-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RTeiTrVnlHIGXWpwJ3bI8057D6FIIs5bzHzVPyehAgpp7Ay+l0dZxpQieNhJ/uxN eJI4OsTHpAZI0fVaEECHKQ== 0001116502-01-500765.txt : 20010725 0001116502-01-500765.hdr.sgml : 20010725 ACCESSION NUMBER: 0001116502-01-500765 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20010710 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010724 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GERALD STEVENS INC/ CENTRAL INDEX KEY: 0000037525 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 650971499 STATE OF INCORPORATION: FL FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-05531 FILM NUMBER: 1686641 BUSINESS ADDRESS: STREET 1: PO BOX 350526 CITY: FT LAUDERDALE STATE: FL ZIP: 33335-0526 BUSINESS PHONE: 9547135000 MAIL ADDRESS: STREET 1: 301 EAST LAS OLAS BLVD STREET 2: SUITE 300 CITY: FT LAUDERDALE STATE: FL ZIP: 33301 FORMER COMPANY: FORMER CONFORMED NAME: FLORAFAX INTERNATIONAL INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SPOTTS FLORAFAX CORP DATE OF NAME CHANGE: 19740924 FORMER COMPANY: FORMER CONFORMED NAME: SPOTTS CORP DATE OF NAME CHANGE: 19671205 8-K 1 geraldstevens-8k.txt CURRENT REPORT SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): July 10, 2001 ------------- GERALD STEVENS, INC. -------------------- (Exact name of registrant as specified in its charter) Florida 0-05531 65-0971499 ---------------- ---------------------- --------------- (State or other (Commission File (IRS Employer jurisdiction of Number) dentification No.) incorporation) 1800 Eller Drive, Fort Lauderdale, Florida 33316 ------------------------------------------------ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 954/627-1000 Item 5. Other Events ------------ (a) As previously announced, on April 23, 2001, Gerald Stevens, Inc. filed voluntary petitions for itself and certain of its subsidiaries (the "Debtors") under Chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code") in the United States Bankruptcy Court in Miami, Florida (the "Chapter 11 Cases"). The Chapter 11 Cases have been substantively consolidated, and the cases are being administered jointly. The Debtors continue to operate the business and manage their property as debtors-in-possession pursuant to sections 1107 and 1108 of the Bankruptcy Code. On July 20, 2001, the Debtors submitted to the Bankruptcy Court their Monthly Financial Report for Business (the "Report") for the period beginning June 1, 2001 and ending June 30, 2001, and for the period beginning April 23, 2001 and ending June 30, 2001. A copy of the Report (excluding attachments filed with the Report) is attached hereto as Exhibit 99.1 and the Report is incorporated herein by reference. (b) On July 10, 2001, we sold substantially all of the assets and liabilities of our Florafax wire service business unit to Teleflora LLC for $10.71 million in cash and the assumption of certain liabilities. We are filing the press release relating to the sale, dated July 10, 2001, as Exhibit 99.2 to this Report and the press release is incorporated herein by reference. (c) Based on our pre-petition secured and unsecured debt levels, our current post-petition debt levels, our expected additional post-petition debt requirements, and the legal priorities in bankruptcy, we believe that any reorganization or liquidation will result in no value remaining from the bankruptcy estate for holders of our common stock. Item 7. Financial Statements, Pro Forma Financial Statements, and Exhibits ------------------------------------------------------------------
(c) Exhibits. Exhibit No. Description ----------- ----------- 99.1 Monthly Financial Report For Business (excluding attachments) for the period beginning June 1, 2001 and ending June 30, 2001, and for the period beginning April 23, 2001 and ending June 30, 2001 99.2 Press release dated July 10, 2001
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed by the undersigned, thereunto duly authorized. GERALD STEVENS, INC. --------------------------------- (Registrant) By /s/ WAYNE MOOR -------------------- Wayne Moor Senior Vice President and Chief Financial Officer Dated: July 24, 2001 GERALD STEVENS, INC. Current Report on Form 8-K Exhibit Index ------------- Exhibit No. Description - ----------- ----------- 99.1 Monthly Financial Report For Business (excluding attachments) for the period beginning June 1, 2001 and ending June 30, 2001, and for the period beginning April 23, 2001 and ending June 30, 2001 99.2 Press release dated July 10, 2001 EX-99.1 2 ex99-1.txt MONTHLY FINANCIAL REPORT GERALD STEVENS, INC. and SUBSIDIARIES EXHIBIT 99.1 CASE NUMBERS 01-13984 BKC-RAM through 01-14039-BKC-RAM MONTHLY FINANCIAL REPORT
--------------- --------------------- FOR THE PERIOD BEGINNING 6/1/01 AND ENDING 6/30/01 --------------- --------------------- CURRENT MONTH ------------- CORPORATE CANADA ROYERS --------- ------ ------ 1 CASH AT BEGINNING OF PERIOD (15,307.86) 333,771.10 1,567,765.67 2 RECEIPTS A Cash Sales 6,655,570.48 110,181.36 455,029.50 Less Cash Refunds - - (38.47) --------------------------------------------------------- Net Cash Sales 6,655,570.48 110,181.36 454,991.03 B Collections of Postpetition AR (Incl CC) 5,584,852.87 - 1,133,959.75 C Collections of Prepetition AR - - 151,123.42 D Other Receipts 568,977.66 - 386,577.71 Intercompany cash transfers, Net (209,329.07) - (1,713,639.88) --------------------------------------------------------- 3 TOTAL RECEIPTS 12,600,071.94 110,181.36 413,012.03 --------------------------------------------------------- 4 TOTAL CASH AVAILABLE FOR OPERATIONS 12,584,764.08 443,952.46 1,980,777.70 5 DISBURSEMENTS A US Trustee Quarterly Fees - - - B Net Payroll 3,259,593.61 39,212.25 625,273.40 C Payroll Taxes Paid 1,294,187.37 2,649.36 204,386.33 D Sales and Use Taxes Paid 1,020,323.29 - 157,271.60 E Other Taxes Paid 79,907.86 - 3,328.49 F Rent 918,457.69 29,930.76 106,314.81 G Other Lease Payments 28,736.24 460.80 - H Telephone 322,588.19 1,348.65 18,106.03 I Utilities 239,432.10 4,707.05 25,482.22 J Travel and Entertainment 40,323.83 - 1,437.40 K Vehicle Expense 469,624.33 4,007.15 38,651.64 L Office Supplies 51,624.73 677.36 14,014.91 M Advertising 1,397,188.57 2,794.21 25,684.53 N Insurance (Attachment 7) 929,111.89 3,190.52 - O Purchases of Fixed Assets - - 3,615.00 P Purchases of Inventory 2,253,188.39 155,553.41 295,173.92 Q Manufacturing Supplies 28,241.34 - - R Repairs and Maintenance 79,960.70 820.79 11,316.72 S Other Operating Expenses (Attach List) 1,746,735.99 198,600.15 5,401.53 --------------------------------------------------------- 6 TOTAL CASH DISBURSEMENTS 14,159,226.12 443,952.46 1,535,458.53 --------------------------------------------------------- 7 CASH AT END OF PERIOD (Item 4 Minus Item 6) (1,574,462.04) - 445,319.17 ========================================================= [restubbed table] CURRENT MONTH ------------- NAT. FLORA AGA TOTAL ---------- --- ----- 1 CASH AT BEGINNING OF PERIOD 24,644.81 (1,274,365.90) 636,507.82 2 RECEIPTS - A Cash Sales 70,931.15 - 7,291,712.49 Less Cash Refunds (4,711.15) - (4,749.62) -------------------------------------------------------- Net Cash Sales 66,220.00 - 7,286,962.87 B Collections of Postpetition AR (Incl CC) 27,075.48 247,431.16 6,993,319.26 C Collections of Prepetition AR 4,611.32 - 155,734.74 D Other Receipts - - 955,555.37 Intercompany cash transfers, Net (38,943.58) 1,961,912.53 - -------------------------------------------------------- 3 TOTAL RECEIPTS 58,963.22 2,209,343.69 15,391,572.24 -------------------------------------------------------- 4 TOTAL CASH AVAILABLE FOR OPERATIONS 83,608.03 934,977.79 16,028,080.06 5 DISBURSEMENTS A US Trustee Quarterly Fees - - - B Net Payroll 1,507.87 - 3,925,587.13 C Payroll Taxes Paid - 1,501,223.06 D Sales and Use Taxes Paid - 1,177,594.89 E Other Taxes Paid - 83,236.35 F Rent 17,997.41 1,072,700.67 G Other Lease Payments 11,542.42 5,725.21 46,464.67 H Telephone 7,731.13 6,126.47 355,900.47 I Utilities 2,699.32 7,702.45 280,023.14 J Travel and Entertainment 3,916.67 642.36 46,320.26 K Vehicle Expense 1,371.42 513,654.54 L Office Supplies 3,026.21 2,432.19 71,775.40 M Advertising 28,665.43 - 1,454,332.74 N Insurance (Attachment 7) - 932,302.41 O Purchases of Fixed Assets - 3,615.00 P Purchases of Inventory 1,326.66 845,216.47 3,550,458.85 Q Manufacturing Supplies 708.23 28,949.57 R Repairs and Maintenance 1,372.20 2,973.34 96,443.75 S Other Operating Expenses (Attach List) 10,250.34 4,150.69 1,965,138.70 -------------------------------------------------------- 6 TOTAL CASH DISBURSEMENTS 72,038.25 895,046.24 17,105,721.60 -------------------------------------------------------- 7 CASH AT END OF PERIOD (Item 4 Minus Item 6) 11,569.78 39,931.55 (1,077,641.54) ========================================================
Note: Final Report for Canadian Operations - Divested via Management Agreement on June 21, 2001 - Sale Closure Pending Ending cash Balance in Canada transferred to new Management Group commensurate with execution of Management Services Agreement GERALD STEVENS, INC. and SUBSIDIARIES CASE NUMBERS 01-13984 BKC-RAM through 01-14039-BKC-RAM MONTHLY FINANCIAL REPORT
--------------- --------------------- FOR THE PERIOD BEGINNING 4/23/01 AND ENDING 6/30/01 --------------- --------------------- CUMULATIVE FROM FILING DATE --------------------------- CORPORATE CANADA ROYERS --------- ------ ------ 1 CASH AT BEGINNING OF PERIOD 1,799,448.84 315,845.12 172,083.10 2 RECEIPTS A Cash Sales 11,091,747.50 143,220.26 2,427,569.49 Less Cash Refunds (24,224.31) - (21,159.43) -------------------------------------------------------- Net Cash Sales 11,067,523.19 143,220.26 2,406,410.06 B Collections of Postpetition AR (Incl CC) 18,764,860.64 184,588.02 1,921,589.67 C Collections of Prepetition AR 4,126,687.00 - 1,300,285.41 D Other Receipts 2,625,010.66 - 386,577.71 Intercompany cash transfers, Net (209,329.07) - (1,713,639.88) -------------------------------------------------------- 3 TOTAL RECEIPTS 36,374,752.42 327,808.28 4,301,222.97 -------------------------------------------------------- 4 TOTAL CASH AVAILABLE FOR OPERATIONS 38,174,201.26 643,653.40 4,473,306.07 5 DISBURSEMENTS A US Trustee Quarterly Fees - - - B Net Payroll 9,383,304.15 109,993.16 1,842,246.76 C Payroll Taxes Paid 3,638,131.11 2,649.36 493,680.47 D Sales and Use Taxes Paid 2,117,904.90 31,356.89 157,271.60 E Other Taxes Paid 139,097.90 - 4,802.26 F Rent 3,275,470.89 42,188.25 211,667.14 G Other Lease Payments 57,087.18 460.80 - H Telephone 510,043.42 4,592.65 38,764.75 I Utilities 365,997.44 7,702.09 42,800.61 J Travel and Entertainment 170,446.49 - 2,991.77 K Vehicle Expense 1,004,620.59 6,451.61 132,507.97 L Office Supplies 119,160.34 2,398.09 63,771.91 M Advertising 2,542,014.04 6,489.35 80,352.15 N Insurance (Attachment 7) 3,151,789.36 8,214.96 - O Purchases of Fixed Assets 3,879.45 - 3,615.00 P Purchases of Inventory 6,636,792.52 206,969.35 883,564.60 Q Manufacturing Supplies 71,433.72 - - R Repairs and Maintenance 157,904.99 2,922.56 36,698.24 S Other Operating Expenses (Attach List) 6,403,584.81 211,264.28 33,251.67 -------------------------------------------------------- 6 TOTAL CASH DISBURSEMENTS 39,748,663.30 643,653.40 4,027,986.90 -------------------------------------------------------- 7 CASH AT END OF PERIOD (Item 4 Minus Item 6) (1,574,462.04) - 445,319.17 ======================================================== [restubbed table] CUMULATIVE FROM FILING DATE --------------------------- NAT. FLORA AGA TOTAL ---------- --- ----- 1 CASH AT BEGINNING OF PERIOD 93,826.08 19,166.46 2,400,369.60 2 RECEIPTS - A Cash Sales 136,956.52 - 13,799,493.77 Less Cash Refunds (4,711.15) - (50,094.89) -------------------------------------------------------- Net Cash Sales 132,245.37 - 13,749,398.88 B Collections of Postpetition AR (Incl CC) 60,919.49 675,478.84 21,607,436.66 C Collections of Prepetition AR 4,611.32 - 5,431,583.73 D Other Receipts - - 3,011,588.37 Intercompany cash transfers, Net (38,943.58) 1,961,912.53 - -------------------------------------------------------- 3 TOTAL RECEIPTS 158,832.60 2,637,391.37 43,800,007.64 -------------------------------------------------------- 4 TOTAL CASH AVAILABLE FOR OPERATIONS 252,658.68 2,656,557.83 46,200,377.24 5 DISBURSEMENTS A US Trustee Quarterly Fees - - - B Net Payroll 1,507.87 - 11,337,051.94 C Payroll Taxes Paid - - 4,134,460.94 D Sales and Use Taxes Paid - - 2,306,533.39 E Other Taxes Paid - - 143,900.16 F Rent 24,133.34 35,994.82 3,589,454.44 G Other Lease Payments 14,862.56 7,042.31 79,452.85 H Telephone 16,885.98 7,031.36 577,318.16 I Utilities 3,298.62 11,269.43 431,068.19 J Travel and Entertainment 23,303.38 3,009.62 199,751.26 K Vehicle Expense 14.18 16,182.90 1,159,777.25 L Office Supplies 10,562.77 5,845.81 201,738.92 M Advertising 60,368.16 - 2,689,223.70 N Insurance (Attachment 7) - - 3,160,004.32 O Purchases of Fixed Assets 3,746.00 1,781.75 13,022.20 P Purchases of Inventory 1,326.66 2,513,893.90 10,242,547.03 Q Manufacturing Supplies - 708.23 72,141.95 R Repairs and Maintenance 3,826.69 2,973.34 204,325.82 S Other Operating Expenses (Attach List) 77,252.69 10,892.81 6,736,246.26 -------------------------------------------------------- 6 TOTAL CASH DISBURSEMENTS 241,088.90 2,616,626.28 47,278,018.78 -------------------------------------------------------- 7 CASH AT END OF PERIOD (Item 4 Minus Item 6) 11,569.78 39,931.55 (1,077,641.54) ========================================================
EX-99.2 3 ex99-2.txt PRESS RELEASE [LOGO] Exhibit 99.2 FOR IMMEDIATE RELEASE --------------------- Contact: John P. David Thorp & Company (305) 446-2700 Michael Weinman Teleflora LLC (310) 966-3504 Gerald Stevens Completes Sale of Florafax FORT LAUDERDALE, Fla., July 10, 2001 - Gerald Stevens Inc. (OTC BB: GIFTE) today announced that it completed the sale of Florafax, its wire service business unit to Teleflora LLC for $10.71 million in cash and the assumption of certain liabilities. The sale was approved at a hearing yesterday before the U.S. Bankruptcy Court in Miami. At the hearing, Teleflora LLC submitted the highest and best offer for the business. In connection with the sale, Gerald Stevens paid a termination fee to Equity Resource Partners. As previously announced, Equity Resource Partners had entered into contract to purchase Florafax. The contract was subject to higher and better offers and approval by the U.S. Bankruptcy Court. About Gerald Stevens Gerald Stevens Inc. is the largest specialty retailer and marketer of floral products in the United States. The company operates a network of approximately 300 floral specialty retail stores; an Internet business that handles retail orders 24 hours a day, seven days a week; and National Flora, a leading national floral marketing company with premium-placed advertisements in Yellow Page directories. Gerald Stevens also owns its own import and sourcing operation in Miami. THIS ANNOUNCEMENT CONTAINS "FORWARD-LOOKING" INFORMATION. FUTURE RESULTS MAY DIFFER FROM THOSE DISCUSSED IN THIS ANNOUNCEMENT. SOME OF THE FACTORS THAT COULD CAUSE SUCH DIFFERENCES CAN BE FOUND UNDER THE HEADINGS "FORWARD-LOOKING STATEMENTS" AND "RISK FACTORS" IN OUR ANNUAL REPORT ON FORM 10-K FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON NOVEMBER 29, 2000, AND OUR QUARTERLY REPORT ON FORM 10-Q FILED ON JANUARY 16, 2001. -----END PRIVACY-ENHANCED MESSAGE-----