-----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, PM3joYoUT4s/aMFbCL77C1LML/O3/MD8LohAFCIVr4c3VUxMIu8/LpVCpA9qHm3K tsqUP5neTLEtwxsAdTpA3w== 0001047469-99-026440.txt : 19990707 0001047469-99-026440.hdr.sgml : 19990707 ACCESSION NUMBER: 0001047469-99-026440 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990630 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990706 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: 99659312 BUSINESS ADDRESS: STREET 1: 200 MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10016 BUSINESS PHONE: 2125920700 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): June 30, 1999 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 May 1999, which was filed with the Court and the Trustee on June 30, 1999. Item 7. Financial Statements and Exhibits. (c) Exhibits 99.1 Trustee's Report for the Debtor Group for the month of May 1999, which was filed with the Court and the Trustee on June 30, 1999. 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: July 1, 1999 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 TRUSTEE'S REPORT Exhibit 99.1 Alan B. Miller, Esq. (AM 2817) Stephen Karotkin, Esq. (SK 7357) WEIL, GOTSHAL & MANGES LLP Attorneys for Debtors and Debtors in Possession 767 Fifth Avenue New York, New York 10153 (212) 310-8000 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK - ------------------------------------------ : : In re : Chapter 11 Case : MAIDENFORM WORLDWIDE, INC., ET AL., : No. 97 B 44869 (CB) : Debtors. : (Jointly Administered) : - ------------------------------------------: DEBTORS' MAY 1999 FINANCIAL REPORTING PACKAGE PURSUANT TO UNITED STATES TRUSTEE'S OPERATING GUIDELINES AND REPORTING REQUIREMENTS Alan B. Miller, Esq. (AM 2817) Stephen Karotkin, Esq. (SK 7357) WEIL, GOTSHAL & MANGES LLP Attorneys for Debtors and Debtors in Possession 767 Fifth Avenue New York, New York 10153 (212) 310-8000 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK - ------------------------------------------ : : In re : Chapter 11 Case : MAIDENFORM WORLDWIDE, INC., ET AL., : No. 97 B 44869 (CB) : Debtors. : (Jointly Administered) : - ------------------------------------------: VERIFICATION OF DEBTORS' MAY 1999 FINANCIAL REPORTING PACKAGE PURSUANT TO UNITED STATES TRUSTEE'S OPERATING GUIDELINES AND REPORTING REQUIREMENTS The undersigned, having reviewed the attached report and assisted in its preparation and being familiar with the Debtors' financial affairs, verifies under the penalty of perjury, that the information contained therein is complete, accurate and truthful to the best of my knowledge. DATE: JUNE 30, 1999 BY: /s/ FRANK STULL --------------------------- Mr. Frank Stull Chief Financial Officer CONFIDENTIAL MAIDENFORM WORLDWIDE, INC. AND SUBSIDIARIES MAY 1999 FINANCIAL REPORTING PACKAGE May Financial Reporting Package Contents Schedule Page - -------- ---- May 1999 Month and Y-T-D - Income Statement 1-2 - Balance Sheet 3 - Cash Flow Statement 4 MAIDENFORM WORLDWIDE, INC. AND SUBSIDIARIES MAY 1999 MONTH INCOME STATEMENT (in thousands)
Actual ------ Net sales Wholesale $ 12,749 Retail 4,102 ---------------- Total 16,851 Cost of sales 10,518 ---------------- Gross profit 6,333 % 37.6% Operating expenses Advertising 416 Coop - advertising 455 ---------------- Subtotal 870 Design 328 General and administrative 1,271 Selling 1,113 Selling - Retail 1,699 Distribution 877 ---------------- Total 6,158 ---------------- Income (Loss) before interest and taxes (EBIT) 175 Interest expense 544 Reorganization cost 232 ---------------- Pretax loss (601) Taxes 50 ---------------- Net loss $ (651) ================ EBIT $ 175 Depreciation 366 ---------------- EBITDAR $ 541 ================
1 MAIDENFORM WORLDWIDE, INC. AND SUBSIDIARIES MAY 1999 YTD INCOME STATEMENT (in thousands)
Actual ------ Net sales Wholesale $ 63,863 Retail 17,501 ---------------- Total 81,364 Cost of sales 52,689 ---------------- Gross profit 28,675 % 35.2% Operating expenses Advertising 3,296 Coop - advertising 1,929 ---------------- Subtotal 5,225 Design 1,727 General and administrative 6,420 Selling 5,847 Selling - Retail 7,881 Distribution 4,607 ---------------- Total 31,707 ---------------- Income (Loss) before interest and taxes (EBIT) (3,032) Interest expense 2,453 Reorganization cost 987 ---------------- Pretax loss (6,472) Taxes 275 Net loss $ (6,747) ================ EBIT $ (3,032) Depreciation 1,830 ---------------- EBITDAR $ (1,202) ================
2 MAIDENFORM WORLDWIDE, INC. AND SUBSIDIARIES BALANCE SHEETS FOR THE PERIODS INDICATED (in thousands)
As of May 25, 1999 ------------ Actual ------ ASSETS Current Assets Cash and cash equivalents $ 2,938 Accounts receivable, net 24,211 Inventories, net 73,033 Other current assets 1,159 Insurance receivable 1,397 ---------------- Total current assets 102,738 Property, plant & equipment, net 34,166 Other assets 4,092 ---------------- TOTAL ASSETS $ 140,996 ================ LIABILITIES Current Liabilities Liabilities not subject to compromise Current Liabilities: Accounts payable $ 10,188 Accrued expenses 13,881 Cash collateral loan 29,637 Revolver 30,235 ---------------- Total current liabilities 83,941 Liabilities subject to compromise 215,230 Other liabilities 1,968 ---------------- TOTAL LIABILITIES 301,139 ---------------- EQUITY Stock 5 Paid in capital 40,899 Accumulated deficit (194,052) Minimum Pension Liability (248) Year to date loss (6,747) ---------------- TOTAL DEFICIT (160,143) ---------------- TOTAL LIABILITIES AND DEFICIT $ 140,996 ================
3 MAIDENFORM WORLDWIDE, INC. AND SUBSIDIARIES MAY 1999 YTD STATEMENT OF CASH FLOWS (in thousands)
Actual ------ OPERATING ACTIVITIES Net loss $ (6,747) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 1,830 Pension expense 500 Changes in operating assets and liabilities: Decrease in accounts receivable, net (1,087) Increase in inventories, net (12,803) Increase in prepaid expenses and other 2,441 Decrease in accounts payable, accrued expenses, taxes and sundry liabilities (5,088) ---------------- Net used in operating activities (20,954) ---------------- INVESTING ACTIVITIES Proceeds from sale of Jacksonville D.C. 2,830 Proceeds from sale of Luker Rd. 1,085 Additions for Vallodolid expansion (969) Additions to property, plant and equipment (net) (1,780) ---------------- Net cash used in investing activities 1,166 ---------------- FINANCING ACTIVITIES Net borrowings under revolving credit loan 18,261 ---------------- Net cash used in financing activities 18,261 ---------------- Decrease in cash (1,527) Cash and cash equivalents at beginning of year 4,465 ---------------- Cash and cash equivalents at end of year $ 2,938 ================
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