/raid1/www/Hosts/bankrupt/TCR_Public/051217.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, December 17, 2005, Vol. 9, No. 299
Headlines
ACCEPTANCE INSURANCE: Posts $41,917 Net Loss in November 2005
AOL LATIN: Files Monthly Operating Report for October 2005
ATA AIRLINES: Posts $9.7 Million Net Loss in October 2005
CATHOLIC CHURCH: Portland's October 2005 Monthly Operating Report
CATHOLIC CHURCH: Spokane's October 2005 Monthly Operating Report
FRIEDMAN'S INC: Files Operating Report for Period Ended Oct. 29
INTERSTATE BAKERIES: Posts $19MM Net Loss for Period Ended Oct. 15
MERIDIAN AUTOMOTIVE: Posts $6.6 Million Net Loss in October 2005
NORTHWEST AIR: Posts $346 Mil. Net Loss for Period Ended Oct. 31
O'SULLIVAN IND: Files Monthly Operating Report for October 2005
O'SULLIVAN IND: Furniture's Monthly Operating Report for Oct. 2005
O'SULLIVAN IND: Holdings' Monthly Operating Report for Oct. 2005
O'SULLIVAN IND: Virginia's Monthly Operating Report for Oct. 2005
PHARMACEUTICAL FORMULATIONS: Posts $283,079 Net Loss at Aug. 27
PHARMACEUTICAL FORMULATIONS: Posts $788,000 Net Loss at Sept. 24
USG CORP: Earns $42 Million for the Month of October 2005
WINN-DIXIE: Posts $351 Mil. Net Loss for Four Weeks Ended Sept. 21
WINN-DIXIE: Earns $196 Million for Four Weeks Ended Oct. 19
WINN-DIXIE: Earns $39.9 Million for Four Weeks Ended Nov. 16
*********
ACCEPTANCE INSURANCE: Posts $41,917 Net Loss in November 2005
-------------------------------------------------------------
On Dec. 6, 2005, Acceptance Insurance Companies Inc. filed its
monthly operating report for November 2005 with the U.S.
Bankruptcy Court for the District of Nebraska.
The Debtor reports a $41,917 net loss on $8,373 of revenue for
November 2005.
At Nov. 30, 2005, Acceptance Insurance Companies Inc.'s balance
sheet showed:
Total Current Assets $2,571,490
Total Assets 32,837,680
Total Liabilities 138,228,295
Total Shareholders' Equity Deficit ($105,390,615)
A full-text copy of Acceptance Insurance Companies Inc.'s November
2005 Monthly Operating Report is available at no charge at
http://ResearchArchives.com/t/s?3bd
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies Inc. -- http://www.aicins.com/-- owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups. The Company filed
for chapter 11 protection on Jan. 7, 2005 (Bankr. D. Nebr. Case
No. 05-80059). The Debtor's affiliates -- Acceptance Insurance
Services, Inc., and American Agrisurance, Inc. -- filed separate
chapter 7 petitions (Bankr. D. Nebr. Case Nos. 05-80056 & 05-
80058) on Jan. 7, 2005. John J. Jolley, Esq., at Kutak Rock LLP,
represents the Debtor in its restructuring efforts. When the
Debtor filed for protection from its creditors, it listed
$33,069,446 in total assets and $137,120,541 in total debts.
AOL LATIN: Files Monthly Operating Report for October 2005
----------------------------------------------------------
On Dec. 12, 2005, America Online Latin America, Inc., and its
debtor-affiliates, filed their monthly operating report for the
month ended October 2005, with the United States Bankruptcy
Court for the District of Delaware.
For the month ending Oct. 31, 2005, the Company's Income
Statement shows:
Net Income/
Revenue (Net Loss)
------- -----------
America Online Latin $0 $0
America, Inc.
AOL Latin America Management, $20,000 ($766,948)
LLC
AOL Puerto Rico Management $71,825 ($57,597)
Services, Inc.
America Online Caribbean Basin, $961,245 $431,082
Inc.
At Oct. 31, 2005, the Company's balance sheet shows:
America Online Latin America, Inc.
__________________________________
Current Assets $17,520,269
Total Assets 702,647,757
Current Liabilities 6,259,080
Total Liabilities 166,259,080
Total Stockholders' Equity $536,388,677
AOL Latin America Management, LLC
_________________________________
Current Assets $11,227,303
Total Assets 11,471,753
Current Liabilities 23,977,637
Total Liabilities 23,977,637
Total Stockholders' Deficit ($12,505,884)
AOL Puerto Rico Management Services, Inc.
_________________________________________
Current Assets $181,612
Total Assets 319,633
Current Liabilities 6,211,825
Total Liabilities 6,230,789
Total Stockholders' Deficit ($5,911,156)
America Online Caribbean Basin, Inc.
____________________________________
Current Assets $20,111,060
Total Assets 20,131,210
Current Liabilities 125,061
Total Liabilities 125,061
Total Stockholders' Equity $20,006,179
A full-text copy of America Online Latin America, Inc., and its
debtor-affiliates' Monthly Operating Report for the month ended
October 2005, is available at no charge at:
http://ResearchArchives.com/t/s?3cb
Headquartered in Fort Lauderdale, Florida, America Online Latin
America, Inc. -- http://www.aola.com/-- offers AOL-branded
Internet service in Argentina, Brazil, Mexico, and Puerto Rico, as
well as localized content and online shopping over its proprietary
network. Principal shareholders in AOLA are Cisneros Group, one
of Latin America's largest media firms, Brazil's Banco Itau, and
Time Warner, through America Online. The Company and its debtor-
affiliates filed for chapter 11 protection on June 24, 2005
(Bankr. D. Del. Case No. 05-11778). Pauline K. Morgan, Esq., and
Edmon L. Morton, Esq., at Young Conaway Stargatt & Taylor, LLP and
Douglas P. Bartner, Esq., at Shearman & Sterling LLP represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed total assets of
$28,500,000 and total debts of $181,774,000.
ATA AIRLINES: Posts $9.7 Million Net Loss in October 2005
---------------------------------------------------------
ATA Holdings Corp. and Subsidiaries
Unaudited Balance Sheet
As of October 31, 2005
ASSETS
Current assets:
Cash and cash equivalents $63,304,000
Receivables,
net of allowance for doubtful accounts 123,433,000
Inventories, net 37,980,000
Assets Held for Sale 2,000,000
Prepaid expenses and other current assets 29,025,000
--------------
TOTAL CURRENT ASSETS 255,742,000
Property and equipment:
Flight equipment 180,017,000
Facilities and ground equipment 142,741,000
Accumulated depreciation (183,416,000)
--------------
TOTAL PROPERTY AND EQUIPMENT 139,342,000
Restricted cash 30,424,000
Goodwill 6,987,000
Prepaid aircraft rent 154,000
Investment in BATA 5,077,000
Deposits and other assets 26,367,000
--------------
TOTAL ASSETS $464,093,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
Short Term Debt $41,000,000
Accounts payable 4,499,000
Air traffic liabilities 85,107,000
Accrued expenses 124,346,000
--------------
TOTAL CURRENT LIABILITIES 254,952,000
Deferred items 30,795,000
Liabilities subject to compromise 1,633,489,000
Commitments and contingencies
Convertible redeemable preferred stock 30,000,000
Shareholders' deficit:
Preferred stock -
Common stock 66,013,000
Treasury stock (24,778,000)
Additional paid-in capital 18,166,000
Accumulated deficit (1,544,544,000)
--------------
TOTAL SHAREHOLDERS' DEFICIT (1,485,143,000)
--------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $464,093,000
==============
ATA Holdings Corp. and Subsidiaries
Unaudited Income Statement
For the Month Ended October 31, 2005
Operating revenues:
Scheduled service $45,247,000
Charter 32,011,000
Ground package 949,000
Other 2,275,000
--------------
Total operating revenues 80,482,000
Operating expenses:
Fuel and oil 27,741,000
Salaries, wages and benefits 21,003,000
Aircraft rentals 10,881,000
Handling, landing and navigation fees 5,782,000
Aircraft maintenance, materials and repairs 3,859,000
Crew and other employee travel 2,571,000
Depreciation and amortization 2,832,000
Passenger service 2,878,000
Other selling expenses 2,253,000
Commissions 2,038,000
Facilities and other rentals 1,549,000
Insurance 1,076,000
Ground package cost 847,000
Advertising 535,000
Aircraft impairments and retirements -
Other 3,381,000
--------------
Total operating expenses 89,226,000
--------------
Operating income (loss) (8,744,000)
Other income (expense):
Interest income 287,000
Interest expense (380,000)
Reorganization expenses (771,000)
Other (127,000)
Other expense (991,000)
--------------
Income (loss) before income taxes (9,735,000)
Income taxes -
--------------
Net income (loss) ($9,735,000)
==============
ATA Holdings Corp. and Subsidiaries
Cash Flow Report
For the Month Ended October 31, 2005
Operating activities:
Net income before reorganization expenses ($8,964,000)
Adjustments to reconcile net income:
Depreciation and amortization 2,878,000
Other non-cash items (188,000)
Changes in operating assets and liabilities:
Receivables (988,000)
Inventories 3,928,000
Prepaid expenses 4,318,000
Accounts payable (1,714,000)
Air traffic liabilities (3,122,000)
Liabilities subject to compromise (3,138,000)
Accrued expenses (133,000)
--------------
Net cash (used in) operating activities (7,123,000)
Reorganization activities:
Reorganization items, net (771,000)
Prepaid expenses 51,000
Liabilities subject to compromise -
Accrued Expenses (162,000)
Receivables -
Other non-cash items (497,000)
--------------
Net cash (used in) reorganization activities (1,379,000)
Investing activities:
Capital expenditures (4,132,000)
Noncurrent prepaid aircraft rent -
Additions to other assets (162,000)
Proceeds from sales of property and equipment 3,000
--------------
Net cash (used in) investing activities (4,291,000)
Financing activities:
Increase in restricted cash 730,000
--------------
Net cash provided by financing activities 730,000
--------------
Decrease in cash and cash equivalents (12,063,000)
Cash and cash equivalents, beginning of period 75,367,000
--------------
Cash and cash equivalents, end of period $63,304,000
==============
Headquartered in Indianapolis, Indiana, ATA Airlines, owned by ATA
Holdings Corp. -- http://www.ata.com/-- is the nation's 10th
largest passenger carrier (based on revenue passenger miles) and
one of the nation's largest low-fare carriers. ATA has one of the
youngest, most fuel-efficient fleets among the major carriers,
featuring the new Boeing 737-800 and 757-300 aircraft. The
airline operates significant scheduled service from Chicago-
Midway, Hawaii, Indianapolis, New York and San Francisco to over
40 business and vacation destinations. Stock of parent company,
ATA Holdings Corp., is traded on the Nasdaq Stock Exchange. The
Company and its debtor-affiliates filed for chapter 11 protection
on Oct. 26, 2004 (Bankr. S.D. Ind. Case Nos. 04-19866, 04-19868
through 04-19874). Terry E. Hall, Esq., at Baker & Daniels,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$745,159,000 in total assets and $940,521,000 in total debts.
(ATA Airlines Bankruptcy News, Issue No. 42; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Portland's October 2005 Monthly Operating Report
-----------------------------------------------------------------
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of October 31, 2005
ASSETS
Cash and cash equivalents $16,154,224
Accounts receivable, net 4,098,677
Notes, estates and other receivables 12,056,296
Loans receivable from Archdiocesan entities, net 9,164,032
Loans receivable from Archdiocesan housing entities 525,151
Interest receivable and other assets 258,779
Inventories 1,595,344
Real Property 226,688
Deposits and prepaid expenses 28,106
Investments 91,841,529
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 7,758,213
--------------
Total Assets $145,347,039
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable $822,302
Accrued liabilities 2,222,269
Funds held for others
Second Collections (12)
Short-term investments payable 16,136,249
Long-term pool investments payable 19,332,258
Reserve for insurance claims 2,343,946
Notes payable 11,029,005
Pre-need liability and reserve 456,268
Accrued post-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 59,949,549
--------------
Postpetition
Accounts payable 835,589
Accrued liabilities 2,681,954
Funds held for others
Second Collections 47,913
Short-term investments payable 2,340,848
Long-term pool investments 3,016,936
Reserve for insurance claims (15,922)
Notes payable -
Pre-need liability and reserve 28,166
Accrued post-retirement liability 404,521
--------------
Total Postpetition Liabilities 9,340,005
--------------
Total Liabilities 69,289,554
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,966,096
Other Assets (3,576,335)
--------------
Total Prepetition Net Assets 66,389,761
--------------
Postpetition Net Assets:
Charitable Trust Assets 2,956,032
Other Assets 6,711,692
--------------
Total Postpetition Net Assets 9,667,724
--------------
Total Net Assets 76,057,485
--------------
Total liabilities & net assets $145,347,039
==============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the month ending October 31, 2005
Revenues, gains and other support
Annual Catholic Appeal income ($225)
Gross profit on cemetery sales 88,129
Contributions, gifts, annuities and bequests 30,740
Operating support - Oregon Catholic Press 79,313
Investment income and realized gains (losses),
net of expenses 659,994
Change in unrealized gains (losses) (1,395,578)
Insurance premiums, net (13,847)
Interest income from loans 44,227
Parish assessments 248,176
Other income 126,974
Departmental revenues 53,427
Net assets released from restrictions -
--------------
Total revenues, gains, and other support (78,670)
--------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 163,929
Clergy Services 58,374
Catholic Schools 30,808
Pastoral Services 64,261
Evangelization Services 58,381
Public Services 10,602
Tribunal Services 20,390
Deposit and loan interest 20,686
Insurance program 303,112
Cemetery operating expenses 85,080
High School grants/charitable annuities 11,232
Other program expenses 99,603
--------------
Total program services 926,458
--------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 70,983
Finance & Administration:
Resource Development 49,941
Business Affairs 9,398
Financial Services 62,328
Human Resources 31,920
Shared Services 25,041
Occupancy and physical plant expenses 16,828
Designated funds expense 9,676
Bankruptcy expense 663,924
Depreciation expense -
--------------
Total supporting services 940,039
--------------
Total expenses and program support 1,866,497
--------------
Increase (decrease) in net assets before
transfers and designations of net assets (1,945,167)
Fund transfers - in (out) -
Designation of net assets -
--------------
Increase (decrease) in net assets (1,945,167)
Net assets at beginning of year 78,002,652
--------------
Net assets at end of year $76,057,485
==============
Archdiocese of Portland in Oregon
Statement of Cash Receipts and Disbursements
For the month ending October 31, 2005
Beginning Cash Balance: $15,326,701
Add:
Transfers in 299,058
Receipts Deposited 3,415,066
Other (Return of Direct Deposits) -
Other (Interest Income) 32,258
--------------
Total Cash Receipts 3,746,383
Subtract:
Transfers out (299,058)
Disbursements by check or debit (2,618,052)
Cash withdrawn -
Other (Service Charges) (509)
Other (Misc Check Correction) -
Other (NSF Checks) (1,240)
Other (Clear Interfund Rec/Pay) -
--------------
Total Cash Disbursements (2,918,859)
--------------
Ending Cash Balance $16,154,225
==============
The Archdiocese of Portland in Oregon filed for chapter 11
protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004.
Thomas W. Stilley, Esq., and William N. Stiles, Esq., at Sussman
Shank LLP, represent the Portland Archdiocese in its restructuring
efforts. In its Schedules of Assets and Liabilities filed with
the Court on July 30, 2004, the Portland Archdiocese reports
$19,251,558 in assets and $373,015,566 in liabilities. (Catholic
Church Bankruptcy News, Issue No. 48; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Spokane's October 2005 Monthly Operating Report
----------------------------------------------------------------
Catholic Diocese of Spokane
Balance Sheet
As of October 31, 2005
ASSETS
Total Cash Accounts $2,914,200
Total Investments 3,874,029
Total Property 495,004
Total Loans Receivable 2,952,449
Total Interfund Loan Receivable 396,887
Total Accounts Receivable 69,385
Total Land and Buildings & Equip 2,474,977
Total Prepaid Expenses 65,491
--------------
Total Assets $13,242,421
==============
LIABILITIES AND NET ASSETS
Liabilities
Total Deposits Payable 6,137,003
Total Interest Payable 0
Total Accounts Payable (171)
Net Assets
Total Unrestricted - Fund Balance (5,530,782)
Total Unrestricted Net Assets (5,530,782)
T.R. - Guse Grant Funds 228,573
Total Replacement Fund 9,995,536
Total Diocesan D&L Funding 2,176,115
Total Guatemala Funds 594,721
Temporarily Restricted (80)
--------------
Total liabilities & net assets $13,372,421
==============
Catholic Diocese of Spokane
Income and Expense Statement
For the month ending October 31, 2005
Total Income $725,422
Total Expenses 534,570
--------------
Net Excess or Deficit $190,852
==============
Catholic Diocese of Spokane
Statement of Cash Receipts and Disbursements
October 1, 2005 to October 31, 2005
Total Cash Receipts $817,362
Total Cash Disbursements $306,309
A full-text copy of the Diocese of Spokane's October 2005 monthly
operating report is available for free at:
http://bankrupt.com/misc/spokane_oct_mor.pdf
The Roman Catholic Church of the Diocese of Spokane filed for
chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on
Dec. 6, 2004. Michael J. Paukert, Esq., at Paine, Hamblen,
Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in
its restructuring efforts. When the Debtor filed for protection
from its creditors, it listed $11,162,938 in total assets and
$81,364,055 in total debts. (Catholic Church Bankruptcy News,
Issue No. 48; Bankruptcy Creditors' Service, Inc., 215/945-7000)
FRIEDMAN'S INC: Files Operating Report for Period Ended Oct. 29
---------------------------------------------------------------
On Dec. 1, 2005, Friedman's Inc. and its debtor-affiliates filed
their consolidated monthly operating reports for the period from
Oct. 2, 2005, through Oct. 29, 2005, with the U.S. Bankruptcy
Court for the Southern District of Georgia.
At Oct. 29, 2005, Friedman's Inc. and its debtor-affiliates'
financial reports show:
Beginning Cash Balance ($4,834,642)
Total Cash Receipts 49,366,582
Total Cash Disbursements 56,616,810
Ending Cash Balance ($12,084,870)
A full-text copy of Friedman's Inc. and its debtor-affiliates'
Monthly Operating Reports for the period ended Oct. 29, 2005, is
available at no charge at http://ResearchArchives.com/t/s?3b7
Headquartered in Savannah, Georgia, Friedman's Inc. --
http://www.friedmans.com/-- is the parent company of a group of
companies that operate fine jewelry stores located in strip
centers and regional malls in the southeastern United States. The
Company and its affiliates filed for chapter 11 protection on Jan.
14, 2005 (Bankr. S.D. Ga. Case No. 05-40129). John W. Butler, Jr.,
Esq., George N. Panagakis, Esq., Timothy P. Olson, Esq., and Alexa
N. Paliwal, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$395,897,000 in total assets and $215,751,000 in total debts.
INTERSTATE BAKERIES: Posts $19MM Net Loss for Period Ended Oct. 15
------------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended October 15, 2005
REVENUE
Gross Income $231,839,064
Less Cost of Goods Sold
Ingredients, Packaging, & Outside Purchasing 54,928,468
Direct & Indirect Labor 44,278,479
Overhead & Production Administration 13,160,910
------------
Total Cost of Goods Sold 112,367,857
------------
Gross Profit $119,471,207
------------
OPERATING EXPENSES
Owner-Draws/Salaries -
Selling & Delivery Employee Salaries $58,713,714
Advertising and Marketing 3,368,234
Insurance (Property, Casualty, & Medical) 13,865,271
Payroll Taxes 4,845,757
Lease and Rent 3,745,501
Telephone and Utilities 1,174,845
Corporate Expense (Including Salaries) 6,687,300
Other Expenses 32,976,740
------------
Total Operating Expenses $125,377,362
------------
EBITDA ($5,906,155)
Restructuring & Reorganization Charges 16,402,180
Depreciation and Amortization 5,887,365
Other Income (2,751,522)
Gain/Loss Sale of Property (87,435)
Interest Expense 3,744,740
------------
Operating Income (Loss) (29,101,483)
Income Tax Expense (Benefit) (10,138,695)
------------
Net Income (Loss) ($18,962,788)
============
CURRENT ASSETS
Accounts Receivable at end of period $152,465,348
Increase (Decrease) in Accounts Receivable (4,379,891)
Inventory at end of period 63,573,608
Increase (Decrease) in Inventory for period (485,218)
Cash at end of period 148,839,683
Increase (Decrease) in Cash for period (2,734,697)
Restricted Cash 19,634,836
Increase (Dec.) in Restricted Cash for period -
LIABILITIES
Increase (Decrease) in Liabilities
Not Subject to Compromise 3,173,584
Increase (Decrease) in Liabilities
Subject to Compromise 837,879
Taxes payable:
Federal Payroll Taxes 10,489,193
State/Local Payroll Taxes 4,909,621
State Sales Taxes 1,308,627
Real Estate and Personal Property Taxes 17,300,198
Other 6,325,246
------------
Total Taxes Payable $40,332,885
============
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh baked
bread and sweet goods, under various national brand names,
including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R),
Merita(R) and Drake's(R). The Company employs approximately
32,000 in 54 bakeries, more than 1,000 distribution centers and
1,200 thrift stores throughout the U.S.
The Company and seven of its debtor-affiliates filed for chapter
11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No.
04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in
their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6.0% senior subordinated convertible notes due August 15, 2014,
on August 12, 2004) in total debts. (Interstate Bakeries
Bankruptcy News, Issue No. 33; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
MERIDIAN AUTOMOTIVE: Posts $6.6 Million Net Loss in October 2005
----------------------------------------------------------------
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheets
As of October 31, 2005
(In Thousands)
CURRENT ASSETS:
Cash -
Accounts receivable, net $128,941
Intercompany receivable 12,221
Inventories 76,463
Tooling costs in excess of billings and others 21,915
----------
TOTAL CURRENT ASSETS 239,540
----------
Property, plant and equipment, net 232,931
Intangible assets 15,567
Investment in subsidiaries 23,863
Other assets 18,347
----------
TOTAL ASSETS $530,248
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPRISE:
Current portion of long term debt $327,163
Accounts payable 40,766
Accrued expenses 47,812
Tooling billings in excess of costs 7,345
----------
TOTAL CURENT LIABILITIES 423,086
----------
Liabilities subject to comprise 460,131
Non-Current Liabilities Not Subject to Compromise:
Other long-term liabilities 16,057
Accumulated post-retirement benefit obligation 16,405
----------
TOTAL LIABILITIES 915,679
STOCKHOLDERS' EQUITY (385,431)
----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $530,248
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Operation
October 1 to 31, 2005
(In Thousands)
Net sales $81,827
Cost of sales 74,906
----------
Gross profit 6,921
Selling, general and administrative expenses 2,376
Restructuring charges 1,298
----------
Operating income (loss) 3,247
Interest expense, net 8,034
Other income (expense) 98
Chapter 11 and related reorganization items 1,924
----------
Loss before provision for income taxes (6,613)
(Benefit) Provision for income taxes (13)
----------
NET LOSS ($6,600)
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
October 1 to 31, 2005
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($6,600)
Adjustments required to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation, amortization, and impairment 3,848
Change in working capital and other operating
items 3,798
----------
Net cash provided by (used for) operating
activities before reorganization items 1,046
----------
Operating cash flows from reorganization items:
Chapter 11 and related reorganization items 1,924
Payments on Chapter 11 and related reorg items (755)
----------
Net cash provided by Chapter 11 and related
reorg items 1,169
Net cash provided by (used for) operating
activities 2,215
INVESTING ACTIVITIES:
Additions to property and equipment (2,677)
Proceeds from sale or property and equipment 271
----------
Net cash used for investing activities (2,406)
----------
FINANCING ACTIVITIES:
Proceeds from prepetition borrowings -
Repayments of prepetition borrowings -
Proceeds from DIP credit facility 42,000
Repayments of DIP credit facility (41,800)
Repayments on prepetition long-term debt -
Deferred financing costs capitalized (9)
----------
Net cash provided by financing activities 191
----------
Net increase (decrease) in cash -
----------
Cash and Cash Equivalents, beginning of period -
Cash and Cash Equivalents, end of period -
==========
Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other
interior systems to automobile and truck manufacturers. Meridian
operates 22 plants in the United States, Canada and Mexico,
supplying Original Equipment Manufacturers and major Tier One
parts suppliers. The Company and its debtor-affiliates filed for
chapter 11 protection on April 26, 2005 (Bankr. D. Del. Case Nos.
05-11168 through 05-11176). James F. Conlan, Esq., Larry J.
Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at
Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon
L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks,
Esq., at Young Conaway Stargatt & Taylor, LLP, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $530 million in
total assets and approximately $815 million in total liabilities.
(Meridian Bankruptcy News, Issue No. 19; Bankruptcy Creditors'
Service, Inc., 215/945-7000).
NORTHWEST AIR: Posts $346 Mil. Net Loss for Period Ended Oct. 31
----------------------------------------------------------------
Northwest Airlines Corporation and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
As of October 31, 2005
ASSETS
Current assets:
Cash and cash equivalents $1,164,000,000
Unrestricted short-term investments 465,000,000
Restricted cash, cash equivalents &
short-term investments 571,000,000
Accounts receivable, net 628,000,000
Flight equipment spare parts, net 134,000,000
Prepaid expenses & other 475,000,000
---------------
Total current assets 3,437,000,000
Property and equipment:
Flight equipment, net 7,420,000,000
Other property & equipment, net 757,000,000
---------------
Total property & equipment 8,177,000,000
Flight Equipment under capital leases, net 125,000,000
Other assets:
Intangible pension asset 671,000,000
International routes 634,000,000
Investments in affiliated companies 58,000,000
Other 949,000,000
---------------
Total other assets 2,312,000,000
---------------
Total assets $14,051,000,000
===============
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Air traffic liability $1,745,000,000
Accounts payable & other liabilities 1,012,000,000
Current maturities of long-term debt
& capital lease obligations 15,000,000
---------------
Total current liabilities 2,772,000,000
Long-term debt 302,000,000
Long-term obligations under capital leases -
Deferred Credits & other liabilities:
Long-term pension & postretirement
Health care benefits 78,000,000
Other 88,000,000
---------------
Total deferred credits & other liabilities 166,000,000
Liabilities Subject to Compromise 14,994,000,000
Preferred redeemable stock 281,000,000
Common Stockholders' Equity (Deficit)
Common stock 1,000,000
Additional paid-in capital 1,484,000,000
Accumulated deficit (3,402,000,000)
Accumulated other comprehensive
income (loss) (1,548,000,000)
Treasury stock (999,000,000)
---------------
Total common stockholders' equity (deficit) (4,464,000,000)
---------------
Total Liabilities &
Stockholders' Equity (deficit) $14,051,000,000
===============
Northwest Airlines Corporation and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations
From September 14, 2005 to October 31, 2005
Operating Revenues
Passenger $1,094,000,000
Regional carrier revenues 194,000,000
Cargo 139,000,000
Other 139,000,000
---------------
Total Operating Revenues 1,566,000,000
Operating Expenses
Salaries, wages, and benefits 414,000,000
Aircraft fuel and taxes 463,000,000
Selling and marketing 95,000,000
Aircraft maintenance materials and repair 85,000,000
Other rentals and landing fees 78,000,000
Depreciation and amortization 66,000,000
Aircraft rentals 50,000,000
Regional carrier expenses 233,000,000
Other 218,000,000
---------------
Total Operating Expenses 1,702,000,000
Operating Income (Loss) (136,000,000)
Other Income (Expense)
Interest expense, net (58,000,000)
Investment income 10,000,000
Reorganization items, net (158,000,000)
Other, net (3,000,000)
---------------
Total other income (expense) (209,000,000)
---------------
Income (Loss) Before Income Taxes (345,000,000)
Income tax expense (benefit) 1,000,000
---------------
Net Income (Loss) ($346,000,000)
===============
Northwest Airlines Corporation and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
From September 14, 2005 to October 31, 2005
Cash Flows from Operating Activities:
Net income (loss) ($346,000,000)
Adjustments to reconcile net loss to net
cash provided by (used in)
operating activities:
Depreciation and amortization 66,000,000
Pension and other postretirement benefit
contributions less than expense 69,000,000
Changes in certain assets & liabilities 470,000,000
Reorganization items 158,000,000
Other, net (141,000,000)
---------------
Net cash provided by operating activities 276,000,000
Cash Flows from Reorganization Activities:
Net cash provided by (used in)
reorganization activities 1,000,000
Cash Flows from Investing Activities:
Capital expenditures (7,000,000)
Purchase of short-term investments -
Proceeds from sales of
short-term investments 49,000,000
Decrease (increase) in restricted
cash, cash equivalents &
short-term investments (190,000,000)
Other, net (1,000,000)
---------------
Net cash provided by (used in) investing
activities (149,000,000)
Cash Flows from Financing Activities:
Proceeds from long-term debt -
Payments of long-term debt and capital
lease obligations -
Other, net -
---------------
Net cash provided by (used in)
financing activities -
---------------
Increase in Cash and Cash Equivalents 128,000,000
Cash & cash equivalents at beginning of period 1,036,000,000
---------------
Cash & cash equivalents at end of period $1,164,000,000
===============
Northwest Airlines Corporation -- http://www.nwa.com/-- is the
world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures. Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks. Northwest and its travel
partners serve more than 900 cities in excess of 160 countries on
six continents. The Company and 12 affiliates filed for chapter
11 protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-
17930). Bruce R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP in New York, and Mark C.
Ellenberg, Esq., at Cadwalader, Wickersham & Taft LLP in
Washington represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $14.4 billion in total assets and $17.9 billion in total
debts. (Northwest Airlines Bankruptcy News, Issue No. 12;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
O'SULLIVAN IND: Files Monthly Operating Report for October 2005
---------------------------------------------------------------
O'Sullivan Industries, Inc.
Cash Receipts and Disbursements
Month Ended October 31, 2005
Funds at the beginning of period $1,133,435
Receipts:
Cash sales -
Less: Refunds -
-----------
Net cash sales -
Collection of postpetition accounts receivable -
Collection of prepetition accounts receivable 8,160,572
Other receipts 13,659,860
-----------
Total receipts 21,820,432
-----------
Total Cash Available for Operations $22,953,867
===========
Disbursements:
U.S. Trustee quarterly fee -
Net payroll $1,266,957
Payroll taxes paid 510,411
Professional fees -
Other taxes 75,950
Rent & equipment rent 17,657
Other leases 16,744
Telephone 39,532
Utilities 173,859
Travel & Entertainment 9,663
Vehicle expenses -
Office Expenses 16,470
Advertising 21,764
Insurance 42,375
Freight 601,857
Job-Cost raw materials 4,835,545
Foreign bank fees 118
Repairs & maintenance 255,666
Payments to secured creditors -
Employee benefits 168,611
Other expenses 298,150
Transfers 13,424,083
-----------
Total Disbursements 21,775,412
-----------
Ending Cash Balance $1,178,455
===========
O'Sullivan Industries, Inc., did not provide a balance sheet and
an income statement in its monthly financial report for the
period.
Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings,
Inc. -- http://www.osullivan.com/-- designs, manufactures, and
distributes ready-to-assemble furniture and related products,
including desks, computer work centers, bookcases, filing
cabinets, home entertainment centers, commercial furniture, garage
storage units, television, audio, and night stands, dressers, and
bedroom pieces. O'Sullivan sells its products primarily to large
retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and
Office Depot. The Company and its subsidiaries filed for chapter
11 protection on October 14, 2005 (Bankr. N.D. Ga. Case No. 05-
83049). On September 30, 2005, the Debtor listed $161,335,000 in
assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News,
Issue No. 7; Bankruptcy Creditors' Service, Inc., 215/945-7000)
O'SULLIVAN IND: Furniture's Monthly Operating Report for Oct. 2005
------------------------------------------------------------------
O'Sullivan Furniture Factory Outlet, Inc.
Cash Receipts and Disbursements
Month Ended October 31, 2005
Funds at the beginning of period $12,032
Receipts:
Cash sales 74,885
Less: Refunds (342)
Net cash sales 74,543
Collection of postpetition accounts -
receivable
Collection of prepetition accounts -
receivable
Other receipts -
-----------
Total receipts 74,543
-----------
Total Cash Available for Operations $86,574
===========
Disbursements:
Other expenses $86
Transfers 79,715
-----------
Total Disbursements 79,801
-----------
Ending Cash Balance $6,773
===========
O'Sullivan Furniture did not provide a balance sheet and an
income statement in its monthly financial report for the period.
Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings,
Inc. -- http://www.osullivan.com/-- designs, manufactures, and
distributes ready-to-assemble furniture and related products,
including desks, computer work centers, bookcases, filing
cabinets, home entertainment centers, commercial furniture, garage
storage units, television, audio, and night stands, dressers, and
bedroom pieces. O'Sullivan sells its products primarily to large
retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and
Office Depot. The Company and its subsidiaries filed for chapter
11 protection on October 14, 2005 (Bankr. N.D. Ga. Case No. 05-
83049). On September 30, 2005, the Debtor listed $161,335,000 in
assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News,
Issue No. 7; Bankruptcy Creditors' Service, Inc., 215/945-7000)
O'SULLIVAN IND: Holdings' Monthly Operating Report for Oct. 2005
----------------------------------------------------------------
O'Sullivan Industries Holdings, Inc., reports $0 cash receipts
and disbursements for the period October 15 to 31, 2005.
Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings,
Inc. -- http://www.osullivan.com/-- designs, manufactures, and
distributes ready-to-assemble furniture and related products,
including desks, computer work centers, bookcases, filing
cabinets, home entertainment centers, commercial furniture, garage
storage units, television, audio, and night stands, dressers, and
bedroom pieces. O'Sullivan sells its products primarily to large
retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and
Office Depot. The Company and its subsidiaries filed for chapter
11 protection on October 14, 2005 (Bankr. N.D. Ga. Case No. 05-
83049). On September 30, 2005, the Debtor listed $161,335,000 in
assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News,
Issue No. 7; Bankruptcy Creditors' Service, Inc., 215/945-7000)
O'SULLIVAN IND: Virginia's Monthly Operating Report for Oct. 2005
-----------------------------------------------------------------
O'Sullivan Industries Virginia, Inc., reports $0 cash receipts
and disbursements for the period October 15 to 31, 2005.
O'Sullivan Virginia held $15,110 at the beginning of the period.
Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings,
Inc. -- http://www.osullivan.com/-- designs, manufactures, and
distributes ready-to-assemble furniture and related products,
including desks, computer work centers, bookcases, filing
cabinets, home entertainment centers, commercial furniture, garage
storage units, television, audio, and night stands, dressers, and
bedroom pieces. O'Sullivan sells its products primarily to large
retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and
Office Depot. The Company and its subsidiaries filed for chapter
11 protection on October 14, 2005 (Bankr. N.D. Ga. Case No. 05-
83049). On September 30, 2005, the Debtor listed $161,335,000 in
assets and $254,178,000 in debts. (O'Sullivan Bankruptcy News,
Issue No. 7; Bankruptcy Creditors' Service, Inc., 215/945-7000)
PHARMACEUTICAL FORMULATIONS: Posts $283,079 Net Loss at Aug. 27
---------------------------------------------------------------
On Oct. 7, 2005, Pharmaceutical Formulations, Inc., filed its
monthly operating report for the period ended Aug. 27, 2005, with
the United States Bankruptcy Court for the District of Delaware.
The Company reported a $283,000 net loss in $4,383,000 of gross
sales for the period ended Aug. 27, 2005.
At Aug. 27, 2005, Pharmaceutical Formulations, Inc.'s balance
sheet shows:
Current Assets $20,106,000
Total Assets 40,524,000
Current Liabilities 35,539,000
Total Liabilities 70,670,000
Total Stockholders' Equity Deficit ($30,146,000)
A full-text copy of Pharmaceutical Formulations, Inc.'s Monthly
Operating Report for the period ended Aug. 27, 2005, is available
at no charge at http://ResearchArchives.com/t/s?3b9
Headquartered in Edison, New Jersey, Pharmaceutical Formulations,
Inc. -- http://www.pfiotc.com/-- is a publicly traded private
label manufacturer and distributor of nonprescription over-the-
counter solid dose generic pharmaceutical products in the United
States. The Company filed for chapter 11 protection on July 11,
2005 (Bankr. Del. Case No. 05-11910). Matthew Barry Lunn, Esq.,
and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor
LLP, represent the Debtor in its chapter 11 proceeding. As of
Apr. 30, 2005, the Debtor reported $40,860,000 in total assets and
$44,195,000 in total debts.
PHARMACEUTICAL FORMULATIONS: Posts $788,000 Net Loss at Sept. 24
----------------------------------------------------------------
On Nov. 9, 2005, Pharmaceutical Formulations, Inc., filed its
monthly operating report for the period ended Sept. 24, 2005, with
the United States Bankruptcy Court for the District of Delaware.
The Company reported a $788,000 net loss in $4,724,000 of gross
sales for the period ended Sept. 24, 2005.
At Sept. 24, 2005, Pharmaceutical Formulations, Inc.'s balance
sheet shows:
Current Assets $18,706,000
Total Assets 38,880,000
Current Liabilities 38,805,000
Total Liabilities 69,814,000
Total Stockholders' Equity Deficit ($30,934,000)
A full-text copy of Pharmaceutical Formulations, Inc.'s Monthly
Operating Report for the period ended Sept. 24, 2005, is available
at no charge at http://ResearchArchives.com/t/s?3bb
Headquartered in Edison, New Jersey, Pharmaceutical Formulations,
Inc. -- http://www.pfiotc.com/-- is a publicly traded private
label manufacturer and distributor of nonprescription over-the-
counter solid dose generic pharmaceutical products in the United
States. The Company filed for chapter 11 protection on July 11,
2005 (Bankr. Del. Case No. 05-11910). Matthew Barry Lunn, Esq.,
and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor
LLP, represent the Debtor in its chapter 11 proceeding. As of
Apr. 30, 2005, the Debtor reported $40,860,000 in total assets and
$44,195,000 in total debts.
USG CORP: Earns $42 Million for the Month of October 2005
---------------------------------------------------------
USG Corporation, et al.
Consolidated Balance Sheet 31-Oct-2005
__________________________ ___________
Assets:
Cash and cash equivalents $678,145,000
Marketable Securities 171,136,000
Restricted Cash 75,021,000
Receivables 420,622,000
Inventories 277,824,000
Income taxes receivable 6,234,000
Other current assets 166,479,000
------------
Total current assets 1,795,461,000
Property, plant and equipment, net 1,646,148,000
Marketable Securities 283,298,000
Deferred income taxes 219,951,000
Goodwill 64,124,000
Other assets 423,330,000
------------
Total Assets $4,432,312,000
=============
Liabilities and Stockholders' Equity:
Accounts payable $262,431,000
Accrued expenses 234,430,000
Deferred income taxes 9,293,000
Taxes on income 66,553,000
-------------
Total current liabilities 572,707,000
Other liabilities 427,267,000
Liabilities subject to compromise 2,240,570,000
Stockholders' Equity:
Common stock 4,998,000
Treasury stock (221,819,000)
Capital received in excess of par value 117,020,000
Accumulated other comprehensive income/(loss) 80,338,000
Retained earnings 1,211,231,000
-------------
Total stockholders' equity 1,191,768,000
-------------
Total Liabilities and Stockholders' Equity $4,432,312,000
=============
USG Corporation, et al. Month Ending
Consolidated Income Statement 31-Oct-2005
_____________________________ ____________
Net sales $406,364,000
Cost of products sold 317,269,000
Selling and administrative expenses 23,943,000
Chapter 11 reorganization expenses (3,348,000)
Provision for restructuring expenses -
Interest expense 337,000
Interest income (145,000)
Other (income)/expense, net (287,000)
------------
Earnings/(loss) before income taxes 68,595,000
Income taxes (benefit) 26,393,000
------------
Net Earnings/(loss) $42,202,000
============
Headquartered in Chicago, Illinois, USG Corporation --
http://www.usg.com/-- through its subsidiaries, is a leading
manufacturer and distributor of building materials producing a
wide range of products for use in new residential, new
nonresidential and repair and remodel construction, as well as
products used in certain industrial processes. The Company filed
for chapter 11 protection on June 25, 2001 (Bankr. Del. Case No.
01-02094). David G. Heiman, Esq., and Paul E. Harner, Esq., at
Jones Day represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $3,252,000,000 in assets and $2,739,000,000 in debts. (USG
Bankruptcy News, Issue No. 100; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
WINN-DIXIE: Posts $351 Mil. Net Loss for Four Weeks Ended Sept. 21
------------------------------------------------------------------
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Balance Sheet
At September 21, 2005
(In thousands)
Assets
Current assets:
Cash and cash equivalents $46,264
Marketable securities 19,771
Trade and other receivables, net 227,700
Insurance claims receivable 51,044
Income tax receivable 30,183
Merchandise inventories, net 527,775
Prepaid expenses and other current assets 61,529
------------
Total current assets 964,266
Property, plant and equipment, net 582,020
Other assets, net 134,903
------------
TOTAL ASSETS $1,681,189
============
Liabilities & Shareholders' Deficit
Current liabilities:
Current portion of long-term debt $216
Current obligations under capital leases 4,649
Accounts payable 133,573
Reserve for self-insurance liabilities 86,261
Accrued wages and salaries 100,876
Accrued rent 35,664
Accrued expenses 107,790
------------
Total current liabilities 469,029
Reserve for self-insurance liabilities 141,557
Long-term debt 340
Long-term borrowings under DIP Credit Facility 42,789
Obligations under capital leases 6,247
Other liabilities 17,757
------------
Total liabilities not subject to compromise 677,719
Liabilities subject to compromise 1,500,099
------------
Total liabilities 2,177,818
Shareholders' deficit:
Common stock 141,863
Additional paid-in-capital 29,712
Accumulated deficit (630,739)
Accumulated other comprehensive loss (37,465)
------------
Total shareholders' deficit (496,629)
------------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $1,681,189
============
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Operations
Four weeks ended September 21, 2005
(In thousands)
Net sales $563,070
Cost of sales 411,232
------------
Gross profit on sales 151,838
Other operating and administrative expenses 161,819
Impairment charges 8,002
Restructuring charges 22,479
------------
Operating loss (40,462)
Interest expense, net 1,034
------------
Loss before reorganization items and income taxes (41,496)
Reorganization items, net 5,113
Income tax expense -
------------
Net loss from continuing operations (46,609)
Discontinued operations:
Loss from discontinued operations (32,823)
Loss on disposal of discontinued operations (276,263)
Income tax expense -
------------
Net loss from discontinued operations (309,086)
Cumulative effect of change in accounting principle 4,583
------------
NET LOSS ($351,112)
============
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Cash Flows
Four weeks ended September 21, 2005
(In thousands)
Cash flows from operating activities:
Net loss ($351,112)
Adjustments to reconcile net loss
to net cash provided by operating activities:
Gain on sales of assets, net (6,092)
Reorganization items, net 5,113
Impairment charges 9,243
Depreciation and amortization 4,799
Stock compensation plans (6,568)
Change in operating assets and liabilities:
Trade and other receivables (13,061)
Merchandise inventories 52,670
Prepaid expenses and other current assets 12,444
Accounts payable 43,066
Reserve for self-insurance liabilities 7,841
Lease liability on closed facilities 277,308
Income taxes receivable (109)
Defined benefit plan 257
Other accrued expenses (1,801)
------------
Net cash provided by operating activities
before reorganization items 33,998
Cash effect of reorganization items (4,302)
------------
Net cash provided by operating activities 29,696
Cash flows from investing activities:
Purchases of property, plant and equipment (2,735)
Increase in investments and other assets (1,819)
Proceeds from sales of assets 20,226
Marketable securities, net (409)
------------
Net cash provided by investing activities 15,263
Cash flows from financing activities:
Gross borrowings on DIP Credit Facility 138,518
Gross payments on DIP Credit Facility (192,204)
Principal payments on long-term debt (17)
Principal payments on capital lease obligations (270)
Other 143
------------
Net cash used in financing activities (53,830)
Decrease in cash and cash equivalents (8,871)
Cash and cash equivalents at beginning of period 55,135
------------
Cash and cash equivalents at end of period $46,264
============
Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers. The Company operates stores across the
Southeastern United States and in the Bahamas and employs
approximately 90,000 people. The Company, along with 23 of its
U.S. subsidiaries, filed for chapter 11 protection on Feb. 21,
2005 (Bankr. S.D.N.Y. Case No. 05-11063, transferred Apr. 14,
2005, to Bankr. M.D. Fla. Case Nos. 05-03817 through 05-03840).
D.J. Baker, Esq., at Skadden Arps Slate Meagher & Flom LLP, and
Sarah Robinson Borders, Esq., and Brian C. Walsh, Esq., at King &
Spalding LLP, represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they listed $2,235,557,000 in total assets and
$1,870,785,000 in total debts. (Winn-Dixie Bankruptcy News,
Issue No. 29; Bankruptcy Creditors' Service, Inc., 215/945-7000).
WINN-DIXIE: Earns $196 Million for Four Weeks Ended Oct. 19
-----------------------------------------------------------
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Balance Sheet
At October 19, 2005
(In thousands)
Assets
Current assets:
Cash and cash equivalents $63,807
Marketable securities 19,777
Trade and other receivables, net 215,267
Insurance claims receivable 60,162
Income tax receivable 30,183
Merchandise inventories, net 548,495
Prepaid expenses and other current assets 51,656
------------
Total current assets 989,347
Property, plant and equipment, net 570,961
Other assets, net 134,504
------------
TOTAL ASSETS $1,694,812
============
Liabilities & Shareholders' Deficit
Current liabilities:
Current portion of long-term debt $218
Current obligations under capital leases 4,582
Accounts payable 178,714
Reserve for self-insurance liabilities 85,936
Accrued wages and salaries 94,011
Accrued rent 36,042
Accrued expenses 105,083
------------
Total current liabilities 504,586
Reserve for self-insurance liabilities 141,799
Long-term debt 321
Long-term borrowings under DIP Credit Facility 40,000
Obligations under capital leases 6,032
Other liabilities 17,634
------------
Total liabilities not subject to compromise 710,372
Liabilities subject to compromise 1,284,426
------------
Total liabilities 1,994,798
Shareholders' deficit:
Common stock 141,828
Additional paid-in-capital 30,299
Accumulated deficit (434,904)
Accumulated other comprehensive loss (37,209)
------------
Total shareholders' deficit (299,986)
------------
Total liabilities and shareholders' deficit $1,694,812
============
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Operations
Four weeks ended October 19, 2005
(In thousands)
Net sales $565,394
Cost of sales, net 411,802
------------
Gross profit on sales 153,592
Other operating and administrative expenses 165,108
Restructuring charges 3,914
------------
Operating loss (15,430)
Interest expense, net 1,011
------------
Loss before reorganization items and income taxes (16,441)
Reorganization items, net (192,073)
Income tax expense -
------------
Net earnings from continuing operations 175,632
Discontinued operations:
Loss from discontinued operations (3,116)
Gain on disposal of discontinued operations 23,319
Income tax expense -
------------
Net earnings from discontinued operations 20,203
------------
NET EARNINGS $195,835
============
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Cash Flows
Four weeks ended October 19, 2005
(In thousands)
Cash flows from operating activities:
Net income $195,835
Adjustments to reconcile net income
to net cash provided by operating activities:
Gain on sales of assets, net (4,223)
Reorganization items, net (192,073)
Depreciation and amortization 8,913
Stock compensation plans 713
Change in operating assets and liabilities:
Trade and other receivables 1,413
Merchandise inventories (20,720)
Prepaid expenses and other current assets 10,501
Accounts payable 45,885
Reserve for self-insurance liabilities (82)
Lease liability on closed facilities (217,428)
Income taxes receivable (56)
Defined benefit plan (84)
Other accrued expenses 188,601
------------
Net cash provided by operating activities
before reorganization items 17,195
Cash effect of reorganization items (3,916)
------------
Net cash provided by operating activities 13,279
Cash flows from investing activities:
Purchases of property, plant and equipment (3,678)
Increase in investments and other assets (1,693)
Proceeds from sales of assets 13,162
Marketable securities, net (63)
------------
Net cash provided by investing activities 7,728
Cash flows from financing activities:
Gross borrowings on DIP Credit Facility 107,399
Gross payments on DIP Credit Facility (110,188)
Principal payments on long-term debt (17)
Debt issuance costs (496)
Principal payments on capital lease obligations (306)
Other 144
------------
Net cash used in financing activities (3,464)
Increase in cash and cash equivalents 17,543
Cash and cash equivalents at beginning of period 46,264
------------
Cash and cash equivalents at end of period $63,807
============
Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers. The Company operates stores across the
Southeastern United States and in the Bahamas and employs
approximately 90,000 people. The Company, along with 23 of its
U.S. subsidiaries, filed for chapter 11 protection on Feb. 21,
2005 (Bankr. S.D.N.Y. Case No. 05-11063, transferred Apr. 14,
2005, to Bankr. M.D. Fla. Case Nos. 05-03817 through 05-03840).
D.J. Baker, Esq., at Skadden Arps Slate Meagher & Flom LLP, and
Sarah Robinson Borders, Esq., and Brian C. Walsh, Esq., at King &
Spalding LLP, represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they listed $2,235,557,000 in total assets and
$1,870,785,000 in total debts. (Winn-Dixie Bankruptcy News,
Issue No. 29; Bankruptcy Creditors' Service, Inc., 215/945-7000).
WINN-DIXIE: Earns $39.9 Million for Four Weeks Ended Nov. 16
------------------------------------------------------------
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Balance Sheet
At November 16, 2005
(In thousands)
Assets
Current assets:
Cash and cash equivalents $58,754
Marketable securities 13,306
Trade and other receivables, net 188,750
Insurance claims receivable 88,317
Income tax receivable 30,183
Merchandise inventories, less LIFO reserve 564,580
Prepaid expenses and other current assets 54,581
------------
Total current assets 998,471
Property, plant and equipment, net 563,579
Other assets, net 123,478
------------
TOTAL ASSETS $1,685,528
============
LIABILITIES & SHAREHOLDERS' DEFICIT
Current liabilities:
Current portion of long-term debt $219
Current obligations under capital leases 4,273
Accounts payable 271,094
Reserve for self-insurance liabilities 91,292
Accrued wages and salaries 82,480
Accrued rent 40,646
Accrued expenses 103,080
------------
Total current liabilities 593,084
Reserve for self-insurance liabilities 142,042
Long-term debt 302
Long-term borrowings under DIP Credit Facility 40,000
Obligations under capital leases 5,400
Other liabilities 16,898
------------
Total liabilities not subject to compromise 797,726
Liabilities subject to compromise 1,147,088
------------
Total liabilities 1,944,814
Shareholders' deficit:
Common stock 141,828
Additional paid-in-capital 30,845
Accumulated deficit (395,020)
Accumulated other comprehensive loss (36,939)
------------
Total shareholders' deficit (259,286)
------------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $1,685,528
============
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Operations
Four weeks ended November 16, 2005
(In thousands)
Net sales $587,276
Cost of sales 445,130
------------
Gross profit on sales 142,146
Other operating and administrative expenses 159,100
Restructuring charges 9,415
------------
Operating loss (26,369)
Interest expense, net 843
------------
Loss before reorganization items and income taxes (27,212)
Reorganization items, net (65,007)
Income tax expense -
------------
Net earnings from continuing operations 37,795
Discontinued operations:
Loss from discontinued operations (970)
Gain on disposal of discontinued operations 3,059
Income tax expense -
------------
Net earnings from discontinued operations 2,089
------------
NET EARNINGS $39,884
============
Winn-Dixie Stores, Inc., et al.
Unaudited Consolidated Statement of Cash Flows
Four weeks ended November 16, 2005
(In thousands)
Cash flows from operating activities:
Net earnings $39,884
Adjustments to reconcile net earnings to
net cash used in operating activities:
Gain on sales of assets, net (1,089)
Reorganization items, net (65,007)
Depreciation and amortization 9,109
Stock compensation plans 707
Change in operating assets and liabilities:
Trade and other receivables (8,582)
Merchandise inventories (16,085)
Prepaid expenses and other current assets (2,033)
Accounts payable 21,657
Reserve for self-insurance liabilities 5,598
Lease liability on closed facilities (57,870)
Income taxes receivable (1)
Defined benefit plan (149)
Other accrued expenses 51,519
------------
Net cash used in operating activities
before reorganization items (22,342)
Cash effect of reorganization items (6,015)
------------
Net cash used in operating activities (28,357)
Cash flows from investing activities:
Purchases of property, plant and equipment (640)
Decrease in investments and other assets 14,106
Proceeds from sales of assets 2,756
Marketable securities, net 6,428
------------
Net cash provided by investing activities 22,650
Cash flows from financing activities:
Gross borrowings on DIP Credit Facility 87,655
Gross payments on DIP Credit Facility (87,655)
Principal payments on long-term debt (18)
Principal payments on capital lease obligations 476
Other 196
------------
Net cash provided by financing activities 654
Decrease in cash and cash equivalents (5,053)
Cash and cash equivalents at beginning of period 63,807
------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $58,754
============
Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers. The Company operates stores across the
Southeastern United States and in the Bahamas and employs
approximately 90,000 people. The Company, along with 23 of its
U.S. subsidiaries, filed for chapter 11 protection on Feb. 21,
2005 (Bankr. S.D.N.Y. Case No. 05-11063, transferred Apr. 14,
2005, to Bankr. M.D. Fla. Case Nos. 05-03817 through 05-03840).
D.J. Baker, Esq., at Skadden Arps Slate Meagher & Flom LLP, and
Sarah Robinson Borders, Esq., and Brian C. Walsh, Esq., at King &
Spalding LLP, represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they listed $2,235,557,000 in total assets and
$1,870,785,000 in total debts. (Winn-Dixie Bankruptcy News,
Issue No. 29; Bankruptcy Creditors' Service, Inc., 215/945-7000).
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania,
USA, and Beard Group, Inc., Frederick, Maryland USA. Yvonne L.
Metzler, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Jazel P.
Laureno, Cherry Soriano-Baaclo, Marjorie Sabijon, Terence Patrick
F. Casquejo, Jason A. Nieva, Christian Q. Salta, Lucilo Junior M.
Pinili, Tara Marie Martin, and Peter A. Chapman, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $675 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each. For subscription information, contact Christopher
Beard at 240/629-3300.
*** End of Transmission ***