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Exhibit 99.1
------------
TRANSMITTAL OF FINANCIAL REPORTS AND
CERTIFICATION OF COMPLIANCE WITH
UNITED STATES TRUSTEE OPERATING REQUIREMENTS
FOR THE PERIOD ENDING NOVEMBER 25, 2000
Debtor Name: Weiner's Stores, Inc.
Case No. 00-3955 (PJW)
As debtor in possession, I affirm:
1) That I have reviewed the financial statements attached hereto,
consisting of:
__X__ Income Statement
__X__ Balance Sheet
__X__ Statement of Cash Flows
__X__ Statement of Cash Receipts and Disbursements
__X__ Statement of Operations and Taxes
and that they have been prepared in accordance with normal and
customary accounting practices and fairly and accurately reflect the
debtor's financial activity for the period stated.
2) That the insurance as described in Section 3 of the operating
Guidelines and Reporting Requirements for Chapter 11 Cases is in
effect.
3) That all postpetition taxes as described in Section 4 of the Operating
Guidelines and Reporting Requirements for Chapter 11 cases are current
and have been paid in the normal course of business.
4) No professional fees (attorney, accountant, etc.) have been paid
without specific court authorization.
5) No assets have been sold or transferred outside the normal course of
business other than asset sales or transfers approved by the Bankruptcy
Court.
6) No funds have been disbursed from any account other than accounts
approved by the United States Trustee Operating Requirements or the
Bankruptcy Court.
7) All postpetition tax returns have been filed on a timely basis.
The attached monthly report was prepared by Weiner's Stores, Inc. under my
direction and supervision. Weiner's Stores, Inc. verifies that to the best of
its knowledge the information provided herein is true and correct.
Date: December 21, 2000 /s/ Michael S. Marcus
----------------- ---------------------
Debtor-In-Possession
VP & Chief Financial Officer 713 688 1331
---------------------------- ----------------
Title Phone Number
<PAGE>
WEINER'S STORES, INC.
STATEMENT OF OPERATIONS
FOR THE MONTH AND YEARS ENDED OCTOBER 2000 AND OCTOBER 1999
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
MONTH YEAR TO DATE
------------------------------------ ---------------------------
October 00 October 99 YTD 2000 YTD 1999
Actual Actual Actual Actual
------------------ ----------------- ------------- -------------
<S> <C> <C> <C> <C>
Number of Stores 97 136 97 136
Revenues $14,436 $17,119 $194,063 $207,993
GROSS MARGIN 5,592 6,262 65,718 69,571
GROSS MARGIN PERCENT 38.7% 36.6% 33.9% 33.4%
OPERATING EXPENSES 6,071 6,845 68,892 65,771
------------------ ----------------- ------------- -------------
EBITDA (479) (583) (3,174) 3,800
DEPRECIATION & AMORTIZATION 357 341 3,392 2,933
------------------ ----------------- ------------- -------------
INCOME FROM OPERATIONS (836) (924) (6,566) 867
INTEREST EXPENSE 264 80 1,647 809
STORE CLOSING COSTS 8,851 - 8,851 -
REORGANIZATION EXPENSE 10,955 - 10,955 -
------------------ ----------------- ------------- -------------
INCOME BEFORE CUMULATIVE EFFECT ADJUSTMENT ($20,906) ($1,004) ($28,019) $58
------------------ ----------------- ------------- -------------
CUMULATIVE EFFECT ADJUSTMENT, NET OF TAX $0 $0 $294 $0
------------------ ----------------- ------------- -------------
NET INCOME/(LOSS) ($20,906) ($1,004) (28,313) $58
================== ================= ============= =============
</TABLE>
<PAGE>
WEINER'S STORES, INC.
BALANCE SHEETS
OCTOBER 2000 AND OCTOBER 1999
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
OCTOBER 2000 JANUARY 2000 OCTOBER 1999
ACTUAL ACTUAL ACTUAL
------------- ------------- -------------
<S> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents $5,355 $3,336 $4,896
Merchandise Inventories, net 43,923 57,293 57,574
Other Current Assets 19,342 4,387 6,711
------------- ------------- -------------
TOTAL CURRENT ASSETS 68,620 65,016 69,181
NET PP & E 19,833 21,046 19,877
EXCESS REORGANIZATION VALUE, NET - 3,612 3,684
------------- ------------- -------------
TOTAL ASSETS $88,453 $89,674 $92,742
============= ============= =============
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts Payable $3,581 $21,592 $17,900
Pre-petition working capital facility 12,773 - -
Accrued Expense/Other 14,287 7,841 9,410
------------- ------------- -------------
TOTAL CURRENT LIABILITIES 30,641 29,433 27,310
LONG TERM DEBT - 10,000 12,000
DEBTOR-IN-POSSESSION CREDIT FACILITY 6,610 - -
DEFERRED TAXES & OTHER LIABILITIES 397 397 397
LIABILITIES SUBJECT TO SETTLEMENT 29,274 - -
STOCKHOLDER'S EQUITY 21,531 49,844 53,035
------------- ------------- -------------
TOTAL LIABILITIES & EQUITY $88,453 $89,674 $92,742
============= ============= =============
</TABLE>
Certain prior year balances have been reclassified to conform to
current year presentation.
<PAGE>
WEINER'S STORES, INC.
STATEMENTS OF CASH FLOWS
FOR THE MONTHS ENDED OCTOBER 2000 AND OCTOBER 1999
(UNAUDITED)
(in thousands)
<TABLE>
<CAPTION>
OCTOBER OCTOBER
2000 1999
----------------- -----------------
<S> <C> <C>
Cash Flows From Operating Activities:
Net income $ (28,313) $ 58
Noncash adjustments to net income:
Depreciation and amortization 3,392 2,934
Loss on disposition of assets 3,358 3
Write-off Excess Reorgan. 3,397 0
Change in non-cash reserves (655) (506)
Net change in current assets and liabilities 16,779 (8,865)
----------------- -----------------
Total adjustments 26,271 (6,434)
Net cash (used in) provided by
operating activities (2,042) (6,376)
----------------- -----------------
Cash Flows From Investing Activities:
Capital expenditures (5,322) (3,904)
Proceeds on disposition of assets 0 0
----------------- -----------------
Net cash used in investing activities (5,322) (3,904)
----------------- -----------------
Cash Flows From Financing Activities:
Proceeds from Debtor-in-Possession Credit Facility 6,610 0
Proceeds from Pre-Petition working Capital Facility 2,773 8,000
----------------- -----------------
Net cash provided by (used in) financing activities 9,383 8,000
----------------- -----------------
Net (Decrease) Increase In Cash 2,019 (2,280)
Cash, beginning of year 3,336 7,176
----------------- -----------------
Cash, end of year $ 5,355 $ 4,896
================= =================
</TABLE>
<PAGE>
WEINER'S STORES, INC.
STATEMENT OF OPERATIONS
FOR THE MONTH AND YEARS ENDED NOVEMBER 2000 AND NOVEMBER 1999
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
MONTH YEAR TO DATE
-------------------------------------- --------------------------
November 00 November 99 YTD 2000 YTD 1999
Actual Actual Actual Actual
------------------ ------------------- ------------ ------------
<S> <C> <C> <C> <C>
Number of Stores 97 136 97 136
Revenues $12,823 $20,077 $206,885 $228,070
GROSS MARGIN 4,425 6,170 70,143 75,741
GROSS MARGIN PERCENT 34.5% 30.7% 33.9% 33.2%
OPERATING EXPENSES 5,607 6,905 74,497 72,675
------------------ ------------------- ------------ ------------
EBITDA (1,182) (735) (4,354) 3,066
DEPRECIATION & AMORTIZATION 330 340 3,722 3,273
------------------ ------------------- ------------ ------------
INCOME FROM OPERATIONS (1,512) (1,075) (8,076) (207)
INTEREST EXPENSE 182 101 1,830 910
STORE CLOSING COSTS - - 8,851 -
REORGANIZATION EXPENSE 415 - 11,370 -
------------------ ------------------- ------------ ------------
INCOME BEFORE CUMULATIVE EFFECT ADJUSTMENT ($2,109) ($1,176) ($30,127) ($1,117)
------------------ ------------------- ------------ ------------
CUMULATIVE EFFECT ADJUSTMENT, NET OF TAX $0 $0 $294 $0
------------------ ------------------- ------------ ------------
NET INCOME/(LOSS) ($2,109) ($1,176) (30,421) ($1,117)
================== =================== ============ ============
MODIFIED EBIDTA (PER CIT AGREEMENT) ($1,597) ($735) (7,250) $3,066
================== =================== ============ ============
</TABLE>
<PAGE>
WEINER'S STORES, INC.
BALANCE SHEETS
NOVEMBER 2000 AND NOVEMBER 1999
(in thousands)
<TABLE>
<CAPTION>
(Unaudited) (Unaudited)
NOVEMBER 2000 JANUARY 2000 NOVEMBER 1999
ACTUAL ACTUAL ACTUAL
---------------- ---------------- ----------------
<S> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents $5,730 $3,336 $6,183
Merchandise Inventories, net 48,784 57,293 62,934
Other Current Assets 6,583 4,387 8,556
---------------- ---------------- ----------------
TOTAL CURRENT ASSETS 61,097 65,016 77,673
NET PP & E 19,661 21,046 19,672
EXCESS REORGANIZATION VALUE, NET - 3,612 3,662
---------------- ---------------- ----------------
TOTAL ASSETS $80,758 $89,674 $101,007
================ ================ ================
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts Payable $7,323 $21,592 $21,663
Pre-petition working capital facility - - -
Accrued Expense/Other 9,859 7,841 10,088
---------------- ---------------- ----------------
TOTAL CURRENT LIABILITIES 17,182 29,433 31,751
LONG TERM DEBT - 10,000 17,000
DEBTOR-IN-POSSESSION CREDIT FACILITY 18,999 - -
DEFERRED TAXES & OTHER LIABILITIES 397 397 397
LIABILITIES SUBJECT TO SETTLEMENT 24,758 - -
STOCKHOLDER'S EQUITY 19,422 49,844 51,859
---------------- ---------------- ----------------
TOTAL LIABILITIES & EQUITY $80,758 $89,674 $101,007
================ ================ ================
</TABLE>
Certain prior year balances have been reclassified to conform to
current year presentation.
<PAGE>
WEINER'S STORES, INC.
STATEMENT OF CASH FLOWS
FOR THE MONTHS ENDED NOVEMBER 2000 AND NOVEMBER 1999
(UNAUDITED)
(in thousands)
<TABLE>
<CAPTION>
NOVEMBER NOVEMBER
2000 1999
------------------- -------------------
<S> <C> <C>
Cash Flows From Operating Activities:
Net income $ (30,421) $ (1,117)
Noncash adjustments to net income:
Depreciation and amortization 3,722 3,274
Loss on disposition of assets 3,358 3
Write-off Excess Reorgan. 3,397 0
Change in non-cash reserves (619) (85)
Net change in current assets and liabilities 19,439 (12,051)
------------------- -------------------
Total adjustments 29,297 (8,859)
Net cash (used in) provided by operating
activities (1,124) (9,976)
------------------- -------------------
Cash Flows From Investing Activities:
Capital expenditures (5,481) (4,017)
Proceeds on disposition of assets 0 0
------------------- -------------------
Net cash used in investing activities (5,481) (4,017)
------------------- -------------------
Cash Flows From Financing Activities:
Proceeds from Debtor-in-Possession Credit Facility 8,999 0
Proceeds from Pre-Petition working Capital Facility 0 13,000
------------------- -------------------
Net cash provided by (used in) financing activities 8,999 13,000
------------------- -------------------
Net (Decrease) Increase In Cash 2,394 (993)
Cash, beginning of year 3,336 7,176
------------------- -------------------
Cash, end of year $ 5,730 $ 6,183
=================== ===================
</TABLE>
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