-----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, TporIAIbgQwXn7bGA7ovGRvDeaDfkQ9SjU4TdYCfKHus4SJJ8prVX/+6f5892vi7 Qnjjeuf1pUUxik2VHXd96g== 0000046601-05-000020.txt : 20051018 0000046601-05-000020.hdr.sgml : 20051018 20051018101808 ACCESSION NUMBER: 0000046601-05-000020 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050831 ITEM INFORMATION: Other Events FILED AS OF DATE: 20051018 DATE AS OF CHANGE: 20051018 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HEILIG MEYERS CO CENTRAL INDEX KEY: 0000046601 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-FURNITURE STORES [5712] IRS NUMBER: 540558861 STATE OF INCORPORATION: VA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08484 FILM NUMBER: 051142168 BUSINESS ADDRESS: STREET 1: 12501 PATTERSON AVENUE CITY: RICHMOND STATE: VA ZIP: 23238 BUSINESS PHONE: 8047847300 MAIL ADDRESS: STREET 1: 2235 STAPLES MILL RD CITY: RICHMOND STATE: VA ZIP: 23230 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) September 30, 2005 ---------------------- 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 23238 - -------------------------------------------- ---------- (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 8.01. 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, jointly administered under case number 00-34533. On September 30, 2005 the Debtors submitted to the Bankruptcy Court their summary financial information for the month and fiscal year-to-date ended August 31, 2005, 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 August 31, 2005 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: October 18, 2005 By: /s/Ronald L. Barden ---------------------------- Ronald L. Barden Managing Director of Reorganization EXHIBIT 99.1 HEILIG-MEYERS COMPANY BALANCE SHEET (Amounts in thousands) (Unaudited) Excluding Including RoomStore RoomStore August 31, February 28, 2005 2005 ASSETS ------------ ----------- Current Assets: Cash $ 22,785 $ 14,651 Accounts Receivable, Net -- -- Inventories -- 51,369 Other Receivables 177 6,661 Prepaid Expenses -- 3,155 --------- --------- Total Current Assets 22,962 75,836 --------- --------- Land and Buildings 1,019 11,319 Fixtures, Furniture and Vehicles 1,334 10,078 Leasehold Improvements -- 28,072 Construction in Progress -- 20 --------- --------- Total Property and Equipment 2,353 49,489 Accumulated Depreciation and Amortization 1,786 25,118 --------- --------- Property and Equipment, Net 567 24,371 --------- --------- Investment in RoomStore, Inc. 30,000 -- Other Assets 11,379 59,705 --------- --------- TOTAL ASSETS $ 64,908 $ 159,912 ========= ========= LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: DIP Facilities - Revolving Facility $ -- $ -- Accounts Payable 59 5,975 Accrued Expenses 1,829 19,683 Income Tax Currently Payable 46 -- Deferred Revenue -- 8,561 --------- --------- Total Current Liabilities 1,934 34,219 --------- --------- DIP Facilities - Term Facility -- -- Deferred Income Taxes -- -- Liabilities Subject to Compromise 678,779 689,101 Commitments and Contingencies Stockholders' Deficit: Common Stock 121,526 121,526 Capital in Excess of Par Value 240,871 240,871 Retained Deficit (978,202) (925,805) --------- --------- Total Stockholders' Deficit (615,806) (563,408) --------- --------- TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 64,908 $ 159,912 ========= ========= HEILIG-MEYERS COMPANY CONSOLIDATED INTERNAL OPERATING STATEMENT EXCLUDES ROOMSTORE FOR THE MONTHS OF JUNE THRU AUGUST 2005 (Amounts in thousands, except earnings per share) (Unaudited) One Month Ended Six Months Ended August 31, 2005 August 31, 2005 ------------------ ------------------ Sales $ -- $ 82,017 Costs of Sales -- 45,392 ------- -------- Maintained Margin -- 36,625 Other Income 107 7,099 ------- -------- Total Income 107 43,724 Selling, General & Administrative Expense 52 44,196 Interest Expense -- 317 ------- -------- Total Operating Expense 52 44,513 Operating Income Before Reorganization Items, Delivered Sales Adjustment and Income Taxes 55 (789) Reorganization Items: Store and Distribution Center Exit Costs -- -- Credit Operations Exit Costs -- -- Asset Impairment -- (59,919) Interest Income -- -- Trustee Fees -- (23) Professional Fees (300) (3,106) ------- -------- Total Reorganization Items (300) (63,047) Delivered Sales Adjustment -- 66 ------- -------- Income (Loss) Before Income Taxes (245) (63,770) Income Taxes -- 6 ------- -------- Net Income (Loss) $ (245) $(63,776) ======= ======== Income (Loss) per Share $ (0.00) $ (1.05) Diluted Shares 60,771 60,771 HEILIG-MEYERS COMPANY CONSOLIDATED STATEMENT OF CASH FLOWS EXCLUDES ROOMSTORE FOR THE MONTHS OF JUNE THRU AUGUST 2005 (Amounts in thousands) (Unaudited) One Month Ended Six Months Ended August 31, 2005 August 31, 2005 ------------------ ------------------ CASH FLOWS FROM OPERATING ACTIVITIES: Net Income (Loss) $ (245) $ (63,776) Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 3 1,005 Reorganization items 300 3,128 Impairment Write-Downs -- 59,919 Sold not delivered adjustment -- (66) Change in operating assets and liabilities: Accounts receivable -- -- Other receivables -- (1,991) Inventories -- 4,796 Prepaid expenses -- 375 Deferred taxes -- -- Deferred revenue -- (718) Accounts payable (36) 915 Accrued expenses (688) (5,198) --------- --------- Net cash provided by (used in) operating activities (666) (1,610) --------- --------- CASH FLOWS RELATED TO INVESTING ACTIVITIES: Additions to property and equipment -- (254) Disposals of property and equipment -- 3 Proceeds from dispositions of fixed assets - reorganization -- -- Miscellaneous investments -- 1,498 --------- --------- Net cash provided by investing activities -- 1,248 --------- --------- 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 -- 8,496 --------- --------- Net cash provided by (used in) financing activities -- 8,496 --------- --------- Net increase (decrease) in cash (666) 8,134 Cash at beginning of period 23,451 14,651 --------- --------- Cash at end of period $ 22,785 $ 22,785 ========= ========= -----END PRIVACY-ENHANCED MESSAGE-----