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, 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 December
30, 2004 the Debtors submitted to the Bankruptcy Court their summary
financial information for the month and fiscal year-to-date ended
November 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 November 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: January 17, 2005 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 29,
2004 2004
ASSETS ------------ -----------
Current Assets:
Cash $ 6,438 $ 16,258
Accounts Receivable, Net -- --
Inventories 51,190 46,054
Other Receivables 5,460 6,942
Prepaid Expenses 3,320 2,792
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Total Current Assets 66,408 72,046
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Land and Buildings 14,951 19,643
Fixtures, Furniture and Vehicles 9,781 9,429
Leasehold Improvements 26,872 24,825
Construction in Progress 781 781
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Total Property and Equipment 52,385 54,678
Accumulated Depreciation and Amortization 25,925 24,605
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Property and Equipment, Net 26,460 30,073
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Other Assets 66,907 88,222
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TOTAL ASSETS $ 159,775 $ 190,341
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LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
DIP Facilities - Revolving Facility $ -- $ --
Accounts Payable 6,857 7,965
Accrued Expenses 17,144 21,042
Income Tax Currently Payable -- --
Deferred Revenue 8,780 8,047
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Total Current Liabilities 32,781 37,054
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DIP Facilities - Term Facility -- --
Deferred Income Taxes -- --
Liabilities Subject to Compromise 689,347 706,068
Commitments and Contingencies
Stockholders' Deficit:
Common Stock 121,526 121,526
Capital in Excess of Par Value 240,871 240,871
Retained Deficit (924,750) (915,178)
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Total Stockholders' Deficit (562,353) (552,781)
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 159,775 $ 190,341
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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, 2004 November 30, 2004
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Sales $ 29,360 $247,665
Costs of Sales 16,188 137,507
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Maintained Margin 13,172 110,158
Other Income 2,475 19,332
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Total Income 15,647 129,490
Selling, General & Administrative Expense 15,017 130,228
Interest Expense 41 433
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Total Operating Expense 15,058 130,661
Operating Income Before Reorganization Items,
Delivered Sales Adjustment and Income Taxes 589 (1,171)
Reorganization Items:
Store and Distribution Center Exit Costs -- (1,875)
Credit Operations Exit Costs -- --
Asset Impairment (2,063) (2,063)
Interest Income -- --
Trustee Fees -- (34)
Professional Fees (587) (3,917)
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Total Reorganization Items (2,650) (7,888)
Delivered Sales Adjustment (797) (444)
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Income (Loss) Before Income Taxes (2,858) (9,503)
Income Taxes 18 69
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Net Income (Loss) $ (2,876) $ (9,572)
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Income (Loss) per Share $ (0.05) $ (0.16)
Diluted Shares 60,771 60,771
HEILIG-MEYERS COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
One Month Ended Nine Months Ended
November 30, 2004 November 30, 2004
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss) $ (2,876) $ (9,572)
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 316 2,819
Reorganization items 2,650 7,888
Sold not delivered adjustment 797 444
Change in operating assets and liabilities:
Accounts receivable -- --
Other receivables 44 2,194
Inventories 348 (4,677)
Prepaid expenses 52 (528)
Deferred taxes -- --
Deferred revenue 28 38
Accounts payable 669 (1,240)
Accrued expenses (295) (6,088)
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Net cash provided by (used in)
operating activities 1,733 (8,722)
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CASH FLOWS RELATED TO INVESTING ACTIVITIES:
Additions to property and equipment (118) (2,599)
Disposals of property and equipment 10 112
Proceeds from dispositions of fixed
assets - reorganization -- 1,405
Miscellaneous investments 14,785 14,785
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Net cash provided by investing activities 14,677 13,704
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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 (14,785) (14,802)
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Net cash provided by (used in)
financing activities (14,785) (14,802)
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Net increase (decrease) in cash 1,625 (9,820)
Cash at beginning of period 4,813 16,258
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Cash at end of period $ 6,438 $ 6,438
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