8-K 1 sbb7.txt HEILIG-MEYERS COMPANY 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) November 26, 2002 ---------------------- Heilig-Meyers Company ---------------------------------------------------- (Exact name of registrant as specified in its charter) Virginia 1-8484 54-0558861 --------------------------- ------------ ------------------ (State or other jurisdiction (Commission (IRS Employer of incorporation) file number) Identification No.) 12560 West Creek Parkway, Richmond, Virginia 23238 -------------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (804) 784-7300 ------------------------ N/A ------------------------------------------------------------ (Former name or former address, if changed since last report Item 5. OTHER EVENTS On August 16, 2000, Heilig-Meyers Company and certain of its subsidiaries (collectively, "the Debtors") filed voluntary petitions for relief under Chapter 11, Title 11 of the United States Bankruptcy Code with the United States Bankruptcy Court ("Bankruptcy Court") for the Eastern District of Virginia, case number 00-34533. On November 26, 2002 the Debtors submitted to the Bankruptcy Court their summary financial information for the month and fiscal year-to-date ended October 31, 2002, a copy of which is attached hereto as Exhibit 99.1. ITEM 7. EXHIBITS (c) Exhibits 99.1 Summary financial information for the month and fiscal year-to-date ended October 31, 2002 as filed with the United States Bankruptcy Court for the Eastern District of Virginia. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned thereunto duly authorized. HEILIG-MEYERS COMPANY Date: December 11, 2002 By: /s/Ronald L. Barden ---------------------------- Ronald L. Barden Managing Director of Reorganization EXHIBIT 99.1 HEILIG-MEYERS COMPANY CONSOLIDATED BALANCE SHEET (Amounts in thousands) (Unaudited) October 31, February 28, 2002 2002 ASSETS ------------ ----------- Current Assets: Cash $ 5,180 $ 7,688 Accounts Receivable, Net -- -- Inventories 50,802 46,818 Other Receivables 4,982 8,199 Prepaid Expenses 3,300 2,429 --------- --------- Total Current Assets 64,264 65,134 --------- --------- Land and Buildings 20,008 22,821 Fixtures, Furniture and Vehicles 9,659 9,077 Leasehold Improvements 23,424 23,132 Construction in Progress 77 -- --------- --------- Total Property and Equipment 53,168 55,030 Accumulated Depreciation and Amortization 21,018 18,972 --------- --------- Property and Equipment, Net 32,150 36,058 --------- --------- Other Assets 105,137 125,554 --------- --------- TOTAL ASSETS $ 201,551 $ 226,746 ========= ========= LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: DIP Facilities - Revolving Facility $ -- $ -- Accounts Payable 2,121 2,842 Accrued Expenses 24,708 31,042 Income Tax Currently Payable 157 766 Deferred Revenue 5,239 8,180 --------- --------- Total Current Liabilities 32,225 42,830 --------- --------- DIP Facilities - Term Facility -- -- Deferred Income Taxes -- -- Liabilities Subject to Compromise 714,251 718,972 Commitments and Contingencies Stockholders' Deficit: Common Stock 121,526 121,525 Capital in Excess of Par Value 240,871 240,871 Retained Deficit (907,322) (897,452) --------- --------- Total Stockholders' Deficit (544,925) (535,056) --------- --------- TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 201,551 $ 226,746 ========= ========= HEILIG-MEYERS COMPANY CONSOLIDATED INTERNAL OPERATING STATEMENT (Amounts in thousands, except earnings per share) (Unaudited) One Month Ended Eight Months Ended October 31, 2002 October 31, 2002 ------------------ ------------------ Sales $ 26,368 $ 225,440 Costs of Sales 14,245 122,955 ------- -------- Maintained Margin 12,124 102,486 Other Income 1,764 17,444 ------- -------- Total Income 13,887 119,930 Selling, General & Administrative Expense 14,322 116,592 Interest Expense 56 432 ------- -------- Total Operating Expense 14,378 117,024 Operating Income Before Reorganization Items, Delivered Sales Adjustment and Income Taxes (491) 2,906 Reorganization Items: Store and Distribution Center Exit Costs (51) (223) Credit Operations Exit Costs -- -- Asset Impairment -- (7,797) Interest Income -- -- Trustee Fees (11) (34) Professional Fees (323) (3,539) ------- -------- Total Reorganization Items (385) (11,593) Delivered Sales Adjustment (203) (1,183) ------- -------- Income (Loss) Before Income Taxes (1,079) (9,870) Income Taxes -- -- ------- -------- Net Income (Loss) $ (1,079) $ (9,870) ======= ======== Income (Loss) per Share $ (0.02) $ (0.16) Diluted Shares 60,763 60,763 HEILIG-MEYERS COMPANY CONSOLIDATED STATEMENT OF CASH FLOWS (Amounts in thousands) (Unaudited) One Month Ended Eight Months Ended October 31, 2002 October 31, 2002 ------------------ ------------------ CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ (1,079) $ (9,870) Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 305 2,381 Reorganization items 384 11,592 Change in operating assets and liabilities: Accounts receivable -- -- Other receivables 1,188 4,587 Inventories (1,368) (3,984) Prepaid expenses 12 (704) Deferred taxes -- -- Deferred revenue (559) (2,941) Accounts payable (78) (1,484) Accrued expenses (307) (3,022) --------- --------- Net cash provided by (used in) operating activities (1,501) (3,444) --------- --------- CASH FLOWS RELATED TO INVESTING ACTIVITIES: Additions to property and equipment (102) (1,030) Disposals of property and equipment 1 2,530 Proceeds from dispositions of fixed assets - reorganization 26 1,712 Miscellaneous investments (141) 7,332 --------- --------- Net cash provided by investing activities (215) 10,544 --------- --------- CASH FLOWS RELATED TO FINANCING ACTIVITIES: Decrease in notes payable, net -- -- Payments of long-term debt -- (4) DIP proceeds (payments) - Revolving Facility -- -- DIP proceeds (payments) - Term Facility -- -- Restricted cash -- (9,604) --------- --------- Net cash provided by (used in) financing activities -- (9,607) --------- --------- Net increase in cash (1,716) (2,508) Cash at beginning of period 6,897 7,688 --------- --------- Cash at end of period $ 5,180 $ 5,180 ========= =========