10-K/A 1 c02919a1e10vkza.htm AMENDMENT TO FORM 10-K e10vkza
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
(Amendment No. 1)
     
þ   Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended: December 31, 2005
     
o   Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Transition Period from ________ to _________.
Commission file number: 0-785
NASH-FINCH COMPANY
(Exact name of Registrant as specified in its charter)
     
Delaware
(State of Incorporation) 		  41-0431960
(I.R.S. Employer Identification No.)
     
7600 France Avenue South
P.O. Box 355
Minneapolis, Minnesota
(Address of principal executive offices) 		  55440-0355
(Zip Code)
Registrant’s telephone number, including area code: (952) 832-0534
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, par value $1.66-2/3 per share
Common Stock Purchase Rights
.........
Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes o No þ
Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act. Yes o No þ
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. o
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. (See definition of “accelerated filer” and “large accelerated filer” in Rule 12b-2 of the Securities Exchange Act).
Large accelerated filer o     Accelerated filer þ     Non-accelerated filer o
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act).
Yes o No þ
The aggregate market value of the voting stock held by non-affiliates of the Registrant as of June 18, 2005 (the last business day of the Registrant’s most recently completed second fiscal quarter) was $465,895,713, based on the last reported sale price of $36.44 on that date on the NASDAQ National Market System.
As of March 10, 2006, 13,318,885 shares of Common Stock of the Registrant were outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Registrant’s definitive Proxy Statement for its Annual Meeting of Stockholders to be held on May 16, 2006 (the “2006 Proxy Statement”) are incorporated by reference into Part III, as specifically set forth in Part III.
 
 

 

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PART II
ITEM 6. SELECTED FINANCIAL DATA
PART IV
SIGNATURES
EXHIBIT INDEX TO AMENDMENT NO. 1 ON FORM 10-K/A
Certification of Chief Executive Officer
Certification of Chief Financial Officer
Certification of Chief Executive Officer and Chief Financial Officer

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EXPLANATORY NOTE
     This Form 10-K/A is being filed by Nash-Finch Company to amend its annual report on Form 10-K for the fiscal year ended December 31, 2005 (the “Report”) that was filed with the Securities and Exchange Commission on March 16, 2006. The amendment is being filed to correct an error made by our printer/filing agent in the process of converting and formatting the Report to an electronic format for filing with the Securities and Exchange Commission through the EDGAR system. This error caused the six footnotes to the “Consolidated Summary of Operations” table in Part II, Item 6 (“Selected Financial Data”) on page 17 of the Report to be rendered illegibly small in the electronically filed Report. This amendment is filed solely to make legible the footnotes to that table, and does not change any information contained in the Report as originally filed.

 

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PART II
ITEM 6. SELECTED FINANCIAL DATA
NASH FINCH COMPANY AND SUBSIDIARIES
Consolidated Summary of Operations
Five years ended December 31, 2005 (not covered by Independent Auditors’ Report)
(Dollar amounts in thousands except per share amounts)
                                         
    2005 (1)     2004     2003     2002     2001  
    (52 Weeks)     (52 Weeks)     (53 Weeks)     (52 Weeks)     (52 Weeks)  
Sales (2)
   $ 4,555,507       3,897,074       3,971,502       3,874,672       3,982,206  
Cost of sales (2)
     4,124,344       3,474,329       3,516,460       3,408,409       3,529,124  
Selling, general and administrative
     300,837       299,727       326,716       350,305       337,330  
Gains on sale of real estate
     (3,697 )     (5,586 )     (748 )     (3,826 )     (2,647 )
Special charges
     (1,296 )     34,779       —       (765 )     —  
Extinguishment of debt
     —       7,204       —       —       —  
Depreciation and amortization
     43,721       40,241       42,412       39,988       46,601  
Interest expense
     24,732       27,181       34,729       30,429       35,506  
Income tax expense
     25,670       4,322       17,254       19,552       15,025  
 
                              
Earnings from continuing operations
     41,196       14,877       34,679       30,580       21,267  
Net earnings from discontinued operations
     56       55       413       —       —  
Cumulative effect of change in accounting principle, net of income tax (3)
     —       —       —       (6,960 )     —  
 
                              
Net earnings
   $ 41,252       14,932       35,092       23,620       21,267  
 
                              
 
Basic earnings per share:
                                        
Continuing operations
   $ 3.19       1.20       2.87       2.59       1.83  
Discontinued operations
     —       —       0.03       —       —  
Cumulative effect of change in accounting principle (3)
     —       —       —       (0.59 )     —  
 
                              
Basic earnings per share
   $ 3.19       1.20       2.90       2.00       1.83  
 
 
                              
Diluted earnings per share:
                                        
 
Continuing operations
   $ 3.13       1.18       2.85       2.52       1.78  
Discontinued operations
     —       —       0.03       —       —  
Extraordinary change from early extinguishment of debt
     —       —       —       (0.57 )     —  
 
                              
Diluted earnings per share
   $ 3.13       1.18       2.88       1.95       1.78  
 
                              
 
Cash dividends declared per common share
   $ 0.675       0.54       0.36       0.36       0.36  
 
                              
 
Pretax earnings from continuing operations as a percent of sales
     1.47 %     0.49 %     1.31 %     1.29 %     0.91 %
Net earnings as a percent of sales
     0.91 %     0.38 %     0.88 %     0.61 %     0.53 %
Effective income tax rate
     38.4 %     22.6 %     33.3 %     39.0 %     41.4 %
Current assets
   $ 512,207       400,587       415,810       468,281       479,364  
Current liabilities
   $ 325,859       280,162       284,752       309,256       383,624  
Net working capital
   $ 186,348       120,425       131,058       159,025       95,740  
Ratio of current assets to current liabilities
     1.57       1.43       1.46       1.51       1.25  
Total assets
   $ 1,077,424       815,628       886,352       947,922       970,245  
Capital expenditures
   $ 24,638       22,327       40,728       52,605       43,924  
Long-term obligations (long-term debt and capitalized lease obligations)
   $ 407,659       239,603       326,583       405,376       368,807  
 
Stockholders’ equity
   $ 322,578       273,928       256,457       221,479       203,408  
Stockholders’ equity per share (4)
   $ 25.20       22.21       21.36       18.61       17.43  
Return on stockholders’ equity (5)
     12.77 %     5.43 %     13.52 %     13.81 %     10.46 %
Number of common stockholders of record at year-end
     2,322       2,579       2,841       2,797       2,710  
Common stock high price (6)
   $ 44.00       38.66       24.70       33.18       35.54  
Common stock low price (6)
   $ 24.83       18.06       4.26       7.12       11.81  
 
(1)   Information presented for fiscal 2005 reflects the acquisition by the Company on March 31, 2005 of the Lima and Westville distribution divisions of Roundy’s. More generally, discussion regarding the comparability of information presented in the table above or material uncertainties that could cause the selected financial data not to be indicative of future financial

 

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    condition or results of operations can be found in Part 1, Item 1A. of this report, “Risk Factors,” Part II, Item 7 of this report, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Part II, Item 8 of this report in the Company’s Consolidated Financial Statements and notes thereto.
 
(2)   See Part II, Item 8, of this report under Note (1) of the Consolidated Financial Statement under the caption “Revenue Recognition” for information regarding the reclassification of facilitated services.
 
(3)   Effect of adoption of EITF No. 02-16, “Accounting by a Customer (Including a Reseller) for Certain Consideration Received from a Vendor.”
 
(4)   Based on average outstanding shares at year-end.
 
(5)   Return based on continuing operations.
 
(6)   High and low closing sales price on Nasdaq National Market.
PART IV
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a)(3) Exhibits
The Exhibits listed in the accompanying Index to Exhibits are filed or furnished as part of this Amendment No. 1 on Form 10-K/A.

 

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SIGNATURES
     Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Amendment No. 1 to the Report to be signed on its behalf by the undersigned, thereunto duly authorized.
         
Dated: March 21, 2006  NASH-FINCH COMPANY
 		  
  By /s/ LeAnne M. Stewart    
  LeAnne M. Stewart   
  Senior Vice President & Chief Financial Officer   
 

 

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EXHIBIT INDEX TO AMENDMENT NO. 1 ON FORM 10-K/A
         
Exhibit        
No.   Description   Method of Filing
31.1
  Rule 13a-14(a) Certification of the Chief Executive Officer.   Filed herewith
 
        
31.2
  Rule 13a-14(a) Certification of the Chief Financial Officer.   Filed herewith
 
        
32.1
  Section 1350 Certification of Chief Executive Officer and Chief Financial Officer.   Furnished herewith