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 JULY 4, 2004 TO AUGUST 7, 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 E. Parrish
-------------------------
Attorney for Debtor
Dated: Atlanta, GA
September 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 JULY 4, 2004 TO AUGUST 7, 2004
--------------------------------------------------
NOTES TO THE MONTHLY OPERATING REPORT
Total Cash Disbursements During The Reporting Period: $42,082,000
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 September 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)
August 7, 2004
(in thousands)
Assets
Current assets:
Cash and cash equivalents $ 1,913
Accounts receivable (less allowances of $9,671) 56,254
Inventories 132,202
Assets held for sale 4,243
Prepaid expenses and other current assets 10,056
Deferred income taxes 7,024
--------
Total current assets 211,692
Property, plant and equipment 438,434
Less accumulated depreciation and amortization (273,087)
--------
Net property, plant and equipment 165,347
Investment and advances to subsidiaries 8,336
Other assets 8,172
--------
$393,547
========
4
In re: DAN RIVER INC.
Case No. 04-10990
CONDENSED BALANCE SHEET
(UNAUDITED)
August 7, 2004
(in thousands)
Liabilities and Shareholders' Equity
Current liabilities:
Long-term debt currently due $ 103,314
Accounts payable 10,468
Due to subsidiaries 4,964
Accrued compensation and related benefits 18,048
Other accrued expenses 8,337
---------
Total current liabilities 145,131
Deferred income taxes 7,024
Other liabilities 22,417
---------
Total liabilities not subject to compromise 174,572
Liabilities subject to compromise 193,143
Shareholders' equity:
Common stock 225
Additional paid-in capital 210,147
Accumulated deficit (173,055)
Accumulated other comprehensive loss (11,251)
Unearned compensation - restricted stock (234)
---------
Total shareholders' equity 25,832
---------
$ 393,547
=========
5
In re: DAN RIVER INC.
Case No. 04-10990
CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
For the Period July 4, 2004 to August 7, 2004
(in thousands)
Net sales $ 40,993
Cost of sales 38,923
--------
Gross profit 2,070
Selling, general and administrative expenses 4,980
--------
Operating loss (2,910)
Other income, net 2
Interest expense (1,025)
Equity in loss of subsidiaries (92)
--------
Loss before reorganization items (4,025)
Reorganization items (A) (1,040)
--------
Net loss $ (5,065)
========
(A) Reorganization items consists of professional fees relating to
bankruptcy matters.
6
In re: DAN RIVER INC.
Case No. 04-10990
CONDENSED STATEMENT OF CASH FLOWS
(UNAUDITED)
For the Period July 4, 2004 to August 7, 2004
(in thousands)
Cash flows from operating activities:
Net loss $ (5,065)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Noncash interest expense 361
Depreciation and amortization of property,
plant and equipment 2,853
Amortization of restricted stock compensation 16
Writedown/disposal of assets 5
Equity in loss of subsidiaries 92
Changes in operating assets and liabilities:
Accounts receivable 453
Inventories 3,369
Prepaid expenses and other assets (542)
Accounts payable and accrued expenses 921
Other liabilities 20
---------
Net cash provided by operating activities 2,483
---------
Cash flows from investing activities:
Capital expenditures (160)
Proceeds from sale of assets 1,492
---------
Net cash provided by investing activities 1,332
---------
Cash flows from financing activities:
DIP credit facility - borrowings 41,546
DIP credit facility - payments (43,446)
Payments of long-term debt (1,629)
---------
Net cash used by financing activities (3,529)
---------
Net increase in cash and cash equivalents 286
Cash and cash equivalents at beginning of period 1,627
---------
Cash and cash equivalents at end of period $ 1,913
=========
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 $ 56,708
PLUS: Current Month Sales, Net 40,993
LESS: Collections During the Month from Customers (41,716)
Other, Net 269
Net Accounts Receivable at the End of the Reporting Period $ 56,254
Accounts Receivable Aging Amount
Current $ 57,412
<30 Days Past Due 7,373
31 - 60 Days Past Due 472
60 - 90 Days Past Due 138
> 90 Days Past Due 530
Total Accounts Receivable 65,925
Less: Reserves and Allowances (9,671)
Accounts Receivable (Net) $ 56,254
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 $ 8,560
31 - 60 Days 350
61 - 90 Days -
Over 90 Days 34
Other - Primarily Accruals for Goods & Services 1,524
Received But Not Yet Invoiced
Total Accounts Payable $ 10,468
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 $ 135,572
PLUS: Purchases and Other Costs Added During Period 35,553
LESS: Inventory Used/Sold (38,923)
Inventory on Hand at End of Period $ 132,202
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 $ 168,072
LESS: Depreciation Expense (2,853)
PLUS: Additions 133
Other Activity (5)
Fixed Assets BV at End of Period $ 165,347
10
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. During the period, the
Debtor received $950,000 in proceeds from sales of assets 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.
11
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 344
AR Employment Security Dept. Unemployment 364
CA Dept. of Employ. Development SWH 1,089
CA Dept. of Employ. Development Unemployment 81
CA State Board of Equalization Sales Tax 148
FL Dept. of Revenue Sales Tax 107
FL Division of Unemploy. Comp. Unemployment 19
GA Dept. of Revenue Sales & Use Tax 4151
GA Dept. of Revenue SWH 22,272
GA Dept. of Labor Unemployment 52,585
IL Dept. of Revenue SWH 1,289
IL Dept. of Revenue Unemployment 119
IRS FICA & FWH 2,318,191
IRS Unemployment 73,731
MS Bureau of Revenue SWH 798
NC Dept. of Revenue Sales & Use Tax 760
NC Dept. of Revenue SWH 34,429
NC Employ Security Commission Unemployment 172,027
NJ Division of Revenue SWH 1,679
NJ Division of Revenue Unemployment 22
NYS Employment Taxes SWH 31,000
NYS Employment Taxes Unemployment 1,857
OR Dept. of Revenue SWH 405
OR Dept. of Revenue Unemployment 18
Receiver General Canada GST Return 18,871
SC Dept. of Revenue Sales & Use Tax 105
SC Dept. of Revenue SWH 980
SC Employment Security Commission Unemployment 172
State of New Jersey Sales Tax 25
TN Dept. of Revenue Sales & Use Tax 2,240
TN Dept. of Employ. Security Unemployment 15,910
Treasurer, State of Ohio Sales Tax 14
TX Workforce Commission Unemployment 45
VA Dept. of Taxation Sales Tax 1,823
VA Dept. of Taxation SWH 277,586
VA Employment Commission Unemployment 586,422
Total Taxes Paid 3,621,678
*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 & 8/15/2004 SWH 516
Adm.
CA State Board of 7/31/2005 Sales Tax 147
Equalization
FL Dept. of Revenue 8/20/2004 Sales Tax 91
GA Dept. of Revenue 8/11/2004 SWH 8,479
GA Dept. of Revenue 8/20/2004 Sales & Use Tax 5,036
IL Dept. of Revenue 8/31/2004 SWH 644
IRS 8/9/2004 FICA & FWH 457,574
IRS 8/15/2004 FWH on Foreign Payments 842
MS Bureau of Revenue 8/15/2004 SWH 804
NC Dept. of Revenue 8/20/2004 Sales & Use Tax 695
NC Dept. of Revenue 8/11/2004 SWH 13,332
NJ Division of Revenue 8/11/2004 SWH 876
NY State Sales Tax 3/20/2005 Sales Tax 119
NYS Employment Taxes 8/11/2004 SWH 15,577
Receiver General 8/31/2004 July 2004 Canada GST Return 45,268
SC Dept. of Revenue 8/15/2004 SWH 1,092
SC Dept. of Revenue 8/20/2004 Sales & Use Tax 108
State of New Jersey 8/20/2004 Sales Tax 22
TN Dept. of Revenue 8/20/2004 Sales & Use Tax 3,256
Treasurer, State of 8/20/2004 Sales Tax 21
Ohio
TX Comptroller of 1/20/2005 Sales Tax 45
Public Accts
VA Dept. of Taxation 8/20/2004 Sales Tax 2,632
VA Dept. of Taxation 8/20/2004 Use Tax 8,488
VA Dept. of Taxation 8/11/2004 SWH 99,038
Total Taxes Unpaid 664,702
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 6/30/05
Boiler & Machinery 6/30/05
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 1/1/06
Long Term Disability 1/1/05
Basic Accident 1/1/06
Business Travel Accident 9/1/04
Short Term Disability -NY 9/1/04
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 JULY 4, 2004 TO AUGUST 7, 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 E. Parrish
--------------------------
Attorney for Debtor
Dated: Atlanta, GA
September 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 JULY 4, 2004 TO AUGUST 7, 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 September 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 JULY 4, 2004 TO AUGUST 7, 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 E. Parrish
-------------------------
Attorney for Debtor
Dated: Atlanta, GA
September 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 JULY 4, 2004 TO AUGUST 7, 2004
--------------------------------------------------
NOTES TO THE MONTHLY OPERATING REPORT
Total Cash Disbursements During The Reporting Period: $97,000
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 August 7, 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 September 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)
August 7, 2004
(in thousands)
Assets
Due from parent $ 2,278
=======
Liabilities and Shareholder's Equity
Liabilities $ -
Common stock -
Paid-in capital 1,739
Retained earnings 539
-------
$ 2,278
=======
CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
For the Period July 4, 2004 to August 7, 2004
(in thousands)
Net sales $ 84
Cost of sales 62
---------
Gross profit 22
Selling, general and administrative expenses 35
---------
Net loss $ (13)
=========
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 JULY 4, 2004 TO AUGUST 7, 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 E. Parrish
----------------------------
Attorney for Debtor
Dated: Atlanta, GA
September 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 JULY 4, 2004 TO AUGUST 7, 2004
--------------------------------------------------
NOTES TO THE MONTHLY OPERATING REPORT
Total Cash Disbursements During The Reporting Period: $200,000
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 September 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)
August 7, 2004
(in thousands)
Assets
Investment in subsidiaries $ 6,013
=======
Liabilities and Shareholder's Equity
Liabilities:
Due to parent $19,352
Shareholder's equity:
Capital stock -
Accumulated deficit (13,339)
-------
$ 6,013
=======