HANCOCK FABRICS INC - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - July 21, 2010

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EXHIBIT 99.1
 
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE



HANCOCK FABRICS, INC. AND SUBSIDIARIES, ET. AL.
CASE NUMBER: 07-10353 (BLS)
OFFICE OF UNITED STATES TRUSTEE - REGION 3

 
 

 
FOR THE QUARTER ENDED July 3, 2010

TABLE OF CONTENTS



Statement/Report
  
Page Number
     
Post-Confirmation Quarterly Summary Report
  
2
     
Consolidated Balance Sheet
  
3
     
Allocation of Disbursements among Legal Entities
  
4

 
 
 
 
OFFICE OF THE UNITED STATES TRUSTEE - REGION 3
POST-CONFIRMATION QUARTERLY SUMMARY REPORT

Debtor's Name: Hancock Fabrics, Inc. and Subsidiaries
      
       
Bankruptcy Number: 07-10353
      
Date of Confirmation:  August 1, 2008
      
       
Reporting Period (month/year):  Apr 4, 2010 - July 3, 2010
      
(000's)
      
       
Beginning Cash Balance:
     2,982  
         
All receipts received by the debtor:
        
         
Cash Sales:
     59,836  
         
Collection of Accounts Receivable:
     0  
         
Proceeds from Litigation (settlement or otherwise):
     0  
         
Sale of Debtor’s Assets:
     13  
         
Capital Infusion pursuant to the Plan:
     0  
         
Total of cash received:
     59,849  
         
Total of cash available:
     62,831  
         
Less all disbursements or payments (including payments made under the confirmed plan) made by the Debtor:
        
         
Disbursements made under the plan, excluding the administrative claims of bankruptcy professionals:
     (58 )
         
Disbursements made pursuant to the administrative claims of bankruptcy professionals:
     (189 )
         
All other disbursements made in the ordinary course:
     (59,684 )
         
Total Disbursements
     (59,931 )
         
Ending Cash Balance
     2,899  

Pursuant to 28 U.S.C. Section 1746(2), I hereby declare under penalty of perjury that the foregoing is true and correct to the best of my knowledge and belief.

Date:
July 20, 2010
  
Signature
/s/ Robert W. Driskell
  
           
     
Name/Title:
Robert W. Driskell
  
       
Chief Financial Officer
  

 
 
 
 
Balance Sheet
            
(in 000's)
            
             
             
   
April 3,
    
July 3,
  
   
2010
    
2010
  
Assets
            
Current assets:
            
Cash and cash equivalents
     2,982       2,899  
Receivables, less allowance for doubtful accounts
     2,900       3,137  
Inventories
     91,538       100,738  
Income taxes refundable
     -       -  
Prepaid expenses
     1,817       2,849  
Total current assets
     99,237       109,624  
                 
Property and equipment, at depreciated cost
     41,827       42,117  
Other assets
     7,580       7,388  
Total assets
     148,644       159,128  
Liabilities and Shareholders' Equity
                
Liabilities not subject to compromise
                
Accounts payable
     23,859       24,312  
Credit facility: Revolver
     10,023       20,816  
Credit facility: Notes
     21,553       21,553  
Discount on Notes
     (7,773 )     (7,190 )
Accrued liabilities
     13,699       13,542  
Income Tax Liability
     210       782  
Other pre-petition obligations
     824       3,141  
Capital Lease Obligations
     3,168       2,233  
Postretirement benefits other than pensions
     2,184       27,474  
Pension and SERP liabilities
     27,205       6,854  
Other liabilities
     7,043       (40 )
                 
Liabilities subject to compromise
                
Accounts payable
     -       -  
Accrued liabilities
     -       -  
Income taxes payable
     -       -  
Capital Lease Obligations
     -       -  
Postretirement benefits other than pensions
     -       -  
Pension and SERP liabilities
     -       -  
Other liabilities
     -       -  
Total liabilities
     101,995       113,477  
                 
Total shareholders' equity
     46,649       45,652  
Total liabilities and shareholders' equity
     148,644       159,128  
 
 
 
 
 
Allocation of Disbursements among Legal Entities
            
For the Post-Confirmation quarterly period ended July 3, 2010
            
(in 000's)
              
                 
                 
   
 
Case #
  
April 3, 2010
    
July 3, 2010
  
 
Hancock Fabrics, Inc.
 07-10353     29,430       16,434  
 
Hancock Fabrics, LLC
 07-10360     2,224       2,279  
 
Hancock Fabrics of Michigan, Inc.
 07-10354     0       -  
 
HF Merchandising, Inc
 07-10358     32,585       40,198  
 
Hancockfabrics.com,
Inc.
 07-10357     885       991  
 
HF Enterprises, Inc.
 07-10359     16       16  
 
HF Resources, Inc.
 07-10356     15       13  
          65,155       59,931  
                     
Revenue allocation by entity
                  
       
April 3, 2010
    
July 3, 2010
  
 
Hancock Fabrics, Inc.
       60,372       56,660  
 
Hancock Fabrics, LLC
       2,417       2,415  
 
Hancock Fabrics of
Michigan, Inc.
 
     -       -  
 
Hancockfabrics.com,
Inc.
       1,123       761  
          63,911       59,836  
 
Footnote:
Provided for the purpose of calculating the US Trustee fees under 28 USC Section 1930 (a).
Expenses were allocated to Hancock Fabrics, Inc., Hancock Fabrics, LLC, Hancock Fabrics MI, Inc., and Hancockfabrics.com, Inc. based on the revenue of the entities.  The amounts for HF Merchandising, Inc., HF Enterprises, Inc. and HF Resources, Inc. were based on actual expenditures.

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