960 (22,406,500.51) -- (22,406,500.51)
Great Pacific NW Cruise Line, L.L.C 01-10977 (15,472,508.20) -- (15,472,508.20)
Great River Cruise Line, L.L.C 01-10963 6,704,338.25 -- 6,704,338.25
Great Ocean Cruise Line, L.L.C 01-10959 (29,579,572.10) -- (29,579,572.10)
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 (656,374.33) -- -- (656,374.33)
Project America, Inc. N/A (29,154,390.86) -- -- (29,154,390.86)
Oceanic Ship Co. N/A 41,569,782.42 -- -- 41,569,782.42
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 206,389,119.70 -- -- 206,389,119.70
Great Hawaiian Cruise Line, Inc. 01-10975 3,571,229.75 -- -- 3,571,229.75
Great Hawaiian Properties Corporation 01-10971 (51,110,970.59) -- -- (51,110,970.59)
American Hawaii Properties Corporation 01-10976 2,484,040.72 -- -- 2,484,040.72
Great Independence Ship Co. 01-10969 24,948,774.58 -- -- 24,948,774.58
CAT II, Inc. 01-10968 15,959,416.62 -- -- 15,959,416.62
-----------------------------------------------------------------
271,880,693.96 62,683.76 1,051,806.26 270,891,571.46
==================================================================
American Classic Voyages Co.
01-10954 (JCA)
Accounts Receivable Aging
As of September 30, 2002
Attachment 7
Not Applicable
American Classic Voyages Co.
01-10954 (JCA)
Accounts Payable Detail
As of September 30, 2002
Attachment 8
Not Applicable
DEBTOR: AMERICAN CLASSIC VOYAGES CO. CASE NUMBER: 01-10954 (JCA)
PRELIMINARY MONTHLY OPERATING REPORT
AS OF SEPTEMBER 30, 2002
AND
FOR THE MONTH THEN ENDED
ATTACHMENT 9
NOTES TO SEPTEMBER 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. 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 basis 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. Accounts Receivable 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.