EXHIBIT 99.3 DEBTOR: GREAT AQ STEAMBOAT, L.L.C. CASE NUMBER: 01-10960 (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: GREAT AQ STEAMBOAT, L.L.C. CASE NUMBER: 01-10960 (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 Great AQ Steamboat, L.L.C. Summary Case No: 01-10960 (JWV) UNAUDITED Great AQ Steamboat, LLC 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 - ------- -------------- -------------- -------- -------- ---------- American Queen Steamer 0.00 0.00 No - No - No - Hibernia Account Closed Account Closed Account Closed Account # - 812-395-343 American Queen 0.00 0.00 No - Not A Bank No - Petty Cash No Activity Account No Activity Receipts & Disbursements Attachment 2 Great AQ Steamboat, L.L.C. Case No: 01-10960 (JWV) Great AQ Steamboat, LLC For Month Of December, 2002 Attach 2 No Receipts Or Disbursements Due To All Accounts Closed Concentration & Investment Account Statements Attachment 3 Great AQ Steamboat, L.L.C. Summary Case No: 01-10960 (JWV) Great AQ Steamboat, LLC For Month Of December, 2002 Attach 3 No Statements Due To No Concentration Or Investment Accounts AMCV US SET OF BOOKS Date: 16-JAN-03 16:50:15 INCOME STATEMENT - ATTACHMENT 4 Page: 1 Current Period: DEC-02 currency USD Company=23 (AMERICAN QUEEN) 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 813.10 ---------------- Total Operating Expenses 813.10 ---------------- Gross Profit (813.10) SG&A Expenses Sales & Marketing 0.00 Start-Up Costs 0.00 ---------------- Total SG&A Expenses 0.00 ---------------- EBITDA (813.10) Depreciation 0.00 ---------------- Operating Income (813.10) Other Expense/(Income) Interest Income 0.00 Equity in Earnings for Sub 0.00 Reorganization expenses 0.00 Other expense (1,774.58) ---------------- Total Other Expense/(Income) (1,774.58) ---------------- Net Pretax Income/(Loss) 961.48 Income Tax Expense 0.00 ---------------- Net Income/(Loss) 961.48 ================ AMCV US SET OF BOOKS Date: 20-JAN-03 12:58:48 BALANCE SHEET - ATTACHMENT 5 Page: 1 Current Period: DEC-02 currency USD Company=23 (AMERICAN QUEEN) YTD-Actual YTD-Actual 31-Dec-02 22-Oct-01 ----------------- ------------------ ASSETS Cash and Equivalent 0.00 27,915.55 Restricted Cash 0.00 0.00 Accounts Receivable 0.00 100,111.04 Inventories 0.00 436,746.94 Prepaid Expenses 0.00 1,126.00 Other Current Assets 0.00 189,129.97 ----------------- ------------------ Total Current Assets 0.00 755,029.50 Fixed Assets 0.00 76,449,630.83 Accumulated Depreciation 0.00 (23,703,366.77) ----------------- ------------------ Net Fixed Assets 0.00 52,746,264.06 Net Goodwill 0.00 0.00 Intercompany Due To/From 33,291,695.56 11,900,053.46 Net Deferred Financing Fees 0.00 561,110.86 Net Investment in Subsidiaries 0.00 0.00 ----------------- ------------------ Total Other Assets 33,291,695.56 12,461,164.32 ----------------- ------------------ Total Assets 33,291,695.56 65,962,457.88 ================= ================== AMCV US SET OF BOOKS Date: 20-JAN-03 12:58:48 BALANCE SHEET - ATTACHMENT 5 Page: 2 Current Period: DEC-02 currency USD Company=23 (AMERICAN QUEEN) YTD-Actual YTD-Actual 31-Dec-02 22-Oct-01 ----------------- ------------------ LIABILITIES Accounts Payable 0.00 5,469.58 Accrued Liabilities 0.00 754,127.79 Deposits 0.00 25.00 ------------------ ------------------- Total Current Liabilities 0.00 759,622.37 Long Term Debt 0.00 0.00 Other Long Term Liabilities 0.00 0.00 ------------------ ------------------- Total Liabilities 0.00 759,622.37 Liabilities Subject to Compromise 2,128,870.73 48,583,115.71 OWNER'S EQUITY Common Stock 1,000.00 1,000.00 Add'l Paid In Capital 4,060,000.00 4,060,000.00 Current Net Income (Loss) 14,727,173.53 (493,470.71) Retained Earnings 12,374,651.30 13,052,190.51 ------------------ ------------------- Total Owner's Equity 31,162,824.83 16,619,719.80 ------------------ ------------------- Total Liabilities & Equity 33,291,695.56 65,962,457.88 ================== =================== Great AQ Steamboat, LLC ATTACHMENT 6 01-10960(JWV) Summary List of Due To/Due From Accounts For the Month Ended December 31, 2002 CASE BEGINNING ENDING AFFILIATE NAME NUMBER BALANCE DEBITS CREDITS BALANCE American Classic Voyages Co. 01-10954 22,406,500.51 - - 22,406,500.51 AMCV Cruise Operations, Inc. 01-10967 (22,866,931.85) - - (22,866,931.85) The Delta Queen Steamboat Co. 01-10970 38,756,706.53 - 73,062.00 38,683,644.53 DQSB II, Inc. 01-10974 (919.60) - - (919.60) Great Pacific NW Cruise Line, L.L.C. 01-10977 5,552.79 - - 5,552.79 Great River Cruise Line, L.L.C. 01-10963 (168,013.44) - - (168,013.44) Great Ocean Cruise Line, L.L.C. 01-10959 (14,507.47) - - (14,507.47) Cruise America Travel, Incorporated 01-10966 (3,165,198.27) - - (3,165,198.27) Delta Queen Coastal Voyages, L.L.C. 01-10964 144,264.37 - - 144,264.37 Cape Cod Light, L.L.C. 01-10962 (500,000.00) - - (500,000.00) Cape May Light, L.L.C. 01-10961 (1,640,241.44) - - (1,640,241.44) Project America, Inc. N/A (15,864.24) - - (15,864.24) Oceanic Ship Co. N/A (7,408.30) - - (7,408.30) Project America Ship I, Inc. N/A 459,787.19 - - 459,787.19 Great Hawaiian Properties Corporation 01-10971 (22,591.38) - - (22,591.38) American Hawaii Properties Corporation 01-10976 (1,496.24) - - (1,496.24) Great Independence Ship Co. 01-10969 (4,881.60) - - (4,881.60) ---------------------------------------------------------------- 33,364,757.56 - 73,062.00 33,291,695.56 ================================================================ Great AQ Steamboat, L.L.C. 01-10960 (JWV) Accounts Receivable Aging As of December 31, 2002 Attachment 7 Not Applicable Great AQ Steamboat, L.L.C. 01-10960 (JWV) Accounts Payable Detail As of December 31, 2002 Attachment 8 Not Applicable Debtor: Great AQ Steamboat, L.L.C. Case Number: 01-10960 (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. The reduction in liabilities subject to compromise was due to a reduction in priority passenger claims. Waivers received by Delaware North Companies were reimbursed from escrowed cash held by The Delta Queen Steamboat Co., an affiliated Debtor, as provided for in the Asset Purchase Agreement dated May 13, 2002.