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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
February 17, 2004
WESTPOINT STEVENS INC.
Delaware |
0-21496 |
36-3498354 |
||
(State or other jurisdiction |
(Commission File |
(IRS Employer |
507 West 10th Street, West Point, Georgia |
31833 |
|
(Address of principal executive offices) |
(Zip Code) |
(706) 645-4000
Registrant's telephone number, including area code
Item 5. |
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Other Events and Regulation FD Disclosure. |
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|
On February 17, 2004, the Company filed with the Bankruptcy Court its Monthly Operating Report, for the month of December 2003, as debtor-in-possession under Chapter 11 of the Bankruptcy Code. A copy of the Monthly Operating Report is filed as Exhibit 99.1 to this Current Report on Form 8-K. |
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Exhibit No. |
Exhibit |
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99.1 |
Monthly Operating Report for the month of December 2003. |
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SIGNATURE
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. |
WESTPOINT STEVENS INC. |
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(Registrant) |
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|
|
|
|
|
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Date: February 18, 2004 |
By: |
/s/ Christopher N. Zodrow |
|
|
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|
Christopher N. Zodrow |
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Vice President and Secretary |
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EXHIBIT INDEX
Exhibit No. |
Description |
||
99.1 |
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: |
) |
CHAPTER 11 |
||
) |
||||
WestPoint Stevens Inc. |
) |
CASE NO. |
03-13532-RDD |
|
Reporting Period |
December 1, 2003 to December 31, 2003 |
|||
Monthly Operating Report |
|
Schedule |
Income Statement |
X |
Balance Sheet |
X |
Statement of Cash Flows |
X |
Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld |
X |
Debtor's Address: |
507 West 10th Street, West Point, GA 31833 |
Preparer: |
Dianne Nolen |
Debtor's Attorney: |
Weil, Gotshal & Manges LLP |
Monthly Disbursements: |
$ 140,947,698 |
Monthly Profit (Loss): |
$ (30,731,000) |
The Debtors' chapter 11 proceedings have been consolidated for administrative purposes only. Because the cases have not been substantively consolidated, the Debtor is required to provide separate financial information for itself, to the extent available. Therefore, the financial information contained in this Monthly Operating Report is not consolidated with the financial information applicable to the Debtor's affiliates, and is not comparable with publicly reported consolidated financial information.
The undersigned, having reviewed the attached report and being familiar with the Debtor's financial affairs, verifies under penalty of perjury, that the information contained therein is complete, accurate, and truthful, to the best of my knowledge.
All insurance policies are fully paid for the current period, and amounts for workers compensation and disability insurance have been paid.
While every effort has been made to file complete and accurate information, inadvertent errors or omissions may exist. The debtor reserves the right to amend this monthly operating report as
necessary and appropriate. All financial information contained herein is unaudited data.
Debtor-In-Possession |
WestPoint Stevens Inc. |
By: |
Lester D. Sears |
Its: |
Senior Vice President - Finance and Chief Financial Officer |
Signature |
/s/Lester D. Sears |
Date |
February 17, 2004 |
INCOME STATEMENT
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: |
) |
CHAPTER 11 |
||
) |
||||
WestPoint Stevens Inc. |
) |
CASE NO. |
03-13532-RDD |
|
Reporting Period |
December 1, 2003 to December 31, 2003 |
STATEMENT OF OPERATIONS
(in $ thousands)
Total sales |
$ 139,994 |
Cost of sales |
123,603 |
Gross profit |
16,391 |
Selling and administrative expenses |
|
Selling expense |
200 |
Warehousing and shipping |
5,643 |
Advertising |
(108) |
Division administrative expense |
914 |
MIS expense |
61 |
Corporate administrative expense |
1,084 |
Total selling and administrative expense |
7,794 |
Restructuring and impairment charge |
35,322 |
Goodwill impairment charge |
- |
Profit / (loss) from operations |
(26,725) |
Interest expense |
|
Interest expense - outside |
6,335 |
Capitalized interest expense |
(352) |
Interest expense - intercompany |
156 |
Interest income |
128 |
Interest income - intercompany |
- |
Net interest expense |
6,011 |
Other expense |
|
Miscellaneous |
2,087 |
Royalties - intercompany |
3,700 |
Transaction gain/loss |
- |
Total other expense |
5,787 |
Other income |
|
Royalties - intercompany |
- |
Dividends |
- |
Sale of assets |
48 |
Miscellaneous |
(467) |
Total other income |
(419) |
Net other expense |
6,206 |
Income (loss) before Chapter 11 reorganization expenses |
|
and income taxes (benefit) and extraordinary items |
(38,942) |
Chapter 11 reorganization expenses |
6,861 |
Income taxes (benefit) |
(15,072) |
Income (loss) before extraordinary item |
(30,731) |
Extraordinary item - net of taxes |
- |
Net income (loss) |
$ (30,731) |
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: |
) |
CHAPTER 11 |
||
) |
||||
WestPoint Stevens Inc. |
) |
CASE NO. |
03-13532-RDD |
|
Reporting Period |
December 1, 2003 to December 31, 2003 |
BALANCE SHEET
(in $ thousands)
ASSETS |
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) |
||||||
Current Assets |
Liabilities Not Subject to Compromise: |
||||||
Cash and cash equivalents |
$ 1,955 |
Senior Credit Facility |
$ 445,000 |
||||
Short-term investments |
- |
DIP Credit Agreement |
89,017 |
||||
Accounts receivable, net |
235,494 |
Second Lien Facility |
165,000 |
||||
Total inventories |
341,774 |
Accrued interest payable |
295 |
||||
Prepaid & other current assets |
31,916 |
Accounts payable - trade |
54,944 |
||||
Total current assets |
611,139 |
Accounts payable - intercompany |
157,275 |
||||
Other payables and accrued liabilities |
99,759 |
||||||
Deferred income taxes |
87,179 |
||||||
Pension and other liabilities |
138,477 |
||||||
Total investments & other assets |
131,661 |
Total liabilities not subject to compromise |
1,236,946 |
||||
Goodwill |
- |
Liabilities Subject to Compromise: |
|||||
Senior Notes |
1,000,000 |
||||||
Property, plant and equipment, net |
600,041 |
Deferred financing fees |
(7,164) |
||||
Accrued interest payable on Senior Notes |
36,130 |
||||||
Accounts payable |
27,633 |
||||||
Other payables and accrued liabilities |
8,238 |
||||||
Pension and other liabilities |
18,965 |
||||||
Total liabilities subject to compromise |
1,083,802 |
||||||
Total Liabilities |
2,320,748 |
||||||
SHAREHOLDERS' EQUITY (DEFICIT) |
|||||||
Equity of subsidiaries |
(123,757) |
||||||
Common stock |
711 |
||||||
Capital Surplus / Treasury Stock |
(2,131) |
||||||
Retained earnings (deficit) |
(748,561) |
||||||
Minimum pension liability adjustment |
(101,921) |
||||||
Other adjustments |
(2,248) |
||||||
Unearned compensation |
- |
||||||
Total Shareholders' Equity (Deficit) |
(977,907) |
||||||
TOTAL ASSETS |
$ 1,342,841 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) |
$1,342,841 |
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: |
) |
CHAPTER 11 |
||
) |
||||
WestPoint Stevens Inc. |
) |
CASE NO. |
03-13532-RDD |
|
Reporting Period |
December 1, 2003 to December 31, 2003 |
STATEMENT OF CASH FLOWS
(in $ thousands)
Cash Flows from Operations: |
|
Net income (loss) |
$ (30,731) |
Restructuring |
36,152 |
Equity adjustments |
(2,172) |
Non-cash items |
|
Depreciation and amortization expense |
2,741 |
Working Capital Changes |
|
Decrease / (increase) -- accounts receivable |
19,043 |
Decrease / (increase) -- inventories |
36,765 |
Decrease / (increase) -- other current assets |
6,922 |
Decrease / (increase) -- other noncurrent assets |
1,656 |
Increase (decrease) -- accounts payable (trade) |
(8,165) |
Increase (decrease) -- accounts payable (intercompany) |
(9,634) |
Increase (decrease) -- accrued liabilities |
21,711 |
Increase (decrease) -- accrued interest payable |
(61) |
Increase (decrease) -- pension and other liabilities |
(14,818) |
Increase (decrease) -- deferred federal income tax |
(19,138) |
Total Cash Flows from Operations |
$ 40,271 |
Cash Flows from Investing |
|
Decrease / (increase) -- short term investments |
- |
Capital expenditures |
(5,331) |
Net proceeds from sale of assets |
8 |
Total Cash Flows from Investing |
$ (5,323) |
Cash Flows from Financing |
|
Increase / (decrease) -- DIP credit agreement |
(32,993) |
Total Cash Flows from Financing |
$ (32,993) |
Beginning Cash Balance |
- |
Change in Cash |
1,955 |
Ending Cash Balance |
$ 1,955 |
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: |
) |
CHAPTER 11 |
||
) |
||||
WestPoint Stevens Inc. |
) |
CASE NO. |
03-13532-RDD |
|
Reporting Period |
December 1, 2003 to December 31, 2003 |
Supplemental Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld
Amount Withheld/ Collected/ Incurred |
|
|
|||||||
All wages and salaries paid (gross) or incurred |
$ 32,945,201 |
||||||||
Federal |
|||||||||
Payroll taxes withheld |
5,320,590 |
||||||||
Employer payroll tax contributions incurred |
2,288,190 |
1,028,549 |
12/04/03 |
||||||
|
1,338,805 |
12/11/03 |
|||||||
971,351 |
12/15/03 |
||||||||
1,367,540 |
12/18/03 |
||||||||
1,092,575 |
12/24/03 |
||||||||
976,047 |
12/31/03 |
||||||||
Total Federal Taxes (1) |
$ 7,608,780 |
$ 6,774,867 |
|||||||
State and Local |
|||||||||
Payroll taxes withheld |
|||||||||
Alabama SIT |
412,518 |
418,466 |
12/12/03 |
||||||
Arkansas SIT |
- |
795 |
12/15/03 |
||||||
California SIT |
1,624 |
1,826 |
12/17/03 |
||||||
Georgia SIT |
98,407 |
117,856 |
12/12/03 |
||||||
Illinois SIT |
484 |
- |
|||||||
Indiana SIT |
12,707 |
14,309 |
12/15/03 |
||||||
Louisiana SIT |
5,115 |
- |
|||||||
Maine SIT |
37,246 |
34,826 |
12/31/03 |
||||||
Minnesota SIT |
1,476 |
1,907 |
12/17/03 |
||||||
Missouri SIT |
420 |
414 |
12/15/03 |
||||||
New York SIT |
60,755 |
60,645 |
12/17/03 |
||||||
North Carolina SIT |
391,553 |
347,713 |
12/30/03 |
||||||
Pennsylvania SIT |
154 |
149 |
12/15/03 |
||||||
Rhode Island SIT |
146 |
144 |
12/15/03 |
||||||
South Carolina SIT |
216,664 |
195,725 |
12/30/03 |
||||||
Virginia SIT |
37,365 |
35,649 |
12/30/03 |
||||||
Delaware Co IN |
417 |
- |
|||||||
Hamilton Co IN |
173 |
- |
|||||||
Henry Co IN |
1,361 |
- |
|||||||
Johnson Co IN |
48 |
- |
|||||||
Madison Co IN |
1,468 |
- |
|||||||
Marion Co IN |
34 |
- |
|||||||
Washington Co IN |
80 |
- |
|||||||
Randolph Co IN |
186 |
- |
|||||||
Yonkers NY |
10 |
10 |
12/17/03 |
||||||
New York City |
16,609 |
16,704 |
12/17/03 |
||||||
Opelika AL |
6,601 |
- |
|||||||
Total Payroll taxes |
1,303,621 |
1,247,138 |
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: |
) |
CHAPTER 11 |
||
) |
||||
WestPoint Stevens Inc. |
) |
CASE NO. |
03-13532-RDD |
|
Reporting Period |
December 1, 2003 to December 31, 2003 |
Supplemental Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld
Amount Withheld/ Collected/ Incurred |
|
|
||||||
(continued) |
||||||||
Employer payroll tax contributions incurred |
||||||||
Alabama SUTA |
10,201 |
- |
||||||
Arkansas SUTA |
- |
- |
||||||
Florida SUTA |
4,048 |
- |
||||||
Georgia SUTA |
48 |
- |
||||||
Indiana SUTA |
2,042 |
- |
||||||
Louisiana SUTA |
199 |
- |
||||||
Maine SUTA |
2,331 |
- |
||||||
Minnesota SUTA |
- |
- |
||||||
Nevada SUTA |
5,757 |
- |
||||||
New York SUTA |
386 |
- |
||||||
North Carolina SUTA |
27,524 |
- |
||||||
South Carolina SUTA |
7,370 |
- |
||||||
Virginia SUTA |
604 |
- |
||||||
Washington SUTA |
45 |
- |
||||||
Total Employer payroll tax contributions |
60,555 |
- |
||||||
Gross taxable amount for sales and use |
5,106,118 |
|||||||
Sales & Use taxes collected |
||||||||
Abbeville, AL |
2,616 |
2,616 |
12/22/03 |
|||||
Alabama City/County (Greenville, Butler County, Chambers County) |
18,480 |
18,480 |
12/22/03 |
|||||
Alabama Regulation A |
15,382 |
15,382 |
12/22/03 |
|||||
Alabama Sales |
2,451 |
2,451 |
12/22/03 |
|||||
Alabama Use |
53,476 |
53,476 |
12/22/03 |
|||||
Alatax (Opelika, Valley, Henry Co, Lee Co) |
10,084 |
10,084 |
12/22/03 |
|||||
Florida |
11,925 |
11,925 |
12/22/03 |
|||||
Georgia |
23,474 |
23,474 |
12/22/03 |
|||||
Indiana (Middletown) |
2,082 |
2,082 |
12/30/03 |
|||||
Louisiana |
157 |
157 |
12/22/03 |
|||||
New York |
6,870 |
6,870 |
12/22/03 |
|||||
North Carolina |
9,709 |
9,709 |
12/10/03 |
|||||
North Carolina |
16,198 |
16,198 |
12/26/03 |
|||||
Red River Parish, Louisiana |
195 |
195 |
12/22/03 |
|||||
South Carolina |
19,194 |
19,194 |
12/22/03 |
|||||
Virginia Use |
1,024 |
1,024 |
12/22/03 |
|||||
Total Sales & Use taxes paid |
193,317 |
193,317 |
||||||
Property taxes |
782,799 |
Various |
||||||
Other taxes |
110,096 |
106,647 |
Various |
|||||
Total State and Local (1) |
1,667,589 |
2,329,901 |
||||||
Total Taxes |
$ 9,276,369 |
$ 9,104,768 |
(1) Difference between taxes incurred and taxes paid is due to a time lag where taxes incurred at the end of the month are paid in the following month, or after the end of the quarter for taxes paid on a quarterly basis.
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: |
) |
CHAPTER 11 |
||
) |
||||
WestPoint Stevens Inc. I |
) |
CASE NO. |
03-13533-RDD |
|
Reporting Period |
December 1, 2003 to December 31, 2003 |
|||
Monthly Operating Report |
|
Schedule |
Income Statement |
X |
Balance Sheet |
X |
Statement of Cash Flows |
X |
Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld |
X |
Debtor's Address: |
3993 Howard Hughes Parkway, Suite 250, Las Vegas, NV 89109 |
Preparer: |
Dianne Nolen |
Debtor's Attorney: |
Weil, Gotshal & Manges LLP |
Monthly Disbursements: |
$ 2,591,700 |
Monthly Profit (Loss): |
$ 3,880,000 |
The Debtors' chapter 11 proceedings have been consolidated for administrative purposes only. Because the cases have not been substantively consolidated, the Debtor is required to provide separate financial information for itself, to the extent available. Therefore, the financial information contained in this Monthly Operating Report is not consolidated with the financial information applicable to the Debtor's affiliates, and is not comparable with publicly reported consolidated financial information.
The undersigned, having reviewed the attached report and being familiar with the Debtor's financial affairs, verifies under penalty of perjury, that the information contained therein is complete, accurate, and truthful, to the best of my knowledge.
All insurance policies are fully paid for the current period, and amounts for workers compensation and disability insurance have been paid.
While every effort has been made to file complete and accurate information, inadvertent errors or omissions may exist. The debtor reserves the right to amend this monthly operating report as necessary and appropriate. All financial information contained herein is unaudited data.
Debtor-In-Possession |
WestPoint Stevens Inc. I |
By: |
Lester D. Sears |
Its: |
President |
Signature |
/s/Lester D. Sears |
Date |
February 17, 2004 |
INCOME STATEMENT
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: |
) |
CHAPTER 11 |
||
) |
||||
WestPoint Stevens Inc. I |
) |
CASE NO. |
03-13533-RDD |
|
Reporting Period |
December 1, 2003 to December 31, 2003 |
STATEMENT OF OPERATIONS
(in $ thousands)
Total sales |
$ 5,404 |
Cost of sales |
3,484 |
Gross profit |
1,920 |
Selling and administrative expenses |
|
Selling expense |
1 |
Warehousing and shipping |
129 |
Advertising |
- |
Division administrative expense |
- |
MIS expense |
- |
Corporate administrative expense |
170 |
Total selling and administrative expense |
300 |
Restructuring and impairment charge |
- |
Goodwill impairment charge |
- |
Profit / (loss) from operations |
1,620 |
Interest expense |
|
Interest expense - outside |
- |
Capitalized interest expense |
- |
Interest expense - intercompany |
- |
Interest income |
(1) |
Interest income - intercompany |
264 |
Net interest expense |
(263) |
Other expense |
|
Miscellaneous |
- |
Royalties - intercompany |
190 |
Transaction gain/loss |
- |
Total other expense |
190 |
Other income |
|
Royalties - intercompany |
4,234 |
Dividends |
- |
Sale of assets |
- |
Miscellaneous |
- |
Total other income |
4,234 |
Net other expense |
(4,044) |
Income (loss) before Chapter 11 reorganization expenses |
|
and income taxes (benefit) and extraordinary items |
5,927 |
Chapter 11 reorganization expenses |
- |
Income taxes (benefit) |
2,047 |
Income (loss) before extraordinary item |
3,880 |
Extraordinary item - net of taxes |
- |
Net income (loss) |
$ 3,880 |
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: |
) |
CHAPTER 11 |
||
) |
||||
WestPoint Stevens Inc. I |
) |
CASE NO. |
03-13533-RDD |
|
Reporting Period |
December 1, 2003 to December 31, 2003 |
BALANCE SHEET
(in $ thousands)
ASSETS |
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) |
||||||
Current Assets |
Liabilities Not Subject to Compromise: |
||||||
Cash and cash equivalents |
$ 33 |
Senior Credit Facility |
$ - |
||||
Short-term investments |
- |
DIP Credit Agreement |
- |
||||
Accounts receivable - customers |
- |
Long-term debt classified as current |
- |
||||
Accounts receivable - intercompany |
5,748 |
Accrued interest payable |
- |
||||
Total inventories |
4,473 |
Accounts payable - trade |
784 |
||||
Prepaid & other current assets |
3 |
Accounts payable - intercompany |
- |
||||
Total current assets |
10,257 |
Other payables and accrued liabilities |
4,654 |
||||
Deferred income taxes |
- |
||||||
Pension and other liabilities |
- |
||||||
Total investments & other assets |
124,052 |
Total liabilities not subject to compromise |
5,438 |
||||
Goodwill |
- |
Liabilities Subject to Compromise: |
|||||
Senior Notes |
- |
||||||
Property, plant and equipment, net |
12,196 |
Deferred financing fees |
- |
||||
Accrued interest payable on Senior Notes |
- |
||||||
Accounts payable |
1,396 |
||||||
Other payables and accrued liabilities |
- |
||||||
Pension and other liabilities |
- |
||||||
Total liabilities subject to compromise |
1,396 |
||||||
Total Liabilities |
6,834 |
||||||
SHAREHOLDERS' EQUITY (DEFICIT) |
|||||||
Equity of subsidiaries |
- |
||||||
Common stock |
1 |
||||||
Capital Surplus / Treasury Stock |
70,559 |
||||||
Retained earnings (deficit) |
69,111 |
||||||
Minimum pension liability adjustment |
- |
||||||
Other adjustments |
- |
||||||
Unearned compensation |
- |
||||||
Total Shareholders' Equity (Deficit) |
139,671 |
||||||
TOTAL ASSETS |
$ 146,505 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) |
$ 146,505 |
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: |
) |
CHAPTER 11 |
||
) |
||||
WestPoint Stevens Inc. I |
) |
CASE NO. |
03-13533-RDD |
|
Reporting Period |
December 1, 2003 to December 31, 2003 |
STATEMENT OF CASH FLOWS
(in $ thousands)
Cash Flows from Operations: |
|
Net income (loss) |
$ 3,880 |
Non-cash items |
|
Depreciation and amortization expense |
101 |
Working Capital Changes |
|
Decrease / (increase) -- accounts receivable (customers) |
- |
Decrease / (increase) -- accounts receivable (intercompany) |
5,961 |
Decrease / (increase) -- inventories |
1,804 |
Decrease / (increase) -- other current assets |
(3) |
Decrease / (increase) -- other noncurrent assets |
- |
Increase (decrease) -- accounts payable (trade) |
250 |
Increase (decrease) -- accounts payable (intercompany) |
- |
Increase (decrease) -- accrued liabilities |
(11,934) |
Increase (decrease) -- accrued interest payable |
- |
Increase (decrease) -- pension and other liabilities |
- |
Increase (decrease) -- deferred federal income tax |
- |
Total Cash Flows from Operations |
$ 59 |
Cash Flows from Investing |
|
Decrease / (increase) -- short term investments |
- |
Capital expenditures |
(59) |
Net proceeds from sale of assets |
- |
Total Cash Flows from Investing |
$ (59) |
Cash Flows from Financing |
|
Increase / (decrease) -- DIP credit agreement |
- |
Total Cash Flows from Financing |
$ - |
Beginning Cash Balance |
$ 33 |
Change in Cash |
- |
Ending Cash Balance |
$ 33 |
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: |
) |
CHAPTER 11 |
||
) |
||||
WestPoint Stevens Inc. I |
) |
CASE NO. |
03-13533-RDD |
|
Reporting Period |
December 1, 2003 to December 31, 2003 |
Supplemental Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld
Amount Withheld/ Collected/ Incurred |
|
|
||
All wages and salaries paid (gross) or incurred |
$ 500 |
|||
Federal |
||||
Payroll taxes withheld |
38 |
38 |
12/02/03 |
|
Employer payroll tax contributions incurred |
42 |
42 |
12/02/03 |
|
Total Federal Taxes (1) |
$ 80 |
80 |
||
State and Local |
||||
Payroll taxes withheld |
- |
|||
Employer payroll tax contributions incurred |
||||
Nevada |
15 |
15 |
12/02/03 |
|
Gross taxable sales |
89,042 |
|||
Sales & Use taxes collected |
||||
Maine |
4,452 |
4,452 |
12/15/03 |
|
Property taxes |
- |
|||
Other taxes |
- |
|||
Total State and Local (1) |
4,467 |
4,467 |
||
Total Taxes |
$ 4,547 |
$ 4,547 |
(1) Difference between taxes incurred and taxes paid is due to a time lag where taxes incurred at the end of the month are paid in the following month, or after the end of the quarter for taxes paid on a quarterly basis.
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: |
) |
CHAPTER 11 |
||
) |
||||
J.P. Stevens & Co., Inc. |
) |
CASE NO. |
03-13534-RDD |
|
Reporting Period |
December 1, 2003 to December 31, 2003 |
|||
Monthly Operating Report |
|
Schedule |
Income Statement |
X |
Balance Sheet |
X |
Statement of Cash Flows |
X |
Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld |
X |
Debtor's Address: |
507 West 10th Street, West Point, GA 31833 |
Preparer: |
Dianne Nolen |
Debtor's Attorney: |
Weil, Gotshal & Manges LLP |
Monthly Disbursements: |
$ - |
Monthly Profit (Loss): |
$ - |
The Debtors' chapter 11 proceedings have been consolidated for administrative purposes only. Because the cases have not been substantively consolidated, the Debtor is required to provide separate financial information for itself, to the extent available. Therefore, the financial information contained in this Monthly Operating Report is not consolidated with the financial information applicable to the Debtor's affiliates, and is not comparable with publicly reported consolidated financial information.
The undersigned, having reviewed the attached report and being familiar with the Debtor's financial affairs, verifies under penalty of perjury, that the information contained therein is complete, accurate, and truthful, to the best of my knowledge.
All insurance policies are fully paid for the current period, and amounts for workers compensation and disability insurance have been paid.
While every effort has been made to file complete and accurate information, inadvertent errors or omissions may exist. The debtor reserves the right to amend this monthly operating report as necessary and appropriate. All financial information contained herein is unaudited data.
Debtor-In-Possession |
J.P. Stevens & Co., Inc. |
By: |
Lester D. Sears |
Its: |
President |
Signature |
/s/Lester D. Sears |
Date |
February 17, 2004 |
INCOME STATEMENT
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: |
) |
CHAPTER 11 |
||
) |
||||
J.P. Stevens & Co., Inc. |
) |
CASE NO. |
03-13534-RDD |
|
Reporting Period |
December 1, 2003 to December 31, 2003 |
STATEMENT OF OPERATIONS
(in $ thousands)
Total sales |
$ - |
Cost of sales |
- |
Gross profit |
- |
Selling and administrative expenses |
|
Selling expense |
- |
Warehousing and shipping |
- |
Advertising |
- |
Division administrative expense |
- |
MIS expense |
- |
Corporate administrative expense |
- |
Total selling and administrative expense |
- |
Restructuring and impairment charge |
- |
Goodwill impairment charge |
- |
Profit / (loss) from operations |
- |
Interest expense |
|
Interest expense - outside |
- |
Capitalized interest expense |
- |
Interest expense - intercompany |
- |
Interest income |
- |
Interest income - intercompany |
- |
Net interest expense |
- |
Other expense |
|
Miscellaneous |
- |
Royalties - intercompany |
- |
Transaction gain/loss |
- |
Total other expense |
- |
Other income |
|
Royalties - intercompany |
- |
Dividends |
- |
Sale of assets |
- |
Miscellaneous |
- |
Total other income |
- |
Net other expense |
- |
Income (loss) before Chapter 11 reorganization expenses |
|
and income taxes (benefit) and extraordinary items |
- |
Chapter 11 reorganization expenses |
- |
Income taxes (benefit) |
- |
Income (loss) before extraordinary item |
- |
Extraordinary item - net of taxes |
- |
Net income (loss) |
$ - |
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: |
) |
CHAPTER 11 |
||
) |
||||
J.P. Stevens & Co., Inc. |
) |
CASE NO. |
03-13534-RDD |
|
Reporting Period |
December 1, 2003 to December 31, 2003 |
BALANCE SHEET
(in $ thousands)
ASSETS |
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) |
||||||
Current Assets |
Liabilities Not Subject to Compromise: |
||||||
Cash and cash equivalents |
$ - |
Senior Credit Facility |
$ - |
||||
Short-term investments |
- |
DIP Credit Agreement |
- |
||||
Accounts receivable - customers |
- |
Long-term debt classified as current |
- |
||||
Accounts receivable - intercompany |
110,738 |
Accrued interest payable |
- |
||||
Total inventories |
- |
Accounts payable - trade |
- |
||||
Prepaid & other current assets |
11 |
Accounts payable - intercompany |
- |
||||
Total current assets |
110,749 |
Other payables and accrued liabilities |
- |
||||
Deferred income taxes |
- |
||||||
Pension and other liabilities |
- |
||||||
Total investments & other assets |
2,697 |
Total liabilities not subject to compromise |
- |
||||
Goodwill |
- |
Liabilities Subject to Compromise: |
|||||
Senior Notes |
- |
||||||
Property, plant and equipment, net |
- |
Deferred financing fees |
- |
||||
Accrued interest payable on Senior Notes |
- |
||||||
Accounts payable |
- |
||||||
Other payables and accrued liabilities |
- |
||||||
Pension and other liabilities |
- |
||||||
Total liabilities subject to compromise |
- |
||||||
Total Liabilities |
- |
||||||
SHAREHOLDERS' EQUITY (DEFICIT) |
|||||||
Equity of subsidiaries |
10,503 |
||||||
Common stock |
- |
||||||
Capital Surplus / Treasury Stock |
- |
||||||
Retained earnings (deficit) |
102,943 |
||||||
Minimum pension liability adjustment |
- |
||||||
Other adjustments |
- |
||||||
Unearned compensation |
- |
||||||
Total Shareholders' Equity (Deficit) |
113,446 |
||||||
TOTAL ASSETS |
$ 113,446 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) |
$ 113,446 |
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: |
) |
CHAPTER 11 |
||
) |
||||
J.P. Stevens & Co., Inc. |
) |
CASE NO. |
03-13534-RDD |
|
Reporting Period |
December 1, 2003 to December 31, 2003 |
STATEMENT OF CASH FLOWS
(in $ thousands)
Cash Flows from Operations: |
|
Net income (loss) |
$ - |
Non-cash items |
|
Depreciation and amortization expense |
- |
Working Capital Changes |
|
Decrease / (increase) -- accounts receivable (customers) |
- |
Decrease / (increase) -- accounts receivable (intercompany) |
- |
Decrease / (increase) -- inventories |
- |
Decrease / (increase) -- other current assets |
- |
Decrease / (increase) -- other noncurrent assets |
- |
Increase (decrease) -- accounts payable (trade) |
- |
Increase (decrease) -- accounts payable (intercompany) |
- |
Increase (decrease) -- accrued liabilities |
- |
Increase (decrease) -- accrued interest payable |
- |
Increase (decrease) -- pension and other liabilities |
- |
Increase (decrease) -- deferred federal income tax |
- |
Total Cash Flows from Operations |
$ - |
Cash Flows from Investing |
|
Decrease / (increase) -- short term investments |
- |
Capital expenditures |
- |
Net proceeds from sale of assets |
- |
Total Cash Flows from Investing |
$ - |
Cash Flows from Financing |
|
Increase / (decrease) -- DIP credit agreement |
- |
Total Cash Flows from Financing |
$ - |
Beginning Cash Balance |
- |
Change in Cash |
- |
Ending Cash Balance |
$ - |
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: |
) |
CHAPTER 11 |
||
) |
||||
J.P. Stevens & Co., Inc. |
) |
CASE NO. |
03-13534-RDD |
|
Reporting Period |
December 1, 2003 to December 31, 2003 |
Supplemental Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld
Amount Withheld/ Collected/ Incurred |
|
|
|
All wages and salaries paid (gross) or incurred |
$ - |
||
Federal |
- |
||
Payroll taxes withheld |
- |
||
Employer payroll tax contributions incurred |
- |
||
Total Federal Taxes |
- |
||
State and Local |
- |
||
Payroll taxes withheld |
- |
||
Employer payroll tax contributions incurred |
- |
||
Gross taxable sales |
- |
||
Sales & Use taxes collected |
- |
||
Property taxes |
- |
||
Other taxes |
- |
||
Total State and Local |
- |
||
Total Taxes |
$ - |
$ - |
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: |
) |
CHAPTER 11 |
||
) |
||||
J.P. Stevens Enterprises, Inc. |
) |
CASE NO. |
03-13535-RDD |
|
Reporting Period |
December 1, 2003 to December 31, 2003 |
|||
Monthly Operating Report |
|
Schedule |
Income Statement |
X |
Balance Sheet |
X |
Statement of Cash Flows |
X |
Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld |
X |
Debtor's Address: |
3993 Howard Hughes Parkway, Suite 250, Las Vegas NV 89109 |
Preparer: |
Dianne Nolen |
Debtor's Attorney: |
Weil, Gotshal & Manges LLP |
Monthly Disbursements: |
$ 925 |
Monthly Profit (Loss): |
$ 175,000 |
The Debtors' chapter 11 proceedings have been consolidated for administrative purposes only. Because the cases have not been substantively consolidated, the Debtor is required to provide separate financial information for itself, to the extent available. Therefore, the financial information contained in this Monthly Operating Report is not consolidated with the financial information applicable to the Debtor's affiliates, and is not comparable with publicly reported consolidated financial information.
The undersigned, having reviewed the attached report and being familiar with the Debtor's financial affairs, verifies under penalty of perjury, that the information contained therein is complete, accurate, and truthful, to the best of my knowledge.
All insurance policies are fully paid for the current period, and amounts for workers compensation and disability insurance have been paid.
While every effort has been made to file complete and accurate information, inadvertent errors or omissions may exist. The debtor reserves the right to amend this monthly operating report as necessary and appropriate. All financial information contained herein is unaudited data.
Debtor-In-Possession |
J.P. Stevens Enterprises, Inc. |
By: |
Lester D. Sears |
Its: |
President |
Signature |
/s/Lester D. Sears |
Date |
February 17, 2004 |
INCOME STATEMENT
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: |
) |
CHAPTER 11 |
||
) |
||||
J.P. Stevens Enterprises, Inc. |
) |
CASE NO. |
03-13535-RDD |
|
Reporting Period |
December 1, 2003 to December 31, 2003 |
STATEMENT OF OPERATIONS
(in $ thousands)
Total sales |
$ - |
Cost of sales |
- |
Gross profit |
- |
Selling and administrative expenses |
|
Selling expense |
1 |
Warehousing and shipping |
- |
Advertising |
- |
Division administrative expense |
- |
MIS expense |
- |
Corporate administrative expense |
- |
Total selling and administrative expense |
1 |
Restructuring and impairment charge |
- |
Goodwill impairment charge |
- |
Profit / (loss) from operations |
(1) |
Interest expense |
|
Interest expense - outside |
- |
Capitalized interest expense |
- |
Interest expense - intercompany |
- |
Interest income |
- |
Interest income - intercompany |
65 |
Net interest expense |
(65) |
Other expense |
|
Miscellaneous |
- |
Royalties - intercompany |
- |
Transaction gain/loss |
- |
Total other expense |
- |
Other income |
|
Royalties - intercompany |
205 |
Dividends |
- |
Sale of assets |
- |
Miscellaneous |
- |
Total other income |
205 |
Net other expense |
(205) |
Income (loss) before Chapter 11 reorganization expenses |
|
and income taxes (benefit) and extraordinary items |
269 |
Chapter 11 reorganization expenses |
- |
Income taxes (benefit) |
94 |
Income (loss) before extraordinary item |
175 |
Extraordinary item - net of taxes |
- |
Net income (loss) |
$ 175 |
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: |
) |
CHAPTER 11 |
||
) |
||||
J.P. Stevens Enterprises, Inc. |
) |
CASE NO. |
03-13535-RDD |
|
Reporting Period |
December 1, 2003 to December 31, 2003 |
BALANCE SHEET
(in $ thousands)
ASSETS |
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) |
||||||
Current Assets |
Liabilities Not Subject to Compromise: |
||||||
Cash and cash equivalents |
$ 20 |
Senior Credit Facility |
$ - |
||||
Short-term investments |
- |
DIP Credit Agreement |
- |
||||
Accounts receivable - customers, net |
- |
Long-term debt classified as current |
- |
||||
Accounts receivable - intercompany |
15,073 |
Accrued interest payable |
- |
||||
Total inventories |
- |
Accounts payable - trade |
- |
||||
Prepaid & other current assets |
- |
Accounts payable - intercompany |
- |
||||
Total current assets |
15,093 |
Other payables and accrued liabilities |
181 |
||||
Deferred income taxes |
- |
||||||
Pension and other liabilities |
- |
||||||
Total investments & other assets |
- |
Total liabilities not subject to compromise |
181 |
||||
Goodwill |
- |
Liabilities Subject to Compromise: |
|||||
Senior Notes |
- |
||||||
Property, plant and equipment, net |
- |
Deferred financing fees |
- |
||||
Accrued interest payable on Senior Notes |
- |
||||||
Accounts payable |
- |
||||||
Other payables and accrued liabilities |
- |
||||||
Pension and other liabilities |
- |
||||||
Total liabilities subject to compromise |
- |
||||||
Total Liabilities |
181 |
||||||
SHAREHOLDERS' EQUITY (DEFICIT) |
|||||||
Equity of subsidiaries |
- |
||||||
Common stock |
2 |
||||||
Capital Surplus / Treasury Stock |
- |
||||||
Retained earnings (deficit) |
14,910 |
||||||
Minimum pension liability adjustment |
- |
||||||
Other adjustments |
- |
||||||
Unearned compensation |
- |
||||||
Total Shareholders' Equity (Deficit) |
14,912 |
||||||
TOTAL ASSETS |
$ 15,093 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) |
$ 15,093 |
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: |
) |
CHAPTER 11 |
||
) |
||||
J.P. Stevens Enterprises, Inc. |
) |
CASE NO. |
03-13535-RDD |
|
Reporting Period |
December 1, 2003 to December 31, 2003 |
STATEMENT OF CASH FLOWS
(in $ thousands)
Cash Flows from Operations: |
|
Net income (loss) |
$ 175 |
Non-cash items |
|
Depreciation and amortization expense |
- |
Working Capital Changes |
|
Decrease / (increase) -- accounts receivable (customers) |
- |
Decrease / (increase) -- accounts receivable (intercompany) |
(12) |
Decrease / (increase) -- inventories |
- |
Decrease / (increase) -- other current assets |
- |
Decrease / (increase) -- other noncurrent assets |
- |
Increase (decrease) -- accounts payable (trade) |
- |
Increase (decrease) -- accounts payable (intercompany) |
- |
Increase (decrease) -- accrued liabilities |
(167) |
Increase (decrease) -- accrued interest payable |
- |
Increase (decrease) -- pension and other liabilities |
- |
Increase (decrease) -- deferred federal income tax |
- |
Total Cash Flows from Operations |
$ (4) |
Cash Flows from Investing |
|
Decrease / (increase) -- short term investments |
- |
Capital expenditures |
- |
Net proceeds from sale of assets |
- |
Total Cash Flows from Investing |
$ - |
Cash Flows from Financing |
|
Increase / (decrease) -- DIP credit agreement |
- |
Total Cash Flows from Financing |
$ - |
Beginning Cash Balance |
24 |
Change in Cash |
(4) |
Ending Cash Balance |
$ 20 |
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: |
) |
CHAPTER 11 |
||
) |
||||
J.P. Stevens Enterprises, Inc. |
) |
CASE NO. |
03-13535-RDD |
|
Reporting Period |
December 1, 2003 to December 31, 2003 |
Supplemental Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld
Amount Withheld/ Collected/ Incurred |
|
|
||||
All wages and salaries paid (gross) or incurred |
$ 500 |
|||||
Federal |
||||||
Payroll taxes withheld |
38 |
38 |
12/02/03 |
|||
Employer payroll tax contributions incurred |
42 |
42 |
12/02/03 |
|||
Total Federal Taxes (1) |
80 |
80 |
||||
State and Local |
||||||
Payroll taxes withheld |
- |
- |
||||
Employer payroll tax contributions incurred |
|
|||||
Nevada |
15 |
15 |
12/02/03 |
|||
Gross taxable sales |
- |
|||||
Sales & Use taxes collected |
- |
|||||
Property taxes |
- |
|||||
Other taxes |
- |
|||||
Total State and Local (1) |
15 |
15 |
||||
Total Taxes |
$ 95 |
$ 95 |
(1) Difference between taxes incurred and taxes paid is due to a time lag where taxes incurred at the end of the month are paid in the following month, or after the end of the quarter for taxes paid on a quarterly basis.
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: |
) |
CHAPTER 11 |
||
) |
||||
WestPoint Stevens Stores Inc. |
) |
CASE NO. |
03-13536-RDD |
|
Reporting Period |
December 1, 2003 to December 31, 2003 |
|||
Monthly Operating Report |
|
Schedule |
Income Statement |
X |
Balance Sheet |
X |
Statement of Cash Flows |
X |
Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld |
X |
Debtor's Address: |
507 West 10th Street, West Point, GA 31833 |
Preparer: |
Dianne Nolen |
Debtor's Attorney: |
Weil, Gotshal & Manges LLP |
Monthly Disbursements: |
$ 3,295,743 |
Monthly Profit (Loss): |
$ 255,000 |
The Debtors' chapter 11 proceedings have been consolidated for administrative purposes only. Because the cases have not been substantively consolidated, the Debtor is required to provide separate financial information for itself, to the extent available. Therefore, the financial information contained in this Monthly Operating Report is not consolidated with the financial information applicable to the Debtor's affiliates, and is not comparable with publicly reported consolidated financial information.
The undersigned, having reviewed the attached report and being familiar with the Debtor's financial affairs, verifies under penalty of perjury, that the information contained therein is complete, accurate, and truthful, to the best of my knowledge.
All insurance policies are fully paid for the current period, and amounts for workers compensation and disability insurance have been paid.
While every effort has been made to file complete and accurate information, inadvertent errors or omissions may exist. The debtor reserves the right to amend this monthly operating report as necessary and appropriate. All financial information contained herein is unaudited data.
Debtor-In-Possession |
WestPoint Stevens Stores Inc. |
By: |
Lester D. Sears |
Its: |
Vice President |
Signature |
/s/Lester D. Sears |
Date |
February 17, 2004 |
INCOME STATEMENT
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: |
) |
CHAPTER 11 |
||
) |
||||
WestPoint Stevens Stores Inc. |
) |
CASE NO. |
03-13536-RDD |
|
Reporting Period |
December 1, 2003 to December 31, 2003 |
STATEMENT OF OPERATIONS
(in $ thousands)
Total sales |
$ 7,596 |
Cost of sales |
4,879 |
Gross profit |
2,717 |
Selling and administrative expenses |
|
Selling expense |
1,818 |
Warehousing and shipping |
87 |
Advertising |
232 |
Division administrative expense |
155 |
MIS expense |
(82) |
Corporate administrative expense |
(98) |
Total selling and administrative expense |
2,112 |
Restructuring and impairment charge |
- |
Goodwill impairment charge |
- |
Profit / (loss) from operations |
605 |
Interest expense |
|
Interest expense - outside |
- |
Capitalized interest expense |
- |
Interest expense - intercompany |
197 |
Interest income |
- |
Interest income - intercompany |
- |
Net interest expense |
197 |
Other expense |
|
Miscellaneous |
- |
Royalties - intercompany |
- |
Transaction gain/loss |
- |
Total other expense |
- |
Other income |
|
Royalties - intercompany |
- |
Dividends |
- |
Sale of assets |
- |
Miscellaneous |
- |
Total other income |
- |
Net other expense |
- |
Income (loss) before Chapter 11 reorganization expenses |
|
and income taxes (benefit) and extraordinary items |
408 |
Chapter 11 reorganization expenses |
- |
Income taxes (benefit) |
153 |
Income (loss) before extraordinary item |
255 |
Extraordinary item - net of taxes |
- |
Net income (loss) |
$ 255 |
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: |
) |
CHAPTER 11 |
||
) |
||||
WestPoint Stevens Stores Inc. |
) |
CASE NO. |
03-13536-RDD |
|
Reporting Period |
December 1, 2003 to December 31, 2003 |
BALANCE SHEET
(in $ thousands)
ASSETS |
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) |
||||||
Current Assets |
Liabilities Not Subject to Compromise: |
||||||
Cash and cash equivalents |
$ 584 |
Senior Credit Facility |
$ - |
||||
Short-term investments |
- |
DIP Credit Agreement |
- |
||||
Accounts receivable - customers |
39 |
Long-term debt classified as current |
- |
||||
Accounts receivable - intercompany |
1,851 |
Accrued interest payable |
- |
||||
Total inventories |
20,122 |
Accounts payable - trade |
797 |
||||
Prepaid & other current assets |
790 |
Accounts payable - intercompany |
- |
||||
Total current assets |
23,386 |
Other payables and accrued liabilities |
877 |
||||
Deferred income taxes |
- |
||||||
Pension and other liabilities |
14 |
||||||
Total investments & other assets |
- |
Total liabilities not subject to compromise |
1,688 |
||||
Goodwill |
- |
Liabilities Subject to Compromise: |
|||||
Senior Notes |
- |
||||||
Property, plant and equipment, net |
3,287 |
Deferred financing fees |
- |
||||
Accrued interest payable on Senior Notes |
- |
||||||
Accounts payable |
1,670 |
||||||
Other payables and accrued liabilities |
- |
||||||
Pension and other liabilities |
- |
||||||
Total liabilities subject to compromise |
1,670 |
||||||
Total Liabilities |
3,358 |
||||||
SHAREHOLDERS' EQUITY (DEFICIT) |
|||||||
Equity of subsidiaries |
- |
||||||
Common stock |
1 |
||||||
Capital Surplus / Treasury Stock |
15,955 |
||||||
Retained earnings (deficit) |
7,359 |
||||||
Minimum pension liability adjustment |
- |
||||||
Other adjustments |
- |
||||||
Unearned compensation |
- |
||||||
Total Shareholders' Equity (Deficit) |
23,315 |
||||||
TOTAL ASSETS |
$ 26,673 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) |
$ 26,673 |
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: |
) |
CHAPTER 11 |
||
) |
||||
WestPoint Stevens Stores Inc. |
) |
CASE NO. |
03-13536-RDD |
|
Reporting Period |
December 1, 2003 to December 31, 2003 |
STATEMENT OF CASH FLOWS
(in $ thousands)
Cash Flows from Operations: |
|
Net income (loss) |
$ 255 |
Restructuring |
- |
Equity adjustments |
- |
Non-cash items |
|
Depreciation and amortization expense |
293 |
Working Capital Changes |
|
Decrease / (increase) -- accounts receivable (customers) |
121 |
Decrease / (increase) -- accounts receivable (intercompany) |
2,027 |
Decrease / (increase) -- inventories |
1,616 |
Decrease / (increase) -- other current assets |
20 |
Decrease / (increase) -- other noncurrent assets |
- |
Increase (decrease) -- accounts payable (trade) |
202 |
Increase (decrease) -- accounts payable (intercompany) |
4 |
Increase (decrease) -- accrued liabilities |
(6,824) |
Increase (decrease) -- accrued interest payable |
- |
Increase (decrease) -- pension and other liabilities |
- |
Increase (decrease) -- deferred federal income tax |
- |
Total Cash Flows from Operations |
$ (2,286) |
Cash Flows from Investing |
|
Decrease / (increase) -- short term investments |
- |
Capital expenditures |
(57) |
Net proceeds from sale of assets |
- |
Total Cash Flows from Investing |
$ (57) |
Cash Flows from Financing |
|
Increase / (decrease) -- DIP credit agreement |
- |
Total Cash Flows from Financing |
$ - |
Beginning Cash Balance |
$ 2,927 |
Change in Cash |
(2,343) |
Ending Cash Balance |
$ 584 |
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: |
) |
CHAPTER 11 |
||
) |
||||
WestPoint Stevens Stores Inc. |
) |
CASE NO. |
03-13536-RDD |
|
Reporting Period |
December 1, 2003 to December 31, 2003 |
Supplemental Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld
Amount Withheld/ Collected/ Incurred |
|
|
||||||
All wages and salaries paid (gross) or incurred |
$ 1,079,918 |
|||||||
Federal |
||||||||
Payroll taxes withheld |
174,864 |
|||||||
Employer payroll tax contributions incurred |
79,550 |
63,628 |
12/03/03 |
|||||
26,047 |
12/10/03 |
|||||||
85,401 |
12/17/03 |
|||||||
21,029 |
12/23/03 |
|||||||
21,773 |
12/26/03 |
|||||||
Total Federal Taxes (1) |
$ 254,414 |
$ 217,878 |
||||||
State and Local |
||||||||
Amount of payroll taxes withheld |
||||||||
Alabama SIT |
3,967 |
3,155 |
12/12/03 |
|||||
Arizona SIT |
109 |
105 |
12/17/03 |
|||||
California SIT |
1,171 |
916 |
12/17/03 |
|||||
Connecticut |
306 |
280 |
12/30/03 |
|||||
Delaware SIT |
- |
57 |
12/12/03 |
|||||
Georgia SIT |
12,764 |
11,269 |
12/12/03 |
|||||
Massachusetts SIT |
930 |
814 |
12/03/03 |
|||||
Minnesota SIT |
1,367 |
1,209 |
12/30/03 |
|||||
Missouri SIT |
118 |
- |
||||||
Michigan SIT |
1,566 |
1,247 |
12/11/03 |
|||||
New Jersey SIT |
326 |
- |
||||||
New York SIT |
1,361 |
1,020 |
12/03/03 |
|||||
North Carolina SIT |
2,303 |
1,868 |
12/30/03 |
|||||
Oregon SIT |
1,173 |
808 |
12/30/03 |
|||||
Pennsylvania SIT |
598 |
506 |
12/17/03 |
|||||
South Carolina SIT |
1,793 |
1,555 |
12/30/03 |
|||||
Utah SIT |
1,020 |
820 |
12/11/03 |
|||||
Virginia SIT |
1,163 |
636 |
12/18/03 |
|||||
Wisconsin SIT |
251 |
311 |
12/18/03 |
|||||
Aurora OH |
105 |
- |
||||||
Wilmington DE |
- |
26 |
12/15/03 |
|||||
Jefferson County Alabama |
- |
3 |
12/15/03 |
|||||
Lancaster PA |
178 |
- |
||||||
Total Payroll taxes |
32,569 |
26,605 |
||||||
Amount of employer payroll tax contributions incurred |
||||||||
Alabama SUTA |
41 |
- |
||||||
Arizona SUTA |
- |
- |
||||||
California SUTA |
521 |
- |
||||||
Connecticut SUTA |
144 |
- |
||||||
Delaware SUTA |
- |
- |
||||||
Florida SUTA |
90 |
- |
||||||
Georgia SUTA |
19 |
- |
||||||
Kansas SUTA |
- |
- |
||||||
Massachusetts SUTA |
37 |
- |
||||||
Minnesota SUTA |
84 |
- |
||||||
Missouri SUTA |
- |
- |
||||||
Michigan SUTA |
150 |
- |
||||||
New Jersey SUTA |
312 |
- |
||||||
New York SUTA |
165 |
- |
||||||
North Carolina SUTA |
78 |
- |
||||||
Ohio SUTA |
- |
- |
||||||
Oregon SUTA |
210 |
- |
||||||
Pennsylvania SUTA |
44 |
- |
||||||
South Carolina SUTA |
110 |
- |
||||||
Tennessee SUTA |
- |
- |
||||||
Texas SUTA |
342 |
- |
||||||
Utah SUTA |
79 |
- |
||||||
Virginia SUTA |
- |
- |
||||||
Wisconsin SUTA |
- |
- |
||||||
Total Employer payroll tax contributions |
2,426 |
- |
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: |
) |
CHAPTER 11 |
||
) |
||||
WestPoint Stevens Stores Inc. |
) |
CASE NO. |
03-13536-RDD |
|
Reporting Period |
December 1, 2003 to December 31, 2003 |
Supplemental Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld
Amount Withheld/ Collected/ Incurred |
|
|
||||
(continued) |
||||||
Gross taxable sales |
8,847,632 |
|||||
Sales & Use taxes collected |
||||||
Alabama City/County (Foley, Chamber Co.) |
6,607 |
6,607 |
12/22/03 |
|||
Alabama Sales |
32,276 |
32,276 |
12/22/03 |
|||
Alabama Use |
108 |
108 |
12/22/03 |
|||
Alatax (Bessemer, Boaz, Valley, Marshall Co) |
12,067 |
12,067 |
12/22/03 |
|||
Baldwin County Alabama |
8,648 |
8,648 |
12/22/03 |
|||
California |
52,789 |
52,789 |
12/24/03 |
|||
Connecticut |
13,126 |
13,126 |
12/01/03 |
|||
Connecticut |
11,091 |
11,091 |
12/31/03 |
|||
Florida |
58,139 |
58,139 |
12/22/03 |
|||
Georgia |
82,295 |
82,295 |
12/22/03 |
|||
Jefferson County Alabama |
5 |
5 |
12/18/03 |
|||
Massachusetts |
12,244 |
12,244 |
12/22/03 |
|||
Michigan |
24,345 |
24,345 |
12/15/03 |
|||
Minnesota |
10,327 |
10,327 |
12/22/03 |
|||
New Jersey |
12,991 |
12,991 |
12/22/03 |
|||
New York |
37,570 |
37,570 |
12/26/03 |
|||
North Carolina |
13,889 |
13,889 |
12/10/03 |
|||
North Carolina |
13,483 |
13,483 |
12/26/03 |
|||
Pennsylvania |
13,818 |
13,818 |
12/22/03 |
|||
South Carolina |
16,221 |
16,221 |
12/22/03 |
|||
Tennessee (P.Forge, Lebanon, Interstate Sales) |
36,063 |
36,063 |
12/22/03 |
|||
Texas |
66,051 |
66,051 |
12/22/03 |
|||
Utah |
16,671 |
16,671 |
12/01/03 |
|||
Utah |
13,867 |
13,867 |
12/31/03 |
|||
Virginia Interstate Sales |
121 |
121 |
12/22/03 |
|||
Virginia Williamsburg |
23,924 |
23,924 |
12/22/03 |
|||
Total Sales & Use taxes paid |
588,736 |
588,736 |
||||
Property taxes |
4,630 |
Various |
||||
Other taxes |
6,725 |
4,329 |
Various |
|||
Total State and Local (1) |
630,456 |
624,300 |
||||
Total Taxes |
$ 884,870 |
$ 842,178 |
(1) Difference between taxes incurred and taxes paid is due to a time lag where taxes incurred at the end of the month are paid in the following month, or after the end of the quarter for taxes paid on a quarterly basis.