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) January 4, 2002
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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 January
4, 2002 the Debtors submitted to the Bankruptcy Court their summary
financial information for the month and fiscal year-to-date ended
November 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 November 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: January 10, 2002 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)
November 30, February 28,
2001 2001
ASSETS ------------ -----------
Current Assets:
Cash $ 9,707 $ 4,700
Accounts Receivable, Net -- 40,692
Inventories 45,805 245,584
Other Receivables 13,439 18,710
Prepaid Expenses 4,434 18,317
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Total Current Assets 73,385 328,003
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Land and Buildings 31,302 103,525
Fixtures, Furniture and Vehicles 9,912 99,925
Leasehold Improvements 23,431 151,898
Construction in Progress 160 434
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Total Property and Equipment 64,805 355,782
Accumulated Depreciation and Amortization 19,744 160,496
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Property and Equipment, Net 45,061 195,286
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Other Assets 113,568 137,919
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TOTAL ASSETS $ 232,014 $ 661,208
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LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
DIP Facilities - Revolving Facility $ -- $ 10,225
Accounts Payable 7,384 29,511
Accrued Expenses 28,934 53,489
Deferred Revenue 9,050 23,662
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Total Current Liabilities 45,368 116,887
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DIP Facilities - Term Facility -- 15,000
Liabilities Subject to Compromise 713,664 761,374
Commitments and Contingencies
Stockholders' Deficit:
Common Stock 121,525 121,525
Capital in Excess of Par Value 240,871 240,871
Retained Deficit (889,414) (594,449)
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Total Stockholders' Deficit (527,018) (232,053)
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 232,014 $ 661,208
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HEILIG-MEYERS COMPANY
CONSOLIDATED INTERNAL OPERATING STATEMENT
(Amounts in thousands, except earnings per share)
(Unaudited)
One Month Ended Nine Months Ended
November 30, 2001 November 30, 2001
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Sales $ 28,748 $ 312,131
Costs of Sales 17,131 189,356
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Maintained Margin 11,617 122,775
Finance Income 43 507
Insurance Income 15 189
Other Income 1,920 17,341
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Total Income 13,595 140,812
Store Salaries Expense 3,536 45,119
Advertising Expense 2,823 31,581
Store Rent & Amortization Expense 1,480 24,128
Store Selling, General & Administrative Expense 4,213 57,004
Corporate General & Administrative Expense 2,807 36,098
Distribution Expense 1,655 29,830
Interest Expense (55) 2,748
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Total Operating Expense 16,459 226,508
Operating Loss Before Reorganization Items,
Delivered Sales Adjustment and Income Taxes (2,864) (85,696)
Reorganization Items:
Store and Distribution Center Exit Costs (304) (180,409)
Credit Operations Exit Costs -- (15,524)
Asset Impairment -- (7,138)
Interest Income -- 2
Trustee Fees -- (34)
Professional Fees (550) (10,699)
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Total Reorganization Items (854) (213,802)
Delivered Sales Adjustment 51 5,521
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Loss Before Income Taxes (3,667) (293,977)
Income Taxes -- 988
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Net Loss $ (3,667) $(294,965)
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Loss per Share $ (0.06) $ (4.85)
Diluted Shares 60,763 60,763
HEILIG-MEYERS COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
One Month Ended Nine Months Ended
November 30, 2001 November 30, 2001
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (3,667) $(294,965)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 288 9,572
Reorganization items 821 213,769
Change in operating assets and liabilities:
Accounts receivable -- 25,249
Other receivables 836 9,406
Inventories (2,674) 91,339
Prepaid expenses 107 5,347
Deferred revenue (96) (11,768)
Accounts payable 2,928 (7,433)
Accrued expenses 3,276 (14,245)
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Net cash provided by (used in)
operating activities 1,819 26,271
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CASH FLOWS RELATED TO INVESTING ACTIVITIES:
Additions to property and equipment (126) (1,816)
Disposals of property and equipment (28) 982
Proceeds from dispositions of fixed
assets - reorganization -- 22,904
Miscellaneous investments (88) 25,651
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Net cash provided by investing activities (242) 47,721
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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 (181) (43,709)
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Net cash provided by (used in)
financing activities (181) (68,985)
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Net increase in cash 1,395 5,007
Cash at beginning of period 8,312 4,700
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Cash at end of period $ 9,707 $ 9,707
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