-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, e7Z0XBkJOPZYrEDE3bguxrC6vknBA2kF+4lUMzGxKMRXeELBRnrb3zorEgExJVyU fyibPNhhoos9rhiMovXo0Q== 0000085149-95-000024.txt : 19950727 0000085149-95-000024.hdr.sgml : 19950727 ACCESSION NUMBER: 0000085149-95-000024 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950701 ITEM INFORMATION: Changes in control of registrant FILED AS OF DATE: 19950726 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROSES STORES INC CENTRAL INDEX KEY: 0000085149 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-VARIETY STORES [5331] IRS NUMBER: 560382475 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-00631 FILM NUMBER: 95556169 BUSINESS ADDRESS: STREET 1: PO DRAWER 947 STREET 2: 218 S GARNETT ST CITY: HENDERSON STATE: NC ZIP: 27536 BUSINESS PHONE: 9194302600 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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 1, 1995 ROSE'S STORES, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation) 0-631 56-0382475 (Commission File Number) (IRS Employer Identification No.) 218 S. Garnett Street Henderson, North Carolina 27536 (Address of principal executive offices) (Zip Code) (919) 430-2600 (Registrant's telephone number, including area code) Item 5: OTHER EVENTS Beginning July 27, 1995, the Company will distribute to its banks and other lenders, principal trade vendors and factors, the monthly and year-to-date financial results and other financial data for the period ended July 1, 1995 (fiscal June), together with projected financial information for similar periods as contained in the Company's plan for the year ending January 27, 1996 (the "Plan"). Such financial results are attached hereto as Exhibit 20, and are incorporated by reference herein. Such financial monthly results and other financial data and information concerning the Plan are being reported publicly solely because they are being distributed to a large number of the Company's principal trade vendors, banks, and other lenders and factors to facilitate their credit analyses. These results should not be relied upon for any other purpose and should be read in conjunc- tion with the Company's Form 10-K for fiscal 1994 and Form 10-Q for the first quarter of 1995. Although the Company is publicly reporting its monthly results during fiscal 1995, the Company does not believe it is obligated to provide such information indefinitely and may cease making such disclosures and updates at any time. Moreover, the Company does not believe that it is obligated to update monthly results to reflect subsequent events or developments. For information concerning the Plan, including the limitations thereof and certain assumptions made in its formulation, reference is made to the Company's Current Report on Form 8-K, dated June 8, 1995. Item 7: PROJECTIONS, FINANCIAL STATEMENTS Exhibit: 20 Unaudited financial results for the four weeks and 22 weeks ended July 1, 1995 (fiscal June) SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ROSE'S STORES, INC. Date: July 26, 1995 By: /s/ Jeanette R. Peters Jeanette R. Peters Senior Vice President Chief Financial Officer Exhibit 20 Page 1 of 4 ROSE'S STORES, INC. JUNE INCOME STATEMENTS (Amounts in 000's)
1995 1995 | 1994 JUNE JUNE | JUNE ACTUAL PLAN | ACTUAL | | Gross Sales 50,550 50,262 | 52,105 Less: Lease department sales 1,798 1,979 | 2,075 Net Sales 48,752 48,283 | 50,030 | FIFO Gross Margin 12,500 12,606 | 12,055 % to Sales 25.64% 26.11% | 24.10% | Leased Department Income 353 351 | 365 SG&A 12,579 12,715 | 12,430 _________________________________________________________________________________________ EBITDA - PRE-LIFO 274 242 | (10) _________________________________________________________________________________________ Depreciation & Amortization Expense (Benefit) (265) (246) | 803 Interest Expense 573 507 | 501 LIFO Expense (Benefit) (50) 100 | 50 Reorganization Costs - - | 1,210 Non-cash Income Tax Expense (Benefit) 6 (45) | - ________________________________________________________________________________________ NET INCOME (LOSS) 10 (74) | (2,574) ________________________________________________________________________________________ Note (1): The 1995 actual and planned results are for 106 stores. 1994 actual results are for 113 stores. Note (2): Beginning in May, 1995, the income statements reflect the application of Fresh Start accounting as described in the Company's quarterly report on Form 10-Q, dated April 29, 1995, and are therefore not comparable to the prior year.
Exhibit 20 Page 2 of 4 ROSE'S STORES, INC. JUNE YTD INCOME STATEMENTS (Amounts in 000's)
1995 1995 | 1994 JUNE JUNE | JUNE YTD YTD | YTD ACTUAL PLAN | ACTUAL | | Gross Sales 277,862 276,380 | 294,125 Less: Lease department sales 9,225 9,469 | 9,995 Net Sales 268,637 266,911 | 284,130 | FIFO Gross Margin 65,478 66,138 | 70,781 % to Sales 24.37% 24.78% | 24.91% | Leased Department Income 1,942 1,931 | 2,057 SG&A 63,429 63,656 | 67,629 ____________________________________________________________________________________________ EBITDA - PRE-LIFO 3,991 4,413 | 5,209 ____________________________________________________________________________________________ Depreciation & Amortization Expense (Benefit) 1,282 1,310 | 4,073 Interest Expense 1,903 1,713 | 2,928 LIFO Expense (Benefit) (364) (164) | 304 Reorganization Costs 3,847 3,847 | 61,668 Non-cash Income Tax Expense (Benefit) 239 385 | - ____________________________________________________________________________________________ NET INCOME (LOSS) (2,916) (2,678) | (63,764) ____________________________________________________________________________________________ Note (1): The 1995 actual and planned results are for 106 stores. 1994 actual results are for 113 stores. Note (2): Reorganization Costs for 1994 included a $55,000 provision to close 59 stores in the second quarter of 1994. Note (3): Beginning in May 1995, the income statements reflect the application of Fresh Start accounting as described in the Company's quarterly report on Form 10-Q, dated April 29, 1995, and are therefore not comparable to the prior year.
Exhibit 20 Page 3 of 4 ROSE'S STORES, INC. BALANCE SHEETS (Amounts in 000's)
1995 1995 | 1994 JUNE JUNE | JUNE ACTUAL PLAN | ACTUAL ASSETS | | CASH 646 700 | 4,169 INVENTORIES 181,842 171,014 | 178,050 OTHER CURRENT ASSETS 16,274 16,405 | 25,964 _______ _______ | ______ TOTAL CURRENT ASSETS 198,762 188,119 | 208,183 | NET PROPERTY 678 1,534 | 39,299 | LONG TERM ASSETS - - | 7,047 | TOTAL ASSETS 199,440 189,653 | 254,529 ======= ======= | ======= | LIABILITIES & EQUITY | ACCOUNTS PAYABLE 25,598 26,094 | 23,873 SHORT-TERM DEBT 70,947 62,695 | 3,117 OTHER CURRENT LIABILITIES 28,810 26,321 | 68,097 _______ _______ | _______ TOTAL CURRENT LIABILITIES 125,355 115,110 | 95,087 | PRE-PETITION CLAIMS - - | 198,129 EXCESS OF ASSETS OVER VALUE 31,488 31,489 | - OTHER LIABILITIES 5,601 5,695 | 7,310 DEFERRED INCOME 1,368 1,347 | 1,672 STOCKHOLDERS' EQUITY (DEFICIT) 35,628 36,012 | (47,669) | TOTAL DEBT & EQUITY 199,440 189,653 | 254,529 ======= ======= | ======= Note (1): The 1995 actual and planned inventories are for 113 stores, including 7 that will be closed during the second quarter of 1995. The 1994 inventories are for 172 stores, including 59 stores that were closed in the second quarter of 1994. Note (2): The 1995 balance sheets reflect the application of Fresh Start accounting as described in the Company's quarterly report on Form 10-Q, dated April 29, 1995, and are therefore not comparable to the prior year.
Exhibit 20 Page 4 of 4 ROSE'S STORES, INC. JUNE YTD CHANGES IN CASH (Amounts in 000's)
1995 1995 | 1994 JUNE JUNE | JUNE YTD YTD | YTD ACTUAL PLAN | ACTUAL | Net earnings (loss) (2,916) (2,678) | (63,764) Closed store provision - - | 55,000 Non-cash income tax expense (benefit) 239 385 | - Other 918 1,021 | 4,072 _______ _______ | _______ CASH PROVIDED (USED) BY OPERATIONS | BEFORE ASSET & LIABILITY CHANGES (1,759) (1,272) | (4,692) | (Inc.) dec. in Inventories (36,793) (25,663) | 24,796 Inc. (dec.) in Accounts Payable 2,090 2,813 | (16,678) All other (5,887) (7,484) | 9,361 _______ _______ | _______ CASH PROVIDED (USED) BY OPERATIONS (42,349) (31,606) | 12,787 | INVESTING ACTIVITIES (1,187) (1,869) | 65 | FINANCING ACTIVITIES | Proceeds (payments) of pre-petition claims (29,030) (33,016) | (22,759) Proceeds (payments) of short-term debt 70,347 62,095 | 3,117 Capital lease payments (381) (506) | (995) Other 1,896 4,252 | (1) _______ _______ | _______ CASH PROVIDED (USED) BY FINANCING 42,832 32,825 | (20,638) | (DECREASE) INCREASE IN CASH (704) (650) | (7,786) ======== ======== | ======== Note (1): The 1995 actual and planned net losses are for 106 stores. The 1994 actual net loss is for 113 stores. Note (2): Beginning in May, 1995, the cash flows reflect the application of Fresh Start accounting as described in the Company's quarterly report on Form 10-Q, dated April 29, 1995, and are therefore not comparable to the periods prior to May, 1995.
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