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) January 31, 2006
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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 January 31, 2006 the Debtors submitted to the
Bankruptcy Court their summary financial information for the month and
fiscal year-to-date ended December 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 December 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: February 15, 2006 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
December 31, February 28,
2005 2005
ASSETS ------------ -----------
Current Assets:
Cash $ 25,726 $ 14,651
Accounts Receivable, Net -- --
Inventories -- 51,369
Other Receivables 90 6,661
Prepaid Expenses -- 3,155
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Total Current Assets 25,816 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 1,797 25,118
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Property and Equipment, Net 556 24,371
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Investment in RoomStore, Inc. 30,000 --
Other Assets 20,418 59,705
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TOTAL ASSETS $ 76,790 $ 159,912
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LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
DIP Facilities - Revolving Facility $ -- $ --
Accounts Payable 18 5,975
Accrued Expenses 1,545 19,683
Income Tax Currently Payable 46 --
Deferred Revenue -- 8,561
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Total Current Liabilities 1,609 34,219
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DIP Facilities - Term Facility -- --
Deferred Income Taxes -- --
Liabilities Subject to Compromise 661,637 689,101
Commitments and Contingencies
Stockholders' Deficit:
Common Stock 121,526 121,526
Capital in Excess of Par Value 240,871 240,871
Retained Deficit (948,853) (925,805)
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Total Stockholders' Deficit (586,456) (563,408)
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 76,790 $ 159,912
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HEILIG-MEYERS COMPANY
CONSOLIDATED INTERNAL OPERATING STATEMENT
EXCLUDES ROOMSTORE FOR THE MONTHS OF JUNE THRU DECEMBER 2005
(Amounts in thousands, except earnings per share)
(Unaudited)
One Month Ended Ten Months Ended
December 31, 2005 December 31, 2005
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Sales $ -- $ 82,017
Costs of Sales -- 45,392
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Maintained Margin -- 36,625
Other Income 127 7,508
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Total Income 127 44,133
Selling, General & Administrative Expense 52 44,441
Interest Expense -- 317
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Total Operating Expense 52 44,759
Operating Income Before Reorganization Items,
Delivered Sales Adjustment and Income Taxes 76 (626)
Reorganization Items:
Store and Distribution Center Exit Costs -- --
Credit Operations Exit Costs -- --
Asset Impairment -- (59,919)
Reduction in liab. subject to comp., net -- 30,447
Interest Income -- --
Trustee Fees -- (24)
Professional Fees (278) (4,366)
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Total Reorganization Items (278) (33,861)
Delivered Sales Adjustment -- 66
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Income (Loss) Before Income Taxes (202) (34,421)
Income Taxes -- 6
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Net Income (Loss) $ (202) $(34,427)
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Income (Loss) per Share $ (0.00) $ (0.57)
Diluted Shares 60,771 60,771
HEILIG-MEYERS COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
EXCLUDES ROOMSTORE FOR THE MONTHS OF JUNE THRU DECEMBER 2005
(Amounts in thousands)
(Unaudited)
One Month Ended Ten Months Ended
December 31, 2005 December 31, 2005
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss) $ (202) $ (34,427)
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 3 1,016
Reorganization items 278 4,390
Impairment Write-Downs -- 59,919
Reduction in liab. subject to comp., net -- (30,447)
Sold not delivered adjustment -- (66)
Change in operating assets and liabilities:
Accounts receivable -- --
Other receivables 87 (1,904)
Inventories -- 4,796
Prepaid expenses -- 375
Deferred taxes -- --
Deferred revenue -- (718)
Accounts payable 66 973
Accrued expenses (830) (4,555)
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Net cash provided by (used in)
operating activities (598) (647)
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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 1,731 3,477
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Net cash provided by investing activities 1,731 3,226
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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
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Net cash provided by (used in)
financing activities -- 8,496
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Net increase (decrease) in cash 1,134 11,075
Cash at beginning of period 24,592 14,651
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Cash at end of period $ 25,726 $ 25,726
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