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) March 31, 2003
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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.)
12501 Patterson Avenue, Richmond, Virginia 23233
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (804) 784-7500
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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 March
31, 2003 the Debtors submitted to the Bankruptcy Court their summary
financial information for the month and fiscal year-to-date ended
February 28, 2003, 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 February, 2003 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: April 15, 2003 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)
February 28, February 28,
2003 2002
ASSETS ------------ -----------
Current Assets:
Cash $ 8,426 $ 7,688
Accounts Receivable, Net -- --
Inventories 45,821 46,818
Other Receivables 4,674 8,199
Prepaid Expenses 2,545 2,429
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Total Current Assets 61,466 65,134
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Land and Buildings 19,988 22,821
Fixtures, Furniture and Vehicles 9,965 9,077
Leasehold Improvements 23,727 23,132
Construction in Progress 48 --
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Total Property and Equipment 53,728 55,030
Accumulated Depreciation and Amortization 22,229 18,972
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Property and Equipment, Net 31,499 36,058
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Other Assets 104,121 125,554
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TOTAL ASSETS $ 197,086 $ 226,746
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LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
DIP Facilities - Revolving Facility $ -- $ --
Accounts Payable 2,896 2,842
Accrued Expenses 22,250 31,042
Income Tax Currently Payable 114 766
Deferred Revenue 7,151 8,180
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Total Current Liabilities 32,411 42,830
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DIP Facilities - Term Facility -- --
Deferred Income Taxes -- --
Liabilities Subject to Compromise 711,990 718,972
Commitments and Contingencies
Stockholders' Deficit:
Common Stock 121,526 121,525
Capital in Excess of Par Value 240,871 240,871
Retained Deficit (909,712) (897,452)
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Total Stockholders' Deficit (547,315) (535,056)
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 197,086 $ 226,746
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HEILIG-MEYERS COMPANY
CONSOLIDATED INTERNAL OPERATING STATEMENT
(Amounts in thousands, except earnings per share)
(Unaudited)
One Month Ended Twelve Months Ended
February 28, 2003 February 28, 2003
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Sales $ 22,722 $ 323,902
Costs of Sales 12,829 178,155
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Maintained Margin 9,893 145,748
Other Income 1,559 24,860
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Total Income 11,452 170,608
Selling, General & Administrative Expense 11,694 169,354
Interest Expense 30 668
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Total Operating Expense 11,724 170,022
Operating Income Before Reorganization Items,
Delivered Sales Adjustment and Income Taxes (272) 586
Reorganization Items:
Store and Distribution Center Exit Costs 702 457
Credit Operations Exit Costs -- --
Asset Impairment -- (7,797)
Interest Income -- --
Trustee Fees -- (45)
Professional Fees (492) (5,663)
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Total Reorganization Items 211 (13,048)
Delivered Sales Adjustment (731) 202
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Income (Loss) Before Income Taxes (792) (12,260)
Income Taxes -- --
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Net Income (Loss) $ (792) $(12,260)
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Income (Loss) per Share $ (0.01) $ (0.20)
Diluted Shares 60,763 60,763
HEILIG-MEYERS COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
One Month Ended Twelve Months Ended
February 28, 2003 Februry 28, 2003
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss) $ (792) $ (12,260)
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 312 3,610
Reorganization items (140) 13,048
Change in operating assets and liabilities:
Accounts receivable -- --
Other receivables (730) 4,132
Inventories 984 997
Prepaid expenses 328 51
Deferred taxes -- --
Deferred revenue 1,982 (1,029)
Accounts payable (409) (1,414)
Accrued expenses (886) (8,722)
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Net cash provided by (used in)
operating activities 650 (1,588)
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CASH FLOWS RELATED TO INVESTING ACTIVITIES:
Additions to property and equipment (427) (1,692)
Disposals of property and equipment 61 2,612
Proceeds from dispositions of fixed
assets - reorganization 768 2,478
Miscellaneous investments (29) 10,702
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Net cash provided by investing activities 374 14,100
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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 -- (11,770)
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Net cash provided by (used in)
financing activities -- (11,774)
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Net increase in cash 1,023 738
Cash at beginning of period 7,403 7,688
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Cash at end of period $ 8,426 $ 8,426
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