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 NOVEMBER 7, 2004 TO DECEMBER 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
January 3, 2005
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 NOVEMBER 7, 2004 TO DECEMBER 4, 2004
NOTES TO THE MONTHLY OPERATING REPORT
Total Cash Disbursements During The Reporting Period: $33,342,000
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 3rd day of January 2005. /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)
December 4, 2004
(in thousands)
Assets
Current assets:
Cash and cash equivalents $ 2,209
Accounts receivable (less allowances of $8,400) 57,596
Inventories 121,316
Assets held for sale 5,607
Prepaid expenses and other current assets 7,987
Deferred income taxes 5,162
---------
Total current assets 199,877
Property, plant and equipment 396,331
Less accumulated depreciation and amortization (251,247)
---------
Net property, plant and equipment 145,084
Investment and advances to subsidiaries 8,586
Other assets 7,277
---------
$ 360,824
=========
4
In re: DAN RIVER INC.
Case No. 04-10990
CONDENSED BALANCE SHEET
(UNAUDITED)
December 4, 2004
(in thousands)
Liabilities and Shareholders' Equity (Deficit)
Current liabilities:
Long-term debt currently due $ 97,008
Accounts payable 11,123
Due to subsidiaries 6,271
Accrued compensation and related benefits 18,802
Other accrued expenses 10,390
---------
Total current liabilities 143,594
Deferred income taxes 5,162
Other liabilities 21,534
---------
Total liabilities not subject to compromise 170,290
Liabilities subject to compromise 192,777
Shareholders' equity (deficit):
Common stock 225
Additional paid-in capital 210,147
Accumulated deficit (201,237)
Accumulated other comprehensive loss (11,198)
Unearned compensation - restricted stock (180)
---------
Total shareholders' equity (deficit) (2,243)
---------
$ 360,824
=========
5
In re: DAN RIVER INC.
Case No. 04-10990
CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
For the Period November 7, 2004 to December 4, 2004
(in thousands)
Net sales $ 31,131
Cost of sales 29,909
-----------
Gross profit 1,222
Selling, general and administrative expenses 3,701
-----------
Operating loss (2,479)
Other income, net 45
Interest expense (909)
Equity in loss of subsidiaries (102)
-----------
Loss before reorganization items (3,445)
Reorganization items (A) (1,392)
-----------
Net loss $ (4,837)
===========
(A) Reorganization items includes $1,197,000 for professional
fees relating to bankruptcy matters and $195,000 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 November 7, 2004 to December 4, 2004
(in thousands)
Cash flows from operating activities:
Net loss $ (4,837)
Adjustments to reconcile net loss to net
cash provided by Operating activities:
Noncash interest expense 289
Depreciation and amortization of property,
plant and equipment 1,951
Other noncash charges 13
Equity in loss of subsidiaries 102
Changes in operating assets and liabilities:
Accounts receivable (1,337)
Inventories 4,168
Prepaid expenses and other assets 270
Accounts payable and accrued expenses (469)
Other liabilities (20)
--------
Net cash provided by operating activities 130
--------
Cash flows from investing activities:
Capital expenditures 50
--------
Net cash used by investing activities 50
--------
Cash flows from financing activities:
DIP revolving credit facility - borrowings 33,405
DIP revolving credit facility - payments (34,439)
--------
Net cash used by financing activities (1,034)
--------
Net decrease in cash and cash equivalents (954)
Cash and cash equivalents at beginning of period 3,163
--------
Cash and cash equivalents at end of period $ 2,209
========
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 $ 56,258
PLUS: Current Month Sales, Net 31,131
LESS: Collections During the Month from Customers (31,262)
Other, Net 1,469
Net Accounts Receivable at the End of the
Reporting Period $ 57,596
Accounts Receivable Aging Amount
- ------------------------- ------
Current $ 55,203
<30 Days Past Due 8,947
31 - 60 Days Past Due 1,264
60 -90 Days Past Due 69
> 90 Days Past Due 513
Total Accounts Receivable 65,996
Less: Reserves and Allowances (8,400)
Accounts Receivable (Net) $ 57,596
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 $ 9,575
31 - 60 Days 136
61 - 90 Days -
Over 90 Days -
Other - Primarily Accruals for Goods & Services
Received But Not Yet Invoiced 1,412
Total Accounts Payable $ 11,123
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 $ 125,484
PLUS: Purchases and Other Costs Added During Period 25,741
LESS: Inventory Used/Sold (29,909)
Inventory on Hand at End of Period $ 121,316
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 $ 146,977
LESS: Depreciation Expense (1,951)
PLUS: Additions 58
Sales, Retirements -
Fixed Assets BV at End of Period $ 145,084
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, no proceeds were received pursuant to this order.
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
CA Dept. of Employ. Development SWH $ 390
FL Dept. of Revenue Sales & Use 119
GA Dept. of Revenue Sales & Use 5,336
GA Dept. of Revenue SWH 24,327
IL Dept. of Revenue SWH 1,923
IRS FICA & FWH 2,305,781
NC Dept. of Revenue SWH 61,836
NC Dept. of Revenue Sales & Use 701
NJ Division of Revenue SWH 1,750
NYS Employment Taxes SWH 29,229
OR Dept. of Revenue SWH 266
Receiver General Canada GST Return 36,794
SC Dept. of Revenue SWH 693
SC Dept. of Revenue Sales & Use 164
TN Dept. of Revenue Sales & Use 1,195
VA Dept. of Taxation SWH 287,659
VA Dept. of Taxation Sales Tax 2,010
VA Dept. of Taxation Use Tax 16,650
Total Taxes Paid $ 2,776,823
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 $ 28
Equalization
AR Dept. of Finance 12/15/2004 SWH 341
FL Dept. of Revenue 12/20/2004 Sales Tax 114
GA Dept. of Revenue 12/20/2004 Sales & Use Tax 3,350
GA Dept. of Revenue 12/8/2004 SWH 1,798
IRS 12/8/2004 FICA & FWH 250
MS Bureau of Revenue 12/15/2004 SWH 526
NC Dept. of Revenue 12/20/2004 Sales & Use Tax 318
NC Dept. of Revenue 12/8/2004 SWH 8,698
NY State Sales Tax 3/20/2005 Sales & Use Tax 323
NYC Dept. of Finance 12/20/2004 Rent Tax 20,334
PA Dept. of Revenue 1/31/2005 SWH 341
Receiver General 12/31/2004 Canada GST Return 43,375
SC Dept. of Revenue 12/20/2004 Sales & Use Tax 11
SC Dept. of Revenue 12/15/2004 SWH 733
TN Dept. of Revenue 12/20/2004 Sales Tax 8
VA Dept. of Taxation 12/20/2004 Sales Tax 1,978
VA Dept. of Taxation 12/7/2004 SWH 46,578
VA Dept. of Taxation 12/20/2004 Use Tax 13,518
Total Taxes Unpaid $142,622
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 6/30/05
Canadian General Liability Policy 6/1/05
Directors & Officers 11/20/05
Crime 11/20/05
Fiduciary Liability 11/20/05
Special Risk 11/20/05
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. NY 10/1/05
Health 1/1/05
Life Insurance 12/31/06
Long Term Disability 1/1/05
Basic Accident 12/31/06
Business Travel Accident 1/1/05
Short Term Disability-NY 1/1/05
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 NOVEMBER 7, 2004 TO DECEMBER 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
January 3, 2005
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 NOVEMBER 7, 2004 TO DECEMBER 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 3rd day of January 2005. /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 NOVEMBER 7, 2004 TO DECEMBER 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
January 3, 2005
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 NOVEMBER 7, 2004 TO DECEMBER 4, 2004
--------------------------------------------------------
NOTES TO THE MONTHLY OPERATING REPORT
Total Cash Disbursements During The Reporting Period: $64,000
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
December 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 3rd day of January 2005. /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)
December 4, 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 November 7, 2004 to December 4, 2004
(in thousands)
Net sales $ 64
Cost of sales 40
---------
Gross profit 24
Selling, general and administrative expenses 24
---------
Net income $ -
=========
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 NOVEMBER 7, 2004 TO DECEMBER 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
January 3, 2005
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 NOVEMBER 7, 2004 TO DECEMBER 4, 2004
--------------------------------------------------------
NOTES TO THE MONTHLY OPERATING REPORT
Total Cash Disbursements During The Reporting Period: $30,000
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 3rd day of January 2005. /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)
December 4, 2004
(in thousands)
Assets
Investment in subsidiaries $ 6,262
==========
Liabilities and Shareholder's Equity
Liabilities:
Due to parent $ 19,857
Shareholder's equity:
Capital stock -
Accumulated deficit (13,595)
---------
$ 6,262
=========