0000085149-95-000027.txt : 19950829 0000085149-95-000027.hdr.sgml : 19950829 ACCESSION NUMBER: 0000085149-95-000027 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950729 ITEM INFORMATION: Changes in control of registrant FILED AS OF DATE: 19950828 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: 95567842 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 29, 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 August 29, 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 29, 1995 (fiscal July), 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 26 weeks ended July 29, 1995 (fiscal July) 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: August 29, 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. JULY INCOME STATEMENTS (Amounts in 000's)
1995 1995 | 1994 JULY JULY | JULY ACTUAL PLAN | ACTUAL | Gross Sales 50,032 52,060 | 55,689 Less: Lease department sales 1,655 1,764 | 1,887 Net Sales 48,377 50,296 | 53,802 | FIFO Gross Margin 11,863 12,902 | 12,344 % to Sales 24.52% 25.65% | 22.94% | Leased Department Income 350 364 | 393 SG&A 12,623 13,024 | 11,958 _________________________________________________________________________________________ EBITDA - PRE-LIFO (410) 242 | 779 _________________________________________________________________________________________ Depreciation & Amortization (262) (236) | 789 Interest Expense 572 515 | 477 LIFO Expense (Benefit) - 100 | (880) Reorganization Costs - - | (10,858) Non-cash Income Tax Expense (Benefit) (239) (52) | - ________________________________________________________________________________________ NET INCOME (LOSS) (481) (85) | 11,251 ________________________________________________________________________________________ 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. Note (3): July, 1994 reorganization costs include a $12,000 reduction of a closed store provision of $55,000 taken in the first quarter of 1994.
Exhibit 20 Page 2 of 4 ROSE'S STORES, INC. JULY YTD INCOME STATEMENTS (Amounts in 000's)
1995 1995 | 1994 JULY JULY | JULY YTD YTD | YTD ACTUAL PLAN | ACTUAL | Gross Sales 327,896 328,440 | 349,814 Less: Lease department sales 10,881 11,233 | 11,882 Net Sales 317,015 317,207 | 337,932 | FIFO Gross Margin 77,341 79,040 | 83,125 % to Sales 24.40% 24.92% | 24.60% | Leased Department Income 2,292 2,295 | 2,450 SG&A 76,083 76,680 | 79,587 ____________________________________________________________________________________________ EBITDA - PRE-LIFO 3,550 4,655 | 5,988 ____________________________________________________________________________________________ Depreciation & Amortization 1,020 1,074 | 4,862 Interest Expense 2,444 2,228 | 3,405 LIFO Expense (Benefit) (364) (64) | (576) Reorganization Costs 3,847 3,847 | 50,810 Non-cash Income Tax Expense (Benefit) - 333 | - ____________________________________________________________________________________________ NET INCOME (LOSS) (3,397) (2,763) | (52,513) ____________________________________________________________________________________________ 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. If the Company had emerged from Chapter 11 at the beginning of the year, the application of Fresh Start accounting would have resulted in year-to-date net income on a proforma basis of approximately $1,900.
Exhibit 20 Page 3 of 4 ROSE'S STORES, INC. BALANCE SHEETS (Amounts in 000's)
1995 1995 | 1994 JULY JULY | JULY ACTUAL PLAN | ACTUAL ASSETS | CASH 641 700 | 11,009 INVENTORIES 178,551 168,329 | 144,302 OTHER CURRENT ASSETS 17,307 20,752 | 30,028 _______ _______ | ______ TOTAL CURRENT ASSETS 196,499 189,781 | 185,339 | NET PROPERTY 1,566 2,286 | 38,411 | LONG TERM ASSETS - - | 7,044 | TOTAL ASSETS 198,065 192,067 | 230,794 ======= ======= | ======= | LIABILITIES & EQUITY | ACCOUNTS PAYABLE 26,717 28,067 | 26,190 SHORT-TERM DEBT 72,094 62,528 | 595 OTHER CURRENT LIABILITIES 26,223 27,535 | 43,454 _______ _______ | _______ TOTAL CURRENT LIABILITIES 125,034 118,130 | 70,239 | PRE-PETITION CLAIMS - - | 188,420 EXCESS OF ASSETS OVER VALUE 31,221 31,223 | - OTHER LIABILITIES 5,590 5,559 | 7,005 DEFERRED INCOME 1,312 1,280 | 1,547 STOCKHOLDERS' EQUITY (DEFICIT) 34,908 35,875 | (36,417) | TOTAL DEBT & EQUITY 198,065 192,067 | 230,794 ======= ======= | ======= Note (1): 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. Note (2): The 1995 actual and planned inventories are for 106 stores. The 1994 inventories are for 113 stores and include a reserve for LIFO that was written off as part of Fresh Start accounting.
Exhibit 20 Page 4 of 4 ROSE'S STORES, INC. JULY YTD CHANGES IN CASH (Amounts in 000's)
1995 1995 | 1994 JULY JULY | JULY YTD YTD | YTD ACTUAL PLAN | ACTUAL | | Net earnings (loss) (3,397) (2,763) | (52,513) Closed store provision - - | 43,000 Non-cash income tax expense (benefit) - 333 | - Other 655 823 | 3,986 _______ _______ | _______ CASH PROVIDED (USED) BY OPERATIONS | BEFORE ASSET & LIABILITY CHANGES (2,742) (1,607) | (5,527) | (Inc.) dec. in Inventories (33,713) (23,078) | 59,424 Inc. (dec.) in Accounts Payable 3,436 4,786 | (14,327) All other (10,511) (10,744) | (6,735) _______ _______ | _______ CASH PROVIDED (USED) BY OPERATIONS (43,530) (30,643) | 32,835 | INVESTING ACTIVITIES (2,079) (2,551) | (69) | FINANCING ACTIVITIES | Proceeds (payments) of pre-petition claims (29,388) (33,016) | (33,134) Proceeds (payments) of short-term debt 71,494 61,928 | 595 Capital lease payments (444) (620) | (1,173) Other 3,238 4,252 | - _______ _______ | _______ CASH PROVIDED (USED) BY FINANCING 44,900 32,544 | (33,712) | (DECREASE) INCREASE IN CASH (709) (650) | (946) ======== ======== | ======== 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.