-----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, G8TzUXLoZB+vu9Hzck/rE2KaAxs9GJKWqntH+eGHmfY/EvX48BlYW96gVhIdKewS oRVAHhSNR1M1KZlg2Exo4Q== /in/edgar/work/20000526/0000950144-00-007305/0000950144-00-007305.txt : 20000919 0000950144-00-007305.hdr.sgml : 20000919 ACCESSION NUMBER: 0000950144-00-007305 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000403 ITEM INFORMATION: FILED AS OF DATE: 20000526 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SERVICE MERCHANDISE CO INC CENTRAL INDEX KEY: 0000089107 STANDARD INDUSTRIAL CLASSIFICATION: [5399 ] IRS NUMBER: 620816060 STATE OF INCORPORATION: TN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-09223 FILM NUMBER: 644783 BUSINESS ADDRESS: STREET 1: 7100 SERVICE MERCHANDISE DR CITY: BRENTWOOD STATE: TN ZIP: 37027 BUSINESS PHONE: 6156606000 MAIL ADDRESS: STREET 1: PO BOX 24600 CITY: NASHVILLE STATE: TN ZIP: 37202 8-K 1 SERVICE MERCHANDISE COMPANY, INC. 1 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 Date of Report: April 3, 2000 SERVICE MERCHANDISE COMPANY, INC. (Debtor-in-Possession as of March 27, 1999) - ------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Tennessee 1-9223 62-0816060 - ---------------------------------------------------- ------------------------ --------------------- (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 7100 Service Merchandise Boulevard, Brentwood, TN 37027 - ------------------------------------------------------- ---------------------- (Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (615) 660-6000 Not Applicable - ------------------------------------------------------------------------------- (Former name or former address, if changed since last report) 2 Item 5. Other Events - ------------------------------------------------------------------------------- Service Merchandise Company, Inc. (the "Company") has filed its monthly operating report for the period commencing April 3, 2000 and ending April 30, 2000 (the "Operating Report") with the United States Bankruptcy Court for the Middle District of Tennessee, a copy of which is attached hereto as Exhibit 99, in connection with its voluntary petitions for reorganization under Chapter 11 of title 11 of the United States Bankruptcy Code in Case No. 399-02649. The Company cautions readers not to place undue reliance upon the information contained therein. The Operating Report contains unaudited information, and is in a format, prescribed by the applicable bankruptcy laws. There can be no assurance that the Operating Report is complete. The Operating Report also contains information for periods which may be shorter or otherwise different from those contained in the Company's reports pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such information may not be indicative of the Company's financial condition or operating results for the periods reflected in the Company's financial statements or in its reports pursuant to the Exchange Act and readers are cautioned to refer to the Exchange Act filings. Moreover, the Operating Report and other communications from the Company may include forward-looking statements subject to various assumptions regarding the Company's operating performance that may not be realized and are subject to significant business, economic and competitive uncertainties and contingencies, including those described in this report, many of which are beyond the Company's control. Consequently such matters should not be regarded as a representation or warranty by the Company that such matters will be realized or are indicative of the Company's financial condition or operating results for future periods or the periods covered in the Company's reports pursuant to the Exchange Act. Actual results for such periods may differ materially from the information contained in the Operating Report and the Company undertakes no obligation to update or revise such Operating Report. The Operating Report includes a Rolling Revised Cash Flow Forecast which is a forward-looking statement subject to various assumptions regarding the Company's business, operating performance and other factors including revenues, expenses, asset dispositions, trade terms and capital expenditures, and various risks and uncertainties including those set forth below. This information should be read in conjunction with the Company's reports filed pursuant to the Exchange Act. Readers are cautioned that such information is being reported publicly because it is being distributed to a large number of the Company's vendors for purposes of their credit analyses. The Company undertakes no obligation to update such information or to disclose similar information in future Operating Reports. The Rolling Revised Cash Flow Forecast was not examined, reviewed or compiled by the Company's independent public accountants. The Rolling Revised Cash Flow Forecast is subject to future adjustments, if any, that could materially affect such information. 2 3 The Company's liquidity, capital resources and results of operations are subject to a number of risks and uncertainties, including, but not limited to, the following: approval of plans and activities by the Bankruptcy Court, including the Company's proposed strategic real estate initiatives; the ability of the Company to continue as a going concern; the ability of the Company to operate pursuant to the terms of the DIP to Exit Facility; the ability of the Company to conduct successful clearance sales in connection with the 2000 Business Plan; the ability of the Company to sublease successfully portions of its real estate in connection with the 2000 Business Plan; the ability of the Company to complete its store refurbishment program within cost and time expectations; the successful implementation of the consolidation of its distribution centers; the ability of the Company to enter into satisfactory arrangements with third parties with respect to real estate and Internet-related strategies; risks associated with third parties seeking and obtaining Court action to terminate or shorten the exclusivity period; the time for the Company to accept or reject executory contracts including its store leases, and for appointment of a Chapter 11 operating trustee or to convert the Company's reorganization cases to liquidation cases; the ability of the Company to operate successfully under a Chapter 11 proceeding, achieve planned sales and margin, and create and have approved a plan of reorganization in the Chapter 11 cases; potential adverse developments with respect to the Company's liquidity or results of operations; the ability of the Company to obtain shipments, negotiate and maintain terms with vendors and service providers for current orders; the ability to fund and execute a Year 2000 Business Plan; the ability of the Company to achieve cost savings; the ability of the Company to attract, retain and compensate key executives and associates, competitive pressures from other retailers, including specialty retailers and discount stores, which may affect the nature and viability of the Company's business strategy; trends in the economy as a whole which may affect consumer confidence and consumer demand for the types of goods sold by the Company; the seasonal nature of the Company's business and the ability of the Company to predict consumer demand as a whole, as well as demand for specific goods; the ability of the Company to attract and retain customers; potential adverse publicity; real estate occupancy and development costs, including the substantial fixed investment costs associated with opening, maintaining or closing a Company store; uncertainties with respect to continued public trading in the Company's securities; the ability to effect conversions to new technological systems; and the ability to develop, prosecute, confirm and consummate one or more plans of reorganization with respect to its Chapter 11 cases. 3 4 SIGNATURES Pursuant to the requirements of Section 12 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. SERVICE MERCHANDISE COMPANY, INC. Date: May 26, 2000 By: /s/ C. Steven Moore ------------------------------------------------- C. Steven Moore Senior Vice President, Chief Administrative Officer, Secretary and General Counsel 4 5 EXHIBIT INDEX
No. Exhibit - --------- ------------------------------------------------------------- 99 Operating Report for the period ending April 30, 2000
EX-99 2 OPERATING REPORT 1 EXHIBIT 99 In re: Case No.: 399-02649 THROUGH 399-02680 --------------------------- SERVICE MERCHANDISE COMPANY, INC. --------------------------------- Judge: PAINE --------------------------- Chapter 11
Debtor(s) MONTHLY OPERATING REPORT FOR PERIOD ENDING April 30, 2000 -------------- COMES NOW, SERVICE MERCHANDISE COMPANY, INC. --------------------------------- Debtor-In-Possession, and hereby submits its Monthly Operating Report for the period commencing April 3, 2000 and ending April 30, 2000 as shown by the report and exhibits consisting of 16 pages and containing the following as indicated: [X] Monthly Reporting Questionnaire (Attachment 1) [X] Comparative Balance Sheets (Forms OPR-1 & OPR-2) N/A Summary of Accounts Receivable (Form OPR-3) [X] Schedule of Postpetition Liabilities (Form OPR-4) [X] Statement of Income (Loss) (Form OPR-5) I declare under penalty of perjury that this report and all the attachments are true and correct to the best of my knowledge and belief. I also hereby certify that the original Monthly Operating Report was filed with the Bankruptcy Court Clerk and a copy delivered to the U.S. Trustee. Date: DEBTOR-IN-POSSESSION --------------------------- By: /s/ Tom Garrett --------------------------------------------------- Name and Title: TOM GARRETT, SENIOR VICE PRESIDENT & CFO --------------------------------------------------- Address: 7100 SERVICE MERCHANDISE DRIVE --------------------------------------------------- BRENTWOOD, TENNESSEE 37027 --------------------------------------------------- Telephone No: 660-3477 ---------------------------------------------------
Note: Report subject to further verification and account reconciliation procedures 2 CHAPTER 11 MONTHLY OPERATING REPORT MONTHLY REPORTING QUESTIONNAIRE CASE NAME: SERVICE MERCHANDISE COMPANY, INC. et. al. CASE NUMBER: 399-02649 THROUGH 399-02680 PERIOD: APRIL 3, 2000 THROUGH APRIL 30, 2000 1. Payroll
WAGES TAXES OFFICERS TITLE GROSS NET DUE PAID - ---------------------------------------------------------------------------------------------------------------------------------- SAM CUSANO CHIEF EXECUTIVE OFFICER 50,188.10 31,987.21 4,513.07 13,307.57 STEVE MOORE SENIOR VICE PRESIDENT, CHIEF ADMINISTRATIVE OFFICER, GENERAL COUNSEL AND SECRETARY 27,752.86 18,561.35 2,196.49 6,743.91 TOM GARRETT SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER 26,387.08 18,818.08 1,647.00 5,602.09 GARY SEASE SENIOR VICE PRESIDENT, LOGISTICS 25,507.28 16,555.39 2,053.48 6,074.48 CHARLES SEPTER PRESIDENT AND CHIEF OPERATING OFFICER 40,972.18 25,830.03 3,599.30 10,582.44 ROBERT J. PINDRED VICE PRESIDENT AND TREASURER 11,560.48 8,433.00 568.05 1,684.83 JOE M. ELLIOTT VICE PRESIDENT, PROPERTY ADMINISTRATION 11,597.13 7,777.70 629.65 1,831.85 ERIC KOVATS VICE PRESIDENT, STORES 22,000.46 13,076.78 1,544.80 4,783.17 KARREN PRASIFKA ASSISTANT GENERAL COUNSEL VICE PRESIDENT 13,120.61 8,940.00 1,028.53 3,036.55 BILLY STEWART ASSISTANT TAX VICE PRESIDENT, TAX 6,549.73 4,665.40 332.82 986.72 KENNETH A CONWAY VICE PRESIDENT AND CONTROLLER 12,335.22 9,392.90 655.55 1,939.87
3 CHAPTER 11 MONTHLY OPERATING REPORT MONTHLY REPORTING QUESTIONNAIRE CASE NAME: SERVICE MERCHANDISE COMPANY, INC. et. al. CASE NUMBER: 399-02649 THROUGH 399-02680 PERIOD: April 3, 2000 THROUGH April 30, 2000
2. INSURANCE COVERAGE POLICY EXPIRATION PREMIUM DATE COVERAGE TYPE NAME OF CARRIER AMOUNT NUMBER DATE AMOUNT PAID THRU - ----------------------------------------------------------------------------------------------------------------------------------- Property Fireman's Fund Insurance Co $5 Million CCIPW12011 12/31/00 $1,441,249 12/31/00 Royal $5 Million RHD314289 12/31/00 $ 100,000 12/31/00 Westchester Fire $15 Million 1XA394310 12/31/00 $ 50,100 12/31/00 Allianz Insurance Co $12 Million CLP1034720 12/31/00 $ 20,040 12/31/00 TIG Insurance Co $13 Million XPT38797667 12/31/00 $ 32,500 12/31/00 Westchester Fire $20 Million 1XA394311 12/31/00 $ 10,020 12/31/00 Allianz Insurance Co $30 Million CLP1034720 12/31/00 $ 15,030 12/31/00 Allianz Insurance Co $25 Million CLP1034720 12/31/00 $ 6,680 12/31/00 Boiler & Machinery Hartford Steam Boiler $10 Million BMTBD 5/1/00 $ 11,900 5/1/00 Transit Fireman's Fund Insurance Co $1 Million CCIMG72820 12/31/00 $ 10,000 12/31/00 Ocean Cargo Fireman's Fund Insurance Co $10 Million CR37211 12/31/00 $ 40,000 12/31/00 Special Crime Reliance Insurance Co $25 Million NFK1951937 5/1/02 $ 13,458 5/1/02 Crime National Union Fire Ins Co $10 Million 858-0797 3/1/01 $ 56,505 3/1/01 Fiduciary National Union Fire Ins Co $10 Million 267-81-30 3/1/01 $ 19,140 3/1/01 Employment Practices Liability Chubb Insurance Co $10 Million 81278901A 3/1/01 $ 130,845 3/1/01 Royal Insurance Co $10 Million PSF000010 3/1/01 $ 56,364 3/1/01 Directors & Officers Continental Insurance Co $10 Million 300714943 3/1/01 $ 453,500 3/1/01 Chubb Insurance Co $10 Million 81278902-A 3/1/01 $ 266,666 3/1/01 Royal Insurance Co $10 Million PSF000009 3/1/01 $ 133,000 3/1/01 Umbrella Federal Insurance Co $50 Million 79763295 12/31/01 $ 63,357 12/31/00 Excess Liability American Guarantee & Liab $50 Million AEC287610700 12/31/00 $ 25,000 12/31/00 International Ace American Ins Co $1 Million PHF051491 12/31/00 $ 2,500 12/31/00 Punitive Damages Chubb Atlantic Indemnity $50 Million (00)3310-05-98 12/31/00 $ 17,160 12/31/00 Punitive Damages - Excess Zurich International Bermuda $50 Million ZGEB-091 PD 12/31/00 $ 5,000 12/31/00 General Liability Ace American Ins Co $5 Million XSLG19903254 12/31/00 $ 11,032 12/31/00 Workers' Compensation Pacific Employers Ins Co Statutory WLRC42662112 12/31/00 $ 19,978 12/31/00 WC Excess Ace American Ins Co Statutory XWC011950 12/31/00 $ 1,601 12/31/00 WC Contractual Indemnity Illinois Union Insurance Co Statutory CTPG19903461 12/31/00 $ 2,083 12/31/00 WC Nevada Ace American Ins Co Statutory NWCC42662173 12/31/00 $ 1,737 12/31/00 Auto Pacific Employers Ins Co $1 Million ISAH07571008 12/31/00 $ 2,083 12/31/00
4 CHAPTER 11 MONTHLY OPERATING REPORT MONTHLY REPORTING QUESTIONNAIRE CASE NAME: SERVICE MERCHANDISE COMPANY, INC. et. al. CASE NUMBER: 399-02649 THROUGH 399-02680 PERIOD: APRIL 3, 2000 THROUGH APRIL 30, 2000 3. BANK ACCOUNTS TOTAL CASH AND CASH EQUIVALENTS CASH IN STORES AND HOME OFFICE - ------------------------------ HOME OFFICE $ 12,250 RETAIL SAFE FUNDS 1,952,108 CORPORATE ACCOUNTS 4,421,134 - -------------------- STORE DEPOSITORY ACCOUNTS - ------------------------- FIRST TENNESSEE 1,308,465 FIRSTAR 32,702 SOCIETY NATIONAL BANK 540,402 BANK OF BOSTON 484,584 BANK OF BOSTON CONNECTICUT 276,417 MERCANTILE BANK 106,955 FIRST UNION 4,092,890 HARRIS TRUST 821,183 BANK ONE LOUISIANA 563,155 ABN - AMRO BANK 267,034 COMERICA BANK 375,048 AM SOUTH 322,639 BANK OF AMERICA CALIFORNIA 662,421 FIRST AMERICAN NATIONAL BANK 189,188 HERITAGE BANK OF NEVADA 775 BANK OF OKLAHOMA 180,508 CHASE BANK OF TEXAS 1,115,544 HIBERNIA 107,131 SINGLE STORE DEPOSITORY ACCOUNTS 535,069 WELLS FARGO BANK 105,253 NATIONSBANK 332,600 BANK ONE, IN 213,425 PNC BANK 955,931 BANK ONE , TEXAS 46,580 CREDIT CARD CASH ACCOUNTS (SALES PROCESSED BY CREDIT CARD COMPANY) 16,310,594 - ------------------------------------------------------------------ OTHER DEPOSITORY ACCOUNTS - ------------------------- SERVICE MERCHANDISE - MUSCULAR DYSTROPHY ASSOC 57,189 OTHER CASH ACCOUNTS 1,112,257 ------------ TOTAL CASH PER GENERAL LEDGER $ 37,501,430 ============
5 CHAPTER 11 MONTHLY OPERATING REPORT MONTHLY REPORTING QUESTIONNAIRE CASE NAME: SERVICE MERCHANDISE COMPANY, INC. et. al. CASE NUMBER: 399-02649 THROUGH 399-02680 PERIOD: APRIL 3, 2000 THROUGH APRIL 30, 2000 RECEIPTS AND DISBURSEMENTS (Dollars in Thousands)
Actual Actual Actual Actual Total Monday 4/3/00 4/10/00 4/17/00 4/24/00 4/3/00 Sunday 4/9/00 4/16/00 4/23/00 4/30/00 4/30/00 ------------------------------------------------------------------------- Receipts: Sales receipts $ 26,335 $ 24,822 $ 28,952 $ 27,301 $ 107,410 Miscellaneous receipts -- -- 14,900 251 15,151 ------------------------------------------------------------------------- Total available collections 26,335 24,822 43,852 27,552 122,561 Disbursements: Merchandise disbursements 11,660 14,408 12,572 14,577 53,217 Non-merchandise disbursements 21,649 37,397 15,191 15,436 89,673 ------------------------------------------------------------------------- Total disbursements: 33,309 51,805 27,763 30,013 142,890 ------------------------------------------------------------------------- Net receipts/(disbursements) $ (6,974) $ (26,983) $ 16,089 $ (2,461) $ (20,329) =========================================================================
6 CHAPTER 11 MONTHLY OPERATING REPORT MONTHLY REPORTING QUESTIONNAIRE CASE NAME: SERVICE MERCHANDISE COMPANY, INC. et. al. CASE NUMBER: 399-02649 THROUGH 399-02680 PERIOD: APRIL 3, 2000 THROUGH APRIL 30, 2000 ROLLING REVISED CASH FLOW FORECAST (Dollars in Thousands)
Actual Forecast Forecast Forecast Forecast 5/14/00 5/21/00 5/28/00 7/2/00 7/30/00 ---------- ---------- ---------- ---------- ---------- Ending total revolver balance $ 148,633 $ 136,187 $ 132,701 $ 99,682 $ 109,741 Term loan 60,000 60,000 60,000 60,000 60,000 Standby letters of credit 40,154 41,027 38,737 30,362 27,112 Trade letters of credit 2,818 5,066 6,015 21,478 40,741 ---------- ---------- ---------- ---------- ---------- Total extensions of credit 251,605 242,280 237,453 211,522 237,594 Borrowing base 515,008 512,618 493,308 440,549 421,704 ---------- ---------- ---------- ---------- ---------- Availability $ 263,403 $ 270,338 $ 255,855 $ 229,027 $ 184,110 ========== ========== ========== ========== ==========
7 CHAPTER 11 MONTHLY OPERATING REPORT MONTHLY REPORTING QUESTIONNAIRE CASE NAME: SERVICE MERCHANDISE COMPANY, INC. et. al. CASE NUMBER: 399-02649 THROUGH 399-02680 PERIOD: April 3, 2000 THROUGH April 30, 2000 4. Payments to Professionals April 3, 2000 through April 30, 2000
Vendor # Vendor Name Check Amt. Check Date Check # - ---------------------------------------------------------------------------------------------------------------------------------- 99459 Robert L. Berger $ 32,572.24 4/13/00 B0021540 40443 Robert J. Bard, Esq. $ 500.00 4/14/00 30044666 86237 Brusniak, Clement, Harrison & McCool, PC $ 256.41 4/19/00 50000388 57117 Deloitte & Touche $ 62,288.74 4/24/00 50000865 71217 Bass, Berry & Sims $ 140,055.44 4/24/00 B0021624 98378 Skadden, Arps, Slate, Meagher & Flom $ 764,379.00 4/24/00 B0021625 99391 Otterbourg, Steindler, Houston & Rosen, PC $ 134,126.56 4/24/00 B0021626 99104 Jay Alix & Associates $ 213,634.71 4/25/00 B0021627 101625 D. G. Hart Associates, Inc. $ 135,255.38 4/25/00 B0021628 79108 Ernst & Young $ 2,625.00 4/25/00 B0021630 101232 E & Y Restructuring $ 115,277.00 4/25/00 B0021631 63078 Weil, Gotshal & Manges, LLP $ 31,395.78 4/25/00 B0021632 99454 Harwell, Howard, Hyne, Gabert & Manner, PC $ 43,027.30 4/25/00 B0021633 99444 Sitrick & Company $ 191,581.28 4/25/00 B0021634 80443 Coudert Brothers $ 2,051.87 4/26/00 50001362 67017 Barkley & Thompson $ 101.77 4/27/00 50001482
8 SERVICE MERCHANDISE COMPANY, INC. AND SUBSIDIARIES Consolidated Balance Sheets (Unaudited) (Debtor - in - Possession) (In thousands)
APRIL 30, APRIL 2, 2000 2000 ----------- ----------- ASSETS Current Assets: Cash and cash equivalents $ 37,501 $ 29,513 Accounts receivable 7,282 6,135 Inventories 636,445 644,368 Prepaid expenses and other assets 23,757 24,174 ----------- ----------- TOTAL CURRENT ASSETS 704,986 704,190 ----------- ----------- PROPERTY AND EQUIPMENT Owned assets, net of accumulated depreciation 348,316 346,340 Capitalized leases, net of accumulated amortization 13,840 14,200 ----------- ----------- TOTAL PROPERTY AND EQUIPMENT 362,157 360,540 ----------- ----------- Other assets and deferred charges 52,408 45,337 ----------- ----------- TOTAL ASSETS $ 1,119,551 $ 1,110,066 =========== =========== LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY Liabilities Not Subject To Compromise Current Liabilities: Notes payable to banks $ 156,655 $ 97,146 Accounts payable 63,461 60,382 Accrued expenses 139,801 138,244 State & local sales tax 12,487 12,672 Current maturities of long-term debt -- 1,000 Current maturities capitalized leases 353 118 ----------- ----------- TOTAL CURRENT LIABILITIES 372,758 309,561 Long -Term Liabilities: Long-term debt 60,000 98,250 Capitalized lease obligations 2,194 2,467 Liabilities Subject To Compromise: Accrued restructuring costs 44,530 44,604 Capitalized lease obligations 24,798 26,405 Long-term debt 426,089 426,844 Accounts payable 193,128 192,829 Accrued expenses 65,453 64,562 ----------- ----------- Total Liabilities Subject To Compromise 753,998 755,244 TOTAL LIABILITIES 1,188,949 1,165,522 ----------- ----------- COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' (DEFICIT) EQUITY Common stock 49,979 49,989 Additional paid-in-capital 6,211 6,288 Deferred compensation (503) (565) Accumulated other comprehensive loss -- -- Retained (deficit) earnings (125,084) (111,169) ----------- ----------- TOTAL SHAREHOLDERS' (DEFICIT) EQUITY (69,398) (55,456) TOTAL LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY $ 1,119,551 $ 1,110,066 =========== ===========
9 CHAPTER 11 MONTHLY OPERATING REPORT CASE NAME: SERVICE MERCHANDISE COMPANY, INC. ET AL. CASE NUMBER: 399-02649 THROUGH 399-02680 PERIOD: April 3, 2000 THROUGH APRIL 30, 2000 SUMMARY OF ACCOUNTS RECEIVABLE Month Ended: 04/30/00 FORM OPR-3 NOT APPLICABLE 10 CHAPTER 11 MONTHLY OPERATING REPORT MONTHLY REPORTING QUESTIONNAIRE CASE NAME: SERVICE MERCHANDISE COMPANY, INC. ET. AL. CASE NUMBER: 399-02649 THROUGH 399-02680 PERIOD: APRIL 2, 2000 THROUGH APRIL 30, 2000 SCHEDULE OF POST PETITION LIABILITIES-ACCOUNTS PAYABLE Month Ended: 04/30/2000 FORM OPR-4
Total Current --------- --------- Trade Accounts Payable (Merchandise) $ 63,461 $ 63,461 Total Current --------- --------- Expense & other payables $ 139,801 $ 139,801
11 CHAPTER 11 MONTHLY OPERATING REPORT MONTHLY REPORTING QUESTIONNAIRE CASE NAME: SERVICE MERCHANDISE COMPANY, INC. ET. AL. CASE NUMBER: 399-02649 THROUGH 399-02680 PERIOD: APRIL 3, 2000 THROUGH APRIL 30, 2000 SCHEDULE OF POST PETITION LIABILITIES FORM OPR-4
Date Date Total 0-30 TAXES PAYABLE Incurred Due Due Days -------- ------- ----------- --------- Federal income tax ** Various Various 7,843,442 7,843,442 State income tax Various Various (42,732) (42,732) ----------- ---------- SUBTOTAL 7,800,710 7,800,710 ----------- ---------- Sales/use tax SUBTOTAL * Various Various 12,487,472 12,487,472 ----------- ---------- Personal property tax * Various Various 2,195,428 2,195,428 Real estate taxes * Various Various 9,225,711 9,225,711 Inventory taxes * Various Various -- -- Gross receipts/bus. licenses * Various Various (14,811) (14,811) Franchise taxes * Various Various 363,801 363,801 ----------- ---------- SUBTOTAL 11,770,129 11,770,129 ----------- ---------- ----------- ---------- TOTAL TAXES PAYABLE 32,058,311 32,058,311 =========== ==========
* liability included in accrued expenses on OPR-2 ** tax reserve 12 CHAPTER 11 MONTHLY OPERATING REPORT MONTHLY REPORTING QUESTIONNAIRE CASE NAME: SERVICE MERCHANDISE COMPANY, INC. ET. AL. CASE NUMBER: 399-02649 THROUGH 399-02680 PERIOD: APRIL 3, 2000 THROUGH APRIL 30, 2000 SCHEDULE OF POST PETITION LIABILITIES FORM OPR-4 (DOLLARS IN THOUSANDS)
DATE TOTAL DUE INCURRED DATE DUE (4/30/00 BALANCE) ------------------------------------------------------------ POST PETITION SECURED DEBT Revolver borrowings 3/27/99 6/30/01 $ 156,655 Facility standby letters of credit 3/27/99 6/30/01 58,703 Facility trade letters of credit 3/27/99 6/30/01 139 Term loans 3/27/99 6/30/01 60,000 ---------- TOTAL EXTENSIONS OF CREDIT $ 275,497 ========== ACCRUED INTEREST PAYABLE $ 801 ==========
13 SERVICE MERCHANDISE COMPANY, INC. AND SUBSIDIARIES Consolidated Statements of Operations (Unaudited) (Debtor - in - Possession) (In thousands)
ACTIVITY APRIL 2, 2000 THROUGH APRIL 30, 2000 --------------- Net Sales $ 106,871 Costs of merchandise sold and buying and occupancy expense 81,494 ----------- Gross margin after cost of merchandise sold and buying and occupancy expenses 25,377 Selling, General and Administrative Expenses: Net Employment Expense 23,779 Net Advertising 2,581 Banking and Other Fees 1,611 Real Estate and Other Taxes 1,775 Supplies 779 Communication and Equipment 398 Travel 476 UCC and Other Services (428) Legal and Professional 360 Sales and Shipping 224 Insurance 287 Miscellaneous 191 Credit Card Services (39) ----------- Total Selling, General and Administrative Expenses 31,993 Other expense/(income), net (1,198) Restructuring charge (credit) (85) Depreciation and amortization 3,077 ----------- Earnings (loss) before interest, reorganization items, and income tax (8,410) Interest expense - debt 2,957 Interest expense - capitalized leases 286 ----------- Earnings (loss) before reorganization items, and income tax (11,654) Reorganization Items: Legal and Professional 1,868 Miscellaneous fees 178 Close Store Charges 218 ----------- Total Reorganization Items 2,263 Earnings (loss) before income tax (13,917) Income tax benefit -- Cumulative Effect of Change in Accounting Principles -- ----------- Net earnings (loss) $ (13,917) ===========
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