8-K 1 jan04-8k.txt VILLAGE SUPER MARKET, INC. 8-K FOR JANUARY 24, 2004 SECURITIES & EXCHANGE COMMISSION WASHINGTON, D.C. FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: March 1, 2004 VILLAGE SUPER MARKET, INC. (Exact name of Registrant as specified in its charter) New Jersey 0-2633 22-1576170 (State or Other jurisdiction (Commission I.R.S. Employer of incorporation) File Number) Identification No.) 733 Mountain Avenue Springfield, New Jersey 07081 (Address of principal executive offices) Registrant's telephone number, including area code: (973) 467-2200 Item 7. Financial Statements and Exhibits (a) None (b) None (c) Exhibits: Exhibit No. Description 99.1 Press release issued by the registrant, dated March 1,2004 Item 12. Results of Operations and Financial Condition. On March 1,2004, Village Super Market, Inc. issued a press release announcing its consolidated financial results for the second quarter ended January 24,2004. The press release appearing in Exhibit 99.1 is not filed but is furnished in accordance with Item 12 of Form 8-K. SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. VILLAGE SUPER MARKET, INC. By: s/s Kevin Begley Name: Kevin Begley Title: Chief Financial Officer Exhibit 99.1 VILLAGE SUPER MARKET, INC. REPORTS RESULTS FOR THE QUARTER AND SIX MONTHS ENDED JANUARY 24, 2004 Contact: Kevin Begley, CFO (973) 467-2200 Ext. 220 Springfield, New Jersey - March 1, 2004 - Village Super Market, Inc. (NSD-VLGEA) today reported sales and net income for the second quarter ended January 24, 2004. Net income was $3,651,000 ($1.16 per diluted share) in the second quarter of fiscal 2004, a decrease of 10% from the second quarter of the prior year. Results for the second quarter of fiscal 2003 included $967,000 (after-tax) of income received from two partnerships. Excluding this partnership income, net income in the second quarter of fiscal 2004 increased 19% from the second quarter of fiscal 2003. Net income in the second quarter of fiscal 2004 increased primarily due to strong sales growth, increased gross profit percentages and lower interest expense, partially offset by higher operating expense percentages. Sales were $242,209,000 in the second quarter of fiscal 2004. Total sales and same store sales both increased 3.5% compared to the second quarter of the prior year. Sales increased due to continued improvement in the two stores opened in fiscal 2002 and increased sales in stores remodeled in fiscal 2003. In addition, sales in the second quarter of fiscal 2004 benefited from comparison to a year ago period that included the impact of a substantial number of store openings by competitors, higher levels of promotional activity and a softer economy. Net income for the six-month period of fiscal 2004 was $6,170,000 ($1.96 per diluted share), a decrease of 5% from the prior year. Excluding the income received from the partnership described above, net income increased 12% in the six-month period. Sales for the six-month period of fiscal 2004 were $468,943,000, an increase of 4.1% from the prior year. Village Super Market operates a chain of 23 supermarkets under the ShopRite name in New Jersey and eastern Pennsylvania. All statements, other than statements of historical fact, included in this Press Release are or may be considered forward-looking statements within the meaning of federal securities law. The Company cautions the reader that there is no assurance that actual results or business conditions will not differ materially from future results, whether expressed, suggested or implied by such forward-looking statements. The Company undertakes no obligation to update forward-looking statements to reflect developments or information obtained after the date hereof. The following are among the principal factors that could cause actual results to differ from the forward-looking statements: local economic conditions; competitive pressures from the Company's operating environment; the ability of the Company to maintain and improve its sales and margins; the ability to attract and retain qualified associates; the availability of new store locations; the availability of capital; the liquidity of the Company on a cash flow basis; the success of operating initiatives; consumer spending patterns; increased cost of goods sold, including increased costs from the Company's principal supplier, Wakefern; results of ongoing litigation; the results of union contract negotiations; competitive store openings; the rate of return on pension assets; and other factors detailed herein and in the Company's filings with the SEC. VILLAGE SUPER MARKET, INC. CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Dollars in Thousands Except Per Share Amounts) (Unaudited)
13 Wks. Ended 13 Wks. Ended 26 Wks. Ended 26 Wks. Ended Jan. 24, 2004 Jan. 25, 2003 Jan. 24, 2004 Jan. 25, 2003 Sales $ 242,209 $ 233,911 $ 468,943 $ 450,449 Cost of sales 180,104 176,020 349,690 338,525 ---------- ---------- ---------- ---------- Gross profit 62,105 57,891 119,253 111,924 Operating and administrative expense 52,865 49,650 102,907 96,591 Depreciation and amortization 2,263 2,256 4,479 4,459 ---------- ---------- ---------- ---------- Operating income 6,977 5,985 11,867 10,874 Interest expense, net 592 844 1,213 1,623 Income from partnerships ------ 1,639 ------ 1,639 ---------- ---------- ---------- ---------- Income before income taxes 6,385 6,780 10,654 10,890 Income taxes 2,734 2,740 4,484 4,400 ---------- ---------- ---------- ---------- Net income $ 3,651 $ 4,040 $ 6,170 $ 6,490 ========== ========== ========== ========= Net income per share: Basic $ 1.18 $ 1.31 $ 2.00 $ 2.11 Diluted $ 1.16 $ 1.28 $ 1.96 $ 2.06 Gross profit as a % of sales 25.6% 24.7% 25.4% 24.8% Operating and admin. expense as a % of sales 21.8% 21.2% 21.9% 21.4%