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) December 30, 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 December
30, 2003 the Debtors submitted to the Bankruptcy Court their summary
financial information for the month and fiscal year-to-date ended
November 30, 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 November 30, 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: January 15, 2004 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)
November 30, February 28,
2003 2003
ASSETS ------------ -----------
Current Assets:
Cash $ 4,040 $ 8,426
Accounts Receivable, Net -- --
Inventories 49,251 45,821
Other Receivables 6,975 4,674
Prepaid Expenses 3,391 2,545
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Total Current Assets 63,657 61,466
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Land and Buildings 19,347 19,988
Fixtures, Furniture and Vehicles 9,216 9,965
Leasehold Improvements 24,593 23,727
Construction in Progress 35 48
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Total Property and Equipment 53,191 53,728
Accumulated Depreciation and Amortization 23,682 22,229
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Property and Equipment, Net 29,509 31,499
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Other Assets 102,779 104,121
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TOTAL ASSETS $ 195,945 $ 197,086
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LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
DIP Facilities - Revolving Facility $ -- $ --
Accounts Payable 4,687 2,896
Accrued Expenses 23,085 22,250
Income Tax Currently Payable -- 114
Deferred Revenue 8,538 7,151
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Total Current Liabilities 36,310 32,411
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DIP Facilities - Term Facility -- --
Deferred Income Taxes -- --
Liabilities Subject to Compromise 711,997 711,990
Commitments and Contingencies
Stockholders' Deficit:
Common Stock 121,526 121,525
Capital in Excess of Par Value 240,871 240,871
Retained Deficit (914,759) (909,712)
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Total Stockholders' Deficit (552,362) (547,315)
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 195,945 $ 197,086
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HEILIG-MEYERS COMPANY
CONSOLIDATED INTERNAL OPERATING STATEMENT
(Amounts in thousands, except earnings per share)
(Unaudited)
One Month Ended Nine Months Ended
November 30, 2003 November 30, 2003
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Sales $ 30,911 $245,048
Costs of Sales 17,207 136,419
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Maintained Margin 13,704 108,629
Other Income 2,191 19,198
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Total Income 15,895 127,827
Selling, General & Administrative Expense 15,141 127,136
Interest Expense 36 386
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Total Operating Expense 15,176 127,522
Operating Income Before Reorganization Items,
Delivered Sales Adjustment and Income Taxes 718 305
Reorganization Items:
Store and Distribution Center Exit Costs 52 (216)
Credit Operations Exit Costs -- --
Asset Impairment -- (26)
Interest Income -- --
Trustee Fees -- (34)
Professional Fees (422) (4,289)
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Total Reorganization Items (370) (4,565)
Delivered Sales Adjustment (923) (788)
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Income (Loss) Before Income Taxes (575) (5,047)
Income Taxes -- --
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Net Income (Loss) $ (575) $ (5,047)
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Income (Loss) per Share $ (0.01) $ (0.08)
Diluted Shares 60,763 60,763
HEILIG-MEYERS COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
One Month Ended Nine Months Ended
November 30, 2003 November 30, 2003
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss) $ (575) $ (5,047)
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 307 2,758
Reorganization items 370 4,565
Sold not delivered adjustment 923 788
Change in operating assets and liabilities:
Accounts receivable -- --
Other receivables (1,561) (3,242)
Inventories 485 (2,702)
Prepaid expenses (86) (846)
Deferred taxes -- --
Deferred revenue 45 158
Accounts payable 1,049 1,791
Accrued expenses 1,015 (3,668)
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Net cash provided by (used in)
operating activities 1,972 (5,446)
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CASH FLOWS RELATED TO INVESTING ACTIVITIES:
Additions to property and equipment (118) (1,483)
Disposals of property and equipment 276 716
Proceeds from dispositions of fixed
assets - reorganization 52 61
Miscellaneous investments -- 3,401
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Net cash provided by investing activities 210 2,695
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CASH FLOWS RELATED TO FINANCING ACTIVITIES:
Decrease in notes payable, net -- --
Payments of long-term debt -- --
DIP proceeds (payments) - Revolving Facility -- --
DIP proceeds (payments) - Term Facility -- --
Restricted cash (32) (1,636)
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Net cash provided by (used in)
financing activities (32) (1,636)
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Net increase (decrease) in cash 2,149 (4,386)
Cash at beginning of period 1,891 8,426
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Cash at end of period $ 4,040 $ 4,040
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