8-K 1 sbb9.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) June 30, 2004 ---------------------- 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.) 12501 Patterson Avenue, Richmond, Virginia 23233 -------------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (804) 784-7500 ------------------------ ------------------------------------------------------------ (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 June 30, 2004 the Debtors submitted to the Bankruptcy Court their summary financial information for the month and fiscal year-to-date ended May 31, 2004, 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 May 31, 2004 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: July 15, 2004 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) May 31, February 29, 2004 2004 ASSETS ------------ ----------- Current Assets: Cash $ 6,348 $ 16,258 Accounts Receivable, Net -- -- Inventories 48,966 46,054 Other Receivables 7,025 6,942 Prepaid Expenses 3,889 2,792 --------- --------- Total Current Assets 66,228 72,046 --------- --------- Land and Buildings 19,643 19,643 Fixtures, Furniture and Vehicles 9,509 9,429 Leasehold Improvements 25,191 24,825 Construction in Progress 894 781 --------- --------- Total Property and Equipment 55,237 54,678 Accumulated Depreciation and Amortization 25,506 24,605 --------- --------- Property and Equipment, Net 29,731 30,073 --------- --------- Other Assets 87,995 88,222 --------- --------- TOTAL ASSETS $ 183,954 $ 190,341 ========= ========= LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: DIP Facilities - Revolving Facility $ -- $ -- Accounts Payable 7,920 7,965 Accrued Expenses 17,316 21,042 Income Tax Currently Payable -- -- Deferred Revenue 7,979 8,047 --------- --------- Total Current Liabilities 33,215 37,054 --------- --------- DIP Facilities - Term Facility -- -- Deferred Income Taxes -- -- Liabilities Subject to Compromise 705,996 706,068 Commitments and Contingencies Stockholders' Deficit: Common Stock 121,526 121,526 Capital in Excess of Par Value 240,871 240,871 Retained Deficit (917,654) (915,178) --------- --------- Total Stockholders' Deficit (555,257) (552,781) --------- --------- TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 183,954 $ 190,341 ========= ========= HEILIG-MEYERS COMPANY CONSOLIDATED INTERNAL OPERATING STATEMENT (Amounts in thousands, except earnings per share) (Unaudited) One Month Ended Three Months Ended May 31, 2004 May 31, 2004 ------------------ ------------------ Sales $ 27,623 $ 79,690 Costs of Sales 15,338 44,307 ------- -------- Maintained Margin 12,285 35,383 Other Income 2,159 6,134 ------- -------- Total Income 14,444 41,517 Selling, General & Administrative Expense 14,532 42,382 Interest Expense 31 107 ------- -------- Total Operating Expense 14,563 42,489 Operating Income Before Reorganization Items, Delivered Sales Adjustment and Income Taxes (120) (972) Reorganization Items: Store and Distribution Center Exit Costs -- -- Credit Operations Exit Costs -- -- Asset Impairment -- -- Interest Income -- -- Trustee Fees -- (11) Professional Fees (357) (1,413) ------- -------- Total Reorganization Items (357) (1,424) Delivered Sales Adjustment (982) (28) ------- -------- Income (Loss) Before Income Taxes (1,459) (2,424) Income Taxes 52 52 ------- -------- Net Income (Loss) $ (1,511) $ (2,476) ======= ======== Income (Loss) per Share $ (0.02) $ (0.04) Diluted Shares 60,771 60,771 HEILIG-MEYERS COMPANY CONSOLIDATED STATEMENT OF CASH FLOWS (Amounts in thousands) (Unaudited) One Month Ended Three Months Ended May 31, 2004 May 31, 2004 ------------------ ------------------ CASH FLOWS FROM OPERATING ACTIVITIES: Net Income (Loss) $ (1,511) $ (2,476) Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 309 926 Reorganization items 357 1,424 Sold not delivered adjustment 982 28 Change in operating assets and liabilities: Accounts receivable -- -- Other receivables (2,071) 205 Inventories (132) (3,017) Prepaid expenses (549) (1,097) Deferred taxes -- -- Deferred revenue 4 (32) Accounts payable 955 (118) Accrued expenses 438 (5,154) --------- --------- Net cash provided by (used in) operating activities (1,217) (9,311) --------- --------- CASH FLOWS RELATED TO INVESTING ACTIVITIES: Additions to property and equipment (204) (647) Disposals of property and equipment 61 62 Proceeds from dispositions of fixed assets - reorganization -- -- Miscellaneous investments -- -- --------- --------- Net cash provided by investing activities (144) (585) --------- --------- CASH FLOWS RELATED TO FINANCING ACTIVITIES: Decrease in notes payable, net -- -- Payments of long-term debt -- -- DIP proceeds (payments) - Revolving Facility -- -- DIP proceeds (payments) - Term Facility -- -- Restricted cash (3) (14) --------- --------- Net cash provided by (used in) financing activities (3) (14) --------- --------- Net increase (decrease) in cash (1,364) (9,910) Cash at beginning of period 7,712 16,258 --------- --------- Cash at end of period $ 6,348 $ 6,348 ========= =========