-----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, MIjf4vMkZZCIlhJ2X6faLgC/9oTs+Mctvv4BeWxty4wCLbEnrzCmfr818Dig+q6i qSNpbTfY5w2NJNkSWuC1Lg== 0000852952-04-000006.txt : 20040331 0000852952-04-000006.hdr.sgml : 20040331 20040331144025 ACCESSION NUMBER: 0000852952-04-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040229 ITEM INFORMATION: Other events FILED AS OF DATE: 20040331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESTPOINT STEVENS INC CENTRAL INDEX KEY: 0000852952 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS FABRICATED TEXTILE PRODUCTS [2390] IRS NUMBER: 363498354 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15381 FILM NUMBER: 04705451 BUSINESS ADDRESS: STREET 1: 507 W TENTH ST CITY: WEST POINT STATE: GA ZIP: 31833 BUSINESS PHONE: 7066454000 MAIL ADDRESS: STREET 1: P O BOX 71 CITY: WEST POINT STATE: GA ZIP: 31833 FORMER COMPANY: FORMER CONFORMED NAME: VALLEY FASHIONS CORP DATE OF NAME CHANGE: 19931214 8-K 1 wpstv8kfebmor.htm WESTPOINT STEVENS INC. FORM 8-K DATED MARCH 30, 2004

UNITED STATES
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

March 30, 2004
Date of Report (Date of earliest event reported)

WESTPOINT STEVENS INC.
(Exact name of registrant as specified in its charter)

Delaware	0-21496	36-3498354

(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

507 West 10^th Street, West Point, Georgia		31833

(Address of principal executive offices)		(Zip Code)

(706) 645-4000
Registrant's telephone number, including area code

Item 5.	Other Events and Regulation FD Disclosure.
		On March 30, 2004, the Company filed with the Bankruptcy Court its Monthly Operating Report for the month of February 2004 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.



Exhibit No.	Exhibit

99.1	Monthly Operating Report for the month of February 2004.

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.
	(Registrant)


Date: March 31, 2004	By:	/s/ Christopher N. Zodrow

		Christopher N. Zodrow
		Vice President and Secretary

EXHIBIT INDEX

Exhibit No.		Description
99.1		Monthly Operating Report for the month of February 2004.

EX-99 3 wpstvfebmorexh99.htm MONTHLY OPERATING REPORTS FOR MONTH OF FEBRUARY 2004 EXHIBIT 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		February 1, 2004 to February 29, 2004

Monthly Operating Report

Required Documents	Schedule Attached
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 10^th Street, West Point, GA 31833
Preparer:	Dianne Nolen
Debtor's Attorney:	Weil, Gotshal & Manges LLP

Monthly Disbursements:	$ 153,487,758
Monthly Profit (Loss):	$ (6,445,000)

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	March 30, 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		February 1, 2004 to February 29, 2004

STATEMENT OF OPERATIONS

(in $ thousands)

Total sales	$ 129,783

Cost of sales	111,823
Gross profit	17,960

Selling and administrative expenses
Selling expense	3,938
Warehousing and shipping	6,133
Advertising	410
Division administrative expense	959
MIS expense	1,508
Corporate administrative expense	1,323
Total selling and administrative expense	14,271

Restructuring and impairment charge	-
Goodwill impairment charge	-

Profit / (loss) from operations	3,689

Interest expense
Interest expense - outside	5,789
Capitalized interest expense	-
Interest expense - intercompany	185
Interest income	-
Interest income - intercompany	-
Net interest expense	5,974

Other expense
Miscellaneous	1,138
Royalties - intercompany	3,700
Transaction gain/loss	-
Total other expense	4,838

Other income
Royalties - intercompany	-
Dividends	-
Sale of assets	8
Miscellaneous	11
Total other income	19
Net other expense	4,819

Income (loss) before Chapter 11 reorganization expenses
and income taxes (benefit) and extraordinary items	(7,104)

Chapter 11 reorganization expenses	2,132

Income taxes (benefit)	(2,791)

Income (loss) before extraordinary item	(6,445)

Extraordinary item - net of taxes	-

Net income (loss)	$ (6,445)

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK

In re:	)	CHAPTER 11
	)
WestPoint Stevens Inc.	)	CASE NO.	03-13532-RDD

Reporting Period		February 1, 2004 to February 29, 2004

BALANCE SHEET

(in $ thousands)

ASSETS			LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current Assets			Liabilities Not Subject to Compromise:
	Cash and cash equivalents	$ -		Senior Credit Facility	$ 445,000
	Short-term investments	-		DIP Credit Agreement	118,517
	Accounts receivable, net	259,327		Second Lien Facility	165,000
	Total inventories	370,550		Accrued interest payable	605
	Prepaid & other current assets	28,624		Accounts payable - trade	45,745
	Total current assets	658,501		Accounts payable - intercompany	160,266
				Other payables and accrued liabilities	103,787
				Deferred income taxes	84,136
				Pension and other liabilities	142,741
Total investments & other assets		128,701		Total liabilities not subject to compromise	1,265,797

Goodwill		-	Liabilities Subject to Compromise:
				Senior Notes	1,000,000
Property, plant and equipment, net		591,249		Deferred financing fees	(6,916)
				Accrued interest payable on Senior Notes	36,130
				Accounts payable	27,722
				Other payables and accrued liabilities	8,238
				Pension and other liabilities	18,965
				Total liabilities subject to compromise	1,084,139

			Total Liabilities		2,349,936

			SHAREHOLDERS' EQUITY (DEFICIT)
				Equity of subsidiaries		(123,757)
				Common stock		711
				Capital Surplus / Treasury Stock		(2,131)
				Retained earnings (deficit)		(740,900)
				Minimum pension liability adjustment		(101,921)
				Other adjustments		(3,487)
				Unearned compensation		-
				Total Shareholders' Equity (Deficit)		(971,485)
TOTAL ASSETS		$ 1,378,451	TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)		$1,378,451

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK

In re:	)	CHAPTER 11
	)
WestPoint Stevens Inc.	)	CASE NO.	03-13532-RDD

Reporting Period		February 1, 2004 to February 29, 2004

STATEMENT OF CASH FLOWS

(in $ thousands)

Cash Flows from Operations:
Net income (loss)	$ (6,445)
Restructuring
Equity adjustments	1,939
Non-cash items
Depreciation and amortization expense	4,942
Working Capital Changes
Decrease / (increase) -- accounts receivable	(28,257)
Decrease / (increase) -- inventories	(5,978)
Decrease / (increase) -- other current assets	5,056
Decrease / (increase) -- other noncurrent assets	1,640
Increase (decrease) -- accounts payable (trade)	(5,347)
Increase (decrease) -- accounts payable (intercompany)	4,364
Increase (decrease) -- accrued liabilities	(6,884)
Increase (decrease) -- accrued interest payable	209
Increase (decrease) -- pension and other liabilities	1,810
Increase (decrease) -- deferred federal income tax	81
Total Cash Flows from Operations	$ (32,870)

Cash Flows from Investing
Decrease / (increase) -- short term investments	-
Capital expenditures	(1,114)
Transfers	503
Net proceeds from sale of assets	-
Total Cash Flows from Investing	$ (611)

Cash Flows from Financing
Increase / (decrease) -- DIP credit agreement	31,500
Total Cash Flows from Financing	$ 31,500

Beginning Cash Balance	1,981
Change in Cash	(1,981)
Ending Cash Balance	$ -

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK

In re:	)	CHAPTER 11
	)
WestPoint Stevens Inc.	)	CASE NO.	03-13532-RDD

Reporting Period		February 1, 2004 to February 29, 2004

Supplemental Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld

			Amount Withheld/ Collected/ Incurred		Amount Paid	Date of Payment
All wages and salaries paid (gross) or incurred		$ 32,602,596
Federal
Payroll taxes withheld		5,878,487		34,427		02/02/04
				1,123,786		02/05/04
				1,387,294		02/12/04
Employer payroll tax contributions incurred		2,577,216		1,910,393		02/13/04
				1,347,104		02/19/04
				1,428,598		02/26/04
				1,055,996		02/27/04

Total Federal Taxes (1)		$ 8,455,703		$ 8,287,598
State and Local
Payroll taxes withheld
	Alabama SIT	420,551		412,591		02/17/04
	Arkansas SIT	2,343		1,009		02/16/04
	California SIT	3,250		4,008		02/18/04
	Georgia SIT	138,672		107,489		02/17/04
	Illinois SIT	913		1,148		02/18/04
	Indiana SIT	12,430		17,091		02/17/04
	Louisiana SIT	3,200		2,971		02/18/04
	Maine SIT	35,394		37,601		02/25/04
	Minnesota SIT	3,983		3,977		02/18/04
	Missouri SIT	2,141		406		02/16/04
	New York SIT	112,560		112,323		02/18/04
	North Carolina SIT	302,285		300,979		02/25/04
	Pennsylvania SIT	514		163		02/16/04
	Rhode Island SIT	377		144		02/16/04
	South Carolina SIT	253,857		253,857		02/25/04
	Virginia SIT	40,663		39,138		02/25/04
	Delaware Co IN	372		-
	Hamilton Co IN	101		-
	Henry Co IN	1,066		-
	Johnson Co IN	67		-
	Madison Co IN	1,700		-
	Marion Co IN	35		-
	Washington Co IN	267		-
	Randolph Co IN	95		-
	Yonkers NY	16		16		02/18/04
	New York City	27,413		27,455		02/18/04
	Opelika AL	6,662		-

	Total Payroll taxes	1,370,927		1,322,366

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK

In re:	)	CHAPTER 11
	)
WestPoint Stevens Inc.	)	CASE NO.	03-13532-RDD

Reporting Period		February 1, 2004 to February 29, 2004

Supplemental Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld

		Amount Withheld/ Collected/ Incurred	Amount Paid	Date of Payment
(continued)
Employer payroll tax contributions incurred
	Alabama SUTA	325,609	-
	Arkansas SUTA	464	-
	Florida SUTA	70,778	-
	Georgia SUTA	61,546	-
	Indiana SUTA	13,837	-
	Louisiana SUTA	6,113	-
	Maine SUTA	9,484	-
	Minnesota SUTA	263	-
	Nevada SUTA	6,886	-
	New York SUTA	18,427	-
	North Carolina SUTA	201,879	-
	South Carolina SUTA	181,942	-
	Virginia SUTA	31,928	-
	Washington SUTA	1,068	-

	Total Employer payroll tax contributions	930,224	-

Gross taxable amount for sales and use		6,009,495
Sales & Use taxes collected
	Abbeville, AL	2,112	2,112	02/20/04
	Alabama City/County (Greenville, Butler County, Chambers County)	21,822	21,822	02/20/04
	Alabama Regulation A	14,599	14,599	02/20/04
	Alabama Sales	3,073	3,073	02/20/04
	Alabama Use	60,138	60,138	02/20/04
	Alatax (Opelika, Valley, Henry Co, Lee Co)	8,907	8,907	02/20/04
	Florida	10,152	10,152	02/20/04
	Georgia	32,300	32,300	02/20/04
	Indiana (Daleville)	8	8	02/26/04
	Indiana (Middletown)	7,074	7,074	02/20/04
	Louisiana	165	165	02/20/04
	New York	13,615	13,615	02/20/04
	North Carolina	30,274	30,274	02/10/04
	North Carolina	23,864	23,864	02/25/04
	Red River Parish, Louisiana	205	205	02/20/04
	South Carolina	24,226	24,226	02/20/04
	Virginia Use	1,951	1,951	02/20/04

	Total Sales & Use taxes paid	254,485	254,485
Property taxes			40,139
Other taxes			58,351

Total State and Local (1)		2,555,636	1,675,341

Total Taxes		$ 11,011,339	$ 9,962,939

(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.

I certify that the above payroll related taxes represents the taxes withheld and paid.

/s/ Tracy Culpepper

Tracy Culpepper

WestPoint Stevens Inc.

Payroll Manager

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK

In re:	)	CHAPTER 11
	)
WestPoint Stevens Inc. I	)	CASE NO.	03-13533-RDD

Reporting Period		February 1, 2004 to February 29, 2004

Monthly Operating Report

Required Documents	Schedule Attached
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:	$ 3,251,500
Monthly Profit (Loss):	$ 3,438,000

All insurance policies are fully paid for the current period, and amounts for workers compensation and disability insurance have been paid.

Debtor-In-Possession	WestPoint Stevens Inc. I
By:	Lester D. Sears
Its:	President
Signature	/s/Lester D. Sears
Date	March 30, 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		February 1, 2004 to February 29, 2004

STATEMENT OF OPERATIONS

(in $ thousands)

Total sales	$ 4,641

Cost of sales	2,864
Gross profit	1,777

Selling and administrative expenses
Selling expense	3
Warehousing and shipping	215
Advertising	-
Division administrative expense	-
MIS expense	-
Corporate administrative expense	170
Total selling and administrative expense	388

Restructuring and impairment charge	-
Goodwill impairment charge	-

Profit / (loss) from operations	1,389

Interest expense
Interest expense - outside	-
Capitalized interest expense	-
Interest expense - intercompany	-
Interest income	-
Interest income - intercompany	278
Net interest expense	(278)

Other expense
Miscellaneous	-
Royalties - intercompany	380
Transaction gain/loss	(190)
Total other expense	190

Other income
Royalties - intercompany	3,816
Dividends	-
Sale of assets	-
Miscellaneous	-
Total other income	3,816
Net other expense	(3,626)

Income (loss) before Chapter 11 reorganization expenses
and income taxes (benefit) and extraordinary items	5,293

Chapter 11 reorganization expenses	-

Income taxes (benefit)	1,855

Income (loss) before extraordinary item	3,438

Extraordinary item - net of taxes	-

Net income (loss)	$ 3,438

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK

In re:	)	CHAPTER 11
	)
WestPoint Stevens Inc. I	)	CASE NO.	03-13533-RDD

Reporting Period		February 1, 2004 to February 29, 2004

BALANCE SHEET

(in $ thousands)

ASSETS				LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current Assets				Liabilities Not Subject to Compromise:
	Cash and cash equivalents		$ 29		Senior Credit Facility	$ -
	Short-term investments		-		DIP Credit Agreement	-
	Accounts receivable - customers		-		Long-term debt classified as current	-
	Accounts receivable - intercompany		-		Accrued interest payable	-
	Total inventories		6,701		Accounts payable - trade	889
	Prepaid & other current assets		-		Accounts payable - intercompany	7,892
	Total current assets		6,730		Other payables and accrued liabilities	10,024
					Deferred income taxes	-
					Pension and other liabilities	-
Total investments & other assets			124,052		Total liabilities not subject to compromise	18,805

Goodwill			-	Liabilities Subject to Compromise:
					Senior Notes	-
Property, plant and equipment, net			12,600		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		20,201

				SHAREHOLDERS' EQUITY (DEFICIT)
					Equity of subsidiaries	-
					Common stock	1
					Capital Surplus / Treasury Stock	70,559
					Retained earnings (deficit)	56,621
					Minimum pension liability adjustment	-
					Other adjustments	-
					Unearned compensation	-
					Total Shareholders' Equity (Deficit)	123,181
TOTAL ASSETS		$ 143,382		TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)		$ 143,382

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK

In re:	)	CHAPTER 11
	)
WestPoint Stevens Inc. I	)	CASE NO.	03-13533-RDD

Reporting Period		February 1, 2004 to February 29, 2004

STATEMENT OF CASH FLOWS

(in $ thousands)

Cash Flows from Operations:
Net income (loss)	$ 3,438
Non-cash items
Depreciation and amortization expense	124
Working Capital Changes
Decrease / (increase) -- accounts receivable (customers)	-
Decrease / (increase) -- accounts receivable (intercompany)	-
Decrease / (increase) -- inventories	(1,497)
Decrease / (increase) -- other current assets	-
Decrease / (increase) -- other noncurrent assets	-
Increase (decrease) -- accounts payable (trade)	28
Increase (decrease) -- accounts payable (intercompany)	(4,378)
Increase (decrease) -- accrued liabilities	2,678
Increase (decrease) -- accrued interest payable	-
Increase (decrease) -- pension and other liabilities	-
Increase (decrease) -- deferred federal income tax	-
Total Cash Flows from Operations	$ 393

Cash Flows from Investing
Decrease / (increase) -- short term investments	-
Capital expenditures	(64)
Transfers	(503)
Net proceeds from sale of assets	-
Total Cash Flows from Investing	$ (567)

Cash Flows from Financing
Increase / (decrease) -- DIP credit agreement	-
Total Cash Flows from Financing	$ -

Beginning Cash Balance	$ 203
Change in Cash	(174)
Ending Cash Balance	$ 29

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK

In re:	)	CHAPTER 11
	)
WestPoint Stevens Inc. I	)	CASE NO.	03-13533-RDD

Reporting Period		February 1, 2004 to February 29, 2004

Supplemental Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld

		Amount Withheld/ Collected/ Incurred	Amount Paid	Date of Payment
All wages and salaries paid (gross) or incurred		$ -	-
Federal
Payroll taxes withheld		-	-
Employer payroll tax contributions incurred		-	-
Total Federal Taxes (1)		$ -	-
State and Local
Payroll taxes withheld		-	-
Employer payroll tax contributions incurred
	Nevada	-	-

Gross taxable sales		72,420	-
Sales & Use taxes collected
	Maine	3,621	3,621	02/17/04
Property taxes			-
Other taxes			138
Total State and Local (1)		3,621	3,759
Total Taxes		$ 3,621	$ 3,759

/s/ Tracy Culpepper

Tracy Culpepper

WestPoint Stevens Inc.

Payroll Manager

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		February 1, 2004 to February 29, 2004

Monthly Operating Report

Required Documents	Schedule Attached
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 10^th Street, West Point, GA 31833
Preparer:	Dianne Nolen
Debtor's Attorney:	Weil, Gotshal & Manges LLP

Monthly Disbursements:	$ -
Monthly Profit (Loss):	$ -

All insurance policies are fully paid for the current period, and amounts for workers compensation and disability insurance have been paid.

Debtor-In-Possession	J.P. Stevens & Co., Inc.
By:	Lester D. Sears
Its:	President
Signature	/s/Lester D. Sears
Date	March 30, 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		February 1, 2004 to February 29, 2004

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		February 1, 2004 to February 29, 2004

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		February 1, 2004 to February 29, 2004

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		February 1, 2004 to February 29, 2004

Supplemental Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld

	Amount Withheld/ Collected/ Incurred	Amount Paid	Date of Payment
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		February 1, 2004 to February 29, 2004

Monthly Operating Report

Required Documents	Schedule Attached
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:	$ 1,893
Monthly Profit (Loss):	$ 170,000

All insurance policies are fully paid for the current period, and amounts for workers compensation and disability insurance have been paid.

Debtor-In-Possession	J.P. Stevens Enterprises, Inc.
By:	Lester D. Sears
Its:	President
Signature	/s/Lester D. Sears
Date	March 30, 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		February 1, 2004 to February 29, 2004

STATEMENT OF OPERATIONS

(in $ thousands)

Total sales	$ -

Cost of sales	-
Gross profit	-

Selling and administrative expenses
Selling expense	2
Warehousing and shipping	-
Advertising	-
Division administrative expense	-
MIS expense	-
Corporate administrative expense	-
Total selling and administrative expense	2

Restructuring and impairment charge	-
Goodwill impairment charge	-

Profit / (loss) from operations	(2)

Interest expense
Interest expense - outside	-
Capitalized interest expense	-
Interest expense - intercompany	-
Interest income	-
Interest income - intercompany	59
Net interest expense	(59)

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	262

Chapter 11 reorganization expenses	-

Income taxes (benefit)	92

Income (loss) before extraordinary item	170

Extraordinary item - net of taxes	-

Net income (loss)	$ 170

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		February 1, 2004 to February 29, 2004

BALANCE SHEET

(in $ thousands)

ASSETS				LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current Assets				Liabilities Not Subject to Compromise:
	Cash and cash equivalents		$ 30		Senior Credit Facility	$ -
	Short-term investments		-		DIP Credit Agreement	-
	Accounts receivable - customers, net		-		Long-term debt classified as current	-
	Accounts receivable - intercompany		15,575		Accrued interest payable	-
	Total inventories		-		Accounts payable - trade	-
	Prepaid & other current assets		-		Accounts payable - intercompany	-
	Total current assets		15,605		Other payables and accrued liabilities	360
					Deferred income taxes	-
					Pension and other liabilities	-
Total investments & other assets			-		Total liabilities not subject to compromise	360

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		360

				SHAREHOLDERS' EQUITY (DEFICIT)
					Equity of subsidiaries	-
					Common stock	2
					Capital Surplus / Treasury Stock	-
					Retained earnings (deficit)	15,243
					Minimum pension liability adjustment	-
					Other adjustments	-
					Unearned compensation	-
					Total Shareholders' Equity (Deficit)	15,245
TOTAL ASSETS		$ 15,605		TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)		$ 15,605

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		February 1, 2004 to February 29, 2004

STATEMENT OF CASH FLOWS

(in $ thousands)

Cash Flows from Operations:
Net income (loss)	$ 170
Non-cash items
Depreciation and amortization expense	-
Working Capital Changes
Decrease / (increase) -- accounts receivable (customers)	-
Decrease / (increase) -- accounts receivable (intercompany)	(252)
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	91
Increase (decrease) -- accrued interest payable	-
Increase (decrease) -- pension and other liabilities	-
Increase (decrease) -- deferred federal income tax	-
Total Cash Flows from Operations	$ 9

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	21
Change in Cash	9
Ending Cash Balance	$ 30

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		February 1, 2004 to February 29, 2004

Supplemental Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld

		Amount Withheld/ Collected/ Incurred	Amount Paid	Date of Payment
All wages and salaries paid (gross) or incurred		$ -	$ -
Federal
Payroll taxes withheld		-	-
Employer payroll tax contributions incurred		-	-
Total Federal Taxes (1)		-	-
State and Local
Payroll taxes withheld		$ -	-
Employer payroll tax contributions incurred
	Nevada	-	-
Gross taxable sales		-	-
Sales & Use taxes collected		-	-
Property taxes		-	-
Other taxes		-	-

Total State and Local (1)		-	-

Total Taxes		$ -	$ -

/s/ Tracy Culpepper

Tracy Culpepper

WestPoint Stevens Inc.

Payroll Manager

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK

In re:	)	CHAPTER 11
	)
WestPoint Stevens Stores Inc.	)	CASE NO.	03-13536-RDD

Reporting Period		February 1, 2004 to February 29, 2004

Monthly Operating Report

Required Documents	Schedule Attached
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 10^th Street, West Point, GA 31833
Preparer:	Dianne Nolen
Debtor's Attorney:	Weil, Gotshal & Manges LLP

Monthly Disbursements:	$ 4,309,908
Monthly Profit (Loss):	$ (315,000)

All insurance policies are fully paid for the current period, and amounts for workers compensation and disability insurance have been paid.

Debtor-In-Possession	WestPoint Stevens Stores Inc.
By:	Lester D. Sears
Its:	Vice President
Signature	/s/Lester D. Sears
Date	March 30, 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		February 1, 2004 to February 29, 2004

STATEMENT OF OPERATIONS

(in $ thousands)

Total sales	$ 6,108

Cost of sales	3,651
Gross profit	2,457

Selling and administrative expenses
Selling expense	1,925
Warehousing and shipping	195
Advertising	211
Division administrative expense	298
MIS expense	56
Corporate administrative expense	82
Total selling and administrative expense	2,767

Restructuring and impairment charge	-
Goodwill impairment charge	-

Profit / (loss) from operations	(310)

Interest expense
Interest expense - outside	-
Capitalized interest expense	-
Interest expense - intercompany	173
Interest income	-
Interest income - intercompany	-
Net interest expense	173

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	(483)

Chapter 11 reorganization expenses	-

Income taxes (benefit)	(168)

Income (loss) before extraordinary item	(315)

Extraordinary item - net of taxes	-

Net income (loss)	$ (315)

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK

In re:	)	CHAPTER 11
	)
WestPoint Stevens Stores Inc.	)	CASE NO.	03-13536-RDD

Reporting Period		February 1, 2004 to February 29, 2004

BALANCE SHEET

(in $ thousands)

ASSETS				LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current Assets				Liabilities Not Subject to Compromise:
	Cash and cash equivalents		$ 1,235		Senior Credit Facility	$ -
	Short-term investments		-		DIP Credit Agreement	-
	Accounts receivable - customers		134		Long-term debt classified as current	-
	Accounts receivable - intercompany		2,603		Accrued interest payable	-
	Total inventories		21,160		Accounts payable - trade	477
	Prepaid & other current assets		736		Accounts payable - intercompany	-
	Total current assets		25,868		Other payables and accrued liabilities	1,910
					Deferred income taxes	-
					Pension and other liabilities	-
Total investments & other assets			-		Total liabilities not subject to compromise	2,387

Goodwill			-	Liabilities Subject to Compromise:
					Senior Notes	-
Property, plant and equipment, net			3,121		Deferred financing fees	-
					Accrued interest payable on Senior Notes	-
					Accounts payable	1,673
					Other payables and accrued liabilities	-
					Pension and other liabilities	-
					Total liabilities subject to compromise	1,673

				Total Liabilities		4,060

				SHAREHOLDERS' EQUITY (DEFICIT)
					Equity of subsidiaries	-
					Common stock	1
					Capital Surplus / Treasury Stock	15,955
					Retained earnings (deficit)	8,973
					Minimum pension liability adjustment	-
					Other adjustments	-
					Unearned compensation	-
					Total Shareholders' Equity (Deficit)	24,929
TOTAL ASSETS		$ 28,989		TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)		$ 28,989

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK

In re:	)	CHAPTER 11
	)
WestPoint Stevens Stores Inc.	)	CASE NO.	03-13536-RDD

Reporting Period		February 1, 2004 to February 29, 2004

STATEMENT OF CASH FLOWS

(in $ thousands)

Cash Flows from Operations:
Net income (loss)	$ (315)
Restructuring	-
Equity adjustments	-
Non-cash items
Depreciation and amortization expense	55
Working Capital Changes
Decrease / (increase) -- accounts receivable (customers)	95
Decrease / (increase) -- accounts receivable (intercompany)	277
Decrease / (increase) -- inventories	(207)
Decrease / (increase) -- other current assets	(36)
Decrease / (increase) -- other noncurrent assets	-
Increase (decrease) -- accounts payable (trade)	(366)
Increase (decrease) -- accounts payable (intercompany)	(64)
Increase (decrease) -- accrued liabilities	421
Increase (decrease) -- accrued interest payable	-
Increase (decrease) -- pension and other liabilities	(14)
Increase (decrease) -- deferred federal income tax	-
Total Cash Flows from Operations	$ (154)

Cash Flows from Investing
Decrease / (increase) -- short term investments	-
Capital expenditures	-
Net proceeds from sale of assets	44
Total Cash Flows from Investing	$ 44

Cash Flows from Financing
Increase / (decrease) -- DIP credit agreement	-
Total Cash Flows from Financing	$ -

Beginning Cash Balance	$ 1,345
Change in Cash	(110)
Ending Cash Balance	$ 1,235

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK

In re:	)	CHAPTER 11
	)
WestPoint Stevens Stores Inc.	)	CASE NO.	03-13536-RDD

Reporting Period		February 1, 2004 to February 29, 2004

Supplemental Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld

			Amount Withheld/ Collected/ Incurred	Amount Paid	Date of Payment
All wages and salaries paid (gross) or incurred			$ 910,327
Federal
Payroll taxes withheld			155,097	2,290	02/02/04
				85,168	02/04/04
				18,925	02/11/04
Employer payroll tax contributions incurred			73,025	100,436	02/13/04
				20,041	02/25/04
Total Federal Taxes (1)			$ 228,122	$ 226,860
State and Local
Amount of payroll taxes withheld
		Alabama SIT	3,700	3,411	02/17/04
		Arizona SIT	81	81	02/18/04
		California SIT	789	1,774	02/18/04
		Connecticut	269	269	02/25/04
		Georgia SIT	13,051	11,428	02/17/04
		Massachusetts SIT	686	785	02/11/04
		Minnesota SIT	866	973	02/25/04
		Michigan SIT	1,146	1,214	02/16/04
		New Jersey SIT	251	-
		New York SIT	957	1,071	02/04/04
		North Carolina SIT	1,708	1,699	02/28/04
		Oregon SIT	934	926	02/25/04
		Pennsylvania SIT	532	535	02/18/04
		South Carolina SIT	1,470	1,436	02/25/04
		Utah SIT	738	768	02/16/04
		Virginia SIT	818	688	02/18/04
		Wisconsin SIT	136	250	02/19/04
		Lancaster PA	134	-

		Total Payroll taxes	28,266	27,308
Amount of employer payroll tax contributions incurred
	Alabama SUTA		1,007	-
	Arizona SUTA		1	-
	California SUTA		1,855	-
	Connecticut SUTA		421	-
	Florida SUTA		2,406	-
	Georgia SUTA		4,548	-
	Massachusetts SUTA		210	-
	Minnesota SUTA		122	-
	Michigan SUTA		1,013	-
	New Jersey SUTA		384	-
	New York SUTA		690	-
	North Carolina SUTA		181	-
	Oregon SUTA		265	-
	Pennsylvania SUTA		339	-
	South Carolina SUTA		660	-
	Tennessee SUTA		523	-
	Texas SUTA		848	-
	Utah SUTA		79	-
	Virginia SUTA		349	-
	Wisconsin SUTA		22	-

	Total Employer payroll tax contributions		15,923	-

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK

In re:	)	CHAPTER 11
	)
WestPoint Stevens Stores Inc.	)	CASE NO.	03-13536-RDD

Reporting Period		February 1, 2004 to February 29, 2004

Supplemental Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld

			Amount Withheld/ Collected/ Incurred		Amount Paid	Date of Payment
(continued)
Gross taxable sales		6,893,842
Sales & Use taxes collected
	Alabama City/County (Foley, Chambers Co.)	6,321		6,321	02/20/04
	Alabama Sales	32,757		32,757	02/20/04
	Alabama Use	51		51	02/20/04
	Alatax (Bessemer, Boaz, Valley, Marshall Co)	11,570		11,570	02/20/04
	Baldwin County Alabama	8,047		8,047	02/20/04
	California	35,219		35,219	02/24/04
	Florida	69,773		69,773	02/20/04
	Georgia	79,083		79,083	02/20/04
	Massachusetts	6,669		6,669	02/20/04
	Michigan	13,646		13,646	02/15/04
	Minnesota	8,503		8,503	02/20/04
	New Jersey	8,973		8,973	02/20/04
	New York	24,913		24,913	02/25/04
	North Carolina	9,974		9,974	02/10/04
	North Carolina	10,978		10,978	02/25/04
	Pennsylvania	6,985		6,985	02/20/04
	South Carolina	15,269		15,269	02/20/04
	Tennessee (P.Forge, Interstate Sales)	21,421		21,421	02/20/04
	Texas	66,060		66,060	02/20/04
	Utah	15,485		15,485	02/02/04
	Virginia Interstate Sales	118		118	02/20/04
	Virginia Williamsburg	15,452		15,452	02/20/04

	Total Sales & Use taxes paid	467,267		467,267
Property taxes				4,672
Other taxes				2,262

Total State and Local (1)		511,456		501,509

Total Taxes		$ 739,578		$ 728,369

/s/ Tracy Culpepper

Tracy Culpepper

WestPoint Stevens Inc.

Payroll Manager

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