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) April 29, 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 April 29, 2005 the Debtors submitted to the
Bankruptcy Court their summary financial information for the month and
fiscal year-to-date ended March 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 March 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: May 16, 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)
March 31, February 28,
2005 2005
ASSETS ------------ -----------
Current Assets:
Cash $ 13,454 $ 14,651
Accounts Receivable, Net -- --
Inventories 47,687 51,369
Other Receivables 5,958 6,661
Prepaid Expenses 3,189 3,155
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Total Current Assets 70,288 75,836
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Land and Buildings 11,319 11,319
Fixtures, Furniture and Vehicles 10,110 10,078
Leasehold Improvements 28,080 28,072
Construction in Progress 42 20
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Total Property and Equipment 49,551 49,489
Accumulated Depreciation and Amortization 25,442 25,118
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Property and Equipment, Net 24,109 24,371
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Other Assets 59,705 59,705
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TOTAL ASSETS $ 154,102 $ 159,912
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LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
DIP Facilities - Revolving Facility $ -- $ --
Accounts Payable 3,115 5,975
Accrued Expenses 19,013 19,683
Income Tax Currently Payable -- --
Deferred Revenue 6,075 8,561
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Total Current Liabilities 28,203 34,219
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DIP Facilities - Term Facility -- --
Deferred Income Taxes -- --
Liabilities Subject to Compromise 689,101 689,101
Commitments and Contingencies
Stockholders' Deficit:
Common Stock 121,526 121,526
Capital in Excess of Par Value 240,871 240,871
Retained Deficit (925,599) (925,805)
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Total Stockholders' Deficit (563,202) (563,408)
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 154,102 $ 159,912
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HEILIG-MEYERS COMPANY
CONSOLIDATED INTERNAL OPERATING STATEMENT
(Amounts in thousands, except earnings per share)
(Unaudited)
One Month Ended One Month Ended
March 31, 2005 March 31, 2005
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Sales $ 27,016 $ 27,016
Costs of Sales 14,886 14,886
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Maintained Margin 12,130 12,130
Other Income 2,451 2,451
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Total Income 14,581 14,581
Selling, General & Administrative Expense 14,458 14,458
Interest Expense 57 57
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Total Operating Expense 14,515 14,515
Operating Income Before Reorganization Items,
Delivered Sales Adjustment and Income Taxes 66 66
Reorganization Items:
Store and Distribution Center Exit Costs -- --
Credit Operations Exit Costs -- --
Asset Impairment -- --
Interest Income -- --
Trustee Fees -- --
Professional Fees (637) (637)
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Total Reorganization Items (637) (637)
Delivered Sales Adjustment 754 754
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Income (Loss) Before Income Taxes 182 182
Income Taxes (24) (24)
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Net Income (Loss) $ 206 $ 206
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Income (Loss) per Share $ 0.00 $ 0.00
Diluted Shares 60,771 60,771
HEILIG-MEYERS COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
One Month Ended One Month Ended
March 31, 2005 March 31, 2005
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss) $ 206 $ 206
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 324 324
Reorganization items 637 637
Sold not delivered adjustment (754) (754)
Change in operating assets and liabilities:
Accounts receivable -- --
Other receivables 877 877
Inventories 2,630 2,630
Prepaid expenses (34) (34)
Deferred taxes -- --
Deferred revenue (718) (718)
Accounts payable (2,860) (2,860)
Accrued expenses (1,443) (1,443)
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Net cash provided by (used in)
operating activities (1,135) (1,135)
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CASH FLOWS RELATED TO INVESTING ACTIVITIES:
Additions to property and equipment (62) (62)
Disposals of property and equipment -- --
Proceeds from dispositions of fixed
assets - reorganization -- --
Miscellaneous investments -- --
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Net cash provided by investing activities (62) (62)
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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 -- --
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Net cash provided by (used in)
financing activities -- --
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Net increase (decrease) in cash (1,197) (1,197)
Cash at beginning of period 14,651 14,651
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Cash at end of period $ 13,454 $ 13,454
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