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) April 30, 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 April
30, 2002 the Debtors submitted to the Bankruptcy Court their summary
financial information for the month and fiscal year-to-date ended
March 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 March 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: May 15, 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)
March 31, February 28,
2002 2002
ASSETS ------------ -----------
Current Assets:
Cash $ 7,078 $ 7,688
Accounts Receivable, Net -- --
Inventories 47,272 46,818
Other Receivables 8,434 8,199
Prepaid Expenses 2,772 2,429
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Total Current Assets 65,556 65,134
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Land and Buildings 22,710 22,821
Fixtures, Furniture and Vehicles 9,090 9,077
Leasehold Improvements 23,162 23,132
Construction in Progress 6 --
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Total Property and Equipment 54,968 55,030
Accumulated Depreciation and Amortization 19,253 18,972
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Property and Equipment, Net 35,715 36,058
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Other Assets 125,928 125,554
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TOTAL ASSETS $ 227,199 $ 226,746
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LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
DIP Facilities - Revolving Facility $ -- $ --
Accounts Payable 2,713 2,842
Accrued Expenses 31,886 31,042
Income Tax Currently Payable 626 766
Deferred Revenue 7,464 8,180
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Total Current Liabilities 42,689 42,830
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DIP Facilities - Term Facility -- --
Deferred Income Taxes 2 --
Liabilities Subject to Compromise 718,970 718,972
Commitments and Contingencies
Stockholders' Deficit:
Common Stock 121,526 121,525
Capital in Excess of Par Value 240,871 240,871
Retained Deficit (896,859) (897,452)
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Total Stockholders' Deficit (534,462) (535,056)
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 227,199 $ 226,746
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HEILIG-MEYERS COMPANY
CONSOLIDATED INTERNAL OPERATING STATEMENT
(Amounts in thousands, except earnings per share)
(Unaudited)
One Month Ended One Month Ended
March 31, 2002 March 31, 2002
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Sales $ 29,399 $ 29,399
Costs of Sales 16,158 16,158
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Maintained Margin 13,241 13,241
Other Income 2,128 2,128
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Total Income 15,369 15,369
Store Selling, General & Administrative Expense 14,754 14,754
Interest Expense 42 42
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Total Operating Expense 14,796 14,796
Operating Income Before Reorganization Items,
Delivered Sales Adjustment and Income Taxes 573 573
Reorganization Items:
Store and Distribution Center Exit Costs 261 261
Credit Operations Exit Costs -- --
Asset Impairment -- --
Interest Income -- --
Trustee Fees -- --
Professional Fees (353) (353)
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Total Reorganization Items (92) (92)
Delivered Sales Adjustment 112 112
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Income Before Income Taxes 593 593
Income Taxes -- --
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Net Income $ 593 $ 593
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Income per Share $ 0.01 $ 0.01
Diluted Shares 60,763 60,763
HEILIG-MEYERS COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
One Month Ended One Month Ended
March 31, 2002 March 31, 2002
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 593 $ 593
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 294 294
Reorganization items 92 92
Change in operating assets and liabilities:
Accounts receivable -- --
Other receivables (203) (203)
Inventories (454) (454)
Prepaid expenses (343) (343)
Deferred taxes 2 2
Deferred revenue (716) (716)
Accounts payable (194) (194)
Accrued expenses 247 247
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Net cash provided by (used in)
operating activities (682) (682)
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CASH FLOWS RELATED TO INVESTING ACTIVITIES:
Additions to property and equipment (112) (112)
Disposals of property and equipment 164 164
Proceeds from dispositions of fixed
assets - reorganization 395 395
Miscellaneous investments (374) (374)
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Net cash provided by investing activities 73 73
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CASH FLOWS RELATED TO FINANCING ACTIVITIES:
Decrease in notes payable, net -- --
Payments of long-term debt (1) (1)
DIP proceeds (payments) - Revolving Facility -- --
DIP proceeds (payments) - Term Facility -- --
Restricted cash -- --
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Net cash provided by (used in)
financing activities (1) (1)
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Net increase in cash (610) (610)
Cash at beginning of period 7,688 7,688
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Cash at end of period $ 7,078 $ 7,078
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