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) September 30, 2002
----------------------
Heilig-Meyers Company
----------------------------------------------------
(Exact name of registrant as specified in its charter)
Virginia 1-8484 54-0558861
--------------------------- ------------ ------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) file number) Identification No.)
12560 West Creek Parkway, Richmond, Virginia 23238
- -------------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (804) 784-7300
------------------------
N/A
- ------------------------------------------------------------
(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 May
30, 2002 the Debtors submitted to the Bankruptcy Court their summary
financial information for the month and fiscal year-to-date ended
August 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 August 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: October 15, 2002 By: /s/Ronald L. Barden
----------------------------
Ronald L. Barden
Managing Director of
Reorganization
EXHIBIT 99.1
HEILIG-MEYERS COMPANY
CONSOLIDATED BALANCE SHEET
(Amounts in thousands)
(Unaudited)
August 31, February 28,
2002 2002
ASSETS ------------ -----------
Current Assets:
Cash $ 6,973 $ 7,688
Accounts Receivable, Net -- --
Inventories 50,959 46,818
Other Receivables 7,071 8,199
Prepaid Expenses 3,238 2,429
--------- ---------
Total Current Assets 68,241 65,134
--------- ---------
Land and Buildings 20,984 22,821
Fixtures, Furniture and Vehicles 9,336 9,077
Leasehold Improvements 23,344 23,132
Construction in Progress 30 --
--------- ---------
Total Property and Equipment 53,694 55,030
Accumulated Depreciation and Amortization 20,615 18,972
--------- ---------
Property and Equipment, Net 33,079 36,058
--------- ---------
Other Assets 103,775 125,554
--------- ---------
TOTAL ASSETS $ 205,095 $ 226,746
========= =========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
DIP Facilities - Revolving Facility $ -- $ --
Accounts Payable 4,313 2,842
Accrued Expenses 24,884 31,042
Income Tax Currently Payable 146 766
Deferred Revenue 6,055 8,180
--------- ---------
Total Current Liabilities 35,398 42,830
--------- ---------
DIP Facilities - Term Facility -- --
Deferred Income Taxes -- --
Liabilities Subject to Compromise 712,291 718,972
Commitments and Contingencies
Stockholders' Deficit:
Common Stock 121,526 121,525
Capital in Excess of Par Value 240,871 240,871
Retained Deficit (904,991) (897,452)
--------- ---------
Total Stockholders' Deficit (542,594) (535,056)
--------- ---------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 205,095 $ 226,746
========= =========
HEILIG-MEYERS COMPANY
CONSOLIDATED INTERNAL OPERATING STATEMENT
(Amounts in thousands, except earnings per share)
(Unaudited)
One Month Ended Six Months Ended
August 31, 2002 August 31, 2002
------------------ ------------------
Sales $ 30,446 $ 172,366
Costs of Sales 16,629 94,295
------- --------
Maintained Margin 13,817 78,071
Other Income 1,949 13,913
------- --------
Total Income 15,766 91,984
Selling, General & Administrative Expense 15,006 88,341
Interest Expense 35 353
------- --------
Total Operating Expense 15,041 88,694
Operating Income Before Reorganization Items,
Delivered Sales Adjustment and Income Taxes 725 3,290
Reorganization Items:
Store and Distribution Center Exit Costs 177 413
Credit Operations Exit Costs -- --
Asset Impairment (7,797) (7,797)
Interest Income -- --
Trustee Fees -- (23)
Professional Fees (565) (2,673)
------- --------
Total Reorganization Items (8,185) (10,080)
Delivered Sales Adjustment (502) (749)
------- --------
Income (Loss) Before Income Taxes (7,962) (7,539)
Income Taxes -- --
------- --------
Net Income (Loss) $ (7,962) $ (7,539)
======= ========
Income (Loss) per Share $ (0.13) $ (0.12)
Diluted Shares 60,763 60,763
HEILIG-MEYERS COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
One Month Ended Six Months Ended
August 31, 2002 August 31, 2002
------------------ ------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ (7,962) $ (7,539)
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 294 1,770
Reorganization items 8,185 10,079
Change in operating assets and liabilities:
Accounts receivable -- --
Other receivables (775) 2,498
Inventories (1,365) (4,141)
Prepaid expenses 225 (642)
Deferred taxes -- --
Deferred revenue (1,043) (2,125)
Accounts payable 3,734 875
Accrued expenses (4,317) (4,309)
--------- ---------
Net cash provided by (used in)
operating activities (3,025) (3,534)
--------- ---------
CASH FLOWS RELATED TO INVESTING ACTIVITIES:
Additions to property and equipment (88) (570)
Disposals of property and equipment 1,006 2,008
Proceeds from dispositions of fixed
assets - reorganization 678 1,504
Miscellaneous investments 1,089 8,694
--------- ---------
Net cash provided by investing activities 2,686 11,636
--------- ---------
CASH FLOWS RELATED TO FINANCING ACTIVITIES:
Decrease in notes payable, net -- --
Payments of long-term debt -- (4)
DIP proceeds (payments) - Revolving Facility -- --
DIP proceeds (payments) - Term Facility -- --
Restricted cash (1,238) (8,813)
--------- ---------
Net cash provided by (used in)
financing activities (1,238) (8,817)
--------- ---------
Net increase in cash (1,577) (715)
Cash at beginning of period 8,551 7,688
--------- ---------
Cash at end of period $ 6,973 $ 6,973
========= =========