8-K 1 sbb2.txt HEILIG-MEYERS COMPANY 8-K 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) December 23, 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 December 23, 2002 the Debtors submitted to the Bankruptcy Court their summary financial information for the month and fiscal year-to-date ended November 30, 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 November 30, 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: January 8, 2003 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) November 30, February 28, 2002 2002 ASSETS ------------ ----------- Current Assets: Cash $ 10,271 $ 7,688 Accounts Receivable, Net -- -- Inventories 47,855 46,818 Other Receivables 5,457 8,199 Prepaid Expenses 3,131 2,429 --------- --------- Total Current Assets 66,714 65,134 --------- --------- Land and Buildings 19,988 22,821 Fixtures, Furniture and Vehicles 9,728 9,077 Leasehold Improvements 23,459 23,132 Construction in Progress 9 -- --------- --------- Total Property and Equipment 53,184 55,030 Accumulated Depreciation and Amortization 21,323 18,972 --------- --------- Property and Equipment, Net 31,861 36,058 --------- --------- Other Assets 104,085 125,554 --------- --------- TOTAL ASSETS $ 202,660 $ 226,746 ========= ========= LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: DIP Facilities - Revolving Facility $ -- $ -- Accounts Payable 2,716 2,842 Accrued Expenses 27,074 31,042 Income Tax Currently Payable 122 766 Deferred Revenue 6,652 8,180 --------- --------- Total Current Liabilities 36,564 42,830 --------- --------- DIP Facilities - Term Facility -- -- Deferred Income Taxes -- -- Liabilities Subject to Compromise 711,976 718,972 Commitments and Contingencies Stockholders' Deficit: Common Stock 121,526 121,525 Capital in Excess of Par Value 240,871 240,871 Retained Deficit (908,277) (897,452) --------- --------- Total Stockholders' Deficit (545,880) (535,056) --------- --------- TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 202,660 $ 226,746 ========= ========= HEILIG-MEYERS COMPANY CONSOLIDATED INTERNAL OPERATING STATEMENT (Amounts in thousands, except earnings per share) (Unaudited) One Month Ended Nine Months Ended November 30, 2002 November 30, 2002 ------------------ ------------------ Sales $ 25,967 $ 251,407 Costs of Sales 14,475 137,429 ------- -------- Maintained Margin 11,493 113,978 Other Income 2,157 19,602 ------- -------- Total Income 13,650 133,580 Selling, General & Administrative Expense 14,766 131,358 Interest Expense 54 486 ------- -------- Total Operating Expense 14,820 131,844 Operating Income Before Reorganization Items, Delivered Sales Adjustment and Income Taxes (1,170) 1,736 Reorganization Items: Store and Distribution Center Exit Costs (22) (245) Credit Operations Exit Costs -- -- Asset Impairment -- (7,797) Interest Income -- -- Trustee Fees -- (34) Professional Fees (475) (4,014) ------- -------- Total Reorganization Items (497) (12,090) Delivered Sales Adjustment 712 (471) ------- -------- Income (Loss) Before Income Taxes (955) (10,825) Income Taxes -- -- ------- -------- Net Income (Loss) $ (955) $(10,825) ======= ======== Income (Loss) per Share $ (0.02) $ (0.18) Diluted Shares 60,763 60,763 HEILIG-MEYERS COMPANY CONSOLIDATED STATEMENT OF CASH FLOWS (Amounts in thousands) (Unaudited) One Month Ended Nine Months Ended November 30, 2002 November 30, 2002 ------------------ ------------------ CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ (955) $ (10,825) Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 304 2,685 Reorganization items 425 12,018 Change in operating assets and liabilities: Accounts receivable -- -- Other receivables (1,238) 3,349 Inventories 2,947 (1,037) Prepaid expenses 169 (535) Deferred taxes -- -- Deferred revenue 1,413 (1,528) Accounts payable (124) (1,608) Accrued expenses 927 (2,094) --------- --------- Net cash provided by (used in) operating activities 3,869 425 --------- --------- CASH FLOWS RELATED TO INVESTING ACTIVITIES: Additions to property and equipment (35) (1,065) Disposals of property and equipment 20 2,550 Proceeds from dispositions of fixed assets - reorganization (2) 1,710 Miscellaneous investments 3,406 10,738 --------- --------- Net cash provided by investing activities 3,389 13,933 --------- --------- 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 (2,167) (11,770) --------- --------- Net cash provided by (used in) financing activities (2,167) (11,774) --------- --------- Net increase in cash 5,091 2,583 Cash at beginning of period 5,180 7,688 --------- --------- Cash at end of period $ 10,271 $ 10,271 ========= =========