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) June 30, 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 June 30, 2005 the Debtors submitted to the
Bankruptcy Court their summary financial information for the month and
fiscal year-to-date ended May 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 May 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: July 13, 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)
May 31, February 28,
2005 2005
ASSETS ------------ -----------
Current Assets:
Cash $ 18,205 $ 14,651
Accounts Receivable, Net -- --
Inventories 46,615 51,369
Other Receivables 8,719 6,661
Prepaid Expenses 2,780 3,155
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Total Current Assets 76,319 75,836
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Land and Buildings 11,330 11,319
Fixtures, Furniture and Vehicles 10,606 10,078
Leasehold Improvements 26,223 28,072
Construction in Progress 9 20
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Total Property and Equipment 48,168 49,489
Accumulated Depreciation and Amortization 24,500 25,118
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Property and Equipment, Net 23,668 24,371
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Other Assets 58,159 59,705
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TOTAL ASSETS $ 158,146 $ 159,912
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LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
DIP Facilities - Revolving Facility $ -- $ --
Accounts Payable 7,847 5,975
Accrued Expenses 20,189 19,683
Income Tax Currently Payable -- --
Deferred Revenue 7,837 8,561
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Total Current Liabilities 35,873 34,219
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DIP Facilities - Term Facility -- --
Deferred Income Taxes -- --
Liabilities Subject to Compromise 688,119 689,101
Commitments and Contingencies
Stockholders' Deficit:
Common Stock 121,526 121,526
Capital in Excess of Par Value 240,871 240,871
Retained Deficit (928,243) (925,805)
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Total Stockholders' Deficit (565,846) (563,408)
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 158,146 $ 159,912
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HEILIG-MEYERS COMPANY
CONSOLIDATED INTERNAL OPERATING STATEMENT
(Amounts in thousands, except earnings per share)
(Unaudited)
One Month Ended Three Months Ended
May 31, 2005 May 31, 2005
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Sales $ 28,234 $ 82,017
Costs of Sales 15,868 45,392
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Maintained Margin 12,366 36,625
Other Income 2,208 6,762
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Total Income 14,574 43,387
Selling, General & Administrative Expense 14,989 43,750
Interest Expense 197 292
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Total Operating Expense 15,186 44,043
Operating Income Before Reorganization Items,
Delivered Sales Adjustment and Income Taxes (612) (656)
Reorganization Items:
Store and Distribution Center Exit Costs -- --
Credit Operations Exit Costs -- --
Asset Impairment -- --
Interest Income -- --
Trustee Fees -- (11)
Professional Fees (539) (1,831)
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Total Reorganization Items (539) (1,843)
Delivered Sales Adjustment (680) 66
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Income (Loss) Before Income Taxes (1,831) (2,432)
Income Taxes 30 6
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Net Income (Loss) $ (1,861) $(2,438)
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Income (Loss) per Share $ (0.03) $ (0.04)
Diluted Shares 60,771 60,771
HEILIG-MEYERS COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
One Month Ended Three Months Ended
May 31, 2005 May 31, 2005
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss) $ (1,861) $ (2,438)
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 307 954
Reorganization items 539 1,843
Sold not delivered adjustment 680 (66)
Change in operating assets and liabilities:
Accounts receivable -- --
Other receivables (1,941) (1,991)
Inventories 1,550 4,796
Prepaid expenses 340 375
Deferred taxes -- --
Deferred revenue -- (718)
Accounts payable 1,873 890
Accrued expenses 1,310 (1,339)
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Net cash provided by (used in)
operating activities 2,796 2,307
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CASH FLOWS RELATED TO INVESTING ACTIVITIES:
Additions to property and equipment (140) (254)
Disposals of property and equipment 1 3
Proceeds from dispositions of fixed
assets - reorganization -- --
Miscellaneous investments -- 1,498
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Net cash provided by investing activities (138) 1,248
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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 2,658 3,554
Cash at beginning of period 15,547 14,651
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Cash at end of period $ 18,205 $ 18,205
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