-----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, Wd7ACxFL8qnT0UD2gD8gAChJRFak1IMvFXd//uUapya5bKZbiHGq3wGU5yx/PaIO M0E5b28aK7h3L3LF6xNHBQ== 0000950116-98-001182.txt : 19980518 0000950116-98-001182.hdr.sgml : 19980518 ACCESSION NUMBER: 0000950116-98-001182 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 19980403 FILED AS OF DATE: 19980515 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARAMARK CORP CENTRAL INDEX KEY: 0000757523 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 232319139 STATE OF INCORPORATION: DE FISCAL YEAR END: 0927 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-08827 FILM NUMBER: 98626589 BUSINESS ADDRESS: STREET 1: THE ARA TOWER STREET 2: 1101 MARKET ST CITY: PHILADELPHIA STATE: PA ZIP: 19107 BUSINESS PHONE: 2152383000 MAIL ADDRESS: STREET 1: ARA GROUP INC STREET 2: 1101 MARKET STREET CITY: PHILADELPHIA STATE: PA ZIP: 19107 FORMER COMPANY: FORMER CONFORMED NAME: ARA GROUP INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ARA HOLDING CO DATE OF NAME CHANGE: 19880515 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended April 3, 1998 Commission file number 1-8827 ------------- ------ ARAMARK CORPORATION - ------------------------------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 23-2319139 - ------------------------------------------------------------------------------ (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) ARAMARK Tower 1101 Market Street Philadelphia, Pennsylvania 19107-2988 - ------------------------------------------------------------------------------ (Address of principal executive offices) (Zip Code) (215) 238-3000 - ------------------------------------------------------------------------------ (Registrant's telephone number, including area code) 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 (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practical date. Class A common stock outstanding at May 1, 1998: 1,898,887 Class B common stock outstanding at May 1, 1998: 21,245,204 - ------------------------------------------------------------------------------ PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS ARAMARK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In Thousands)
ASSETS April 3, October 3, 1998 1997 ----------- ----------- Current Assets: Cash and cash equivalents $ 33,737 $ 27,352 Receivables 548,966 517,035 Inventories, at lower of cost or market 370,671 366,515 Prepayments and other current assets 103,215 67,314 ----------- ----------- Total current assets 1,056,589 978,216 ----------- ----------- Property and Equipment, net 861,699 867,176 Goodwill 610,611 623,841 Other Assets 276,940 284,346 ----------- ----------- $ 2,805,839 $ 2,753,579 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Current maturities of long-term borrowings $ 14,341 $ 18,517 Accounts payable 438,882 459,847 Accrued expenses and other liabilities 509,277 458,387 ----------- ----------- Total current liabilities 962,500 936,751 ----------- ----------- Long-Term Borrowings 1,210,822 1,213,944 Deferred Income Taxes and Other Noncurrent Liabilities 211,487 209,583 Common Stock Subject to Potential Repurchase Under Provisions of Shareholders' Agreement 24,885 23,254 Shareholders' Equity Excluding Common Stock Subject to Repurchase: Class A common stock, par value $.01 19 20 Class B common stock, par value $.01 215 205 Earnings retained for use in the business 423,089 394,090 Cumulative translation adjustment (2,293) (1,014) Impact of potential repurchase feature of common stock (24,885) (23,254) ----------- ----------- Total 396,145 370,047 ----------- ----------- $ 2,805,839 $ 2,753,579 =========== ===========
The accompanying notes are an integral part of these condensed consolidated financial statements. ARAMARK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In Thousands, Except Per Share Amounts)
For the Three Months Ended For the Six Months Ended -------------------------- ------------------------ April 3, March 28, April 3, March 28, 1998 1997 1998 1997 ----------- ----------- ----------- ----------- Revenues $ 1,592,214 $ 1,458,017 $ 3,182,875 $ 3,144,768 ----------- ----------- ----------- ----------- Costs and Expenses: Cost of services provided 1,461,334 1,336,421 2,903,042 2,876,647 Depreciation and amortization 49,552 47,174 97,002 95,780 Selling and general corporate expenses 21,226 18,702 43,576 39,892 Other expense (income), net -- (72,393) -- (72,393) ----------- ----------- ----------- ----------- 1,532,112 1,329,904 3,043,620 2,939,926 ----------- ----------- ----------- ----------- Operating income 60,102 128,113 139,255 204,842 Interest Expense, net 28,084 29,518 53,846 60,002 ----------- ----------- ----------- ----------- Income before income taxes 32,018 98,595 85,409 144,840 Provision for Income Taxes 13,360 10,643 36,674 29,233 ----------- ----------- ----------- ----------- Income before Extraordinary Item 18,658 87,952 48,735 115,607 Extraordinary Item due to Early Extinguishment of Debt (net of income taxes) 1,559 -- 1,559 -- ----------- ----------- ----------- ----------- Net income $ 17,099 $ 87,952 $ 47,176 $ 115,607 =========== =========== =========== =========== Earnings Per Share: Before Extraordinary Item: Basic $ .45 $ 2.06 $ 1.18 $ 2.72 Diluted $ .42 $ 1.96 $ 1.11 $ 2.57 Net Income: Basic $ .41 $ 2.06 $ 1.14 $ 2.72 Diluted $ .38 $ 1.96 $ 1.08 $ 2.57
The accompanying notes are an integral part of these condensed consolidated financial statements. ARAMARK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In Thousands)
For the Six Months Ended ------------------------ April 3, March 28, 1998 1997 --------- --------- Cash flows from operating activities: Net income $ 47,176 $ 115,607 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization 97,002 95,780 Income taxes deferred 9,414 (2,502) Extraordinary item 1,559 -- Changes in noncash working capital (45,536) (106,049) Other operating activities (8,841) (73,965) --------- --------- Net cash provided by operating activities 100,774 28,871 --------- --------- Cash flows from investing activities: Purchases of property and equipment (65,191) (90,449) Disposals of property and equipment 11,501 6,642 Sale of investments 5,779 -- Divestiture of certain businesses 22,920 108,884 Acquisition of certain businesses (16,224) (8,836) Other investing activities (21,178) (3,125) --------- --------- Net cash provided by (used in) investing activities (62,393) 13,116 --------- --------- Cash flows from financing activities: Proceeds from additional long-term borrowings 59,137 133,524 Payment of long-term borrowings including premiums (72,634) (144,253) Proceeds from issuance of common stock 18,274 12,718 Repurchase of stock (34,733) (38,843) Other financing activities (2,040) (1,548) --------- --------- Net cash used in financing activities (31,996) (38,402) --------- --------- Increase in cash and cash equivalents 6,385 3,585 Cash and cash equivalents, beginning of period 27,352 25,283 --------- --------- Cash and cash equivalents, end of period $ 33,737 $ 28,868 ========= =========
The accompanying notes are an integral part of these condensed consolidated financial statements. ARAMARK CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (1) CONDENSED CONSOLIDATED FINANCIAL STATEMENTS: -------------------------------------------- The condensed consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of the Company, the statements include all adjustments (which include only normal recurring adjustments) required for a fair statement of financial position, results of operations and cash flows for such periods. The results of operations for the interim periods are not necessarily indicative of the results for a full year. (2) OTHER INCOME: ------------ In January 1997, the Company sold an approximate 83% interest in its Spectrum Healthcare Services, Inc. subsidiary (Spectrum). Total consideration was approximately $158 million and included cash ($125 million), notes and a warrant. The transaction resulted in a pre-tax gain of $72.4 million, net of transaction costs and reserves established for indemnification of certain matters related to insurance, legal and other matters ($20 million), and is reflected as "other expense (income)" in the accompanying condensed consolidated statements of income. No income taxes were provided on the gain due to permanent differences in the underlying book and tax basis of Spectrum. In fiscal 1996, the business had approximately $500 million in annual revenues and a normalized operating margin of approximately 4%. Cash proceeds from the divestiture were used to repay borrowings under the Company's credit facility. (3) LONG TERM BORROWINGS: -------------------- In January 1998, the Company replaced its existing $1 billion credit facility with a $1.4 billion credit facility. The new facility matures on March 31, 2005, with commitment reductions of $100 million in March 2000 and $150 million in March 2001 and March 2002. In March 1998, the Company redeemed a $50 million 8% note due April 2002 for a premium resulting in an extraordinary item for debt extinguishment of $1.6 million (net of tax benefit of $1.0 million). On June 1, 1998 the Company will exercise its option to redeem its $100 million 8-1/2% subordinated notes at a price of 104.25% of the principal amount. The transaction will be financed through additional borrowings under its credit facility and will result in an extraordinary item on debt extinguishment of approximately $2.9 million, after tax, in the third quarter of fiscal 1998. (4) CAPITAL STOCK: ------------- During the first six months of fiscal 1998, pursuant to the ARAMARK Ownership Program, employees purchased 2,316,996 shares or $30.3 million of Class B Common Stock for $18.3 million cash plus $12.0 million of deferred payment obligations. (5) SUPPLEMENTAL CASH FLOW INFORMATION: ---------------------------------- The Company made interest payments of $53.1 million and $53.4 million and income tax payments of $29.8 million and $38.8 million during the first six months of fiscal 1998 and 1997, respectively. During the first six months of fiscal 1998, the Company purchased $44.2 million of its Class B Common Stock, issuing $9.4 million in subordinated installment notes as partial consideration. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (6) ARAMARK SERVICES, INC. AND SUBSIDIARIES: --------------------------------------- The following financial information has been summarized from the separate consolidated financial statements of ARAMARK Services, Inc. (a wholly owned subsidiary of ARAMARK Corporation) and the subsidiaries which it currently owns. ARAMARK Services, Inc. is the borrower under the revolving credit facility and certain other senior debt agreements and incurs the interest expense thereunder. This interest expense is only partially allocated to all of the other subsidiaries of ARAMARK Corporation.
For the Three Months Ended For the Six Months Ended -------------------------------- --------------------------- April 3, March 28, April 3, March 28, 1998 1997 1998 1997 ----------- ----------- ------------ --------- (in millions) Revenues $958.5 $853.5 $1,881.3 $1,756.8 Cost of services provided 901.5 804.5 1,763.0 1,652.4 Net income 8.2 5.5 21.5 14.5 April 3, October 3, 1998 1997 ----------- ------------- (in millions) Current assets $ 441.2 $ 408.0 Noncurrent assets 1,584.4 1,558.0 Current liabilities 548.0 507.2 Noncurrent liabilities 1,332.1 1,333.8
(7) EARNINGS PER SHARE: ------------------- In fiscal 1998, the Company adopted the provisions of Statement of Financial Accounting Standards (SFAS) No. 128, "Earnings per Share." Earnings per share is reported on a Common Stock, Class B equivalent basis (which reflects Common Stock, Class A shares converted to a Class B basis, ten for one). Basic earnings per share is based on the weighted average number of common shares outstanding during the respective periods. Diluted earnings per share is based on the weighted average number of common shares outstanding during the respective periods, plus the common equivalent shares, if dilutive, that would result from the exercise of stock options. Earnings per share for prior periods have been restated to conform with the requirements of SFAS No. 128. Earnings applicable to common stock and common shares utilized in the calculation of basic and diluted earnings per share are as follows:
Three Months Ended Six Months Ended ------------------ ---------------- April 3, March 28, April 3, March 28, 1998 1997 1998 1997 -------- ----------- --------- ------- (in thousands, except per share data) Earnings: Income before extraordinary item $18,658 $87,952 $48,735 $115,607 ======= ======= ======= ======== Shares: Weighted average number of common shares outstanding used in basic earnings per share calculation 41,881 42,699 41,309 42,522 Impact of potential exercise opportunities under the ARAMARK Ownership Plan 2,548 2,202 2,550 2,419 ------- ------- -------- -------- Total common shares used in diluted earnings per share calculation 44,429 44,901 43,859 44,941 ======= ======= ======== ======== Basic earnings per common share $.45 $2.06 $1.18 $2.72 ==== ===== ===== ===== Diluted earnings per common share $.42 $1.96 $1.11 $2.57 ==== ===== ===== =====
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION RESULTS OF OPERATIONS - --------------------- Overview - -------- Revenues of $1.6 billion for the second quarter and $3.2 billion for the six month period increased 9% and 1%, respectively, over the prior year periods. Second quarter 1998 revenues were favorably affected by the calendarization of the Company's accounting period. The full impact of the December holiday season, which typically has a reduced level of activity, was reflected fully in the first quarter of fiscal 1998 whereas, in the prior year, the holiday impact was split between the first and second quarters of fiscal 1997. Fiscal 1998 operating income for the three and six month periods was $60.1 million and $139.3 million, respectively, versus $128.1 million and $204.8 million, respectively, in fiscal 1997. Fiscal 1997 results include a gain of $72.4 million from the divestiture of Spectrum Healthcare Services, Inc. (Spectrum), which is reflected as "other expense (income)" in the condensed consolidated statements of income (see note 2 to the condensed consolidated financial statements). Excluding "other expense (income)" and the operating results of Spectrum, revenues and operating income increased 9% and 8%, respectively, for the second quarter and increased 6% and 9%, respectively, for the six months compared to the prior year periods. The Company's operating margin, excluding "other expense (income)", increased to 4.4% from 4.2% for the six month period due to improved cost controls and leveraging of fixed costs, primarily in the Food and Support Services segment. Interest expense, net for the three and six month periods decreased 5% and 10%, respectively, from the prior year periods due to lower debt levels and additionally, for the six month period, interest income received from the settlement of a contract dispute. The effective income tax rate for the three and six month periods was 41.7% and 42.9%, respectively, compared to 10.8% and 20.2%, in the comparable prior year periods. The prior year effective income tax rates were favorably impacted by a permanent difference in the book and tax basis of the divested Spectrum business (see note 2 to the condensed consolidated financial statements). Segment Results - --------------- Revenues - Food and Support Services segment revenues for the three and six month periods increased 11% and 6%, respectively, over the prior year periods due to new accounts (approximately 5% and 3%, respectively), and increased volume, (approximately 7% and 4%, respectively), partially offset by the unfavorable impact of foreign currency translation (approximately 1%). Uniform and Career Apparel segment revenues for the three and six month periods increased 6% over the prior year periods due to increased volume in both the uniform rental and direct marketing businesses. Health and Educational Resources segment revenues, excluding the Spectrum operations, for the three and six month periods increased 12% and 11%, respectively, due to enrollment growth, pricing and new locations at Educational Resources. Distributive segment revenues increased 1% for the three months and decreased 3% for the six months versus the prior year periods due to the net impact of recent acquisition and divestiture activity and a decrease in base business. Operating Income - Food and Support Services segment operating income increased 30% and 22% for the three and six month periods versus the prior year periods due to the increased revenues noted above and effective cost controls. Uniform and Career Apparel segment second quarter and six month operating income increased 6% versus the prior year periods due in part to a gain on the sale of assets. Excluding the gain, second quarter operating income increased 3% due to increased revenues, partially offset by increased operating costs in the direct marketing businesses. Operating income for the six month period, excluding the gain, decreased 1% due to higher operating costs in the direct marketing businesses, partially offset by increased revenues. Health and Educational Resources segment operating income for the three and six month periods, excluding the operating results of Spectrum, increased 14% and 19%, respectively, over the prior year periods due to the revenue increases at Educational Resources. The Distributive segment incurred operating losses of $6.4 million and $7.9 million, respectively, for the three and six month periods, compared to operating losses of $3.3 million and $5.6 million in the comparable prior year periods. The Company continues to implement its plan to improve operating results in the Distributive segment as a result of selected acquisitions in certain geographic areas, the divestiture of certain operations and through initiatives to increase volume and margins and reduce costs. The impact of these initiatives is uncertain at this time and the Company projects that the Distributive segment will incur an operating loss for fiscal 1998. FINANCIAL CONDITION - ------------------- The Company's indebtedness decreased $7.3 million in the first six months of fiscal 1998. In January 1998, the Company replaced its existing $1 billion credit facility with a $1.4 billion credit facility. The new facility matures on March 31, 2005, with commitment reductions of $100 million in March 2000 and $150 million in March 2001 and March 2002. In March 1998, the Company redeemed a $50 million 8% note due April 2002 for a premium, resulting in an extraordinary item for debt extinguishment of $1.6 million (net of tax benefit of $1.0 million). Currently, the Company has approximately $1.1 billion of unused committed credit availability under its credit facilities. On May 15, 1998, the Company commenced a cash tender offer for all of its outstanding shares of Common Stock, Class A, (the "Class A Shares"), at a price of $500.00 per share, upon the terms and subject to the conditions set forth in the Company's Offer to Purchase dated May 15, 1998 (the "Offer"). As a result of the Offer the Company will not implement its proposed plan of recapitalization and litigation filed by certain outside stockholders in connection with the plan of recapitalization will be settled (see Part II, Item 1 - Legal Proceedings for additional information regarding this matter). The total amount of funds expected to be required by the Company to consummate the Offer is estimated to be approximately $553 million (assuming that 1.1 million of the Class A Shares are tendered). The Company plans to finance the Offer through a combination of available cash and borrowings under its credit facilities. Management believes that the Company has the ability to generate adequate amounts of cash from its operations to meet the Company's cash flow needs, including any increased interest expense as a result of additional indebtedness incurred in connection with the Offer. On June 1, 1998 the Company will exercise its option to redeem its $100 million 8-1/2% subordinated notes at a price of 104.25% of the principal amount. The transaction will be financed through additional borrowings under its credit facility and will result in an extraordinary item on debt extinguishment of approximately $2.9 million, after tax, in the third quarter of fiscal 1998. PART II - OTHER INFORMATION Item 1: Legal Proceedings ----------------- As previously disclosed in the Company's Quarterly Report on Form 10-Q for the quarterly period ended January 2, 1998 (the "January 10-Q"), on February 12, 1998, the Supreme Court of Delaware issued an order accepting the Company's appeal of the interlocutory order of the Court of Chancery of the State of Delaware in and for New Castle County (the "Court") enjoining consummation of the Company's proposed recapitalization plan (the "Recapitalization Plan"). The order enjoining the consummation of the Recapitalization Plan (the "Preliminary Injunctions") was the result of a complaint filed on January 14, 1998 by Metropolitan Life Insurance Company ("MetLife") in the Court seeking to enjoin the consummation of the Recapitalization Plan (the "MetLife Action"). As previously disclosed in the January 10-Q, on February 2, 1998, two additional actions were commenced by certain holders of the Company's shares of Common Stock, Class A, par value $0.01 per share (the "Class A Shares"), against the Company and its Board of Directors, one of which was brought individually and as a purported class action on behalf of all similarly situated stockholders (the "Class Action") and the other of which was brought individually (the "Webb Action"). Both the complaint filed in connection with the Class Action and the complaint filed in connection with the Webb Action asserted claims and sought remedies that were substantially similar to those set forth in the complaint filed in connection with the MetLife Action. Following briefing in the Supreme Court of Delaware regarding the MetLife Action, the Class Action and the Webb Action, the Company determined that it would not proceed with the Recapitalization Plan, and on March 31, 1998 the interlocutory appeal to the Delaware Supreme Court was dismissed with the consent of the parties. On May 15, 1998, the Company commenced a cash tender offer for all of its outstanding Class A Shares at a price of $500.00 per share, upon the terms and subject to the conditions set forth in the Company's Offer to Purchase dated May 15, 1998 (the "Offer"). In connection with the Offer, on May 15, 1998, the parties to the Class Action executed and filed with the Court a Stipulation and Agreement of Compromise and Settlement (the "Stipulation"), the terms of which were set forth in a Notice of Pendency of Class Action, Class Action Determination, Proposed Settlement of Class Action, Settlement Hearing and Right to Appear (the "Notice"). As set forth in the Notice, the Court has scheduled a hearing to be held on June 15, 1998, to determine whether the proposed settlement of the Class Action as described in the Notice is fair, reasonable and adequate and should be approved by the Court. The plaintiffs in each of the MetLife and the Webb Actions have agreed to dismiss their respective actions, upon consummation of the Offer, and the Company has agreed to pay their respective reasonable fees and expenses. If the settlement of the Class Action is approved, the Preliminary Injunctions will be vacated and each of the MetLife, Class and Webb Actions will be dismissed. The Court's approval of the settlement in the Class Action on the terms set forth in the Stipulation, including the vacating of the Preliminary Injunctions, is a condition to the Company's obligation to accept for payment, purchase or pay for any Class A Shares tendered in the Offer. Item 2: Not Applicable -------------- Item 3: Not Applicable -------------- Item 4: Submission of Matters to a Vote of Security Holders --------------------------------------------------- (a) Annual Meeting of Stockholders was held on February 10, 1998 and adjourned until March 12, 1998 when directors were elected. The meeting was reconvened on April 10, 1998 at which time it was adjourned. (b) Not Applicable (c) There were 21,537,308 affirmative votes and 174,886 votes withheld or abstained with respect to the uncontested election of directors. See Item 1, Legal Proceedings, for additional information. (d) See Item 1, Legal Proceedings. Item 5: Not Applicable -------------- Item 6: Exhibits and Reports on Form 8-K --------------------------------- (a) (1) Exhibit 27 - Financial Data Schedule for the six months ended April 3, 1998. (2),(3),(4) Exhibit 27 - Restated Financial Data Schedules pursuant to Item 601(c)(2)(iii) of Regulation S-K. (b) None SIGNATURE --------- 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. ARAMARK CORPORATION May 15, 1998 /s/ Alan J. Griffith ---------------------------- Alan J. Griffith Vice President, Controller and Chief Accounting Officer EX-27.001 2 FINANCIAL DATA SCHEDULE
5 This schedule contains summary financial information extracted from the Condensed Consolidated Balance Sheet and Condensed Consolidated Statement of Income filed as part of Form 10-Q and is qualified in its entirety by reference to such Form 10-Q. 1 6-MOS OCT-2-1998 OCT-4-1997 APR-3-1998 33,737 0 548,966 22,880 370,671 1,056,589 1,714,300 852,601 2,805,839 962,500 1,210,822 0 0 234 395,911 2,805,839 0 3,182,875 0 2,903,042 97,002 3,374 53,846 85,409 36,674 48,735 0 (1,559) 0 47,176 1.14 1.08 (1) Earnings per share have been prepared in accordance with SFAS No. 128, "Earnings Per Share" and therefore basic and diluted earnings per share have been entered in place of primary and fully diluted EPS, respectively.
EX-27.002 3 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED BALANCE SHEEET AND THE CONSOLIDATED STATEMENT OF INCOME FILED AS PART OF FORMS 10-K, AS APPLICABLE, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FORM 10-K AND 10-Q, AS APPLICABLE. THIS SCHEDULE IS RESTATED AND IS TO REPLACE THE PREVIOUSLY PROVIDED SCHEDULES FOR THEIR RESPECTIVE PERIODS. 1,000 YEAR 9-MOS 6-MOS 3-MOS OCT-3-1997 OCT-3-1997 OCT-3-1997 OCT-3-1997 SEP-28-1996 SEP-28-1996 SEP-28-1996 SEP-28-1996 OCT-3-1997 JUN-27-1997 MAR-28-1997 DEC-27-1996 27,352 28,731 28,868 22,545 0 0 0 0 517,035 486,963 502,737 626,502 23,158 22,645 20,413 20,345 366,515 359,511 351,093 349,043 978,216 948,512 983,054 1,137,564 1,688,997 1,654,041 1,638,993 1,615,212 821,821 807,725 796,150 786,558 2,753,579 2,783,442 2,816,009 2,940,742 936,751 868,809 866,391 946,563 1,213,944 1,289,186 1,319,646 1,436,515 0 0 0 0 0 0 0 0 225 225 233 237 369,822 380,816 375,103 299,153 2,753,579 2,783,442 2,816,009 2,940,742 0 0 0 0 6,310,417 4,676,382 3,144,768 1,686,751 0 0 0 0 5,715,402 4,261,481 2,876,647 1,540,226 191,732 143,438 95,780 48,606 16,287 8,760 4,328 2,826 116,012 88,598 60,002 30,484 215,847 194,563 144,840 46,245 69,739 48,882 29,233 18,590 146,108 145,741 115,607 27,655 0 0 0 0 0 0 0 0 0 0 0 0 146,108 145,741 115,607 27,655 3.49 3.45 2.72 0.65 3.31 3.27 2.57 0.62 (1) Earnings per share have been prepared in accordance with SFAS No. 128, "Earnings Per Share" and therefore basic and diluted earnings per share have been entered in place of primary and fully diluted EPS, respectively.
EX-27.003 4 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED BALANCE SHEET AND THE CONSOLIDATED STATEMENT OF INCOME FILED AS PART OF FORMS 10-K AND 10-Q, AS APPLICABLE, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FORM 10-K AND 10-Q, AS APPLICABLE. THIS SCHEDULE IS RESTATED AND IS TO REPLACE THE PREVIOUSLY PROVIDED SCHEDULES FOR THIER RESPECTIVE PERIODS. 1,000 YEAR 9-MOS 6-MOS 3-MOS SEP-27-1996 SEP-27-1996 SEP-27-1996 SEP-27-1996 SEP-30-1995 SEP-30-1995 SEP-30-1995 SEP-30-1995 SEP-27-1996 JUN-28-1996 MAR-29-1996 DEC-29-1995 25,283 21,060 24,677 20,128 0 0 0 0 594,579 533,568 501,983 528,662 16,351 16,529 17,414 16,481 340,107 305,506 302,605 305,263 1,028,620 942,266 942,161 992,032 1,597,991 1,543,545 1,515,373 1,495,154 770,327 751,705 731,930 722,543 2,844,782 2,665,212 2,651,330 2,688,956 977,728 836,464 832,681 894,802 1,321,990 1,311,902 1,308,477 1,287,074 0 0 0 0 0 5,396 14,190 14,649 247 252 255 248 295,954 262,548 240,324 239,982 2,844,782 2,665,212 2,651,330 2,688,956 0 0 0 0 6,122,500 4,560,296 3,014,000 1,549,374 0 0 0 0 5,565,038 4,164,639 2,756,907 1,413,632 182,785 136,265 90,478 44,693 6,875 4,394 3,532 1,941 116,014 88,900 60,320 30,252 179,159 111,989 66,860 41,622 66,931 41,896 26,572 16,633 112,228 70,093 40,288 24,989 0 0 0 0 (2,758) (2,758) (1,589) 0 0 0 0 0 109,470 67,335 38,699 24,989 2.45 1.49 0.85 0.55 2.32 1.41 0.80 0.52 (1) Earnings per share have been prepared in accordance with SFAS No. 128, "Earnings Per Share" and therefore basic and diluted earnings per share have been entered in place of primary and fully diluted EPS, respectively.
EX-27.004 5 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED BALANCE SHEET AND THE CONSOLIDATED STATEMENT OF INCOME FILED AS PART OF FORM 10-K AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FORM 10-K. THIS SCHEDULE IS RESTATED AND IS TO REPLACE THE PREVIOUSLY PROVIDED SCHEDULE FOR THIS RESPECTIVE PERIOD. 1,000 U.S. DOLLARS 1 YEAR SEP-29-1995 OCT-01-1994 SEP-29-1995 23,082 0 488,920 15,096 285,510 862,284 1,461,164 705,082 2,599,686 848,603 1,274,771 0 14,965 256 237,063 2,599,686 0 5,600,645 0 5,094,179 156,869 6,357 109,418 167,577 67,388 100,189 0 (6,686) 0 93,503 1.99 1.88 (1) Earnings per share have been prepared in accordance with SFAS No. 128, "Earnings Per Share" and therefore basic and diluted earnings per share have been entered in place of primary and fully diluted EPS, respectively.
-----END PRIVACY-ENHANCED MESSAGE-----