-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PfpAGTh+pE36f3q6Npbz4SsQ0g3FO1Oi0ZObosqC+e6xHEiwoTbbQgf2YLrbr+1+ fkrC3XP98yqluoOADqa04g== 0001171520-03-000205.txt : 20030805 0001171520-03-000205.hdr.sgml : 20030805 20030805122043 ACCESSION NUMBER: 0001171520-03-000205 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030805 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030805 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED NATURAL FOODS INC CENTRAL INDEX KEY: 0001020859 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-GROCERIES & GENERAL LINE [5141] IRS NUMBER: 050376157 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15723 FILM NUMBER: 03822859 BUSINESS ADDRESS: STREET 1: PO BOX 999 STREET 2: 260 LAKE RD CITY: DAYVILLE STATE: CT ZIP: 06241 BUSINESS PHONE: 8607792800 MAIL ADDRESS: STREET 1: PO BOX 999 STREET 2: 260 LAKE RD CITY: DAYVILLE STATE: CT ZIP: 06241 8-K 1 d1232-8k.txt UNITED NATURAL FOODS, INC. ================================================================================ 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): August 5, 2003 UNITED NATURAL FOODS, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 000-21531 05-0376157 (State or Other Jurisdiction (Commission File Number) (IRS Employer of Incorporation) Identification No.) 260 Lake Road Dayville, CT 06241 (Address of Principal Executive Offices) (Zip Code) (860) 779-2800 (Registrant's Telephone Number, Including Area Code) Not Applicable (Former Name or Former Address, if Changed Since Last Report) ================================================================================ Item 7. Financial Statements and Exhibits (a) Financial Statements of Businesses Acquired: Not Applicable (b) Pro Forma Financial Information: Not Applicable (c) Exhibits. Exhibit No. Description ----------- ----------- 99.1 Press Release, dated August 5, 2003, announcing that the Company will take certain charges against income for its fiscal quarter and year ended July 31, 2003. Item 9. Regulation FD Disclosure On August 5, 2003, the Company issued a press release announcing that it will take certain charges against income for its fiscal quarter and year ended July 31, 2003. A copy of this press release is attached as an exhibit to this Form 8-K. 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 hereunto duly authorized. UNITED NATURAL FOODS, INC. By: /s/ Rick D. Puckett --------------------------- Rick D. Puckett Vice President, Treasurer and Chief Financial Officer Date: August 5, 2003 EXHIBIT INDEX Exhibit No. Description ----------- ----------- 99.1 Press Release, dated August 5, 2003, announcing that the Company will take certain charges against income for its fiscal quarter and year ended July 31, 2003. EX-99.1 3 ex99-1.txt Exhibit 99.1 [LETTERHEAD OF UNITED NATURAL FOODS, INC.] FOR IMMEDIATE RELEASE August 5, 2003 UNITED NATURAL FOODS WILL RECORD A SPECIAL CHARGE OF $1.9 MILLION IN FOURTH QUARTER OF FISCAL 2003 RELATED TO OPERATIONS AT HERSHEY IMPORT; WILL ALSO RECORD NON-CASH CHARGE OF $1.4 MILLION OF GOODWILL IMPAIRMENT Dayville, Connecticut - August 5, 2003 -- United Natural Foods, Inc. (Nasdaq: UNFI) (the "Company") today announced that it will recognize a special charge against income from operations of $1.9 million pre-tax due to discontinued products, inventory writedown and severance at its Hershey Import subsidiary ("Hershey") in the fourth quarter ended July 31, 2003. The Company plans to consolidate management, sales and support functions of Hershey from its Edison, New Jersey facility with its corporate headquarters in Dayville, Connecticut. The Company has begun the consolidation of support functions, which are scheduled to be completed by the end of September 2003. The Company plans to continue manufacturing and distribution from its Edison, New Jersey facility. Additionally, the Company announced that it will recognize a non-cash charge against fourth quarter income from operations of $1.4 million due to goodwill impairment at Hershey. Hershey imports, processes, packages and distributes nuts, dried fruit, seeds, trail mixes, natural and organic products and confections to supermarkets and natural foods retailers. Products are sold in bulk and in packages under the Company's Woodstock Farms and EXPRESSnacks trademarks. "While we plan to incur the inventory writedown and other expenses related to the consolidation of approximately $1.9 million pre-tax in the fourth quarter of fiscal year 2003, we believe the consolidation will have a direct and positive impact on our organization and are confident that we will begin to realize efficiencies and savings by the end of the first quarter of our fiscal year 2004," said Steven Townsend, the Company's Chief Executive Officer. Mr. Townsend continued, "Accordingly we are not changing our outlook for our fiscal year 2004." Mr. Townsend added, "Commencing with our decision in June to place Dan Atwood, Senior Vice President at United Natural Foods, in direct charge of the subsidiary, today's actions represent our commitment to regaining profitability at Hershey. Our ongoing priority is to generate strong, consistent results and we intend to leverage the expertise of our wholesale distribution business to turn Hershey back into a profit contributor, by reducing inventory and overhead, improving productivity and fill rates, and driving sales growth. We believe our actions will provide a competitive edge to Hershey by streamlining its current purchasing, production and back office processes." Mr. Townsend concluded, "Our guidance for earnings per diluted share for fiscal year 2003 remains in the range $1.18 to $1.20, excluding special items, as previously stated." The Company intends to report its financial results for the fourth quarter and year ended July 31, 2003 before the market opens on Tuesday, September 2, 2003. Management will conduct a conference call and audio webcast at 11:00 a.m. ET on September 2, 2003 to review the Company's quarterly results, market trends and future outlook. About United Natural Foods United Natural Foods, Inc. carries and distributes over 30,500 products to more than 11,000 customers nationwide. The Company serves a wide variety of retail formats including conventional supermarket chains, natural product superstores and independent retail operators. For more information on United Natural Foods, Inc., visit the Company's web site at www.unfi.com. AT THE COMPANY: AT FRB/WEBER SHANDWICK: Rick D. Puckett Joseph Calabrese Vanessa Schwartz Chief Financial Officer General Information Analyst Information (860) 779-2800 (212) 445-8434 (212) 445-8433 "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding United Natural Foods, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, including but not limited to general business conditions, the impact of competition and our dependence on principal customers, see "Risk Factors" in the United Natural Foods, Inc.'s quarterly report on Form 10-Q filed with the Securities and Exchange Commission on June 16, 2003, and its other filings under the Securities Exchange Act of 1934, as amended. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. United Natural Foods, Inc. is not undertaking to update any information in the foregoing reports until the effective date of its future reports required by applicable laws. -----END PRIVACY-ENHANCED MESSAGE-----