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) January 30, 2004
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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 January
30, 2004 the Debtors submitted to the Bankruptcy Court their summary
financial information for the month and fiscal year-to-date ended
December 31, 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 December 31, 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: February 13, 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)
December 31, February 28,
2003 2003
ASSETS ------------ -----------
Current Assets:
Cash $ 11,339 $ 8,426
Accounts Receivable, Net -- --
Inventories 49,528 45,821
Other Receivables 5,911 4,674
Prepaid Expenses 3,843 2,545
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Total Current Assets 70,621 61,466
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Land and Buildings 19,347 19,988
Fixtures, Furniture and Vehicles 9,253 9,965
Leasehold Improvements 24,605 23,727
Construction in Progress 35 48
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Total Property and Equipment 53,240 53,728
Accumulated Depreciation and Amortization 23,989 22,229
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Property and Equipment, Net 29,251 31,499
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Other Assets 89,139 104,121
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TOTAL ASSETS $ 189,011 $ 197,086
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LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
DIP Facilities - Revolving Facility $ -- $ --
Accounts Payable 4,637 2,896
Accrued Expenses 22,623 22,250
Income Tax Currently Payable -- 114
Deferred Revenue 7,485 7,151
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Total Current Liabilities 34,745 32,411
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DIP Facilities - Term Facility -- --
Deferred Income Taxes -- --
Liabilities Subject to Compromise 706,142 711,990
Commitments and Contingencies
Stockholders' Deficit:
Common Stock 121,526 121,525
Capital in Excess of Par Value 240,871 240,871
Retained Deficit (914,273) (909,712)
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Total Stockholders' Deficit (551,876) (547,315)
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 189,011 $ 197,086
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HEILIG-MEYERS COMPANY
CONSOLIDATED INTERNAL OPERATING STATEMENT
(Amounts in thousands, except earnings per share)
(Unaudited)
One Month Ended Ten Months Ended
December 31, 2003 December 31, 2003
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Sales $ 28,397 $273,445
Costs of Sales 15,887 152,306
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Maintained Margin 12,510 121,139
Other Income 2,180 21,378
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Total Income 14,690 142,517
Selling, General & Administrative Expense 14,473 141,608
Interest Expense 27 413
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Total Operating Expense 14,500 142,022
Operating Income Before Reorganization Items,
Delivered Sales Adjustment and Income Taxes 190 495
Reorganization Items:
Store and Distribution Center Exit Costs -- (216)
Credit Operations Exit Costs -- --
Asset Impairment -- (26)
Interest Income -- --
Trustee Fees -- (34)
Professional Fees (356) (4,646)
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Total Reorganization Items (356) (4,921)
Delivered Sales Adjustment 652 (136)
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Income (Loss) Before Income Taxes 486 (4,561)
Income Taxes -- --
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Net Income (Loss) $ 486 $ (4,561)
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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 Ten Months Ended
December 31, 2003 December 31, 2003
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss) $ 486 $ (4,561)
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 306 3,064
Reorganization items 356 4,921
Sold not delivered adjustment (652) 136
Change in operating assets and liabilities:
Accounts receivable -- --
Other receivables 1,339 (1,902)
Inventories (913) (3,615)
Prepaid expenses (452) (1,298)
Deferred taxes -- --
Deferred revenue 32 189
Accounts payable 20 1,811
Accrued expenses (914) (4,582)
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Net cash provided by (used in)
operating activities (391) (5,837)
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CASH FLOWS RELATED TO INVESTING ACTIVITIES:
Additions to property and equipment (49) (1,532)
Disposals of property and equipment -- 716
Proceeds from dispositions of fixed
assets - reorganization -- 61
Miscellaneous investments -- 3,401
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Net cash provided by investing activities (49) 2,646
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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 7,739 6,104
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Net cash provided by (used in)
financing activities 7,739 6,104
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Net increase (decrease) in cash 7,299 2,913
Cash at beginning of period 4,040 8,426
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Cash at end of period $ 11,339 $ 11,339
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