Exhibit 99.1
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 MAY 9, 2004 TO JUNE 5, 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/ Jonathan W. Jordan
---------------------
Attorney for Debtor
Dated: Atlanta, GA
July 6, 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 MAY 9, 2004 TO JUNE 5, 2004
-----------------------------------------------
NOTES TO THE MONTHLY OPERATING REPORT
Total Cash Disbursements During The Reporting Period: $33,863,000
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 6th day of July 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)
June 5, 2004
(in thousands)
Assets
Current assets:
Cash and cash equivalents $ 2,148
Accounts receivable (less allowances of $8,642) 56,242
Inventories 144,187
Assets held for sale 8,968
Prepaid expenses and other current assets 9,882
Deferred income taxes 7,577
--------
Total current assets 229,004
Property, plant and equipment 438,100
Less accumulated depreciation and amortization (267,914)
--------
Net property, plant and equipment 170,186
Investment and advances to subsidiaries 12,583
Other assets 11,651
--------
$423,424
========
4
In re: DAN RIVER INC.
Case No. 04-10990
CONDENSED BALANCE SHEET
(UNAUDITED)
June 5, 2004
(in thousands)
Liabilities and Shareholders' Equity
Current liabilities:
Long-term debt currently due $ 105,394
Accounts payable 10,346
Due to subsidiaries 3,812
Accrued compensation and related benefits 22,188
Other accrued expenses 9,242
-------
Total current liabilities 150,982
Deferred income taxes 7,577
Other liabilities 22,412
-------
Total liabilities not subject to compromise 180,971
Liabilities subject to compromise 192,909
Shareholders' equity:
Common stock 225
Additional paid-in capital 210,147
Accumulated deficit (149,357)
Accumulated other comprehensive loss (11,208)
Unearned compensation - restricted stock (263)
--------
Total shareholders' equity 49,544
--------
$ 423,424
---------
5
In re: DAN RIVER INC.
Case No. 04-10990
CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
For the Period May 9, 2004 to June 5, 2004
(in thousands)
Net sales $ 30,464
Cost of sales 28,834
--------
Gross profit 1,630
Selling, general and administrative expenses 4,258
--------
Operating loss (2,628)
Other income, net 16
Interest expense (846)
Equity in loss of subsidiaries (174)
--------
Loss before reorganization items (3,632)
Reorganization items - professional fees and expenses (1,097)
--------
Net loss $ (4,729)
========
6
In re: DAN RIVER INC.
Case No. 04-10990
CONDENSED STATEMENT OF CASH FLOWS
(UNAUDITED)
For the Period May 9, 2004 to June 5, 2004
(in thousands)
Cash flows from operating activities:
Net loss $ (4,729)
Adjustments to reconcile net loss to net cash
provided by Operating activities:
Noncash interest expense 252
Depreciation and amortization of property, plant
and equipment 2,369
Amortization of restricted stock compensation 21
Writedown/disposal of assets 33
Equity in loss of subsidiaries 140
Changes in operating assets and liabilities:
Accounts receivable 4,327
Inventories (3,446)
Prepaid expenses and other assets 593
Accounts payable and accrued expenses 1,358
Other liabilities (17)
----------
Net cash provided by operating
activities 901
----------
Cash flows from investing activities:
Capital expenditures (115)
Proceeds from sale of assets 543
----------
Net cash provided by investing
activities 428
----------
Cash flows from financing activities:
DIP credit facility - borrowings 36,671
DIP credit facility - payments (7,657)
Revolving credit facilities - borrowings 542
Revolving credit facilities - payments (29,805)
Payments of long-term debt (609)
----------
Net cash used by financing
activities (858)
----------
Net increase in cash and cash equivalents 471
Cash and cash equivalents at beginning of period 1,677
----------
Cash and cash equivalents at end of period $ 2,148
==========
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
Reporting Period $ 60,570
PLUS: Current Month Sales, Net 30,464
LESS: Collections During the Month from Customers (35,152)
Other, Net 360
Net Accounts Receivable at the Beginning of the $ 56,242
Reporting Period
Accounts Receivable Aging Amount
Current $ 56,078
<30 Days Past Due 7,820
31 - 60 Days Past Due 392
60 -90 Days Past Due 250
> 90 Days Past Due 344
Total Accounts Receivable 64,884
Less: Reserves and Allowances (8,642)
Accounts Receivable (Net) $ 56,242
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 $ 9,270
31 - 60 Days 379
61 - 90 Days -
Over 90 Days -
Other - Primarily Accruals for Goods & Services
Received But Not Yet Invoiced 697
Total Accounts Payable $ 10,346
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 $140,741
PLUS: Purchases and Other Costs Added During Period 32,280
LESS: Inventory Used/Sold (28,834)
Inventory on Hand at End of Period $144,187
Method of Costing Inventory: first-in, first-out
FIXED ASSET REPORT (in thousands)
Fixed Assets Fair Market Value at petition Date: unknown
Fixed Asset Reconciliation Amount
Fixed Asset BV at Beginning of Period $172,337
LESS: Depreciation Expense 2,369
PLUS: Additions 233
Other Activity (15)
Fixed Assets BV at End of Period $170,186
Brief Description of Fixed Assets Purchased/Disposed of During
Period
Additions were generally for routine replacement items.
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" (entered May 28, 2004), 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. No assets
were sold during the period pursuant to this order.
During the period the Debtor received $542,333 in proceeds from
the sale of looms pursuant to an agreement dated April 7, 2004.
The Debtor's motion to consummate this sale was granted by the
Court per order entered on May 11, 2004. Pursuant to the Post-
Petition Credit Agreement, the proceeds were applied to the
prepayment of the Debtor's Pre-Petition Term Loan Obligations.
PAGE> 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 566
CA Dept. of Employ. SWH 2,015
Development
CT Commissioner of Revenue SWH 528
Delaware Secretary of State 2003 Annual LLC Tax-Bibb 200
FL Dept. of Revenue Sales Tax 563
GA Dept. of Revenue Sales & Use Tax 4,856
GA Dept. of Revenue SWH 23,276
IL Dept. of Revenue SWH 1,907
IRS FICA & FWH 2,503,613
MS Bureau of Revenue SWH 1,197
NC Dept. of Revenue Sales & Use Tax 2,044
NC Dept. of Revenue SWH 42,937
NJ Division of Revenue SWH 1,616
NYS Employment Taxes SWH 31,344
OR Dept. of Revenue SWH 270
Receiver General Canada GST Return 44,033
SC Dept. of Revenue Sales & Use Tax 92
SC Dept. of Revenue SWH 1,884
TN Dept. of Revenue Sales & Use Tax 1,681
VA Dept. of Revenue Sales Tax 2,155
VA Dept. of Revenue Use Tax 17,236
VA Dept. of Taxation SWH 302,287
Total Taxes Paid 2,986,300
*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.
11
In re: DAN RIVER INC.
Case No. 04-10990
TAXES OWED AND DUE
Name of Taxing Date Payment Description Amount
Authority Due
AR Dept. of Finance & 6/15/2004 SWH 344
Adm.
CA State Board of 7/20/2004 Sales Tax 135
Equalization
FL Dept. of Revenue 6/20/2004 Sales Tax 84
GA Dept. of Revenue 6/9/2004 SWH 2,755
GA Dept. of Revenue 6/20/2004 Sales & Use Tax 4,590
IRS 6/9/2004 FICA & FWH 270
MS Bureau of Revenue 6/15/2004 SWH 798
NC Dept. of Revenue 6/9/2004 SWH 5,266
NC Dept. of Revenue 6/20/2004 Sales & Use Tax 1,680
NY State Sales Tax 3/20/2005 Sales Tax 104
Receiver General 6/30/2004 Canada GST Return 20,231
SC Dept. of Revenue 6/15/2004 SWH 813
SC Dept. of Revenue 6/20/2004 Sales & Use Tax 4
State of New Jersey 7/20/2004 Sales Tax 22
TN Dept. of Revenue 6/20/2004 Sales & Use Tax 1,609
Treasurer, State of Ohio 7/20/2004 Sales Tax 14
TX Comptroller of 1/20/2005 Sales Tax 35
Public Accts
VA Dept. of Revenue 6/20/2004 Sales Tax 2,377
VA Dept. of Revenue 6/20/2004 Use Tax 12,868
VA Dept. of Taxation 6/8/2004 SWH 43,981
Total Taxes Unpaid 97,980
12
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' compensationliability, 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 6/1/05
General Liability - Brookneal Dam 6/1/05
Automobile -All states except TX, Canada 6/1/05
Automobile - Texas 6/1/05
International Package 6/1/05
Advertising Liability 6/1/05
Umbrella - Excess 6/1/05
Motor Truck Cargo & Marine Cargo 1/1/05
Canadian General Liability Policy 6/1/05
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
13
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 MAY 9, 2004 TO JUNE 5, 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/ Jonathan W. Jordan
-------------------------
Attorney for Debtor
Dated: Atlanta, GA
July 6, 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
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 MAY 9, 2004 TO JUNE 5, 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 6th day of July 2004. /s/ Barry F.Shea
--------------------------
Barry F. Shea
Executive Vice President-
Chief Financial Officer
15
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 MAY 9, 2004 TO JUNE 5, 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/ Jonathan W. Jordan
---------------------
Attorney for Debtor
Dated: Atlanta, GA
July 6, 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
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 MAY 9, 2004 TO JUNE 5, 2004
-----------------------------------------------
NOTES TO THE MONTHLY OPERATING REPORT
Total Cash Disbursements During The Reporting Period: $90,000
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 reporting period ended
June 5, 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 6th day of July 2004. /s/ Barry F. Shea
------------------------
Barry F. Shea
Executive Vice President -
Chief Financial Officer
17
In re: DAN RIVER FACTORY STORES, INC.
Case No. 04-10993
CONDENSED BALANCE SHEET
(UNAUDITED)
June 5, 2004
(in thousands)
Assets
Due from parent $ 2,291
=======
Liabilities and Shareholder's Equity
Liabilities $ -
Common stock -
Paid-in capital 1,739
Retained earnings 552
-------
$ 2,291
=======
CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
For the Period May 9, 2004 to June 5, 2004
(in thousands)
Net sales $ 56
Cost of sales 28
----
Gross profit 28
Selling, general and administrative expenses 62
----
Net loss $(34)
====
18
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 MAY 9, 2004 TO JUNE 5, 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/ Jonathan W. Jordan
----------------------
Attorney for Debtor
Dated: Atlanta, GA
July 6, 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
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 MAY 9, 2004 TO JUNE 5, 2004
-----------------------------------------------
Total Cash Disbursement During The Reporting Period: $575,000.
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 6th day of July 2004. /s/ Barry F. Shea
------------------------
Barry F. Shea
Executive Vice President -
Chief Financial Officer
20
In re: DAN RIVER INTERNATIONAL LTD.
Case No. 04-10991
CONDENSED BALANCE SHEET
(UNAUDITED)
June 5, 2004
(in thousands)
Assets
Investment in subsidiaries $10,249
=======
Liabilities and Shareholder's Equity
Liabilities:
Due to parent $18,667
Shareholder's equity:
Capital stock -
Accumulated deficit (8,418)
-------
$10,249
=======