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 31, 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
31, 2002 the Debtors submitted to the Bankruptcy Court their summary
financial information for the month and fiscal year-to-date ended
December 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 December 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: February 14, 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)
December 31, February 28,
2001 2001
ASSETS ------------ -----------
Current Assets:
Cash $ 9,987 $ 4,700
Accounts Receivable, Net -- 40,692
Inventories 43,047 245,584
Other Receivables 14,823 18,710
Prepaid Expenses 4,448 18,317
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Total Current Assets 72,305 328,003
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Land and Buildings 23,893 103,525
Fixtures, Furniture and Vehicles 9,151 99,925
Leasehold Improvements 23,396 151,898
Construction in Progress 11 434
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Total Property and Equipment 56,451 355,782
Accumulated Depreciation and Amortization 19,431 160,496
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Property and Equipment, Net 37,020 195,286
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Other Assets 115,575 137,919
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TOTAL ASSETS $ 224,900 $ 661,208
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LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
DIP Facilities - Revolving Facility $ -- $ 10,225
Accounts Payable 6,782 29,511
Accrued Expenses 29,782 53,489
Deffered Income Taxes (16) --
Deferred Revenue 7,919 23,662
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Total Current Liabilities 44,467 116,887
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DIP Facilities - Term Facility -- 15,000
Liabilities Subject to Compromise 713,652 761,374
Commitments and Contingencies
Stockholders' Deficit:
Common Stock 121,525 121,525
Capital in Excess of Par Value 240,871 240,871
Retained Deficit (895,615) (594,449)
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Total Stockholders' Deficit (533,219) (232,053)
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 224,900 $ 661,208
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HEILIG-MEYERS COMPANY
CONSOLIDATED INTERNAL OPERATING STATEMENT
(Amounts in thousands, except earnings per share)
(Unaudited)
One Month Ended Ten Months Ended
December 31, 2001 December 31, 2001
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Sales $ 29,480 $ 341,611
Costs of Sales 16,222 205,578
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Maintained Margin 13,258 136,033
Finance Income 70 577
Insurance Income 16 205
Other Income 1,921 19,262
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Total Income 15,265 156,077
Store Salaries Expense 3,416 48,535
Advertising Expense 2,538 34,119
Store Rent & Amortization Expense 1,478 25,606
Store Selling, General & Administrative Expense 4,294 61,298
Corporate General & Administrative Expense 1,885 37,983
Distribution Expense 1,743 31,573
Interest Expense 39 2,787
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Total Operating Expense 15,393 241,901
Operating Loss Before Reorganization Items,
Delivered Sales Adjustment and Income Taxes (128) (85,824)
Reorganization Items:
Store and Distribution Center Exit Costs (6,042) (186,451)
Credit Operations Exit Costs -- (15,524)
Asset Impairment -- (7,138)
Interest Income -- 2
Trustee Fees -- (34)
Professional Fees (705) (11,404)
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Total Reorganization Items (6,747) (220,549)
Delivered Sales Adjustment 674 6,195
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Loss Before Income Taxes (6,201) (301,178)
Income Taxes -- 988
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Net Loss $ (6,201) $(300,166)
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Loss per Share $ (0.10) $ (4.96)
Diluted Shares 60,763 60,763
HEILIG-MEYERS COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
One Month Ended Ten Months Ended
December 31, 2001 December 31, 2001
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (6,201) $(301,166)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 325 9,897
Reorganization items 6,747 220,516
Change in operating assets and liabilities:
Accounts receivable -- 25,249
Other receivables (1,382) 8,024
Inventories 2,758 94,097
Prepaid expenses (14) 5,333
Deferred revenue (1,131) (12,899)
Accounts payable (610) (8,043)
Accrued expenses 1,150 (13,095)
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Net cash provided by (used in)
operating activities 1,642 27,913
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CASH FLOWS RELATED TO INVESTING ACTIVITIES:
Additions to property and equipment (54) (1,870)
Disposals of property and equipment -- 982
Proceeds from dispositions of fixed
assets - reorganization 521 23,425
Miscellaneous investments (79) 25,572
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Net cash provided by investing activities 388 48,109
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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 (1,750) (45,459)
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Net cash provided by (used in)
financing activities (1,750) (70,735)
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Net increase in cash 280 5,287
Cash at beginning of period 9,707 4,700
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Cash at end of period $ 9,987 $ 9,987
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