Exhibit 99.1
ANC RENTAL CORPORATION, ET AL. CASE NO. 01-11200 JOINTLY ADMINISTERED
COMBINED SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS - SUBSTITUTE MOR-1
For the Period February 1, 2003 to February 28, 2003
CURRENT PERIOD ACTIVITY ACTIVITY - FILING PERIOD TO DATE
----------------------------- ----------------------------------
ACTUAL PROJECTED ACTUAL PROJECTED
------------ ------------ -------------- --------------
Cash - Beginning of Period $ 76,978,000 $ 81,773,000 $ 101,226,814 $ 99,778,000
Receipts:
Credit Card and Local Deposits $139,904,072 $141,994,000 $2,610,031,596 $2,496,085,000
Collections of Accounts Receivable 35,238,901 19,683,000 828,605,819 512,331,000
Other Receipts 35,068,904 37,889,000 453,256,051 317,250,000
============ ============ ============== ==============
Total Receipts $210,211,877 $199,566,000 $3,891,893,466 $3,325,666,000
Disbursements:
US Trustee Fees Paid $ - $ - $ 383,250 $ -
4 Fleet Operating Expenses 10,581,392 11,089,000 219,510,963 233,609,000
5a Personnel - Net Cash Payroll 17,878,579 18,140,801 337,844,104 308,630,922
5b Personnel - Payroll Taxes Paid 6,924,951 7,026,518 126,846,815 112,784,574
5c Personnel - Benefits Payments 5,600,926 5,683,074 96,699,982 86,358,024
5d Personnel - Payments of Garnishments Withheld 151,387 153,607 2,791,709 2,557,725
6 Travel Expenses Paid 661,696 739,000 6,917,161 5,815,000
7 Fuel Payments For Rental Fleet 3,908,585 3,937,000 60,049,264 68,231,000
8 Airport - Agency - Concession Fees Paid 16,975,528 14,223,000 262,490,735 106,296,000
9 Insurance Payments All 10,106,447 8,782,000 146,739,279 165,983,000
11 Facility and Other Fixed Operating Expenses Paid 16,648,862 15,414,000 265,041,244 177,531,000
13 Travel Agency Tour Operator Commission Payments 8,121,378 7,725,000 112,692,796 115,763,000
14 Advertising Payments 7,579,205 9,366,000 77,322,886 98,534,000
15 IT Consulting Payments 5,098,341 8,367,000 73,438,309 55,576,000
16 IT Other Cash Payments 1,551,450 1,142,000 29,670,597 77,179,000
17 Sales Taxes and Other Taxes Paid 19,303,346 14,976,000 319,922,620 379,782,000
18 Professional Fees Paid - Ordinary Course 1,363,362 1,206,000 17,967,625 8,192,000
19 Professional Fees Paid - Bankruptcy Professionals 1,438,985 2,787,000 29,823,668 31,754,000
20 Other Miscellaneous Operating Expenses Paid 3,746,437 3,241,000 127,414,498 59,683,000
23 Capital Expenditures 2,695,350 10,171,000 18,830,561 80,569,000
24 Interest and Financing Fees Paid 2,232,260 1,024,000 29,781,138 19,386,000
25 Vehicle Holding Costs Paid 83,724,357 76,976,000 1,132,052,389 1,053,836,000
25.1 Fleet Purchase Payments and Financing Enhancements 3,261,138 5,000,000 437,252,771 295,959,000
26 Working Capital Fundings to Subsidiaries - - 4,000,000 6,000,000
============ ============ ============== ==============
Total Disbursements $229,553,962 $227,169,000 $3,935,484,366 $3,550,009,245
Net Cash Flow $(19,342,086) $(27,603,000) $ (43,590,900) $ (224,343,245)
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Cash at End of Period $ 57,635,915 $ 54,170,000 $ 57,635,914 $ (124,565,245)
============ ============ ============== ==============
Notes: "Projected" amounts for the month of February posted from the 2003 Cash
Collateral Budget.
Beginning Projected Balance for February adjusted to 2003 Cash
Collateral Beginning Balance.
Projected amounts for the Filing Period to Date reflect a combination
of:
a. original cash budget
b. revised cash budget of February 15, 2002
c. Cash Collateral Budget of 2003
Effective July 2002, category 12 "Other" has been combined with
Category 20 "Other"
Effective August 2002, all Insurance payments combined in item 9
"Insurance All"
ANC RENTAL CORPORATION ET AL.,
CASE NO. 01-11200 JOINTLY ADMINISTERED
SUMMARY COMBINED BALANCE SHEET
FEBRUARY 28, 2003
ASSETS
Cash & Cash Equivalents $ 57,077,332
Restricted Cash 558,583
Receivables, net 119,521,863
Prepaid Expenses 45,139,262
Revenue Earning Vehicles, net (13,140,440)
Property Plant & Equip, net 217,528,012
Investment in Subsidiaries 3,706,909,350
Other Assets 46,101,613
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TOTAL ASSETS $ 4,179,695,575
===============
LIABILITIES & SHAREHOLDERS' EQUITY
Accounts Payable $ 138,534,439
Accrued Liabilities 282,745,563
Insurance Reserves 299,636,858
Other Debt 293,410,803
Deferred Income Taxes 253,710,734
Interest Rate Hedges at Fair Value 82,260,000
Due to Affiliates 786,247,390
Other Liabilities 79,213,057
---------------
TOTAL LIABILITIES 2,215,758,844
Shareholders' Equity 1,963,936,731
---------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 4,179,695,575
===============
The Summary Combined Balance Sheet represents the combined balance sheets of the
legal entity Debtors only and does not include either the elimination of
inter-company transactions and investments as required under Generally Accepted
Accounting Principles or the balance sheets of the Non-Debtors. Had
inter-company transactions been eliminated and the balance sheets of the
Non-Debtors, which are also wholly owned subsidiaries, been included and
consolidated, Investments in Subsidiary would have been fully eliminated, Due to
Affiliates would have been fully eliminated and Shareholders' Equity (Deficit)
would have been ($373) million. A non-consolidated combining balance sheet has
the effect of artificially inflating inter-company assets, inter-company
liabilities and shareholders' equity (deficit). Nevertheless such presentation
is required by the Operating Guidelines and Reporting Requirements established
by the Office of the United States Trustee.
ANC RENTAL CORPORATION, ET AL.
CASE NUMBER 01-11200 JOINTLY ADMINISTERED FOR THE ONE FOR THE PERIOD
COMBINED STATEMENT OF OPERATIONS MONTH ENDED 11/13/2001
FOR THE PERIODS AS INDICATED FEBRUARY 28, THROUGH
2003 02/28/2003
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Total Revenue $ 139,352,065 $ 2,625,615,049
Direct Operating Costs 67,911,127 1,301,684,251
Vehicle Depreciation, net 56,576,783 1,074,868,703
SGA 33,782,693 573,397,025
Amortization of Intangibles -- 305,027
Transition Cost (1,639,161) 184,781,816
Interest Income (84,446) (3,651,028)
Interest Expense 4,561,031 86,105,741
FMV Stand Alone Caps 2,381,576 45,603,951
Other (income) / expense net (66,268) 120,903,513
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Net Income $ (24,071,270) $ (758,383,950)
============= ===============
Note: Obligations incurred by ANC Management Services, Inc., Republic Guy
Salmon, Inc., and certain other subsidiaries are settled by ANC Rental
Corporation then charged to the respective subsidiary by way of an intercompany
charge.