<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 26, 1997
NCC INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
0-3305 62-0643336
(Commission File Number) (I.R.S. Employer Identification No.)
475 Park Avenue South, New York, New York 10016
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 685-1555
Not Applicable
(Former name or former address if changed since last report)
<PAGE>
Item 5. Other Events.
On July 22, 1997, Registrant, along with its 92.8% parent company, Maidenform,
Inc. ("Maidenform") and Maidenform's 100% parent company, Maidenform Worldwide,
Inc. (collectively, with Maidenform and the Registrant, the "Debtor Group"),
filed voluntary petitions for bankruptcy under Chapter 11 of the Federal
Bankruptcy Code in the United States District Court for the Southern District of
New York (the "Court").
Pursuant to a no action letter request dated November 12, 1997 (the "Request
Letter"), the Registrant is seeking agreement from the Securities and Exchange
Commission (the "Commission") Office of Chief Counsel, Division of Corporate
Finance (the "Division") that the Division will not recommend enforcement action
to the Commission if the Registrant follows the reporting procedures set forth
in the Request Letter during the pendency of Registrant's Chapter 11 bankruptcy
case.
Pursuant to the Request Letter, the Registrant proposes to file with the
Commission under cover of Current Reports on Form 8-K copies of the Debtor
Group's consolidated monthly financial reports filed with the Court and the
United States Trustee (the "Trustee") in accordance with Bankruptcy Rule 2015
and the Trustee's "Operating Guidelines and Financial Reporting requirements"
(the "Trustee's Reports") in lieu of quarterly and annual reports under Section
13(a) of the Exchange Act.
Accordingly, attached to this Current Report are copies of the Trustee's Reports
for the Debtor Group for the month of November 1997 and the second half to date,
1997, which were filed with the Trustee and the Court on December 26, 1997 and
December 31, 1997, respectively.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
99.1 Trustee's Reports for the Debtor Group for the month of
November 1997 and the second half to date, 1997, which
were filed with the Trustee and the Court on
December 26, 1997 and December 31, 1997, respectively.
2
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
NCC INDUSTRIES, INC.
Dated: January 7, 1998 By: /s/ Frank Stull
---------------------
Frank Stull
Duly authorized officer to execute
on behalf of Registrant
Executive Vice President
Chief Financial Officer
3
<PAGE>
Exhibit 99.1
CONFIDENTIAL
Maidenform Worldwide, Inc. and Subsidiaries
November Financial Reporting Package
<PAGE>
November 1997 Financial Reporting Package
Contents
SCHEDULE PAGE
- -------- ----
November 1997 Month
-Income Statement........................................ 1
-Balance Sheet........................................... 2
-Cash Flow Statement..................................... 3
Second Half to Date, 1997
-Income Statement........................................ 4
-Cash Flow Statement..................................... 5
For use by the office of the U.S Trustee
<PAGE>
Maidenform Worldwide, Inc. and Subsidiaries
November 1997 Month Income Statement
(in thousands)
ACTUAL
---------
Net sales.................................................. $14,891
Cost of sales.............................................. 11,371
---------
Gross profit............................................... 3,520
%..................................................... 23.6%
Operating expenses
Design................................................. 276
G&A.................................................... 1,391
Advertising............................................ 359
Selling................................................ 2,704
Distribution........................................... 1,069
---------
Total.................................................. 5,799
---------
Loss before
interest and taxes (EBIT).............................. (2,279)
Interest................................................... (434)
Interest--Pre Petition..................................... --
Reorganization cost........................................ (427)
Other...................................................... (85)
---------
Pretax loss................................................ (3,225)
Taxes...................................................... (27)
---------
NET LOSS................................................... $ (3,198)
---------
---------
(1)
<PAGE>
Maidenform Worldwide, Inc. and Subsidiaries
Balance Sheets for the Periods Indicated
(in thousands)
<TABLE>
<CAPTION>
OCTOBER
1997
----------
<S> <C>
ACTUAL
----------
ASSETS
Current assets
Cash.............................................................................................. $ 5,422
Accounts receivable............................................................................... 22,126
Inventories....................................................................................... 84,258
Other current assets.............................................................................. 10,399
----------
Total current assets.......................................................................... 122,205
Property, plant & equipment, net...................................................................... 41,041
Other assets.......................................................................................... 49,434
----------
Total assets.................................................................................. $ 212,680
----------
----------
LIABILITIES
Current liabilities
Liabilites Not Subject to Compromise
Current Liabilities:
Accounts payable.................................................................................. 8,496
Accrued expenses.................................................................................. 21,160
1997 Restructuring reserve 19,710
Revolver.......................................................................................... 583
----------
Total current liabilities..................................................................... 49,949
Liabilites Subject to Compromise.................................................................... 242,664
Other Liabilities................................................................................... 2,398
----------
Total liabilities................................................................................... 295,011
----------
EQUITY
Stock................................................................................................. 5
Paid in capital....................................................................................... 40,899
Retained earnings (deficit)........................................................................... (18,848)
Year to date income (loss)............................................................................ (102,310)
Minimum pension liability adj......................................................................... (2,077)
----------
Total equity (deficit)............................................................................ (82,331)
----------
Total liabilities and equity.................................................................. $ 212,680
----------
----------
</TABLE>
(2)
<PAGE>
Maidenform Worldwide, Inc. & Subsidiaries
November 1997 Month Statement of Cash Flows
(in thousands)
<TABLE>
<CAPTION>
ACTUAL
---------
<S> <C>
Operating Activities
Net loss................................................................................................ $ (3,198)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization......................................................................... 628
Pension expense....................................................................................... 42
Minority interest in loss of subsidiary............................................................... (44)
Provisions for accounts receivable allowances......................................................... 696
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable........................................................... 363
Increase in inventories.............................................................................. (4,925)
Increase in prepaid expenses and other assets........................................................ (326)
Increase in accounts payable, accrued expenses, taxes and sundry
liabilities........................................................................................ 2,373
---------
Net cash used in operating activities................................................................... (4,391)
---------
Investing activities
Additions to property, plant and equipment.............................................................. (75)
---------
Net cash used in investing activities................................................................... (75)
---------
Financing activities
Net Borrowings under revolving credit loans............................................................. 1,145
Other................................................................................................... 7
---------
Net cash provided by financing activities............................................................... $ 1,152
---------
Decrease in cash........................................................................................ $ (3,314)
Cash at beginning of period............................................................................. 8,736
---------
Cash at end of period................................................................................... $ 5,422
---------
</TABLE>
(3)
<PAGE>
Maidenform Worldwide, Inc. and Subsidiaries
Second Half to Date, 1997 Income Statement
(in thousands)
July--November 1997
<TABLE>
<CAPTION>
ACTUAL
----------
<S> <C>
Net sales............................................................................................. $ 89,930
Cost of sales......................................................................................... 69,318
----------
Gross profit.......................................................................................... 20,612
%................................................................................................. 22.9%
Operating expenses
Design............................................................................................ 1,633
G&A............................................................................................... 5,969
Advertising....................................................................................... 3,642
Selling........................................................................................... 15,568
Distribution...................................................................................... 5,404
----------
Total............................................................................................. 32,216
----------
Loss before
interest and taxes (EBIT)......................................................................... (11,604)
Interest.............................................................................................. (2,962)
Interest--Pre Petition................................................................................ --
Financing Fees........................................................................................ (1,000)
Reorganization cost................................................................................... (3,343)
Other................................................................................................. (319)
----------
Pretax loss........................................................................................... (19,228)
Taxes................................................................................................. 46
----------
NET LOSS.............................................................................................. $ (19,274)
----------
----------
EBIT.................................................................................................. (11,604)
Depreciation.......................................................................................... 2,721
----------
EBITDAR............................................................................................... $ (8,883)
----------
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Per covenant.......................................................................................... $ (15,300)
----------
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</TABLE>
(4)
<PAGE>
Maidenform Worldwide, Inc. & Subsidiaries
Second Half to Date, 1997 Statement of Cash Flows
(in thousands)
July--November 1997
<TABLE>
<CAPTION>
ACTUAL
----------
<S> <C>
Operating Activities
Net loss.............................................................................................. $ (19,274)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization....................................................................... 3,226
Pension expense..................................................................................... 283
Minority interest in loss of subsidiary............................................................. (441)
Payments made from unfunded retirement plan......................................................... (71)
Provision for restructuring......................................................................... 16
Provisions for accounts receivable allowances....................................................... 1,055
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable......................................................... (484)
Decrease (Increase) in inventories................................................................. 770
Increase in prepaid expenses and other assets...................................................... (1,260)
Increase in accounts payable, accrued expenses, taxes and sundry
liabilities...................................................................................... 15,117
----------
Net cash used in operating activities................................................................. (1,063)
----------
Investing activities
Additions to property, plant and equipment............................................................ (148)
----------
Net cash used in investing activities................................................................. (148)
----------
Financing activities
Net borrowings under revolving credit loans........................................................... 2,636
Other................................................................................................. (153)
----------
Net cash provided by financing activities............................................................. $ 2,483
----------
Increase in cash...................................................................................... $ 1,272
Cash at beginning of period........................................................................... 4,150
----------
Cash at end of period................................................................................. $ 5,422
----------
</TABLE>
(5)
