-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, Eo8UYM7T0UgIPpqDq1sNkJUt6KV8dT6PWGEwpo50GPIE4rEftL8WpgL18wqv5vPP v6XwLVFbpzceSturL7ixnQ== 0000912057-95-006306.txt : 19950814 0000912057-95-006306.hdr.sgml : 19950814 ACCESSION NUMBER: 0000912057-95-006306 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950617 FILED AS OF DATE: 19950811 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: NASH FINCH CO CENTRAL INDEX KEY: 0000069671 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-GROCERIES & RELATED PRODUCTS [5140] IRS NUMBER: 410431960 STATE OF INCORPORATION: DE FISCAL YEAR END: 1229 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-00785 FILM NUMBER: 95561375 BUSINESS ADDRESS: STREET 1: 7600 FRANCE AVE STREET 2: PO BOX 355 CITY: SOUTH MINNEAPOLIS STATE: MN ZIP: 55435-0355 BUSINESS PHONE: 6128320534 FORMER COMPANY: FORMER CONFORMED NAME: NASH CO DATE OF NAME CHANGE: 19710617 10-Q/A 1 FORM 10-Q/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q/A Amendment No.1 to QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the twenty-four weeks ended June 17, 1995 Commission File no. 0-785 NASH-FINCH COMPANY (Exact Name of Registrant as Specified in its Charter) DELAWARE 410431960 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 7600 France Ave. South, Minneapolis, Minnesota 55435 (Address of principal executive offices) (Zip Code) (612) 832-0534 (Registrant's telephone number including area code) PART I - FINANCIAL INFORMATION This report is for the twenty-four week interim period beginning January 1, 1995, through June 17, 1995. The accompanying financial information has been prepared in conformity with generally accepted accounting principles and practices, and methods of applying accounting principles and practices, (including consolidation practices) as reflected in the financial information included in the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission for the preceding fiscal year. The financial statements included in this quarterly report include all adjustments which are, in the opinion of management, necessary to a fair presentation of the Company's financial position and results of operations for the interim period. The information contained herein has not been audited by independent certified public accountants and is subject to any adjustments which may develop in connection with the annual audit of its accounts by Ernst & Young LLP, the Company's independent auditors. NASH FINCH COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 17, 1995 NOTE 1 The accompanying financial statements include all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and its subsidiaries at June 17, 1995 and December 31, 1994, and the results of operations for the 24-weeks ending June 17, 1995 and June 18, 1994, and the changes in cash flows for the 24-week periods ending June 17, 1995 and June 18, 1994, respectively. All material intercompany accounts and transactions have been eliminated in the consolidated financial statements. Results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. NOTE 2 The Company uses the LIFO method for valuation of a substantial portion of inventories. If the FIFO method had been used, inventories would have been approximately $43.9 million higher at June 17, 1995 and at December 31, 1994. NOTE 3 Earnings per share are computed by dividing net earnings by the weighted average number of common shares outstanding during each period presented. Options granted under the Company's qualified stock plan are considered common stock equivalents for the purpose of earnings per share data, but have been excluded from the computation since the dilutive effect is not material. NOTE 4 On April 2, 1992, the Company sold customer notes totaling $22.8 million. The notes having maturities through the year 2000, were sold at face value with limited recourse as to certain notes. The Company is responsible for collection of the notes and remits the principal plus a floating rate of interest to the purchaser on a monthly basis. Proceeds from the sale of the notes receivable were used to pay off short-term bank debt. Remaining balances on the notes receivable sold totaled $2.3 million at June 17, 1995. NASH FINCH COMPANY AND SUBSIDIARIES Consolidated Statements of Earnings (Unaudited) (In thousands, except per share amounts)
Twelve Weeks Ended Twenty-four Weeks Ended ------------------------- ------------------------- June 17, June 18, June 17, June 18, 1995 1994 1995 1994 ---------- ---------- ---------- ---------- Revenues Net sales $ 663,708 656,346 1,277,606 1,266,481 Other revenues 12,806 14,016 22,506 22,046 ---------- ---------- ---------- ---------- Total revenues 676,514 670,362 1,300,112 1,288,527 Cost and Expenses: Cost of sales 575,582 566,167 1,109,894 1,093,863 Selling, general and administrative and other operating expenses 81,671 85,307 156,709 161,942 Depreciation and amortization 6,780 7,409 13,570 14,472 Interest expense 2,646 2,718 5,585 5,169 ---------- ---------- ---------- ---------- Total costs and expenses 666,679 661,601 1,285,758 1,275,446 Earnings before income taxes 9,835 8,761 14,354 13,081 Income taxes 3,983 3,549 5,813 5,298 ---------- ---------- ---------- ---------- Net earnings $ 5,852 5,212 8,541 7,783 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Weighted average number of common shares outstanding 10,875 10,872 10,875 10,872 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Earnings per share $ 0.54 0.48 0.79 0.72 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
- ------------------------------------------------------------- See accompanying notes to consolidated financial statements. NASH FINCH COMPANY AND SUBSIDIARIES Consolidated Balance Sheets (In thousands)
June 17, December 31, ASSETS 1995 1994 - ------ ---------- ----------- (Unaudited) Current assets: Cash on hand $ 941 1,078 Accounts and notes receivable, net 100,762 98,859 Inventories 189,036 198,637 Prepaid expenses 15,626 8,626 Deferred tax assets 2,824 2,322 ---------- ----------- Total current assets 309,189 309,522 Investments at net equity 8,184 7,432 Notes receivable, noncurrent 16,050 16,441 Property, plant and equipment: Land 27,481 27,556 Buildings and improvements 107,677 107,149 Furniture, fixtures, and equipment 211,487 214,564 Leasehold improvements 27,220 28,205 Construction in progress 2,511 2,039 Assets under capitalized leases 11,755 12,423 ---------- ----------- 388,131 391,936 Less accumulated depreciation and amortization (207,220) (204,985) ---------- ----------- Net property, plant and equipment 180,911 186,951 ---------- ----------- Intangible assets, net 7,082 7,810 Other assets 3,232 3,448 ---------- ----------- Total assets $ 524,648 531,604 ---------- ----------- ---------- ----------- LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------ Current liabilities: Outstanding checks, net of cash in banks $ 3,857 18,649 Short-term debt payable to banks 35,700 41,400 Current maturities of long-term debt and capitalized lease obligations 3,984 5,685 Accounts payable 125,726 122,602 Accrued expenses 35,472 29,585 Income taxes 5,847 2,144 ---------- ----------- Total current liabilities 210,586 220,065 Long-term debt 83,583 85,289 Capitalized lease obligations 10,419 10,671 Deferred compensation 7,974 8,526 Other 1,184 784 Stockholders' equity: Preferred stock - no par value Authorized 500 shares; none issued -- -- Common stock of $1.66 2/3 par value Authorized 25,000 shares, issued 11,224 shares 18,706 18,706 Additional paid-in capital 11,982 11,977 Foreign currency translation adjustment - net of a $381 deferred tax benefit (572) (572) Retained earnings 183,838 179,212 ---------- ----------- 213,954 209,323 Less cost of 349 shares of common stock in treasury (3,052) (3,054) ---------- ----------- Total stockholders' equity 210,902 206,269 ---------- ----------- Total liabilities and stockholders' equity $ 524,648 531,604 ---------- ----------- ---------- -----------
- ----------------------------------------------------- See accompanying notes to consolidated financial statements
NASH FINCH COMPANY AND SUBSIDIARIES Consolidated Statements of Cash Flows (Unaudited) (In thousands) Twenty-four Weeks Ended ----------------------------- June 17, 1995 June 18, 1994 ------------- ------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings $ 8,541 7,783 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 13,570 14,472 Provision for bad debts 1,429 283 Provision for losses on closed lease locations 31 250 Deferred income taxes (286) 2,649 Deferred compensation (552) (279) Earnings of equity investments (463) (754) Other 151 23 Changes in current assets and liabilities: Accounts and notes receivable (2,071) (15,742) Inventories 9,601 4,864 Prepaid expenses (7,000) (5,383) Accounts payable 3,125 4,774 Accrued expenses 5,887 5,126 Income taxes 3,704 644 ----------- ----------- Net cash provided by operating activities 35,667 18,710 ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Dividends received 890 618 Disposal of property, plant and equipment 1,980 6,207 Additions to property, plant and equipment excluding capital leases (8,560) (17,607) Business acquired -- (8,307) Investment in unconsolidated company (1,179) -- Loans to customers (4,765) (4,908) Payments from customers on loans 3,961 3,560 Other (72) (34) ----------- ----------- Net cash used for investing activities (7,745) (20,471) ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Dividends paid (3,915) (3,914) Proceeds (Payments) of short-term debt (5,700) 7,600 Payments of long-term debt (3,389) (1,260) Payments of capitalized lease obligations (270) (60) Other 7 6 ----------- ----------- Net cash (used for) provided by financing activities (13,267) 2,372 ----------- ----------- Net increase in cash $ 14,655 611 ----------- ----------- ----------- -----------
- ------------------------------------------------------------------ See accompanying notes to consolidated financial statements. NASH FINCH COMPANY AND SUBSIDIARIES Consolidated Statements of Stockholders' Equity
- ------------------------------------------------------------------------------------------------------------------------------------ Fiscal period ended June 17, 1995, December 31, 1994 and January 1, 1994 (In thousands, except per share amounts) Foreign Common stock Additional currency Treasury stock Total --------------------- paid-in Retained translation ------------------- stockholders' Shares Amount capital earnings adjustment Shares Amount equity - ------------------------------------------------------------------------------------------------------------------------------------ Balance at January 2, 1993 $ 11,224 18,706 11,944 163,624 -- (352) $ (3,070) 191,204 Net earnings -- -- -- 15,874 -- -- -- 15,874 Dividend declared of $.72 per share -- -- -- (7,828) -- -- -- (7,828) Treasury stock issued upon exercise of options and other insignificant items -- -- 10 -- -- 1 4 14 ---------- --------- --------- ---------- ---------- ---------- ---------- ---------- Balance at January 1, 1994 11,224 18,706 11,954 171,670 -- (351) (3,066) 199,264 Net earnings -- -- -- 15,480 -- -- -- 15,480 Dividend declared of $.73 per share -- -- -- (7,938) -- -- -- (7,938) Treasury stock issued upon exercise of options and other insignificant items -- -- 23 -- -- 2 12 35 Foreign currency translation adjustment - net of a $381 deferred tax benefit -- -- -- -- (572) -- -- (572) ---------- --------- --------- ---------- ---------- ---------- ---------- ---------- Balance at December 31, 1994 11,224 18,706 11,977 179,212 (572) (349) (3,054) 206,269 Net earnings -- -- -- 8,541 -- -- 8,541 Dividend declared of $.36 per share -- -- -- (3,915) -- -- (3,915) Treasury stock issued upon exercise of options and other insignificant items -- -- 5 -- -- -- 2 7 ---------- --------- --------- ---------- ---------- ---------- ---------- ---------- Balance at June 17, 1995 $ 11,224 18,706 11,982 183,838 (572) (349) $ (3,052) 210,902 ---------- --------- --------- ---------- ---------- ---------- ---------- ---------- ---------- --------- --------- ---------- ---------- ---------- ---------- ----------
- ---------------------------------------------------------------- See accompanying notes to consolidated financial statements. SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to be signed on its behalf by the undersigned thereunto duly authorized. NASH-FINCH COMPANY ------------------ Registrant Date August 11, 1995 By /s/ Norman R. Soland ----------------------- ------------------------------ Norman R. Soland Vice President, Secretary and General Counsel EX-27 2 EXHIBIT 27
5 1,000 6-MOS DEC-30-1995 JAN-01-1995 JUN-17-1995 941 0 102,037 (1,275) 189,036 309,189 388,131 (207,220) 524,648 210,586 83,583 18,706 0 0 195,248 524,648 1,277,606 1,300,112 1,109,894 168,850 0 1,429 5,585 14,354 5,813 8,541 0 0 0 8,541 .79 .79
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