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) July 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 July 29, 2005 the Debtors submitted to the
Bankruptcy Court their summary financial information for the month and
fiscal year-to-date ended June 30, 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 June 30, 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: August 17, 2005 By: /s/Ronald L. Barden
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Ronald L. Barden
Managing Director of
Reorganization
EXHIBIT 99.1
HEILIG-MEYERS COMPANY
BALANCE SHEET
(Amounts in thousands)
(Unaudited)
Excluding Including
RoomStore RoomStore
June 30, February 28,
2005 2005
ASSETS ------------ -----------
Current Assets:
Cash $ 23,797 $ 14,651
Accounts Receivable, Net -- --
Inventories -- 51,369
Other Receivables 179 6,661
Prepaid Expenses -- 3,155
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Total Current Assets 23,976 75,836
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Land and Buildings 1,019 11,319
Fixtures, Furniture and Vehicles 1,334 10,078
Leasehold Improvements -- 28,072
Construction in Progress -- 20
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Total Property and Equipment 2,353 49,489
Accumulated Depreciation and Amortization 1,759 25,118
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Property and Equipment, Net 594 24,371
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Other Assets 41,379 59,705
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TOTAL ASSETS $ 65,949 $ 159,912
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LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
DIP Facilities - Revolving Facility $ -- $ --
Accounts Payable 34 5,975
Accrued Expenses 2,042 19,683
Income Tax Currently Payable 46 --
Deferred Revenue -- 8,561
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Total Current Liabilities 2,122 34,219
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DIP Facilities - Term Facility -- --
Deferred Income Taxes -- --
Liabilities Subject to Compromise 678,779 689,101
Commitments and Contingencies
Stockholders' Deficit:
Common Stock 121,526 121,526
Capital in Excess of Par Value 240,871 240,871
Retained Deficit (977,348) (925,805)
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Total Stockholders' Deficit (614,951) (563,408)
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 65,949 $ 159,912
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HEILIG-MEYERS COMPANY
CONSOLIDATED INTERNAL OPERATING STATEMENT
EXCLUDES ROOMSTORE FOR THE MONTH OF JUNE
(Amounts in thousands, except earnings per share)
(Unaudited)
One Month Ended Four Months Ended
June 30, 2005 June 30, 2005
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Sales $ -- $ 82,017
Costs of Sales -- 45,392
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Maintained Margin -- 36,625
Other Income 164 6,926
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Total Income 164 43,551
Selling, General & Administrative Expense 284 44,035
Interest Expense 25 317
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Total Operating Expense 309 44,352
Operating Income Before Reorganization Items,
Delivered Sales Adjustment and Income Taxes (145) (801)
Reorganization Items:
Store and Distribution Center Exit Costs -- --
Credit Operations Exit Costs -- --
Asset Impairment (59,919) (59,919)
Interest Income -- --
Trustee Fees -- (11)
Professional Fees (419) (2,250)
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Total Reorganization Items (60,338) (62,180)
Delivered Sales Adjustment -- 66
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Income (Loss) Before Income Taxes (60,483) (62,915)
Income Taxes -- 6
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Net Income (Loss) $(60,483) $(62,921)
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Income (Loss) per Share $ (1.00) $ (1.04)
Diluted Shares 60,771 60,771
HEILIG-MEYERS COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
EXCLUDES ROOMSTORE FOR THE MONTH OF JUNE 2005
(Amounts in thousands)
(Unaudited)
One Month Ended Four Months Ended
June 30, 2005 June 30, 2005
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss) $(60,483) $ (62,921)
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 24 978
Reorganization items 419 2,261
Impairment Write-Downs 59,919 59,919
Sold not delivered adjustment -- (66)
Change in operating assets and liabilities:
Accounts receivable -- --
Other receivables -- (1,991)
Inventories -- 4,796
Prepaid expenses -- 375
Deferred taxes -- --
Deferred revenue -- (718)
Accounts payable -- 890
Accrued expenses (44) (4,123)
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Net cash provided by (used in)
operating activities (165) (598)
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CASH FLOWS RELATED TO INVESTING ACTIVITIES:
Additions to property and equipment -- (254)
Disposals of property and equipment -- 3
Proceeds from dispositions of fixed
assets - reorganization -- --
Miscellaneous investments -- 1,498
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Net cash provided by investing activities -- 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 8,496 8,496
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Net cash provided by (used in)
financing activities 8,496 8,496
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Net increase (decrease) in cash 8,331 9,146
Cash at beginning of period 15,466 14,651
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Cash at end of period $ 23,797 $ 23,797
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