-----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, WXEDDLmOdDrXhCjjLKRp9wQrA4QNuY7LLoZyPpI0mFTcGGYpNrHT3zV19/xnWWLD sgfElWb0eEEk0SPoCFAZvg== 0001047469-98-024283.txt : 19980617 0001047469-98-024283.hdr.sgml : 19980617 ACCESSION NUMBER: 0001047469-98-024283 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980502 FILED AS OF DATE: 19980616 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PENN TRAFFIC CO CENTRAL INDEX KEY: 0000077155 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-GROCERY STORES [5411] IRS NUMBER: 250716800 STATE OF INCORPORATION: PA FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-09930 FILM NUMBER: 98648977 BUSINESS ADDRESS: STREET 1: 1200 STATE FAIR BLVD CITY: SRYACUSE STATE: NY ZIP: 13221-4737 BUSINESS PHONE: 8145369900 MAIL ADDRESS: STREET 1: 1200 STATE FAIR BLVD CITY: SYRACUSE STATE: NY ZIP: 13221-4737 10-Q 1 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended May 2, 1998 OR [ ] 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 1-9930 THE PENN TRAFFIC COMPANY (Exact name of registrant as specified in its charter) Delaware 25-0716800 (State of incorporation) (IRS Employer Identification No.) 1200 State Fair Blvd., Syracuse, New York 13221-4737 (Address of principal executive offices) (Zip Code) (315) 453-7284 (Telephone number) 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 ninety (90) days. YES X . NO . --- --- Common stock, par value $1.25 per share: 10,824,591 shares outstanding as of May 29, 1998 Page 1 of 15 PART I. FINANCIAL INFORMATION - ------------------------------ ITEM 1. FINANCIAL STATEMENTS THE PENN TRAFFIC COMPANY CONSOLIDATED STATEMENT OF OPERATIONS UNAUDITED (All dollar amounts in thousands, except per share data)
THIRTEEN WEEKS ENDED THIRTEEN WEEKS ENDED MAY 2, 1998 MAY 3, 1997 ----------- ----------- TOTAL REVENUES $716,799 $759,388 COSTS AND OPERATING EXPENSES: Cost of sales (including buying and occupancy cost) 559,390 581,617 Selling and administrative expenses (Note 2) 147,955 168,232 Restructuring charges (Note 2) 9,304 -------- -------- OPERATING INCOME 9,454 235 Interest expense 36,862 37,371 -------- -------- (Loss) BEFORE INCOME TAXES (27,408) (37,136) (Benefit) for income taxes (10,350) (14,312) -------- -------- NET (Loss) $(17,058) $(22,824) ======== ======== PER SHARE DATA (BASIC AND DILUTED): Net (loss) (Note 3) $ (1.61) $ (2.16) ======== ========
See Notes to Interim Consolidated Financial Statements. - 2 - THE PENN TRAFFIC COMPANY CONSOLIDATED BALANCE SHEET
(All dollar amounts in thousands) UNAUDITED MAY 2, 1998 JANUARY 31, 1998 ----------- ---------------- ASSETS CURRENT ASSETS: Cash and short-term investments $ 48,815 $ 49,095 Accounts and notes receivable (less allowance for doubtful accounts of $4,107 and $3,597 respectively) 68,155 68,454 Inventories (Note 5) 322,319 327,389 Prepaid expenses and other current assets 15,147 16,032 ---------- ---------- Total Current Assets 454,436 460,970 NONCURRENT ASSETS: Capital leases - net 112,433 115,581 Property, plant and equipment - net 483,535 496,501 Goodwill - net 398,740 401,829 Other assets and deferred charges - net 89,574 88,705 ---------- ---------- $1,538,718 $1,563,586 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of obligations under capital leases $ 13,159 $ 13,518 Current maturities of long-term debt 2,735 4,429 Trade accounts and drafts payable 150,531 149,389 Payroll and other accrued liabilities 78,408 79,763 Accrued interest expense 15,544 35,335 Payroll taxes and other taxes payable 18,296 19,208 Deferred income taxes 6,283 16,671 ---------- ---------- Total Current Liabilities 284,956 318,313 NONCURRENT LIABILITIES: Obligations under capital leases 118,253 121,436 Long-term debt 1,268,543 1,234,224 Other noncurrent liabilities 43,832 49,422 ---------- ---------- Total Liabilities 1,715,584 1,723,395 ---------- ---------- STOCKHOLDERS' EQUITY: Preferred Stock - authorized 10,000,000 shares, $1.00 par value; none issued Common Stock - authorized 30,000,000 shares, $1.25 par value; 10,824,591 shares and 10,824,591 shares issued and outstanding, respectively 13,586 13,586 Capital in excess of par value 180,060 180,060 Retained deficit (357,950) (340,470) Minimum pension liability adjustment (10,667) (10,667) Unearned compensation (1,270) (1,693) Treasury stock, at cost (625) (625) ---------- ---------- Total Stockholders' Equity (176,866) (159,809) ---------- ---------- $1,538,718 $1,563,586 ========== ==========
See Notes to Interim Consolidated Financial Statements. - 3 - THE PENN TRAFFIC COMPANY CONSOLIDATED STATEMENT OF CASH FLOWS UNAUDITED (All dollar amounts in thousands)
THIRTEEN THIRTEEN WEEKS ENDED WEEKS ENDED MAY 2, 1998 MAY 3, 1997 ----------- ----------- Operating Activities: Net (loss) $ (17,058) $(22,824) Adjustments to reconcile net (loss) to net cash (used in) provided by operating activities: Depreciation and amortization 16,324 18,809 Amortization of intangibles 3,724 4,072 Other - net (1,420) (2,492) Net change in assets and liabilities: Accounts receivable and prepaid expenses 1,184 4,240 Inventories 5,070 16,691 Payables and accrued expenses (20,916) (1,179) Deferred taxes (10,388) (14,386) Deferred charges and other assets (1,536) (561) --------- --------- NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES (25,016) 2,370 --------- --------- INVESTING ACTIVITIES: Capital expenditures (4,434) (4,876) Proceeds from sale of assets 87 827 Other - net 1,653 --------- --------- NET CASH (USED IN) INVESTING ACTIVITIES (4,347) (2,396) --------- --------- FINANCING ACTIVITIES: Payments to settle long-term debt (2,392) (631) Borrowing of revolver debt 68,000 91,800 Repayment of revolver debt (32,983) (85,500) Reduction of capital lease obligations (3,542) (3,247) --------- --------- NET CASH PROVIDED BY FINANCING ACTIVITIES 29,083 2,422 --------- --------- (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (280) 2,396 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 49,095 53,240 --------- --------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 48,815 $ 55,636 ========== =========
See Notes to Interim Consolidated Financial Statements. - 4 - THE PENN TRAFFIC COMPANY NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED NOTE 1 - BASIS OF PRESENTATION - ------------------------------ The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The results of operations for the interim periods are not necessarily an indication of results to be expected for the year. In the opinion of management, all adjustments necessary for a fair presentation of the results are included for the interim periods, and all such adjustments are normal and recurring. These unaudited interim financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Annual Report on Form 10-K for the fiscal year ended January 31, 1998. All significant intercompany transactions and accounts have been eliminated in consolidation. Certain prior year amounts have been reclassified on the Consolidated Statement of Cash Flows for comparative purposes. NOTE 2 - SPECIAL CHARGES - ------------------------ During the quarter ending May 3, 1997 ("First Quarter Fiscal 1998"), the Company recorded pre-tax special charges of $15.0 million ($8.9 million, net of tax). The special charges consist of (1) $11.1 million associated with a management reorganization and related corporate actions; and (2) $3.9 million associated with the retention of recently hired corporate executives. These charges are included in the restructuring charges and selling and administrative expenses lines of the Consolidated Statement of Operations as described below. The management reorganization included the centralization of management in the Company's Syracuse, New York headquarters and other actions to streamline the Company's organizational structure. The management reorganization was implemented during the second and third quarters of Fiscal 1998. It resulted in the layoff of approximately 375 employees, with most of the layoffs in the Company's Columbus, Ohio and DuBois, Pennsylvania divisional headquarters. - 5 - NOTE 2 - SPECIAL CHARGES (CONTINUED) - ------------------------------------ The restructuring charges of $9.3 million for First Quarter Fiscal 1998 included $8.5 million of severance costs associated with the management reorganization and $0.8 million of miscellaneous other costs recorded in connection with the management reorganization. Selling and administrative expenses for First Quarter Fiscal 1998 included pre-tax special charges of (1) $3.9 million incurred in connection with the retention of recently hired corporate executives (consisting of $2.7 million paid to the newly hired executives to reimburse them for loss of benefits under arrangements with their prior employers and $1.2 million of relocation and other miscellaneous expenses associated with their retention) and (2) $1.8 million of other costs recorded in connection with the management reorganization and related corporate actions. The accrued liability related to the special charges was $0.6 million at May 2, 1998. NOTE 3 - NET (LOSS) PER SHARE - ----------------------------- Net (Loss) per share is computed based the requirements of Statement of Financial Accounting Standards No. 128, "Earnings per Share" ("SFAS 128"). This standard requires presentation of basic EPS, computed based on the weighted average number of common shares outstanding for the period, and diluted EPS, which gives effect to all dilutive potential shares outstanding (i.e., options, restricted stock and warrants) during the period. The previously presented earnings per share ("EPS") amount for the quarter ended May 3, 1997 has been restated to reflect the method of computation required by SFAS 128. Shares used in the calculation of basic EPS were 10,570,491 for quarter ended May 2, 1998 and 10,569,341 for the quarter ended May 3, 1997. The calculation of diluted EPS excludes the effect of incremental dilutive potential securities aggregating 76,617 and 88,936 shares for the quarters ended May 2, 1998 and May 3, 1997, respectively, since they would be anti-dilutive given the net loss for each quarter. - 6 - NOTE 4 - SUPPLEMENTAL FINANCIAL INFORMATION (In thousands of dollars)
FIRST QUARTER, FISCAL 1999 Operating Income $ 9,454 Depreciation and Amortization 20,048 LIFO Provision 625 Cash Interest Expense 35,667 FIRST QUARTER, FISCAL 1998 Operating Income $ 235 Operating Income before special charges 15,277 Depreciation and Amortization 22,881 LIFO Provision 500 Cash Interest Expense 36,187
NOTE 5 - INVENTORIES - -------------------- If the first-in, first-out (FIFO) method had been used by the Company, inventories would have been $23,191,000 and $22,566,000 higher than reported at May 2, 1998 and January 31, 1998, respectively. NOTE 6 - COMMITMENTS AND CONTINGENCIES - -------------------------------------- In September 1997, a jury verdict was returned in favor of a former employee who was injured in one of the Company's stores. The total award, including attorney's fees and interest, is approximately $5 million. The Company has filed an appeal and believes it will ultimately prevail. The Company further believes that its insurance would cover some portion of any loss. NOTE 7 - SUBSEQUENT EVENT - ------------------------- On June 4, 1998 the Company announced that it has engaged Goldman Sachs & Company to undertake a process for realizing value from certain of the Company's Bi-Lo stores and related wholesale/franchise operations (the "Pennsylvania Assets"). The Pennsylvania Assets being considered for disposition produced revenues of approximately $675 million over the past twelve months. Approximately 80% of these revenues were generated in Company supermarkets, with the remainder being revenues from the Company's Pennsylvania wholesale/franchise customer relationships. No assurance can be given that any transaction will be completed nor is it possible to predict the net proceeds to the Company of any such transaction or the timing of such a transaction. - 7 - ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Certain statements included in this Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in this Quarterly Report on Form 10-Q which are not statements of historical fact are intended to be, and are hereby identified as, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Without limiting the foregoing, the words "believe," "anticipate," "plan," "expect," "estimate," "intend" and other similar expressions are intended to identify forward-looking statements. The Company cautions readers that forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. Such factors include, among others, the following: General economic and business conditions; competition; the success or failure of the Company in implementing its current business strategy to improve sales and profitability; inability of the Company to consummate the sale of the Pennsylvania Assets on acceptable terms or at all; changes in the Company's business strategy; availability, location and terms of sites for store development; availability and terms of necessary or desirable financing or refinancing; unexpected costs of year 2000 compliance or failure by the Company or other entities with which it does business to achieve compliance; labor relations; and labor and employee benefit costs. RESULTS OF OPERATIONS - --------------------- THIRTEEN WEEKS ENDED MAY 2, 1998 ("FIRST QUARTER FISCAL 1999") COMPARED TO THIRTEEN WEEKS ENDED MAY 3, 1997 ("FIRST QUARTER FISCAL 1998") The following table sets forth Statement of Operations components expressed as percentages of total revenues for First Quarter Fiscal 1999 and First Quarter Fiscal 1998:
PERCENTAGE OF TOTAL REVENUES FIRST QUARTER ENDED MAY 2, MAY 3, 1998 1997 ---- ---- Total revenues 100.0% 100.0% Gross profit (1) 22.0 23.4 Selling and administrative expenses excluding special charges (2) 20.6 21.4 Selling and administrative expenses 20.6 22.2 Restructuring charges 1.2 Operating income excluding unusual items (3) 1.3 2.0 Operating income 1.3 0.0 Interest expense 5.1 4.9 (Loss) before income taxes (3.8) (4.9) Net (loss) (2.4) (3.0)
(See notes on next page) - 8 - RESULTS OF OPERATIONS (CONTINUED) - --------------------------------- (1) Total revenues less cost of sales. (2) Selling and administrative expenses include pre-tax special charges of (1) $3.9 million associated with the retention of recently hired corporate executives and (2) $1.8 million of other costs associated with a management reorganization and related corporate actions during First Quarter Fiscal 1998 (see Note 2). (3) Operating income excluding pre-tax special charges of $15.0 million during First Quarter Fiscal 1998 (see Note 2). Total revenues for First Quarter Fiscal 1999 decreased to $716.8 million from $759.4 million in First Quarter Fiscal 1998 primarily as a result of the decrease in same store sales described below. Wholesale supermarket revenues were $80.7 million in First Quarter Fiscal 1999 and $90.4 million in First Quarter Fiscal 1998. Same store sales for First Quarter Fiscal 1999 declined 4.1% from the comparable prior year period. In First Quarter Fiscal 1999 gross profit was $157.4 million compared to First Quarter Fiscal 1998 gross profit of $177.8 million, representing 22.0% and 23.4% of total revenues, respectively. The decrease in gross profit as a percentage of total revenues primarily resulted from investments in gross margins associated with the Company's new marketing program (initiated in late September 1997). Selling and administrative expenses in First Quarter Fiscal 1999 were $148.0 million or 20.6% of revenues compared to $168.2 million or 22.2% of revenues in First Quarter Fiscal 1998. In First Quarter Fiscal 1998, selling and administrative expenses, excluding pre-tax special charges of $5.7 million (see Note 2), were $162.5 million or 21.4% of revenues. The decrease in selling and administrative expenses as a percentage of revenues is the result of the Company's cost reduction programs. This improvement was partially offset by increased promotional expenses associated with the Company's new marketing program (Penn Traffic accounts for certain promotional expenses in the selling and administrative expenses line of the Consolidated Statement of Operations). During First Quarter Fiscal 1998, the Company recorded restructuring charges of $9.3 million in connection with the management reorganization (see Note 2). Depreciation and amortization expense was $20.0 million in First Quarter Fiscal 1999 and $22.8 million in First Quarter Fiscal 1998, representing 2.8% and 3.0% of total revenues, respectively. Operating income for First Quarter Fiscal 1999 was $9.5 million or 1.3% of total revenues compared to $0.2 million or 0.0% of total revenues in First Quarter Fiscal 1998. In First Quarter Fiscal 1998 operating income, excluding pre-tax special charges of $15.0 million, was $15.3 million or 2.0% of total revenues. The decrease in operating income, excluding special charges, as a percentage of revenues was the result of a decrease in gross profit as a percentage of revenues partially offset by a decrease in selling and administrative expenses, excluding special charges, as a percentage of revenues. - 9 - RESULTS OF OPERATIONS (CONTINUED) - --------------------------------- Interest expense for First Quarter Fiscal 1999 and First Quarter Fiscal 1998 was $36.9 million and $37.4 million, respectively. Loss before income taxes was $27.4 million for First Quarter Fiscal 1999 compared to a loss of $37.1 million for First Quarter Fiscal 1998. The loss before income taxes, excluding pre-tax special charges of $15.0 million, was $22.1 million for First Quarter Fiscal 1998. The reason for the increase in the loss before income taxes, excluding the pre-tax special charges of $15.0 million, is the decrease in operating income, excluding special charges. The income tax benefit was $10.4 million for First Quarter Fiscal 1999 compared to a benefit of $14.3 million in First Quarter Fiscal 1998. The income tax benefit, excluding the effect of the pre-tax special charges of $15.0 million, was $8.2 million for First Quarter Fiscal 1998. The effective tax rates vary from the statutory rates due to differences between income for financial reporting and tax reporting purposes, primarily related to goodwill amortization resulting from prior acquisitions. A valuation allowance is required when it is more likely than not that the recorded value of a deferred tax asset will not be realized. In the judgement of management, no such allowance is required in First Quarter Fiscal 1999. Management presently believes that a valuation allowance will be required for some portion or all of any deferred tax assets related to net operating loss and tax credit carryforwards arising in the future. As a result, management expects that the Company will be unable to accrue a benefit for income taxes for a portion of the remainder of Fiscal 1999. Net loss was $17.1 million in First Quarter Fiscal 1999 compared to net loss of $22.8 million in First Quarter Fiscal 1998. Net loss excluding the after-tax impact of special charges was $13.9 million in First Quarter Fiscal 1998. - 10 - LIQUIDITY AND CAPITAL RESOURCES - ------------------------------- Payments of interest and principal on the Company's approximately $1.27 billion of debt (excluding capital leases) will restrict funds available to the Company to finance capital expenditures and working capital. Amounts maturing in the next five years are $2.0 million (remainder of Fiscal 1999); $2.7 million (Fiscal 2000); $120.1 million, including $112.6 million outstanding as of May 2, 1998, under the Company's secured revolving credit facility which matures in April 2000 (Fiscal 2001); $107.7 million (Fiscal 2002); and $125.4 million (Fiscal 2003). The Company has a revolving credit facility (the "Revolving Credit Facility") which provides for borrowings of up to $250 million, subject to a borrowing base limitation measured by eligible inventory and accounts receivable of the Company. The Revolving Credit Facility matures in April 2000 (Fiscal 2001) and is secured by a pledge of the Company's inventory, accounts receivable and related assets. As of May 2, 1998, additional availability under the Revolving Credit Facility was $71.7 million. During First Quarter Fiscal 1999, the Company's internally generated funds from operations and amounts available under the Revolving Credit Facility provided sufficient liquidity to meet the Company's operating, capital expenditure and debt service needs. The Company expects to utilize internally generated funds from operations, amounts available under the Revolving Credit Facility and proceeds of asset sales, if any, to satisfy its operating, capital expenditure and debt service needs for the remainder of Fiscal 1999. Cash flows to meet the Company's requirements for operating, investing and financing activities in First Quarter Fiscal 1999 are reported in the Consolidated Statement of Cash Flows. For the thirteen week period ended May 2, 1998, the Company experienced a negative cash flow from operating activities of $25.0 million. Working capital increased by $26.8 million from January 31, 1998 to May 2, 1998. The Company is in compliance with all terms and restrictive covenants of its long-term debt agreements. The Company expects to spend approximately $30 million on capital expenditures (including capital leases) during Fiscal 1999. Capital expenditures will be principally for new stores, remodeled store facilities and investments in technology. On June 4, 1998 the Company announced that it has engaged Goldman Sachs & Company to undertake a process for realizing value from certain of the Company's Bi-Lo stores and related wholesale/franchise operations. The Pennsylvania Assets being considered for disposition produced revenues of approximately $675 million over the past twelve months. Approximately 80% of these revenues were generated in Company supermarkets, with the remainder being revenues from the Company's Pennsylvania wholesale/franchise customer relationships. No assurance can be given that any transaction will be completed nor is it possible to predict the net proceeds to the Company of any such transaction or the timing of such a transaction. - 11 - YEAR 2000 - --------- Many of the Company's computer systems will require modification or replacement over the next two years in order to render these systems compliant with the year 2000. The Company has established processes for evaluating and managing the risks and costs associated with this issue. The Company expects to have all critical systems compliant. Based on current information, the Company estimates that the cost of Year 2000 compliance during the fiscal years ended January 30, 1999, and January 29, 2000, will be approximately $10 million (including the purchase of certain new hardware and software). The business of the Company could be adversely affected should the Company or other entities with which the Company does business be unsuccessful in completing critical modifications in a timely manner. - 12 - PART II. OTHER INFORMATION - --------------------------- All items which are not applicable or to which the answer is negative have been omitted from this report. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS Penn Traffic's Annual Meeting of Stockholders was held on June 4 1998. At the Annual Meeting, three directors were elected to serve for three-year terms on the Company's Board of Directors by the following votes:
FOR WITHHELD --- -------- Gary D. Hirsch 9,488,626 356,406 James A. Lash 9,616,770 228,262 Richard D. Segal 9,631,565 213,468
At the Annual Meeting, the selection of Price Waterhouse LLP as auditors for the Company for Fiscal 1999 was ratified by a vote of 9,788,787 shares in favor, 33,387 shares opposed and 22,857 abstentions. - 13 - ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits Exhibit Number Description -------------- ----------- 27.1 Financial Data Schedule (b) Reports on Form 8-K On March 24, 1998, the Company filed a report on Form 8-K relating to Amendment Number 17 to the Revolving Credit Facility, dated March 13, 1998, which modified certain covenants. - 14 - 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. THE PENN TRAFFIC COMPANY June 15, 1998 /s/- Phillip E. Hawkins ----------------------------------- By: Phillip E. Hawkins President, Chief Executive Officer and Director June 15, 1998 /s/- Robert J. Davis ----------------------------------- By: Robert J. Davis Senior Vice President and Chief Financial Officer - 15 - EX-27.1 2 FDS
5 3-MOS JAN-30-1999 FEB-01-1998 MAY-02-1998 48,815 0 72,262 4,107 322,319 454,436 903,571 420,036 1,538,718 284,956 1,386,796 0 0 13,586 (190,452) 1,538,718 703,457 716,799 559,390 559,390 147,955 0 36,862 (27,408) 10,350 (17,058) 0 0 0 (17,058) (1.61) 0
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