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 OCTOBER 3, 2004 TO NOVEMBER 6, 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
December 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 OCTOBER 3, 2004 TO NOVEMBER 6, 2004
-------------------------------------------------------
NOTES TO THE MONTHLY OPERATING REPORT
Total Cash Disbursements During The Reporting Period: $47,662,000
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 December 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)
November 6, 2004
(in thousands)
Assets
Current assets:
Cash and cash equivalents $ 3,163
Accounts receivable (less allowances of $8,248) 56,258
Inventories 125,484
Assets held for sale 5,607
Prepaid expenses and other current assets 8,237
Deferred income taxes 5,162
---------
Total current assets 203,911
Property, plant and equipment 399,297
Less accumulated depreciation and amortization (252,320)
---------
Net property, plant and equipment 146,977
Investment and advances to subsidiaries 8,658
Other assets 7,478
---------
$ 367,024
=========
4
In re: DAN RIVER INC.
Case No. 04-10990
CONDENSED BALANCE SHEET
(UNAUDITED)
November 6, 2004
(in thousands)
Liabilities and Shareholders' Equity
Current liabilities:
Long-term debt currently due $ 98,043
Accounts payable 12,038
Due to subsidiaries 6,164
Accrued compensation and related benefits 18,591
Other accrued expenses 9,738
---------
Total current liabilities 144,574
Deferred income taxes 5,162
Other liabilities 21,548
---------
Total liabilities not subject to compromise 171,284
Liabilities subject to compromise 193,189
Shareholders' equity:
Common stock 225
Additional paid-in capital 210,147
Accumulated deficit (196,400)
Accumulated other comprehensive loss (11,228)
Unearned compensation - restricted stock (193)
---------
Total shareholders' equity 2,551
---------
$ 367,024
=========
5
In re: DAN RIVER INC.
Case No. 04-10990
CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
For the Period October 3, 2004 to November 6, 2004
(in thousands)
Net sales $ 41,415
Cost of sales 40,201
---------
Gross profit 1,214
Selling, general and administrative expenses 4,574
Other operating costs, net (A) (2,087)
---------
Operating loss (1,273)
Other income, net 239
Interest expense (1,181)
Equity in loss of subsidiaries (99)
---------
Loss before reorganization items (2,314)
Reorganization items (B) (2,077)
---------
Net loss $ (4,391)
=========
(A) Other operating costs, net consists of a gain associated
with the conveyance of the Debtor's interest in property
located in Sevierville, Tennessee to the City of Sevierville
pursuant to the "Order Granting Debtors' Motion for Approval
of Compromise and Settlement With City of Sevierville"
(entered October 13, 2004).
(B) Reorganization items includes $1,702,000 for professional
fees relating to bankruptcy matters, $244,000 for expense related
to the key employee retention program, and $131,000 in noncash
charges relating to rejection of executory contracts.
6
In re: DAN RIVER INC.
Case No. 04-10990
CONDENSED STATEMENT OF CASH FLOWS
(UNAUDITED)
For the Period October 3, 2004 to November 6, 2004
(in thousands)
Cash flows from operating activities:
Net loss $ (4,391)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Noncash interest expense 362
Depreciation and amortization of property,
plant and equipment 2,500
Other operating costs, net (2,087)
Other noncash charges 211
Equity in loss of subsidiaries 99
Changes in operating assets and liabilities:
Accounts receivable (2,059)
Inventories 3,384
Prepaid expenses and other assets (282)
Accounts payable and accrued expenses 327
Other liabilities 66
---------
Net cash used by operating activities (1,870)
---------
Cash flows from investing activities:
Capital expenditures (108)
Proceeds from sale of assets 4,402
---------
Net cash provided by investing activities 4,294
---------
Cash flows from financing activities:
DIP revolving credit facility - borrowings 42,302
DIP revolving credit facility - payments (40,208)
Other payments of debt (4,410)
---------
Net cash used by financing activities (2,316)
---------
Net increase in cash and cash equivalents 108
Cash and cash equivalents at beginning of period 3,055
---------
Cash and cash equivalents at end of period $ 3,163
=========
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
Net accounts Receivable at the Beginning of
the Reporting Period $ 54,200
PLUS: Current Month Sales, Net 41,415
LESS: Collections During the Month from Customers (39,670)
Other, Net 313
Net Accounts Receivable at the End of the
Reporting Period $ 56,258
Accounts Receivable Aging Amount
- ------------------------- ------
Current $ 55,353
<30 Days Past Due 8,032
31 - 60 Days Past Due 532
60 -90 Days Past Due 131
> 90 Days Past Due 458
Total Accounts Receivable 64,506
Less: Reserves and Allowances (8,248)
Accounts Receivable (Net) $ 56,258
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 $ 10,953
31 - 60 Days 318
61 - 90 Days -
Over 90 Days -
Other - Primarily Accruals for Goods & Services
Received But Not Yet Invoiced 767
Total Accounts Payable $ 12,038
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 $ 128,868
PLUS: Purchases and Other Costs Added During Period 36,817
LESS: Inventory Used/Sold (40,201)
Inventory on Hand at End of Period $ 125,484
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 $ 152,958
LESS: Depreciation Expense (2,500)
PLUS: Additions 47
Sales, Retirements (3,528)
Fixed Assets BV at End of Period $ 146,977
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 $1,895 in proceeds from sales of
assets pursuant to this order.
During the period the Debtor received $4,400,000 in connection
with the conveyance of its interest in property located in
Sevierville, Tennessee to the City of Sevierville pursuant to the
Order Granting Debtors' Motion for Approval of Compromise and
Settlement With City of Sevierville" (entered October 13, 2004).
10
In re: DAN RIVER INC.
Case No. 04-10990
MONTHLY TAX REPORT
TAXES PAID DURING THE MONTH
*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.
Name of Taxing Authority Description Amount
AR Dept. of Finance & Adm. SWH $ 853
AR Employment Security Dept. Unemployment 6
CA Dept. of Employ. Development SWH 390
FL Dept. of Revenue Sales & Use 105
GA Dept. of Revenue Sales & Use 572
GA Dept. of Revenue SWH 34,003
GA Dept. of Labor Unemployment 5,965
IL Dept. of Revenue SWH 1,282
IL Dept. of Employment Security Unemployment 8
IRS FICA & FWH 3,142,870
IRS Unemployment 6,711
MS Bureau of Revenue SWH 1,491
NC Dept. of Revenue SWH 65,519
NC Dept. of Revenue Sales & Use 560
NC Employment Security Comm. Unemployment 95,995
NJ Division of Revenue SWH 2,625
NYS Employment Taxes SWH 45,363
NYS Employment Taxes Unemployment 1,019
OR Dept. of Revenue SWH 266
OR Dept. of Revenue Unemployment 18
Receiver General Canada GST Return 48,513
SC Dept. of Revenue SWH 709
SC Dept. of Revenue Sales & Use 30
TN Dept. of Revenue Sales & Use 623
TN Dept. of Employment Security Unemployment 318
TX Workforce Commission Unemployment 61
VA Dept. of Taxation SWH 373,681
VA Dept. of Taxation Sales Tax 1,466
VA Dept. of Taxation Use Tax 14,365
VA Employment Commission Unemployment 55,481
Total Taxes Paid $3,900,867.97
11
In re: DAN RIVER INC.
Case No. 04-10990
TAXES OWED AND DUE
Name of Taxing Authority Date Description Amount
Payment
Due
CA State Board of 7/31/2005 Sales Tax 24
Equalization
FL Dept. of Revenue 11/22/2004 Sales Tax 152
GA Dept. of Revenue 11/22/2004 Sales & Use Tax 5,336
GA Dept. of Revenue 11/10/2004 SWH 2,904
IL Dept. of Revenue 11/15/2004 SWH 641
IRS 11/10/2004 FICA & FWH 375
NC Dept. of Revenue 11/22/2004 Sales & Use Tax 701
NC Dept. of Revenue 11/10/2004 SWH 13,350
NY State Sales Tax 3/20/2005 Sales & Use Tax 308
PA Dept. of Revenue 1/31/2005 SWH 170
Receiver General 11/30/2004 Canada GST Return 36,794
SC Dept. of Revenue 11/22/2004 Sales & Use Tax 164
SC Dept. of Revenue 11/15/2004 SWH 801
TN Dept. of Revenue 11/22/2004 Sales Tax 1,195
VA Dept. of Taxation 11/22/2004 Sales Tax 2,010
VA Dept. of Taxation 11/9/2004 SWH 47,894
VA Dept. of Taxation 11/22/2004 Use Tax 16,650
Total Taxes Unpaid 129,469
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' 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 10/1/05
Workers Comp - AR, CA, FL, IL, MS, NJ, 10/1/05
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 OCTOBER 3, 2004 TO NOVEMBER 6, 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
December 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 OCTOBER 3, 2004 TO NOVEMBER 6, 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 December 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 OCTOBER 3, 2004 TO NOVEMBER 6, 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
December 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 OCTOBER 3, 2004 TO NOVEMBER 6, 2004
-------------------------------------------------------
NOTES TO THE MONTHLY OPERATING REPORT
Total Cash Disbursements During The Reporting Period: $65,000
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
November 6, 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 December 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)
November 6, 2004
(in thousands)
Assets
Due from parent $ 2,280
==========
Liabilities and Shareholder's Equity
Liabilities $ -
Common stock -
Paid-in capital 1,739
Retained earnings 541
----------
$ 2,280
==========
CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
For the Period October 3, 2004 to November 6, 2004
(in thousands)
Net sales $ 62
Cost of sales 35
--------
Gross profit 27
Selling, general and administrative expenses 30
--------
Net loss $ (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 OCTOBER 3, 2004 TO NOVEMBER 6, 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
December 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 OCTOBER 3, 2004 TO NOVEMBER 6, 2004
-------------------------------------------------------
NOTES TO THE MONTHLY OPERATING REPORT
Total Cash Disbursements During The Reporting Period: $100,000
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 December 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)
November 6, 2004
(in thousands)
Assets
Investment in subsidiaries $ 6,334
=======
Liabilities and Shareholder's Equity
Liabilities:
Due to parent $ 19,827
Shareholder's equity:
Capital stock -
Accumulated deficit (13,493)
--------
$ 6,334
========