EX-99 2 e9910704.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 AUGUST 8, 2004 TO SEPTEMBER 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 October 4, 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 AUGUST 8, 2004 TO SEPTEMBER 4, 2004 ------------------------------------------------------- NOTES TO THE MONTHLY OPERATING REPORT Total Cash Disbursements During The Reporting Period: $30,552,000 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 4th day of October 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) September 4, 2004 (in thousands) Assets Current assets: Cash and cash equivalents $ 1,684 Accounts receivable (less allowances of $8,256) 57,781 Inventories 130,684 Assets held for sale 4,525 Prepaid expenses and other current assets 8,790 Deferred income taxes 7,024 -------- Total current assets 210,488 Property, plant and equipment 437,479 Less accumulated depreciation and amortization (274,402) -------- Net property, plant and equipment 163,077 Investment and advances to subsidiaries 8,557 Other assets 8,037 -------- $390,159 ======== 4 In re: DAN RIVER INC. Case No. 04-10990 CONDENSED BALANCE SHEET (UNAUDITED) September 4, 2004 (in thousands) Liabilities and Shareholders' Equity Current liabilities: Long-term debt currently due $ 102,154 Accounts payable 11,076 Due to subsidiaries 5,963 Accrued compensation and related benefits 19,576 Other accrued expenses 8,552 --------- Total current liabilities 147,321 Deferred income taxes 7,024 Other liabilities 22,400 --------- Total liabilities not subject to compromise 176,745 Liabilities subject to compromise 193,251 Shareholders' equity: Common stock 225 Additional paid-in capital 210,147 Accumulated deficit (178,745) Accumulated other comprehensive loss (11,242) Unearned compensation - restricted stock (222) --------- Total shareholders' equity 20,163 --------- $ 390,159 ========= 5 In re: DAN RIVER INC. Case No. 04-10990 CONDENSED STATEMENT OF OPERATIONS (UNAUDITED) For the Period August 8, 2004 to September 4, 2004 (in thousands) Net sales $ 31,277 Cost of sales 30,851 -------- Gross profit 426 Selling, general and administrative expenses 3,968 -------- Operating loss (3,542) Other income, net 101 Interest expense (895) Equity in earnings of subsidiaries 1 -------- Loss before reorganization items (4,335) Reorganization items (A) (1,356) -------- Net loss $ (5,691) ======== (A) Reorganization items includes $983,000 for professional fees relating to bankruptcy matters and $373,000 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 August 8, 2004 to September 4, 2004 (in thousands) Cash flows from operating activities: Net loss $ (5,691) Adjustments to reconcile net loss to net cash provided by Operating activities: Noncash interest expense 289 Depreciation and amortization of property, plant and equipment 2,267 Amortization of restricted stock compensation 12 Writedown/disposal of assets 1 Equity in earnings of subsidiaries (1) Changes in operating assets and liabilities: Accounts receivable (1,527) Inventories 1,519 Prepaid expenses and other assets 1,521 Accounts payable and accrued expenses 2,466 Other liabilities (18) --------- Net cash provided by operating activities 838 --------- Cash flows from investing activities: Capital expenditures (88) Proceeds from sale of assets 181 --------- Net cash provided by investing activities 93 --------- Cash flows from financing activities: DIP credit facility - borrowings 30,333 DIP credit facility - payments (30,931) Payments of long-term debt (562) --------- Net cash used by financing activities (1,160) --------- Net increase in cash and cash equivalents (229) Cash and cash equivalents at beginning of period 1,913 --------- Cash and cash equivalents at end of period $ 1,684 ========= 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 $ 56,254 PLUS: Current Month Sales, Net 31,277 LESS: Collections During the Month from Customers (29,998) Other, Net 248 Net Accounts Receivable at the End of the Reporting Period $ 57,781 Accounts Receivable Aging Amount ------------------------- ------ Current $ 56,256 <30 Days Past Due 8,402 31 - 60 Days Past Due 746 60 -90 Days Past Due 23 > 90 Days Past Due 610 Total Accounts Receivable 66,037 Less: Reserves and Allowances (8,256) Accounts Receivable (Net) $ 57,781 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 $ 9,757 31 - 60 Days 219 61 - 90 Days - Over 90 Days 34 Other - Primarily Accruals for Goods & Services Received But Not Yet Invoiced 1,066 Total Accounts Payable $ 11,076 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 Balance at Beginning of Period $ 132,202 PLUS: Purchases and Other Costs Added During Period 29,333 LESS: Inventory Used/Sold (30,851) Inventory on Hand at End of Period $ 130,684 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 $ 165,347 LESS: Depreciation Expense (2,267) PLUS: Additions 84 Other Activity (87) Fixed Assets BV at End of Period $ 163,077 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 $181,244 in proceeds from sales of assets pursuant to this order. 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 $ 4 CA Dept. of Employ. Development SWH 402 FL Dept. of Revenue Sales & Use 90 GA Dept. of Revenue SWH 22,975 GA Dept. of Revenue Sales & Use 5,036 IL Dept. of Revenue SWH 1,289 IRS FICA & FWH 1,823,388 MS Bureau of Revenue SWH 804 NC Dept. of Revenue SWH 38,723 NC Dept. of Revenue Sales & Use 695 NJ Division of Revenue SWH 1,754 NJ Division of Revenue Unemployment 14 NYS Employment Taxes SWH 31,148 OR Dept. of Revenue SWH 270 Receiver General Canada GST Return 45,268 SC Dept. of Revenue SWH 769 SC Dept. of Revenue Sales & Use 80 TN Dept. of Revenue Sales & Use 3,256 VA Dept. of Revenue SWH 277,498 VA Dept. of Revenue Sales & Use 8,775 Total Taxes Paid $2,262,578 *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 Date Payment Name of Taxing Authority Due Description Amount ------------------------ ------- ----------- ------ AR Dept. of Finance & Adm. 9/15/2004 SWH $ 516 CA State Board of 7/31/2005 Sales Tax 24 Equalization FL Dept. of Revenue 9/20/2004 Sales Tax 124 GA Dept. of Revenue 9/20/2004 Sales & Use Tax 599 GA Dept. of Revenue 9/8/2004 SWH 9,123 IL Dept. of Revenue 9/31/2004 SWH 644 IRS 9/9/2004 FICA & FWH 439,078 MS Bureau of Revenue 9/15/2004 SWH 1,110 NC Dept. of Revenue 9/20/2004 Sales & Use Tax 495 NC Dept. of Revenue 9/9/2004 SWH 12,410 NJ Division of Revenue 9/8/2004 SWH 877 NY State Sales Tax 3/20/2005 Sales Tax 127 NYC Dept. of Finance 9/20/2004 Commercial Rent Tax 27,588 NYS Employment Taxes 9/9/2004 SWH 15,300 Receiver General 9/30/2004 Canada GST Return 40,716 SC Dept. of Revenue 9/20/2004 Sales & Use Tax 181 SC Dept. of Revenue 9/15/2004 SWH 1,095 TN Dept. of Revenue 9/20/2004 Sales & Use Tax 1,176 Treasurer, State of Ohio 9/20/2004 Sales Tax 12 TX Comptroller of Public 1/20/2005 Sales Tax 49 Accts VA Dept. of Taxation 9/20/2004 Sales Tax 2,167 VA Dept. of Taxation 9/9/2004 SWH 98,485 VA Dept. of Taxation 9/20/2004 Use Tax 10,637 Total Taxes Unpaid $ 662,533 12 In re: DAN RIVER INC. Case No. 04-109 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 10/1/04 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 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 AUGUST 8, 2004 TO SEPTEMBER 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 October 4, 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 AUGUST 8, 2004 TO SEPTEMBER 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 4th day of October 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 AUGUST 8, 2004 TO SEPTEMBER 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 October 4, 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 AUGUST 8, 2004 TO SEPTEMBER 4, 2004 ------------------------------------------------------- NOTES TO THE MONTHLY OPERATING REPORT Total Cash Disbursements During The Reporting Period: $56,000 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 September 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 4th day of October 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) September 4, 2004 (in thousands) Assets Due from parent $ 2,282 ======== Liabilities and Shareholder's Equity Liabilities $ - Common stock - Paid-in capital 1,739 Retained earnings 543 -------- $ 2,282 ======== CONDENSED STATEMENT OF OPERATIONS (UNAUDITED) For the Period August 8, 2004 to September 4, 2004 (in thousands) Net sales $ 59 Cost of sales 29 ------ Gross profit 30 Selling, general and administrative expenses 27 ------ Net income $ 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 AUGUST 8, 2004 TO SEPTEMBER 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 October 4, 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 AUGUST 8, 2004 TO SEPTEMBER 4, 2004 ------------------------------------------------------- NOTES TO THE MONTHLY OPERATING REPORT Total Cash Disbursements During The Reporting Period: $220,000 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 4th day of October 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) September 4, 2004 (in thousands) Assets Investment in subsidiaries $ 6,231 ========= Liabilities and Shareholder's Equity Liabilities: Due to parent $ 19,572 Shareholder's equity: Capital stock - Accumulated deficit (13,341) --------- $ 6,231 =========