-----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, MJ1UMTy8Awf8c8vH8+DLJUxmy+s9zdHmMl28x+YwL+fv0EV3gFkdyH7F1QcGYOzL Ay0SAHSyvjsgQydWVn/xQg== 0000852952-04-000010.txt : 20040601 0000852952-04-000010.hdr.sgml : 20040601 20040601154043 ACCESSION NUMBER: 0000852952-04-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040430 ITEM INFORMATION: Other events FILED AS OF DATE: 20040601 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: 04841270 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 wpstvapril8k.htm WESTPOINT STEVENS INC. FORM 8-K DATED 6/1/04

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

May 28, 2004
Date of Report (Date of earliest event reported)

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

Delaware	1-15381	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 May 28, 2004, the Company filed with the Bankruptcy Court its Monthly Operating Report for the month of April 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 April 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: June 1, 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 April 2004.

EX-99 2 wpstvaprexh99-1.htm EXHIBIT 99.1 APRIL MONTHLY OPERATING REPORTS 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		April 1, 2004 to April 30, 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:	$	226,638,720
Monthly Profit (Loss):	$	(7,474,000)

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	May 28, 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		April 1, 2004 to April 30, 2004

STATEMENT OF OPERATIONS

(in $ thousands)

Total sales	$ 134,737

Cost of sales	119,559
Gross profit	15,178

Selling and administrative expenses
Selling expense	4,880
Warehousing and shipping	6,847
Advertising	512
Division administrative expense	1,172
MIS expense	1,884
Corporate administrative expense	1,664
Total selling and administrative expense	16,959

Restructuring and impairment charge	-
Goodwill impairment charge	-

Profit / (loss) from operations	(1,781)

Interest expense
Interest expense - outside	7,443
Capitalized interest expense	-
Interest expense - intercompany	230
Interest income	-
Interest income - intercompany	-
Net interest expense	7,673

Other expense
Miscellaneous	1,278
Royalties - intercompany	3,134
Transaction gain/loss	-
Total other expense	4,412

Other income
Royalties - intercompany	-
Dividends	-
Sale of assets	5,553
Miscellaneous	14
Total other income	5,567
Net other expense	(1,155)

Income (loss) before Chapter 11 reorganization expenses
and income taxes (benefit) and extraordinary items	(8,299)

Chapter 11 reorganization expenses	2,419

Income taxes (benefit)	(3,244)

Income (loss) before extraordinary item	(7,474)

Extraordinary item - net of taxes	-

Net income (loss)	$ (7,474)

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK

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

Reporting Period		April 1, 2004 to April 30, 2004

BALANCE SHEET

(in $ thousands)

ASSETS			LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current Assets			Liabilities Not Subject to Compromise:
	Cash and cash equivalents	$ 7,141		Senior Credit Facility	$ 440,736
	Short-term investments	-		DIP Credit Agreement	133,637
	Accounts receivable, net	209,674		Second Lien Facility	165,000
	Total inventories	399,768		Accrued interest payable	808
	Prepaid & other current assets	24,297		Accounts payable - trade	61,150
	Total current assets	640,880		Accounts payable - intercompany	142,876
				Other payables and accrued liabilities	110,928
				Deferred income taxes	73,796
				Pension and other liabilities	138,613
Total investments & other assets		126,783		Total liabilities not subject to compromise	1,267,544

Goodwill		-	Liabilities Subject to Compromise:
				Senior Notes	1,000,000
Property, plant and equipment, net		584,647		Deferred financing fees	(6,325)
				Accrued interest payable on Senior Notes	36,130
				Accounts payable	26,903
				Other payables and accrued liabilities	8,238
				Pension and other liabilities	18,849
				Total liabilities subject to compromise	1,083,795

			Total Liabilities		2,351,339

			SHAREHOLDERS' EQUITY (DEFICIT)
				Equity of subsidiaries		(123,757)
				Common stock		711
				Capital Surplus / Treasury Stock		(2,131)
				Retained earnings (deficit)		(760,128)
				Minimum pension liability adjustment		(101,921)
				Other adjustments		(11,803)
				Unearned compensation		-
				Total Shareholders' Equity (Deficit)		(999,029)
TOTAL ASSETS		$ 1,352,310	TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)		$1,352,310

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK

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

Reporting Period		April 1, 2004 to April 30, 2004

STATEMENT OF CASH FLOWS

(in $ thousands)

Cash Flows from Operations:
Net income (loss)	$ (7,474)
Equity adjustments	(1,971)
Depreciation and amortization expense	6,011
Gain on sale of assets	(5,545)
Working Capital Changes
Decrease / (increase) -- accounts receivable	32,292
Decrease / (increase) -- inventories	(17,002)
Decrease / (increase) -- other current assets	1,690
Decrease / (increase) -- other noncurrent assets and liabilities	889
Increase (decrease) -- accounts payable (trade)	1,881
Increase (decrease) -- accounts payable (intercompany)	(1,067)
Increase (decrease) -- accrued liabilities	(10,551)
Increase (decrease) -- accrued interest payable	(5,115)
Increase (decrease) -- pension and other liabilities	(5,152)
Increase (decrease) -- deferred federal income tax	(2,790)
Total Cash Flows from Operations	$ (13,904)

Cash Flows from Investing
Decrease / (increase) -- short term investments	-
Capital expenditures	(2,540)
Transfers	241
Net proceeds from sale of assets	5,422
Total Cash Flows from Investing	$ 3,123

Cash Flows from Financing
Increase / (decrease) -- DIP credit agreement	16,236
Total Cash Flows from Financing	$ 16,236

Beginning Cash Balance	1,686
Change in Cash	5,455
Ending Cash Balance	$ 7,141

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK

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

Reporting Period		April 1, 2004 to April 30, 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			$	30,842,730
Federal
Payroll taxes withheld			5,386,409			1,284,013			04/01/04
						1,263,190			04/08/04
						2,380,949			04/15/04
Employer payroll tax contributions incurred			2,274,339			1,230,376			04/22/04
						1,666,995			04/29/04
						1,045,742			04/30/04
						616,550			04/30/04
Total Federal Taxes (1)		$		7,660,748		$	9,487,815
State and Local
Payroll taxes withheld
	Alabama SIT	$			401,305	$	472,561		04/27/04
	Arkansas SIT	874				907			04/14/04
	California SIT	2,171				1,489			04/21/04
	Georgia SIT	117,005				186,012			04/29/04
	Illinois SIT	465				690			04/02/04
	Indiana SIT	9,367				15,594			04/20/04
	Louisiana SIT	4,143				4,734			04/21/04
	Maine SIT	32,750				32,393			04/28/04
	Minnesota SIT	1,517				1,506			04/21/04
	Missouri SIT	409				408			04/26/04
	New York SIT	98,665				59,983			04/20/04
	North Carolina SIT	329,022				319,700			04/28/04
	Pennsylvania SIT	186				163			04/14/04
	Rhode Island SIT	155				144			04/14/04
	South Carolina SIT	224,206				261,353			04/28/04
	Virginia SIT	44,053				46,458			04/28/04
	Delaware Co IN	279				-
	Hamilton Co IN	39				-
	Henry Co IN	866				-
	Johnson Co IN	65				-
	Madison Co IN	1,222				-
	Marion Co IN	35				-
	Washington Co IN	100				-
	Randolph Co IN	70				-
	Yonkers NY	15				10			04/20/04
	New York City	24,736				-
	Opelika AL	6,253				18,561			04/26/04

	Total Payroll taxes	$			1,299,973	$		1,422,666

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK

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

Reporting Period		April 1, 2004 to April 30, 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	$		120,730		956,761		04/29/04
	Arkansas SUTA	107			-
	California SUTA	-			2,604			04/29/04
	Florida SUTA	32,397			207,103			04/29/04
	Georgia SUTA	21,131			193,837			04/29/04
	Illinois SUTA	-			1,685			04/29/04
	Indiana SUTA	683			43,677			04/29/04
	Louisiana SUTA	6,786			19,018			04/29/04
	Maine SUTA	7,940			29,204			04/29/04
	Minnesota SUTA	20			431			04/29/04
	Nevada SUTA	4,809			22,118			04/29/04
	New York SUTA	1,338			69,201			04/29/04
	North Carolina SUTA	221,941			843,383			04/29/04
	Pennsylvania SUTA	-			212			04/29/04
	Rhode Island SUTA	-			266			04/29/04
	South Carolina SUTA	77,997			614,713			04/29/04
	Texas SUTA	-			1,997			04/29/04
	Virginia SUTA	19,054			105,628			04/29/04
	Washington SUTA	123			1,760			04/29/04

	Total Employer payroll tax contributions	$		515,056	$		3,113,598

Gross taxable amount for sales and use		$		8,337,267	$
Sales & Use taxes collected
	Abbeville, Alabama	$		2,466	$		2,466	04/20/04
	Alabama City/County (Greenville, Butler & Chambers County)	14,716			14,716			04/20/04
	Alabama Regulation A	12,997			12,997			04/20/04
	Alabama Sales	2,640			2,640			04/20/04
	Alabama Use	56,703			56,703			04/20/04
	Alatax (Opelika, Valley, Henry Co, Lee Co)	13,164			13,164			04/20/04
	California	75			75			04/29/04
	Florida	38,902			38,902			04/20/04
	Georgia	8,992			8,992			04/20/04
	Indiana (Daleville)	295			295			04/29/04
	Indiana (Middletown)	1,389			1,389			04/15/04
	Louisiana	56			56			04/15/04
	Nevada	7,449			7,449			04/29/04
	New York	22,195			22,195			04/15/04
	North Carolina	94,502			94,502			04/12/04
	North Carolina	16,984			16,984			04/26/04
	Red River Parish, Louisiana	45			45			04/15/04
	South Carolina	34,170			34,170			04/20/04
	Texas	191			191			04/15/04
	Virginia Sales	205			205			04/15/04
	Virginia Use	1,212			1,212			04/15/04

	Total Sales & Use taxes paid	$		329,348	$		329,348
Property taxes					920,619
Other taxes					131,456

Total State and Local (1)		$		2,144,377	$		5,917,687

Total Taxes		$		9,805,125	$		15,405,502

(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		April 1, 2004 to April 30, 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:	$	4,168,849
Monthly Profit (Loss):	$	2,978,000

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	May 28, 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		April 1, 2004 to April 30, 2004

STATEMENT OF OPERATIONS

(in $ thousands)

Total sales	$ 3,747

Cost of sales	2,262
Gross profit	1,485

Selling and administrative expenses
Selling expense	6
Warehousing and shipping	191
Advertising	-
Division administrative expense	-
MIS expense	-
Corporate administrative expense	170
Total selling and administrative expense	367

Restructuring and impairment charge	-
Goodwill impairment charge	-

Profit / (loss) from operations	1,118

Interest expense
Interest expense - outside	-
Capitalized interest expense	-
Interest expense - intercompany	-
Interest income	-
Interest income - intercompany	325
Net interest expense	(325)

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

Other income
Royalties - intercompany	3,330
Dividends	-
Sale of assets	-
Miscellaneous	-
Total other income	3,330
Net other expense	(3,140)

Income (loss) before Chapter 11 reorganization expenses
and income taxes (benefit) and extraordinary items	4,583

Chapter 11 reorganization expenses	-

Income taxes (benefit)	1,605

Income (loss) before extraordinary item	2,978

Extraordinary item - net of taxes	-

Net income (loss)	$ 2,978

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK

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

Reporting Period		April 1, 2004 to April 30, 2004

BALANCE SHEET

(in $ thousands)

ASSETS				LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current Assets				Liabilities Not Subject to Compromise:
	Cash and cash equivalents		$ 219		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		10,569		Accounts payable - trade	760
	Prepaid & other current assets		-		Accounts payable - intercompany	9,150
	Total current assets		10,788		Other payables and accrued liabilities	6,689
					Deferred income taxes	-
					Pension and other liabilities	-
Total investments & other assets			124,052		Total liabilities not subject to compromise	16,599

Goodwill			-	Liabilities Subject to Compromise:
					Senior Notes	-
Property, plant and equipment, net			12,696		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		17,995

				SHAREHOLDERS' EQUITY (DEFICIT)
					Equity of subsidiaries	-
					Common stock	1
					Capital Surplus / Treasury Stock	70,559
					Retained earnings (deficit)	58,981
					Minimum pension liability adjustment	-
					Other adjustments	-
					Unearned compensation	-
					Total Shareholders' Equity (Deficit)	129,541
TOTAL ASSETS		$ 147,536		TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)		$ 147,536

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK

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

Reporting Period		April 1, 2004 to April 30, 2004

STATEMENT OF CASH FLOWS

(in $ thousands)

Cash Flows from Operations:
Net income (loss)	$	2,978
Non-cash items
Depreciation and amortization expense	138
Working Capital Changes
Decrease / (increase) -- accounts receivable (customers)	-
Decrease / (increase) -- accounts receivable (intercompany)	-
Decrease / (increase) -- inventories	(2,174)
Decrease / (increase) -- other current assets	-
Decrease / (increase) -- other noncurrent assets	-
Increase (decrease) -- accounts payable (trade)	(167)
Increase (decrease) -- accounts payable (intercompany)	1,389
Increase (decrease) -- accrued liabilities	(1,739)
Increase (decrease) -- accrued interest payable	-
Increase (decrease) -- pension and other liabilities	-
Increase (decrease) -- deferred federal income tax	-
Total Cash Flows from Operations	$	425

Cash Flows from Investing
Decrease / (increase) -- short term investments	-
Capital expenditures	(16)
Transfers	(275)
Net proceeds from sale of assets	-
Total Cash Flows from Investing	$	(291)

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

Beginning Cash Balance	$	85
Change in Cash	134
Ending Cash Balance	$	219

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK

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

Reporting Period		April 1, 2004 to April 30, 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		62,346		-
Sales & Use taxes collected
	Maine	3,117		3,117		04/15/04
Property taxes
Other taxes				60
Total State and Local (1)		3,117		3,177
Total Taxes		$	3,117	$	3,177

/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		April 1, 2004 to April 30, 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	May 28, 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		April 1, 2004 to April 30, 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		April 1, 2004 to April 30, 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		April 1, 2004 to April 30, 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		April 1, 2004 to April 30, 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		April 1, 2004 to April 30, 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:	$	2,565
Monthly Profit (Loss):	$	169,000

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	May 28, 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		April 1, 2004 to April 30, 2004

STATEMENT OF OPERATIONS

(in $ thousands)

Total sales	$	-

Cost of sales	-
Gross profit	-

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

Restructuring and impairment charge	-
Goodwill impairment charge	-

Profit / (loss) from operations	(3)

Interest expense
Interest expense - outside	-
Capitalized interest expense	-
Interest expense - intercompany	-
Interest income	-
Interest income - intercompany	73
Net interest expense	(73)

Other expense
Miscellaneous	-
Royalties - intercompany	-
Transaction gain/loss	-
Total other expense	-

Other income
Royalties - intercompany	190
Dividends	-
Sale of assets	-
Miscellaneous	-
Total other income	190
Net other expense	(190)

Income (loss) before Chapter 11 reorganization expenses
and income taxes (benefit) and extraordinary items	260

Chapter 11 reorganization expenses	-

Income taxes (benefit)	91

Income (loss) before extraordinary item	169

Extraordinary item - net of taxes	-

Net income (loss)	$	169

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		April 1, 2004 to April 30, 2004

BALANCE SHEET

(in $ thousands)

ASSETS				LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current Assets				Liabilities Not Subject to Compromise:
	Cash and cash equivalents		$ 25		Senior Credit Facility	$ -
	Short-term investments		-		DIP Credit Agreement	-
	Accounts receivable - customers, net		-		Long-term debt classified as current	-
	Accounts receivable - intercompany		15,741		Accrued interest payable	-
	Total inventories		-		Accounts payable - trade	-
	Prepaid & other current assets		-		Accounts payable - intercompany	-
	Total current assets		15,766		Other payables and accrued liabilities	182
					Deferred income taxes	-
					Pension and other liabilities	-
Total investments & other assets			-		Total liabilities not subject to compromise	182

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		182

				SHAREHOLDERS' EQUITY (DEFICIT)
					Equity of subsidiaries	-
					Common stock	2
					Capital Surplus / Treasury Stock	-
					Retained earnings (deficit)	15,582
					Minimum pension liability adjustment	-
					Other adjustments	-
					Unearned compensation	-
					Total Shareholders' Equity (Deficit)	15,584
TOTAL ASSETS		$ 15,766		TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)		$ 15,766

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		April 1, 2004 to April 30, 2004

STATEMENT OF CASH FLOWS

(in $ thousands)

Cash Flows from Operations:
Net income (loss)	$	169
Non-cash items
Depreciation and amortization expense	-
Working Capital Changes
Decrease / (increase) -- accounts receivable (customers)	-
Decrease / (increase) -- accounts receivable (intercompany)	(97)
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	(89)
Increase (decrease) -- accrued interest payable	-
Increase (decrease) -- pension and other liabilities	-
Increase (decrease) -- deferred federal income tax	-
Total Cash Flows from Operations	$	(17)

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	42
Change in Cash	(17)
Ending Cash Balance	$	25

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		April 1, 2004 to April 30, 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		-		60

Total State and Local (1)		-		60

Total Taxes		$	-	$	60

/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		April 1, 2004 to April 30, 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:	$	4,887,395
Monthly Profit (Loss):	$	(263,000)

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	May 28, 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		April 1, 2004 to April 30, 2004

STATEMENT OF OPERATIONS

(in $ thousands)

Total sales	$	7,401

Cost of sales	4,421
Gross profit	2,980

Selling and administrative expenses
Selling expense	2,253
Warehousing and shipping	234
Advertising	211
Division administrative expense	317
MIS expense	70
Corporate administrative expense	103
Total selling and administrative expense	3,188

Restructuring and impairment charge	-
Goodwill impairment charge	-

Profit / (loss) from operations	(208)

Interest expense
Interest expense - outside	-
Capitalized interest expense	-
Interest expense - intercompany	195
Interest income	-
Interest income - intercompany	-
Net interest expense	195

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	(403)

Chapter 11 reorganization expenses	-

Income taxes (benefit)	(140)

Income (loss) before extraordinary item	(263)

Extraordinary item - net of taxes	-

Net income (loss)	$	(263)

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK

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

Reporting Period		April 1, 2004 to April 30, 2004

BALANCE SHEET

(in $ thousands)

ASSETS				LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current Assets				Liabilities Not Subject to Compromise:
	Cash and cash equivalents		$ 1,591		Senior Credit Facility	$ -
	Short-term investments		-		DIP Credit Agreement	-
	Accounts receivable - customers		250		Long-term debt classified as current	-
	Accounts receivable - intercompany		2,477		Accrued interest payable	-
	Total inventories		21,719		Accounts payable - trade	534
	Prepaid & other current assets		739		Accounts payable - intercompany	-
	Total current assets		26,776		Other payables and accrued liabilities	3,094
					Deferred income taxes	-
					Pension and other liabilities	-
Total investments & other assets			-		Total liabilities not subject to compromise	3,628

Goodwill			-	Liabilities Subject to Compromise:
					Senior Notes	-
Property, plant and equipment, net			2,963		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		5,301

				SHAREHOLDERS' EQUITY (DEFICIT)
					Equity of subsidiaries	-
					Common stock	1
					Capital Surplus / Treasury Stock	15,955
					Retained earnings (deficit)	8,482
					Minimum pension liability adjustment	-
					Other adjustments	-
					Unearned compensation	-
					Total Shareholders' Equity (Deficit)	24,438
TOTAL ASSETS		$ 29,739		TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)		$ 29,739

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK

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

Reporting Period		April 1, 2004 to April 30, 2004

STATEMENT OF CASH FLOWS

(in $ thousands)

Cash Flows from Operations:
Net income (loss)	$	(263)
Restructuring	-
Equity adjustments	-
Non-cash items
Depreciation and amortization expense	69
Gain on sale of assets	(14)
Working Capital Changes
Decrease / (increase) -- accounts receivable (customers)	(68)
Decrease / (increase) -- accounts receivable (intercompany)	(637)
Decrease / (increase) -- inventories	(147)
Decrease / (increase) -- other current assets	9
Decrease / (increase) -- other noncurrent assets	-
Increase (decrease) -- accounts payable (trade)	135
Increase (decrease) -- accounts payable (intercompany)	-
Increase (decrease) -- accrued liabilities	689
Increase (decrease) -- accrued interest payable	-
Increase (decrease) -- pension and other liabilities	-
Increase (decrease) -- deferred federal income tax	-
Total Cash Flows from Operations	$	(227)

Cash Flows from Investing
Decrease / (increase) -- short term investments	-
Capital expenditures	(7)
Transfers	34
Net proceeds from sale of assets	-
Total Cash Flows from Investing	$	(27)

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

Beginning Cash Balance	$	1,791
Change in Cash	(200)
Ending Cash Balance	$	1,591

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK

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

Reporting Period		April 1, 2004 to April 30, 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			$	923,544
Federal
Payroll taxes withheld			159,045			82,254			04/02/04
						28,870			04/14/04
						86,589			04/21/04
Employer payroll tax contributions incurred			71,758			20,727			04/28/04
						18,529			04/30/04
Total Federal Taxes (1)			$	230,803		$	236,969
State and Local
Amount of payroll taxes withheld
		Alabama SIT	$	3,359		$	3,793		04/27/04
		California SIT	723			787			04/21/04
		Connecticut	304			306			04/28/04
		Georgia SIT	13,078			18,569			04/28/04
		Massachusetts SIT	802			448			04/02/04
		Minnesota SIT	860			905			04/28/04
		Missouri SIT	-			25			04/26/04
		Michigan SIT	1,179			1,385			04/14/04
		New Jersey SIT	257			803			04/29/04
		New York SIT	1,231			1,215			04/02/04
		North Carolina SIT	1,981			1,993			04/28/04
		Oregon SIT	963			973			04/28/04
		Pennsylvania SIT	580			639			04/21/04
		South Carolina SIT	1,579			1,583			04/28/04
		Utah SIT	787			857			04/26/04
		Virginia SIT	880			1,449			04/28/04
		Lancaster PA	147			432			04/26/04

		Total Payroll taxes	28,710			36,162
Amount of employer payroll tax contributions incurred
	Alabama SUTA		$	686		$	3,023		04/29/04
	Arizona SUTA		-			3			04/29/04
	California SUTA		1,296			6,297			04/29/04
	Connecticut SUTA		898			2,654			04/29/04
	Florida SUTA		1,711			7,237			04/29/04
	Georgia SUTA		2,591			13,899			04/29/04
	Massachusetts SUTA		188			677			04/29/04
	Minnesota SUTA		114			401			04/29/04
	Missouri SUTA		-			10			04/29/04
	Michigan SUTA		783			3,174			04/29/04
	New Jersey SUTA		392			1,111			04/29/04
	New York SUTA		1,427			5,135			04/29/04
	North Carolina SUTA		189			599			04/29/04
	Oregon SUTA		263			809			04/29/04
	Pennsylvania SUTA		275			1,072			04/29/04
	South Carolina SUTA		415			1,834			04/29/04
	Tennessee SUTA		277			1,374			04/29/04
	Texas SUTA		626			2,417			04/29/04
	Utah SUTA		75			199			04/29/04
	Virginia SUTA		294			1,099			04/29/04
	Wisconsin SUTA		-			125			04/29/04

	Total Employer payroll tax contributions		$		12,500	$		53,149

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK

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

Reporting Period		April 1, 2004 to April 30, 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		$	5,658,533
Sales & Use taxes collected
	Alabama City/County (Foley & Chambers Co.)	$	5,364	$		5,364	04/20/04
	Alabama Sales	27,219		27,219			04/20/04
	Alabama Use	86		86			04/20/04
	Alatax (Bessemer, Boaz, Valley, Marshall Co)	9,203		9,203			04/15/04
	Baldwin County Alabama	7,193		7,193			04/15/04
	Florida	58,474		58,474			04/20/04
	Georgia	58,158		58,158			04/20/04
	Massachusetts	6,313		6,313			04/20/04
	Michigan	13,956		13,956			04/14/04
	Minnesota	8,497		8,497			04/20/04
	New Jersey	8,679		8,679			04/20/04
	New York	27,357		27,357			04/27/04
	North Carolina	8,393		8,393			04/12/04
	North Carolina	12,285		12,285			04/26/04
	Pennsylvania	7,359		7,359			04/20/04
	South Carolina	12,447		12,447			04/20/04
	Tennessee (P.Forge, Interstate Sales)	20,590		20,590			04/20/04
	Texas	55,008		55,008			04/20/04
	Utah	9,919		9,919			04/30/04
	Virginia Interstate Sales	118		118			04/15/04
	Virginia Williamsburg	13,475		13,475			04/20/04

	Total Sales & Use taxes paid	$	370,093	$	370,093
Property taxes				309
Other taxes				6,681

Total State and Local (1)		$	411,303	$	466,394

Total Taxes		$	642,106	$	703,363

/s/ Tracy Culpepper

Tracy Culpepper

WestPoint Stevens Inc.

Payroll Manager

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