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) February 28, 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 February
28, 2002 the Debtors submitted to the Bankruptcy Court their summary
financial information for the month and fiscal year-to-date ended
January 31, 2002, 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 January 31, 2002 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: March 13, 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)
January 31, February 28,
2002 2001
ASSETS ------------ -----------
Current Assets:
Cash $ 6,343 $ 4,700
Accounts Receivable, Net -- 40,692
Inventories 45,989 245,584
Other Receivables 13,215 18,710
Prepaid Expenses 2,769 18,317
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Total Current Assets 68,316 328,003
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Land and Buildings 22,847 103,525
Fixtures, Furniture and Vehicles 9,157 99,925
Leasehold Improvements 23,141 151,898
Construction in Progress -- 434
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Total Property and Equipment 55,145 355,782
Accumulated Depreciation and Amortization 19,007 160,496
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Property and Equipment, Net 36,138 195,286
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Other Assets 115,474 137,919
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TOTAL ASSETS $ 219,928 $ 661,208
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LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
DIP Facilities - Revolving Facility $ -- $ 10,225
Accounts Payable 4,428 29,511
Accrued Expenses 30,184 53,489
Deffered Income Taxes 46 --
Deferred Revenue 7,034 23,662
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Total Current Liabilities 41,692 116,887
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DIP Facilities - Term Facility -- 15,000
Liabilities Subject to Compromise 713,093 761,374
Commitments and Contingencies
Stockholders' Deficit:
Common Stock 121,525 121,525
Capital in Excess of Par Value 240,871 240,871
Retained Deficit (897,253) (594,449)
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Total Stockholders' Deficit (534,857) (232,053)
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 219,928 $ 661,208
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HEILIG-MEYERS COMPANY
CONSOLIDATED INTERNAL OPERATING STATEMENT
(Amounts in thousands, except earnings per share)
(Unaudited)
One Month Ended Eleven Months Ended
January 31, 2002 January 31, 2002
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Sales $ 26,849 $ 368,460
Costs of Sales 14,691 220,269
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Maintained Margin 12,158 148,191
Finance Income 64 641
Insurance Income 20 225
Other Income 1,945 21,207
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Total Income 14,187 170,264
Store Salaries Expense 3,233 51,768
Advertising Expense 2,309 36,428
Store Rent & Amortization Expense 1,397 27,003
Store Selling, General & Administrative Expense 4,073 65,371
Corporate General & Administrative Expense 3,284 41,267
Distribution Expense 1,602 33,175
Interest Expense 63 2,850
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Total Operating Expense 15,961 257,862
Operating Loss Before Reorganization Items,
Delivered Sales Adjustment and Income Taxes (1,774) (87,598)
0
Reorganization Items:
Store and Distribution Center Exit Costs 61 (186,390)
Credit Operations Exit Costs -- (15,524)
Asset Impairment -- (7,138)
Interest Income -- 2
Trustee Fees (11) (45)
Professional Fees (299) (11,703)
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Total Reorganization Items (249) (220,798)
Delivered Sales Adjustment 385 6,580
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Loss Before Income Taxes (1,638) (301,816)
Income Taxes -- 988
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Net Loss $ (1,638) $(302,804)
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Loss per Share $ (0.03) $ (4.98)
Diluted Shares 60,763 60,763
HEILIG-MEYERS COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
One Month Ended Eleven Months Ended
January 31, 2002 January 31, 2002
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (1,638) $(302,804)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 292 10,189
Reorganization items 237 220,753
Change in operating assets and liabilities:
Accounts receivable -- 25,249
Other receivables 1,608 9,632
Inventories (2,942) 91,155
Prepaid expenses 1,679 7,012
Deferred revenue (885) (13,784)
Accounts payable (1,793) (9,840)
Accrued expenses (673) (13,768)
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Net cash provided by (used in)
operating activities (4,117) 23,794
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CASH FLOWS RELATED TO INVESTING ACTIVITIES:
Additions to property and equipment (469) (2,339)
Disposals of property and equipment (156) 826
Proceeds from dispositions of fixed
assets - reorganization 1,147 24,572
Miscellaneous investments 101 25,675
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Net cash provided by investing activities 624 48,734
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CASH FLOWS RELATED TO FINANCING ACTIVITIES:
Decrease in notes payable, net -- (13)
Payments of long-term debt (6) (45)
DIP proceeds (payments) - Revolving Facility -- (10,225)
DIP proceeds (payments) - Term Facility -- (15,000)
Restricted cash (146) (45,604)
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Net cash provided by (used in)
financing activities (151) (70,885)
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Net increase in cash (3,644) 1,643
Cash at beginning of period 9,987 4,700
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Cash at end of period $ 6,343 $ 6,343
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