-----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, Wgx5kbTRjaAyq6VEwXl/48btBSuT8DidIIou285Zsxq1pf11HNTNsAmxY8SwLcLE iuc3iSizOGDxacTBG2iwZg== 0001047469-98-023453.txt : 19980610 0001047469-98-023453.hdr.sgml : 19980610 ACCESSION NUMBER: 0001047469-98-023453 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980603 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980609 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: 98644783 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 FORM 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 3, 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 April 1998 which was filed with the Court and the Trustee on June 3, 1998. Item 7. Financial Statements and Exhibits. (c) Exhibits 99.1 Trustee's Report for the Debtor Group for the month of April 1998, which was filed with the Court and the Trustee on June 3, 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: June 8, 1998 By: /s/ Steven N. Masket -------------------------- Steven N. Masket Duly authorized officer to execute on behalf of Registrant Executive Vice President- General Counsel 3 EX-99.1 2 EXHIBIT 99.1 Exhibit 99.1 CONFIDENTIAL ------------ Maidenform Worldwide, Inc. and Subsidiaries April 1998 Financial Reporting Package April 1998 Financial Reporting Package Contents
Schedule Page - -------- ---- April 1998 Month - Income Statement 1 - Balance Sheet 2 - Cash Flow Statement 3 April 1998 YTD - Income Statement 4 - Cash Flow Statement 5
Maidenform Worldwide, Inc. and Subsidiaries April 1998 Month Income Statement (in thousands)
Actual Net sales $ 16,351 Cost of sales 11,060 ------------- Gross profit 5,291 % 32.4% Operating expenses Design 319 General and administrative 1,387 Advertising 81 Coop - advertising 393 Selling 1,190 Selling - Retail 1,631 Distribution 913 ------------- Total 5,914 ------------- Loss before interest and taxes (EBIT) (623) Interest expense 428 Reorganization cost 295 ------------- Pretax loss (1,346) Taxes 48 ------------- Net loss $ (1,394) ------------- -------------
(1) Maidenform Worldwide, Inc. and Subsidiaries Balance Sheets for the Periods Indicated (in thousands)
April 1998 ---------- Actual ------ ASSETS Current assets Cash and cash equivalents $ 4,332 Accounts receivable, net 17,583 Inventories, net 70,542 Other current assets 3,261 Insurance receivable 3,863 ------------- Total current assets 99,581 Property, plant & equipment, net 32,446 Other assets 4,684 ------------- Total assets $ 136,711 ------------- ------------- LIABILITIES Current liabilities Liabilities not subject to compromise Current Liabilities: Accounts payable $ 6,162 Accrued expenses 11,994 Cash collateral loan 29,637 Revolver 13,622 ------------- Total current liabilities 61,415 Liabilities subject to compromise 216,010 Other liabilities 604 ------------- Total liabilities 278,029 ------------- EQUITY Stock 5 Paid in capital 40,899 Accumulated deficit (173,178) Year to date loss (9,044) Total deficit (141,318) ------------- Total liabilities and deficit $ 136,711 ------------- -------------
(2) Maidenform Worldwide, Inc. & Subsidiaries April 1998 Month Statement of Cash Flows (in thousands)
Actual Operating Activities Net loss $ (1,394) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 95 Changes in operating assets and liabilities: Increase in accounts receivable (326) Decrease in inventories 540 Increase in prepaid expenses and other assets (583) Increase (Decrease) in accounts payable, accrued expenses, taxes and sundry liabilities 845 ----------- Net cash used in operating activities (823) ----------- Investing activities Proceeds from destruction of facility 1,000 Additions to property, plant and equipment (Net) (82) ----------- Net cash used in investing activities 918 ----------- Financing activities Net Borrowings (repayments) under revolving credit loan (112) ----------- Net cash provided by (used in) financing activities (112) ----------- Decrease in cash (17) Cash at beginning of period 4,349 ----------- Cash at end of period $ 4,332 ----------- -----------
(3) Maidenform Worldwide, Inc. and Subsidiaries April 1998 YTD Income Statement (in thousands)
Actual Net sales $ 60,967 Cost of sales 43,638 ----------- Gross profit 17,329 % 28.4% Operating expenses Design 1,314 General and administrative 5,209 Advertising 421 Coop - advertising 1,526 Selling 4,574 Selling - Retail 6,348 Distribution 3,886 ----------- Total 23,278 ----------- Loss before interest and taxes (5,949) Interest expense 1,655 Reorganization cost 1,240 Pretax loss (8,844) Taxes 200 ----------- ----------- Net loss $ (9,044) ----------- -----------
(4) Maidenform Worldwide, Inc. & Subsidiaries April 1998 YTD Statement of Cash Flows (in thousands)
Actual Operating Activities Net loss $ (9,044) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 1,402 Changes in operating assets and liabilities: Increase in accounts receivable (634) Increase in inventories (3,287) Increase in prepaid expenses and other assets (33) Decrease in accounts payable, accrued expenses, taxes and sundry liabilities (471) ---------- Net cash used in operating activities (12,067) ---------- Investing activities Proceeds from destruction of facility 1,000 Additions to property, plant and equipment (Net) (433) ---------- Net cash provided by (used in) investing activities 567 ---------- Financing activities Net borrowings under revolving credit loan 8,731 ---------- Net cash provided by financing activities 8,731 ---------- Decrease in cash (2,769) Cash and Cash Equivalents at beginning of year 7,101 ---------- Cash and Cash Equivalents at end of period $ 4,332 ---------- ----------
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