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, 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 8.01. 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 September
30, 2004 the Debtors submitted to the Bankruptcy Court their summary
financial information for the month and fiscal year-to-date ended
August 31, 2004, 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, 2004 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, 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)
August 31, February 29,
2004 2004
ASSETS ------------ -----------
Current Assets:
Cash $ 8,659 $ 16,258
Accounts Receivable, Net -- --
Inventories 48,151 46,054
Other Receivables 4,913 6,942
Prepaid Expenses 3,928 2,792
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Total Current Assets 65,651 72,046
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Land and Buildings 19,643 19,643
Fixtures, Furniture and Vehicles 9,668 9,429
Leasehold Improvements 26,737 24,825
Construction in Progress 449 781
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Total Property and Equipment 56,497 54,678
Accumulated Depreciation and Amortization 26,446 24,605
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Property and Equipment, Net 30,051 30,073
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Other Assets 84,042 88,222
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TOTAL ASSETS $ 179,744 $ 190,341
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LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
DIP Facilities - Revolving Facility $ -- $ --
Accounts Payable 6,839 7,965
Accrued Expenses 17,944 21,042
Income Tax Currently Payable -- --
Deferred Revenue 7,866 8,047
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Total Current Liabilities 32,649 37,054
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DIP Facilities - Term Facility -- --
Deferred Income Taxes -- --
Liabilities Subject to Compromise 704,186 706,068
Commitments and Contingencies
Stockholders' Deficit:
Common Stock 121,526 121,526
Capital in Excess of Par Value 240,871 240,871
Retained Deficit (919,488) (915,178)
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Total Stockholders' Deficit (557,091) (552,781)
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 179,744 $ 190,341
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HEILIG-MEYERS COMPANY
CONSOLIDATED INTERNAL OPERATING STATEMENT
(Amounts in thousands, except earnings per share)
(Unaudited)
One Month Ended Six Months Ended
August 31, 2004 August 31, 2004
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Sales $ 27,786 $162,296
Costs of Sales 15,277 90,051
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Maintained Margin 12,509 72,245
Other Income 2,159 12,496
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Total Income 14,668 84,741
Selling, General & Administrative Expense 14,509 86,235
Interest Expense 35 242
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Total Operating Expense 14,544 86,477
Operating Income Before Reorganization Items,
Delivered Sales Adjustment and Income Taxes 124 (1,736)
Reorganization Items:
Store and Distribution Center Exit Costs -- --
Credit Operations Exit Costs -- --
Asset Impairment -- --
Interest Income -- --
Trustee Fees -- (23)
Professional Fees (327) (2,421)
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Total Reorganization Items (327) (2,444)
Delivered Sales Adjustment (513) (79)
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Income (Loss) Before Income Taxes (716) (4,259)
Income Taxes -- 52
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Net Income (Loss) $ (716) $ (4,310)
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Income (Loss) per Share $ (0.01) $ (0.07)
Diluted Shares 60,771 60,771
HEILIG-MEYERS COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
One Month Ended Six Months Ended
August 31, 2004 August 31, 2004
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss) $ (716) $ (4,310)
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 317 1,871
Reorganization items 327 2,443
Sold not delivered adjustment 513 79
Change in operating assets and liabilities:
Accounts receivable -- --
Other receivables 1,339 2,701
Inventories 31 (2,316)
Prepaid expenses (6) (1,136)
Deferred taxes -- --
Deferred revenue -- (2)
Accounts payable 1,517 (1,204)
Accrued expenses (763) (3,858)
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Net cash provided by (used in)
operating activities 2,559 (5,731)
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CASH FLOWS RELATED TO INVESTING ACTIVITIES:
Additions to property and equipment (598) (1,922)
Disposals of property and equipment 7 71
Proceeds from dispositions of fixed
assets - reorganization -- --
Miscellaneous investments -- --
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Net cash provided by investing activities (591) (1,851)
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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 -- (17)
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Net cash provided by (used in)
financing activities -- (17)
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Net increase (decrease) in cash 1,968 (7,599)
Cash at beginning of period 6,691 16,258
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Cash at end of period $ 8,659 $ 8,659
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