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 (Date of earliest event reported) October 31, 2001
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Heilig-Meyers Company
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(Exact name of registrant as specified in its charter)
Virginia 1-8484 54-0558861
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) file number) Identification No.)
12560 West Creek Parkway, Richmond, Virginia 23238
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (804) 784-7300
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N/A
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(Former name or former address, if changed since last report
Item 5. OTHER EVENTS
On August 16, 2000, Heilig-Meyers Company and certain of its subsidiaries
(collectively, "the Debtors") filed voluntary petitions for relief under
Chapter 11, Title 11 of the United States Bankruptcy Code with the United
States Bankruptcy Court ("Bankruptcy Court") for the Eastern District of
Virginia, case number 00-34533. On October 31, 2001 the Debtors submitted
to the Bankruptcy Court their summary financial information for the month
and fiscal year-to-date ended September 30, 2001, a copy of which is
attached hereto as Exhibit 99.1.
ITEM 7. EXHIBITS
(c) Exhibits
99.1 Summary financial information for the month and fiscal
year-to-date ended September 30, 2001 as filed with the United
States Bankruptcy Court for the Eastern District of Virginia.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
HEILIG-MEYERS COMPANY
Date: November 15, 2001 By: /s/Ronald L. Barden
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Ronald L. Barden
Managing Director of
Reorganization
EXHIBIT 99.1
HEILIG-MEYERS COMPANY
CONSOLIDATED BALANCE SHEET
(Amounts in thousands)
(Unaudited)
September 30, February 28,
2001 2001
ASSETS ------------ -----------
Current Assets:
Cash $ 5,296 $ 4,700
Accounts Receivable, Net -- 40,692
Inventories 39,156 245,584
Other Receivables 15,892 18,710
Prepaid Expenses 6,384 18,317
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Total Current Assets 66,728 328,003
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Land and Buildings 39,949 103,525
Fixtures, Furniture and Vehicles 10,766 99,925
Leasehold Improvements 24,348 151,898
Construction in Progress 108 434
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Total Property and Equipment 75,171 355,782
Accumulated Depreciation and Amortization 21,742 160,496
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Property and Equipment, Net 53,429 195,286
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Other Assets 115,635 137,919
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TOTAL ASSETS $ 235,792 $ 661,208
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LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
DIP Facilities - Revolving Facility $ -- $ 10,225
Accounts Payable (355) 29,511
Accrued Expenses 23,423 53,489
Deferred Revenue 8,139 23,662
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Total Current Liabilities 31,207 116,887
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DIP Facilities - Term Facility -- 15,000
Liabilities Subject to Compromise 727,530 761,374
Commitments and Contingencies
Stockholders' Deficit:
Common Stock 121,525 121,525
Capital in Excess of Par Value 240,871 240,871
Retained Deficit (885,341) (594,449)
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Total Stockholders' Deficit (522,945) (232,053)
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 235,792 $ 661,208
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HEILIG-MEYERS COMPANY
CONSOLIDATED INTERNAL OPERATING STATEMENT
(Amounts in thousands, except earnings per share)
(Unaudited)
One Month Ended Seven Months Ended
September 30, 2001 September 30, 2001
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Sales $ 26,152 $ 256,878
Costs of Sales 14,565 157,650
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Maintained Margin 11,587 99,228
Finance Income 46 406
Insurance Income 19 159
Other Income 1,867 13,720
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Total Income 13,519 113,513
Store Salaries Expense 3,692 38,094
Advertising Expense 2,268 26,268
Store Rent & Amortization Expense 1,551 21,036
Store Selling, General & Administrative Expense 5,537 48,456
Corporate General & Administrative Expense 2,110 29,184
Distribution Expense 1,653 26,354
Interest Expense 76 2,707
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Total Operating Expense 16,887 192,099
Operating Loss Before Reorganization Items,
Delivered Sales Adjustment and Income Taxes (3,368) (78,586)
Reorganization Items:
Store and Distribution Center Exit Costs (11,160) (184,858)
Credit Operations Exit Costs 187 (15,524)
Asset Impairment (1,000) (7,138)
Interest Income -- 2
Trustee Fees -- (23)
Professional Fees (1,113) (9,605)
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Total Reorganization Items (13,086) (217,146)
Delivered Sales Adjustment (222) 5,828
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Loss Before Income Taxes (16,676) (289,904)
Income Taxes 762 988
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Net Loss $(17,438) $(290,892)
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Loss per Share $ (0.29) $ (4.79)
Diluted Shares 60,763 60,763
HEILIG-MEYERS COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
One Month Ended Seven Months Ended
September 30, 2001 September 30, 2001
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $(17,438) $(290,892)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation and amortization 377 8,953
Reorganization items 13,086 217,146
Change in operating assets and liabilities:
Accounts receivable 187 25,249
Other receivables 3,071 7,146
Inventories 2,191 98,224
Prepaid expenses 132 3,592
Deferred revenue 479 (12,679)
Accounts payable (2,711) (13,018)
Accrued expenses 3,506 (10,643)
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Net cash provided by operating activities 2,880 33,078
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CASH FLOWS RELATED TO INVESTING ACTIVITIES:
Additions to property and equipment (42) (1,574)
Disposals of property and equipment (1) 1,026
Proceeds from dispositions of fixed
assets - reorganization -- 14,564
Miscellaneous investments (1,473) 20,200
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Net cash provided by (used in)
investing activities (1,516) 34,216
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CASH FLOWS RELATED TO FINANCING ACTIVITIES:
Decrease in notes payable, net (13) (13)
Payments of long-term debt (3) (38)
DIP proceeds (payments) - Revolving Facility -- (10,225)
DIP proceeds (payments) - Term Facility -- (15,000)
Restricted cash (1,723) (41,422)
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Net cash used in financing activities (1,739) (66,698)
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Net increase (decrease) in cash (375) 596
Cash at beginning of period 5,671 4,700
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Cash at end of period $ 5,296 $ 5,296
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