-----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, StJgapMVVyyE3Tt9ig0zURPYKLzbZWedVg6HRseksEG49h/hq4ThlVkyJU6Cq/Fg wuKkzITjbLAiWTD5Ebu9Zw== 0000085149-95-000032.txt : 19951204 0000085149-95-000032.hdr.sgml : 19951204 ACCESSION NUMBER: 0000085149-95-000032 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951028 ITEM INFORMATION: Changes in control of registrant FILED AS OF DATE: 19951201 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: 95598273 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): October 28, 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 December 1, 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 October 28, 1995 (fiscal October), together with projected financial information for similar periods as contained in the Company's revised plan for the year ending January 27, 1996 (the "Revised 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 Revised 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 conjunction with the Company's Form 10-K for fiscal 1994 and Forms 10-Q for the first quarter and second 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 Revised 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 September 2, 1995. Item 7: PROJECTIONS, FINANCIAL STATEMENTS Exhibit: 20 Unaudited financial results for the four weeks and 39 weeks ended October 28, 1995 (fiscal October) 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: December 1, 1995 By: /s/ Jeanette R. Peters Jeanette R. Peters Senior Vice President Chief Financial Officer PAGE Exhibit 20 Page 1 of 4
ROSE'S STORES, INC. OCTOBER INCOME STATEMENTS (Amounts in 000's) 1995 1995 | 1994 OCTOBER OCTOBER | OCTOBER ACTUAL REV. PLAN| ACTUAL Gross Sales 50,291 50,650 | 54,406 Less: Lease department sales 1,562 1,746 | 1,881 Net Sales 48,729 48,904 | 52,525 | FIFO Gross Margin 12,326 12,538 | 13,741 % to Sales 25.29% 25.64% | 26.16% | Leased Department Income 352 354 | 380 SG&A 12,238 12,335 | 11,968 _________________________________________________________________________________________ EBITDA - PRE-LIFO 440 557 | 2,153 _________________________________________________________________________________________ Depreciation & Amortization Expense (Benefit) (335) (229) | 722 Interest Expense 614 742 | 441 LIFO Expense (Benefit) - - | (298) Reorganization Costs (Benefit) - - | 1,190 Non-cash Income Tax Expense (Benefit) - - | - ________________________________________________________________________________________ NET INCOME (LOSS) 161 44 | 98 ________________________________________________________________________________________ Note (1): The Company currently operates 105 stores compared to 113 last year. 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. OCTOBER YTD INCOME STATEMENTS (Amounts in 000's) 1995 1995 | 1994 OCTOBER OCTOBER | OCTOBER YTD YTD | YTD ACTUAL REV. PLAN| ACTUAL | Gross Sales 490,832 490,960 | 528,345 Less: Lease department sales 15,876 16,193 | 17,970 Net Sales 474,956 474,767 | 510,375 | FIFO Gross Margin 115,383 115,746 | 124,887 % to Sales 24.29% 24.38% | 24.47% | Leased Department Income 3,432 3,432 | 3,698 SG&A 114,939 115,481 | 118,900 ____________________________________________________________________________________________ EBITDA - PRE-LIFO 3,876 3,697 | 9,685 ____________________________________________________________________________________________ Depreciation & Amortization Expense (Benefit) 165 287 | 7,108 Interest Expense 4,400 4,551 | 4,925 LIFO Expense (Benefit) (364) (364) | (2,079) Reorganization Costs (69,644) (69,644) | 54,746 Non-cash Income Tax Expense (Benefit) - - | - ____________________________________________________________________________________________ NET INCOME (LOSS) 69,319 68,867 | (55,015) ____________________________________________________________________________________________ Note (1): The Company currently operates 105 stores compared to 113 last year. 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. 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 $599. Note (3): Reorganization costs for 1995 include a gain on debt discharge of $90,924. Reorganization costs for 1994 include a $43,000 provision to close 59 stores in the second quarter of 1994.
Exhibit 20 Page 3 of 4
ROSE'S STORES, INC. BALANCE SHEETS (Amounts in 000's) 1995 1995 | 1994 OCTOBER OCTOBER | OCTOBER ACTUAL REV. PLAN| ACTUAL ASSETS | CASH 609 650 | 620 INVENTORIES 200,206 200,705 | 164,841 OTHER CURRENT ASSETS 22,682 23,864 | 36,954 _______ _______ | ______ TOTAL CURRENT ASSETS 223,497 225,219 | 202,415 | NET PROPERTY 3,647 4,109 | 36,297 | LONG TERM ASSETS - - | 6,719 | TOTAL ASSETS 227,144 229,328 | 245,431 ======= ======= | ======= | LIABILITIES & EQUITY | ACCOUNTS PAYABLE 35,441 35,059 | 33,505 SHORT-TERM DEBT 81,657 87,298 | 34,975 OTHER CURRENT LIABILITIES 29,791 24,221 | 33,505 _______ _______ | _______ TOTAL CURRENT LIABILITIES 146,889 146,578 | 101,985 | PRE-PETITION CLAIMS - - | 173,248 EXCESS OF ASSETS OVER VALUE 39,073 42,422 | - OTHER LIABILITIES 5,906 5,526 | 6,888 DEFERRED INCOME 1,143 1,121 | 2,229 STOCKHOLDERS' EQUITY (DEFICIT) 34,133 33,681 | (38,919) | TOTAL DEBT & EQUITY 227,144 229,328 | 245,431 ======= ======= | ======= 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.
PAGE Exhibit 20 Page 4 of 4
ROSE'S STORES, INC. OCTOBER YTD CHANGES IN CASH (Amounts in 000's) 1995 1995 | 1994 OCTOBER OCTOBER | OCTOBER YTD YTD | YTD ACTUAL REV. PLAN| ACTUAL | Net earnings (loss) 69,319 68,867 | (55,015) Closed store provision - - | 43,000 Non-cash income tax expense (benefit) - - | - Non-cash fresh start adjustments (73,491) (73,491) | - Other (203) (80) | 4,751 _______ _______ | _______ CASH PROVIDED (USED) BY OPERATIONS | BEFORE ASSET & LIABILITY CHANGES (4,375) (4,704) | (7,264) | (Inc.) dec. in Inventories (55,368) (55,867) | 40,388 Inc. (dec.) in Accounts Payable 12,160 11,778 | (6,257) All other (17,640) (18,316) | (22,267) _______ _______ | _______ CASH PROVIDED (USED) BY OPERATIONS (65,223) (67,109) | 4,600 | INVESTING ACTIVITIES (3,830) (4,486) | (542) | FINANCING ACTIVITIES | Proceeds (payments) of pre-petition claims (29,784) (30,003) | (49,179) Proceeds (payments) of short-term debt 81,057 86,698 | 34,975 Capital lease payments (536) (540) | (1,634) Other 17,575 14,740 | 445 _______ _______ | _______ CASH PROVIDED (USED) BY FINANCING 68,312 70,895 | (15,393) | (DECREASE) INCREASE IN CASH (741) (700) | (11,335) ======== ======== | ======== Note (1): 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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