UNITED NATURAL FOODS, INC. | |||
(Exact Name of Registrant as Specified in its Charter) | |||
Delaware | 000-21531 | 05-0376157 | |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |
313 Iron Horse Way, Providence, RI 02908 | |||
(Address of Principal Executive Offices) (Zip Code) |
N/A |
Exhibit No. | Description | |
99.1 | Press Release of United Natural Foods, Inc. dated March 7, 2016 | |
UNITED NATURAL FOODS, INC. | |
By: | /s/ Michael P. Zechmeister |
Name: | Michael P. Zechmeister |
Title: | Senior Vice President, Chief Financial Officer and Treasurer |
Exhibit No. | Description | |
99.1 | Press Release of United Natural Foods, Inc. dated March 7, 2016 | |
• | Net sales increased 1.5% to $2.05 billion compared to $2.02 billion for the same period last fiscal year. |
• | Adjusted net sales increased 6.5% compared to the same period last fiscal year, excluding the year-over-year impact of the previously disclosed termination of a customer distribution contract and, for the second quarter of fiscal 2015, the previously disclosed non-recurring reduction in net sales. |
• | Diluted EPS was $0.45 compared to $0.55 for the same period last fiscal year. |
• | Adjusted diluted EPS was $0.49, excluding $2.0 million of severance and other transition costs related to a previously announced restructuring plan and approximately $1.0 million of acquisition related costs. |
• | Free cash flow generation of $106.2 million, the largest free cash flow quarter in Company history. |
AT THE COMPANY: | ICR | ||
Michael Zechmeister | Katie Turner | ||
Chief Financial Officer | General Information | ||
(401) 528-8634 | (646) 277-1228 |
Three months ended | Six months ended | |||||||||||||||
January 30, 2016 | January 31, 2015 | January 30, 2016 | January 31, 2015 | |||||||||||||
Net sales | $ | 2,047,712 | $ | 2,016,546 | $ | 4,124,361 | $ | 4,009,022 | ||||||||
Cost of sales | 1,750,194 | 1,717,347 | 3,512,906 | 3,390,827 | ||||||||||||
Gross profit | 297,518 | 299,199 | 611,455 | 618,195 | ||||||||||||
Operating expenses | 253,830 | 249,448 | 511,054 | 509,496 | ||||||||||||
Restructuring and asset impairment expenses | 1,985 | 248 | 4,794 | 803 | ||||||||||||
Total operating expenses | 255,815 | 249,696 | 515,848 | 510,299 | ||||||||||||
Operating income | 41,703 | 49,503 | 95,607 | 107,896 | ||||||||||||
Other expense (income): | ||||||||||||||||
Interest expense | 3,602 | 3,554 | 7,350 | 6,809 | ||||||||||||
Interest income | (398 | ) | (69 | ) | (550 | ) | (162 | ) | ||||||||
Other, net | 757 | (5 | ) | 930 | 611 | |||||||||||
Total other expense, net | 3,961 | 3,480 | 7,730 | 7,258 | ||||||||||||
Income before income taxes | 37,742 | 46,023 | 87,877 | 100,638 | ||||||||||||
Provision for income taxes | 15,059 | 18,179 | 35,063 | 39,752 | ||||||||||||
Net income | $ | 22,683 | $ | 27,844 | $ | 52,814 | $ | 60,886 | ||||||||
Basic per share data: | ||||||||||||||||
Net income | $ | 0.45 | $ | 0.56 | $ | 1.05 | $ | 1.22 | ||||||||
Weighted average basic shares of common stock outstanding | 50,326 | 50,025 | 50,260 | 49,957 | ||||||||||||
Diluted per share data: | ||||||||||||||||
Net income | $ | 0.45 | $ | 0.55 | $ | 1.05 | $ | 1.21 | ||||||||
Weighted average diluted shares of common stock outstanding | 50,388 | 50,277 | 50,351 | 50,195 |
January 30, 2016 | August 1, 2015 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 12,482 | $ | 17,380 | ||||
Accounts receivable, net | 455,831 | 474,494 | ||||||
Inventories | 941,509 | 982,559 | ||||||
Prepaid expenses and other current assets | 61,340 | 46,976 | ||||||
Deferred income taxes | 32,333 | 32,333 | ||||||
Total current assets | 1,503,495 | 1,553,742 | ||||||
Property & equipment, net | 562,631 | 572,452 | ||||||
Goodwill | 265,230 | 266,640 | ||||||
Intangible assets, net | 122,087 | 125,830 | ||||||
Other assets | 33,575 | 31,526 | ||||||
Total assets | $ | 2,487,018 | $ | 2,550,190 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 356,768 | $ | 390,134 | ||||
Accrued expenses and other current liabilities | 139,656 | 129,113 | ||||||
Current portion of long-term debt | 11,711 | 11,613 | ||||||
Total current liabilities | 508,135 | 530,860 | ||||||
Notes payable | 275,766 | 362,993 | ||||||
Long-term debt, excluding current portion | 168,894 | 174,780 | ||||||
Deferred income taxes | 64,273 | 65,644 | ||||||
Other long-term liabilities | 28,494 | 30,380 | ||||||
Total liabilities | 1,045,562 | 1,164,657 | ||||||
Commitments and contingencies | — | — | ||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.01 par value, authorized 5,000 shares; none issued or outstanding | — | — | ||||||
Common stock, $0.01 par value, authorized 100,000 shares; 50,331 issued and outstanding shares at January 30, 2016; 50,096 issued and outstanding shares at August 1, 2015 | 503 | 501 | ||||||
Additional paid-in capital | 430,074 | 420,584 | ||||||
Accumulated other comprehensive loss | (25,826 | ) | (19,443 | ) | ||||
Retained earnings | 1,036,705 | 983,891 | ||||||
Total stockholders’ equity | 1,441,456 | 1,385,533 | ||||||
Total liabilities and stockholders’ equity | $ | 2,487,018 | $ | 2,550,190 |
Six months ended | ||||||||
January 30, 2016 | January 31, 2015 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 52,814 | $ | 60,886 | ||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization | 32,847 | 29,657 | ||||||
Share-based compensation | 9,424 | 9,554 | ||||||
Loss (gain) on disposals of property and equipment | 415 | (779 | ) | |||||
Excess tax benefits from share-based payment arrangements | (432 | ) | (2,661 | ) | ||||
Restructuring and asset impairment | 480 | 803 | ||||||
Deferred income taxes | — | (6,052 | ) | |||||
Provision for doubtful accounts | 4,832 | 2,302 | ||||||
Non-cash interest (income) expense | (102 | ) | 129 | |||||
Changes in assets and liabilities, net of acquired businesses: | ||||||||
Accounts receivable | 12,577 | (50,753 | ) | |||||
Inventories | 39,130 | (92,525 | ) | |||||
Prepaid expenses and other assets | (16,729 | ) | (22,217 | ) | ||||
Accounts payable | (16,589 | ) | 20,146 | |||||
Accrued expenses and other liabilities | 5,944 | (1,389 | ) | |||||
Net cash provided by (used in) operating activities | 124,611 | (52,899 | ) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Capital expenditures | (20,472 | ) | (56,163 | ) | ||||
Purchases of acquired businesses, net of cash acquired | (31 | ) | (7,987 | ) | ||||
Proceeds from disposals of property and equipment | 57 | 840 | ||||||
Long-term investment | — | (3,000 | ) | |||||
Net cash used in investing activities | (20,446 | ) | (66,310 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from borrowings from long-term debt | — | 150,000 | ||||||
Repayments of long-term debt | (5,788 | ) | (5,539 | ) | ||||
Proceeds from borrowings under revolving credit line | 214,549 | 438,293 | ||||||
Repayments of borrowings under revolving credit line | (301,243 | ) | (488,156 | ) | ||||
(Decrease) increase in bank overdraft | (16,480 | ) | 33,666 | |||||
Proceeds from exercise of stock options | 1,172 | 3,202 | ||||||
Payment of employee restricted stock tax withholdings | (1,603 | ) | (2,163 | ) | ||||
Excess tax benefits from share-based payment arrangements | 432 | 2,661 | ||||||
Capitalized debt issuance costs | — | (900 | ) | |||||
Net cash (used in) provided by financing activities | (108,961 | ) | 131,064 | |||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (102 | ) | (497 | ) | ||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (4,898 | ) | 11,358 | |||||
Cash and cash equivalents at beginning of period | 17,380 | 16,116 | ||||||
Cash and cash equivalents at end of period | $ | 12,482 | $ | 27,474 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid for interest | $ | 7,891 | $ | 6,868 | ||||
Cash paid for federal and state income taxes, net of refunds | $ | 46,896 | $ | 57,471 |
Three months ended | Six months ended | ||||||||||||||||||||
January 30, 2016 | January 31, 2015 | Percentage Growth | January 30, 2016 | January 31, 2015 | Percentage Growth | ||||||||||||||||
Net sales | $ | 2,047,712 | $ | 2,016,546 | 1.5 | % | $ | 4,124,361 | $ | 4,009,022 | 2.9 | % | |||||||||
Adjustment (1) | — | (100,772 | ) | (58,439 | ) | (204,412 | ) | ||||||||||||||
Adjustment (2) | $ | — | $ | 7,736 | $ | — | $ | 7,736 | |||||||||||||
Adjusted net sales | $ | 2,047,712 | $ | 1,923,510 | 6.5 | % | $ | 4,065,922 | $ | 3,812,346 | 6.7 | % | |||||||||
Three months ended January 30, 2016 | ||||||||||||
GAAP | Adjustments (1) | Adjusted | ||||||||||
Net income | $ | 22,683 | $ | 1,772 | $ | 24,455 | ||||||
Diluted per share data: | ||||||||||||
Net income | $ | 0.45 | $ | 0.04 | $ | 0.49 | ||||||
Weighted average diluted shares of common stock outstanding | 50,388 | — | 50,388 |
(1) | Adjusted for $2.0 million of severance and other transition costs related to the previously disclosed restructuring plans and approximately $1.0 million of acquisition related costs, net of tax. |
Six months ended January 30, 2016 | ||||||||||||
GAAP | Adjustments (1) | Adjusted | ||||||||||
Net income | $ | 52,814 | $ | 3,460 | $ | 56,274 | ||||||
Diluted per share data: | ||||||||||||
Net income | $ | 1.05 | $ | 0.07 | $ | 1.12 | ||||||
Weighted average diluted shares of common stock outstanding | 50,351 | 50,351 |
(1) | Adjusted for $4.8 million of severance and other transition costs related to the previously disclosed restructuring plans and approximately $1.0 million of acquisition related costs, net of tax. |
Three months ended January 31, 2015 | ||||||||||||||
GAAP | Adjustments (1) | Adjusted | ||||||||||||
Net sales | $ | 2,016,546 | $ | 7,736 | $ | 2,024,282 | ||||||||
Net income | $ | 27,844 | $ | 4,680 | $ | 32,524 | ||||||||
Diluted per share data: | ||||||||||||||
Net income | $ | 0.55 | $ | 0.09 | $ | 0.65 | * | |||||||
Weighted average diluted shares of common stock outstanding | 50,277 | 50,277 | ||||||||||||
Six months ended January 31, 2015 | ||||||||||||||
GAAP | Adjustments (1) | Adjusted | ||||||||||||
Net sales | $ | 4,009,022 | $ | 7,736 | $ | 4,016,758 | ||||||||
Net income | $ | 60,886 | $ | 4,680 | $ | 65,566 | ||||||||
Diluted per share data: | ||||||||||||||
Net income | $ | 1.21 | $ | 0.09 | $ | 1.31 | * | |||||||
Weighted average diluted shares of common stock outstanding | 50,195 | 50,195 | ||||||||||||
* Reflects rounding |
Reconciliation of GAAP Operating Cash Flow to Non-GAAP Free Cash Flow (unaudited) | |||
(in thousands) | |||
Three months ended January 30, 2016 | |||
Net cash provided by operating activities | $ | 119,119 | |
Capital expenditures | 12,884 | ||
Free cash flow | $ | 106,235 |
Fiscal Year Ending July 30, 2016 | ||||||
Low Range | High Range | |||||
GAAP diluted earnings per common share | $ | 2.27 | $ | 2.37 | ||
Less impact of severance and other transition costs | 0.06 | 0.06 | ||||
Less impact of acquisition costs | 0.01 | 0.01 | ||||
Non-GAAP diluted earnings per common share | $ | 2.34 | $ | 2.44 |
Fiscal year ended August 1, 2015 | ||||||||||||
GAAP | Adjustments (1) | Adjusted | ||||||||||
Net income | $ | 138,734 | $ | 4,671 | $ | 143,405 | ||||||
Diluted per share data: | ||||||||||||
Net income | $ | 2.76 | $ | 0.09 | $ | 2.85 | ||||||
Weighted average diluted shares of common stock outstanding | 50,267 | 50,267 | ||||||||||
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