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/raid1/www/Hosts/bankrupt/TCR_Public/050122.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 22, 2005, Vol. 9, No. 18 Headlines FGI GROUP: Files December 2004 Monthly Operating Report KEYSTONE CONSOLIDATED: Earns $3.4 Mil. of Net Income in December ROBOTIC VISION: Files November 2004 Monthly Operating Report SPIEGEL INC: Earns $11 Million of Net Income in November 2004 TRINITY ENERGY: Releases November 2004 Operating Report TWINLAB CORP: Files December 2004 Monthly Operating Report USG CORP: Earns $23.1 Million of Net Income in November 2004 ********* FGI GROUP: Files December 2004 Monthly Operating Report ------------------------------------------------------- On Jan. 13, 2005, FGI Group Inc., filed a monthly operating report for Florsheim Group, Inc., et al., and its debtor-affiliates covering the period ended Dec. 31, 2004, with the United States Bankruptcy Court for the Northern District of Illinois, Eastern Division. FGI Group reports a $1,298,951 cash balance at Dec. 31, 2004, and provides a summary of cash accounts; receipts listings; disbursements listings; loan account; statement of aged receivables and accounts payable aging; tax questionnaire; and declaration. A full-text copy of FGI Group's December 2004 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/928908/000095013705000449/c91202exv99 w1.txt Florsheim Group, Inc., filed for chapter 11 protection on March 4, 2002 (Bankr. N.D. Ill. Case No. 02 B 08209) to facilitate a sale of its U.S. wholesale business and 23 retail stores to its U.S. assets to the Weyco Group, Inc. for $45.6 million in cash, subject to post closing adjustment. KEYSTONE CONSOLIDATED: Earns $3.4 Mil. of Net Income in December ---------------------------------------------------------------- For the month ending Dec. 31, 2004, Keystone Consolidated Industries reports a $3,377,109 net income in $19,667,907 of net sales. At Dec. 31, 2004, Keystone Consolidated's balance sheet shows: Current Assets $ 73,101,242 Total Assets 306,680,231 Current Liabilities 143,515,247 Stockholders' Deficit $(14,168,300) A full-text copy of Keystone Consolidated Industries' December 2004 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/55604/000005560405000002/exhibit991ja n.txt Headquartered in Dallas, Texas, Keystone Consolidated Industries, Inc., makes carbon steel rod, fabricated wire products, including fencing, barbed wire, welded wire and woven wire mesh for the agricultural, construction and do-it-yourself markets. The Company filed for chapter 11 protection on February 26, 2004 (Bankr. E.D. Wisc. Case No. 04-22422). Daryl L. Diesing, Esq., at Whyte Hirschboeck Dudek S.C., and David L. Eaton, Esq., at Kirkland & Ellis LLP, represent the Debtors in their restructuring efforts. When the Company filed for protection from their creditors, it listed $196,953,000 in total assets and $365,312,000 in total debts. ROBOTIC VISION: Files November 2004 Monthly Operating Report ------------------------------------------------------------ On Dec. 30, 2004, Robotic Vision Systems, Inc., filed in paper format its monthly operating reports for the month ended Nov. 30, 2004, with the U.S. Bankruptcy Court for the District of New Hampshire. On Dec. 30, 2004, the Company filed with the Staff of the Division of Corporation Finance of the U.S. Securities and Exchange Commission a no-action letter request regarding providing modified reporting under the Securities Exchange Act of 1934, under the procedures described in Securities Exchange Act Release No. 9660 (June 30, 1972) and Staff Legal Bulletin No. 2 (April 15, 1997). The Company's no-action letter request remains pending. The Company has not filed its Annual Report on Form 10-K for the fiscal year ended Sept. 30, 2004, and does not anticipate filing Quarterly Reports on Form 10-Q for succeeding quarterly periods, until it has a plan of reorganization confirmed by the Bankruptcy Court. Investors are cautioned that its monthly operating reports for the monthly period ended Nov. 30, 2004, and succeeding monthly reports do not contain the information required to be included in Forms 10-K and 10-Q, and reliance on those monthly reports should be limited accordingly. Headquartered in Nashua, New Hampshire, Robotic Vision Systems, Inc. -- http://www.rvsi.com/ -- designs, manufactures and markets machine vision, automatic identification and related products for the semiconductor capital equipment, electronics, automotive, aerospace, pharmaceutical and other industries. The Company, together with its debtor-affiliate, filed for chapter 11 protection on Nov. 19, 2004 (Bankr. D. N.H. Case No. 04-14151). Bruce A. Harwood, Esq., at Sheehan, Phinney, Bass + Green represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $43,046,000 in total assets and $51,338,000 in total debts. SPIEGEL INC: Earns $11 Million of Net Income in November 2004 ------------------------------------------------------------- Spiegel, Inc., and Subsidiaries Debtors-in-Possession Unaudited Consolidated Balance Sheet As of November 27, 2004 ASSETS Current assets: Cash and cash equivalents $205,859,000 Receivables, net 44,160,000 Inventories 201,805,000 Prepaid expenses 334,381,000 Assets of discontinued operations 70,445,000 -------------- Total current assets 556,650,000 -------------- Property and equipment, net 123,119,000 Intangible assets, net 135,608,000 Other assets 22,938,000 -------------- Total assets $838,315,000 ============== LIABILITIES AND STOCKHOLDERS' DEFICIT Liabilities not subject to compromise: Current liabilities: Accounts payable and accrued liabilities $215,683,000 Current portion of long-term debt 48,000,000 Liabilities of discontinued operations 148,873,000 -------------- Total current liabilities 412,556,000 -------------- Deferred lease obligation 10,816,000 Liabilities subject to compromise 1,385,468,000 Total liabilities 1,808,840,000 -------------- Stockholders' deficit: Class A non-voting common stock, $1.00 par value; authorized 16,000,000 shares; 14,945,144 shares issued and outstanding 14,945,000 Class B voting common stock, $1.00 par value; authorized 121,500,000 shares; 117,009,869 shares issued & outstanding 117,010,000 Additional paid-in capital 329,489,000 Accumulated other comprehensive loss (23,495,000) Accumulated deficit (1,408,474,000) -------------- Total stockholders' deficit (970,525,000) -------------- Total liabilities & stockholders' deficit $838,315,000 ============== Spiegel, Inc., and Subsidiaries Debtors-in-Possession Unaudited Consolidated Statement of Operations Four Weeks Ended November 27, 2004 Net sales and other revenues: Net sales $110,669,000 Other revenue 4,072,000 -------------- 114,741,000 Cost of sales and operating expenses: Cost of sales, including buying and occupancy expenses 60,493,000 Selling, general & administrative expenses 43,510,000 -------------- 104,003,000 Estimated loss of non-debtors (195,000) Operating Income 10,543,000 Interest expense 409,000 -------------- Loss from operations before reorganization items 10,134,000 -------------- Reorganization items, net 1,478,000 Income Tax - -------------- Income from operations 8,656,000 -------------- Discontinued operations: Loss from discontinued operations 2,406,000 -------------- Net Income $11,062,000 ============== Spiegel, Inc., and Subsidiaries Debtors-in-Possession Unaudited Consolidated Statement of Cash Flows Four Weeks Ended November 27, 2004 Cash flows from operating activities: Net Income $11,062,000 Adjustments to reconcile net loss to net cash used in operating activities: Reorganization items, net 1,478,000 Depreciation and amortization 2,205,000 Change in assets and liabilities: (Increase) decrease in receivables, net (9,247,000) (Increase) decrease in investments/advances (61,000) (Increase) decrease in inventories 13,101,000 (Increase) decrease in prepaid expenses 636,000 Increase (decrease) in accounts payable and other accrued liabilities 9,462,000 Increase (decrease) in net liabilities of discontinued operations 2,886,000 (Increase) decrease in income taxes 34,000 -------------- Net cash used for operating activities 31,556,000 -------------- Net cash used for reorganization items (1,225,000) Cash flows from investing activities: Net (additions) reductions to property and equipment (2,529,000) Net (additions) reductions to other assets 860,000 -------------- Net cash used in investing activities (1,669,000) -------------- Net cash provided by financing activities - -------------- Effect of exchange rate changes on cash 570,000 -------------- Net change in cash and cash equivalents 29,232,000 Cash & cash equivalents, beginning of period 176,627,000 -------------- Cash & cash equivalents, end of period $205,859,000 ============== Headquartered in Downers Grove, Illinois, Spiegel, Inc. -- http://www.spiegel.com/ -- is a leading international general merchandise and specialty retailer that offers apparel, home furnishings and other merchandise through catalogs, e-commerce sites and approximately 560 retail stores. The Company filed for Chapter 11 protection on March 17, 2003 (Bankr. S.D.N.Y. Case No. 03-11540). James L. Garrity, Jr., Esq., and Marc B. Hankin, Esq., at Shearman & Sterling, represent the Debtors in their restructuring efforts. When the Company filed for protection from its creditors, it listed $1,737,474,862 in assets and $1,706,761,176 in debts. (Spiegel Bankruptcy News, Issue No. 36; Bankruptcy Creditors' Service, Inc., 215/945-7000) TRINITY ENERGY: Releases November 2004 Operating Report ------------------------------------------------------- On Dec. 21, 2004, Trinity Energy Resources, Inc., filed its monthly operating report for the month ended November 2004 with the United States Bankruptcy Court for the Southern District of Texas, Houston Division. At November 30, 2004, the Debtor's balance sheet showed: Total Current Assets $ 404,640 Total Assets 1,235,961 Total Liabilities 1,781,216 Total Owner's Equity $ (545,255) A full-text copy of Trinity Energy's November 2004 monthly operating report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1082292/000101540205000130/body.htm Headquartered in Houston, Texas, Trinity Energy Resources, Inc., develops and operates proven oil and gas reserves in the Rocky Mountains, Texas, and Louisiana, with international interests in the African Republic of Chad. The Company filed for chapter 11 protection on Jan. 31, 2003 (Bankr. S.D. Tex. Case No. 03-31453). John William Mahoney, Esq., at Williams Birnberg & Andersen represents the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed $1,009,626 in total assets and $1,619,031 in total debts as of Sept. 30, 2002. On April 23, 2003, the Bankruptcy Court appointed Elizabeth M. Guffy as the Chapter 11 Trustee. TWINLAB CORP: Files December 2004 Monthly Operating Report ---------------------------------------------------------- On Jan. 18, 2004, Twinlab Corporation (n/k/a TL Administration Corporation ), Twin Laboratories Inc. (n/k/a TL Administration Inc.) and Twin Laboratories (UK) Ltd. (n/k/a TL Administration (UK) Ltd.) filed its Monthly Operating Reports for the month ended Dec. 31, 2004, with the Securities and Exchange Commission. At Dec. 31, 2004, Twinlab Corporation (n/k/a TL Administration Corporation) reports that it has no independent means of generating revenue due to its non-operation. As a holding company, Twinlab's internal sources of funds to meet its cash needs, including the payment of expenses, are dividends and other permitted payments from its direct and indirect subsidiaries. Full-text copies of the Debtors' December 2004 Monthly Operating Reports are available at no charge at: http://www.sec.gov/Archives/edgar/data/1015868/000095012305000476/0000950123 -05-000476-index.htm On Sept. 4, 2003, Twinlab Corporation, Twin Laboratories Inc. and Twin Laboratories (UK) Ltd., commenced voluntary cases under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York. These chapter 11 cases are being jointly administered under chapter 11 case number 03-15564 (CB) and are pending before the Honorable Cornelius Blackshear. Also, on Sept. 4, 2003, the Companies entered into that certain asset purchase agreement with IdeaSphere, Inc. of Grand Rapids, Michigan, pursuant to which the Companies sold substantially all of their assets. The sale closed on Dec. 9, 2003, effective as of Dec. 9, 2003. In connection with the sale, the Debtors obtained an order from the Court authorizing them to change their names. Twinlab Corporation changed its name to TL Administration Corporation, Twin Laboratories Inc., changed its name to TL Administration Inc., and Twin Laboratories (UK) Ltd., changed its name to TL Administration (UK) Ltd. The Debtors continue to operate as debtors-in-possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. USG CORP: Earns $23.1 Million of Net Income in November 2004 ------------------------------------------------------------ USG Corporation, et al. Consolidated Balance Sheet 30-November-2004 __________________________ ________________ Assets: Cash and cash equivalents $513,698,000 Marketable Securities 130,677,000 Restricted Cash 37,663,000 Receivables 391,108,000 Inventories 292,423,000 Income taxes receivable 19,609,000 Deferred income taxes 31,112,000 Other current assets 66,338,000 ------------- Total current assets 1,482,628,000 Property, plant and equipment, net 1,587,345,000 Marketable Securities 285,750,000 Deferred income taxes 129,127,000 Goodwill 41,201,000 Other assets 364,591,000 ------------- Total Assets $3,891,642,000 ============= Liabilities and Stockholders' Equity: Accounts payable $236,031,000 Accrued expenses 202,122,000 Taxes on income 40,481,000 ------------- Total current liabilities 478,634,000 Other liabilities 437,682,000 Liabilities subject to compromise 2,238,240,000 Stockholders' Equity: Common stock 4,998,000 Treasury stock (257,045,000) Capital received in excess of par value 102,338,000 Accumulated other comprehensive income/(loss) 23,108,000 Retained earnings 863,687,000 ------------- Total stockholders' equity 737,086,000 ------------- Total Liabilities and Stockholders' Equity $3,891,642,000 ============= USG Corporation, et al. Month Ending Consolidated Income Statement 30-November-2004 __________________________ ________________ Net sales $344,727,000 Cost of products sold 290,335,000 Selling and administrative expenses 21,549,000 Chapter 11 reorganization expenses (1,486,000) Provision for restructuring expenses - Interest expense 328,000 Interest income (142,000) Other (income)/expense, net (185,000) ------------- Earnings/(loss) before income taxes 34,328,000 Income taxes (benefit) 11,179,000 ------------- Net Earnings/(loss) $23,149,000 ============= Headquartered in Chicago, Illinois, USG Corporation -- http://www.usg.com/ -- through its subsidiaries, is a leading manufacturer and distributor of building materials producing a wide range of products for use in new residential, new nonresidential and repair and remodel construction, as well as products used in certain industrial processes. The Company filed for chapter 11 protection on June 25, 2001 (Bankr. Del. Case No. 01-02094). David G. Heiman, Esq., and Paul E. Harner, Esq., at Jones Day represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $3,252,000,000 in assets and $2,739,000,000 in debts. (USG Bankruptcy News, Issue No. 78; 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 ***