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) February 28, 2005
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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, jointly administered under case
number 00-34533. On February 28, 2005 the Debtors submitted to the
Bankruptcy Court their summary financial information for the month and
fiscal year-to-date ended January 31, 2005, 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 January 31, 2005 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: March 15, 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)
January 31, February 29,
2005 2004
ASSETS ------------ -----------
Current Assets:
Cash $ 11,628 $ 16,258
Accounts Receivable, Net -- --
Inventories 52,148 46,054
Other Receivables 6,045 6,942
Prepaid Expenses 2,962 2,792
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Total Current Assets 72,783 72,046
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Land and Buildings 11,319 19,643
Fixtures, Furniture and Vehicles 9,888 9,429
Leasehold Improvements 27,937 24,825
Construction in Progress -- 781
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Total Property and Equipment 49,144 54,678
Accumulated Depreciation and Amortization 24,796 24,605
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Property and Equipment, Net 24,348 30,073
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Other Assets 59,704 88,222
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TOTAL ASSETS $ 156,835 $ 190,341
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LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
DIP Facilities - Revolving Facility $ -- $ --
Accounts Payable 4,716 7,965
Accrued Expenses 18,078 21,042
Income Tax Currently Payable -- --
Deferred Revenue 7,561 8,047
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Total Current Liabilities 30,355 37,054
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DIP Facilities - Term Facility -- --
Deferred Income Taxes -- --
Liabilities Subject to Compromise 689,130 706,068
Commitments and Contingencies
Stockholders' Deficit:
Common Stock 121,526 121,526
Capital in Excess of Par Value 240,871 240,871
Retained Deficit (925,047) (915,178)
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Total Stockholders' Deficit (562,650) (552,781)
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 156,835 $ 190,341
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HEILIG-MEYERS COMPANY
CONSOLIDATED INTERNAL OPERATING STATEMENT
(Amounts in thousands, except earnings per share)
(Unaudited)
One Month Ended Eleven Months Ended
January 31, 2005 January 31, 2005
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Sales $ 27,059 $303,275
Costs of Sales 15,009 168,347
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Maintained Margin 12,050 134,928
Other Income 2,154 23,888
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Total Income 14,204 158,816
Selling, General & Administrative Expense 14,658 159,449
Interest Expense 28 498
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Total Operating Expense 14,686 159,948
Operating Income Before Reorganization Items,
Delivered Sales Adjustment and Income Taxes (482) (1,132)
Reorganization Items:
Store and Distribution Center Exit Costs -- (1,846)
Credit Operations Exit Costs -- --
Asset Impairment -- (2,063)
Interest Income -- --
Trustee Fees (11) (45)
Professional Fees (527) (4,979)
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Total Reorganization Items (539) (8,934)
Delivered Sales Adjustment (413) 264
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Income (Loss) Before Income Taxes (1,433) (9,801)
Income Taxes (3) 66
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Net Income (Loss) $ (1,430) $ (9,868)
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Income (Loss) per Share $ (0.02) $ (0.16)
Diluted Shares 60,771 60,771
HEILIG-MEYERS COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
One Month Ended Eleven Months Ended
January 31, 2005 January 31, 2005
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss) $ (1,430) $ (9,868)
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 320 3,456
Reorganization items 540 8,934
Sold not delivered adjustment 413 (264)
Change in operating assets and liabilities:
Accounts receivable -- --
Other receivables 628 2,744
Inventories (432) (6,299)
Prepaid expenses 393 (170)
Deferred taxes -- --
Deferred revenue (60) (32)
Accounts payable (1,730) (3,488)
Accrued expenses 1,751 (6,443)
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Net cash provided by (used in)
operating activities 393 (11,429)
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CASH FLOWS RELATED TO INVESTING ACTIVITIES:
Additions to property and equipment (141) (3,085)
Disposals of property and equipment -- 113
Proceeds from dispositions of fixed
assets - reorganization -- 3,394
Miscellaneous investments -- 21,179
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Net cash provided by investing activities (141) 21,601
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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 -- (14,802)
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Net cash provided by (used in)
financing activities -- (14,802)
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Net increase (decrease) in cash 252 (4,630)
Cash at beginning of period 11,376 16,258
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Cash at end of period $ 11,628 $ 11,628
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