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) October 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 October
31, 2002 the Debtors submitted to the Bankruptcy Court their summary
financial information for the month and fiscal year-to-date ended
September 30, 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 September 30, 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: November 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)
September 30, February 28,
2002 2002
ASSETS ------------ -----------
Current Assets:
Cash $ 6,897 $ 7,688
Accounts Receivable, Net -- --
Inventories 49,434 46,818
Other Receivables 6,170 8,199
Prepaid Expenses 3,312 2,429
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Total Current Assets 65,813 65,134
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Land and Buildings 20,006 22,821
Fixtures, Furniture and Vehicles 9,640 9,077
Leasehold Improvements 23,372 23,132
Construction in Progress 46 --
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Total Property and Equipment 53,064 55,030
Accumulated Depreciation and Amortization 20,712 18,972
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Property and Equipment, Net 32,352 36,058
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Other Assets 104,996 125,554
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TOTAL ASSETS $ 203,161 $ 226,746
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LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
DIP Facilities - Revolving Facility $ -- $ --
Accounts Payable 2,033 2,842
Accrued Expenses 24,686 31,042
Income Tax Currently Payable 146 766
Deferred Revenue 5,798 8,180
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Total Current Liabilities 32,663 42,830
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DIP Facilities - Term Facility -- --
Deferred Income Taxes -- --
Liabilities Subject to Compromise 714,344 718,972
Commitments and Contingencies
Stockholders' Deficit:
Common Stock 121,526 121,525
Capital in Excess of Par Value 240,871 240,871
Retained Deficit (906,243) (897,452)
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Total Stockholders' Deficit (543,846) (535,056)
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 203,161 $ 226,746
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HEILIG-MEYERS COMPANY
CONSOLIDATED INTERNAL OPERATING STATEMENT
(Amounts in thousands, except earnings per share)
(Unaudited)
One Month Ended Seven Months Ended
September 30, 2002 September 30, 2002
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Sales $ 26,706 $ 199,072
Costs of Sales 14,415 108,710
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Maintained Margin 12,291 90,362
Other Income 1,767 15,680
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Total Income 14,058 106,042
Selling, General & Administrative Expense 13,927 102,270
Interest Expense 23 375
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Total Operating Expense 13,950 102,646
Operating Income Before Reorganization Items,
Delivered Sales Adjustment and Income Taxes 107 3,397
Reorganization Items:
Store and Distribution Center Exit Costs (585) (173)
Credit Operations Exit Costs -- --
Asset Impairment -- (7,797)
Interest Income -- --
Trustee Fees -- (23)
Professional Fees (543) (3,216)
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Total Reorganization Items (1,128) (11,208)
Delivered Sales Adjustment (231) (980)
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Income (Loss) Before Income Taxes (1,252) (8,791)
Income Taxes -- --
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Net Income (Loss) $ (1,252) $ (8,791)
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Income (Loss) per Share $ (0.02) $ (0.14)
Diluted Shares 60,763 60,763
HEILIG-MEYERS COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
One Month Ended Seven Months Ended
September 30, 2002 September 30, 2002
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ (1,252) $ (8,791)
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 306 2,076
Reorganization items 1,129 11,208
Change in operating assets and liabilities:
Accounts receivable -- --
Other receivables 901 3,399
Inventories 1,525 (2,616)
Prepaid expenses (74) (716)
Deferred taxes -- --
Deferred revenue (257) (2,382)
Accounts payable (2,281) (1,406)
Accrued expenses 1,594 (2,715)
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Net cash provided by (used in)
operating activities 1,591 (1,944)
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CASH FLOWS RELATED TO INVESTING ACTIVITIES:
Additions to property and equipment (358) (928)
Disposals of property and equipment 521 2,529
Proceeds from dispositions of fixed
assets - reorganization 182 1,686
Miscellaneous investments (1,221) 7,473
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Net cash provided by investing activities (877) 10,759
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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 (790) (9,604)
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Net cash provided by (used in)
financing activities (790) (9,607)
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Net increase in cash (77) (791)
Cash at beginning of period 6,973 7,688
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Cash at end of period $ 6,897 $ 6,897
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