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 AUGUST 8, 2004 TO SEPTEMBER 4, 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
October 4, 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 AUGUST 8, 2004 TO SEPTEMBER 4, 2004
-------------------------------------------------------
NOTES TO THE MONTHLY OPERATING REPORT
Total Cash Disbursements During The Reporting Period: $30,552,000
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 4th day of October 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)
September 4, 2004
(in thousands)
Assets
Current assets:
Cash and cash equivalents $ 1,684
Accounts receivable (less allowances of $8,256) 57,781
Inventories 130,684
Assets held for sale 4,525
Prepaid expenses and other current assets 8,790
Deferred income taxes 7,024
--------
Total current assets 210,488
Property, plant and equipment 437,479
Less accumulated depreciation and amortization (274,402)
--------
Net property, plant and equipment 163,077
Investment and advances to subsidiaries 8,557
Other assets 8,037
--------
$390,159
========
4
In re: DAN RIVER INC.
Case No. 04-10990
CONDENSED BALANCE SHEET
(UNAUDITED)
September 4, 2004
(in thousands)
Liabilities and Shareholders' Equity
Current liabilities:
Long-term debt currently due $ 102,154
Accounts payable 11,076
Due to subsidiaries 5,963
Accrued compensation and related benefits 19,576
Other accrued expenses 8,552
---------
Total current liabilities 147,321
Deferred income taxes 7,024
Other liabilities 22,400
---------
Total liabilities not subject to compromise 176,745
Liabilities subject to compromise 193,251
Shareholders' equity:
Common stock 225
Additional paid-in capital 210,147
Accumulated deficit (178,745)
Accumulated other comprehensive loss (11,242)
Unearned compensation - restricted stock (222)
---------
Total shareholders' equity 20,163
---------
$ 390,159
=========
5
In re: DAN RIVER INC.
Case No. 04-10990
CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
For the Period August 8, 2004 to September 4, 2004
(in thousands)
Net sales $ 31,277
Cost of sales 30,851
--------
Gross profit 426
Selling, general and administrative expenses 3,968
--------
Operating loss (3,542)
Other income, net 101
Interest expense (895)
Equity in earnings of subsidiaries 1
--------
Loss before reorganization items (4,335)
Reorganization items (A) (1,356)
--------
Net loss $ (5,691)
========
(A) Reorganization items includes $983,000 for professional fees
relating to bankruptcy matters and $373,000 for expense related
to the key employee retention program.
6
In re: DAN RIVER INC.
Case No. 04-10990
CONDENSED STATEMENT OF CASH FLOWS
(UNAUDITED)
For the Period August 8, 2004 to September 4, 2004
(in thousands)
Cash flows from operating activities:
Net loss $ (5,691)
Adjustments to reconcile net loss to net cash
provided by Operating activities:
Noncash interest expense 289
Depreciation and amortization of property, plant
and equipment 2,267
Amortization of restricted stock compensation 12
Writedown/disposal of assets 1
Equity in earnings of subsidiaries (1)
Changes in operating assets and liabilities:
Accounts receivable (1,527)
Inventories 1,519
Prepaid expenses and other assets 1,521
Accounts payable and accrued expenses 2,466
Other liabilities (18)
---------
Net cash provided by operating activities 838
---------
Cash flows from investing activities:
Capital expenditures (88)
Proceeds from sale of assets 181
---------
Net cash provided by investing activities 93
---------
Cash flows from financing activities:
DIP credit facility - borrowings 30,333
DIP credit facility - payments (30,931)
Payments of long-term debt (562)
---------
Net cash used by financing activities (1,160)
---------
Net increase in cash and cash equivalents (229)
Cash and cash equivalents at beginning of period 1,913
---------
Cash and cash equivalents at end of period $ 1,684
=========
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 $ 56,254
PLUS: Current Month Sales, Net 31,277
LESS: Collections During the Month from Customers (29,998)
Other, Net 248
Net Accounts Receivable at the End of the
Reporting Period $ 57,781
Accounts Receivable Aging Amount
- ------------------------- ------
Current $ 56,256
<30 Days Past Due 8,402
31 - 60 Days Past Due 746
60 -90 Days Past Due 23
> 90 Days Past Due 610
Total Accounts Receivable 66,037
Less: Reserves and Allowances (8,256)
Accounts Receivable (Net) $ 57,781
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 $ 9,757
31 - 60 Days 219
61 - 90 Days -
Over 90 Days 34
Other - Primarily Accruals for Goods & Services
Received But Not Yet Invoiced 1,066
Total Accounts Payable $ 11,076
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 Balance at Beginning of Period $ 132,202
PLUS: Purchases and Other Costs Added During Period 29,333
LESS: Inventory Used/Sold (30,851)
Inventory on Hand at End of Period $ 130,684
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 $ 165,347
LESS: Depreciation Expense (2,267)
PLUS: Additions 84
Other Activity (87)
Fixed Assets BV at End of Period $ 163,077
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 $181,244 in
proceeds from sales of assets pursuant to this order.
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 $ 4
CA Dept. of Employ. Development SWH 402
FL Dept. of Revenue Sales & Use 90
GA Dept. of Revenue SWH 22,975
GA Dept. of Revenue Sales & Use 5,036
IL Dept. of Revenue SWH 1,289
IRS FICA & FWH 1,823,388
MS Bureau of Revenue SWH 804
NC Dept. of Revenue SWH 38,723
NC Dept. of Revenue Sales & Use 695
NJ Division of Revenue SWH 1,754
NJ Division of Revenue Unemployment 14
NYS Employment Taxes SWH 31,148
OR Dept. of Revenue SWH 270
Receiver General Canada GST Return 45,268
SC Dept. of Revenue SWH 769
SC Dept. of Revenue Sales & Use 80
TN Dept. of Revenue Sales & Use 3,256
VA Dept. of Revenue SWH 277,498
VA Dept. of Revenue Sales & Use 8,775
Total Taxes Paid $2,262,578
*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
Date
Payment
Name of Taxing Authority Due Description Amount
- ------------------------ ------- ----------- ------
AR Dept. of Finance & Adm. 9/15/2004 SWH $ 516
CA State Board of 7/31/2005 Sales Tax 24
Equalization
FL Dept. of Revenue 9/20/2004 Sales Tax 124
GA Dept. of Revenue 9/20/2004 Sales & Use Tax 599
GA Dept. of Revenue 9/8/2004 SWH 9,123
IL Dept. of Revenue 9/31/2004 SWH 644
IRS 9/9/2004 FICA & FWH 439,078
MS Bureau of Revenue 9/15/2004 SWH 1,110
NC Dept. of Revenue 9/20/2004 Sales & Use Tax 495
NC Dept. of Revenue 9/9/2004 SWH 12,410
NJ Division of Revenue 9/8/2004 SWH 877
NY State Sales Tax 3/20/2005 Sales Tax 127
NYC Dept. of Finance 9/20/2004 Commercial Rent Tax 27,588
NYS Employment Taxes 9/9/2004 SWH 15,300
Receiver General 9/30/2004 Canada GST Return 40,716
SC Dept. of Revenue 9/20/2004 Sales & Use Tax 181
SC Dept. of Revenue 9/15/2004 SWH 1,095
TN Dept. of Revenue 9/20/2004 Sales & Use Tax 1,176
Treasurer, State of Ohio 9/20/2004 Sales Tax 12
TX Comptroller of Public 1/20/2005 Sales Tax 49
Accts
VA Dept. of Taxation 9/20/2004 Sales Tax 2,167
VA Dept. of Taxation 9/9/2004 SWH 98,485
VA Dept. of Taxation 9/20/2004 Use Tax 10,637
Total Taxes Unpaid $ 662,533
12
In re: DAN RIVER INC.
Case No. 04-109
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 12/31/04
Short Term Disability -NY 12/31/04
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 AUGUST 8, 2004 TO SEPTEMBER 4, 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
October 4, 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 AUGUST 8, 2004 TO SEPTEMBER 4, 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 4th day of October 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 AUGUST 8, 2004 TO SEPTEMBER 4, 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
October 4, 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 AUGUST 8, 2004 TO SEPTEMBER 4, 2004
-------------------------------------------------------
NOTES TO THE MONTHLY OPERATING REPORT
Total Cash Disbursements During The Reporting Period: $56,000
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
September 4, 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 4th day of October 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)
September 4, 2004
(in thousands)
Assets
Due from parent $ 2,282
========
Liabilities and Shareholder's Equity
Liabilities $ -
Common stock -
Paid-in capital 1,739
Retained earnings 543
--------
$ 2,282
========
CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
For the Period August 8, 2004 to September 4, 2004
(in thousands)
Net sales $ 59
Cost of sales 29
------
Gross profit 30
Selling, general and administrative expenses 27
------
Net income $ 3
======
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 AUGUST 8, 2004 TO SEPTEMBER 4, 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
October 4, 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 AUGUST 8, 2004 TO SEPTEMBER 4, 2004
-------------------------------------------------------
NOTES TO THE MONTHLY OPERATING REPORT
Total Cash Disbursements During The Reporting Period: $220,000
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 4th day of October 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)
September 4, 2004
(in thousands)
Assets
Investment in subsidiaries $ 6,231
=========
Liabilities and Shareholder's Equity
Liabilities:
Due to parent $ 19,572
Shareholder's equity:
Capital stock -
Accumulated deficit (13,341)
---------
$ 6,231
=========