-----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, VlnlsrcU3DYoWyT0wTQWU7HsGQlv2Bc0B67Zh5yXf0vpURj+NIvWTM10SyM8YNp4 IQo6sM4UP4FDvzCtX2gVNg== 0000031364-95-000004.txt : 19951130 0000031364-95-000004.hdr.sgml : 19951130 ACCESSION NUMBER: 0000031364-95-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951128 ITEM INFORMATION: Changes in control of registrant FILED AS OF DATE: 19951128 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ECKERD CORP CENTRAL INDEX KEY: 0000031364 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-DRUG STORES AND PROPRIETARY STORES [5912] IRS NUMBER: 133302437 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04844 FILM NUMBER: 95596941 BUSINESS ADDRESS: STREET 1: P O BOX 4689 CITY: CLEARWATER STATE: FL ZIP: 34618 BUSINESS PHONE: 8133996000 MAIL ADDRESS: STREET 1: JACK ECKERD CORPORATION STREET 2: P O BOX 4689 CITY: CLEARWATER STATE: FL ZIP: 34618 FORMER COMPANY: FORMER CONFORMED NAME: ECKERD DRUGS OF FLORIDA INC DATE OF NAME CHANGE: 19700112 8-K 1 8-K NOVEMBER 28, 1995 UNITED STATES 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) November 28, 1995 ECKERD CORPORATION (Exact name of registrant as specified in charter) DELAWARE 1-4844 (State or other jurisdiction of incorporation) (Commission File No.) 13-3302437 (I.R.S. Employer Identification No.) 8333 Bryan Dairy Road Largo, Florida 34647 (Address and zip code of principal executive offices) (813) 399-6000 (Registrant's telephone number, including area code) Not Applicable (Former name or former address, if changed since last report) Item 5. Other Events --------------------- Attached as Exhbit 20.1 hereto and incorporated herein by reference is a copy of the Company's press release dated November 28, 1995 which reported the Company's earnings for the thirteen and thirty-nine week periods ended October 28, 1995. Item 7. Financial Statements, Pro Forma Financial Information and ----------------------------------------------------------------------- Exhibits -------- (c) Exhibits: 20. 1 Press release dated November 28, 1995 2 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. ECKERD CORPORATION (Registrant) /s/ Samuel G. Wright ---------------------- Samuel G. Wright Executive Vice President/ Chief Financial Officer (Principal Accounting Officer) DATE: November 28, 1995 3 Exhibit Index ------------- Eckerd Corporation Current Report on Form 8-K Dated November 28, 1995 Exhibit No. Description of Exhibit Page ----------- ---------------------- ---- 20.1 Press Release 4 EX-20 2 EXHIBIT 20.1, 8-K NOVEMBER 28, 1995 EXHIBIT 20.1 NEWS RELEASE ECKERD CORPORATION PO Box 4689 Clearwater, FL 34618 (813) 399-6000 November 28, 1995 NR #35 ECKERD CORPORATION'S THIRD QUARTER EARNINGS INCREASE CLEARWATER, FL - November 28, 1995 - Eckerd Corporation (NYSE:ECK) today reported increased earnings and sales in the third quarter ended October 28, 1995. For the quarter, earnings before extraordinary items increased 400 percent to $5.6 million or $.16 per share from $1.1 million or $.03 per share in the third quarter of fiscal 1994. For the nine month period, earnings before extraordinary items increased 36 percent to $48.2 million or $1.43 per share from $35.5 million or $1.10 per share in fiscal 1994. Improved sales and operations and lower interest costs, partially offset by a higher tax rate, contributed to the results. Sales in the third quarter were a record $1.165 billion, an 11.7 percent increase from the prior year. Pharmacy sales increased 18.5 percent for the quarter while non-pharmacy sales increased 4.2 percent. For the nine months, sales totaled $3.523 billion, a 10.4 percent increase, pharmacy sales increased 16.7 percent and non-pharmacy sales increased 3.9 percent. Comparable drug store sales, measuring the performance of stores open one year or more (excluding relocated stores open less than one year), increased 10.2 percent for the quarter and 9.2 percent for the nine month period. Operating profits for the quarter increased to $25.5 million from $22.5 million in fiscal 1994. Gross profit margins were negatively impacted by the continued shift of pharmacy sales mix to managed care providers and by an increase in the LIFO inventory charge for the quarter to $3.8 million, compared to $2.6 million last year. Operating profits for the nine month period increased to $116.8 million from $102.8 million in fiscal 1994. The LIFO charge for the nine months increased to $9.8 million from $7.4 million in fiscal 1994. 1 During the quarter the company also recorded an extraordinary non-cash charge of $5.0 million, net of taxes, for the write off of deferred costs and unamortized original issue discount related to the early retirement of the remaining $78.9 million of 11.125 percent subordinated debentures outstanding at the beginning of the quarter. All 1994 results have been adjusted to exclude results from Insta-Care Pharmacy Services which was sold effective November 15, 1994. "The third quarter results reflect growth in both the pharmacy and front-end portions of the business," said Stewart Turley, Eckerd chairman and chief executive officer. "We also benefited from the acquisition of the Florida Rite Aid stores and the near completion of the underperforming store closings program. We're determined to maintain our position as a leading convenient drug retailer and will seek to build on our strengths during the busy holiday season." Eckerd Corporation is one of America's largest retail drug chains. The company ranks 255 on the Fortune 500 list. Eckerd operates over 1,700 Eckerd drug stores in 13 states and over 500 Eckerd Express one-hour photo labs in nine states. Financial Contact: Marty Gladysz, Vice President/Treasurer: (813) 399-6315 Media Contact: Gerry Hoeppner, Director of Public Relations: (813) 399-6380 2
Eckerd Corporation Condensed Consolidated Statements of Operations (In Thousands, Except Per Share Data) (Unaudited) Thirteen Weeks Ended Thirty-Nine Weeks Ended ------------------------------------------ ------------------------------------------ October 28, October 29, 1994 October 28, October 29, 1994 1995 1995 ----------- ---------------------------- ----------- -------------------------- Actual Actual (A) Adjusted (B) Actual Actual (A) Adjusted (B) ----------- ----------- ----------- ----------- ----------- ----------- Sales and other operating revenue $ 1,164,907 $ 1,071,036 $ 1,042,707 $ 3,523,225 $ 3,274,121 $ 3,190,081 Cost of sales 915,137 831,513 812,853 2,739,733 2,517,877 2,461,912 Operating and administrative expenses 215,229 206,995 198,960 641,980 624,830 601,353 Amortization of intangibles 9,072 8,481 8,395 24,744 24,259 24,007 ----------- ----------- ----------- ----------- ----------- ----------- Operating profit 25,469 24,047 22,499 116,768 107,155 102,809 Interest expense 18,720 23,410 21,273 58,669 71,802 65,398 ----------- ----------- ----------- ----------- ----------- ----------- Earnings before income taxes and extraordinary item 6,749 637 1,226 58,099 35,353 37,411 Income taxes 1,147 32 106 9,877 1,782 1,916 ----------- ----------- ----------- ----------- ----------- ----------- Earnings before extraordinary item 5,602 605 1,120 48,222 33,571 35,495 Extraordinary item (5,012) (26,620) (26,620) (6,033) (26,620) (26,620) ----------- ----------- ----------- ----------- ----------- ----------- Net earnings (loss) $ 590 ($ 26,015) ($ 25,500) $ 42,189 $ 6,951 $ 8,875 =========== =========== =========== =========== =========== =========== Earnings per common share before extraordinary item $ .16 $ .02 $ .03 $ 1.43 $ 1.04 $ 1.10 Net earnings (loss) per common share $ .02 ($ .80) ($ .79) $ 1.25 $ .22 $ .27 Weighted average number of shares outstanding 35,621 32,422 32,422 33,777 32,297 32,297 Earnings before interest, income taxes, extraordinary item, depreciation and amortization (EBITDA) $ 47,368 $ 44,085 $ 42,046 $ 178,228 $ 164,486 $ 158,788 (A) Certain amounts have been reclassified to conform to the 1995 actual financial statement presentation. (B) The adjusted financial data is based on the historical financial statements of the Company, adjusted to give effect to the Company's sale of the Insta-Care Pharmacy Services operations which was sold effective November 15, 1994, and the use of the net proceeds therefrom as if such transaction had occured as of the beginning of the thirty-nine week period ended October 29, 1994.
3 -----END PRIVACY-ENHANCED MESSAGE-----