EXHIBIT 99.2
PILLOWTEX CORPORATION
(DEBTORS-IN-POSSESSION)
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except for par value)
ASSETS March 30, March 31, December 29,
2002 2001 2001
----------- ----------- ------------
(unaudited) (unaudited) (audited)
Current assets:
Cash and cash equivalents (including restricted cash of $4,724 as of
March 30, 2002 and $3,861 as of December 29, 2001) $ 28,400 34,645 40,388
Receivables:
Trade, less allowances of $8,329 as of March 30, 2002, $25,534
as of March 31, 2001 and $9,276 as of December 29, 2001 146,057 177,663 144,727
Other 9,504 5,996 4,478
Inventories 189,888 248,427 200,578
Assets held for sale 5,121 6,064 6,075
Prepaid expenses 4,474 4,982 3,604
Net assets of discontinued operations 395 41,736 1,358
----------- ----------- ------------
Total current assets 383,839 519,513 401,208
Property, plant and equipment, less accumulated depreciation of
$172,410 as of March 30, 2002, $165,147 as of March 31, 2001 and
$172,938 as of December 29, 2001 418,587 515,072 453,440
Intangible assets, at cost less accumulated amortization of $41,495
as of March 30, 2002, $29,533 as of March 31, 2001 and $40,899
as of December 29, 2001 221,318 230,332 221,729
Other assets 11,046 29,341 11,250
----------- ----------- ------------
Total assets $ 1,034,790 1,294,258 1,087,627
=========== =========== ============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Liabilities not subject to compromise:
Current liabilities:
Accounts payable $ 34,190 38,775 35,119
Accrued expenses 55,048 66,735 59,837
Current portion of long-term debt 843 - 356
Current portion of long-term debt in default 660,191 679,591 660,893
Long-term debt in default 10,920 13,405 10,920
----------- ----------- ------------
Total current liabilities 761,192 798,506 767,125
Long-term debt, less current portion 3,049 - 645
Noncurrent liabilities 49,847 39,777 48,950
----------- ----------- ------------
Total liabilities not subject to compromise 814,088 838,283 816,720
Liabilities subject to compromise 499,812 484,989 500,840
----------- ----------- ------------
Total liabilities 1,313,900 1,323,272 1,317,560
Series A redeemable convertible preferred stock, $.01 par value;
81,411 shares issued and outstanding for March 30, 2002,
March 31, 2001 and December 29, 2001 103,760 86,526 99,185
Shareholders' deficit:
Preferred stock, $.01 par value; authorized 20,000,000 shares;
only Series A issued - - -
Common stock, $.01 par value; authorized 55,000,000 shares;
14,250,892 shares issued and outstanding as of March 30, 2002,
March 31, 2001 and December 29, 2001 143 143 143
Additional paid-in capital 160,120 160,120 160,120
Accumulated deficit (514,915) (273,993) (461,186)
Accumulated other comprehensive loss (28,218) (1,810) (28,195)
----------- ----------- ------------
Total shareholders' deficit (382,870) (115,540) (329,118)
Commitments and contingencies
----------- ----------- ------------
Total liabilities and shareholders' deficit $ 1,034,790 1,294,258 1,087,627
=========== =========== ============