-----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, RkKy8SinJm4W65zg2Ofs0eAUYTq7KZcdfLmt08kpco87k+NNF//hHKEHtE1rntdG nYW28YkRuemwLSqJfsM25w== /in/edgar/work/0000081061-00-000026/0000081061-00-000026.txt : 20001120 0000081061-00-000026.hdr.sgml : 20001120 ACCESSION NUMBER: 0000081061-00-000026 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000923 FILED AS OF DATE: 20001116 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUBLIX SUPER MARKETS INC CENTRAL INDEX KEY: 0000081061 STANDARD INDUSTRIAL CLASSIFICATION: [5411 ] IRS NUMBER: 590324412 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: SEC FILE NUMBER: 000-00981 FILM NUMBER: 771854 BUSINESS ADDRESS: STREET 1: 1936 GEORGE JENKINS BLVD CITY: LAKELAND STATE: FL ZIP: 33815 BUSINESS PHONE: 9416887407 MAIL ADDRESS: STREET 1: 1936 GEORGE JENKINS BLVD CITY: LAKELAND STATE: FL ZIP: 33815 10-Q/A 1 0001.txt FORM 10-Q AMENDED UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q/A (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended September 23, 2000 ------------------ 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 0-981 ---------------------------- PUBLIX SUPER MARKETS, INC. ------------------------------------------------------ (Exact name of Registrant as specified in its charter) Florida 59-0324412 - ------------------------------- ------------------------------------ (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 1936 George Jenkins Blvd. Lakeland, Florida 33815 - ---------------------------------------- -------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (863) 688-1188 -------------- 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 _______ ------ The number of shares outstanding of the Registrant's common stock, $1.00 par value, as of October 27, 2000 was approximately 206,488,705. Page 1 of 8 pages EXPLANATORY NOTE The quarterly report on Form 10-Q for the quarter ended September 23, 2000 of Publix Super Markets, Inc. is hereby amended for Item 1 of Part 1. The Condensed Consolidated Statements of Earnings for the nine months ended September 23, 2000 contained a calculation error in the weighted average number of common shares outstanding. This resulted in a change in the basic earnings per common share for the nine months ended September 23, 2000. Item 1 of Part 1 of the Registrant's Form 10-Q is hereby amended in its entirety as follows: -2- PART I. FINANCIAL INFORMATION Item 1. Financial Statements - -----------------------------
PUBLIX SUPER MARKETS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts are in thousands, except share amounts) ASSETS September 23, 2000 December 25, 1999 ------------------ ----------------- (Unaudited) Current Assets - -------------- Cash and cash equivalents $ 430,395 $ 626,636 Short-term investments 13,504 28,233 Trade receivables 66,695 107,185 Merchandise inventories 739,708 769,454 Deferred tax assets 62,135 57,065 Prepaid expenses 6,656 2,442 ---------- ---------- Total Current Assets 1,319,093 1,591,015 ---------- ---------- Long-term investments 419,701 398,865 Other noncurrent assets 22,612 22,682 Property, plant and equipment 3,559,987 3,307,387 Accumulated depreciation (1,299,632) (1,252,217) ---------- ---------- Total Assets $4,021,761 $4,067,732 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities - ------------------- Accounts payable $ 593,582 $ 634,995 Accrued contribution to retirement plans 194,778 182,981 Accrued salaries and wages 89,730 52,591 Accrued self-insurance reserves 75,946 69,356 Federal and state income taxes 22,532 32,496 Other 126,253 103,339 ---------- ---------- Total Current Liabilities 1,102,821 1,075,758 ---------- ---------- Deferred tax liabilities, net 141,380 135,413 Self-insurance reserves 110,373 100,154 Accrued postretirement benefit cost 61,151 55,735 Other noncurrent liabilities 19,701 24,528 Stockholders' Equity - -------------------- Common stock of $1 par value. Authorized 300,000,000 shares; issued 215,914,742 shares at September 23, 2000 and 215,567,950 shares at December 25, 1999 215,915 215,568 Additional paid-in capital 211,972 196,352 Reinvested earnings 2,597,996 2,271,323 ---------- ---------- 3,025,883 2,683,243 Less 9,518,028 treasury shares at September 23, 2000, at cost (434,254) --- Accumulated other comprehensive earnings (5,294) (7,099) ---------- ---------- Total Stockholders' Equity 2,586,335 2,676,144 ---------- ---------- Total Liabilities and Stockholders' Equity $4,021,761 $4,067,732 ========== ==========
See accompanying notes to condensed consolidated financial statements. -3-
PUBLIX SUPER MARKETS, INC. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Amounts are in thousands, except per share and share amounts) Three Months Ended September 23, 2000 September 25, 1999 ------------------ ------------------ (Unaudited) Revenues - -------- Sales $ 3,465,265 $ 3,155,851 Other income, net 37,377 35,243 ------------ ------------ Total revenues 3,502,642 3,191,094 ------------ ------------ Costs and expenses - ------------------ Cost of merchandise sold, including store occupancy, warehousing and delivery expenses 2,565,679 2,356,079 Operating and administrative expenses 760,119 675,109 ------------ ------------ Total costs and expenses 3,325,798 3,031,188 ------------ ------------ Earnings before income tax expense 176,844 159,906 Income tax expense 62,984 56,538 ------------ ------------ Net earnings $ 113,860 $ 103,368 ============ ============ Weighted average number of common shares outstanding 208,844,691 216,335,129 ============ ============ Basic earnings per common share $ .55 $ .48 ============ ============ Cash dividends per common share none none
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Amounts are in thousands) Three Months Ended September 23, 2000 September 25, 1999 ------------------ ------------------ (Unaudited) Net earnings $ 113,860 $ 103,368 Other comprehensive earnings - unrealized gain (loss) on investment securities available-for-sale, net of tax effect of $2,484 and ($3,164) in 2000 and 1999, respectively 3,955 (5,037) Reclassification adjustment for net realized (gain) loss on investment securities available-for-sale, net of tax effect of ($119) and $74 in 2000 and 1999, respectively (190) 116 ------------ ------------ Comprehensive earnings $ 117,625 $ 98,447 ============ ============
See accompanying notes to condensed consolidated financial statements. -4-
PUBLIX SUPER MARKETS, INC. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Amounts are in thousands, except per share and share amounts) Nine Months Ended September 23, 2000 September 25, 1999 ------------------ ------------------ (Unaudited) Revenues - -------- Sales $ 10,556,189 $ 9,656,686 Other income, net 109,734 101,293 ------------ ------------ Total revenues 10,665,923 9,757,979 ------------ ------------ Costs and expenses - ------------------ Cost of merchandise sold, including store occupancy, warehousing and delivery expenses 7,827,006 7,216,881 Operating and administrative expenses 2,239,580 2,013,839 ------------ ------------ Total costs and expenses 10,066,586 9,230,720 ------------ ------------ Earnings before income tax expense 599,337 527,259 Income tax expense 214,848 189,224 ------------ ------------ Net earnings $ 384,489 $ 338,035 ============ ============ Weighted average number of common shares outstanding 211,659,151 216,336,294 ============ ============ Basic earnings per common share $ 1.82 $ 1.56 ============ ============ Cash dividends per common share $ .27 $ .22 ============ ============
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Amounts are in thousands) Nine Months Ended September 23, 2000 September 25, 1999 ------------------ ------------------ (Unaudited) Net earnings $ 384,489 $ 338,035 Other comprehensive earnings - unrealized gain (loss) on investment securities available-for-sale, net of tax effect of $263 and ($4,999) in 2000 and 1999, respectively 419 (7,968) Reclassification adjustment for net realized loss on investment securities available-for-sale, net of tax effect of $871 and $1,882 in 2000 and 1999, respectively 1,386 3,005 ------------ ------------ Comprehensive earnings $ 386,294 $ 333,072 ============ ============
See accompanying notes to condensed consolidated financial statements. -5-
PUBLIX SUPER MARKETS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts are in thousands) Nine Months Ended September 23, 2000 September 25, 1999 ------------------ ------------------ (Unaudited) Cash Flows From Operating Activities - ------------------------------------ Cash received from customers $ 10,665,432 $ 9,726,691 Cash paid to employees and suppliers (9,547,528) (8,835,343) Income taxes paid (225,048) (172,444) Payment for self-insured claims (108,778) (102,548) Other, net 37,916 36,270 ------------ ------------ Net Cash Provided by Operating Activities 821,994 652,626 ------------ ------------ Cash Flows From Investing Activities - ------------------------------------ Payment for property, plant and equipment (386,842) (361,720) Payment for investment securities - available-for-sale (61,613) (153,629) Proceeds from sale of investment securities - available-for-sale 53,068 112,275 Other, net 3,142 (7,372) ------------ ------------ Net Cash Used in Investing Activities (392,245) (410,446) ------------ ------------ Cash Flows From Financing Activities - ------------------------------------ Proceeds from sale of common stock 73,619 209,708 Payment for acquisition of common stock (641,662) (301,844) Dividends paid (57,816) (47,846) Other, net (131) (131) ------------ ------------ Net Cash Used in Financing Activities (625,990) (140,113) ------------ ------------ Net (decrease) increase in cash and cash equivalents (196,241) 102,067 Cash and cash equivalents at beginning of period 626,636 669,326 ------------ ------------ Cash and cash equivalents at end of period $ 430,395 $ 771,393 ============ ============
See accompanying notes to condensed consolidated financial statements. -6- PUBLIX SUPER MARKETS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. The accompanying condensed consolidated financial statements included herein are unaudited; however, in the opinion of management, such information reflects all adjustments (consisting solely of normal recurring adjustments) which are necessary for the fair statement of results for the interim period. These condensed consolidated financial statements should be read in conjunction with the fiscal 1999 Form 10-K Annual Report of the Company. 2. Due to the seasonal nature of the Company's business, the results for the three months and nine months ended September 23, 2000 are not necessarily indicative of the results for the entire 2000 fiscal year. 3. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 4. In June 1998, the Financial Accounting Standards Board issued Statement of Financial Accounting Standard No. 133, "Accounting for Derivative Instruments and Hedging Activities," (SFAS 133) effective for fiscal years beginning after June 15, 1999. SFAS 133 requires that derivatives be carried at fair value and provides for hedge accounting when certain conditions are met. In June 1999, the Financial Accounting Standards Board issued Statement of Financial Accounting Standard No. 137, "Accounting for Derivative Instruments and Hedging Activities - Deferral of the Effective Date of FASB Statement No. 133" (SFAS 137) which deferred the effective date of adoption of SFAS 133 for one year. The Company believes that the adoption of SFAS 133 will not have an adverse effect on the Company's financial condition, results of operations or cash flows. 5. In December 1999, the Securities and Exchange Commission issued Staff Accounting Bulletin No. 101, "Revenue Recognition in Financial Statements," (SAB 101). SAB 101 summarizes certain of the staff's views in applying generally accepted accounting principles to revenue recognition in financial statements. This SAB, as amended by SAB No. 101A and No. 101B, is effective for the Company's fourth quarter of fiscal year 2000. The Company has historically recognized revenue in accordance with the requirements of SAB 101, therefore, there will be no effect on the Company's financial condition, results of operations or cash flows from the adoption of SAB 101. -7- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed in its behalf by the undersigned thereunto duly authorized. PUBLIX SUPER MARKETS, INC. Date: November 16, 2000 /s/ John A. Attaway Jr. ------------------------------------------ John A. Attaway Jr., Secretary Date: November 16, 2000 /s/ David P. Phillips ------------------------------------------ David P. Phillips, Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) -8- EX-27 2 0002.txt FINANCIAL DATA SCHEDULE - AMENDED
5 This schedule contains summary financial information extracted from the financial statements for the nine months ended September 23, 2000, and is qualified in its entirety by reference to such financial statements. 0000081061 Publix Super Markets, Inc. 1,000 US Dollars 9-Mos Dec-30-2000 Dec-26-1999 Sep-23-2000 1 430,395 13,504 66,695 0 739,708 1,319,093 3,559,987 (1,299,632) 4,021,761 1,102,821 0 0 0 215,915 2,370,420 4,021,761 10,556,189 10,665,923 7,827,006 10,066,586 0 0 0 599,337 214,848 384,489 0 0 0 384,489 1.82 1.82
-----END PRIVACY-ENHANCED MESSAGE-----