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 29, 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 23238
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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 October
29, 2004 the Debtors submitted to the Bankruptcy Court their summary
financial information for the month and fiscal year-to-date ended
September 30, 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 September 30, 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: November 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)
September 30, February 29,
2004 2004
ASSETS ------------ -----------
Current Assets:
Cash $ 7,685 $ 16,258
Accounts Receivable, Net -- --
Inventories 49,171 46,054
Other Receivables 4,773 6,942
Prepaid Expenses 3,488 2,792
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Total Current Assets 65,117 72,046
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Land and Buildings 14,944 19,643
Fixtures, Furniture and Vehicles 9,665 9,429
Leasehold Improvements 26,796 24,825
Construction in Progress 445 781
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Total Property and Equipment 51,850 54,678
Accumulated Depreciation and Amortization 25,343 24,605
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Property and Equipment, Net 26,507 30,073
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Other Assets 83,871 88,222
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TOTAL ASSETS $ 175,495 $ 190,341
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LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
DIP Facilities - Revolving Facility $ -- $ --
Accounts Payable 6,769 7,965
Accrued Expenses 16,346 21,042
Income Tax Currently Payable -- --
Deferred Revenue 7,266 8,047
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Total Current Liabilities 30,381 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 (921,469) (915,178)
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Total Stockholders' Deficit (559,072) (552,781)
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 175,495 $ 190,341
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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, 2004 September 30, 2004
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Sales $ 28,339 $190,635
Costs of Sales 15,862 105,913
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Maintained Margin 12,477 84,722
Other Income 2,160 14,656
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Total Income 14,637 99,378
Selling, General & Administrative Expense 14,694 100,929
Interest Expense 73 315
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Total Operating Expense 14,767 101,244
Operating Income Before Reorganization Items,
Delivered Sales Adjustment and Income Taxes (130) (1,866)
Reorganization Items:
Store and Distribution Center Exit Costs (1,875) (1,875)
Credit Operations Exit Costs -- --
Asset Impairment -- --
Interest Income -- --
Trustee Fees -- (23)
Professional Fees (417) (2,839)
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Total Reorganization Items (2,292) (4,736)
Delivered Sales Adjustment 440 361
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Income (Loss) Before Income Taxes (1,982) (6,241)
Income Taxes -- 52
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Net Income (Loss) $ (1,982) $ (6,292)
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Income (Loss) per Share $ (0.03) $ (0.10)
Diluted Shares 60,771 60,771
HEILIG-MEYERS COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
One Month Ended Seven Months Ended
September 30, 2004 September 30, 2004
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss) $ (1,982) $ (6,292)
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 317 2,189
Reorganization items 2,292 4,736
Sold not delivered adjustment (440) (361)
Change in operating assets and liabilities:
Accounts receivable -- --
Other receivables 354 3,055
Inventories (1,193) (3,509)
Prepaid expenses 440 (696)
Deferred taxes -- --
Deferred revenue 16 15
Accounts payable (70) (1,274)
Accrued expenses (2,064) (5,923)
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Net cash provided by (used in)
operating activities (2,330) (8,061)
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CASH FLOWS RELATED TO INVESTING ACTIVITIES:
Additions to property and equipment (50) (1,972)
Disposals of property and equipment 0 71
Proceeds from dispositions of fixed
assets - reorganization 1,405 1,405
Miscellaneous investments -- --
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Net cash provided by investing activities 1,356 (495)
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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 (974) (8,573)
Cash at beginning of period 8,659 16,258
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Cash at end of period $ 7,685 $ 7,685
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