<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 1, 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 (a) the Trustee's
Reports for the Debtor Group for the month of October 1997 and the second half
to date, 1997, which were filed with the Trustee and the Court on December 1,
1997 and December 4, 1997, respectively; and (b) the Trustee's Reports for the
Debtor Group for the month of December 1997 and the second half to date, 1997,
which were filed with both the Trustee and the Court on February 13, 1998. 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, were filed with the
Commission under cover of a Current Report on Form 8-K dated December 26, 1997.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
99.1 Trustee's Reports for the Debtor Group for the month of October 1997
and the second half to date, 1997, which were filed with the Trustee
and the Court on December 1, 1997 and December 4, 1997, respectively.
99.2 Trustee's Reports for the Debtor Group for the month of December 1997
and the second half to date, 1997, which were filed with both the
Trustee and the Court on February 13, 1998.
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: February 18, 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
October Financial Reporting Package
<PAGE>
October 1997 Financial Reporting Package
Contents
<TABLE>
<CAPTION>
Schedule Page
- -------- -----
<S> <C>
October 1997 Month
- Income Statement................................. 1
- Balance Sheet.................................... 2
- Cash Flow Statement.............................. 3
Second Half to Date, 1997
- Income Statement................................. 4
- Cash Flow Statement.............................. 5
</TABLE>
For use by the office of the U.S. Trustee
<PAGE>
Maidenform Worldwide, Inc. and Subsidiaries
October 1997 Month Income Statement
(in thousands)
<TABLE>
<CAPTION>
Actual
---------
<S> <C>
Net sales.............................................................................................. $ 15,407
Cost of sales.......................................................................................... 12,386
---------
Gross profit........................................................................................... 3,021
%................................................................................................... 19.6%
Operating expenses
Design............................................................................................. 293
G&A................................................................................................ 781
Advertising........................................................................................ 782
Selling............................................................................................ 2,990
Distribution....................................................................................... 1,151
---------
Total.............................................................................................. 5,997
---------
Loss before interest and taxes (EBIT).................................................................. (2,976)
Interest............................................................................................... (372)
Interest--Pre Petition................................................................................. --
Reorganization cost.................................................................................... (546)
Other.................................................................................................. (121)
---------
Pretax loss............................................................................................ (4,015)
Taxes.................................................................................................. 30
---------
NET LOSS............................................................................................... $ (4,045)
---------
---------
</TABLE>
(1)
<PAGE>
Maidenform Worldwide, Inc. and Subsidiaries
Balance Sheets for the Periods Indicated
(in thousands)
<TABLE>
<CAPTION>
OCTOBER 1997
------------
Actual
------------
<S> <C>
ASSETS
Current assets
Cash............................................................................................ $ 8,736
Accounts receivable............................................................................. 23,185
Inventories..................................................................................... 79,333
Other current assets............................................................................ 10,024
------------
Total current assets........................................................................ 121,278
Property, plant & equipment, net.................................................................... 41,497
Other assets........................................................................................ 49,622
------------
Total assets.................................................................................... $ 212,397
------------
------------
LIABILITIES
Current liabilities
Liabilites Not Subject to Compromise
Current Liabilities:
Accounts payable................................................................................ 7,407
Accrued expenses................................................................................ 19,094
1997 Restructuring reserve...................................................................... 19,710
Revolver........................................................................................ --
------------
Total current liabilities................................................................... 47,021
Liabilites Subject to Compromise.................................................................... 242,102
Other Liabilities................................................................................... 2,407
------------
Total liabilities................................................................................... 291,530
------------
EQUITY
Stock............................................................................................... 5
Paid in capital..................................................................................... 40,899
Retained earnings (deficit)......................................................................... (18,848)
Year to date income (loss).......................................................................... (99,112)
Minimum pension liability adj....................................................................... (2,077)
------------
Total equity (deficit).............................................................................. (79,133)
------------
Total liabilities and equity................................................................ $ 212,397
------------
------------
</TABLE>
(2)
<PAGE>
Maidenform Worldwide, Inc. & Subsidiaries
October 1997 Month Statement of Cash Flows
(in thousands)
<TABLE>
<CAPTION>
Actual
---------
<S> <C>
Operating Activities
Net loss................................................................................................ $ (4,045)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization....................................................................... 629
Pension expense..................................................................................... 41
Minority interest in loss of subsidiary............................................................. (18)
Provisions for accounts receivable allowances....................................................... 323
Changes in operating assets and liabilities:
Decrease in accounts receivable..................................................................... 2,625
Decrease (increase) in inventories.................................................................. (2,265)
Increase in prepaid expenses and other assets....................................................... (219)
Increase in accounts payable, accrued expenses, taxes and sundry liabilities........................ 4,421
---------
Net cash provided by (used in) operating activities..................................................... 1,492
---------
Investing activities
Additions to property, plant and equipment.............................................................. (10)
---------
Net cash used in investing activities................................................................... (10)
---------
Financing activities
Net Borrowings under revolving credit loans............................................................. --
Other................................................................................................... 87
---------
Net cash provided by financing activities............................................................... $ 87
---------
Increase in cash........................................................................................ $ 1,569
Cash at beginning of period............................................................................. 7,167
---------
Cash at end of period................................................................................... $ 8,736
---------
</TABLE>
(3)
<PAGE>
Maidenform Worldwide, Inc. and Subsidiaries
Second Half to Date, 1997 Income Statement
(in thousands)
July--October 1997
<TABLE>
<CAPTION>
Actual
----------
<S> <C>
Net sales............................................................................................. $ 75,039
Cost of sales......................................................................................... 57,947
----------
Gross profit.......................................................................................... 17,092
%................................................................................................... 22.8%
Operating expenses
Design............................................................................................ 1,357
G&A............................................................................................... 4,578
Advertising....................................................................................... 3,283
Selling........................................................................................... 12,864
Distribution...................................................................................... 4,335
----------
Total............................................................................................. 26,417
----------
Loss before interest and taxes (EBIT)................................................................. (9,325)
Interest.............................................................................................. (2,528)
Interest--Pre Petition................................................................................ --
Financing Fees........................................................................................ (1,000)
Reorganization cost................................................................................... (2,916)
Other................................................................................................. (234)
----------
Pretax loss........................................................................................... (16,003)
Taxes................................................................................................. 73
----------
NET LOSS.............................................................................................. $ (16,076)
----------
----------
EBIT.................................................................................................. (9,325)
Depreciation.......................................................................................... 2,191
----------
EBITDAR............................................................................................... $ (7,134)
----------
----------
Per covenant.......................................................................................... $ (13,300)
----------
----------
</TABLE>
(4)
<PAGE>
Maidenform Worldwide, Inc. & Subsidiaries
Second Half to Date, 1997 Statement of Cash Flows
(in thousands)
July--October 1997
<TABLE>
<CAPTION>
Actual
----------
<S> <C>
Operating Activities
Net loss.............................................................................................. $ (16,076)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization..................................................................... 2,598
Pension expense................................................................................... 241
Minority interest in loss of subsidiary........................................................... (397)
Payments made from unfunded retirement plan....................................................... (71)
Provision for restructuring....................................................................... 16
Provisions for accounts receivable allowances..................................................... 359
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable........................................................ (847)
Decrease (Increase) in inventories................................................................ 5,695
Increase in prepaid expenses and other assets..................................................... (934)
Increase in accounts payable, accrued expenses, taxes and sundry liabilities...................... 12,744
----------
Net cash provided by (used in) operating activities................................................... 3,328
----------
Investing activities
Additions to property, plant and equipment............................................................ (73)
----------
Net cash used in investing activities................................................................. (73)
----------
Financing activities
Net borrowings under revolving credit loans........................................................... 1,491
Other................................................................................................. (160)
----------
Net cash provided by financing activities............................................................. $ 1,331
----------
Increase in cash...................................................................................... $ 4,586
Cash at beginning of period........................................................................... 4,150
----------
Cash at end of period................................................................................. $ 8,736
----------
----------
</TABLE>
(5)
<PAGE>
Exhibit 99.2
CONFIDENTIAL
Maidenform Worldwide, Inc. and Subsidiaries
December 1997 Financial Reporting Package
<PAGE>
December 1997 Financial Reporting Package
Contents
<TABLE>
<CAPTION>
Schedule: Page
- --------- -----
<S> <C>
Second Half to Date, 1997
- Balance Sheet................................................................................... 1
- Income Statement................................................................................ 2
- Cash Flow Statement............................................................................. 3
</TABLE>
<PAGE>
Maidenform Worldwide, Inc. and Subsidiaries
Preliminary Balance Sheets for the Periods Indicated
(in thousands)
<TABLE>
<CAPTION>
December 1997
Actual
--------------
<S> <C>
ASSETS
Current assets
Cash.......................................................................................... $ 7,057
Accounts receivable........................................................................... 18,076
Inventories................................................................................... 72,284
Other current assets.......................................................................... 9,891
--------------
Total current assets...................................................................... 107,308
Property, plant & equipment, net.................................................................. 36,065
Other assets...................................................................................... 49,296
--------------
Total assets.................................................................................. $ 192,669
--------------
--------------
LIABILITIES
Current liabilities
Liabilities Not Subject to Compromise
Current Liabilities:
Accounts payable............................................................................ 6,138
Accrued expenses............................................................................ 15,755
1997 Restructuring reserve.................................................................. 12,646
Revolver.................................................................................... 4,891
--------------
Total current liabilities..................................................................... 39,430
Liabilities Subject to Compromise............................................................. 242,381
Other Liabilities............................................................................. 2,440
--------------
Total liabilities............................................................................. 284,251
--------------
EQUITY
Stock............................................................................................. 5
Paid in capital................................................................................... 40,899
Retained earnings (deficit)....................................................................... (18,848)
Year to date income (loss)........................................................................ (111,561)
Minimum pension liability adj..................................................................... (2,077)
--------------
Total equity (deficit)........................................................................ (91,582)
--------------
Total liabilities and equity................................................................ $ 192,669
--------------
--------------
</TABLE>
The year to date results are preliminary and subject to audit adjustments,
including finalization on intangibles and restructuring charges.
(1)
<PAGE>
Maidenform Worldwide, inc. and Subsidiaries
Preliminary Second Half to Date, 1997 Income Statement
(in thousands)
July--December 1997
<TABLE>
<CAPTION>
Actual
----------
<S> <C>
Net sales............................................................................................. $ 107,642
Cost of sales......................................................................................... 91,707
----------
Gross profit.......................................................................................... 15,935
%..................................................................................................... 14.8%
Operating expenses
Design............................................................................................ 1,989
G&A............................................................................................... 6,882
Advertising....................................................................................... 1,808
Selling........................................................................................... 18,783
Distribution...................................................................................... 6,488
----------
Total............................................................................................. 35,950
----------
Loss before
interest and taxes (EBIT)......................................................................... (20,015)
Interest.............................................................................................. (3,277)
Interest--Pre Petition................................................................................ --
Financing Fees........................................................................................ (1,000)
Reorganization cost................................................................................... (3,698)
Other................................................................................................. (525)
----------
Pretax loss........................................................................................... (28,515)
Taxes................................................................................................. 10
----------
NET LOSS.............................................................................................. $ (28,525)
----------
----------
EBIT.................................................................................................. (20,015)
Depreciation.......................................................................................... 3,291
----------
EBITDAR............................................................................................... $ (16,724)
----------
----------
Per covenant.......................................................................................... $ (17,800)
----------
----------
</TABLE>
Second half to date results are preliminary and subject to audit
adjustments, including finalization on intangibles and restructuring charges.
(2)
<PAGE>
Maidenform Worldwide, Inc. & Subsidiaries
Preliminary Second Half to Date, 1997 Statement of Cash Flows
(in thousands)
July--December 1997
<TABLE>
<CAPTION>
ACTUAL
----------
<S> <C>
Operating Activities
Net loss.............................................................................................. $ (28,525)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization..................................................................... 3,892
Pension expense................................................................................... 324
Minority interest in loss of subsidiary........................................................... (374)
Payments made from unfunded retirement plan....................................................... (71)
Provision for restructuring....................................................................... 16
Provisions for accounts receivable allowances..................................................... (1,128)
Changes in operating assets and liabilities:
Decrease (Increase) in accounts receivable...................................................... 5,749
Decrease in inventories......................................................................... 12,744
Increase in prepaid expenses and other assets................................................... (751)
Increase in accounts payable, accrued expenses, taxes and sundry liabilities.................... 3,981
----------
Net cash used in operating activities................................................................. (4,143)
----------
Investing activities
Additions to property, plant and equipment (Net)...................................................... (255)
Proceeds from sale of building........................................................................ 518
Other................................................................................................. (5)
----------
Net cash provided by investing activities............................................................. 258
----------
Financing activities
Net borrowings under revolving credit loans........................................................... 6,945
Other................................................................................................. (153)
----------
Net cash provided by financing activities............................................................. $ 6,792
----------
Increase in cash...................................................................................... $ 2,907
Cash at beginning of period........................................................................... 4,150
----------
Cash at end of period................................................................................. $ 7,057
----------
</TABLE>
Second half to date results are preliminary and subject to audit
adjustments, including finalization on intangibles and restructuring charges.
(3)
