EX-99 2 e996804.txt 1 EXHIBIT 99.1 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 MARCH 31, 2004 (PETITION DATE) TO MAY 8, 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 S. Parrish -------------------------- Attorney for Debtor Dated: Atlanta, GA June 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 MARCH 31, 2004 (PETITION DATE) TO MAY 8, 2004 ---------------------------------------------------------------- NOTES TO THE MONTHLY OPERATING REPORT Total Cash Disbursements During The Reporting Period: $42,701,000. 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 June 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) May 8, 2004 (in thousands) Assets Current assets: Cash and cash equivalents $ 1,677 Accounts receivable (less allowances of $8,957) 60,570 Inventories 140,741 Assets held for sale 9,528 Prepaid expenses and other current assets 10,683 Deferred income taxes 7,577 ---------- Total current assets 230,776 Property, plant and equipment. 438,101 Less accumulated depreciation and amortization (265,764) ---------- Net property, plant and equipment 172,337 Investment and advances to subsidiaries. 12,183 Other assets. 11,803 ---------- $ 427,099 ========== 4 In re: DAN RIVER INC. Case No. 04-10990 CONDENSED BALANCE SHEET (UNAUDITED) May 8, 2004 (in thousands) Liabilities and Shareholders' Equity Current liabilities: Long-term debt currently due $106,252 Accounts payable 10,116 Due to subsidiaries 3,382 Accrued compensation and related benefits 21,466 Other accrued expenses 7,800 -------- Total current liabilities 149,016 Deferred income taxes. 7,577 Other liabilities 22,428 -------- Total liabilities not subject to compromise 179,021 Liabilities subject to compromise 193,829 Shareholders' equity: Common stock 225 Additional paid-in capital 210,147 Accumulated deficit (144,628) Accumulated other comprehensive loss (11,211) Unearned compensation - restricted stock (284) -------- Total shareholders' equity. 54,249 -------- $427,099 ======== 5 In re: DAN RIVER INC. Case No. 04-10990 CONDENSED STATEMENT OF OPERATIONS (UNAUDITED) For the Period March 31, 2004 to May 8, 2004 (in thousands) Net sales $ 51,715 Cost of sales 46,631 --------- Gross profit 5,084 Selling, general and administrative expenses 6,373 -------- Operating loss (1,289) Other expense, net (65) Interest expense (1,368) Equity in loss of subsidiaries (178) -------- Loss before reorganization items (2,900) Reorganization items - professional fees and expenses (1,493) -------- Net loss $ (4,393) ======== 6 In re: DAN RIVER INC. Case No. 04-10990 CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED) For the Period March 31, 2004 to May 8, 2004 (in thousands) Cash flows from operating activities: Net loss $ (4,393) Adjustments to reconcile net loss to net cash provided by Operating activities: Noncash interest expense 314 Depreciation and amortization of property, plant 3,364 and equipment Amortization of restricted stock compensation 13 Writedown/disposal of assets 22 Equity in loss of subsidiaries 178 Changes in operating assets and liabilities: Accounts receivable (4,577) Inventories 2,368 Prepaid expenses and other assets 615 Accounts payable and accrued expenses 13,338 Other liabilities (32) -------- Net cash provided by operating activities 11,210 -------- Cash flows from investing activities: Capital expenditures (128) Proceeds from sale of assets 4 -------- Net cash used by investing activities (124) Cash flows from financing activities: DIP credit facility-borrowings 39,700 Revolving credit facilities-payments (49,766) Debt issuance costs-DIP credit facility (2,200) -------- Net cash used by financing activities (12,266) -------- Net increase decrease in cash and cash equivalents (1,180) Cash and cash equivalents at beginning of period 2,857 -------- Cash and cash equivalents at end of period $ 1,677 ======== 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 $55,992 Reporting Period PLUS: Current Month New Billings to Customers 51,715 LESS: Collections During the Month from Customers (48,325) Other, net 1,188 Net Accounts Receivable at the End of the Reporting $60,570 Period Accounts Receivable Aging Amount Current $61,681 < 30 Days Past Due 6,506 31 - 60 Days Past Due 875 60 - 90 Days Past Due 60 > 90 Days Past Due 405 Total Accounts Receivable 69,527 Less: Reserves and Allowances (8,957) Accounts Receivable (net) $60,570 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 $8,895 31 - 60 Days 133 61 - 90 Days 0 Over 90 Days 0 Other - Primarily Accruals for Goods & Services 1,088 Received But Not Yet Invoiced Total Accounts Payable $10,116 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 $141,758 PLUS: Purchases and Other Costs Added During Period 45,614 LESS: Inventory Used/Sold (46,631) Inventory on Hand at End of Period $140,741 Method of Costing Inventory: first-in, first-out FIXED ASSET REPORT (in thousands) Fixed Assets Fair Market Value at petition Date: unknown Brief Description (First Report Only): Textile manufacturing facilities, office buildings, and related machinery and equipment. Fixed Asset Reconciliation Amount Fixed Asset BV at Beginning of Period $175,485 LESS: Depreciation Expense (3,364) PLUS: Additions 128 Other Activity 88 Fixed Assets BV at End of Period $172,337 Brief Description of Fixed Assets Purchased/Disposed of During Period Additions were generally for routine replacement items. See below regarding dispositions. 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, 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. Detail of Assets Sold Pursuant to the Above Named Order Minor fixed assets from closed plants were sold during the period for a total of $4,000. 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 236 AR Employment Security Dept. Unemployment 370 CA Dept. of Employ. Development SWH 1,918 CA Dept. of Employ. Development Unemployment 1,669 CT Commissioner of Revenue SWH 587 FL Dept. of Revenue Sales Tax 1,126 FL Div. Of Unemploy. Comp. Unemployment 73 GA Dept. of Labor Unemployment 118,292 GA Dept. of Revenue Sales & Use Tax 2,967 GA Dept. of Revenue SWH 60,913 IL Dept. of Revenue SWH 1,175 IL Dept. of Revenue Unemployment 578 IRS FICA & FWH 4,001,841 IRS Fed'l Unemployment 213,585 MS Bureau of Revenue SWH 798 MS Employ. Security Commission Unemployment 252 NC Dept. of Revenue Sales & Use Tax 4,293 NC Dept. of Revenue SWH 82,113 NC Employ. Security Commission Unemployment 221,507 NJ Division of Revenue Unemployment 881 NJ Division of Revenue SWH 3,238 NYS Employment Taxes SWH 48,498 NYS Employment Taxes Unemployment 42,849 OR Dept. of Revenue SWH 405 OR Dept. of Revenue Unemployment 502 Receiver General Canada GST Return 23,720 SC Dept. of Revenue Sales & Use Tax 120 SC Dept. of Revenue SWH 5,232 SC Employ. Security Commission Unemployment 5,050 TN Dept. of Employ. Security Unemployment 142,393 TN Dept. of Revenue Sales & Use Tax 2,307 TN Dept. of Revenue 2003 TN Extension 2,600 Request TX State Comptroller TX Extension Request 18,750 TX Workforce Commission Unemployment 536 VA Dept. of Revenue Sales Tax 1,599 VA Dept. of Revenue Use Tax 26,226 VA Dept. of Taxation SWH 417,290 VA Employment Commission Unemployment 1,151,020 Total Taxes Paid 6,607,509 11 *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 5/15/2004 SWH 565 & Adm. CA State Board of 7/20/2004 Sales Tax 116 Equalization FL Dept. of Revenue 5/20/2004 Sales Tax 591 GA Dept. of Revenue 5/12/2004 SWH 3,300 GA Dept. of Revenue 5/20/2004 Sales & Use Tax 4,856 IL Dept. of Revenue 5/15/2004 SWH 587 IRS 5/14/2004 FICA & FWH 461 MS Bureau of Revenue 5/15/2004 SWH 1,197 NC Dept. of Revenue 5/12/2004 SWH 9,553 NC Dept. of Revenue 5/20/2004 Sales & Use Tax 2,044 NY State Sales Tax 6/20/2004 Sales Tax 83 Receiver General 5/31/2004 April 2004 Canada 44,033 GST Return SC Dept. of Revenue 5/15/2004 SWH 1,884 SC Dept. of Revenue 5/20/2004 Sales & Use Tax 92 State of New Jersey 7/20/2004 Sales Tax 3 TN Dept. of Revenue 5/20/2004 Sales & Use Tax 1,681 Treasurer, State of 7/20/2004 Sales Tax 12 Ohio TX Comptroller of 1/20/2005 Sales Tax 32 Public Accts VA Dept. of Revenue 5/20/2004 Sales Tax 2,155 VA Dept. of Revenue 5/20/2004 Use Tax 17,236 VA Dept. of Taxation 5/11/2004 SWH 47,650 Total Taxes Unpaid 138,131 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 6/30/04 Boiler & Machinery 6/30/04 Commercial General Liability 6/1/04 Automobile -All states except TX, Canada 6/1/04 Automobile - Texas 6/1/04 International Package 6/1/04 Advertising Liability 6/1/04 Umbrella - Excess 6/1/04 Motor Truck Cargo & Marine Cargo 1/1/05 Canadian General Liability Policy 6/1/04 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 12/31/05 Long Term Disability 1/1/05 Basic Accident 12/31/05 Business Travel Accident 9/04 Short Term Disability -NY 9/04 Note: All 6/1/04 policies renewed 6/1/04 with new expiration date of 6/1/05 New General Liability policy added for the Brookneal Dam. Umbrella Carrier changed. 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 MARCH 31, 2004 (PETITION DATE) TO MAY 8, 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 S. Parrish ------------------------- Attorney for Debtor Dated: Atlanta, GA June 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 MARCH 31, 2004 (PETITION DATE) TO MAY 8, 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 June 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 MARCH 31, 2004 (PETITION DATE) TO MAY 8, 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 S. Parrish --------------------------- Attorney for Debtor Dated: Atlanta, GA June 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 MARCH 31, 2004 (PETITION DATE) TO MAY 8, 2004 ----------------------------------------------------------------- NOTES TO THE MONTHLY OPERATING REPORT Total Cash Disbursements During The Reporting Period: $214,000 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 Debtor's for the reporting period ended May 8, 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 June 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) May 8, 2004 (in thousands) Assets Due from Parent $ 2,325 ========= Liabilities and Shareholder's Equity Liabilities $ 0 Common stock 0 Paid-in capital 1,739 Retained earnings 586 --------- $ 2,325 ========= CONDENSED STATEMENT OF OPERATIONS (UNAUDITED) For the Period March 31, 2004 to May 8, 2004 (in thousands) Net sales $ 175 Cost of sales 114 -------- Gross profit 61 Selling, general and administrative expenses 100 -------- Net loss $ (39) ======== 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 MARCH 31, 2004 (PETITION DATE) TO MAY 8, 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 S. Parrish ------------------------- Attorney for Debtor Dated: Atlanta, GA June 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 MARCH 31, 2004 (PETITION DATE) TO MAY 8, 2004 NOTES TO THE MONTHLY OPERATING REPORT Total Cash Disbursements During The Reporting Period: $105,000 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 June 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) May 8, 2004 (in thousands) Assets Investment in subsidiaries $ 9,858 -------- Liabilities and Shareholder's Equity Liabilities: Due to parent. $ 18,136 Shareholder's Equity: Capital stock. 0 Accumulated deficit (8,278) -------- $ 9,858 =========