EX-99 2 e9917704.txt 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 MAY 9, 2004 TO JUNE 5, 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 July 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 MAY 9, 2004 TO JUNE 5, 2004 ----------------------------------------------- NOTES TO THE MONTHLY OPERATING REPORT Total Cash Disbursements During The Reporting Period: $33,863,000 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 July 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) June 5, 2004 (in thousands) Assets Current assets: Cash and cash equivalents $ 2,148 Accounts receivable (less allowances of $8,642) 56,242 Inventories 144,187 Assets held for sale 8,968 Prepaid expenses and other current assets 9,882 Deferred income taxes 7,577 -------- Total current assets 229,004 Property, plant and equipment 438,100 Less accumulated depreciation and amortization (267,914) -------- Net property, plant and equipment 170,186 Investment and advances to subsidiaries 12,583 Other assets 11,651 -------- $423,424 ======== 4 In re: DAN RIVER INC. Case No. 04-10990 CONDENSED BALANCE SHEET (UNAUDITED) June 5, 2004 (in thousands) Liabilities and Shareholders' Equity Current liabilities: Long-term debt currently due $ 105,394 Accounts payable 10,346 Due to subsidiaries 3,812 Accrued compensation and related benefits 22,188 Other accrued expenses 9,242 ------- Total current liabilities 150,982 Deferred income taxes 7,577 Other liabilities 22,412 ------- Total liabilities not subject to compromise 180,971 Liabilities subject to compromise 192,909 Shareholders' equity: Common stock 225 Additional paid-in capital 210,147 Accumulated deficit (149,357) Accumulated other comprehensive loss (11,208) Unearned compensation - restricted stock (263) -------- Total shareholders' equity 49,544 -------- $ 423,424 --------- 5 In re: DAN RIVER INC. Case No. 04-10990 CONDENSED STATEMENT OF OPERATIONS (UNAUDITED) For the Period May 9, 2004 to June 5, 2004 (in thousands) Net sales $ 30,464 Cost of sales 28,834 -------- Gross profit 1,630 Selling, general and administrative expenses 4,258 -------- Operating loss (2,628) Other income, net 16 Interest expense (846) Equity in loss of subsidiaries (174) -------- Loss before reorganization items (3,632) Reorganization items - professional fees and expenses (1,097) -------- Net loss $ (4,729) ======== 6 In re: DAN RIVER INC. Case No. 04-10990 CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED) For the Period May 9, 2004 to June 5, 2004 (in thousands) Cash flows from operating activities: Net loss $ (4,729) Adjustments to reconcile net loss to net cash provided by Operating activities: Noncash interest expense 252 Depreciation and amortization of property, plant and equipment 2,369 Amortization of restricted stock compensation 21 Writedown/disposal of assets 33 Equity in loss of subsidiaries 140 Changes in operating assets and liabilities: Accounts receivable 4,327 Inventories (3,446) Prepaid expenses and other assets 593 Accounts payable and accrued expenses 1,358 Other liabilities (17) ---------- Net cash provided by operating activities 901 ---------- Cash flows from investing activities: Capital expenditures (115) Proceeds from sale of assets 543 ---------- Net cash provided by investing activities 428 ---------- Cash flows from financing activities: DIP credit facility - borrowings 36,671 DIP credit facility - payments (7,657) Revolving credit facilities - borrowings 542 Revolving credit facilities - payments (29,805) Payments of long-term debt (609) ---------- Net cash used by financing activities (858) ---------- Net increase in cash and cash equivalents 471 Cash and cash equivalents at beginning of period 1,677 ---------- Cash and cash equivalents at end of period $ 2,148 ========== 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 $ 60,570 PLUS: Current Month Sales, Net 30,464 LESS: Collections During the Month from Customers (35,152) Other, Net 360 Net Accounts Receivable at the Beginning of the $ 56,242 Reporting Period Accounts Receivable Aging Amount Current $ 56,078 <30 Days Past Due 7,820 31 - 60 Days Past Due 392 60 -90 Days Past Due 250 > 90 Days Past Due 344 Total Accounts Receivable 64,884 Less: Reserves and Allowances (8,642) Accounts Receivable (Net) $ 56,242 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 $ 9,270 31 - 60 Days 379 61 - 90 Days - Over 90 Days - Other - Primarily Accruals for Goods & Services Received But Not Yet Invoiced 697 Total Accounts Payable $ 10,346 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 $140,741 PLUS: Purchases and Other Costs Added During Period 32,280 LESS: Inventory Used/Sold (28,834) Inventory on Hand at End of Period $144,187 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 $172,337 LESS: Depreciation Expense 2,369 PLUS: Additions 233 Other Activity (15) Fixed Assets BV at End of Period $170,186 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. No assets were sold during the period pursuant to this order. During the period the Debtor received $542,333 in proceeds from the sale of looms pursuant to an agreement dated April 7, 2004. The Debtor's motion to consummate this sale was granted by the Court per order entered on May 11, 2004. Pursuant to the Post- Petition Credit Agreement, the proceeds were applied to the prepayment of the Debtor's Pre-Petition Term Loan Obligations. PAGE> 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 566 CA Dept. of Employ. SWH 2,015 Development CT Commissioner of Revenue SWH 528 Delaware Secretary of State 2003 Annual LLC Tax-Bibb 200 FL Dept. of Revenue Sales Tax 563 GA Dept. of Revenue Sales & Use Tax 4,856 GA Dept. of Revenue SWH 23,276 IL Dept. of Revenue SWH 1,907 IRS FICA & FWH 2,503,613 MS Bureau of Revenue SWH 1,197 NC Dept. of Revenue Sales & Use Tax 2,044 NC Dept. of Revenue SWH 42,937 NJ Division of Revenue SWH 1,616 NYS Employment Taxes SWH 31,344 OR Dept. of Revenue SWH 270 Receiver General Canada GST Return 44,033 SC Dept. of Revenue Sales & Use Tax 92 SC Dept. of Revenue SWH 1,884 TN Dept. of Revenue Sales & Use Tax 1,681 VA Dept. of Revenue Sales Tax 2,155 VA Dept. of Revenue Use Tax 17,236 VA Dept. of Taxation SWH 302,287 Total Taxes Paid 2,986,300 *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 Name of Taxing Date Payment Description Amount Authority Due AR Dept. of Finance & 6/15/2004 SWH 344 Adm. CA State Board of 7/20/2004 Sales Tax 135 Equalization FL Dept. of Revenue 6/20/2004 Sales Tax 84 GA Dept. of Revenue 6/9/2004 SWH 2,755 GA Dept. of Revenue 6/20/2004 Sales & Use Tax 4,590 IRS 6/9/2004 FICA & FWH 270 MS Bureau of Revenue 6/15/2004 SWH 798 NC Dept. of Revenue 6/9/2004 SWH 5,266 NC Dept. of Revenue 6/20/2004 Sales & Use Tax 1,680 NY State Sales Tax 3/20/2005 Sales Tax 104 Receiver General 6/30/2004 Canada GST Return 20,231 SC Dept. of Revenue 6/15/2004 SWH 813 SC Dept. of Revenue 6/20/2004 Sales & Use Tax 4 State of New Jersey 7/20/2004 Sales Tax 22 TN Dept. of Revenue 6/20/2004 Sales & Use Tax 1,609 Treasurer, State of Ohio 7/20/2004 Sales Tax 14 TX Comptroller of 1/20/2005 Sales Tax 35 Public Accts VA Dept. of Revenue 6/20/2004 Sales Tax 2,377 VA Dept. of Revenue 6/20/2004 Use Tax 12,868 VA Dept. of Taxation 6/8/2004 SWH 43,981 Total Taxes Unpaid 97,980 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' compensationliability, 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 6/1/05 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 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 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 MAY 9, 2004 TO JUNE 5, 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 July 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 MAY 9, 2004 TO JUNE 5, 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 July 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 MAY 9, 2004 TO JUNE 5, 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 July 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 MAY 9, 2004 TO JUNE 5, 2004 ----------------------------------------------- NOTES TO THE MONTHLY OPERATING REPORT Total Cash Disbursements During The Reporting Period: $90,000 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 June 5, 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 July 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) June 5, 2004 (in thousands) Assets Due from parent $ 2,291 ======= Liabilities and Shareholder's Equity Liabilities $ - Common stock - Paid-in capital 1,739 Retained earnings 552 ------- $ 2,291 ======= CONDENSED STATEMENT OF OPERATIONS (UNAUDITED) For the Period May 9, 2004 to June 5, 2004 (in thousands) Net sales $ 56 Cost of sales 28 ---- Gross profit 28 Selling, general and administrative expenses 62 ---- Net loss $(34) ==== 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 MAY 9, 2004 TO JUNE 5, 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 July 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 MAY 9, 2004 TO JUNE 5, 2004 ----------------------------------------------- Total Cash Disbursement During The Reporting Period: $575,000. 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 July 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) June 5, 2004 (in thousands) Assets Investment in subsidiaries $10,249 ======= Liabilities and Shareholder's Equity Liabilities: Due to parent $18,667 Shareholder's equity: Capital stock - Accumulated deficit (8,418) ------- $10,249 =======