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) November 30, 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 November
30, 2001 the Debtors submitted to the Bankruptcy Court their summary
financial information for the month and fiscal year-to-date ended
October 31, 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 October 31, 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: December 7, 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)
October 31, February 28,
2001 2001
ASSETS ------------ -----------
Current Assets:
Cash $ 8,312 $ 4,700
Accounts Receivable, Net -- 40,692
Inventories 43,094 245,584
Other Receivables 14,275 18,710
Prepaid Expenses 4,682 18,317
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Total Current Assets 70,363 328,003
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Land and Buildings 32,037 103,525
Fixtures, Furniture and Vehicles 10,777 99,925
Leasehold Improvements 24,357 151,898
Construction in Progress 204 434
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Total Property and Equipment 67,375 355,782
Accumulated Depreciation and Amortization 20,403 160,496
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Property and Equipment, Net 46,972 195,286
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Other Assets 113,543 137,919
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TOTAL ASSETS $ 230,878 $ 661,208
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LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
DIP Facilities - Revolving Facility $ -- $ 10,225
Accounts Payable 2,822 29,511
Accrued Expenses 23,410 53,489
Deferred Revenue 9,146 23,662
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Total Current Liabilities 35,378 116,887
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DIP Facilities - Term Facility -- 15,000
Liabilities Subject to Compromise 718,851 761,374
Commitments and Contingencies
Stockholders' Deficit:
Common Stock 121,525 121,525
Capital in Excess of Par Value 240,871 240,871
Retained Deficit (885,747) (594,449)
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Total Stockholders' Deficit (523,351) (232,053)
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 230,878 $ 661,208
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HEILIG-MEYERS COMPANY
CONSOLIDATED INTERNAL OPERATING STATEMENT
(Amounts in thousands, except earnings per share)
(Unaudited)
One Month Ended Eight Months Ended
October 31, 2001 October 31, 2001
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Sales $ 26,505 $ 283,383
Costs of Sales 14,575 172,225
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Maintained Margin 11,930 111,158
Finance Income 58 464
Insurance Income 15 174
Other Income 1,701 15,421
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Total Income 13,704 127,217
Store Salaries Expense 3,489 41,583
Advertising Expense 2,490 28,758
Store Rent & Amortization Expense 1,612 22,648
Store Selling, General & Administrative Expense 4,334 52,790
Corporate General & Administrative Expense 4,108 33,292
Distribution Expense 1,821 28,175
Interest Expense 96 2,803
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Total Operating Expense 17,950 210,049
Operating Loss Before Reorganization Items,
Delivered Sales Adjustment and Income Taxes (4,246) (82,832)
Reorganization Items:
Store and Distribution Center Exit Costs 4,753 (180,105)
Credit Operations Exit Costs -- (15,524)
Asset Impairment -- (7,138)
Interest Income -- 2
Trustee Fees (11) (34)
Professional Fees (544) (10,149)
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Total Reorganization Items 4,198 (212,948)
Delivered Sales Adjustment (358) 5,470
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Loss Before Income Taxes (406) (290,310)
Income Taxes -- 988
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Net Loss $ (406) $(291,298)
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Loss per Share $ (0.01) $ (4.79)
Diluted Shares 60,763 60,763
HEILIG-MEYERS COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
One Month Ended Eight Months Ended
October 31, 2001 October 31, 2001
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (406) $(291,298)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 331 9,284
Reorganization items (4,198) 212,948
Change in operating assets and liabilities:
Accounts receivable -- 25,249
Other receivables 783 8,570
Inventories (2,352) 94,013
Prepaid expenses 1,702 5,240
Deferred revenue 1,007 (11,672)
Accounts payable 2,657 (10,361)
Accrued expenses (2,265) (17,521)
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Net cash provided by (used in)
operating activities (2,741) 24,452
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CASH FLOWS RELATED TO INVESTING ACTIVITIES:
Additions to property and equipment (116) (1,690)
Disposals of property and equipment (16) 1,010
Proceeds from dispositions of fixed
assets - reorganization 5,220 22,904
Miscellaneous investments 129 25,739
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Net cash provided by investing activities 5,217 47,963
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CASH FLOWS RELATED TO FINANCING ACTIVITIES:
Decrease in notes payable, net -- (13)
Payments of long-term debt -- (38)
DIP proceeds (payments) - Revolving Facility -- (10,225)
DIP proceeds (payments) - Term Facility -- (15,000)
Restricted cash 540 (43,527)
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Net cash provided by (used in)
financing activities 540 (68,803)
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Net increase in cash 3,016 3,612
Cash at beginning of period 5,296 4,700
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Cash at end of period $ 8,312 $ 8,312
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