1
EXHIBIT 99.1
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF GEORGIA
NEWNAN DIVISION
In re: ) Chapter 11
)
DAN RIVER INC. ) Case No. 04-10990
)
Debtor. )
) Judge Drake
)
DEBTOR'S MONTHLY FINANCIAL REPORTS (BUSINESS)
FOR THE PERIOD FROM MARCH 31, 2004 (PETITION DATE) TO MAY 8, 2004
-----------------------------------------------------------------
Comes now the above-named debtor and files its Periodic Financial Reports
in accordance with the Guidelines established by the United States Trustee
and FRBP 2015.
/S/ Felton S. Parrish
--------------------------
Attorney for Debtor
Dated: Atlanta, GA
June 7, 2004
Debtor's Address and
Phone Number: KING & SPALDING LLP
2291 Memorial Drive James A. Pardo, Jr.
Danville, VA 24541 Georgia Bar No. 561206
(434) 799-7000 Sara Robinson Borders
Georgia Bar No. 610649
191 Peachtree Street
Atlanta, GA 30303-1763
(404) 572-4600
ATTORNEYS FOR THE DEBTOR
2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF GEORGIA
NEWNAN DIVISION
In re: ) Chapter 11
)
DAN RIVER INC. ) Case No. 04-10990
)
Debtor. ) Judge Drake
)
DEBTOR'S MONTHLY FINANCIAL REPORTS (BUSINESS)
FOR THE PERIOD FROM MARCH 31, 2004 (PETITION DATE) TO MAY 8, 2004
----------------------------------------------------------------
NOTES TO THE MONTHLY OPERATING REPORT
Total Cash Disbursements During The Reporting Period: $42,701,000.
I declare under penalty of perjury that this statement and the accompanying
documents and reports are true and correct to the best of my knowledge and
belief.
This 7th day of June 2004. /s/ Barry F. Shea
-----------------------
Barry F. Shea
Executive Vice President-Chief
Financial Officer
3
In re: DAN RIVER INC.
Case No. 04-10990
CONDENSED BALANCE SHEET
(UNAUDITED)
May 8, 2004
(in thousands)
Assets
Current assets:
Cash and cash equivalents $ 1,677
Accounts receivable (less allowances of $8,957) 60,570
Inventories 140,741
Assets held for sale 9,528
Prepaid expenses and other current assets 10,683
Deferred income taxes 7,577
----------
Total current assets 230,776
Property, plant and equipment. 438,101
Less accumulated depreciation and amortization (265,764)
----------
Net property, plant and equipment 172,337
Investment and advances to subsidiaries. 12,183
Other assets. 11,803
----------
$ 427,099
==========
4
In re: DAN RIVER INC.
Case No. 04-10990
CONDENSED BALANCE SHEET
(UNAUDITED)
May 8, 2004
(in thousands)
Liabilities and Shareholders' Equity
Current liabilities:
Long-term debt currently due $106,252
Accounts payable 10,116
Due to subsidiaries 3,382
Accrued compensation and related benefits 21,466
Other accrued expenses 7,800
--------
Total current liabilities 149,016
Deferred income taxes. 7,577
Other liabilities 22,428
--------
Total liabilities not subject to compromise 179,021
Liabilities subject to compromise 193,829
Shareholders' equity:
Common stock 225
Additional paid-in capital 210,147
Accumulated deficit (144,628)
Accumulated other comprehensive loss (11,211)
Unearned compensation - restricted stock (284)
--------
Total shareholders' equity. 54,249
--------
$427,099
========
5
In re: DAN RIVER INC.
Case No. 04-10990
CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
For the Period March 31, 2004 to May 8, 2004
(in thousands)
Net sales $ 51,715
Cost of sales 46,631
---------
Gross profit 5,084
Selling, general and administrative expenses 6,373
--------
Operating loss (1,289)
Other expense, net (65)
Interest expense (1,368)
Equity in loss of subsidiaries
(178)
--------
Loss before reorganization items (2,900)
Reorganization items - professional fees and expenses (1,493)
--------
Net loss $ (4,393)
========
6
In re: DAN RIVER INC.
Case No. 04-10990
CONDENSED STATEMENT OF CASH FLOWS
(UNAUDITED)
For the Period March 31, 2004 to May 8, 2004
(in thousands)
Cash flows from operating activities:
Net loss $ (4,393)
Adjustments to reconcile net loss to net cash
provided by
Operating activities:
Noncash interest expense 314
Depreciation and amortization of property, plant 3,364
and equipment
Amortization of restricted stock compensation 13
Writedown/disposal of assets 22
Equity in loss of subsidiaries 178
Changes in operating assets and liabilities:
Accounts receivable (4,577)
Inventories 2,368
Prepaid expenses and other assets 615
Accounts payable and accrued expenses 13,338
Other liabilities (32)
--------
Net cash provided by operating activities 11,210
--------
Cash flows from investing activities:
Capital expenditures (128)
Proceeds from sale of assets 4
--------
Net cash used by investing activities (124)
Cash flows from financing activities:
DIP credit facility-borrowings 39,700
Revolving credit facilities-payments (49,766)
Debt issuance costs-DIP credit facility (2,200)
--------
Net cash used by financing activities (12,266)
--------
Net increase decrease in cash and cash equivalents (1,180)
Cash and cash equivalents at beginning of period 2,857
--------
Cash and cash equivalents at end of period $ 1,677
========
7
In re: DAN RIVER INC.
Case No. 04-10990
MONTHLY ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
(in thousands)
Accounts Receivable at Petition Date: $55,992
Accounts Receivable Reconciliation Amount
Net Accounts Receivable at the Beginning of the $55,992
Reporting Period
PLUS: Current Month New Billings to Customers 51,715
LESS: Collections During the Month from Customers (48,325)
Other, net 1,188
Net Accounts Receivable at the End of the Reporting $60,570
Period
Accounts Receivable Aging Amount
Current $61,681
< 30 Days Past Due 6,506
31 - 60 Days Past Due 875
60 - 90 Days Past Due 60
> 90 Days Past Due 405
Total Accounts Receivable 69,527
Less: Reserves and Allowances (8,957)
Accounts Receivable (net) $60,570
8
In re: DAN RIVER INC.
Case No. 04-10990
MONTHLY ACCOUNTS PAYABLE AND SECURED PAYMENTS REPORT
(in thousands)
Post-Petition Accounts Payable consists of the following"
Accounts Payable Aging (Post Petition Only) Amount
0 - 30 Days $8,895
31 - 60 Days 133
61 - 90 Days 0
Over 90 Days 0
Other - Primarily Accruals for Goods & Services 1,088
Received But Not Yet Invoiced
Total Accounts Payable $10,116
SECURED CREDITORS:
The Debtor made no payments to secured creditors except as otherwise
permitted pursuant to Final Order, dated May 28, 2004, Authorizing Secured
Post-Petition Financing on a Super Priority Basis.
9
In re: DAN RIVER INC.
Case No. 04-10990
INVENTORY AND FIXED ASSETS REPORT
INVENTORY REPORT (in thousands)
Inventory Balance at the Petition Date: $141,758
Inventory Reconciliation Amount
Inventory Balance at Beginning of Period $141,758
PLUS: Purchases and Other Costs Added During Period 45,614
LESS: Inventory Used/Sold (46,631)
Inventory on Hand at End of Period $140,741
Method of Costing Inventory: first-in, first-out
FIXED ASSET REPORT (in thousands)
Fixed Assets Fair Market Value at petition Date: unknown Brief Description
(First Report Only): Textile manufacturing facilities, office buildings,
and related machinery and equipment.
Fixed Asset Reconciliation Amount
Fixed Asset BV at Beginning of Period $175,485
LESS: Depreciation Expense (3,364)
PLUS: Additions 128
Other Activity 88
Fixed Assets BV at End of Period $172,337
Brief Description of Fixed Assets Purchased/Disposed of During
Period
Additions were generally for routine replacement items. See
below regarding dispositions.
Pursuant to the Order Establishing Procedures for Liquidating Non-Essential
Assets Free and Clear of Liens, Claims, Encumbrances and Other Interests
Through Either Auction or Private Sale, the Debtor is permitted to sell
assets that are valued at less than $250,000 individually in transactions
not valued at more than $1,000,000.
Detail of Assets Sold Pursuant to the Above Named Order
Minor fixed assets from closed plants were sold during the period
for a total of $4,000.
10
In re: DAN RIVER INC.
Case No. 04-10990
MONTHLY TAX REPORT
TAXES PAID DURING THE MONTH
Name of Taxing Authority Description Amount
AR Dept. of Finance & Adm. SWH 236
AR Employment Security Dept. Unemployment 370
CA Dept. of Employ. Development SWH 1,918
CA Dept. of Employ. Development Unemployment 1,669
CT Commissioner of Revenue SWH 587
FL Dept. of Revenue Sales Tax 1,126
FL Div. Of Unemploy. Comp. Unemployment 73
GA Dept. of Labor Unemployment 118,292
GA Dept. of Revenue Sales & Use Tax 2,967
GA Dept. of Revenue SWH 60,913
IL Dept. of Revenue SWH 1,175
IL Dept. of Revenue Unemployment 578
IRS FICA & FWH 4,001,841
IRS Fed'l Unemployment 213,585
MS Bureau of Revenue SWH 798
MS Employ. Security Commission Unemployment 252
NC Dept. of Revenue Sales & Use Tax 4,293
NC Dept. of Revenue SWH 82,113
NC Employ. Security Commission Unemployment 221,507
NJ Division of Revenue Unemployment 881
NJ Division of Revenue SWH 3,238
NYS Employment Taxes SWH 48,498
NYS Employment Taxes Unemployment 42,849
OR Dept. of Revenue SWH 405
OR Dept. of Revenue Unemployment 502
Receiver General Canada GST Return 23,720
SC Dept. of Revenue Sales & Use Tax 120
SC Dept. of Revenue SWH 5,232
SC Employ. Security Commission Unemployment 5,050
TN Dept. of Employ. Security Unemployment 142,393
TN Dept. of Revenue Sales & Use Tax 2,307
TN Dept. of Revenue 2003 TN Extension 2,600
Request
TX State Comptroller TX Extension Request 18,750
TX Workforce Commission Unemployment 536
VA Dept. of Revenue Sales Tax 1,599
VA Dept. of Revenue Use Tax 26,226
VA Dept. of Taxation SWH 417,290
VA Employment Commission Unemployment 1,151,020
Total Taxes Paid 6,607,509
11
*Pursuant to the Order Authorizing the Debtors to (A) Maintain Existing
Bank Accounts and cash Management System, (B) Continue Use of Existing
Business Forms, and (C) Continue Use of Existing Investment Guidelines, the
Debtor has not opened new cash accounts for tax payments.
12
In re: DAN RIVER INC.
Case No. 04-10990
TAXES OWED AND DUE
Name of Taxing Date Description Amount
Authority Payment
Due
AR Dept. of Finance 5/15/2004 SWH 565
& Adm.
CA State Board of 7/20/2004 Sales Tax 116
Equalization
FL Dept. of Revenue 5/20/2004 Sales Tax 591
GA Dept. of Revenue 5/12/2004 SWH 3,300
GA Dept. of Revenue 5/20/2004 Sales & Use Tax 4,856
IL Dept. of Revenue 5/15/2004 SWH 587
IRS 5/14/2004 FICA & FWH 461
MS Bureau of Revenue 5/15/2004 SWH 1,197
NC Dept. of Revenue 5/12/2004 SWH 9,553
NC Dept. of Revenue 5/20/2004 Sales & Use Tax 2,044
NY State Sales Tax 6/20/2004 Sales Tax 83
Receiver General 5/31/2004 April 2004 Canada 44,033
GST Return
SC Dept. of Revenue 5/15/2004 SWH 1,884
SC Dept. of Revenue 5/20/2004 Sales & Use Tax 92
State of New Jersey 7/20/2004 Sales Tax 3
TN Dept. of Revenue 5/20/2004 Sales & Use Tax 1,681
Treasurer, State of 7/20/2004 Sales Tax 12
Ohio
TX Comptroller of 1/20/2005 Sales Tax 32
Public Accts
VA Dept. of Revenue 5/20/2004 Sales Tax 2,155
VA Dept. of Revenue 5/20/2004 Use Tax 17,236
VA Dept. of Taxation 5/11/2004 SWH 47,650
Total Taxes Unpaid 138,131
13
In re: DAN RIVER INC.
Case No. 04-10990
CONFIRMATION OF INSURANCE
List all policies of insurance in effect, including but not limited to
workers' compensation liability, fire, theft, comprehensive, vehicle,
health and life.
Type of Coverage Expiration
Property & Business Interruption 6/30/04
Boiler & Machinery 6/30/04
Commercial General Liability 6/1/04
Automobile -All states except TX, Canada 6/1/04
Automobile - Texas 6/1/04
International Package 6/1/04
Advertising Liability 6/1/04
Umbrella - Excess 6/1/04
Motor Truck Cargo & Marine Cargo 1/1/05
Canadian General Liability Policy 6/1/04
Directors & Officers 11/20/04
Crime 11/20/04
Fiduciary Liability 11/20/04
Special Risk 11/20/04
Workers Comp Excess for VA & GA 10/1/04
Workers Comp - AR, CA, FL, IL, MS, NJ, , 10/1/04
NC, OR, TX
Workers Comp. TN 12/8/04
Workers Comp. NY 11/21/04
Health 1/1/05
Life Insurance 12/31/05
Long Term Disability 1/1/05
Basic Accident 12/31/05
Business Travel Accident 9/04
Short Term Disability -NY 9/04
Note: All 6/1/04 policies renewed 6/1/04 with new expiration date
of
6/1/05 New General Liability policy added for the Brookneal Dam.
Umbrella Carrier changed.
<Page> 14
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF GEORGIA
NEWNAN DIVISION
In re: ) Chapter 11
)
THE BIBB COMPANY LLC ) Case No. 04-10992
)
Debtor. )
) Judge Drake
)
DEBTOR'S MONTHLY FINANCIAL REPORTS (BUSINESS)
FOR THE PERIOD FROM MARCH 31, 2004 (PETITION DATE) TO MAY 8, 2004
-----------------------------------------------------------------
Comes now the above-named debtor and files its Periodic Financial Reports
in accordance with the Guidelines established by the United States Trustee
and FRBP 2015.
/s/ Felton S. Parrish
-------------------------
Attorney for Debtor
Dated: Atlanta, GA
June 7, 2004
Debtor's Address and
Phone Number: KING & SPALDING LLP
2291 Memorial Drive James A. Pardo, Jr.
Danville, VA 24541 Georgia Bar No. 561206
(434) 799-7000 Sara Robinson Borders
Georgia Bar No. 610649
191 Peachtree Street
Atlanta, GA 30303-1763
(404) 572-4600
ATTORNEYS FOR THE DEBTOR
15
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF GEORGIA
NEWNAN DIVISION
In re: ) Chapter 11
)
THE BIBB COMPANY LLC ) Case No. 04-10992
)
Debtor. ) Judge Drake
)
DEBTOR'S MONTHLY FINANCIAL REPORTS (BUSINESS)
FOR THE PERIOD FROM MARCH 31, 2004 (PETITION DATE) TO MAY 8, 2004
-----------------------------------------------------------------
NOTES TO THE MONTHLY OPERATING REPORT
Total Cash Disbursements During The Reporting Period: $0.
The Debtor's only assets consist of idle real estate held for sale, with no
book value. There was no activity during the reporting period.
I declare under penalty of perjury that this statement is true and correct
to the best of my knowledge and belief.
This 7th day of June 2004. /s/ Barry F.Shea
-----------------------
Barry F. Shea
Executive Vice President-Chief
Financial Officer
16
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF GEORGIA
NEWNAN DIVISION
In re: ) Chapter 11
)
DAN RIVER FACTORY STORES, INC. ) Case No. 04-10993
)
Debtor. )
) Judge Drake
)
DEBTOR'S MONTHLY FINANCIAL REPORTS (BUSINESS)
FOR THE PERIOD FROM MARCH 31, 2004 (PETITION DATE) TO MAY 8, 2004
-----------------------------------------------------------------
Comes now the above-named debtor and files its Periodic Financial Reports
in accordance with the Guidelines established by the United States Trustee
and FRBP 2015.
/s/ Felton S. Parrish
---------------------------
Attorney for Debtor
Dated: Atlanta, GA
June 7, 2004
Debtor's Address and
Phone Number: KING & SPALDING LLP
2291 Memorial Drive James A. Pardo, Jr.
Danville, VA 24541 Georgia Bar No. 561206
(434) 799-7000 Sara Robinson Borders
Georgia Bar No. 610649
191 Peachtree Street
Atlanta, GA 30303-1763
(404) 572-4600
ATTORNEYS FOR THE DEBTOR
17
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF GEORGIA
NEWNAN DIVISION
In re: ) Chapter 11
)
DAN RIVER FACTORY STORES, INC. ) Case No. 04-10993
)
Debtor. ) Judge Drake
)
DEBTOR'S MONTHLY FINANCIAL REPORTS (BUSINESS)
FOR THE PERIOD FROM MARCH 31, 2004 (PETITION DATE) TO MAY 8, 2004
-----------------------------------------------------------------
NOTES TO THE MONTHLY OPERATING REPORT
Total Cash Disbursements During The Reporting Period: $214,000
The above amount is provided for the purpose of calculating the US Trustee
fee. This amount consists of the total of the Debtor's cost of goods sold,
selling, general and administrative expenses, and capital expenditures for
the Debtor's for the reporting period ended May 8, 2004.
As previously disclosed in the Dan River Factory Stores, Inc. Statement of
Financial Affairs, the Debtor owns no assets and does not maintain a bank
account. All disbursements for the Debtor's business are made by the
Debtor's parent, Dan River Inc.
For additional information on the nature of the Debtor's operations and
assets and liabilities, please refer to the Debtor's previously filed
Statement of Financial Affairs.
I declare under penalty of perjury that this statement and the accompanying
documents and reports are true and correct to the best of my knowledge and
belief.
This 7th day of June 2004. /s/ Barry F. Shea
------------------------
Barry F. Shea
Executive Vice President-Chief
Financial Officer
18
In re: DAN RIVER FACTORY STORES, INC.
Case No. 04-10993
CONDENSED BALANCE SHEET
(UNAUDITED)
May 8, 2004
(in thousands)
Assets
Due from Parent $ 2,325
=========
Liabilities and Shareholder's Equity
Liabilities $
0
Common stock 0
Paid-in capital 1,739
Retained earnings
586
---------
$ 2,325
=========
CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
For the Period March 31, 2004 to May 8, 2004
(in thousands)
Net sales
$ 175
Cost of sales 114
--------
Gross profit
61
Selling, general and administrative expenses
100
--------
Net loss $ (39)
========
19
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF GEORGIA
NEWNAN DIVISION
In re: ) Chapter 11
)
DAN RIVER INTERNATIONAL LTD. ) Case No. 04-10991
)
Debtor. )
) Judge Drake
)
DEBTOR'S MONTHLY FINANCIAL REPORTS (BUSINESS)
FOR THE PERIOD FROM MARCH 31, 2004 (PETITION DATE) TO MAY 8, 2004
-----------------------------------------------------------------
Comes now the above-named debtor and files its Periodic Financial Reports
in accordance with the Guidelines established by the United States Trustee
and FRBP 2015.
/s/ Felton S. Parrish
-------------------------
Attorney for Debtor
Dated: Atlanta, GA
June 7, 2004
Debtor's Address and
Phone Number: KING & SPALDING LLP
2291 Memorial Drive James A. Pardo, Jr.
Danville, VA 24541 Georgia Bar No. 561206
(434) 799-7000 Sara Robinson Borders
Georgia Bar No. 610649
191 Peachtree Street
Atlanta, GA 30303-1763
(404) 572-4600
ATTORNEYS FOR THE DEBTOR
20
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF GEORGIA
NEWNAN DIVISION
In re: ) Chapter 11
)
DAN RIVER INTERNATIONAL LTD. ) Case No. 04-10991
)
Debtor. ) Judge Drake
)
DEBTOR'S MONTHLY FINANCIAL REPORTS (BUSINESS)
FOR THE PERIOD FROM MARCH 31, 2004 (PETITION DATE) TO MAY 8, 2004
NOTES TO THE MONTHLY OPERATING REPORT
Total Cash Disbursements During The Reporting Period: $105,000
The above amount is provided for the purpose of calculating the US Trustee
fee. This amount consists of certain transfers to non-Debtor Affiliates
made pursuant to the Order Authorizing the Debtor to (A) Maintain Existing
Bank Accounts and Cash Management System, (B) Continue Use of Existing
Business Forms, and (C) Continue Use of Existing Investment Guidelines.
All such disbursements were made on behalf of Dan River International Ltd.
by Dan River Inc. The Debtor has no operations and its sole asset is its
investment in foreign (non-debtor) subsidiaries. For additional
information, please refer to the Debtor's previously filed Statement of
Financial Affairs.
I declare under penalty of perjury that this statement and the accompanying
documents and reports are true and correct to the best of my knowledge and
belief.
This 7th day of June 2004. /s/ Barry F. Shea
----------------------------
Barry F. Shea
Executive Vice President-Chief
Financial Officer
21
In re: DAN RIVER INTERNATIONAL LTD.
Case No. 04-10991
CONDENSED BALANCE SHEET
(UNAUDITED)
May 8, 2004
(in thousands)
Assets
Investment in subsidiaries $ 9,858
--------
Liabilities and Shareholder's Equity
Liabilities:
Due to parent. $ 18,136
Shareholder's Equity:
Capital stock. 0
Accumulated deficit (8,278)
--------
$ 9,858
=========