EXHIBIT 99.10
DEBTOR: AMCV CRUISE OPERATIONS, INC. CASE NUMBER: 01-10967 (JWV)
MONTHLY OPERATING REPORT
AS OF DECEMBER 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 December Monthly
Operating Report (Attachments 1 through 9) and, to the best of my knowledge,
these documents are true, correct, and complete.
/s/ EDDIE J. PUSTIZZI
- ----------------------
Eddie J. Pustizzi
Director, Accounting
Debtor: AMCV Cruise Operations, Inc. Case Number: 01-10967 (JWV)
Monthly Operating Report
As of December 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 December Monthly Operating Report
Summary Of Bank,Investment & Petty Cash Accounts Attachment 1
AMCV Cruise Operations, Inc.
Summary Case No: 01-10967 (JWV) UNAUDITED
AMCV Cruise Operations, Inc For Month Of December, 2002
Balances
------------------------------ Receipts & Bank
Opening Closing Disbursements Statements Account
Account As Of 12/01/02 As Of 12/31/02 Included Included Reconciled
- ------- -------------- -------------- -------- -------- ----------
AHC - Certificate Of Deposit * 25,000.00 0.00 Yes No - Not Yes
Bank One Concentration
Account # - 880058451981 Account
AHC - Certificate Of Deposit * 25,000.00 0.00 Yes No - Not Yes
Bank One Concentration
Account # - 880058452369 Account
AMCV Cruise Ops 99,358.59 270,542.27 Yes Yes Yes
Master Cash
First Union National Bank
Account # - 2090002602362
AMCV Escrow - Gohagan 0.00 0.00 No - No - Not No -
LaSalle Bank Account Concentration Account
Account # - 62-8766-40-4 closed Account closed
American Classic Voyages 0.00 0.00 No - No - No -
Fleet Bank Account Account Account
Account # - 941-9148945 closed closed closed
Weston Office 353.45 278.45 Yes Not A Bank Yes
Petty Cash Account
* Proceeds From Matured Certficates Of Deposit Were Recovered By Bank One As
Collateral For Letters Of Credits That Were Exercised After The Filing For
Bankruptcy.
Receipts & Disbursements Attachment 2-1
AMCV Cruise Operations, Inc.
R&D - Bank One - AHC CD (86) Case No: 01-10967 (JWV) UNAUDITED
Bank One
AHC Certificate Of Deposit
Account # - 880058451981
1 December 02 - 31 December 02
Opening Balance - 1 December 02
25,000.00
Receipts
----------
0.00 Total Receipts
Disbursements
(25,000.00) Recovered by Bank One as
collateral for exercised LOC
----------
(25,000.00) Total Disbursements
Closing Balance - 31 December 02
0.00
Receipts & Disbursements Attachment 2-2
AMCV Cruise Operations, Inc.
R&D - Bank One - AHC CD (87) Case No: 01-10967 (JWV) UNAUDITED
Bank One
AHC Certificate Of Deposit
Account # - 880058451981
1 December 02 - 31 December 02
Opening Balance - 1 December 02
25,000.00
Receipts
----------
0.00 Total Receipts
Disbursements
(25,000.00) Recovered by Bank One as
collateral for exercised LOC
----------
(25,000.00) Total Disbursements
Closing Balance - 31 December 02
0.00
Receipts & Disbursements Attachment 2-3
AMCV Cruise Operations, Inc.
R&D - First Union Case No: 01-10967 (JWV) UNAUDITED
AMCV Cruise Ops Master Cash First Union
AMCV Cruise Ops Master Cash
Account # - 2090002602362
1 December 02 - 31 December 02
Opening Balance - 1 December 02
99,358.59
Receipts
123,630.00 Refund of unexpired vessel
insurance premiums
47,553.68 Refund of 1996-1998 Lousiana
State Unemployment Tax
----------
171,183.68 Total Receipts
Disbursements
0.00 Bank Fees
----------
0.00 Total Disbursements
Closing Balance - 31 December 02
270,542.27
Receipts & Disbursements Attachment 2-4
AMCV Cruise Operations, Inc.
Case No: 01-10967 (JWV) UNAUDITED
Petty Cash Weston Office
Petty Cash
Account # - NA
1 December 02 - 31 December 02
Opening Balance - 1 December 02
353.45
Receipts
0.00 Deposit
------
0.00 Total Receipts
Disbursements
(75.00) Cleaning Services
Office Supplies (Toner, Year end tax forms)
Sundries
Miscellaneous Supplies
------
(75.00) Total Disbursements
Closing Balance - 31 December 02
278.45
AMCV US SET OF BOOKS Date: 17-JAN-03 10:31:54
INCOME STATEMENT - ATTACHMENT 4 Page: 1
Current Period: DEC-02
currency USD
Company=15 (AMCV OPS)
PTD-Actual
31-Dec-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 (2,759.57)
Sales & Marketing 0.00
Start-Up Costs 0.00
-----------------
Total SG&A Expenses (2,759.57)
-----------------
EBITDA 2,759.57
Depreciation 0.00
-----------------
Operating Income 2,759.57
Other Expense/(Income)
Interest Income 0.00
Equity in Earnings for Sub (9,610,722.67)
Reorganization expenses 0.00
Other expense (22,454.01)
-----------------
Total Other Expense/(Income) 9,588,268.66
-----------------
Net Pretax Income/(Loss) (9,585,509.09)
Income Tax Expense 0.00
-----------------
Net Income/(Loss) (9,585,509.09)
=================
AMCV US SET OF BOOKS Date: 20-JAN-03 12:59:10
BALANCE SHEET - ATTACHMENT 5 Page: 1
Current Period: DEC-02
currency USD
Company=15 (AMCV OPS)
YTD-Actual YTD-Actual
31-Dec-02 22-Oct-01
--------------- ------------
ASSETS
Cash and Equivalent 142,339.56 1,723,947.86
Restricted Cash 450,000.00 219,000.00
Marketable Securities 0.00 50,000.00
Accounts Receivable 0.00 99,684.62
Inventories 0.00 0.00
Prepaid Expenses 205,784.54 522,662.13
Other Current Assets 3,600.00 1,750.00
--------------- --------------
Total Current Assets 801,724.10 2,617,044.61
Fixed Assets 0.00 9,371,627.23
Accumulated Depreciation 0.00 (453,764.30)
--------------- --------------
Net Fixed Assets 0.00 8,917,862.93
Net Goodwill 0.00 0.00
Intercompany Due To/From (7,474,497.53) 2,150,807.43
Net Deferred Financing Fees 0.00 0.00
Net Investment in Subsidiaries (531,371,105.37) 66,329,274.35
--------------- --------------
Total Other Assets (538,845,602.90) 68,480,081.78
--------------- --------------
Total Assets (538,043,878.80) 80,014,989.32
=============== ==============
AMCV US SET OF BOOKS Date: 20-JAN-03 12:59:10
BALANCE SHEET - ATTACHMENT 5 Page: 2
Current Period: DEC-02
currency USD
Company=15 (AMCV OPS)
YTD-Actual YTD-Actual
31-Dec-02 22-Oct-01
--------------- -------------
LIABILITIES
Accounts Payable 0.00 5,363.60
Accrued Liabilities 16,495.42 289,488.87
Deposits 0.00 0.00
--------------- -------------
Total Current Liabilities 16,495.42 294,852.47
Long Term Debt 0.00 0.00
Other Long Term Liabilities 0.00 0.00
--------------- -------------
Total Liabilities 16,495.42 294,852.47
Liabilities Subject to Compromise 27,147,484.48 32,307,000.02
OWNER'S EQUITY
Common Stock 10,440.25 10,440.25
Add'l Paid In Capital 112,772,392.56 112,772,392.56
Current Net Income (Loss) (610,229,557.94) (37,037,717.81)
Retained Earnings (67,761,133.57) (28,331,978.17)
--------------- -------------
Total Owner's Equity (565,207,858.70) 47,413,136.83
--------------- -------------
Total Liabilities & Equity (538,043,878.80) 80,014,989.32
=============== =============
AMCV Cruise Operations ATTACHMENT 6 01-10967 (JWV)
Summary List of Due To/Due From Accounts
For the Months Ended December 31, 2002
CASE BEGINNING ENDING
AFFILIATE NAME NUMBER BALANCE DEBITS CREDITS BALANCE
American Classic Voyages Co. 01-10954 (81,720,746.28) 642,560.85 32,230.15 (81,110,415.58)
AMCV Holdings, Inc. 01-10973 (201,071.08) - 2,105,887.05 (2,306,958.13)
The Delta Queen Steamboat Co. 01-10970 (103,162,515.12) 51,960.74 956,088.37 (104,066,642.75)
DQSB II, Inc. 01-10974 2,330.40 - - 2,330.40
Great AQ Steamboat, L.L.C. 01-10960 22,866,931.85 - - 22,866,931.85
Great Pacific NW Cruise Line, L.L.C. 01-10977 9,434,276.58 - 9,434,276.58
Great River Cruise Line, L.L.C. 01-10963 9,463,658.43 - 9,463,658.43
Great Ocean Cruise Line, L.L.C. 01-10959 22,093,131.96 - - 22,093,131.96
Cruise America Travel, Incorporated 01-10966 4,057,165.15 - - 4,057,165.15
Delta Queen Coastal Voyages, L.L.C. 01-10964 (190,721.38) - - (190,721.38)
Cape Cod Light, L.L.C. 01-10962 3,950,183.20 - - 3,950,183.20
Cape May Light, L.L.C. 01-10961 8,127,233.11 - - 8,127,233.11
Project America, Inc. N/A (4,501,177.23) - - (4,501,177.23)
Oceanic Ship Co. N/A 57,690,858.86 - - 57,690,858.86
Project America Ship I, Inc. N/A 111,968.41 - - 111,968.41
Ocean Development Co. 01-10972 1,559,238.61 - - 1,559,238.61
Great Hawaiian Cruise Line, Inc. 01-10975 (22,292.97) - - (22,292.97)
Great Hawaiian Properties Corporation 01-10971 (6,116,875.06) - - (6,116,875.06)
American Hawaii Properties Corporation 01-10976 5,188,990.02 - - 5,188,990.02
Great Independence Ship Co. 01-10969 36,656,636.93 - - 36,656,636.93
CAT II, Inc. 01-10968 9,637,982.06 - - 9,637,982.06
------------------------------------------------------------------------
(5,074,813.55) 694,521.59 3,094,205.57 (7,474,497.53)
========================================================================
AMCV Cruise Operations, Inc.
01-10967 (JWV)
Accounts Receivable Aging
As of December 31, 2002
Attachment 7
Not Applicable
AMCV Cruise Operations, Inc.
01-10967 (JWV)
Accounts Payable Detail
As of December 31, 2002
Attachment 8
Not Applicable
DEBTOR: AMCV CRUISE OPERATIONS, INC. CASE NUMBER: 01-10967 (JWV)
MONTHLY OPERATING REPORT
AS OF DECEMBER 30, 2002
AND
FOR THE MONTH THEN ENDED
ATTACHMENT 9
NOTES TO DECEMBER 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. During August, the Debtor funded three escrow accounts each in the
amount of $150,000. Each escrow account was required for a pending P&I
insurance claim. The Debtor cannot currently determine how much, if
any, the ultimate settlement will be for each claim.
2. Outstanding accounts payable, comprised mainly of liabilities for
property taxes with pre-petition valuation dates, were reclassed to
liabilities subject to compromise.
3. During December, the $50,000 of marketable securities previously
recorded by the Debtor and held as collateral by a third party against
LOCs, were relinquished to the holder of the securities as settlement
for the previously called LOCs.
4. The Debtor offset unused, pre-petition pre-paid airline tickets against
liabilities subject to compromise. The tickets had been recorded by
affiliated Debtors, Cruise America Travel, Incorporated and CAT II,
Inc.