/raid1/www/Hosts/bankrupt/TCR_Public/050115.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, January 15, 2005, Vol. 9, No. 12
Headlines
ATA AIRLINES: Posts $14.5 Million Net Loss for November 2004
CATHOLIC CHURCH: Portland Files July 2004 Monthly Operating Report
CATHOLIC CHURCH: Portland Files Aug. 2004 Monthly Operating Report
CATHOLIC CHURCH: Portland Files September Monthly Operating Report
CATHOLIC CHURCH: Portland Files Oct. 2004 Monthly Operating Report
CATHOLIC CHURCH: Portland Files Nov. 2004 Monthly Operating Report
CATHOLIC CHURCH: Tucson Files Nov. 2004 Monthly Operating Report
DAN RIVER: Posts $4.8 Million Net Loss in November 2004
FEDERAL-MOGUL: Posts $28 Million Net Loss in November 2004
NEWPOWER HOLDINGS: Files November 2004 Monthly Operating Report
OWENS CORNING: Reports $6.5 Million Net Loss in July 2004
OWENS CORNING: Reports $14 Million Net Loss in August 2004
OWENS CORNING: Earns $2.4 Million of Net Income in September 2004
OWENS CORNING: Earns $1.7 Million of Net Income in October 2004
PARMALAT: Farmland Dairies' November 2004 Monthly Operating Report
PARMALAT: Finanziaria Reports October 2004 Financial Results
PARMALAT: Finanziaria Reports November 2004 Financial Results
PARMALAT: Milk Products' November 2004 Monthly Operating Report
PARMALAT: Releases Monthly Operating Report Ended Nov. 20, 2004
SOLUTIA INC: Posts $14 Million Net Loss for October 2004
SOLUTIA INC: Posts $18 Million Net Loss for November 2004
SONICBLUE INC: Releases September 2004 Monthly Operating Report
THAXTON GROUP: Nov. 30 Balance Sheet Upside-Down by $11.9 Million
TRUMP HOTELS: Earns $4.9 Million of Net Income in November 2004
WESTPOINT STEVENS: Posts $12.6 Million Net Loss in November 2004
WESTPOINT STEVENS: WP Stevens I Posts $4.4 Mil. Net Income in Nov.
WESTPOINT STEVENS: JP Stevens & Co.'s November Operating Report
WESTPOINT STEVENS: JP Stevens Enterprises' Nov. Operating Report
WESTPOINT STEVENS: WP Stevens Stores' November Operating Report
*********
ATA AIRLINES: Posts $14.5 Million Net Loss for November 2004
------------------------------------------------------------
ATA Holdings Corp. and Subsidiaries
Unaudited Balance Sheet
As of November 30, 2004
Assets
Current assets
Cash and cash equivalents $85,186,000
Receivables,
net of allowance for doubtful accounts 123,933,000
Inventories, net 50,499,000
Prepaid expenses and other current assets 31,304,000
--------------
TOTAL CURRENT ASSETS 290,922,000
Property and equipment
Flight equipment 328,719,000
Facilities and ground equipment 149,765,000
Accumulated depreciation (246,614,000)
--------------
TOTAL PROPERTY, PLANT AND EQUIPMENT 231,870,000
Restricted cash 28,137,000
Goodwill 14,887,000
Prepaid aircraft rent 131,958,000
Investment in BATA 12,826,000
Deposits and other assets 47,449,000
--------------
TOTAL ASSETS $758,049,000
==============
Liabilities and Shareholders' Deficit
Current liabilities
Long-term debt in default -
DIP Financing (Note 1) 15,000,000
Accounts payable 6,880,000
Air traffic liabilities 85,708,000
Accrued expenses 100,697,000
--------------
Total current liabilities 208,285,000
Long-term debt -
Deferred gains from sale & leaseback of aircraft -
Other deferred items 1,432,000
Mandatorily redeemable preferred stock -
--------------
TOTAL LIABILITIES 209,717,000
Liabilities subject to compromise 782,913,000
Commitments and contingencies
Convertible redeemable preferred stock 30,000,000
Shareholders' Equity (deficit)
Preferred stock; authorized 9,999,200 shares -
Common stock, without par value 66,233,000
Treasury stock (24,778,000)
Additional paid-in capital 17,945,000
Accumulated deficit (323,981,000)
--------------
TOTAL SHAREHOLDERS' DEFICIT (264,581,000)
--------------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $758,049,000
==============
ATA Holdings Corp. and Subsidiaries
Unaudited Income Statement
For the Month Ended November 30, 2004
Operating revenues:
Scheduled service $76,405,000
Charter 32,803,000
Ground package 1,366,000
Other 5,040,000
--------------
TOTAL OPERATING REVENUES 115,614,000
Operating expenses:
Fuel and oil 33,316,000
Salaries, wages and benefits 33,022,000
Aircraft rentals 19,972,000
Handling, landing and navigation fees 8,607,000
Aircraft maintenance, materials and repairs 4,700,000
Crew and other employee travel 4,289,000
Depreciation and amortization 4,053,000
Other selling expenses 3,416,000
Passenger service 3,415,000
Facilities and other rentals 2,490,000
Commissions 2,264,000
Insurance 1,815,000
Ground package cost 1,181,000
Advertising 403,000
U.S. Government Funds -
Other 4,435,000
--------------
TOTAL OPERATING EXPENSES 127,378,000
--------------
Operating income (loss) (11,764,000)
Other income (expense)
Interest income 155,000
Interest expense (1,315,000)
Loss on extinguishment of debt -
Other (170,000)
--------------
TOTAL OTHER EXPENSE (1,330,000)
--------------
Income (loss) before income taxes and
reorganization expenses (13,094,000)
Reorganization expenses 1,363,000
Income taxes 29,000
--------------
NET INCOME (LOSS) ($14,486,000)
==============
ATA Holdings Corp. and Subsidiaries
Cash Flow Report
For the Month Ended November 30, 2004
Cash Flows from Operating Activities:
Net income ($13,123,000)
Reorganization items (1,363,000)
Adjustments to reconcile net income:
Depreciation and amortization 4,053,000
Other non-cash items 295,000
Changes in operating assets and liabilities:
Receivables 28,144,000
Inventories (998,000)
Prepaid expenses 1,621,000
Accounts payable 4,725,000
Air traffic liabilities (25,575,000)
Liabilities Subject to Compromise 10,221,000
Accrued expenses 17,965,000
--------------
NET CASH PROVIDED BY OPERATING ACTIVITIES 25,965,000
Cash Flows from Investing Activities:
Aircraft pre-delivery deposits -
Capital expenditures (466,000)
Non-current prepaid aircraft rent (8,049,000)
Reductions to other assets 12,000
Proceeds from sales of property and equipment 120,000
--------------
NET CASH USED BY INVESTING ACTIVITIES (8,383,000)
Cash Flows from Financing activities:
Proceeds from DIP Financing 15,000,000
Decrease (increase) in restricted cash 6,225,000
--------------
NET CASH PROVIDED BY FINANCING ACTIVITIES 21,225,000
--------------
Net change in cash and cash equivalents 38,808,000
Cash and equivalents at beginning of period 46,378,000
--------------
Cash and cash equivalents at end of period $85,186,000
==============
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 No. 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. 11; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Portland Files July 2004 Monthly Operating Report
------------------------------------------------------------------
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of July 31, 2004
ASSETS
Cash and cash equivalents $12,633,406
Accounts receivable, net 520,410
Notes, estates and other receivables 12,940,451
Loans receivable from Archdiocesan entities, net 12,530,095
Loans receivable from Archdiocesan housing entities 538,161
Interest receivable and other assets 297,952
Inventories 1,379,049
Real Property 226,689
Deposits and prepaid expenses 346,601
Investments 81,936,295
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 8,173,838
--------------
Total Assets $133,162,947
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable $777,186
Accrued liabilities 765,427
Funds held for others
Second Collections 164,479
Short-term investments payable 24,230,470
Long-term pool investments payable 20,811,018
Reserve for insurance claims 2,343,946
Notes payable 11,432,529
Pre-need liability and reserve 456,268
Accrued port-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 68,588,587
--------------
Postpetition
Accounts payable 2,991
Accrued liabilities 873,016
Funds held for others
Second Collections 41,157
Short-term investments payable 22,122
Long-term pool investments (344,649)
Reserve for insurance claims -
Notes payable -
Pre-need liability and reserve (56)
Accrued port-retirement liability -
--------------
Total Postpetition Liabilities 594,581
--------------
Total Liabilities 69,183,168
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 70,275,649
Other Assets (3,840,763)
--------------
Total Prepetition Net Assets 66,434,886
--------------
Postpetition Net Assets:
Charitable Trust Assets (1,996,531)
Other Assets (458,576)
--------------
Total Postpetition Net Assets (2,455,107)
--------------
Total Net Assets 63,979,779
--------------
Total liabilities & net assets $133,162,947
==============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the period July 7, 2004 through July 31, 2004
Revenues, gains and other support
Annual Catholic appeal income $29,119
Gross profit on cemetery sales 91,362
Contributions, gifts, annuities and bequests 4,675
Operating support - Oregon Catholic Press -
Investment income and realized gains(losses),
net of expenses 488,028
Change in unrealized losses (2,231,673)
Insurance premiums, net 4,520
Interest income from loans 43,428
Parish assessments 241,443
Other income 17,123
Departmental revenues 64,004
Net assets released from restrictions -
--------------
Total revenues, gains, and other support (1,247,971)
--------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 171,667
Clergy Services 89,483
Catholic Schools 24,746
Pastoral Services 50,563
Evangelization Services 54,011
Public Services 8,236
Tribunal Services 18,765
Deposit and loan interest (66,700)
Insurance program 484,068
Cemetery operating expenses 46,761
High School grants/charitable annuities 35,571
Other program expenses 62,461
--------------
Total program services 979,632
--------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 58,245
Finance & Administration:
Resource Development 68,552
Business Affairs 8,776
Financial Services 52,721
Human Resources 22,225
Shared Services 22,895
Occupancy and physical plant expenses 2,014
Designated funds expense (8,939)
Bankruptcy expense 1,015
Depreciation expense -
--------------
Total supporting services 227,504
--------------
Total expenses and program support 1,207,136
--------------
Increase (decrease) in net assets before
transfers and designations of net assets (2,455,107)
Fund transfers - in (out) -
Designation of net assets -
--------------
Increase (decrease) in net assets (2,455,107)
Net assets at beginning of year 66,434,886
--------------
Net assets at end of year $63,979,779
==============
Archdiocese of Portland in Oregon
Cash Flow
For the period ending July 31, 2004
Total Fixed Asset Expenditures & Development -
Total Contributions to General Fund -
Total Cash Expenses $60,460
--------------
Total Cash Outlay 60,460
--------------
Total Care withdrawal -
Total Receivable Collection 122,616
--------------
Total Cash In 122,616
--------------
Investment Gain (Loss) (233,026)
--------------
Net Cash Flow Gain/(Loss) ($170,870)
==============
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. of Sussman
Shank LLP represent the debtor in its restructuring efforts. When
the debtor filed for chapter 11 protection, it listed estimated
assets of $10,000,000 to $50,000,000 and estimated debts of
$25,000,000 to $50,000,000. (Catholic Church Bankruptcy News,
Issue No. 14; Bankruptcy Creditors' Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Portland Files Aug. 2004 Monthly Operating Report
------------------------------------------------------------------
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of August 31, 2004
ASSETS
Cash and cash equivalents $10,667,483
Accounts receivable, net 6,638,071
Notes, estates and other receivables 12,919,931
Loans receivable from Archdiocesan entities, net 12,901,133
Loans receivable from Archdiocesan housing entities 539,721
Interest receivable and other assets 322,469
Inventories 1,383,899
Real Property 226,689
Deposits and prepaid expenses 254,667
Investments 81,674,666
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 8,183,591
--------------
Total Assets $137,352,320
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable $777,186
Accrued liabilities 1,116,143
Funds held for others
Second Collections 112,848
Short-term investments payable 21,995,137
Long-term pool investments payable 20,516,735
Reserve for insurance claims 2,343,946
Notes payable 11,407,006
Pre-need liability and reserve 456,268
Accrued port-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 66,332,533
--------------
Postpetition
Accounts payable 168,002
Accrued liabilities 1,222,915
Funds held for others
Second Collections 82,782
Short-term investments payable 79,858
Long-term pool investments (143,453)
Reserve for insurance claims -
Notes payable -
Pre-need liability and reserve 1,948
Accrued port-retirement liability -
--------------
Total Postpetition Liabilities 1,412,052
--------------
Total Liabilities 67,744,585
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,813,035
Other Assets (3,378,150)
--------------
Total Prepetition Net Assets 66,434,885
--------------
Postpetition Net Assets:
Charitable Trust Assets (3,195,519)
Other Assets 6,368,369
--------------
Total Postpetition Net Assets 3,172,850
--------------
Total Net Assets 69,607,735
--------------
Total liabilities & net assets $137,352,320
==============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the period ending August 31, 2004
Revenues, gains and other support
Annual Catholic Appeal income $33,821
Gross profit on cemetery sales 50,017
Contributions, gifts, annuities and bequests 18,298
Operating support - Oregon Catholic Press -
Investment income and realized gains (losses),
net of expenses 443,540
Change in unrealized losses (403,386)
Insurance premiums, net 6,513,347
Interest income from loans 45,483
Parish assessments 240,604
Other income 92,226
Departmental revenues 44,939
Net assets released from restrictions -
--------------
Total revenues, gains, and other support 7,078,889
--------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 109,882
Clergy Services 71,888
Catholic Schools 45,829
Pastoral Services 84,595
Evangelization Services 60,322
Public Services 11,442
Tribunal Services 23,683
Deposit and loan interest 43,715
Insurance program 192,784
Cemetery operating expenses 171,267
High School grants/charitable annuities 5,753
Other program expenses 64,546
--------------
Total program services 885,706
--------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 53,101
Finance & Administration:
Resource Development 55,664
Business Affairs 12,083
Financial Services 85,555
Human Resources 33,253
Shared Services 117,155
Occupancy and physical plant expenses 47,439
Designated funds expense 9,223
Bankruptcy expense 151,754
Depreciation expense -
--------------
Total supporting services 565,227
--------------
Total expenses and program support 1,450,933
--------------
Increase (decrease) in net assets before
transfers and designations of net assets 5,627,956
Fund transfers - in (out) -
Designation of net assets -
--------------
Increase (decrease) in net assets 5,627,956
Net assets at beginning of year 63,979,779
--------------
Net assets at end of year $69,607,735
==============
Archdiocese of Portland in Oregon
Cash Flow
For the period ending August 31, 2004
Total Fixed Asset Expenditures & Development -
Total Contributions to General Fund -
Total Cash Expenses $186,982
--------------
Total Cash Outlay 186,982
--------------
Total Care withdrawal -
Total Receivable Collection 88,733
--------------
Total Cash In 88,733
--------------
Investment Gain (Loss) 10,363
--------------
Net Cash Flow Gain/(Loss) ($87,886)
==============
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. of Sussman
Shank LLP represent the debtor in its restructuring efforts. When
the debtor filed for chapter 11 protection, it listed estimated
assets of $10,000,000 to $50,000,000 and estimated debts of
$25,000,000 to $50,000,000. (Catholic Church Bankruptcy News,
Issue No. 14; Bankruptcy Creditors' Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Portland Files September Monthly Operating Report
------------------------------------------------------------------
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of September 30, 2004
ASSETS
Cash and cash equivalents $11,786,542
Accounts receivable, net 4,405,425
Notes, estates and other receivables 12,917,768
Loans receivable from Archdiocesan entities, net 12,758,552
Loans receivable from Archdiocesan housing entities 541,395
Interest receivable and other assets 339,736
Inventories 1,390,769
Real Property 226,689
Deposits and prepaid expenses 122,120
Investments 82,742,590
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 8,209,587
--------------
Total Assets $137,081,173
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable $777,185
Accrued liabilities 1,082,973
Funds held for others
Second Collections 23,996
Short-term investments payable 21,554,457
Long-term pool investments payable 20,481,495
Reserve for insurance claims 2,343,946
Notes payable 11,381,033
Pre-need liability and reserve 456,268
Accrued port-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 65,708,617
--------------
Postpetition
Accounts payable 177,815
Accrued liabilities 1,318,970
Funds held for others
Second Collections 49,722
Short-term investments payable 196,721
Long-term pool investments 225,268
Reserve for insurance claims -
Notes payable -
Pre-need liability and reserve 4,564
Accrued port-retirement liability -
--------------
Total Postpetition Liabilities 1,973,060
--------------
Total Liabilities 67,681,677
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,719,358
Other Assets (3,284,473)
--------------
Total Prepetition Net Assets 66,434,885
--------------
Postpetition Net Assets:
Charitable Trust Assets (2,961,305)
Other Assets 5,925,916
--------------
Total Postpetition Net Assets 2,964,611
--------------
Total Net Assets 69,399,469
--------------
Total liabilities & net assets $137,081,173
==============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the period ending September 30, 2004
Revenues, gains and other support
Annual Catholic Appeal income ($14,564)
Gross profit on cemetery sales 76,492
Contributions, gifts, annuities and bequests 8,853
Operating support - Oregon Catholic Press -
Investment income and realized gains(losses),
net of expenses 390,552
Change in unrealized losses 900,846
Insurance premiums, net (24,607)
Interest income from loans 44,417
Parish assessments 241,023
Other income 131,260
Departmental revenues 34,587
Net assets released from restrictions -
--------------
Total revenues, gains, and other support 1,788,859
--------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 453,676
Clergy Services 123,081
Catholic Schools 46,126
Pastoral Services 55,244
Evangelization Services 58,841
Public Services 9,461
Tribunal Services 18,669
Deposit and loan interest 105,938
Insurance program 236,504
Cemetery operating expenses 202,705
High School grants/charitable annuities 3,014
Other program expenses 149,011
--------------
Total program services 1,462,270
--------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 43,579
Finance & Administration:
Resource Development 87,551
Business Affairs 10,538
Financial Services 56,287
Human Resources 24,759
Shared Services 22,840
Occupancy and physical plant expenses 12,153
Designated funds expense 20,566
Bankruptcy expense 256,555
Depreciation expense -
--------------
Total supporting services 534,828
--------------
Total expenses and program support 1,997,098
--------------
Increase (decrease) in net assets before
transfers and designations of net assets (208,239)
Fund transfers - in (out) -
Designation of net assets -
--------------
Increase (decrease) in net assets (208,239)
Net assets at beginning of year 67,607,735
--------------
Net assets at end of year $67,399,496
==============
Archdiocese of Portland in Oregon
Cash Flow
For the period ending September 30, 2004
Total Fixed Asset Expenditures & Development -
Total Contributions to General Fund $10,000
Total Cash Expenses 142,856
--------------
Total Cash Outlay 152,856
--------------
Total Care withdrawal -
Total Receivable Collection 94,459
--------------
Total Cash In 94,459
--------------
Investment Gain (Loss) 173,391
--------------
Net Cash Flow Gain/(Loss) $114,994
==============
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. of Sussman
Shank LLP represent the debtor in its restructuring efforts. When
the debtor filed for chapter 11 protection, it listed estimated
assets of $10,000,000 to $50,000,000 and estimated debts of
$25,000,000 to $50,000,000. (Catholic Church Bankruptcy News,
Issue No. 14; Bankruptcy Creditors' Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Portland Files Oct. 2004 Monthly Operating Report
------------------------------------------------------------------
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of October 31, 2004
ASSETS
Cash and cash equivalents $13,464,020
Accounts receivable, net 3,819,010
Notes, estates and other receivables 11,888,749
Loans receivable from Archdiocesan entities, net 12,366,022
Loans receivable from Archdiocesan housing entities 540,558
Interest receivable and other assets 220,741
Inventories 1,388,463
Real Property 226,689
Deposits and prepaid expenses 347,671
Investments 83,112,738
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 8,209,587
--------------
Total Assets $137,224,248
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable $777,185
Accrued liabilities 1,084,179
Funds held for others
Second Collections 23,996
Short-term investments payable 21,352,294
Long-term pool investments payable 20,296,590
Reserve for insurance claims 2,343,946
Notes payable 11,354,808
Pre-need liability and reserve 456,268
Accrued port-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 65,296,530
--------------
Postpetition
Accounts payable 288,931
Accrued liabilities 1,390,734
Funds held for others
Second Collections 25,452
Short-term investments payable 416,138
Long-term pool investments 522,469
Reserve for insurance claims -
Notes payable -
Pre-need liability and reserve 4,823
Accrued port-retirement liability -
--------------
Total Postpetition Liabilities 2,648,547
--------------
Total Liabilities 67,945,077
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,524,750
Other Assets (3,284,316)
--------------
Total Prepetition Net Assets 66,240,434
--------------
Postpetition Net Assets:
Charitable Trust Assets (2,466,419)
Other Assets 5,505,156
--------------
Total Postpetition Net Assets 3,038,737
--------------
Total Net Assets 69,279,171
--------------
Total liabilities & net assets $137,224,248
==============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the period ending October 31, 2004
Revenues, gains and other support
Annual Catholic Appeal income $16,216
Gross profit on cemetery sales 90,452
Contributions, gifts, annuities and bequests 13,841
Operating support - Oregon Catholic Press 104,273
Investment income and realized gains (losses),
net of expenses 123,090
Change in unrealized losses 519,321
Insurance premiums, net (5,318)
Interest income from loans 44,962
Parish assessments 241,023
Other income 77,871
Departmental revenues 93,688
Net assets released from restrictions -
--------------
Total revenues, gains, and other support 1,319,419
--------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 210,216
Clergy Services 49,028
Catholic Schools 32,103
Pastoral Services 50,607
Evangelization Services 80,909
Public Services 10,344
Tribunal Services 18,736
Deposit and loan interest 71,006
Insurance program 268,424
Cemetery operating expenses 59,682
High School grants/charitable annuities (446)
Other program expenses 118,056
--------------
Total program services 968,665
--------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 62,725
Finance & Administration:
Resource Development 61,555
Business Affairs 9,894
Financial Services 54,535
Human Resources 26,636
Shared Services 24,760
Occupancy and physical plant expenses 7,620
Designated funds expense 16,432
Bankruptcy expense 206,922
Depreciation expense -
--------------
Total supporting services 471,079
--------------
Total expenses and program support 1,439,744
--------------
Increase (decrease) in net assets before
transfers and designations of net assets (120,325)
Fund transfers - in (out) -
Designation of net assets -
--------------
Increase (decrease) in net assets (120,325)
Net assets at beginning of year 69,399,496
--------------
Net assets at end of year $69,279,171
==============
Archdiocese of Portland in Oregon
Cash Flow
For the period ending October 31, 2004
Total Fixed Asset Expenditures & Development -
Total Contributions to General Fund $17,800
Total Cash Expenses 80,440
--------------
Total Cash Outlay 98,240
--------------
Total Care withdrawal -
Total Receivable Collection 126,271
--------------
Total Cash In 126,271
--------------
Investment Gain (Loss) 92,608
--------------
Net Cash Flow Gain/(Loss) $120,639
==============
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. of Sussman
Shank LLP represent the debtor in its restructuring efforts. When
the debtor filed for chapter 11 protection, it listed estimated
assets of $10,000,000 to $50,000,000 and estimated debts of
$25,000,000 to $50,000,000. (Catholic Church Bankruptcy News,
Issue No. 14; Bankruptcy Creditors' Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Portland Files Nov. 2004 Monthly Operating Report
------------------------------------------------------------------
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of November 30, 2004
ASSETS
Cash and cash equivalents $14,351,076
Accounts receivable, net 3,348,849
Notes, estates and other receivables 11,848,697
Loans receivable from Archdiocesan entities, net 11,828,971
Loans receivable from Archdiocesan housing entities 542,258
Interest receivable and other assets 228,514
Inventories 1,385,397
Real Property 226,689
Deposits and prepaid expenses 344,170
Investments 85,833,598
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 8,209,587
--------------
Total Assets $139,787,806
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable $777,185
Accrued liabilities 1,080,867
Funds held for others
Second Collections 23,987
Short-term investments payable 20,771,006
Long-term pool investments payable 20,260,900
Reserve for insurance claims 2,343,946
Notes payable 11,328,807
Pre-need liability and reserve 456,268
Accrued port-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 64,650,230
--------------
Postpetition
Accounts payable 482,193
Accrued liabilities 1,779,080
Funds held for others
Second Collections 94,788
Short-term investments payable 963,409
Long-term pool investments 1,069,405
Reserve for insurance claims -
Notes payable -
Pre-need liability and reserve 11,747
Accrued port-retirement liability -
--------------
Total Postpetition Liabilities 4,400,622
--------------
Total Liabilities 69,050,852
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,521,967
Other Assets (3,281,533)
--------------
Total Prepetition Net Assets 66,240,434
--------------
Postpetition Net Assets:
Charitable Trust Assets (405,827)
Other Assets 4,902,347
--------------
Total Postpetition Net Assets 4,496,520
--------------
Total Net Assets 70,736,954
--------------
Total liabilities & net assets $139,787,806
==============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the period ending November 30, 2004
Revenues, gains and other support
Annual Catholic Appeal income $1,198
Gross profit on cemetery sales 107,187
Contributions, gifts, annuities and bequests 16,128
Operating support - Oregon Catholic Press -
Investment income and realized gains (losses),
net of expenses 468,114
Change in unrealized losses 2,016,418
Insurance premiums, net (37,797)
Interest income from loans 42,174
Parish assessments 241,023
Other income 53,691
Departmental revenues 23,089
Net assets released from restrictions -
--------------
Total revenues, gains, and other support 2,931,225
--------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 166,071
Clergy Services 62,814
Catholic Schools 33,118
Pastoral Services 43,131
Evangelization Services 72,841
Public Services 10,686
Tribunal Services 20,333
Deposit and loan interest 166,174
Insurance program 216,907
Cemetery operating expenses 73,185
High School grants/charitable annuities (39,688)
Other program expenses 69,436
--------------
Total program services 895,008
--------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 47,669
Finance & Administration:
Resource Development 50,504
Business Affairs 10,233
Financial Services 56,196
Human Resources 27,500
Shared Services 23,318
Occupancy and physical plant expenses 13,339
Designated funds expense 28,693
Bankruptcy expense 320,982
Depreciation expense -
--------------
Total supporting services 578,434
--------------
Total expenses and program support 1,473,442
--------------
Increase (decrease) in net assets before
transfers and designations of net assets 1,457,783
Fund transfers - in (out) -
Designation of net assets -
--------------
Increase (decrease) in net assets 1,457,783
Net assets at beginning of year 69,279,171
--------------
Net assets at end of year $70,736,954
==============
Archdiocese of Portland in Oregon
Cash Flow
For the period ending November 30, 2004
Total Fixed Asset Expenditures & Development -
Total Contributions to General Fund $10,000
Total Cash Expenses 153,564
--------------
Total Cash Outlay 163,564
--------------
Total Care withdrawal -
Total Receivable Collection 115,297
--------------
Total Cash In 115,297
--------------
Investment Gain(Loss) 317,275
--------------
Net Cash Flow Gain/(Loss) $269,008
==============
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. of Sussman
Shank LLP represent the debtor in its restructuring efforts. When
the debtor filed for chapter 11 protection, it listed estimated
assets of $10,000,000 to $50,000,000 and estimated debts of
$25,000,000 to $50,000,000. (Catholic Church Bankruptcy News,
Issue No. 14; Bankruptcy Creditors' Service, Inc., 215/945-7000)
CATHOLIC CHURCH: Tucson Files Nov. 2004 Monthly Operating Report
----------------------------------------------------------------
The Roman Catholic Church of the Diocese of Tucson
an Arizona Corporation Sole
(Unaudited) Statement of Financial Condition
As of November 30, 2004
ASSETS Total Diocese-Owned
----- -------------
Cash on hand $1,500 $1,500
Cash in Banks 2,144,021 1,654,774
Cash Equivalents 4,674,143 2,786,666
Accounts receivable, net 1,630,182 1,630,182
Allowance for doubtful accounts (1,171,572) (1,171,572)
Grants receivable 375,000 375,000
Pledges receivable 7,000 7,000
A/R held in trust for others 71,369 0
Due from administered funds 207,457 207,457
Prepaid expenses & other assets 452,486 452,486
Investments in businesses 2,596,035 2,171,035
Corp. & Gov't. bond investments 2,205,339 1,535,438
Investment in BPIC 80,850 80,850
Notes receivable, net 2,117,326 333,489
Allowance for doubtful
notes receivable (329,289) (5,412)
Assets securing 2002 settlement 3,000,000 3,000,000
Construction in progress 48,867 48,867
Land, buildings, and equipment 533,240 533,240
Assets held for sale 60,226 60,226
Land held for future parish sites 817,460 817,460
-------------- --------------
$19,521,640 $14,518,686
============== ==============
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable - post 295,173 295,173
Accounts payable - pre 29,758 29,758
Accrued expenses - post 63,344 63,344
Accrued expenses - pre 157,682 157,682
Due to Diocese 207,457 0
Accrued insurance claims 371,945 371,945
Unsecured long-term debt - pre 2,061,455 2,061,455
Unsecured long-term debt - post 100,000 100,000
Unrestricted parish deposits 6,966,169 6,962,867
Restricted parish deposits 3,629,160 0
Secured long-term debt 2,576,224 2,576,224
Custodial funds 1,163,035 0
-------------- --------------
Total Liabilities 17,621,402 12,618,448
-------------- --------------
Net Assets:
Unrestricted/temporarily
restricted (8,650) (8,650)
Permanently restricted 1,908,888 1,908,888
-------------- --------------
Total liabilities & net assets $19,521,640 $14,518,686
============== ==============
The Roman Catholic Church of the Diocese of Tucson
an Arizona Corporation Sole
Statement of Operations and Charges in Net Assets
November 1, 2004 through November 30, 2004
Revenues
Contributions, grants and bequests $10,390
Chancery assessment 137,998
Priests salary subsidy 18,530
Fees for services 22,983
Advertising revenue (848)
Retreat fees 300
Rental Income 4,397
Insurance 60,204
Investment Income 42,855
Miscellaneous 1,213
--------------
Total Support & Revenue 298,022
Expense
Program Services:
Archives 1,996
Catholic Commitments & Social Services 98
Evangelization & Hispanic Ministry 6,246
Catechesis Office 7,937
Formation Office 5,578
Department of Catholic Schools 18,188
Clergy, religious & seminarian advancement 13,929
Parish Assistance 20,786
Catholic Social Mission 4,084
Supporting Services:
Office of Bishop Emeritus 2,715
Offices of the Bishop, et al. 30,662
Office of Women Religious 1,170
General & Administrative 4,115
Fiscal & Employee Services 46,695
Office of Child, Adolescent, et al. Protection 8,790
Communications & Community Relations 16,588
Property Management 29,278
Insurance Administration 6,574
Reorganization 83,586
Imputed interest on settlement 14,095
Provision for doubtful accounts 5,833
Depreciation 3,753
--------------
Total Expenses 332,695
--------------
Excess (deficiency) of revenues over expenses ($34,673)
==============
The Roman Catholic Church of the Diocese of Tucson
an Arizona Corporation Sole
Current Month's Receipts and Disbursements
November 1, 2004 through November 30, 2004
Cash and Bank Balance:
Beginning of Month $1,902,955
Receipts
Cash Sales 17,802
Accounts Receivable -- Prepetition 12,095
Accounts Receivable -- Postpetition 132,355
Loans and Advances 0
Sale of Assets 0
Transfers in from other accounts 153,736
Other -- Custodial Funds 508
Other -- Credit ADJ 150
Voided Checks 1,068
--------------
Total Receipts 317,714
Disbursements:
Business -- Ordinary Operations 344,970
Capital Improvements 0
Prepetition Debt 0
Transfers to other DIP Accounts 153,737
Other -- Custodial Funds 0
Other -- Check Order 0
Reorganization Expenses:
Attorney Fees 0
Accountant Fees 0
Other Professional Fees 0
Other (Advertising) 66,189
U.S. Trustee Quarterly Fee 1,000
Court Costs 0
--------------
Total Disbursements 565,896
--------------
Cash & Bank Balance -- End of Month $1,654,774
==============
The Roman Catholic Church of the Diocese of Tucson filed for
chapter 11 protection (Bankr. D. Ariz. Case No. 04-04721) on
September 20, 2004, and delivered a plan of reorganization to the
Court on the same day. Susan G. Boswell, Esq., Kasey C. Nye,
Esq., at Quarles & Brady Streich Lang LLP, represent the Tucson
Diocese. 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. of
Sussman Shank LLP represent the Portland Archdiocese in its
restructuring efforts. Portland's 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. 14;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
DAN RIVER: Posts $4.8 Million Net Loss in November 2004
-------------------------------------------------------
On Jan. 4, 2005, Dan River Inc., filed its monthly operating
report for November 2004, which includes the period from Nov. 7,
2004 to Dec. 4, 2004, with the United States Bankruptcy Court for
the Northern District of Georgia. The Company reports a
$4.8 million net loss in $31.1 million of net sales.
At Dec. 4, 2004, Dan River's balance sheet showed:
Total Current Assets $199,877,000
Total Assets 360,824,000
Total Current Liabilities 143,594,000
Total Liabilities not Subject to Compromise 170,290,000
Liabilities subject to compromise 192,777,000
Total shareholders' equity deficit $2,243,000
A full-text copy of Dan River Inc.'s monthly financial report for
the period from Nov. 7, 2004 to Dec. 4, 2004, is available at no
charge at:
http://www.sec.gov/Archives/edgar/data/914384/000091438405000001/e9911705.tx
t
Headquartered in Danville, Virginia, Dan River Inc.
-- http://www.danriver.com/-- designs, manufactures and markets
textile products for the home fashions, apparel fabrics and
industrial markets. The Company and its debtor-affiliates filed
for chapter 11 protection on March 31, 2004 (Bankr. N.D. Ga. Case
No. 04-10990). James A. Pardo, Jr., Esq., at King & Spalding
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$441,800,000 in total assets and $371,800,000 in total debts.
FEDERAL-MOGUL: Posts $28 Million Net Loss in November 2004
----------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of November 30, 2004
(In millions)
Assets
Cash and equivalents $349.9
Accounts receivable 617.6
Inventories 488.6
Deferred taxes 200.3
Prepaid expenses and other current assets 107.6
----------
Total current assets 1,764.0
Summary of Unpaid Postpetition Debits (64.8)
Intercompany Loans Receivable (Payable) 2,636.9
----------
Intercompany Balances 2,572.1
Property, plant and equipment 1,045.2
Goodwill 1,176.7
Other intangible assets 457.0
Insurance recoverable 844.6
Other non-current assets 1,098.7
----------
Total Assets $8,958.3
==========
Liabilities and Shareholders' Equity
Short-term debt $353.5
Accounts Payable 186.5
Accrued Compensation 85.2
Restructuring and rationalization reserves 7.5
Current portion of asbestos liability -
Interest Payable 0.3
Other accrued liabilities 308.0
----------
Total current liabilities 941.0
Long-term debt (15.0)
Post-employment benefits 1,520.7
Other accrued liabilities 978.7
Liabilities subject to compromise 6,108.5
Shareholders' equity:
Preferred stock 1,050.6
Common stock 555.3
Additional paid-in capital 7,939.6
Accumulated deficit (9,604.9)
Accumulated other comprehensive income (516.2)
Other -
----------
Total Shareholders' Equity (575.5)
----------
Total Liabilities and Shareholders' Equity $8,958.4
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the month ended November 30, 2004
(In millions)
Net sales $274.0
Cost of products sold 230.7
----------
Gross margin 43.3
Selling, general & administrative expenses (54.7)
Amortization (1.2)
Reorganization items (7.9)
Interest income (expense), net (9.4)
Other income (expense), net 16.4
----------
Earnings before Income Taxes (13.4)
Income Tax (Expense) Benefit (14.6)
----------
Earnings before effect of change in acctg principle (28.0)
Cumulative effect of change in acctg principle -
----------
Net Earnings (loss) ($28.0)
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the month ended November 30, 2004
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earnings (loss) ($28.0)
Adjustments to reconcile net earnings (loss):
Depreciation and amortization 14.3
Adjustments of assets held for sale to fair value -
Asbestos Charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg principle -
Change in post-employment benefits 5.1
Decrease/(increase) in accounts receivable 10.1
Decrease/(increase) in inventories 3.7
Increase/(decrease) in accounts payable (22.0)
Change in other assets and other liabilities 70.8
Change in restructuring charge (1.4)
Refunds (payments) against asbestos liability -
----------
Net Cash Provided From Operating Activities 52.6
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (7.5)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses -
Business acquisitions, net of cash acquired -
Other -
----------
Net Cash Provided From (Used By) Investing Activities (7.5)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt (2.8)
Sale of accounts receivable under securitization -
Dividends -
Other 10.3
----------
Net Cash Provided From Financing Activities 7.5
Increase (Decrease) in Cash and Equivalents 52.6
Cash and equivalents at beginning of period 297.3
----------
Cash and equivalents at end of period $349.9
==========
Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's largest
automotive parts companies with worldwide revenue of some
$6 billion. The Company filed for chapter 11 protection on
October 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J.
Nyhan, Esq., James F. Conlan, Esq., and Kevin T. Lantry, Esq., at
Sidley Austin Brown & Wood, and Laura Davis Jones, Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $10.15 billion in
assets and $8.86 billion in liabilities. (Federal-Mogul
Bankruptcy News, Issue No. 70; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
NEWPOWER HOLDINGS: Files November 2004 Monthly Operating Report
---------------------------------------------------------------
On Jan. 11, 2005, NewPower Holdings, Inc., filed its November 2004
Monthly Operating Report with the U.S. Bankruptcy Court for
the Northern District of Georgia, Newnan Division. The company
reports an opening cash balance of $57,062,000 and a closing cash
balance of $56,922,000.
A full-text copy of NewPower Holdings' November 2004 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1119307/000090514805000138/efc4-2320_
exhibit991.txt
The Company filed for chapter 11 protection on June 11, 2002
(Bankr. N.D. Ga. 02-10836). Paul K. Ferdinands, Esq., at King &
Spalding and William M. Goldman, Esq., at Sidley Austin Brown &
Wood LLP represent the Debtors. When the Debtors filed for
chapter 11 protection, it reported asset amounting to $231,837,000
and debts at $87,936,000.
On Aug. 15, 2003, the United States Bankruptcy Court for the
Northern District of Georgia, Newnan Division, confirmed the
Second Amended Chapter 11 Plan with respect to NewPower Holdings,
Inc. and TNPC Holdings, Inc., a wholly owned subsidiary of the
Company. On February 28, 2003, the Bankruptcy Court previously
confirmed the Plan, and the Plan has been effective as of
March 11, 2003, with respect to The New Power Company, a wholly
owned subsidiary of the Company. The Plan became effective on
Oct. 9, 2003, with respect to the Company and TNPC.
OWENS CORNING: Reports $6.5 Million Net Loss in July 2004
---------------------------------------------------------
Owens Corning and Subsidiaries
Consolidated Balance Sheets
As of July 31, 2004
(In Thousands)
Current Assets:
Cash and cash equivalents $604,788
Receivables 375,306
Receivables-Inter-company 978,062
Inventories 190,923
Insurance for Asbestos Litigation Claims 0
Deferred Income Taxes 484
Income Tax Receivable 6,538
Other Current Assets 25,078
-----------
Total Current Assets $2,181,179
Other Assets:
Insurance for Asbestos Litigation Claims 4,220
Restricted Cash 166,426
Restricted cash and securities 0
Deferred Income Taxes 1,068,308
Goodwill 48,568
Investment in Affiliates 28,463
Investment in Subsidiaries 2,022,050
Notes Receivable - Intercompany 5,270
Other Non-current Assets 329,264
-----------
Total Other Assets 3,672,569
Plant & Equipment:
Land 35,635
Buildings & Leasehold Improvements 551,275
Machinery & Equipment 2,174,837
Construction in Progress 69,517
Less: Accumulated Depreciation 1,536,481
-----------
Net Plant and Equipment 1,294,783
-----------
TOTAL ASSETS $7,148,531
===========
Liabilities not Subject to Compromise:
Accounts Payable & Accrued Liabilities 426,758
Inter-company Liabilities 773,772
Short-term debt 0
Long-term debt - current portion 1,939
-----------
Total Current Liabilities 1,202,469
Long-Term Debt 6,196
Other Employee Benefits Liability 197,554
Pension Plan Liability 580,222
Other Liability 140,007
-----------
Total Non-Current Liabilities 917,783
-----------
Total Postpetition Liabilities 2,126,448
Prepetition Liabilities:
Accounts Payable and Accrued Liabilities 359,107
Other Employee Benefits Liability 219,835
Pension Plan Liability 0
Debt-US Bank Credit Facility 1,450,986
Debt-Bonds & Other 1,440,543
Asbestos-Related Liability 2,731,188
Inter-company 2,519,808
Other 0
-----------
Total Prepetition Liabilities 8,721,467
Total Liabilities 10,847,915
Minority Interest 0
Stockholder's Equity:
Common Stock 696,004
Retained Earnings (Deficit) (4,058,234)
Accumulated Comprehensive Income (Loss) (6,092)
Other (331,062)
-----------
Net Stockholder's Equity (3,699,384)
-----------
TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $7,148,531
===========
Owens Corning and Subsidiaries
Consolidated Statements of Operations
For the Month Ended July 31, 2004
(In Thousands)
Net sales $334,022
Cost of Sales 275,239
-----------
Gross Margin 58,784
Operating Expenses:
Marketing and Administrative Expenses 33,786
Science and Technology Expenses 1,920
Provision for Asbestos Litigation Claims 0
Insider Compensation 1,048
Restructure Costs 0
Other Expenses 7,604
-----------
Income (Loss) from Operations 14,425
Other Expenses:
Cost of Borrowed Funds 273
Other 0
-----------
Income (Loss) Before Reorganization Items 14,152
Reorganization Items:
Professional Fees 3,690
U.S. Trustee Quarterly Fees 0
Interest Earned on Accumulated Cash (750)
(Gain) Loss from sale of equipment 0
(Gain) Loss from Settlement of Liabilities 0
Other Reorganization Expenses 1,906
-----------
Total Reorganization Expenses 4,846
-----------
Income (Loss) Before Income Taxes 9,307
Provision (credit) for Income Tax 16,018
-----------
Income (Loss) Before Minority Interest and
Equity in Net Income (Loss) of Affiliates (6,711)
Minority interest 0
Equity in net income (loss) of affiliates 185
-----------
Net Income (Loss) ($6,526)
===========
Owens Corning and Subsidiaries
Consolidated Statements of Cash Receipts & Disbursements
For the Month Ended July 31, 2004
(In Thousands)
Cash, Beginning of Month $591,233
Receipts:
Customer Receipts 305,050
Inter-company Sales 4,205
Loans and Advances 0
Sale of Assets 0
Other Receipts 12,882
Inter-company Transfers 104,854
Transfers from DIP 164,146
-----------
Total Receipts $591,135
Disbursements:
Net Payroll 30,621
Payroll Taxes 22
Sales Use & Other Taxes 4,857
Inventory Purchases 129,059
Insurance 813
Administrative & Selling 54,543
Other 94,486
Inter-company Transfers 96,528
Transfers to DIP 164,146
Professional Fees 2,492
U.S. Trustee Quarterly Fees 12
Court costs 0
Adjustment 0
-----------
Total Disbursements 577,580
Net Cash Flow 13,555
-----------
Cash -- End of Month $604,788
===========
Headquartered in Toledo, Ohio, Owens Corning --
http://www.owenscorning.com/ -- manufactures fiberglass
insulation, roofing materials, vinyl windows and siding, patio
doors, rain gutters and downspouts. The Company filed for chapter
11 protection on October 5, 2000 (Bankr. Del. Case. No. 00-03837).
Mark S. Chehi, Esq., at Skadden, Arps, Slate, Meagher & Flom,
represents the Debtors in their restructuring efforts. At
Sept. 30, 2004, the Company's balance sheet shows $7.5 billion in
assets and a $4.2 billion stockholders' deficit. The company
reported $132 million of net income in the nine-month period
ending Sept. 30, 2004. (Owens Corning Bankruptcy News, Issue No.
91; Bankruptcy Creditors' Service, Inc., 215/945-7000)
OWENS CORNING: Reports $14 Million Net Loss in August 2004
----------------------------------------------------------
Owens Corning and Subsidiaries
Consolidated Balance Sheets
As of August 31, 2004
(In Thousands)
Current Assets:
Cash and cash equivalents $641,504
Receivables 387,440
Receivables-Inter-company 981,577
Inventories 189,471
Insurance for Asbestos Litigation Claims 0
Deferred Income Taxes 484
Income Tax Receivable 6,476
Other Current Assets 25,526
-----------
Total Current Assets $2,230,478
Other Assets:
Insurance for Asbestos Litigation Claims 4,220
Restricted Cash 166,962
Restricted cash and securities 0
Deferred Income Taxes 1,043,647
Goodwill 48,568
Investment in Affiliates 28,447
Investment in Subsidiaries 2,022,050
Notes Receivable - Intercompany 5,270
Other Non-current Assets 322,894
-----------
Total Other Assets 3,642,058
Plant & Equipment:
Land 35,635
Buildings & Leasehold Improvements 551,067
Machinery & Equipment 2,172,764
Construction in Progress 75,014
Less: Accumulated Depreciation 1,549,817
-----------
Net Plant and Equipment 1,284,663
-----------
TOTAL ASSETS $7,157,199
===========
Liabilities not Subject to Compromise:
Accounts Payable & Accrued Liabilities 430,488
Inter-company Liabilities 789,894
Short-term debt 0
Long-term debt - current portion 1,934
-----------
Total Current Liabilities 1,222,316
Long-Term Debt 6,192
Other Employee Benefits Liability 201,661
Pension Plan Liability 580,298
Other Liability 140,655
-----------
Total Non-Current Liabilities 922,614
-----------
Total Postpetition Liabilities 2,151,122
Prepetition Liabilities:
Accounts Payable and Accrued Liabilities 359,584
Other Employee Benefits Liability 217,602
Pension Plan Liability 0
Debt-US Bank Credit Facility 1,450,986
Debt-Bonds & Other 1,440,465
Asbestos-Related Liability 2,731,188
Inter-company 2,519,808
Other 0
-----------
Total Prepetition Liabilities 8,719,633
Total Liabilities 10,870,755
Minority Interest 0
Stockholder's Equity:
Common Stock 696,004
Retained Earnings (Deficit) (4,072,383)
Accumulated Comprehensive Income (Loss) (6,121)
Other (331,056)
-----------
Net Stockholder's Equity (3,713,556)
-----------
TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $7,157,199
===========
Owens Corning and Subsidiaries
Consolidated Statements of Operations
For the Month Ended August 31, 2004
(In Thousands)
Net sales $357,690
Cost of Sales 294,923
-----------
Gross Margin 62,767
Operating Expenses:
Marketing and Administrative Expenses 30,104
Science and Technology Expenses 2,107
Provision for Asbestos Litigation Claims 0
Insider Compensation 1,048
Restructure Costs 0
Other Expenses 12,727
-----------
Income (Loss) from Operations 16,781
Other Expenses:
Cost of Borrowed Funds 246
Other 0
-----------
Income (Loss) Before Reorganization Items 16,535
Reorganization Items:
Professional Fees 3,638
U.S. Trustee Quarterly Fees 1
Interest Earned on Accumulated Cash (984)
(Gain) Loss from sale of equipment 0
(Gain) Loss from Settlement of Liabilities 0
Other Reorganization Expenses 3,350
-----------
Total Reorganization Expenses 6,005
-----------
Income (Loss) Before Income Taxes 10,530
Provision (credit) for Income Tax 24,672
-----------
Income (Loss) Before Minority Interest and
Equity in Net Income (Loss) of Affiliates (14,142)
Minority interest (2)
Equity in net income (loss) of affiliates (5)
-----------
Net Income (Loss) ($14,149)
===========
Owens Corning and Subsidiaries
Consolidated Statements of Cash Receipts & Disbursements
For the Month Ended August 31, 2004
(In Thousands)
Cash, Beginning of Month $604,788
Receipts:
Customer Receipts 335,112
Inter-company Sales 935
Loans and Advances 0
Sale of Assets 0
Other Receipts (982)
Inter-company Transfers 103,821
Transfers from DIP 310,360
-----------
Total Receipts $749,246
Disbursements:
Net Payroll 34,409
Payroll Taxes 24
Sales Use & Other Taxes 6,010
Inventory Purchases 130,732
Insurance 1,974
Administrative & Selling 54,366
Other 86,763
Inter-company Transfers 85,044
Transfers to DIP 310,360
Professional Fees 2,846
U.S. Trustee Quarterly Fees 1
Court costs 0
Adjustment 0
-----------
Total Disbursements 712,530
Net Cash Flow 36,716
-----------
Cash -- End of Month $641,504
===========
Headquartered in Toledo, Ohio, Owens Corning --
http://www.owenscorning.com/ -- manufactures fiberglass
insulation, roofing materials, vinyl windows and siding, patio
doors, rain gutters and downspouts. The Company filed for chapter
11 protection on October 5, 2000 (Bankr. Del. Case. No. 00-03837).
Mark S. Chehi, Esq., at Skadden, Arps, Slate, Meagher & Flom,
represents the Debtors in their restructuring efforts. At
Sept. 30, 2004, the Company's balance sheet shows $7.5 billion in
assets and a $4.2 billion stockholders' deficit. The company
reported $132 million of net income in the nine-month period
ending Sept. 30, 2004. (Owens Corning Bankruptcy News, Issue No.
91; Bankruptcy Creditors' Service, Inc., 215/945-7000)
OWENS CORNING: Earns $2.4 Million of Net Income in September 2004
-----------------------------------------------------------------
Owens Corning and Subsidiaries
Consolidated Balance Sheets
As of September 30, 2004
(In Thousands)
Current Assets:
Cash and cash equivalents $490,946
Receivables 411,492
Receivables-Inter-company 981,613
Inventories 174,266
Insurance for Asbestos Litigation Claims 0
Deferred Income Taxes 484
Income Tax Receivable 6,476
Other Current Assets 26,574
-----------
Total Current Assets $2,091,851
Other Assets:
Insurance for Asbestos Litigation Claims 4,220
Restricted Cash 166,998
Restricted cash and securities 0
Deferred Income Taxes 1,041,797
Goodwill 48,568
Investment in Affiliates 28,793
Investment in Subsidiaries 2,022,050
Notes Receivable - Intercompany 5,270
Other Non-current Assets 545,177
-----------
Total Other Assets 3,862,873
Plant & Equipment:
Land 35,635
Buildings & Leasehold Improvements 550,605
Machinery & Equipment 2,175,009
Construction in Progress 54,622
Less: Accumulated Depreciation 1,536,824
-----------
Net Plant and Equipment 1,279,047
-----------
TOTAL ASSETS $7,233,771
===========
Liabilities not Subject to Compromise:
Accounts Payable & Accrued Liabilities 474,030
Inter-company Liabilities 807,123
Short-term debt 0
Long-term debt - current portion 1,929
-----------
Total Current Liabilities 1,283,082
Long-Term Debt 6,187
Other Employee Benefits Liability 204,542
Pension Plan Liability 580,390
Other Liability 151,868
-----------
Total Non-Current Liabilities 936,800
-----------
Total Postpetition Liabilities 2,226,069
Prepetition Liabilities:
Accounts Payable and Accrued Liabilities 358,460
Other Employee Benefits Liability 215,369
Pension Plan Liability 0
Debt-US Bank Credit Facility 1,450,986
Debt-Bonds & Other 1,507,528
Asbestos-Related Liability 2,731,188
Inter-company 2,452,666
Other 0
-----------
Total Prepetition Liabilities 8,716,197
Total Liabilities 10,942,266
Minority Interest 0
Stockholder's Equity:
Common Stock 696,004
Retained Earnings (Deficit) (4,070,001)
Accumulated Comprehensive Income (Loss) (5,950)
Other (328,548)
-----------
Net Stockholder's Equity (3,708,495)
-----------
TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $7,233,771
===========
Owens Corning and Subsidiaries
Consolidated Statements of Operations
For the Month Ended September 30, 2004
(In Thousands)
Net sales $350,419
Cost of Sales 286,103
-----------
Gross Margin 64,317
Operating Expenses:
Marketing and Administrative Expenses 30,319
Science and Technology Expenses 1,720
Provision for Asbestos Litigation Claims 0
Insider Compensation 1,048
Restructure Costs 0
Other Expenses 8,361
-----------
Income (Loss) from Operations 22,869
Other Expenses:
Cost of Borrowed Funds 212
Other 0
-----------
Income (Loss) Before Reorganization Items 22,657
Reorganization Items:
Professional Fees 4,086
U.S. Trustee Quarterly Fees 13
Interest Earned on Accumulated Cash (474)
(Gain) Loss from sale of equipment 0
(Gain) Loss from Settlement of Liabilities 0
Other Reorganization Expenses 1,890
-----------
Total Reorganization Expenses 5,515
-----------
Income (Loss) Before Income Taxes 17,142
Provision (credit) for Income Tax 14,577
-----------
Income (Loss) Before Minority Interest and
Equity in Net Income (Loss) of Affiliates 2,565
Minority interest (2)
Equity in net income (loss) of affiliates (181)
-----------
Net Income (Loss) $2,382
===========
Owens Corning and Subsidiaries
Consolidated Statements of Cash Receipts & Disbursements
For the Month Ended September 30, 2004
(In Thousands)
Cash, Beginning of Month $641,504
Receipts:
Customer Receipts 323,050
Inter-company Sales 4,062
Loans and Advances 0
Sale of Assets 0
Other Receipts 15,307
Inter-company Transfers 110,085
Transfers from DIP 682,959
-----------
Total Receipts $1,135,463
Disbursements:
Net Payroll 29,913
Payroll Taxes 0
Sales Use & Other Taxes 9,780
Inventory Purchases 114,691
Insurance 723
Administrative & Selling 51,791
Other 308,797
Inter-company Transfers 84,602
Transfers to DIP 682,959
Professional Fees 2,764
U.S. Trustee Quarterly Fees 0
Court costs 0
Adjustment 0
-----------
Total Disbursements 1,286,021
Net Cash Flow (150,558)
-----------
Cash -- End of Month $490,946
===========
Headquartered in Toledo, Ohio, Owens Corning --
http://www.owenscorning.com/ -- manufactures fiberglass
insulation, roofing materials, vinyl windows and siding, patio
doors, rain gutters and downspouts. The Company filed for chapter
11 protection on October 5, 2000 (Bankr. Del. Case. No. 00-03837).
Mark S. Chehi, Esq., at Skadden, Arps, Slate, Meagher & Flom,
represents the Debtors in their restructuring efforts. At
Sept. 30, 2004, the Company's balance sheet shows $7.5 billion in
assets and a $4.2 billion stockholders' deficit. The company
reported $132 million of net income in the nine-month period
ending Sept. 30, 2004. (Owens Corning Bankruptcy News, Issue No.
91; Bankruptcy Creditors' Service, Inc., 215/945-7000)
OWENS CORNING: Earns $1.7 Million of Net Income in October 2004
---------------------------------------------------------------
Owens Corning and Subsidiaries
Consolidated Balance Sheets
As of October 31, 2004
(In Thousands)
Current Assets:
Cash and cash equivalents $560,082
Receivables 405,003
Receivables-Inter-company 981,725
Inventories 164,278
Insurance for Asbestos Litigation Claims 0
Deferred Income Taxes 484
Income Tax Receivable 6,476
Other Current Assets 20,256
-----------
Total Current Assets $2,138,304
Other Assets:
Insurance for Asbestos Litigation Claims 4,220
Restricted Cash 167,154
Restricted cash and securities 0
Deferred Income Taxes 1,023,484
Goodwill 48,568
Investment in Affiliates 29,074
Investment in Subsidiaries 2,022,050
Notes Receivable - Intercompany 5,270
Other Non-current Assets 542,862
-----------
Total Other Assets 3,842,682
Plant & Equipment:
Land 35,665
Buildings & Leasehold Improvements 547,056
Machinery & Equipment 2,164,603
Construction in Progress 60,402
Less: Accumulated Depreciation 1,530,983
-----------
Net Plant and Equipment 1,276,743
-----------
TOTAL ASSETS $7,257,729
===========
Liabilities not Subject to Compromise:
Accounts Payable & Accrued Liabilities 481,801
Inter-company Liabilities 819,666
Short-term debt 0
Long-term debt - current portion 1,923
-----------
Total Current Liabilities 1,303,390
Long-Term Debt 6,182
Other Employee Benefits Liability 207,314
Pension Plan Liability 580,482
Other Liability 154,084
-----------
Total Non-Current Liabilities 941,880
-----------
Total Postpetition Liabilities 2,251,452
Prepetition Liabilities:
Accounts Payable and Accrued Liabilities 357,333
Other Employee Benefits Liability 213,136
Pension Plan Liability 0
Debt-US Bank Credit Facility 1,450,986
Debt-Bonds & Other 1,507,448
Asbestos-Related Liability 2,731,188
Inter-company 2,452,666
Other 0
-----------
Total Prepetition Liabilities 8,712,757
Total Liabilities 10,964,209
Minority Interest 0
Stockholder's Equity:
Common Stock 695,958
Retained Earnings (Deficit) (4,068,327)
Accumulated Comprehensive Income (Loss) (5,580)
Other (328,531)
-----------
Net Stockholder's Equity (3,706,480)
-----------
TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $7,257,729
===========
Owens Corning and Subsidiaries
Consolidated Statements of Operations
For the Month Ended October 31, 2004
(In Thousands)
Net sales $366,406
Cost of Sales 291,528
-----------
Gross Margin 74,878
Operating Expenses:
Marketing and Administrative Expenses 35,903
Science and Technology Expenses 1,620
Provision for Asbestos Litigation Claims 0
Insider Compensation 804
Restructure Costs 0
Other Expenses 7,803
-----------
Income (Loss) from Operations 28,748
Other Expenses:
Cost of Borrowed Funds 184
Other 0
-----------
Income (Loss) Before Reorganization Items 28,564
Reorganization Items:
Professional Fees 7,802
U.S. Trustee Quarterly Fees (2)
(Gain) Loss from sale of equipment 0
(Gain) Loss from Settlement of Liabilities 0
Other Reorganization Expenses 1,634
-----------
Total Reorganization Expenses 8,860
-----------
Income (Loss) Before Income Taxes 19,704
Provision (credit) for Income Tax 18,198
-----------
Income (Loss) Before Minority Interest and
Equity in Net Income (Loss) of Affiliates 1,506
Minority interest 0
Equity in net income (loss) of affiliates 168
-----------
Net Income (Loss) $1,674
===========
Owens Corning and Subsidiaries
Consolidated Statements of Cash Receipts & Disbursements
For the Month Ended October 31, 2004
(In Thousands)
Cash, Beginning of Month $490,946
Receipts:
Customer Receipts 372,761
Inter-company Sales 3,363
Loans and Advances 0
Sale of Assets 0
Other Receipts 13,988
Inter-company Transfers 104,588
Transfers from DIP 217,982
-----------
Total Receipts $712,681
Disbursements:
Net Payroll 33,549
Payroll Taxes 15
Sales Use & Other Taxes 5,970
Inventory Purchases 130,707
Insurance 759
Administrative & Selling 55,237
Other 103,366
Inter-company Transfers 93,260
Transfers to DIP 217,982
Professional Fees 2,688
U.S. Trustee Quarterly Fees 12
Court costs 0
Adjustment 0
-----------
Total Disbursements 643,545
Net Cash Flow 69,136
-----------
Cash -- End of Month $560,082
===========
Headquartered in Toledo, Ohio, Owens Corning --
http://www.owenscorning.com/ -- manufactures fiberglass
insulation, roofing materials, vinyl windows and siding, patio
doors, rain gutters and downspouts. The Company filed for
chapter 11 protection on October 5, 2000 (Bankr. Del. Case.
No. 00-03837). Mark S. Chehi, Esq., at Skadden, Arps, Slate,
Meagher & Flom, represents the Debtors in their restructuring
efforts. At Sept. 30, 2004, the Company's balance sheet shows
$7.5 billion in assets and a $4.2 billion stockholders' deficit.
The company reported $132 million of net income in the nine-month
period ending Sept. 30, 2004. (Owens Corning Bankruptcy News,
Issue No. 91; Bankruptcy Creditors' Service, Inc., 215/945-7000)
PARMALAT: Farmland Dairies' November 2004 Monthly Operating Report
------------------------------------------------------------------
Farmland Dairies, LLC
Balance Sheet
As of November 20, 2004
Assets
Cash & Cash Equivalents $9,738,595
Accounts Receivable-Trade 39,348,301
Accounts Rec.-Securitization (33,931,087)
Notes Receivable 224,109
Inventory 15,160,712
Prepaid Expenses 11,674,231
Other Current Assets 6,096,122
--------------
Total Current Assets 48,310,983
Fixed Assets 210,276,729
Accumulated Depreciation 116,923,334
--------------
Net Fixed Assets 93,353,395
Other Assets 43,747,658
Intercompany Receivables 69,321,412
--------------
Total Assets $254,733,448
==============
Liabilities Subject to Compromise:
Accounts Payable 14,767,637
Accrued Expenses 3,147,370
Intercompany Payables 25,318,781
Capital Lease 95,000,000
--------------
Total Liabilities Subject to Compromise 138,233,788
Liabilities:
Notes & Loans Payable 0
Capital Leases - Short Term 0
Accounts Payable 15,707,080
Accrued Expenses 23,525,616
--------------
Total Current Liabilities 39,232,696
Notes & Loans Payable 31,253,096
Capital Leases - Long Term 41,491
Other 8,389,235
--------------
Total Long Term Liabilities 39,683,822
Intercompany Payables (82,068,989)
--------------
Total Liabilities 135,081,317
Equity
Paid In Capital 161,506,590
Accum Comprehensive Income (7,013,988)
Retained Earnings 11,323,693
YTD Net Income/(Loss) (46,164,164)
--------------
Total Equity 119,652,131
--------------
Total Liabilities & Owners' Equity $254,733,448
==============
Farmland Dairies, LLC
Income Statement
From October 24, 2004, to November 20, 2004
Revenues
Gross sales $33,691,888
Less: Returns & discounts 811,965
--------------
Net sales 32,879,923
Expenses
Raw Materials & Ingredients 21,465,497
Packaging 2,536,196
Direct Labor 838,793
Power 454,765
Freight 293,951
Distribution 2,500,029
Industrial Depreciation 385,150
Production Overhead 2,198,724
Warehouse (Cooler) 1,602,393
Marketing Costs 601,980
Sales Admin Expenses 347,168
General Expenses 937,371
Financial Costs 830,425
Goodwill/trademarks 6,756
Extraordinary 73,313
Corporate Allocation 0
Provision for Income Taxes 79,577
--------------
Total Expenses 34,992,934
Reorganization Expenses 1,078,634
--------------
Net Profit (Loss) ($3,191,645)
==============
Farmland Dairies, LLC
Cash Receipts and Disbursements
From October 24, 2004, to November 20, 2004
Cash - Beginning of Month $6,204,955
Receipts From Operations
Cash Sales 0
Collection of Accounts Receivable
Prepetition 100,555
Postpetition 32,893,316
--------------
Total Operating Receipts 32,993,871
Non - Operating Receipts
Payments from/(to) GE Capital 6,000,000
Voided Checks (Prepetition) -
Adjustments (110,806)
Deposits -- Other 606,750
Transfers 0
--------------
Total Non-Operating Receipts 6,495,944
--------------
Total Receipts 39,489,815
--------------
Total Cash Available 45,694,770
Operating Disbursements
Chemicals 308,602
Commissions 67,414
Consulting/Legal 180,754
Co-packing 559,028
Employee & Employee-related expenses 805,079
Equipment Leases 415,044
Freight & Postage 185,858
Fuel 109,997
Transportation 529,667
Ingredients 923,628
Insurance 3,644,992
Lab Fees 61,113
Licenses & Taxes 140,062
Marketing 16,169
Other 354,542
Packaging 2,138,401
Pallets/Cases/Bossies 174,279
Milk Producers 13,055,629
Marketing Administrator 958,985
Purchased Products 976,143
R & M, Parts, Supplies 810,099
Raw Milk 896,598
Rebates 63,019
Rent 200,510
Security 109,644
Temporary Labor 68,716
Travel & Entertainment 29,110
Utilities 898,557
Securitization Payments 2,481,867
Payroll 3,158,397
Payroll Taxes 373,554
Voided Checks (Postpetition) 0
--------------
Total expenses 34,695,457
Reorganization Expenses
Professional Fees 1,061,575
U.S. Trustee Fees 10,250
DIP Interest & Fees 188,893
--------------
Total Reorganization Expenses 1,260,718
--------------
Total Disbursements 35,956,175
--------------
Net Cash Flow 3,533,640
--------------
Cash - End of Month $9,738,595
==============
Headquartered in Wallington, New Jersey, Parmalat USA Corporation
-- http://www.parmalatusa.com/ -- generates more than 7 billion
euros in annual revenue. The Parmalat Group's 40-some brand
product line includes milk, yogurt, cheese, butter, cakes and
cookies, breads, pizza, snack foods and vegetable sauces, soups
and juices and employs over 36,000 workers in 139 plants located
in 31 countries on six continents. The Company filed for chapter
11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No.
04- 11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at
Weil Gotshal & Manges LLP represent the Debtors in their
restructuring efforts. On June 30, 2003, the Debtors listed
EUR2,001,818,912 in assets and EUR1,061,786,417 in debts.
(Parmalat Bankruptcy News, Issue No. 39; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
PARMALAT: Finanziaria Reports October 2004 Financial Results
------------------------------------------------------------
Parmalat Finanziaria SpA in Extraordinary Administration
communicates the operating and financial results of the Parmalat
Group as of Oct. 31, 2004.
A number of the non-Italian operations of the Group classified as
non-core that at Dec. 31, 2003 were consolidated line by line (for
example, USA Dairy, Brazil, Chile and EVH) and certain financial
companies (for example, Parmalat Capital Finance) are currently
subject to certain restrictions on their management as a result of
local bankruptcy proceedings, with the result that these
operations are effectively outside the control of Parmalat
Finanziaria SpA in Extraordinary Administration. For this reason,
the Group no longer consolidates these companies on a line-by-line
basis.
More specifically: Parmalat USA Corp., Farmland Dairies, and
Milk Products of Alabama, which constitute the USA Dairy Division
(these milk and dairy products operations have filed for Chapter
11 bankruptcy protection); two Brazilian companies (Parmalat
Brasil and Parmalat Participacoes), which have successfully filed
for composition with creditors under a local proceeding called
Concordata, which applies to their subsidiaries as well; the
Chilean operations, which have filed for composition with
creditors locally; EVH, a company incorporated in Canada that has
been granted creditor protection under the Companies' Creditors
Arrangement Act; and Parmalat Capital Finance, which has been
placed in liquidation by the local court. This group of
companies also includes Eurofood IFSC, which is currently the
subject of a dispute with the Irish judicial authorities, who
allege that the Italian Extraordinary Administration proceedings
cannot be applied to this company.
Consequently, the pro forma data for the previous year have
been restated to reflect the new scope of the line-by-line
consolidation process and compared with those of the current
fiscal year.
Financial Highlights
Cumulative Through October
(in EUR millions)
Revenues
--------------------------------
Previous Previous year Current
year Pro-Forma year
-------- ------------- -------
Core Businesses 3,127.2 3,127.2 3,047.6
Non Core Businesses 1,399.2 576.8 484.5
-------- ------------- -------
Total 4,526.4 3,704.0 3,532.1
======== ============= =======
EBITDA
--------------------------------
Previous Previous year Current
year Pro-Forma year
-------- ------------- -------
Core Businesses 179.0 179.0 214.4
Non Core Businesses (61.0) (37.7) 14.5
-------- ------------- -------
Total 118.0 141.3 228.9
======== ============= =======
% of Revenues
--------------------------------
Previous Previous year Current
year Pro-Forma year
-------- ------------- -------
Core Businesses 5.7 5.7 7.0
Non Core Businesses (4.4) (6.5) 3.0
-------- ------------- -------
Total 2.6 3.8 6.5
======== ============= =======
* The Core Businesses include the following product
categories: beverages (milk and fruit juices) and dairy
products sold under some 30 brands primarily in high-
potential countries where there is sustained demand for
health products, consumers are willing to pay a premium
price for Parmalat brands, and where there is access to
cutting-edge technologies.
** The Non-core Businesses are those that are located in
countries or engaged in activities that are not
strategically significant and have been earmarked for
divestiture.
Group's consolidated data present a strong increase of the
operative result (from EUR 141.3 million situation pro-forma on
October 2003 to EUR228.9 million on October 2004) due to the re-
organization and restructuring activities implemented during the
current year, although there has been a volume reduction (from
EUR3,704.0 million situation pro forma on October 2003 to
EUR3,532.1 million on October 2004, - 4,6%).
Core Businesses
The Group's Core Businesses had revenues of EUR3,047.6 million in
the first ten months of 2004, down slightly (-2.5%) from the
EUR3,127.2 million booked in the same period last year, but EBITDA
increased to EUR214.4 million, or 19.8% more than the
EUR179.0 million earned in the ten months ended Oct. 31, 2003.
Successful marketing initiatives and efforts to curtail
operating costs and overheads are the reasons for the improved
operating performance.
The operating data are before expenses related to the
Extraordinary Administration proceedings. The accrued portion
attributable to the first ten months of 2004 amounts to about
EUR60.0 million.
October 2004 revenues (the difference between the cumulative
revenues at October 31 and September 30) totaled EUR325.4
million, or 7.8% less than in the same period last year (EUR350.8
million). However, EBITDA rose 21.4% to EUR21.5 million (EUR16.9
million in October 2003).
An analysis of the Group's performance in the main
geographic regions in which it operates is provided:
-- Italy
In the first ten months of 2004, revenues decreased to
EUR1,140.8 million, or 9.8% less than the EUR1,253.2
million reported at Oct. 31, 2003.
As was the case in September, the revenue shortfall was
accompanied by an increase in ten-month EBITDA, which
grew from EUR65.9 million in 2003 to EUR70.2 million this
year. The ratio of EBITDA to net revenues improved by
6.5%, rising from 5.3% in 2003 to 6.1% this year.
In October 2004, revenues amounted to EUR111.7 million
and EBITDA decreased to EUR3.6 million (3.2% of revenues)
due to a rise in advertising investments.
The resumption of advertising programs (the Kyr campaign
in particular) has already produced a rise in unit sales,
as seen in the September and October sales figures.
Other recent promotional and advertising campaigns
(Zymil, Eurolat products) should generate additional
sales momentum in the coming months.
-- Spain
Revenues for the first ten months of 2004 totaled
EUR189.5 million, or 3.1% less than the EUR195.5 million
reported a year earlier. EBITDA were also down,
decreasing both in absolute terms (down 32.6%, from
EUR19.0 million to EUR12.8 million) and as a percentage
of revenues (from 9.7% to 6.7%).
For the month of October, revenues and EBITDA totaled
EUR16.6 million and EUR0.5 million (3.0% of revenues),
respectively.
The main reasons for the sharp decline in EBITDA compared
with October 2003 are a rise in costs, which could not be
fully offset by price increases for affected products,
and the inclement weather that characterized the summer
of 2004.
In addition, specific problems arose in certain market
segments: in the yogurt (bioliquids in particular) and
dessert areas, sales were affected by aggressive
promotions from competitors with a global reach, and
increasingly intense television advertising by
competitors had an impact on the flavored milk segment.
Another factor that affected the year-over-year
comparison of the October results was the smaller number
of business days (five weekends and a holiday this year,
compared with just four weekends in 2003).
-- South Africa
Revenues for the first ten months of 2004 grew to
EUR201.8 million, up 28.2% compared with the EUR157.4
million reported in the same period a year ago. EBITDA
improved in absolute terms, rising to EUR17.2 million, or
17.0% more than the EUR14.7 million earned in 2003, but
declined as a percentage of revenues (down from 9.3% to
8.5%).
In October 2004, the South African operations booked
revenues of EUR23.5 million and earned EBITDA of EUR3.0
million (12.8% of revenues).
The positive trend in revenues and EBITDA, compared with
the first ten months of 2003, was made possible by the
acquisition of new brands (Simonsberg and Melrose);
higher unit sales of yogurt and milk and sharply higher
shipments of UHT milk; and the positive impact of the
appreciation of the South African rand versus the euro
(+6.7%). Unfortunately, EBITDA did not benefit in the
same manner due to a change in the sales mix to the
advantage of less profitable products (such as bulk
cheese) and the impact of higher oil prices on production
costs.
-- Venezuela
In October 2004, the slide of the bolivar versus the
euro, which had reached an unprecedented level earlier
in 2004 (-26.3% compared with 2003) came to a virtual
halt compared with September 2004, when it was down 26.5%
compared with September 2003.
Revenues for the first ten months of 2004 decreased 26.9%
to EUR122.6 million (EUR167.8 million in 2003) and EBITDA
contracted in absolute terms (EUR4.2 million, compared
with EUR20.0 million in 2003) and as a percentage of
revenues (down from 11.9% to 3.5%).
For the month of October 2004, revenues totaled EUR11.9
million and EBITDA amounted to EUR0.4 million (3.4%
of revenues).
The two main reasons for the sharp deterioration in the
operating performance of the Venezuelan operations are
the difficulties experienced by the Venezuelan economy,
which resulted in a halt in the importation of numerous
raw materials, and the decision by the Venezuelan
Government to regulate the markets for certain essential
staples, which include "basic" powdered milk. The Group
responded to these developments by implementing a process
designed to refocus the Venezuelan operations, beginning
with the restructuring of the local operating unit.
-- Canada
Cumulative revenues at Oct. 31, 2004 totaled EUR964.2
million, about the same as in the corresponding period a
year ago (EUR960.2 million). The modest improvement in
net revenues produced impressive gains in EBITDA, which
rose 21.1% in absolute terms (EUR66.1 million, compared
with EUR54.6 million for the ten months ended October 31,
2003) and 1.2 points as a percentage of revenues (from
5.7% to 6.9%).
In October 2004, revenues totaled EUR114.9 million and
EBITDA amounted to EUR10.2 million (8.9% of revenues).
The excellent results achieved by the Canadian operations
despite the negative performance of the local currency
(in October, the Canadian dollar was down 2.4% versus the
euro) was made possible mainly by strong sales of basic
ingredients and cheese. As expected, the implementation
by local managers of some of the initiatives outlined in
the Industrial Plan provided a further boost to the
bottom line. These initiatives include: renegotiations
of contracts with certain suppliers; expansion of the
contract with Canada's largest retail chain; reduction of
promotional and advertising expenses, distribution costs
and overhead; reorganization of the manufacturing
processes; and a streamlining of the product portfolio.
Another positive development was the recent launch of the
Omega 3 product line, which is expected to produce
significant economic benefits in the future.
-- Australia
Owing in part to the appreciation of the Australian
dollar versus the euro (+4.1% compared with the average
rate through October 2003), revenues grew to EUR317.1
million, up from EUR308.2 million in the first ten months
of 2003 (+2.9%). Over the same period, EBITDA increased
from EUR26.1 million to EUR27.0 million (+3.5%).
In October 2004, net revenues totaled EUR39.5 million and
EBITDA amounted to EUR4.4 million (11.1% of revenues).
Factors that contributed to these improved results, in
addition to the impact of foreign exchange translation
rates, include: higher unit sales of milk (especially
pasteurized milk) and yogurt, the containment of overhead
and promotional expenses, a more effective raw materials
procurement policy and the implementation of programs to
reduce complexity.
Non-core Businesses
The Group's Non-core Businesses reported revenues of
EUR484.5 million, or 16.0% less than the EUR576.8 million
booked in the first ten months of 2003.
As was the case in the first nine months of 2004, EBITDA for
the first ten months were positive, reaching EUR14.5 million
(negative EBITDA of EUR37.7 million for the ten months ended
October 31, 2003), due mainly to a change in the treatment of
certain items attributed to Parma F.C. that were related to the
sale of some of the team's players.
In October 2004, net revenues totaled EUR51.5 million
(EUR19.2 million in 2003) and EBITDA amounted to EUR1.7
million.
The main reasons for the year-over-year improvement in
cumulative EBITDA are the restatement and programs implemented by
certain Italian businesses and the U.S. baked goods operations
(USA Bakery).
Italy
The Divisions of Parmalat S.p.A. that have been designated as
Non-core Businesses had revenues of EUR67.7 million, down
sharply (-34.8%) from the EUR103.8 million reported in October
2003. Despite this decrease in net revenues, EBITDA improved by
74.0%, with the loss shrinking both in absolute terms (from
negative EUR12.7 million to negative EUR3.3 million) and in
relative terms (from -12.2% to -4.9% of net revenues). The
decision to discontinue the water business and drastic cuts in
advertising and promotion for baked goods and fruit juices
are the main reasons for the improved results.
USA Bakery
The sharp decline suffered by the U.S. dollar versus the
euro (-9.9% since October 2003) had a negative impact on the
results for the period. Revenues for the first ten months of
2004 totaled EUR238.9 million, or 16.7% less than in the same
period last year, when they totaled EUR286.7 million.
Nevertheless, EBITDA, while still negative, improved by
42.7% both in absolute terms (from negative EUR12.4 million to
negative EUR7.1 million) and in relative terms (from -4.3% to -
3.0% of net revenues).
Overall, the negative impact of lower unit sales and higher
raw materials prices was offset by targeting promotional
investments more effectively, reorganizing the manufacturing
operations and cutting overheads.
NET FINANCIAL POSITION
Highlights (in EUR millions)
Balance
Balance as at Balance Balance Balance
as at 12/31/03 as at as at as at
12/31/03 Pro-Forma 06/30/04 09/30/04 10/31/04
-------- --------- -------- -------- --------
Short term
financial
assets (121.4) (104.7) (130.5) (173.9) (348.3)
broken
down as:
Financial
assets not
held as
fixed
assets (20.9) (20.9) (5.4) (0.8) (0.9)
Liquid
assets (100.5) (83.8) (125.1) (173.1) (347.4)
Financial
accrued
income and
prepaid
expenses (incl.
intra-Group) (61.9) (57.2) (55.0) (28.5) (27.3)
-------- --------- -------- -------- --------
Total
short-term
financial
assets (183.3) (161.9) (185.5) (202.4) (375.6)
======== ========= ======== ======== ========
Financial
debts 13,457.5 11,402.6 11,408.0 11,501.0 11,498.6
Financial
accrued
expenses &
deferred
income (incl.
intra-Group) 256.2 200.8 246.6 231.1 232.0
-------- --------- -------- -------- --------
Total
financial
liabilities 13,713.7 11,603.4 11,654.6 11,732.1 11,730.6
Indebtedness
owed to
lenders
outside
the Group/
(Financial
assets) of
companies
consolidated
line-by-
line 13,530.4 11,441.5 11,469.1 11,529.7 11,355.0
Indebtedness
owed by
companies
consolidated
line-by-line
to companies
that are
parties to
local
composition
with
creditors
proceedings - 745.8 745.8 745.8 745.8
Indebtedness/
(Financial
assets) of
companies
consolidated
line-by-
line 13,530.4 12,187.3 12,214.9 12,275.5 12,100.8
Indebtedness/
(Financial
assets) of
companies not
consolidated
line-by-line 49.4 4.3 4.3 4.5 4.3
-------- --------- -------- -------- --------
Total
indebtedness/
(financial
assets) 13,579.8 12,191.6 12,219.2 12,279.8 12,105.1
======== ========= ======== ======== ========
The Group's net financial position at Oct. 31, 2004, shows an
improvement of EUR174.7 million that reflects primarily
an increase in the liquidity held by Parmalat SpA.
The financial indebtedness owed to lenders outside the Group
by subsidiaries that are parties to local composition-with-
creditors proceedings and, consequently, have been deconsolidated
totaled EUR2,437.3 million. Because some of these borrowings are
secured by guarantees provided by Parmalat SpA and Parmalat
Finanziaria SpA totaling EUR1,753.4 million, a reserve for risks
of an amount equal to the guaranteed indebtedness (EUR1,675.2
million) has been recognized in the consolidated financial
statements.
The consolidated financial statements also show indebtedness
of EUR745.8 million owed by the Group to companies in special
proceedings that are not consolidated line by line.
As of [Nov. 30, 2004], no amount has been drawn from the
EUR105.8 million line of credit provided to Parmalat SpA by
a pool of banks on Mar. 4, 2004.
A breakdown of the net indebtedness owed to lenders outside the
Group by companies consolidated line-by-line:
(in EUR millions)
Balance
as at Balance Balance Balance
12/31/03 as at as at as at
Pro-Forma 06/30/04 09/30/04 10/31/04
--------- -------- -------- --------
Companies in EA
subject to proposed
composition with
creditors 10,055.3 10,084.0 10,074.8 9,924.0
Other companies in EA 56.9 42.8 58.2 65.5
Other companies 1,329.3 1,342.3 1,396.7 1,365.5
--------- -------- -------- --------
Total indebtedness/
(financial assets) 11,441.5 11,469.1 11,529.7 11,355.0
========= ======== ======== ========
Companies Under Extraordinary Administration
The net indebtedness incurred by companies under extraordinary
administration toward lenders outside the Group prior to their
becoming eligible for extraordinary administration is all short-
term, since all of these companies are in default of the covenants
of the respective loan agreements.
A noteworthy development is the increase in liquid assets
held by the companies included in the Proposal of Composition
with Creditors. Such assets rose from EUR24.0 million at
Dec. 31, 2003 to EUR233.3 million at Oct. 31, 2004. The main
reason for this improvement is the inflow of EUR160.0 million
received under a settlement agreement with Nextra Investment
Management - Societa di gestione del risparmio S.p.A.
Other Companies
The remaining operating and financial companies consolidated
line by line that are not included in the extraordinary
administration proceedings had net indebtedness toward lenders
outside the Group of EUR1,329.3 million at Dec. 31, 2003 and
of EUR1,365.5 million at Oct. 31,2004. The decrease from a
month earlier is due mainly to the deconsolidation of the
indebtedness owed by a divested Dominican company and the
collection of the sales proceeds from the buyer of the Group's
investment in the company in question. The indebtedness at
Oct. 31, 2004 includes EUR722.3 million in long-term debt.
Some Group companies are currently renegotiating their
indebtedness in order to restructure it.
Principal Companies Under Extraordinary Administration
Financial highlights of the principal Italian companies
under extraordinary administration:
Parmalat Finanziaria SpA
(Amounts in millions of Euros)
Balance Balance Balance Balance
as at as at as at as at
12/31/03 06/30/04 09/30/04 10/31/04
-------- -------- -------- --------
Short-term
financial assets (140.8) (140.0) (18.3) (18.5)
broken down as:
Intra-Group loans
receivable (138.8) (138.8) (17.1) (17.1)
Financial assets
not held as
fixed assets (2.0) (0.0) - -
Liquid assets (0.0) (1.1) (1.2) (1.4)
Financial accrued income
and prepaid expenses
(including intra-Group) (0.6) - (0.1) (0.1)
-------- -------- -------- --------
Total short-term
financial assets (141.4) (140.0) (18.6) (18.4)
======== ======== ======== ========
Financial liabilities
(including intra-Group) 1,269.9 1,272.9 1,277.2 1,278.4
broken down as:
Intra-Group
loans payable 1,007.8 1,010.9 1,015.2 1,016.4
Other financial
liabilities 262.1 262.0 262.0 262.0
Financial accrued expenses
and deferred income
(including intra-Group) 4.8 4.7 4.6 4.7
-------- -------- -------- --------
Total financial
liabilities 1,274.7 1,277.6 1,281.8 1,283.1
-------- -------- -------- --------
Total indebtedness/
(financial assets) 1,133.3 1,137.6 1,263.4 1,264.5
======== ======== ======== ========
In October, intra-Group indebtedness increased by EUR1.2 million.
The balance includes a loan received from Parmalat SpA in
Extraordinary Administration.
Parmalat SpA
(Amounts in millions of Euros)
Balance Balance Balance Balance
as at as at as at as at
12/31/03 06/30/04 09/30/04 10/31/04
-------- -------- -------- --------
Short-term
financial assets (54.3) (61.7) (64.9) (212.9)
broken down as:
Intra-Group
loans receivable (28.0) (38.6) (33.9) (37.4)
Financial assets not
held as fixed assets (19.7) - - -
Liquid assets (6.6) (23.2) (31.0) (175.5)
Financial accrued income
and prepaid expenses
(including intra-Group) 0.0 - 0.0 (0.1)
-------- -------- -------- --------
Total short-term
financial assets (54.3) (61.7) (64.9) (213.1)
======== ======== ======== ========
Financial liabilities
(including intra-Group) 4,149.0 4,144.1 3,883.6 3,885.3
broken down as:
Intra-Group
loans payable 1,266.2 1,266.2 1,005.5 1,005.5
Other financial
liabilities 2,882.8 2,877.9 2,878.2 2,879.9
Financial accrued expenses
and deferred income
(including intra-Group) 0.0 - 0.0 -
-------- -------- -------- --------
Total financial
liabilities 4,149.0 4,144.1 3,883.6 3,885.3
-------- -------- -------- --------
Total indebtedness/
(financial assets) 4,094.7 4,082.4 3,818.7 3,672.3
======== ======== ======== ========
Changes compared with Sept. 30, 2004, include an improvement in
the net financial position following the collection of
EUR160.0 million received under a settlement agreement with Nextra
Investment Management - Societa di gestione del risparmio S.p.A.
This amount was temporarily held by Parmalat SpA in Extraordinary
Administration, pending the allocation of the settlement among the
Group companies involved, in accordance with a formula that is
currently being defined.
The balance of intra-Group loans receivable also changed, due to
the granting of additional intra-Group loans to Latte Sole
S.p.A. (EUR1.8 million), Parmalat Finanziaria SpA in
Extraordinary Administration (EUR1.2 million) and sundry
transactions (EUR0.5 million).
Financial indebtedness owed to lenders outside the Group
increased by EUR1.7 million due to the restatement of certain
liability accounts.
Eurolat SpA
(Amounts in millions of Euros)
Balance Balance Balance Balance
as at as at as at as at
12/31/03 06/30/04 09/30/04 10/31/04
-------- -------- -------- --------
Short-term
financial assets (13.6) (23.2) (18.3) (21.6)
broken down as:
Intra-Group
loans receivable - - - -
Financial assets not
held as fixed assets - - - -
Liquid assets (13.6) (23.2) (18.3) (21.6)
Financial accrued income
and prepaid expenses
(including intra-Group) - - (0.1) -
-------- -------- -------- --------
Total short-term
financial assets (13.6) (23.2) (18.4) (21.6)
======== ======== ======== ========
Financial liabilities
(including intra-Group) 191.9 189.3 190.1 188.2
broken down as:
Intra-Group
loans payable 45.8 45.8 45.8 43.8
Other financial
liabilities 146.1 143.5 144.4 144.4
Financial accrued expenses
and deferred income
(including intra-Group) 1.5 0.7 - -
-------- -------- -------- --------
Total financial
liabilities 193.4 190.0 190.1 188.2
-------- -------- -------- --------
Total indebtedness/
(financial assets) 179.7 166.8 171.7 166.6
======== ======== ======== ========
The net financial position of Eurolat SpA improved due to an
increase in liquid assets and the netting out of certain intra-
Group balances.
Lactis SpA
(Amounts in millions of Euros)
Balance Balance Balance Balance
as at as at as at as at
12/31/03 06/30/04 09/30/04 10/31/04
-------- -------- -------- --------
Short-term
financial assets (0.4) (3.7) (3.6) (3.8)
broken down as:
Intra-Group
loans receivable - - - -
Financial assets not
held as fixed assets - - - -
Liquid assets (0.4) (3.7) (3.6) (3.8)
Financial accrued income
and prepaid expenses
(including intra-Group) (0.0) (0.0) (0.0) (0.0)
-------- -------- -------- --------
Total short-term
financial assets (0.4) (3.7) (3.6) (3.9)
======== ======== ======== ========
Financial liabilities
(including intra-Group) 20.5 19.1 19.1 19.1
broken down as:
Intra-Group
loans payable 8.6 8.6 8.6 8.6
Other financial
liabilities 11.9 10.5 10.5 10.5
Financial accrued expenses
and deferred income
(including intra-Group) 0.0 - - -
-------- -------- -------- --------
Total financial
liabilities 20.5 19.1 19.1 19.1
-------- -------- -------- --------
Total indebtedness/
(financial assets) 20.2 15.4 15.5 15.2
======== ======== ======== ========
No change from a month earlier.
Significant Events during October and November
October 7 Filing by the Extraordinary Commissioner of
a complaint with the United States District
Court for the Western District of North
Carolina asking it to order Bank of America
and certain of its subsidiaries to pay
damages under various titles. The
Commissioner believes that the defendant
companies actively engaged in actions that,
over an extended period of time, caused
damages to the Parmalat Group that are
estimated at the present time to be not less
than US$10 billion.
October 14 Following approval by the Italian Ministry
of Production Activities, acting with the
input of the Oversight Committee of the
Extraordinary Administration proceedings,
acceptance of the settlement proposal put
forth on Oct.r 6, 2004, by Nextra
Investment Management - Societa di gestione
del risparmio Spa and collection of the
settlement amount. This amount will be
allocated to the companies that are parties
to the settlement in accordance with the
instructions of the Oversight Committee and
with the approval of the Italian Ministry of
Production Activities.
November 26 Publication of the statement of income and
balance sheet of Parmalat SpA in
Extraordinary Administration and Parmalat
Finanziaria SpA in Extraordinary
Administration and of the consolidated
financial statements of the Parmalat Group.
The Parmalat Group also published a Report
on Operations. The Auditors' Report will be
published as soon as possible.
Headquartered in Wallington, New Jersey, Parmalat USA Corporation
-- http://www.parmalatusa.com/ -- generates more than 7 billion
euros in annual revenue. The Parmalat Group's 40-some brand
product line includes milk, yogurt, cheese, butter, cakes and
cookies, breads, pizza, snack foods and vegetable sauces, soups
and juices and employs over 36,000 workers in 139 plants located
in 31 countries on six continents. The Company filed for chapter
11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No.
04- 11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at
Weil Gotshal & Manges LLP represent the Debtors in their
restructuring efforts. On June 30, 2003, the Debtors listed
EUR2,001,818,912 in assets and EUR1,061,786,417 in debts.
(Parmalat Bankruptcy News, Issue No. 39; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
PARMALAT: Finanziaria Reports November 2004 Financial Results
-------------------------------------------------------------
Parmalat Finanziaria SpA in Extraordinary Administration
communicates the operating and financial results of the Parmalat
Group at Nov. 30, 2004.
A number of the non-Italian operations of the Group classified as
non-core that at Dec. 31, 2003, were consolidated line by line
(for example: USA Dairy, Brazil, Chile and EVH) and certain
financial companies (for example, Parmalat Capital Finance) are
currently subject to certain restrictions on their management as a
result of local bankruptcy proceedings, with the result that these
operations are effectively outside the control of Parmalat
Finanziaria SpA in Extraordinary Administration. For this reason,
the Group no longer consolidates these companies on a line-by-line
basis.
More specifically: Parmalat USA Corp., Farmland Dairies, and
Milk Products of Alabama, which constitute the USA Dairy Division
(these milk and dairy products operations have filed for Chapter
11 bankruptcy protection); two Brazilian companies (Parmalat
Brasil and Parmalat Participacoes), which have successfully filed
for composition with creditors under a local proceeding called
Concordata, which applies to their subsidiaries as well; the
Chilean operations, which have filed for composition with
creditors locally; EVH, a company incorporated in Canada that has
been granted creditor protection under the Companies' Creditors
Arrangement Act; and Parmalat Capital Finance, which has been
placed in liquidation by the local court. This group of
companies also includes Eurofood IFSC, which is currently the
subject of a dispute with the Irish judicial authorities, who
allege that the Italian Extraordinary Administration proceedings
cannot be applied to this company.
Consequently, the pro forma data for the previous year have
been restated to reflect the new scope of the line-by-line
consolidation process. The restated data are compared with those
of the current fiscal year.
Financial Highlights
Cumulative Through October
(in EUR millions)
Revenues
--------------------------------
Previous Previous year Current
year Pro-Forma year
-------- ------------- -------
Core Businesses 3,432.6 3,432.6 3,355.1
Non Core Businesses 1,574.8 674.2 530.7
-------- ------------- -------
Total 5,007.4 4,106.8 3,885.8
======== ============= =======
EBITDA
--------------------------------
Previous Previous year Current
year Pro-Forma year
-------- ------------- -------
Core Businesses 191.6 191.6 238.9
Non Core Businesses (64.6) (37.1) 11.6
-------- ------------- -------
Total 127.0 154.4 250.5
======== ============= =======
% of Revenues
--------------------------------
Previous Previous year Current
year Pro-Forma year
-------- ------------- -------
Core Businesses 5.6 5.6 7.1
Non Core Businesses (4.1) (5.5) 2.2
-------- ------------- -------
Total 2.5 3.8 6.4
======== ============= =======
* The Core Businesses include the following product
categories: beverages (milk and fruit juices) and
functional dairy products, which are sold under
approximately 30 brands (global and strong local brands)
primarily in high-potential countries in which there is
sustained demand for wellness products, consumers are
willing to pay a premium price for Parmalat brands and
there is access to leading-edge technologies.
** The Non-core Businesses are those that are located in
countries or engaged in activities that are not
strategically significant and have been earmarked for
divestiture.
The consolidated data show that while revenues decreased by
5.4% (EUR3,885.8 million at Nov. 30, 2004, compared with
EUR4,106.8 million pro forma at Nov. 30, 2003), EBITDA grew
by 62.1%, rising to EUR250.5 million, compared with EUR154.5
million in the first eleven months of 2003. This improvement was
made possible by the corporate restructuring and reorganization
effort carried out during the course of the year.
Core Businesses
The Group's Core Businesses had cumulative revenues of
EUR3,355.1 million at Nov. 30, 2004, down slightly (-2.3%)
from the EUR3,432.6 million booked in the same period last year.
EBITDA, however, increased to EUR238.9 million, or 24.7% more
than the EUR191.6 million earned in the first eleven months of
2003.
Successful marketing initiatives and efforts to curtail
operating costs and overhead, which more than offset the impact
of lower unit sales, are the reasons for the improved operating
performance.
The operating data are before extraordinary expenses related to
the extraordinary administration proceedings. The accrued
portion attributable to the first eleven months of 2004 amounts
to about EUR71.0 million.
November revenues (difference between the cumulative revenues at
November 30 and October 31) totaled EUR307.5 million, about the
same as in the same period last year (EUR308.4 million). At the
same time, EBITDA almost doubled, increasing to EUR24.5 million
(EUR12.6 million in November 2003).
An analysis of the Group's results in the main geographic
regions in which it operates is provided:
-- Italy
In the first eleven months of 2004, revenues decreased to
EUR1,250.8 million, or 8.4% less than the EUR1,365.8
million reported at November 30, 2003.
As was the case in the previous months, the revenue
shortfall was accompanied by an increase in EBITDA, which
grew to EUR76.9 million, or 11.1% more than the EUR69.2
million booked in 2003. The ratio of EBITDA to net
revenues also improved, rising from 5.1% in 2003 to 6.1%
this year.
In November, revenues and EBITDA increased compared with
the previous month, rising to EUR110.0 million and EUR6.7
million (6.1% of revenues), respectively. Gains by the
Milk and Fresh Dairy Products Divisions were the main
reasons for this improvement. The Milk Division
responded to a decrease in unit sales of pasteurized milk
by improving its sales mix and increasing sales of
functional milks. Demand for these products was
bolstered by recent advertising campaigns for Zymil,
which has become the fourth brand in its segment of the
domestic market. Yogurt sales benefited from the Kyr
advertising campaign. Other recent promotional and
advertising campaigns (Eurolat products) should generate
additional sales momentum in the coming months.
-- Spain
Revenues for the first eleven months of 2004 totaled
EUR206.3 million, or 2.3% less than the EUR211.1 million
reported a year earlier. EBITDA showed an even greater
decrease, falling both in absolute terms (down 29.4%,
from EUR19.4 million to EUR13.7 million) and as a
percentage of revenues (from 9.2% to 6.6%).
At EUR16.8 million and EUR0.9 million (5.4% of revenues),
respectively, November revenues and EBITDA were in line
with the results posted in recent months. The main
reason for the decline in EBITDA compared with the data
at November 30, 2003, is a rise in costs (cost of milk
and packaging plastics), which could not be fully passed
on to consumers. The less favorable weather that
characterized the summer of 2004 compared with 2003 was
also a factor, depressing sales of seasonal products (ice
creams and almond-flavored beverages).
In addition, the performance of the Spanish operations
was affected by problems in specific market segments: in
the yogurt (bioliquids in particular) and dessert areas,
sales were affected by aggressive promotions from
competitors with a global reach, and increasingly intense
television advertising by Parmalat's competitors had an
impact on the flavored milk segment.
-- South Africa
Revenues for the first eleven months of 2004 grew to
EUR226.3 million, up 27.8% compared with the EUR177.0
million reported in the same period a year ago. EBITDA
enjoyed the same positive trend, rising to EUR19.8
million, compared with ?16.7 million in 2003.
However, the ratio of EBITDA to revenues decreased from
9.4% to 8.7%. In November, the South African operations
booked revenues of EUR24.5 million and earned EBITDA of
EUR2.6 million (10.6% of revenues).
The improvement in cumulative revenues and EBITDA was
made possible in part by the appreciation of the South
African rand versus the euro (average exchange rate up
6.2% compared with 2003).
Another factor that accounted for the revenue gain
achieved in 2004 was a sharp rise in unit sales (19.2%).
While most of this increase came from sales of less
profitable products (such as bulk cheese), the higher
volumes shipped provided better coverage for fixed
production costs and helped reduce the existing excess
of raw material inventory.
Product categories that provided the greatest
contribution to the increase in EBITDA were high-end
cheeses (the recent Simonsberg and Melrose acquisitions
were a factor), UHT milk, desserts and yogurt. Yogurt
shipments were particularly strong.
Negative factors that affected South Africa operations
included higher transportation and distribution costs and
the inability to raise the retail prices of dairy
products.
-- Venezuela
In November, the average exchange rate of the Bolivar
versus the euro fell by 27.2% compared with the average
rate for November 2003, marking a further deterioration
from the month of October, when the year-over-year
decrease was 26.3%.
Revenues for the first eleven months of 2004 decreased by
28.1% to EUR134.0 million (EUR186.5 million in 2003).
The contraction in revenues had a negative impact on
EBITDA, which fell both in absolute terms (EUR5.6
million, or 74.1% less than the EUR21.6 million reported
at November 30, 2003) and as a percentage of revenues
(down from 11.6% to 4.2%).
For the month of November 2004, revenues totaled EUR21.4
million and EBITDA amounted to EUR1.4 million (6.5% of
revenues). However, while the impact of the two main
factors that account for the sharp deterioration in the
operating performance of the Venezuelan operations (the
difficulties experienced by the Venezuelan economy, which
resulted in a halt in the importation of numerous raw
materials, and the decision by the Venezuelan Government
to regulate the markets for "basic" powdered milk) was
significant, the domestic economy is beginning to revive,
with a beneficial impact on unit sales and profit
margins.
In addition, the business reorganization and refocusing
process launched in October is starting to pay off,
despite increases in the prices paid for raw materials
(especially milk) and packaging plastics during the
second half of 2004.
-- Canada
Cumulative revenues at Nov. 30, 2004, totaled
EUR1,065.8 million, about the same as in the
corresponding period a year ago (EUR1,059.0 million).
While revenues held relatively steady, EBITDA were up a
strong 27.0% in absolute terms (EUR74.8 million, compared
with EUR58.9 million for the eleven months ended
November 30, 2003) and improved as a percentage of
revenues (from 5.6% to 7.0%).
In November 2004, revenues totaled EUR101.6 million and
EBITDA amounted to EUR8.7 million (8.6% of revenues).
The excellent results achieved by the Canadian operations
despite the weakness of the Canadian dollar versus the
euro (down 2.3% in November) were made possible mainly by
strong sales of cheese and basic ingredients. Sales of
fruit juices were also up. The early implementation of
some of the initiatives outlined in the Industrial Plan
provided a further boost to the bottom line. These
initiatives include: renegotiation of contracts with
certain suppliers; expansion of the contract with
Canada's largest retail chain; reduction of promotional
and advertising expenses, distribution costs and
overhead; reorganization of the manufacturing processes;
and a streamlining of the product portfolio.
-- Australia
Revenues for the first eleven months of 2004 totaled
EUR348.7 million, about the same as the EUR340.5 million
booked in the same period last year. This was also true
for EBITDA, which were little changed both in absolute
terms (EUR30.0 million, compared with EUR29.3 million in
the eleven months ended Nov. 30, 2003) and as a
percentage of net revenues. A factor that should also be
taken into account when comparing data is the modest
appreciation of the Australian dollar versus the euro
(+3.5% compared with the average rate through November
2003).
In November 2004, net revenues totaled EUR31.6 million
and EBITDA amounted to EUR3.0 million (9.5% of
revenues).
Factors that contributed to these improved results, in
addition to the impact of foreign exchange translation
rates, include: the containment of overhead and of
promotional and transportation expenses, a more effective
raw materials procurement policy, the streamlining of
production facilities, and higher unit sales of milk
(especially pasteurized milk) and yogurt. In addition,
the Group's Australian companies signed new supply
contracts with large national retail chains.
Non-core Businesses
The Group's Noncore Businesses reported revenues of
EUR530.7 million, or 21.3% less than the EUR674.2 million booked
in the first eleven months of 2003.
As was the case in previous months, EBITDA for the first
eleven months were positive, totaling EUR11.6 million (negative
EBITDA of EUR37.1 million for the eleven months ended
November 30, 2003), due mainly to a change in the treatment of
certain items attributed to Parma F.C. that related to the sale
of some of the team's players.
In November 2004, revenues totaled EUR46.2 million, down
from November 2003, and EBITDA amounted to EUR2.9 million.
The main reasons for the year-over-year improvement in
cumulative EBITDA are the restatement referred to above and
programs implemented by certain Italian businesses and the U.S.
baked goods operations (USA Bakery).
Italy
The operations of Parmalat SpA that have been designated as
Non-core Businesses had revenues of EUR73.4 million in the eleven
months ended November 30, 2004, down sharply (-34.2%) from the
EUR111.6 million booked in the same period last year. Despite
this decrease in net revenues, EBITDA showed a substantial
increase, rising by 75.9%, with the loss shrinking both in
absolute terms (from negative EUR14.5 million to negative EUR3.5
million) and in relative terms (from -13.0% to -4.8% of
revenues). The decision to discontinue the water business and
drastic cuts in promotions and advertising for baked goods and
fruit juices are the main reasons for the improved results.
USA Bakery
In November, the exchange rate of the U.S. dollar versus the
euro continued to deteriorate (-10% compared with the reference
data at November 2003). This development had a negative impact
on cumulative revenues, which decreased to EUR263.5 million, or
16.0% less than in the first eleven months of 2003, when they
totaled EUR313.8 million. Nevertheless, EBITDA, while still
negative, improved by 37.2%, rising both in absolute terms
(from negative EUR11.3 million to negative EUR7.1 million) and in
relative terms (from -3.6% to -2.7% of revenues).
This improvement was achieved by implementing programs
designed to target promotional investments more effectively,
reorganize the manufacturing operations and cut overhead. These
programs succeeded in offsetting the negative impact of lower
unit sales and higher raw materials prices.
NET FINANCIAL POSITION
Highlights (in EUR millions)
Balance
Balance as at Balance Balance Balance
as at 12/31/03 as at as at as at
12/31/03 Pro-Forma 06/30/04 10/31/04 11/30/04
-------- --------- -------- -------- --------
Short term
financial
assets (121.4) (104.7) (130.5) (348.3) (356.8)
broken down as:
Financial
assets not
held as
fixed
assets (20.9) (20.9) (5.4) (0.9) (0.4)
Liquid
assets (100.5) (83.8) (125.1) (347.4) (356.4)
Financial
accrued
income and
prepaid
expenses (incl.
intra-Group) (61.9) (57.2) (55.0) (27.3) (25.0)
-------- --------- -------- -------- --------
Total
short-term
financial
assets (183.3) (161.9) (185.5) (375.6) (381.9)
======== ========= ======== ======== ========
Financial
debts 13,457.5 11,402.6 11,408.0 11,498.6 11,480.8
Financial
accrued
expenses &
deferred
income (incl.
intra-Group) 256.2 200.8 246.6 232.0 231.2
-------- --------- -------- -------- --------
Total
financial
liabilities 13,713.7 11,603.4 11,654.6 11,730.6 11,712.0
Indebtedness
owed to
lenders
outside
the Group/
(Financial
assets) of
companies
consolidated
line-by-
line 13,530.4 11,441.5 11,469.1 11,355.0 11,330.2
Indebtedness
owed by
companies
consolidated
line-by-line
to companies
that are
parties to
local
composition
-with-creditors
proceedings - 745.8 745.5 745.8 745.8
Indebtedness/
(Financial
assets)
of companies
consolidated
line-by-
line 13,530.4 12,187.3 12,214.9 12,100.8 12,076.0
Indebtedness/
(Financial
assets) of
companies not
consolidated
line-by-line 49.4 4.3 4.3 4.5 4.3
-------- --------- -------- -------- --------
Total
indebtedness/
(financial
assets) 13,579.8 12,191.6 12,219.2 12,105.1 12,080.3
======== ========= ======== ======== ========
The Group's net financial position at Nov. 30, 2004, shows an
improvement of EUR24.8 million.
The combined indebtedness owed to lenders outside the Group
by subsidiaries that are parties to local composition-with-
creditors proceedings and, consequently, have been deconsolidated
is not reflected in the net financial position. At June 30,
2004, these borrowings totaled EUR2,437.3 million. Because some
of these borrowings are secured by guarantees provided Parmalat
SpA and Parmalat Finanziaria SpA in the amount of EUR1,753.4
million, a reserve for risks of an amount equal to the guaranteed
indebtedness (EUR1,675.2 million) was recognized in the
consolidated financial statements at June 30, 2004. The
consolidated financial statements at June 30, 2004, also show
that indebtedness owed by the Group to companies in special
proceedings who are not consolidated line by line amounted to
EUR745.8 million.
As of today, no amount has been drawn from the EUR105.8 million
line of credit provided to Parmalat SpA by a pool of banks on
Mar. 4, 2004.
A breakdown of the net indebtedness owed to lenders outside
the Group by companies consolidated line by line:
(in EUR millions)
Balance
as at Balance Balance Balance
12/31/03 as at as at as at
Pro-Forma 06/30/04 10/31/04 11/30/04
--------- -------- -------- --------
Companies in EA
subject to proposed
composition with
creditors 10,055.3 10,084.0 9,924.0 9,911.0
Other companies in EA 56.9 42.8 65.5 67.3
Other companies 1,329.3 1,342.3 1,365.5 1,351.9
--------- -------- -------- --------
Total indebtedness/
(financial assets) 11,441.5 11,469.1 11,355.0 11,330.2
========= ======== ======== ========
Companies Under Extraordinary Administration
The net indebtedness incurred by companies under extraordinary
administration toward lenders outside the Group prior to their
becoming eligible for extraordinary administration is all short-
term, since all of these companies are in default of the covenants
of the respective loan agreements.
A noteworthy development is the increase in liquid assets
held by the companies included in the Proposal of Composition
with Creditors. Such assets rose from EUR24.0 million at
Dec. 31, 2003, to EUR248.5 million at Nov. 30, 2004. The
main reason for this improvement is the inflow of EUR160.0
million received under a settlement agreement with Nextra
Investment Management - Societa di gestione del risparmio S.p.A.
Other Companies
The remaining operating and financial companies consolidated
line by line that are not included in the extraordinary
administration proceedings had net indebtedness toward lenders
outside the Group of EUR1,351.9 million as at Nov. 30,2004.
This amount, which was lower than a month earlier but higher than
the EUR1,329.3 million owed at Dec. 31, 2003, includes
EUR713.4 million in long-term debt.
Some Group companies are currently renegotiating their
indebtedness in order to restructure it.
Principal Companies Under Extraordinary Administration
Financial highlights of the principal Italian companies under
extraordinary administration:
Parmalat Finanziaria SpA
(Amounts in millions of Euros)
Balance Balance Balance Balance
as at as at as at as at
12/31/03 06/30/04 10/31/04 11/30/04
-------- -------- -------- --------
Short-term
financial assets (140.8) (140.0) (18.35 (18.1)
broken down as:
Intra-Group loans
receivable (138.8) (138.8) (17.1) (17.1)
Financial assets
not held as
fixed assets (2.0) (0.0) - -
Liquid assets (0.0) (1.1) (1.4) (1.0)
Financial accrued income
and prepaid expenses
(including intra-Group) (0.6) - (0.1) (0.1)
-------- -------- -------- --------
Total short-term
financial assets (141.4) (140.0) (18.6) (18.2)
======== ======== ======== ========
Financial liabilities
(including intra-Group) 1,269.9 1,272.9 1,278.4 1,278.9
broken down as:
Intra-Group
loans payable 1,007.8 1,010.9 1,016.4 1,016.9
Other financial
liabilities 262.1 262.0 262.0 262.0
Financial accrued expenses
and deferred income
(including intra-Group) 4.8 4.7 4.6 4.7
-------- -------- -------- --------
Total financial
liabilities 1,274.7 1,277.6 1,283.1 1,283.6
-------- -------- -------- --------
Total indebtedness/
(financial assets) 1,133.3 1,137.6 1,264.5 1,265.3
======== ======== ======== ========
In November, intra-Group indebtedness increased by EUR0.5
million. The balance includes a loan received from Parmalat SpA
in Extraordinary Administration.
Parmalat SpA
(Amounts in millions of Euros)
Balance Balance Balance Balance
as at as at as at as at
12/31/03 06/30/04 10/31/04 11/30/04
-------- -------- -------- --------
Short-term
financial assets (54.3) (61.7) (212.9) (216.7)
broken down as:
Intra-Group
loans receivable (28.0) (38.6) (37.4) (38.2)
Financial assets not
held as fixed assets (19.7) - - -
Liquid assets (6.6) (23.2) (175.5) (178.5)
Financial accrued income
and prepaid expenses
(including intra-Group) 0.0 - (0.1) (0.1)
-------- -------- -------- --------
Total short-term
financial assets (54.3) (61.7) (213.1) (216.8)
======== ======== ======== ========
Financial liabilities
(including intra-Group) 4,149.0 4,144.1 3,885.3 3,887.2
broken down as:
Intra-Group
loans payable 1,266.2 1,266.2 1,005.5 1,007.3
Other financial
liabilities 2,882.8 2,877.9 2,879.9 2,879.9
Financial accrued expenses
and deferred income
(including intra-Group) 0.0 - - -
-------- -------- -------- --------
Total financial
liabilities 4,149.0 4,144.1 3,885.3 3,887.2
-------- -------- -------- --------
Total indebtedness/
(financial assets) 4,094.7 4,082.4 3,672.3 3,670.4
======== ======== ======== ========
As of Nov. 30, 2004, the Group had collected EUR160.0 million
under a settlement agreement with Nextra Investment Management -
Societa di gestione del risparmio S.p.A. This amount is being
temporarily held by Parmalat SpA in Extraordinary Administration,
pending its allocation among the Group companies that are parties
to the settlement, in accordance with a formula that is currently
being defined.
The balance of intra-Group loans receivable also changed, due to
the granting of additional intra-Group loans to Parmalat
Finanziaria Spa in Extraordinary Administration (EUR0.5 million)
and sundry transactions (EUR0.3 million).
Indebtedness owed to lenders outside the Group increased due
to the impact of changes in exchange rates following a review of
verified claims and other adjustments.
Eurolat SpA
(Amounts in millions of Euros)
Balance Balance Balance Balance
as at as at as at as at
12/31/03 06/30/04 10/31/04 11/30/04
-------- -------- -------- --------
Short-term
financial assets (13.6) (23.2) (21.6) (22.8)
broken down as:
Intra-Group
loans receivable - - - -
Financial assets not
held as fixed assets - - - -
Liquid assets (13.6) (23.2) (21.6) (22.8)
Financial accrued income
and prepaid expenses
(including intra-Group) - - - (0.1)
-------- -------- -------- --------
Total short-term
financial assets (13.6) (23.2) (21.6) (22.9)
======== ======== ======== ========
Financial liabilities
(including intra-Group) 191.9 189.3 188.2 188.2
broken down as:
Intra-Group
loans payable 45.8 45.8 43.8 43.8
Other financial
liabilities 146.1 143.5 144.4 144.4
Financial accrued expenses
and deferred income
(including intra-Group) 1.5 0.7 - -
-------- -------- -------- --------
Total financial
liabilities 193.4 190.0 188.2 188.2
-------- -------- -------- --------
Total indebtedness/
(financial assets) 179.7 166.8 166.6 165.3
======== ======== ======== ========
The net financial position of Eurolat SpA improved due to an
increase in liquid assets.
Lactis SpA
(Amounts in millions of Euros)
Balance Balance Balance Balance
as at as at as at as at
12/31/03 06/30/04 10/31/04 11/30/04
-------- -------- -------- --------
Short-term
financial assets (0.4) (3.7) (3.8) (4.4)
broken down as:
Intra-Group
loans receivable - - - -
Financial assets not
held as fixed assets - - - -
Liquid assets (0.4) (3.7) (3.8) (4.4)
Financial accrued income
and prepaid expenses
(including intra-Group) (0.0) (0.0) (0.0) (0.0)
-------- -------- -------- --------
Total short-term
financial assets (0.4) (3.7) (3.9) (4.4)
======== ======== ======== ========
Financial liabilities
(including intra-Group) 20.5 19.1 19.1 19.1
broken down as:
Intra-Group
loans payable 8.6 8.6 8.6 8.6
Other financial
liabilities 11.9 10.5 10.5 10.5
Financial accrued expenses
and deferred income
(including intra-Group) 0.0 - 0.0 0.0
-------- -------- -------- --------
Total financial
liabilities 20.5 19.1 19.1 19.1
-------- -------- -------- --------
Total indebtedness/
(financial assets) 20.2 15.4 15.2 14.7
======== ======== ======== ========
The net financial position of Lactis SpA improved due to an
increase in liquid assets.
Significant Events during November and December
November 26 Publication of the statement of income and
balance sheet of Parmalat SpA in
Extraordinary Administration and Parmalat
Finanziaria SpA in Extraordinary
Administration and of the consolidated
financial statements of the Parmalat Group.
The Parmalat Group also published a Report
on Operations.
December 3 Publication of the Independent Auditors'
Report, in Paragraph 5 of which
PricewaterhouseCoopers S.p.A. states:
"According to our opinion the consolidated
financial statements at June 30 2004, with
the exclusion of the possible effects
connected with the qualifications under
paragraph 4, are compliant with the
applicable rules and therefore are drawn up
with clarity and represent faithfully and
properly the consolidated financial
statements and operational result at
June 30, 2004 of Parmalat Finanziaria S.p.A.
in Extraordinary Administration."
December 16 Notice given by the Extraordinary
Commissioner of the filing of an action to
void pursuant to Article 67 of the Italian
Bankruptcy Law against 45 credit
institutions. Additional actions are being
prepared. The purpose of these actions is
to render null and void payments made during
the year before the date when the plaintiffs
were declared insolvent, when permitted
under the Italian Bankruptcy Law.
December 16 Filing with the Office of the Clerk of the
Bankruptcy Court of Parma of the enforceable
lists of creditors with verified,
conditional and contested claims against the
companies included in the Proposal of
Composition with Creditors. The
abovementioned lists can be viewed at the
Office of the Clerk of the Court of Parma or
by accessing the Web site
http://web.ltt.it/tribunale/home.htm
starting on Dec. 23, 2004.
December 20 By a decree of the Minister of Production
Activities on Dec. 2, 2004, Emmegi Agro
Industriale S.r.l. was declared eligible for
Extraordinary Administration Proceedings
and Enrico Bondi was appointed Extraordinary
Commissioner of the company. On
Nov. 11, 2004, Emmegi Agro Industriale
S.r.l. filed an application for insolvency
status with the Civil Court of Parma which
accepted the request on Dec. 17, 2004,
declaring the company to be insolvent.
December 20 By a decree of the Minister of Production
Activities on Dec. 2, 2004, Parmalat
Malta Holding Limited and Parmalat Trading
Limited were declared eligible for
Extraordinary Administration Proceedings and
Enrico Bondi was appointed Extraordinary
Commissioner of these companies. On
Nov. 19, 2004, Parmalat Malta Holding
Limited and Parmalat Trading Limited filed
an application for insolvency status with
the Civil Court of Parma which accepted the
request on Dec. 17, 2004, declaring the
company to be insolvent.
December 22 Sale by Parmalat SpA in Extraordinary
Administration of a 99.99% interest in the
capital stock of Parmalat Argentina SA to
Molinos y Establecimientos Harineros Bruning
SA and Industrias Argentinas Man (companies
controlled by Sergio Tasselli, an
Argentinian entrepreneur). The parties also
signed a five-year licensing agreement that
covers the use of trademarks owned by
Parmalat. This transaction, which was
authorized by the Ministry of Production
Activities, in consultation with the
Oversight Committee, will provide Parmalat
SpA in Extraordinary Administration with a
stream of future revenues.
Headquartered in Wallington, New Jersey, Parmalat USA Corporation
-- http://www.parmalatusa.com/ -- generates more than 7 billion
euros in annual revenue. The Parmalat Group's 40-some brand
product line includes milk, yogurt, cheese, butter, cakes and
cookies, breads, pizza, snack foods and vegetable sauces, soups
and juices and employs over 36,000 workers in 139 plants located
in 31 countries on six continents. The Company filed for chapter
11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No.
04- 11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at
Weil Gotshal & Manges LLP represent the Debtors in their
restructuring efforts. On June 30, 2003, the Debtors listed
EUR2,001,818,912 in assets and EUR1,061,786,417 in debts.
(Parmalat Bankruptcy News, Issue No. 39; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
PARMALAT: Milk Products' November 2004 Monthly Operating Report
---------------------------------------------------------------
Milk Products of Alabama, LLC
Balance Sheet
As of November 20, 2004
Assets
Cash & Cash Equivalents $10,982,076
Accounts Receivable-Net 227,162
Inventory 0
Prepaid Expenses 0
Other Current Assets 12,088
--------------
Total Current Assets 11,221,326
Fixed Assets 0
Accumulated Depreciation 0
--------------
Net Fixed Assets 0
Other Assets 0
Intercompany Receivables 0
--------------
Total Assets $11,221,326
==============
Liabilities Subject to Compromise
Accrued Expenses $25,227
Intercompany payables 8,338,493
--------------
Total Liabilities Subject to Compromise 8,363,720
Liabilities
Accounts Payable 0
Accrued Expenses 63,298
--------------
Total Current Liabilities 63,298
Long Term Notes Payable -- Intercompany -
Other 2,819,884
--------------
Total Long Term Liabilities 2,819,884
Intercompany Payables (9,509,536)
--------------
Total Liabilities 1,737,366
Equity
Retained Earnings 18,414
YTD Net Income/(Loss) 9,465,546
--------------
Total Equity 9,483,960
--------------
Total Liabilities & Owners' Equity $11,221,326
==============
Milk Products of Alabama, LLC
Income Statement
From October 24, 2004, to November 20, 2004
Revenues
Gross sales $0
Less: Returns & discounts 0
--------------
Net sales 0
Expenses
Raw Materials & Ingredients 0
Packaging 0
Direct Labor 0
Power 0
Freight 0
Industrial Depreciation 0
Production Overhead 497
Warehouse (Cooler) 0
Marketing Costs 0
Sales Admin Expenses 78
General Expenses 154
Financial Costs 5,788
Other (Income) Expense 0
Extraordinary 0
Corporate Allocation 0
Income Taxes 0
--------------
Total Expenses 6,517
Reorganization Expenses
Professional Fees 452,427
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses 452,427
--------------
Net Profit (Loss) ($458,944)
==============
Milk Products of Alabama, LLC
Cash Receipts and Disbursements
From October 24, 2004, to November 20, 2004
Cash - Beginning of Month $7,631,730
Receipts From Operations
Cash Sales -
Collection of Accounts Receivable
Prepetition 0
Postpetition 1,873,327
--------------
Total Operating Receipts 1,873,327
Non - Operating Receipts
Transfers 0
Other 2,178,127
--------------
Total Non-Operating Receipts 2,178,127
--------------
Total Receipts 4,051,454
--------------
Total Cash Available 11,683,184
Operating Disbursements
Purchased Products 91,230
Consulting Fees 28,003
Ingredients 37,116
Licenses & Taxes 35,011
Packaging 91,812
Raw Milk -
R & M, Parts, Supplies 34,008
Other 21,974
Utilities 35,955
Marketing Costs 1,268
Securitization Payment 7,482
Sales Admin Expenses -
General Expenses -
Title Fees -
Employee-related 9,831
Freight/Transportation 38,043
Corporate Allocation -
Income Taxes -
--------------
Total expenses 431,733
Reorganization Expenses
Professional Fees 255,165
U.S. Trustee Fees 10,000
DIP Interest & Fees 4,211
--------------
Total Reorganization Expenses 269,376
--------------
Total Disbursements 701,109
--------------
Net Cash Flow 3,350,345
--------------
Cash - End of Month $10,982,076
==============
Headquartered in Wallington, New Jersey, Parmalat USA Corporation
-- http://www.parmalatusa.com/ -- generates more than 7 billion
euros in annual revenue. The Parmalat Group's 40-some brand
product line includes milk, yogurt, cheese, butter, cakes and
cookies, breads, pizza, snack foods and vegetable sauces, soups
and juices and employs over 36,000 workers in 139 plants located
in 31 countries on six continents. The Company filed for chapter
11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No.
04- 11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at
Weil Gotshal & Manges LLP represent the Debtors in their
restructuring efforts. On June 30, 2003, the Debtors listed
EUR2,001,818,912 in assets and EUR1,061,786,417 in debts.
(Parmalat Bankruptcy News, Issue No. 39; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
PARMALAT: Releases Monthly Operating Report Ended Nov. 20, 2004
---------------------------------------------------------------
Parmalat USA Corporation
Balance Sheet
As of November 20, 2004
Assets
Cash & Cash Equivalents $0
Accounts Receivable-Net 0
Notes Receivable -Current 0
Inventory 0
Prepaid Expenses 0
Other Current Assets 0
--------------
Total Current Assets 0
Fixed Assets 0
Accumulated Depreciation 0
--------------
Net Fixed Assets 0
Other Assets 326,234,888
Intercompany Receivables 24,965,537
--------------
Total Assets $351,200,425
==============
Liabilities Subject to Compromise
Long Term Debt & Interest $19,836,909
Intercompany payables 212,783,632
--------------
Total Liabilities Subject to Compromise 232,620,541
Liabilities
Accounts Payable 0
Notes & Loans Payable 0
Accrued Expenses 977,510
Intercompany Payables 0
--------------
Total Liabilities 233,598,051
Equity
Common Stock 1,388,356
Paid In Capital 227,962,103
Retained Earnings (110,643,290)
YTD Net Income/(Loss) (1,104,797)
--------------
Total Equity 117,602,372
--------------
Total Liabilities & Owners' Equity $351,200,423
==============
Parmalat USA Corporation
Income Statement
From October 24, 2004, to November 20, 2004
Revenues
Gross sales -
Less: Returns & discounts -
--------------
Net sales $0
Expenses
Raw Materials & Ingredients -
Packaging -
Direct Labor -
Power -
Freight -
Distribution -
Industrial Depreciation -
Production Overhead -
Warehouse (Cooler) -
Marketing Costs -
Sales Admin Expenses -
General Expenses -
Financial Costs 100,800
Goodwill/trademarks 18,226
Extraordinary -
Corporate Allocation -
Depreciation -
Amortization -
Income Taxes -
--------------
Total Expenses 119,026
Reorganization Expenses
Professional Fees -
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses 0
--------------
Net Profit (Loss) ($119,026)
==============
Parmalat USA Corporation received no cash nor made disbursements
from October 24, 2004, to November 20, 2004.
Headquartered in Wallington, New Jersey, Parmalat USA Corporation
-- http://www.parmalatusa.com/-- generates more than 7 billion
euros in annual revenue. The Parmalat Group's 40-some brand
product line includes milk, yogurt, cheese, butter, cakes and
cookies, breads, pizza, snack foods and vegetable sauces, soups
and juices and employs over 36,000 workers in 139 plants located
in 31 countries on six continents. The Company filed for chapter
11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No.
04- 11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at
Weil Gotshal & Manges LLP represent the Debtors in their
restructuring efforts. On June 30, 2003, the Debtors listed
EUR2,001,818,912 in assets and EUR1,061,786,417 in debts.
(Parmalat Bankruptcy News, Issue No. 39; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
SOLUTIA INC: Posts $14 Million Net Loss for October 2004
--------------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated Financial Position
As of October 31, 2004
ASSETS
Current Assets:
Cash $48,000,000
Trade Receivables, net 154,000,000
Account Receivables-Unconsolidated subsidiaries 52,000,000
Inventories 163,000,000
Other Current Assets 96,000,000
-------------
Total Current Assets 513,000,000
Property, Plant and Equipment, net 703,000,000
Investments in Affiliates 493,000,000
Intangible Assets, net 102,000,000
Other Assets 121,000,000
-------------
TOTAL ASSETS $1,932,000,000
=============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities
Accounts Payable $148,000,000
Other Current Liabilities 170,000,000
-------------
Total Current Liabilities 318,000,000
Long-Term Debt 300,000,000
Other Long-Term Liabilities 231,000,000
-------------
Total Liabilities Not Subject to Compromise 849,000,000
Liabilities Subject to Compromise 2,278,000,000
Shareholders' Deficit (1,195,000,000)
-------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $1,932,000,000
=============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended October 31, 2004
Total Net Sales $174,000,000
Total Cost Of Goods Sold 170,000,000
-------------
Gross Profit 4,000,000
Total MAT Expense 18,000,000
-------------
Operating Income (14,000,000)
Equity Loss from Affiliates 4,000,000
Interest Expense, net (4,000,000)
Other Income, net 3,000,000
Reorganization Items:
Professional fees (3,000,000)
Employee severance and retention costs -
-------------
Total Reorganization Items (3,000,000)
-------------
Loss Before Taxes (14,000,000)
Income Taxes -
-------------
NET LOSS ($14,000,000)
=============
Headquartered in St. Louis, Missouri, Solutia, Inc. --
http://www.solutia.com/-- with its subsidiaries, make and sell
a variety of high-performance chemical-based materials used in a
broad range of consumer and industrial applications. The Company
filed for chapter 11 protection on December 17, 2003 (Bankr.
S.D.N.Y. Case No. 03-17949). When the Debtors filed for
protection from their creditors, they listed $2,854,000,000 in
assets and $3,223,000,000 in debts. (Solutia Bankruptcy News,
Issue No. 29; Bankruptcy Creditors' Service, Inc., 215/945-7000)
SOLUTIA INC: Posts $18 Million Net Loss for November 2004
---------------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated Financial Position
As of November 30, 2004
ASSETS
Current Assets:
Cash $60,000,000
Trade Receivables, net 156,000,000
Account Receivables-Unconsolidated subsidiaries 54,000,000
Inventories 152,000,000
Other Current Assets 84,000,000
-------------
Total Current Assets 506,000,000
Property, Plant and Equipment, net 699,000,000
Investments in Affiliates 496,000,000
Intangible Assets, net 102,000,000
Other Assets 120,000,000
-------------
TOTAL ASSETS $1,923,000,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities
Accounts Payable $153,000,000
Other Current Liabilities 175,000,000
--------------
Total Current Liabilities 328,000,000
Long-Term Debt 300,000,000
Other Long-Term Liabilities 235,000,000
--------------
Total Liabilities Not Subject to Compromise 863,000,000
Liabilities Subject to Compromise 2,277,000,000
Shareholders' Deficit (1,217,000,000)
--------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $1,923,000,000
==============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended November 30, 2004
Total Net Sales $184,000,000
Total Cost Of Goods Sold 182,000,000
--------------
Gross Profit 2,000,000
Total MAT Expense 18,000,000
--------------
Operating Income (16,000,000)
Equity Loss from Affiliates 2,000,000
Interest Expense, net (5,000,000)
Other Income, net 4,000,000
Reorganization Items:
Professional fees (3,000,000)
Employee severance and retention costs -
--------------
Total Reorganization Items (3,000,000)
--------------
Loss Before Taxes (18,000,000)
Income Taxes -
--------------
NET LOSS ($18,000,000)
==============
Headquartered in St. Louis, Missouri, Solutia, Inc. --
http://www.solutia.com/ -- with its subsidiaries, make and sell a
variety of high-performance chemical-based materials used in a
broad range of consumer and industrial applications. The Company
filed for chapter 11 protection on December 17, 2003 (Bankr.
S.D.N.Y. Case No. 03-17949). When the Debtors filed for
protection from their creditors, they listed $2,854,000,000 in
assets and $3,223,000,000 in debts. (Solutia Bankruptcy News,
Issue No. 29; Bankruptcy Creditors' Service, Inc., 215/945-7000)
SONICBLUE INC: Releases September 2004 Monthly Operating Report
---------------------------------------------------------------
At Sept. 30, 2004, SONICblue Incorporated reports that it is
sitting on $79,469,563 of cash, has accrued $546,253 in
postpetition liabilities and faces a $236,904,166 mountain of
prepetition debts.
A full-text copy of SONICblue Inc.'s September 2004 Operating
Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/850519/000095013405000514/f04529exv99
w1.txt
Headquartered in Santa Clara, California, SONICblue Incorporated
is involved in the converging Internet, digital media,
entertainment and consumer electronics markets. The Company,
together with three of its wholly owned subsidiaries, Diamond
Multimedia Systems, Inc., ReplayTV, Inc., and Sensory Science
Corporation, filed voluntary petitions for bankruptcy under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the Northern District of California,
San Jose Division (Case No. 03-51775).
THAXTON GROUP: Nov. 30 Balance Sheet Upside-Down by $11.9 Million
-----------------------------------------------------------------
On Dec. 29, 2004, The Thaxton Group filed its Monthly Operating
Report for November 2004 with the U.S. Bankruptcy Court for the
District of Delaware. The company reports a cumulative net loss
of $11,640,433 on $521,135 revenue for the period from Oct. 17,
2003 thru Nov. 30, 2004.
At Nov. 30, 2004, the Company's balance sheet reflects:
Total Assets $157,888,570
Total Liabilities 169,802,749
Stockholders' Deficit 11,914,179
A full-text copy of Thaxton Group's November 2004 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1001430/000119312505003664/dex991.htm
Headquartered in Lancaster, South Carolina, The Thaxton Group,
Inc., is a diversified consumer financial services company. The
Company filed for Chapter 11 protection on October 17, 2003
(Bankr. Del. Case No. 03-13183). The Debtors are represented by
Michael G. Busenkell, Esq., and Robert J. Dehney, Esq., at Morris,
Nichols, Arsht & Tunnell.
TRUMP HOTELS: Earns $4.9 Million of Net Income in November 2004
---------------------------------------------------------------
Trump Hotels & Casino Resorts, Inc., et al.
Consolidated Balance Sheet
November 30, 2004
ASSETS
Current Assets
Cash & cash equivalents $112,238
Receivables, net 34,176
Inventories 11,232
Prepaid & other current 17,987
Advances to affiliates -
----------
175,633
Investment in affiliates 28,779
Property & Equipment, net 1,722,512
Due from affiliates -
Notes receivable -
Deferred loan costs 20,499
Other assets 95,649
----------
Total Assets $2,043,072
==========
LIABILITIES & EQUITY
Current Liabilities
Current portion of long-term debt $58,653
Accounts payable 35,314
Accrued payroll 24,809
Self-insurance reserves 10,993
Accrued federal/state tax 34,258
Accrued interest 99,422
Due to affiliates 4,409
Accrued tax 7,573
Due to City of Gary 3,704
Other current liabilities 33,672
----------
Total current liabilities 312,807
Mortgage Notes Payable 1,760,766
Mortgage Notes Payable - DJT 16,367
Long-term debt, others net of discount 35,808
Deferred income taxes -
Other long term liabilities 23,777
----------
Total Liabilities 2,149,525
Common stock 321
Common stock - class B -
Preferred stock -
Treasury stock (20,200)
Contributed capital - June 1995 48,925
Contributed capital - pre June 12 ,1995 3,214
Phantom stock 933
Contributed capital - Taj Mahal 405,740
Contributed capital - TCA merger -
Contributed capital - TCH -
Contributed capital - DJT 2003 14,921
Additional contributions -
Contribution from THCR Holdings -
Contribution TACA discount -
Distributions to THCR -
Partnership distribution -
DJT note writedown (3,167)
Accumulated earnings (445,110)
Current year net income (112,030)
----------
Total equity (106,453)
----------
Total liabilities & equity $2,043,072
==========
Trump Hotels & Casino Resorts, Inc., et al.
Consolidated Operating Results
For the Period November 21 to 30, 2004
(In Thousands)
Revenue
Tables $7,975
Slots 22,453
Other 795
-------
Total Casino 31,223
Rooms 2,168
Food & beverage 3,327
Entertainment 160
Other 1,089
-------
Gross Revenues 37,967
Less: Promotional allowance 3,940
-------
Net Revenues 34,027
Expenses
Payroll 10,787
Cost of goods sold 1,155
Coin/table coupons 4,831
Promotional expenses 1,185
Advertising 334
Marketing/entertainment 1,716
Gaming tax & regulatory fees 3,875
Property tax, rent & insurance 2,005
Utilities 946
Allowance - doubtful accounts 146
General admin & other expenses 2,511
-------
Total Operating Expenses 29,491
Gross Operating Income 4,536
Interest income 119
Interest expense -
Depreciation & amortization 163
Loss in joint venture 103
Other non-operating income (expense) -
Income tax provision 22
-------
Net Income (Loss) $4,943
=======
Trump Hotels & Casino Resorts, Inc., et al.
Consolidated Statements of Cash Flows
For the Month Ended November 30, 2004
(In Thousands)
EBITDA before corporate expenses $14,834
Capital expenditures (3,974)
Debt service
DIP financing 25,786
Payment of DIP Interest/fees (9)
Capital lease repayments (4,273)
Other BHPA debt, Plaza warehouse (1,182)
Debt renegotiation costs (17,663)
Non-operating charges
CRDA, WF utilities -
Corporate charges (800)
Timing differences
Real estate, state taxes (4,918)
Other 2,216
Advances (to) from affiliates:
THCR working capital -
TAC interest payment -
TCH interest payment -
Other -
Other interest income 172
---------
Increase (decrease) in cash 10,189
Beginning cash - working capital 52,274
---------
Ending cash - working capital $62,463
=========
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc., through its subsidiaries, owns and operates four
properties and manages one property under the Trump brand name.
The Company and its debtor-affiliates filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Robert A. Klymman, Esq., Mark A. Broude, Esq.,
John W. Weiss, Esq., at Latham & Watkins, LLP, and Charles
Stanziale, Jr., Esq., Jeffrey T. Testa, Esq., William N. Stahl,
Esq., at Schwartz, Tobia, Stanziale, Sedita & Campisano, P.A.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
more than $500 million in total assets and more than $1 billion in
total debts.
WESTPOINT STEVENS: Posts $12.6 Million Net Loss in November 2004
----------------------------------------------------------------
WESTPOINT STEVENS, INC.
Balance Sheet
At November 30, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents $1,106
Short-term investments -
Accounts receivable, net 216,331
Inventories 323,173
Prepaid expenses and other current assets 12,591
----------
Total current assets 553,201
Total investments and other assets 119,612
Goodwill -
Property, Plant and Equipment, net 511,557
----------
TOTAL ASSETS $1,184,370
==========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise:
Senior Credit Facility $438,240
DIP Credit Agreement 80,117
Second lien facility 165,000
Accrued interest payable 6,591
Accounts payable - trade 48,720
Accounts payable - intercompany 190,885
Other accrued liabilities 97,817
Deferred income taxes -
Pension and other liabilities 138,952
----------
Total liabilities not subject to compromise 1,166,322
Liabilities Subject to Compromise
Senior notes 1,000,000
Deferred financing fees (4,856)
Accrued interest payable on Senior Notes 36,130
Accounts payable 26,574
Other payables and accrued liabilities 8,237
Pension and other liabilities 18,807
----------
Total liabilities subject to compromise 1,084,892
----------
Total Liabilities 2,251,214
Shareholders' Equity (Deficit)
Equity of subsidiaries (123,757)
Common stock 711
Capital surplus/Treasury Stock 51,436
Retained earnings (deficit) (883,624)
Minimum pension liability adjustment (101,921)
Other adjustments (9,689)
Unearned compensation -
----------
Stockholders' Equity (Deficit) (1,066,844)
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $1,184,370
==========
WESTPOINT STEVENS, INC.
Statement of Operations
Month Ended November 30, 2004
(in thousands)
Total sales $110,217
Cost of sales 103,248
----------
Gross profit 6,969
Selling and administrative expenses
Selling expenses 2,745
Warehousing and shipping 5,030
Advertising 410
Division administrative expense 937
MIS expense 1,175
Corporate administrative expense 1,391
----------
Total selling and administrative expense 11,688
Restructuring and impairment charge -
Goodwill impairment charge -
----------
Profit (loss) from operations (4,719)
Interest expense
Interest expense - outside 6,268
Capitalized interest expense -
Interest expense - intercompany 409
Interest income -
Interest income - intercompany -
----------
Net interest expense 6,677
Other expense
Miscellaneous 1,038
Royalties - intercompany 3,700
Transaction gain/loss -
----------
Total other expense 4,738
Other income
Royalties - intercompany -
Dividends -
Sale of assets 836
Miscellaneous (1)
----------
Total other income 835
----------
Net other expense 3,903
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items (15,299)
Chapter 11 reorganization expenses 710
Income tax expense (benefit) (3,415)
Extraordinary item - net of taxes -
----------
Net Income (loss) ($12,594)
==========
WESTPOINT STEVENS, INC.
Statement of Cash Flows
Month Ended November 30, 2004
(in thousands)
Cash flows from operations:
Net income (loss) ($12,594)
Restructuring -
Equity adjustments 1,597
Depreciation and amortization expense 12,015
Fixed asset impairment charge -
Gain (Loss) on sale of assets (836)
Working Capital Changes
Decrease/(increase) - accounts receivable 6,170
Decrease/(increase) - inventories 7,564
Decrease/(increase) - other current assets (242)
Decrease/(increase) - other non-current
assets & debts 559
Increase/(decrease) - accounts payable (trade) (1,219)
Increase/(decrease) - a/p (intercompany) 11,642
Increase/(decrease) - accrued liabilities (11,137)
Increase/(decrease) - accrued interest payable 5,863
Increase/(decrease) - pension and other liabilities 1,416
Increase/(decrease) - deferred federal income tax -
---------
Total cash flows from operations 20,798
Cash flows from investing activities:
Capital expenditures (870)
Transfers -
Net proceeds from sale of assets (74)
---------
Total cash flows from investing (944)
Cash flows from financing activities:
Increase/(decrease)- DIP Credit Agreement (20,520)
---------
Total cash flows from financing (20,520)
Beginning cash balance 1,772
Change in cash (666)
---------
Ending cash balance $1,106
=========
Headquartered in West Point, Georgia, WestPoint Stevens, Inc.,
-- http://www.westpointstevens.com/ -- is the #1 US maker of
bed linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings. It makes the
Martex, Utica, Stevens, Lady Pepperell, Grand Patrician, and
Vellux brands, as well as the Martha Stewart bed and bath lines;
other licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are
its main customers. (Federated, J.C. Penney, Kmart, Sears, and
Target account for more than half of sales.) It also has nearly
60 outlet stores. Chairman and CEO Holcombe Green controls 8% of
WestPoint Stevens. The Company filed for chapter 11 protection
on June 1, 2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J.
Rapisardi, Esq., at Weil, Gotshal & Manges, LLP, represents the
Debtors in their restructuring efforts. (WestPoint Bankruptcy
News, Issue No. 36; Bankruptcy Creditors' Service, Inc., 215/945-
7000)
WESTPOINT STEVENS: WP Stevens I Posts $4.4 Mil. Net Income in Nov.
------------------------------------------------------------------
WESTPOINT STEVENS, INC., I
Balance Sheet
At November 30, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents $339
Accounts receivable - intercompany 35,120
Inventories 5,928
Prepaid expenses and other current assets -
---------
Total current assets 41,387
Total investments and other assets 124,052
Property, Plant and Equipment, net 12,144
Goodwill -
---------
TOTAL ASSETS $177,583
=========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise
Senior Credit Facility -
DIP Credit Agreement -
Long-term debt classified as current -
Accrued interest payable -
Accounts payable - trade $983
Accounts payable - intercompany -
Other accrued liabilities 17,797
Deferred income taxes -
Pension and other liabilities -
---------
Total Liabilities Not Subject to Compromise 18,780
Liabilities Subject to Compromise
Senior notes -
Deferred financing fees -
Accrued interest payable on Senior Notes -
Accounts payable 1,437
Other payables and accrued liabilities -
Pension and other liabilities -
---------
Total Liabilities Subject to Compromise 1,437
---------
Total Liabilities 20,217
Shareholders' Equity (Deficit)
Equity of subsidiaries -
Common stock 1
Capital surplus/Treasury Stock 70,559
Retained earnings (deficit) 86,806
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
---------
Shareholders' Equity (Deficit) 157,366
---------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $177,583
=========
WESTPOINT STEVENS, INC., I
Statement of Operations
Month Ended November 30, 2004
(in thousands)
Net sales $9,204
Cost of goods sold 6,034
---------
Gross earnings 3,170
Selling and administrative expenses
Selling expenses -
Warehousing and shipping 239
Advertising -
Division administrative expense -
MIS expense -
Corporate administrative expense 170
---------
Total selling and administrative expense 409
Restructuring and impairment charge -
Goodwill impairment charge -
---------
Operating earnings (loss) 2,761
Interest expense
Interest expense - outside -
Capitalized interest expense -
Interest expense - intercompany -
Interest income 1
Interest income - intercompany 465
---------
Net interest expense (466)
Other expense
Miscellaneous -
Royalties - intercompany 190
Transaction gain/loss -
---------
Total other expense 190
Other income
Royalties - intercompany 3,714
Dividends -
Sale of assets -
Miscellaneous -
---------
Total other income 3,714
---------
Net other expense (3,524)
---------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items 6,751
Chapter 11 reorganization expenses -
Income tax expense (benefit) 2,367
Extraordinary item - net of taxes -
---------
Net Income (loss) $4,384
=========
WESTPOINT STEVENS, INC., I
Statement of Cash Flows
Month Ended November 30, 2004
(in thousands)
Cash flows from operations:
Net income (loss) $4,384
Non-cash items
Depreciation and amortization 99
Working Capital Changes
Decrease/(increase) - a/r (customers) -
Decrease/(increase) - a/r (intercompany) (9,585)
Decrease/(increase) - inventories 1,721
Decrease/(increase) - other current assets
Decrease/(increase) - other non-current assets -
Increase/(decrease) - accounts payable (trade) 266
Increase/(decrease) - a/p (intercompany) -
Increase/(decrease) - accrued liabilities 3,114
Increase/(decrease) - accrued interest payable -
Increase/(decrease) - pension & other liabilities -
Increase/(decrease) - deferred federal income tax -
---------
Total cash flows from operations (1)
Cash flows from investing activities:
Capital expenditures 14
Transfers -
Net proceeds from sale of assets -
---------
Total cash flows from investing 14
Cash flows from financing activities:
Increase/(decrease)- DIP Credit Agreement -
---------
Total cash flows from financing -
Beginning cash balance 326
Change in cash 13
---------
Ending cash balance $339
=========
Headquartered in West Point, Georgia, WestPoint Stevens, Inc.,
-- http://www.westpointstevens.com/ -- is the #1 US maker of
bed linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings. It makes the
Martex, Utica, Stevens, Lady Pepperell, Grand Patrician, and
Vellux brands, as well as the Martha Stewart bed and bath lines;
other licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are
its main customers. (Federated, J.C. Penney, Kmart, Sears, and
Target account for more than half of sales.) It also has nearly
60 outlet stores. Chairman and CEO Holcombe Green controls 8% of
WestPoint Stevens. The Company filed for chapter 11 protection
on June 1, 2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J.
Rapisardi, Esq., at Weil, Gotshal & Manges, LLP, represents the
Debtors in their restructuring efforts. (WestPoint Bankruptcy
News, Issue No. 36; Bankruptcy Creditors' Service, Inc., 215/945-
7000)
WESTPOINT STEVENS: JP Stevens & Co.'s November Operating Report
---------------------------------------------------------------
J.P. STEVENS & CO., INC.
Balance Sheet
At November 30, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents -
Accounts receivable - intercompany $110,749
Prepaid expenses and other current assets -
----------
Total current assets 110,749
Total investments & other assets 2,697
Goodwill -
----------
TOTAL ASSETS $113,446
==========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise
Accounts payable - intercompany -
Other accrued liabilities -
Deferred income taxes -
Pension and other liabilities -
----------
Total Liabilities Not Subject to Compromise -
Liabilities Subject to Compromise -
Shareholders' Equity (Deficit)
Equity of subsidiaries $10,503
Common stock -
Capital surplus/Treasury Stock -
Retained earnings (deficit) 102,943
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
----------
Stockholders' Equity (Deficit) 113,446
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $113,446
==========
J.P. Stevens & Co., Inc., reports no income and cash flow for
November 2004.
Headquartered in West Point, Georgia, WestPoint Stevens, Inc.,
-- http://www.westpointstevens.com/ -- is the #1 US maker of
bed linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings. It makes the
Martex, Utica, Stevens, Lady Pepperell, Grand Patrician, and
Vellux brands, as well as the Martha Stewart bed and bath lines;
other licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are
its main customers. (Federated, J.C. Penney, Kmart, Sears, and
Target account for more than half of sales.) It also has nearly
60 outlet stores. Chairman and CEO Holcombe Green controls 8% of
WestPoint Stevens. The Company filed for chapter 11 protection
on June 1, 2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J.
Rapisardi, Esq., at Weil, Gotshal & Manges, LLP, represents the
Debtors in their restructuring efforts. (WestPoint Bankruptcy
News, Issue No. 36; Bankruptcy Creditors' Service, Inc., 215/945-
7000)
WESTPOINT STEVENS: JP Stevens Enterprises' Nov. Operating Report
----------------------------------------------------------------
J.P. STEVENS ENTERPRISES, INC.
Balance Sheet
At November 30, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents $17
Accounts receivable - intercompany 17,117
Prepaid expenses and other current assets -
----------
Total current assets 17,134
Total investments & other assets -
Goodwill -
----------
TOTAL ASSETS $17,134
==========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise:
Accounts payable - intercompany -
Other accrued liabilities $370
Deferred income taxes -
Pension and other liabilities -
----------
Total Liabilities Not Subject to Compromise 370
Liabilities Subject to Compromise -
----------
Total Liabilities 370
Shareholders' Equity (Deficit)
Equity of subsidiaries -
Common stock 2
Capital surplus/Treasury Stock -
Retained earnings (deficit) 16,762
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
----------
Stockholders' Equity (Deficit) 16,764
----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $17,134
==========
J.P. STEVENS ENTERPRISES, INC.
Statement of Operations
Month Ended November 30, 2004
(in thousands)
Net sales -
Cost of goods sold -
----------
Gross earnings -
Selling and administrative expenses
Selling expenses -
Warehousing and shipping -
Advertising -
Division administrative expense -
MIS expense -
Corporate administrative expense -
----------
Total selling and administrative expense -
Restructuring and impairment charge -
Goodwill impairment charge -
----------
Operating earnings (loss) -
Interest expense
Interest expense - outside -
Capitalized interest expense -
Interest expense - intercompany -
Interest income -
Interest income - intercompany $74
----------
Net interest expense (74)
Other expense
Miscellaneous -
Royalties - intercompany -
Transaction gain/loss -
----------
Total other expense -
Other income
Royalties - intercompany 190
Dividends -
Sale of assets -
Miscellaneous -
----------
Total other income 190
----------
Net other expense (190)
----------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items 264
Chapter 11 reorganization expenses -
Income tax expense (benefit) 92
Extraordinary item - net of taxes -
----------
Net Income (loss) $172
==========
J.P. STEVENS ENTERPRISES, INC.
Statement of Cash Flows
Month Ended November 30, 2004
(in thousands)
Cash flows from operations:
Net income (loss) $172
Non-cash items
Depreciation and amortization -
Working Capital Changes
Decrease/(increase) - a/r (intercompany) (266)
Decrease/(increase) - inventories -
Decrease/(increase) - other current assets -
Decrease/(increase) - other non-current assets -
Increase/(decrease) - accounts payable (trade) -
Increase/(decrease) - a/p (intercompany) -
Increase/(decrease) - accrued liabilities 93
Increase/(decrease) - accrued interest payable -
Increase/(decrease) - pension & other liabilities -
Increase/(decrease) - deferred federal income tax -
----------
Total cash flows from operations 1
Cash flows from investing activities
Capital expenditures -
Net proceeds from sale of assets -
----------
Total cash flows from investing -
Cash flows from financing activities
Increase/(decrease)- DIP Credit Agreement -
----------
Total cash flows from financing -
Beginning cash balance 18
Change in cash (1)
----------
Ending cash balance $17
==========
Headquartered in West Point, Georgia, WestPoint Stevens, Inc.,
-- http://www.westpointstevens.com/ -- is the #1 US maker of
bed linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings. It makes the
Martex, Utica, Stevens, Lady Pepperell, Grand Patrician, and
Vellux brands, as well as the Martha Stewart bed and bath lines;
other licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are
its main customers. (Federated, J.C. Penney, Kmart, Sears, and
Target account for more than half of sales.) It also has nearly
60 outlet stores. Chairman and CEO Holcombe Green controls 8% of
WestPoint Stevens. The Company filed for chapter 11 protection
on June 1, 2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J.
Rapisardi, Esq., at Weil, Gotshal & Manges, LLP, represents the
Debtors in their restructuring efforts. (WestPoint Bankruptcy
News, Issue No. 36; Bankruptcy Creditors' Service, Inc., 215/945-
7000)
WESTPOINT STEVENS: WP Stevens Stores' November Operating Report
---------------------------------------------------------------
WESTPOINT STEVENS STORES, INC.
Balance Sheet
At November 30, 2004
(in thousands)
Assets
Current Assets
Cash and cash equivalents $2,448
Accounts receivable - customers 219
Accounts receivable - intercompany 6,618
Total Inventories 19,985
Prepaid expenses and other current assets 919
---------
Total current assets 30,189
Total investments & other assets -
Goodwill -
Property, plant and equipment, net 2,224
---------
TOTAL ASSETS $32,413
=========
Liabilities and Stockholders' Equity (Deficit)
Liabilities Not Subject to Compromise
Accounts payable - trade $544
Accounts payable -intercompany -
Other accrued liabilities 6,702
Deferred income taxes -
Pension and other liabilities -
---------
Total Liabilities Not Subject to Compromise 7,246
---------
Liabilities Subject to Compromise
Accounts payable 1,674
---------
Total Liabilities 8,920
Shareholders' Equity (Deficit)
Equity of subsidiaries -
Common stock 1
Capital surplus/Treasury Stock 15,955
Retained earnings (deficit) 7,537
Minimum pension liability adjustment -
Other adjustments -
Unearned compensation -
---------
Stockholders' Equity (Deficit) 23,493
---------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) $32,413
=========
WESTPOINT STEVENS STORES, INC.
Statement of Operations
Month Ended November 30, 2004
(in thousands)
Net sales $7,959
Cost of goods sold 4,746
---------
Gross earnings 3,213
Selling and administrative expenses
Selling expenses 2,043
Warehousing and shipping 174
Advertising 264
Division administrative expense 289
MIS expense 56
Corporate administrative expense 82
---------
Total selling and administrative expense 2,908
Restructuring and impairment charge -
Goodwill impairment charge -
---------
Operating earnings (loss) 305
Interest expense
Interest expense - outside -
Capitalized interest expense -
Interest expense - intercompany 154
Interest income -
Interest income - intercompany -
---------
Net interest expense 154
Other expense
Miscellaneous -
Royalties - intercompany -
Transaction gain/loss -
---------
Total other expense -
Other income
Royalties Intercompany -
Dividends -
Sale of assets -
Miscellaneous -
---------
Total other income -
---------
Net other expense -
---------
Income (loss) before Chapter 11 reorganization
expenses and income taxes (benefit) and
extraordinary items 151
Chapter 11 reorganization expenses -
Income tax expense (benefit) 54
Extraordinary item - net of taxes -
---------
Net Income (loss) $97
=========
WESTPOINT STEVENS STORES, INC.
Statement of Cash Flows
Month Ended November 30, 2004
(in thousands)
Cash flows from operations:
Net income (loss) $97
Non-cash items
Depreciation and amortization 55
Gain on sale of assets -
Working Capital Changes
Decrease/(increase) - a/r (customers) (11)
Decrease/(increase) - a/r (intercompany) (1,604)
Decrease/(increase) - inventories 1,955
Decrease/(increase) - other current assets (25)
Decrease/(increase) - other non-current assets -
Increase/(decrease) - accounts payable (trade) (88)
Increase/(decrease) - a/p (intercompany) -
Increase/(decrease) - accrued liabilities 519
Increase/(decrease) - accrued interest payable -
Increase/(decrease) - pension & other liabilities -
Increase/(decrease) - deferred federal income tax -
---------
Total cash flows from operations 898
Cash flows from investing activities
Capital expenditures -
Transfers -
Net proceeds from sale of assets -
---------
Total cash flows from investing -
Cash flows from financing activities
Increase/(decrease)- DIP Credit Agreement -
---------
Total cash flows from financing -
Beginning cash balance 1,550
Change in cash 898
---------
Ending cash balance $2,448
=========
Headquartered in West Point, Georgia, WestPoint Stevens, Inc.,
-- http://www.westpointstevens.com/ -- is the #1 US maker of
bed linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings. It makes the
Martex, Utica, Stevens, Lady Pepperell, Grand Patrician, and
Vellux brands, as well as the Martha Stewart bed and bath lines;
other licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are
its main customers. (Federated, J.C. Penney, Kmart, Sears, and
Target account for more than half of sales.) It also has nearly
60 outlet stores. Chairman and CEO Holcombe Green controls 8% of
WestPoint Stevens. The Company filed for chapter 11 protection
on June 1, 2003 (Bankr. S.D.N.Y. Case No. 03-13532). John J.
Rapisardi, Esq., at Weil, Gotshal & Manges, LLP, represents the
Debtors in their restructuring efforts. (WestPoint Bankruptcy
News, Issue No. 36; 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, Dylan
Carlo L. Gallegos, Jazel P. Laureno, Cherry Soriano-Baaclo,
Marjorie Sabijon, Terence Patrick F. Casquejo and Peter A.
Chapman, Editors.
Copyright 2004. 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 ***