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, 2005 to April 30, 2005 | |||
Monthly Operating Report | ||||
| Schedule |
Income Statement | X |
Balance Sheet | X |
Statement of Cash Flows | X |
Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld | X |
Debtor's Address: | 507 West 10th Street, West Point, GA 31833 | |
Preparer: | Dianne Nolen | |
Debtor's Attorney: | Weil, Gotshal & Manges LLP | |
Monthly Disbursements: | $ | 123,900,746 | |
Monthly Profit (Loss): | $ | (25,714,000) | |
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: | Thomas M. Lane |
Its: | Senior Vice President and Treasurer |
Signature | /s/Thomas M. Lane |
Date | May 31, 2005 |
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, 2005 to April 30, 2005 | |||
STATEMENT OF OPERATIONS
(in $ thousands)
Total sales | $ | 106,091 |
Cost of sales | 103,737 | |
Gross profit | 2,354 | |
Selling and administrative expenses | ||
Selling expense | 4,350 | |
Warehousing and shipping | 5,701 | |
Advertising | 482 | |
Division administrative expense | 1,128 | |
MIS expense | 1,636 | |
Corporate administrative expense | 1,414 | |
Total selling and administrative expense | 14,711 | |
Restructuring and impairment charge | 350 | |
Fixed asset impairment charge | - | |
Profit / (loss) from operations | (12,707) | |
Interest expense | ||
Interest expense - outside | 8,409 | |
Capitalized interest expense | - | |
Interest expense - intercompany | 668 | |
Interest income | 5 | |
Interest income - intercompany | - | |
Net interest expense | 9,072 | |
Other expense | ||
Miscellaneous | 326 | |
Royalties - intercompany | 1,807 | |
Transaction gain/loss | - | |
Total other expense | 2,133 | |
Other income | ||
Royalties - intercompany | - | |
Dividends | - | |
Sale of assets | 329 | |
Miscellaneous | 44 | |
Total other income | 373 | |
Net other expense | 1,760 | |
Income (loss) before Chapter 11 reorganization expenses | ||
and income taxes (benefit) and extraordinary item | (23,539) | |
Chapter 11 reorganization expenses | 3,062 | |
Income taxes (benefit) | (887) | |
Income (loss) before extraordinary item | (25,714) | |
Extraordinary item - net of taxes | - | |
Net income (loss) | $ | (25,714) |
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, 2005 to April 30, 2005 | |||
BALANCE SHEET
(in $ thousands)
ASSETS | LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | ||||||
Current Assets | Liabilities Not Subject to Compromise: | ||||||
Cash and cash equivalents | $ 955 | Senior Credit Facility | $ 438,208 | ||||
Short-term investments | - | DIP Credit Agreement | 54,389 | ||||
Accounts receivable, net | 166,664 | Second Lien Facility | 165,000 | ||||
Total inventories | 273,556 | Accrued interest payable | 2,234 | ||||
Prepaid & other current assets | 19,395 | Accounts payable - trade | 43,908 | ||||
Total current assets | 460,570 | Accounts payable - intercompany | 171,169 | ||||
Other payables and accrued liabilities | 112,847 | ||||||
Deferred income taxes | - | ||||||
Pension and other liabilities | 147,622 | ||||||
Total investments & other assets | 92,883 | Total liabilities not subject to compromise | 1,135,377 | ||||
Goodwill | - | Liabilities Subject to Compromise: | |||||
Senior Notes | 1,000,000 | ||||||
Property, plant and equipment, net | 464,796 | Deferred financing fees | (3,808) | ||||
Accrued interest payable on Senior Notes | 36,313 | ||||||
Accounts payable | 27,558 | ||||||
Other payables and accrued liabilities | 8,232 | ||||||
Pension and other liabilities | 15,474 | ||||||
Total liabilities subject to compromise | 1,083,769 | ||||||
Total Liabilities | 2,219,146 | ||||||
SHAREHOLDERS' EQUITY (DEFICIT) | |||||||
Equity of subsidiaries | (123,757) | ||||||
Common stock | 711 | ||||||
Capital Surplus / Treasury Stock | 41,122 | ||||||
Retained earnings (deficit) | (1,010,699) | ||||||
Minimum pension liability adjustment | (109,403) | ||||||
Other adjustments | 1,129 | ||||||
Unearned compensation | - | ||||||
Total Shareholders' Equity (Deficit) | (1,200,897) | ||||||
TOTAL ASSETS | $ 1,018,249 | TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | $ 1,018,249 | ||||
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, 2005 to April 30, 2005 | |||
STATEMENT OF CASH FLOWS
(in $ thousands)
Cash Flows from Operations: | ||
Net income (loss) | $ | (25,714) |
Equity adjustments | 722 | |
Non-cash items | ||
Depreciation and amortization expense | 8,156 | |
Gain/(Loss) on sale of assets | (329) | |
Changes in Assets and Liabilities | ||
Decrease / (increase) -- accounts receivable | 23,100 | |
Decrease / (increase) -- inventories | 1,945 | |
Decrease / (increase) -- other current assets | 376 | |
Decrease / (increase) -- other noncurrent assets and liabilities | 334 | |
Increase / (decrease) -- accounts payable (trade) | 4,266 | |
Increase / (decrease) -- accounts payable (intercompany) | (828) | |
Increase / (decrease) -- accrued liabilities | (6,760) | |
Increase / (decrease) -- accrued interest payable | 1,431 | |
Increase / (decrease) -- pension and other liabilities | 989 | |
Increase / (decrease) -- deferred federal income tax | (1,275) | |
Total Cash Flows from Operations | $ | 6,413 |
Cash Flows from Investing | ||
Decrease / (increase) -- short term investments | - | |
Capital expenditures | (1,446) | |
Transfers | 1 | |
Net proceeds from sale of assets | 343 | |
Total Cash Flows from Investing | $ | (1,102) |
Cash Flows from Financing | ||
Increase / (decrease) -- DIP credit agreement and Sr. Credit Facility | (6,196) | |
Total Cash Flows from Financing | $ | (6,196) |
Beginning Cash Balance | 1,840 | |
Change in Cash | (885) | |
Ending Cash Balance | $ | 955 |
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, 2005 to April 30, 2005 | |||
Supplemental Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld
Amount Withheld/ Collected/ Incurred |
|
| ||||||
All wages and salaries paid (gross) or incurred | $ | 24,449,319 | ||||||
Federal | ||||||||
Payroll taxes withheld | 3,853,872 | 1,044,898 | 4/7/05 | |||||
972,336 | 4/14/05 | |||||||
1,025,836 | 4/15/05 | |||||||
Employer payroll tax contributions incurred | 1,818,089 | 952,620 | 4/21/05 | |||||
| 918,225 | 4/28/05 | ||||||
516,934 | 4/29/05 | |||||||
981,535 | 4/29/05 | |||||||
Total Federal Taxes (1) | $ | 5,671,961 | $ | 6,412,384 | ||||
State and Local | ||||||||
Payroll taxes withheld | ||||||||
Alabama SIT | 378,088 | 470,465 | 4/29/05 | |||||
Arkansas SIT | 1,455 | 1,211 | 4/14/05 | |||||
California SIT | 1,199 | 1,540 | 4/20/05 | |||||
Georgia SIT | 59,910 | 60,572 | 4/27/05 | |||||
Illinois SIT | 479 | 570 | 4/28/05 | |||||
Indiana SIT | 4,825 | 12,263 | 4/18/05 | |||||
Maine SIT | 25,289 | 25,204 | 4/20/05 | |||||
Minnesota SIT | 1,654 | 1,647 | 4/20/05 | |||||
Missouri SIT | 402 | 398 | 4/28/05 | |||||
New York SIT | 59,611 | 58,592 | 4/20/05 | |||||
North Carolina SIT | 203,658 | 213,371 | 4/27/05 | |||||
Pennsylvania SIT | 205 | 204 | 4/14/05 | |||||
Rhode Island SIT | 185 | 146 | 4/14/05 | |||||
South Carolina SIT | 176,338 | 176,334 | 4/28/05 | |||||
Virginia SIT | 7,538 | 9,267 | 4/27/05 | |||||
Delaware Co IN | 128 | - | ||||||
Hancock Co IN | 106 | - | ||||||
Hamilton Co IN | 40 | - | ||||||
Henry Co IN | 577 | - | ||||||
Johnson Co. IN | - | - | ||||||
Madison Co IN | 589 | - | ||||||
Marion Co IN | 36 | - | ||||||
Washington Co IN | 111 | - | ||||||
Randolph Co IN | - | - | ||||||
Yonkers NY | 10 | 10 | 4/20/05 | |||||
Wayne Co IN | - | - | ||||||
New York City | 14,565 | 14,422 | 4/20/05 | |||||
Opelika AL | 5,507 | 17,648 | 4/28/05 | |||||
Total Payroll taxes | 942,505 | 1,063,864 | ||||||
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, 2005 to April 30, 2005 | |||
Supplemental Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld
Amount Withheld/ Collected/ Incurred |
|
| ||||||
(continued) | ||||||||
Employer payroll tax contributions incurred | ||||||||
Alabama SUTA | 214,387 | 1,345,579 | 4/29/05 | |||||
Arkansas SUTA | 85 | 364 | 4/29/05 | |||||
California SUTA | - | 2,170 | 4/29/05 | |||||
Florida SUTA | 1,297 | 76,203 | 4/29/05 | |||||
Georgia SUTA | 8,493 | 101,041 | 4/29/05 | |||||
Illinois SUTA | - | 2,158 | 4/29/05 | |||||
Indiana SUTA | 2,040 | 26,973 | 4/29/05 | |||||
Maine SUTA | 7,251 | 28,788 | 4/29/05 | |||||
Minnesota SUTA | 25 | 388 | 4/29/05 | |||||
Missouri SUTA | - | - | ||||||
Nevada SUTA | 2,577 | 10,092 | 4/29/05 | |||||
New York SUTA | 1,228 | 63,737 | 4/29/05 | |||||
North Carolina SUTA | 216,370 | 904,353 | 4/29/05 | |||||
Pennsylvania SUTA | - | 236 | 4/29/05 | |||||
Rhode Island SUTA | - | 304 | 4/29/05 | |||||
South Carolina SUTA | 61,564 | 532,928 | 4/29/05 | |||||
Texas SUTA | 3 | 1,651 | 4/29/05 | |||||
Virginia SUTA | 824 | 99,169 | 4/29/05 | |||||
Washington SUTA | 60 | 835 | 4/29/05 | |||||
Total Employer payroll tax contributions | 516,204 | 3,196,969 | ||||||
Gross taxable amount for sales and use | 3,961,321 | |||||||
Sales & Use taxes collected | 150,450 | |||||||
Abbeville, Alabama | 2,503 | 4/14/05 | ||||||
Alabama City/County(Greenville & Butler County) | 9,926 | 4/20/05 | ||||||
Alabama Regulation A | 10,646 | 4/20/05 | ||||||
Alabama Sales | 1,960 | 4/20/05 | ||||||
Alabama Use | 40,267 | 4/20/05 | ||||||
Alatax(Abbeville, Opelika, Valley, Chambers Co., Henry Co, Lee Co) | 11,279 | 4/14/05 | ||||||
Arkansas | 13 | 4/14/05 | ||||||
California | 148 | 4/28/05 | ||||||
Florida | 21,152 | 4/20/05 | ||||||
Georgia | 234 | 4/20/05 | ||||||
Indiana (Daleville) | 16 | 4/28/05 | ||||||
Indiana (Middletown) | 195 | 4/14/05 | ||||||
Nevada | 43 | 4/28/05 | ||||||
New York | 10,181 | 4/14/05 | ||||||
North Carolina | 12,821 | 4/11/05 | ||||||
North Carolina | 11,983 | 4/25/05 | ||||||
South Carolina | 16,160 | 4/20/05 | ||||||
Texas | 405 | 4/14/05 | ||||||
Virginia Sales | 348 | 4/14/05 | ||||||
Virginia Use | 164 | 4/14/05 | ||||||
Washington Use | 6 | 4/21/05 | ||||||
Total Sales & Use taxes paid | 150,450 | |||||||
Property taxes | 1,259 | |||||||
Other taxes | 66,526 | |||||||
Total State and Local (1) | 1,609,099 | 4,479,068 | ||||||
Total Taxes | $ 7,281,060 | $ | 10,891,452 | |||||
(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, 2005 to April 30, 2005 | |||
Monthly Operating Report | ||||
| Schedule |
Income Statement | X |
Balance Sheet | X |
Statement of Cash Flows | X |
Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld | X |
Debtor's Address: | 3993 Howard Hughes Parkway, Suite 250, Las Vegas, NV 89109 | |
Preparer: | Dianne Nolen | |
Debtor's Attorney: | Weil, Gotshal & Manges LLP | |
Monthly Disbursements: | $ | 2,461,198 | |
Monthly Profit (Loss): | $ | 1,159,000 | |
The Debtors' chapter 11 proceedings have been consolidated for administrative purposes only. Because the cases have not been substantively consolidated, the Debtor is required to provide separate financial information for itself, to the extent available. Therefore, the financial information contained in this Monthly Operating Report is not consolidated with the financial information applicable to the Debtor's affiliates, and is not comparable with publicly reported consolidated financial information.
The undersigned, having reviewed the attached report and being familiar with the Debtor's financial affairs, verifies under penalty of perjury, that the information contained therein is complete, accurate, and truthful, to the best of my knowledge.
All insurance policies are fully paid for the current period, and amounts for workers compensation and disability insurance have been paid.
While every effort has been made to file complete and accurate information, inadvertent errors or omissions may exist. The debtor reserves the right to amend this monthly operating report as necessary and appropriate. All financial information contained herein is unaudited data.
Debtor-In-Possession | WestPoint Stevens Inc. I |
By: | Thomas M. Lane |
Its: | Vice President and Treasurer |
Signature | /s/Thomas M. Lane |
Date | May 31, 2005 |
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, 2005 to April 30, 2005 | |||
STATEMENT OF OPERATIONS
(in $ thousands)
Total sales | $ | 2,550 |
Cost of sales | 2,689 | |
Gross profit | (139) | |
Selling and administrative expenses | ||
Selling expense | 3 | |
Warehousing and shipping | 164 | |
Advertising | - | |
Division administrative expense | - | |
MIS expense | - | |
Corporate administrative expense | 410 | |
Total selling and administrative expense | 577 | |
Restructuring and impairment charge | - | |
Goodwill impairment charge | - | |
Profit / (loss) from operations | (716) | |
Interest expense | ||
Interest expense - outside | - | |
Capitalized interest expense | - | |
Interest expense - intercompany | - | |
Interest income | 1 | |
Interest income - intercompany | 755 | |
Net interest expense | (756) | |
Other expense | ||
Miscellaneous | - | |
Royalties - intercompany | 190 | |
Transaction gain/loss | - | |
Total other expense | 190 | |
Other income | ||
Royalties - intercompany | 1,934 | |
Affiliate Income | - | |
Dividends | - | |
Sale of assets | - | |
Miscellaneous | - | |
Total other income | 1,934 | |
Net other expense | (1,744) | |
Income (loss) before Chapter 11 reorganization expenses | ||
and income taxes (benefit) and extraordinary item | 1,784 | |
Chapter 11 reorganization expenses | - | |
Income taxes (benefit) | 625 | |
Income (loss) before extraordinary item | 1,159 | |
Extraordinary item - net of taxes | - | |
Net income (loss) | $ | 1,159 |
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, 2005 to April 30, 2005 | |||
BALANCE SHEET
(in $ thousands)
ASSETS | LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | |||||||||
Current Assets | Liabilities Not Subject to Compromise: | |||||||||
Cash and cash equivalents | $ | 174 | Senior Credit Facility | $ | - | |||||
Short-term investments | - | DIP Credit Agreement | - | |||||||
Accounts receivable - customers | - | Long-term debt classified as current | - | |||||||
Accounts receivable - intercompany | 28,218 | Accrued interest payable | - | |||||||
Total inventories | 7,261 | Accounts payable - trade | 379 | |||||||
Prepaid & other current assets | - | Accounts payable - intercompany | - | |||||||
Total current assets | 35,653 | Other payables and accrued liabilities | 6,994 | |||||||
Deferred income taxes | - | |||||||||
Pension and other liabilities | - | |||||||||
Total investments & other assets | 9,447 | Total liabilities not subject to compromise | 7,373 | |||||||
Goodwill | - | Liabilities Subject to Compromise: | ||||||||
Senior Notes | - | |||||||||
Property, plant and equipment, net | 11,590 | Deferred financing fees | - | |||||||
Accrued interest payable on Senior Notes | - | |||||||||
Accounts payable | 1,438 | |||||||||
Other payables and accrued liabilities | - | |||||||||
Pension and other liabilities | 3,445 | |||||||||
Total liabilities subject to compromise | 4,883 | |||||||||
Total Liabilities | 12,256 | |||||||||
SHAREHOLDERS' EQUITY (DEFICIT) | ||||||||||
Equity of subsidiaries | - | |||||||||
Common stock | 1 | |||||||||
Capital Surplus / Treasury Stock | 70,559 | |||||||||
Retained earnings (deficit) | (26,126) | |||||||||
Minimum pension liability adjustment | - | |||||||||
Other adjustments | - | |||||||||
Unearned compensation | - | |||||||||
Total Shareholders' Equity (Deficit) | 44,434 | |||||||||
TOTAL ASSETS | $ | 56,690 | TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | $ | 56,690 | |||||
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, 2005 to April 30, 2005 | |||
STATEMENT OF CASH FLOWS
(in $ thousands)
Cash Flows from Operations: | ||
Net income (loss) | $ | 1,159 |
Non-cash items | ||
Depreciation and amortization expense | 140 | |
Changes in Assets and Liabilities | ||
Decrease / (increase) -- accounts receivable (customers) | - | |
Decrease / (increase) -- accounts receivable (intercompany) | 1,898 | |
Decrease / (increase) -- inventories | (622) | |
Decrease / (increase) -- other current assets | - | |
Decrease / (increase) -- other noncurrent assets | - | |
Increase / (decrease) -- accounts payable (trade) | (217) | |
Increase / (decrease) -- accounts payable (intercompany) | - | |
Increase / (decrease) -- accrued liabilities | (2,359) | |
Increase / (decrease) -- accrued interest payable | - | |
Increase / (decrease) -- pension and other liabilities | - | |
Increase / (decrease) -- deferred federal income tax | - | |
Total Cash Flows from Operations | $ | (1) |
Cash Flows from Investing | ||
Decrease / (increase) -- short term investments | - | |
Capital expenditures | - | |
Transfers | (1) | |
Net proceeds from sale of assets | - | |
Total Cash Flows from Investing | $ | (1) |
Cash Flows from Financing | ||
Increase / (decrease) -- DIP credit agreement | - | |
Increase / (decrease) -- Senior Notes | - | |
Total Cash Flows from Financing | $ | - |
Beginning Cash Balance | $ | 176 |
Change in Cash | (2) | |
Ending Cash Balance | $ | 174 |
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, 2005 to April 30, 2005 | |||
Supplemental Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld
Amount Withheld/ Collected/ Incurred |
|
| ||||
All wages and salaries paid (gross) or incurred | ||||||
Federal | ||||||
Payroll taxes withheld | ||||||
Employer payroll tax contributions incurred | ||||||
Total Federal Taxes (1) | $ | - | - | |||
State and Local | ||||||
Payroll taxes withheld | $ | - |
| |||
Employer payroll tax contributions incurred | ||||||
Nevada | ||||||
Gross taxable sales | 56,873 | |||||
Sales & Use taxes collected | 2,844 | |||||
Maine | 2,844 | 4/14/05 | ||||
Property taxes | ||||||
Other taxes | ||||||
Total State and Local (1) | 2,844 | 2,844 | ||||
Total Taxes | $ | 2,844 | $ | 2,844 | ||
(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 | ||
) | ||||
J.P. Stevens & Co., Inc. | ) | CASE NO. | 03-13534-RDD | |
Reporting Period | April 1, 2005 to April 30, 2005 | |||
Monthly Operating Report | ||||
| Schedule |
Income Statement | X |
Balance Sheet | X |
Statement of Cash Flows | X |
Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld | X |
Debtor's Address: | 507 West 10th Street, West Point, GA 31833 | |
Preparer: | Dianne Nolen | |
Debtor's Attorney: | Weil, Gotshal & Manges LLP | |
Monthly Disbursements: | $ | - | |
Monthly Profit (Loss): | $ | - | |
The Debtors' chapter 11 proceedings have been consolidated for administrative purposes only. Because the cases have not been substantively consolidated, the Debtor is required to provide separate financial information for itself, to the extent available. Therefore, the financial information contained in this Monthly Operating Report is not consolidated with the financial information applicable to the Debtor's affiliates, and is not comparable with publicly reported consolidated financial information.
The undersigned, having reviewed the attached report and being familiar with the Debtor's financial affairs, verifies under penalty of perjury, that the information contained therein is complete, accurate, and truthful, to the best of my knowledge.
All insurance policies are fully paid for the current period, and amounts for workers compensation and disability insurance have been paid.
While every effort has been made to file complete and accurate information, inadvertent errors or omissions may exist. The debtor reserves the right to amend this monthly operating report as necessary and appropriate. All financial information contained herein is unaudited data.
Debtor-In-Possession | J.P. Stevens & Co., Inc. |
By: | Thomas M. Lane |
Its: | Vice President and Treasurer |
Signature | /s/Thomas M. Lane |
Date | May 31, 2005 |
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, 2005 to April 30, 2005 | |||
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 item | - | |
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, 2005 to April 30, 2005 | |||
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 | 110,749 | Accrued interest payable | - | ||||
Total inventories | - | Accounts payable - trade | - | ||||
Prepaid & other current assets | - | 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, 2005 to April 30, 2005 | |||
STATEMENT OF CASH FLOWS
(in $ thousands)
Cash Flows from Operations: | ||
Net income (loss) | $ | - |
Non-cash items | ||
Depreciation and amortization expense | - | |
Changes in Assets and Liabilities | ||
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 | - | |
Increase / (decrease) -- Senior Notes | - | |
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, 2005 to April 30, 2005 | |||
Supplemental Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld
N/A -- No taxes paid |
Amount Withheld/ Collected/ Incurred |
|
| |||
All wages and salaries paid (gross) or incurred | $ | - | |||
Federal |
| ||||
Payroll taxes withheld | - | ||||
Employer payroll tax contributions incurred | - | ||||
Total Federal Taxes | - | ||||
State and Local |
| ||||
Payroll taxes withheld | - | ||||
Employer payroll tax contributions incurred | - | ||||
Gross taxable sales | - | ||||
Sales & Use taxes collected | - | ||||
Property taxes | - | ||||
Other taxes | - | ||||
Total State and Local | - | ||||
Total Taxes | $ | - |
| ||
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re: | ) | CHAPTER 11 | ||
) | ||||
J.P. Stevens Enterprises, Inc. | ) | CASE NO. | 03-13535-RDD | |
Reporting Period | April 1, 2005 to April 30, 2005 | |||
Monthly Operating Report | ||||
| Schedule |
Income Statement | X |
Balance Sheet | X |
Statement of Cash Flows | X |
Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld | X |
Debtor's Address: | 3993 Howard Hughes Parkway, Suite 250, Las Vegas NV 89109 | |
Preparer: | Dianne Nolen | |
Debtor's Attorney: | Weil, Gotshal & Manges LLP | |
Monthly Disbursements: | $ | 2,123 |
Monthly Profit (Loss): | $ | 190,000 |
The Debtors' chapter 11 proceedings have been consolidated for administrative purposes only. Because the cases have not been substantively consolidated, the Debtor is required to provide separate financial information for itself, to the extent available. Therefore, the financial information contained in this Monthly Operating Report is not consolidated with the financial information applicable to the Debtor's affiliates, and is not comparable with publicly reported consolidated financial information.
The undersigned, having reviewed the attached report and being familiar with the Debtor's financial affairs, verifies under penalty of perjury, that the information contained therein is complete, accurate, and truthful, to the best of my knowledge.
All insurance policies are fully paid for the current period, and amounts for workers compensation and disability insurance have been paid.
While every effort has been made to file complete and accurate information, inadvertent errors or omissions may exist. The debtor reserves the right to amend this monthly operating report as necessary and appropriate. All financial information contained herein is unaudited data.
Debtor-In-Possession | J.P. Stevens Enterprises, Inc. |
By: | Thomas M. Lane |
Its: | Vice President and Treasurer |
Signature | /s/Thomas M. Lane |
Date | May 31, 2005 |
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, 2005 to April 30, 2005 | |||
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 | 106 | |
Net interest expense | (106) | |
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 item | 293 | |
Chapter 11 reorganization expenses | - | |
Income taxes (benefit) | 103 | |
Income (loss) before extraordinary item | 190 | |
Extraordinary item - net of taxes | - | |
Net income (loss) | $ | 190 |
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, 2005 to April 30, 2005 | |||
BALANCE SHEET
(in $ thousands)
ASSETS | LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | |||||||||
Current Assets | Liabilities Not Subject to Compromise: | |||||||||
Cash and cash equivalents | $ | 22 | Senior Credit Facility | $ | - | |||||
Short-term investments | - | DIP Credit Agreement | - | |||||||
Accounts receivable - customers, net | - | Long-term debt classified as current | - | |||||||
Accounts receivable - intercompany | 17,853 | Accrued interest payable | - | |||||||
Total inventories | - | Accounts payable - trade | - | |||||||
Prepaid & other current assets | - | Accounts payable - intercompany | - | |||||||
Total current assets | 17,875 | Other payables and accrued liabilities | 198 | |||||||
Deferred income taxes | - | |||||||||
Pension and other liabilities | - | |||||||||
Total investments & other assets | - | Total liabilities not subject to compromise | 198 | |||||||
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 | 198 | |||||||||
SHAREHOLDERS' EQUITY (DEFICIT) | ||||||||||
Equity of subsidiaries | - | |||||||||
Common stock | 2 | |||||||||
Capital Surplus / Treasury Stock | - | |||||||||
Retained earnings (deficit) | 17,675 | |||||||||
Minimum pension liability adjustment | - | |||||||||
Other adjustments | - | |||||||||
Unearned compensation | - | |||||||||
Total Shareholders' Equity (Deficit) | 17,677 | |||||||||
TOTAL ASSETS | $ | 17,875 | TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | $ | 17,875 | |||||
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, 2005 to April 30, 2005 | |||
STATEMENT OF CASH FLOWS
(in $ thousands)
Cash Flows from Operations: | ||
Net income (loss) | $ | 190 |
Non-cash items | ||
Depreciation and amortization expense | - | |
Changes in Assets and Liabilities | ||
Decrease / (increase) -- accounts receivable (customers) | - | |
Decrease / (increase) -- accounts receivable (intercompany) | (87) | |
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 | (93) | |
Increase (decrease) -- accrued interest payable | - | |
Increase (decrease) -- pension and other liabilities | - | |
Increase (decrease) -- deferred federal income tax | - | |
Total Cash Flows from Operations | 10 | |
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 | - | |
Increase / (decrease) -- Senior Notes | - | |
Total Cash Flows from Financing | - | |
Beginning Cash Balance | 12 | |
Change in Cash | 10 | |
Ending Cash Balance | $ | 22 |
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, 2005 to April 30, 2005 | |||
Supplemental Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld
N/A -- No taxes paid |
Amount Withheld/ Collected/ Incurred |
|
| ||||
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 | $ | - | - | |||
(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 Stores Inc. | ) | CASE NO. | 03-13536-RDD | |
Reporting Period | April 1, 2005 to April 30, 2005 | |||
Monthly Operating Report | ||||
| Schedule |
Income Statement | X |
Balance Sheet | X |
Statement of Cash Flows | X |
Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld | X |
Debtor's Address: | 507 West 10th Street, West Point, GA 31833 | |
Preparer: | Dianne Nolen | |
Debtor's Attorney: | Weil, Gotshal & Manges LLP | |
Monthly Disbursements: | $ | 4,129,544 | |
Monthly Profit (Loss): | $ | (457,000) | |
The Debtors' chapter 11 proceedings have been consolidated for administrative purposes only. Because the cases have not been substantively consolidated, the Debtor is required to provide separate financial information for itself, to the extent available. Therefore, the financial information contained in this Monthly Operating Report is not consolidated with the financial information applicable to the Debtor's affiliates, and is not comparable with publicly reported consolidated financial information.
The undersigned, having reviewed the attached report and being familiar with the Debtor's financial affairs, verifies under penalty of perjury, that the information contained therein is complete, accurate, and truthful, to the best of my knowledge.
All insurance policies are fully paid for the current period, and amounts for workers compensation and disability insurance have been paid.
While every effort has been made to file complete and accurate information, inadvertent errors or omissions may exist. The debtor reserves the right to amend this monthly operating report as necessary and appropriate. All financial information contained herein is unaudited data.
Debtor-In-Possession | WestPoint Stevens Stores Inc. |
By: | Thomas M. Lane |
Its: | Vice President and Treasurer |
Signature | /s/Thomas M. Lane |
Date | May 31, 2005 |
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, 2005 to April 30, 2005 | |||
STATEMENT OF OPERATIONS
(in $ thousands)
Total sales | $ | 6,796 |
Cost of sales | 4,150 | |
Gross profit | 2,646 | |
Selling and administrative expenses | ||
Selling expense | 2,186 | |
Warehousing and shipping | 246 | |
Advertising | 234 | |
Division administrative expense | 316 | |
MIS expense | 68 | |
Corporate administrative expense | 106 | |
Total selling and administrative expense | 3,156 | |
Restructuring and impairment charge | - | |
Goodwill impairment charge | - | |
Profit / (loss) from operations | (510) | |
Interest expense | ||
Interest expense - outside | - | |
Capitalized interest expense | - | |
Interest expense - intercompany | 193 | |
Interest income | - | |
Interest income - intercompany | - | |
Net interest expense | 193 | |
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 item | (703) | |
Chapter 11 reorganization expenses | - | |
Income taxes (benefit) | (246) | |
Income (loss) before extraordinary item | (457) | |
Extraordinary item - net of taxes | - | |
Net income (loss) | $ | (457) |
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, 2005 to April 30, 2005 | |||
BALANCE SHEET
(in $ thousands)
ASSETS | LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | |||||||||
Current Assets | Liabilities Not Subject to Compromise: | |||||||||
Cash and cash equivalents | $ | 1,146 | Senior Credit Facility | $ | - | |||||
Short-term investments | - | DIP Credit Agreement | - | |||||||
Accounts receivable - customers | 108 | Long-term debt classified as current | - | |||||||
Accounts receivable - intercompany | 2,029 | Accrued interest payable | - | |||||||
Total inventories | 20,586 | Accounts payable - trade | 515 | |||||||
Prepaid & other current assets | 807 | Accounts payable - intercompany | - | |||||||
Total current assets | 24,676 | Other payables and accrued liabilities | 2,623 | |||||||
Deferred income taxes | - | |||||||||
Pension and other liabilities | - | |||||||||
Total investments & other assets | - | Total liabilities not subject to compromise | 3,138 | |||||||
Goodwill | - | Liabilities Subject to Compromise: | ||||||||
Senior Notes | - | |||||||||
Property, plant and equipment, net | 2,293 | Deferred financing fees | - | |||||||
Accrued interest payable on Senior Notes | - | |||||||||
Accounts payable | 1,677 | |||||||||
Other payables and accrued liabilities | - | |||||||||
Pension and other liabilities | - | |||||||||
Total liabilities subject to compromise | 1,677 | |||||||||
Total Liabilities | 4,815 | |||||||||
SHAREHOLDERS' EQUITY (DEFICIT) | ||||||||||
Equity of subsidiaries | - | |||||||||
Common stock | 1 | |||||||||
Capital Surplus / Treasury Stock | 15,955 | |||||||||
Retained earnings (deficit) | 6,198 | |||||||||
Minimum pension liability adjustment | - | |||||||||
Other adjustments | - | |||||||||
Unearned compensation | - | |||||||||
Total Shareholders' Equity (Deficit) | 22,154 | |||||||||
TOTAL ASSETS | $ | 26,969 | TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | $ | 26,969 | |||||
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, 2005 to April 30, 2005 | |||
STATEMENT OF CASH FLOWS
(in $ thousands)
Cash Flows from Operations: | ||
Net income (loss) | $ | (457) |
Restructuring | - | |
Equity adjustments | - | |
Non-cash items | ||
Depreciation and amortization expense | 58 | |
Changes in Assets and Liabilities | ||
Decrease (increase) -- accounts receivable (customers) | 32 | |
Decrease (increase) -- accounts receivable (intercompany) | 239 | |
Decrease (increase) -- inventories | (1,154) | |
Decrease (increase) -- other current assets | (5) | |
Decrease (increase) -- other noncurrent assets | - | |
Increase (decrease) -- accounts payable (trade) | 119 | |
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 | $ | (479) |
Cash Flows from Investing | ||
Decrease / (increase) -- short term investments |
| |
Capital expenditures | (6) | |
Transfers |
| |
Net proceeds from sale of assets |
| |
Total Cash Flows from Investing | $ | (6) |
Cash Flows from Financing | ||
Increase / (decrease) -- DIP credit agreement |
| |
Total Cash Flows from Financing | $ | - |
Beginning Cash Balance | $ | 1,631 |
Change in Cash | (485) | |
Ending Cash Balance | $ | 1,146 |
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, 2005 to April 30, 2005 | |||
Supplemental Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld
Amount Withheld/ Collected/ Incurred |
|
| ||||||||
All wages and salaries paid (gross) or incurred | $ | 823,819 | ||||||||
Federal | ||||||||||
Payroll taxes withheld | 138,208 | 80,031 | 4/6/05 | |||||||
20,223 | 4/13/05 | |||||||||
81,221 | 4/20/05 | |||||||||
Employer payroll tax contributions incurred | 63,610 | 21,006 | 4/27/05 | |||||||
17,530 | 4/29/05 | |||||||||
Total Federal Taxes (1) | 201,818 | 220,011 | ||||||||
State and Local | ||||||||||
Amount of payroll taxes withheld | ||||||||||
Alabama SIT | 3,248 | 3,742 | 4/29/05 | |||||||
California SIT | 644 | 669 | 4/6/05 | |||||||
Connecticut SIT | 294 | 319 | 4/14/05 | |||||||
Georgia SIT | 11,176 | 11,439 | 4/27/05 | |||||||
Massachusetts SIT | 802 | 896 | 4/29/05 | |||||||
Minnesota SIT | 803 | 828 | 4/27/05 | |||||||
Michigan SIT | 1,149 | 1,313 | 4/14/05 | |||||||
New York SIT | 1,189 | 1,195 | 4/5/05 | |||||||
North Carolina SIT | 1,913 | 1,906 | 4/27/05 | |||||||
Oregon SIT | 1,000 | 1,060 | 4/27/05 | |||||||
Pennsylvania SIT | 548 | 688 | 4/28/05 | |||||||
South Carolina SIT | 844 | 898 | 4/27/05 | |||||||
Utah SIT | 760 | 912 | 4/14/05 | |||||||
Virginia SIT | 789 | 872 | 4/14/05 | |||||||
Lancaster PA | 126 | 500 | 4/28/05 | |||||||
Total Payroll taxes | 25,285 | 27,237 | ||||||||
Amount of employer payroll tax contributions incurred | ||||||||||
Alabama SUTA | 1,067 | 5,025 | 4/29/05 | |||||||
California SUTA | 1,144 | 5,614 | 4/29/05 | |||||||
Connecticut SUTA | 711 | 2,122 | 4/29/05 | |||||||
Florida SUTA | 2,292 | 11,707 | 4/29/05 | |||||||
Georgia SUTA | 3,113 | 17,674 | 4/29/05 | |||||||
Massachusetts SUTA | 327 | 1,332 | 4/29/05 | |||||||
Minnesota SUTA | 642 | 2,022 | 4/29/05 | |||||||
Michigan SUTA | 334 | 1,355 | 4/29/05 | |||||||
New York SUTA | 1,141 | 5,030 | 4/29/05 | |||||||
North Carolina SUTA | 654 | 2,174 | 4/29/05 | |||||||
Oregon SUTA | 385 | 1,450 | 4/29/05 | |||||||
Pennsylvania SUTA | 334 | 2,148 | 4/29/05 | |||||||
South Carolina SUTA | 140 | 778 | 4/29/05 | |||||||
Tennessee SUTA | 331 | 1,916 | 4/29/05 | |||||||
Texas SUTA | 753 | 3,079 | 4/29/05 | |||||||
Utah SUTA | 57 | 262 | 4/29/05 | |||||||
Virginia SUTA | 364 | 1,345 | 4/29/05 | |||||||
Total Employer payroll tax contributions | 13,789 | 65,033 | ||||||||
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, 2005 to April 30, 2005 | |||
Supplemental Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld
Amount Withheld/ Collected/ Incurred |
|
| |||||
(continued) | |||||||
Gross taxable sales | 5,323,668 | ||||||
Sales & Use taxes collected | 382,397 | ||||||
Alabama - City of Foley | 5,070 | 4/20/05 | |||||
Alabama Sales | 23,978 | 4/20/05 | |||||
Alabama Use | 144 | 4/20/05 | |||||
Alatax(Bessemer, Boaz, Valley, Chambers Co., Marshall Co) | 8,139 | 4/14/05 | |||||
Baldwin County Alabama | 6,823 | 4/14/05 | |||||
California | 33,466 | 5/2/05 | |||||
Connecticut | 4,989 | 5/2/05 | |||||
Florida | 55,020 | 4/20/05 | |||||
Georgia | 57,864 | 4/20/05 | |||||
Massachusetts | 4,960 | 4/20/05 | |||||
Michigan | 14,348 | 4/14/05 | |||||
Minnesota | 7,024 | 4/20/05 | |||||
New York | 26,092 | 4/25/05 | |||||
North Carolina | 14,107 | 4/11/05 | |||||
North Carolina | 8,155 | 4/25/05 | |||||
Pennsylvania | 5,801 | 4/20/05 | |||||
South Carolina | 8,150 | 4/20/05 | |||||
Tennessee (P.Forge, Lebanon, Interstate Sales) | 19,468 | 4/20/05 | |||||
Texas | 53,545 | 4/20/05 | |||||
Utah | 10,621 | 5/2/05 | |||||
Virginia Interstate Sales | 169 | 4/14/05 | |||||
Virginia Williamsburg | 14,464 | 4/20/05 | |||||
Total Sales & Use taxes paid | 382,397 | ||||||
Property taxes | |||||||
Other taxes | 8,172 | ||||||
Total State and Local (1) | 421,471 | 482,839 | |||||
Total Taxes | $ | 623,289 | $ | 702,850 | |||
(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 |