-----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, OvL0ZDFjnd+ySyQEOQdSSZ9wwZZCU6w1XfDcHJ6l683u+9YFYfKiu60uREAJXpPt WuV0WFouB54FQ21uBmkLDA== 0001047469-98-030286.txt : 19980812 0001047469-98-030286.hdr.sgml : 19980812 ACCESSION NUMBER: 0001047469-98-030286 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980731 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980811 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NCC INDUSTRIES INC CENTRAL INDEX KEY: 0000070855 STANDARD INDUSTRIAL CLASSIFICATION: WOMEN'S, MISSES', CHILDREN'S & INFANTS' UNDERGARMENTS [2340] IRS NUMBER: 620643336 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-03305 FILM NUMBER: 98681797 BUSINESS ADDRESS: STREET 1: 200 MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10016 BUSINESS PHONE: 2126851555 MAIL ADDRESS: STREET 1: 200 MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10016 FORMER COMPANY: FORMER CONFORMED NAME: NCC LEASING INC DATE OF NAME CHANGE: 19701102 FORMER COMPANY: FORMER CONFORMED NAME: NATIONAL CREDIT CORP DATE OF NAME CHANGE: 19681126 8-K 1 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): July 31, 1998 NCC INDUSTRIES, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation) 0-3305 62-0643336 (Commission File Number) (I.R.S. Employer Identification No.) 200 Madison Avenue, New York, New York 10016 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (212) 592-0700 (Former name or former address if changed since last report) Item 5. Other Events. On July 22, 1997, Registrant, along with its 92.8% parent company, Maidenform, Inc. ("Maidenform") and Maidenform's 100% parent company, Maidenform Worldwide, Inc. (collectively, with Maidenform and the Registrant, the "Debtor Group"), filed voluntary petitions for bankruptcy under Chapter 11 of the Federal Bankruptcy Code in the United States District Court for the Southern District of New York (the "Court"). In accordance with Securities Exchange Act Release No. 9660 (June 30, 1972), Rule 12b-21 under the Securities Exchange Act of 1934 (the "Exchange Act"), and the Securities and Exchange Commission's related no-action correspondence, Registrant is herewith filing copies of the Debtor Group's consolidated monthly financial report (the "Trustee's Report") filed with the Court and the United States Trustee (the "Trustee") in accordance with Bankruptcy Rule 2015 and the Trustee's "Operating Guidelines and Financial Reporting Requirements" in lieu of quarterly and annual reports under Section 13(a) of the Exchange Act. Accordingly, attached to this Current Report as Exhibit 99.1 is a copy of the Trustee's Report for the Debtor Group for the month of June 1998, which was filed with the Court and the Trustee on July 31, 1998. Item 7. Financial Statements and Exhibits. (c) Exhibits 99.1 Trustee's Report for the Debtor Group for the month of June 1998, which was filed with the Court and the Trustee on July 31, 1998. 2 SIGNATURES Pursuant to the requirements of the Exchange Act, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. NCC INDUSTRIES, INC. Dated: August 10, 1998 By: /s/ Frank Stull ------------------------------------- Frank Stull Duly authorized officer to execute on behalf of Registrant Executive Vice President - Chief Financial Officer 3 EX-99.1 2 EXHIBIT 99.1 Exhibit 99.1 CONFIDENTIAL MAIDENFORM WORLDWIDE, INC. AND SUBSIDIARIES JUNE 1998 FINANCIAL REPORTING PACKAGE JUNE 1998 FINANCIAL REPORTING PACKAGE CONTENTS Schedule Page - -------- ---- June 1998 Month - Income Statement 1 - Balance Sheet 2 - Cash Flow Statement 3 June 1998 YTD - Income Statement 4 - Cash Flow Statement 5 MAIDENFORM WORLDWIDE, INC. AND SUBSIDIARIES JUNE 1998 INCOME STATEMENT (in thousands) ACTUAL ---------- Net sales Wholesale $ 16,415 Retail 5,238 ---------- Total 21,653 Cost of sales 14,509 ---------- Gross profit 7,144 % 33.0% Operating expenses Design 449 General and administrative 1,314 Advertising 176 Coop - advertising 546 Selling 1,408 Selling - Retail 1,856 Distribution 1,108 ---------- Total 6,857 ---------- Income (Loss) before interest and taxes (EBIT) 287 Interest expense 537 Reorganization cost 203 ---------- Pretax loss (453) Taxes 44 ---------- Net loss $ (497) ---------- ---------- EBIT $ 287 Depreciation 391 ---------- EBITDAR $ 678 ---------- ---------- (1) MAIDENFORM WORLDWIDE, INC. AND SUBSIDIARIES BALANCE SHEET FOR THE PERIOD INDICATED (in thousands) AS OF JUNE 30, 1998 ------------- ACTUAL ---------- ASSETS Current assets Cash and cash equivalents $ 5,351 Accounts receivable, net 21,855 Inventories, net 69,759 Other current assets 3,069 Insurance receivable 3,106 ---------- Total current assets 103,140 Property, plant & equipment, net 32,700 Other assets 4,516 ---------- TOTAL ASSETS $ 140,356 ---------- ---------- LIABILITIES Current liabilities Liabilities not subject to compromise Current Liabilities: Accounts payable $ 7,419 Accrued expenses 14,049 Cash collateral loan 29,637 Revolver 15,525 ---------- Total current liabilities 66,630 Liabilities subject to compromise 215,811 Other liabilities 622 ---------- TOTAL LIABILITIES 283,063 ---------- EQUITY Stock 5 Paid in capital 40,899 Accumulated deficit (173,178) Year to date loss (10,433) ---------- Total deficit (142,707) TOTAL LIABILITIES AND DEFICIT $ 140,356 ---------- ---------- (2) MAIDENFORM WORLDWIDE, INC. & SUBSIDIARIES JUNE 1998 MONTH STATEMENT OF CASH FLOWS (in thousands) ACTUAL ---------- OPERATING ACTIVITIES Net loss $ (497) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 392 Changes in operating assets and liabilities: Increase in accounts receivable (1,276) (Increase) Decrease in inventories (165) Increase in prepaid expenses and other assets (317) Increase (decrease) in accounts payable, accrued expenses, taxes and sundry liabilities 1,534 ---------- Net cash used in operating activities (329) ---------- INVESTING ACTIVITIES Additions to property, plant and equipment (Net) (887) ---------- Net cash used in investing activities (887) ---------- FINANCING ACTIVITIES Net Borrowings under revolving credit loan 427 ---------- Net cash provided by financing activities 427 ---------- Decrease in cash (789) Cash at beginning of period 6,140 ---------- Cash at end of period $ 5,351 ---------- ---------- (3) MAIDENFORM WORLDWIDE, INC. AND SUBSIDIARIES June 1998 YTD Income Statement (in thousands) ACTUAL ---------- Net sales Wholesale $ 75,504 Retail 24,299 ---------- Total 99,803 Cost of sales 69,726 ---------- Gross profit 30,077 % 30.1% Operating expenses Design 2,056 General and administrative 7,793 Advertising 763 Coop - advertising 2,527 Selling 7,010 Selling - Retail 9,807 Distribution 6,002 ---------- Total 35,958 ---------- Loss before interest and taxes (EBIT) (5,881) Interest expense 2,639 Reorganization cost 1,626 ---------- Pretax loss (10,146) Taxes 287 Net loss $ (10,433) ---------- ---------- EBIT $ (5,881) Depreciation 2,475 ---------- EBITDAR $ (3,406) ---------- ---------- (4) MAIDENFORM WORLDWIDE, INC. & SUBSIDIARIES JUNE 1998 YTD STATEMENT OF CASH FLOWS (in thousands) ACTUAL ---------- OPERATING ACTIVITIES Net loss $ (10,433) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 2,475 Changes in operating assets and liabilities: Increase in accounts receivable (4,906) Increase in inventories (2,504) Decrease in prepaid expenses and other assets 2,061 Increase (decrease) in accounts payable, accrued expenses, taxes and sundry liabilities 2,683 ---------- Net cash used in operating activities (10,624) ---------- INVESTING ACTIVITIES Additions to property, plant and equipment (Net) (1,760) ---------- Net cash used in investing activities (1,760) ---------- FINANCING ACTIVITIES Net borrowings under revolving credit loan 10,634 ---------- Net cash provided by financing activities 10,634 ---------- Decrease in cash (1,750) Cash and Cash Equivalents at beginning of year 7,101 ---------- Cash and Cash Equivalents at end of period $ 5,351 ---------- ---------- (5) -----END PRIVACY-ENHANCED MESSAGE-----