-----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, CMaYYaSnuvR25gnX0VA2Vo5SUAEDz3fhluYTgPEoofO+YMKGbkpvoz05Xm/aw6T8 7UrErgT37IhKJpGbiQd3QQ== 0000081061-96-000027.txt : 19960515 0000081061-96-000027.hdr.sgml : 19960515 ACCESSION NUMBER: 0000081061-96-000027 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960330 FILED AS OF DATE: 19960514 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUBLIX SUPER MARKETS INC CENTRAL INDEX KEY: 0000081061 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-GROCERY STORES [5411] IRS NUMBER: 590324412 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-00981 FILM NUMBER: 96562502 BUSINESS ADDRESS: STREET 1: 1936 GEORGE JENKINS BLVD CITY: LAKELAND STATE: FL ZIP: 33801 BUSINESS PHONE: 8136881188 MAIL ADDRESS: STREET 2: P O BOX 407 CITY: LAKELAND STATE: FL ZIP: 33802 10-Q 1 PUBLIX SUPER MARKETS, INC. 2Q95 10-Q 1 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 March 30, 1996 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 33801 - --------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (941) 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 April 26, 1996 was 222,783,746. Page 1 of 8 pages 2 PART I. FINANCIAL INFORMATION Item 1. Financial Statements PUBLIX SUPER MARKETS, INC. CONDENSED BALANCE SHEETS (Amounts in thousands)
ASSETS March 30, 1996 December 30, 1995 -------------- ----------------- (Unaudited) Current Assets Cash and cash equivalents $ 419,247 $ 276,700 Short-term investments 72,473 74,292 Accounts receivable 43,928 44,492 Merchandise inventories 520,421 542,886 Deferred tax assets 36,896 36,475 Prepaid expenses 8,956 3,269 ---------- ---------- Total Current Assets 1,101,921 978,114 Long-term investments 124,978 119,412 Investment in joint ventures 4,878 4,888 Other noncurrent assets 4,024 4,203 Property, plant and equipment 2,590,503 2,540,205 Accumulated depreciation (1,123,794) (1,087,457) ---------- ---------- Total Assets $2,702,510 $2,559,365 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Current installments of long-term debt $ 1,019 $ 1,265 Accounts payable 503,312 500,399 Accrued contributions to retirement plans 99,592 67,348 Accrued salaries and wages 48,272 41,276 Accrued self-insurance reserves 57,774 58,442 Federal and state income taxes 42,661 1,318 Other 64,437 75,496 ---------- ---------- Total Current Liabilities 817,067 745,544 ---------- ---------- Long-term debt, excluding current installments 1,618 1,765 Deferred tax liabilities, net 109,578 103,707 Self-insurance reserves 61,506 60,435 Accrued postretirement benefit cost 34,354 33,197 Stockholders' Equity Common stock of $1 par value. Authorized 300,000,000 shares; issued 225,746,454 shares at March 30, 1996 and December 30, 1995 225,746 225,746 Additional paid-in capital 85,442 85,280 Reinvested earnings 1,387,800 1,303,287 ---------- ---------- 1,698,988 1,614,313 Less treasury shares of 1,257,464 at March 30, 1996, at cost (20,822) --- Unrealized gain on investment securities available-for-sale, net 221 404 ---------- ---------- Total Stockholders' Equity 1,678,387 1,614,717 ---------- ---------- Total Liabilities and Stockholders' Equity $2,702,510 $2,559,365 ========== ==========
See accompanying notes to condensed financial statements. -2- 3 PUBLIX SUPER MARKETS, INC. CONDENSED STATEMENTS OF EARNINGS (Amounts in thousands except per share amounts)
Three Months Ended March 30,1996 April 1, 1995 ------------- ------------- (Unaudited) Revenues Sales $ 2,681,394 $ 2,394,629 Other income, net 22,800 22,632 ------------ ------------ Total revenues 2,704,194 2,417,261 ------------ ------------ Costs and expenses Cost of merchandise sold, including store occupancy, warehousing and delivery expenses 2,084,305 1,836,707 Operating and administrative expenses 484,508 456,570 Interest expense 67 102 ------------ ------------ Total costs and expenses 2,568,880 2,293,379 ------------ ------------ Earnings before income tax expense 135,314 123,882 Income tax expense 50,801 46,663 ------------ ------------ Net earnings $ 84,513 $ 77,219 ============ ============ Weighted average number of common shares outstanding 225,149,138 230,275,612 ============ ============ Net earnings per common share $ .38 $ .34 ============ ============ Cash dividends per common share None None
See accompanying notes to condensed financial statements. -3- 4 PUBLIX SUPER MARKETS, INC. CONDENSED STATEMENTS OF CASH FLOWS (Amounts in thousands)
Three Months Ended March 30, 1996 April 1, 1995 -------------- ------------- (Unaudited) Cash Flows From Operating Activities Cash received from customers $2,698,352 $2,405,487 Cash paid to employees and suppliers (2,446,576) (2,185,111) Income taxes paid (3,892) (7,007) Payment for self-insured claims (26,082) (24,842) Other, net 5,063 3,832 ---------- ---------- Net Cash Provided by Operating Activities 226,865 192,359 ---------- ---------- Cash Flows From Investing Activities Payment for property, plant and equipment (53,969) (63,258) Payment for investment securities - available-for-sale (101,558) (80,028) Proceeds from sale of investment securities - available-for-sale 97,230 81,087 Other, net 473 1,255 ---------- ---------- Net Cash Used in Investing Activities (57,824) (60,944) ---------- ---------- Cash Flows From Financing Activities Payment of long-term debt (393) (446) Proceeds from sale of common stock 6,572 8,032 Payment for acquisition of common stock (32,673) (36,438) ---------- ---------- Net Cash Used in Financing Activities (26,494) (28,852) ---------- ---------- Net increase in cash and cash equivalents 142,547 102,563 Cash and cash equivalents at beginning of quarter 276,700 188,885 ---------- ----------- Cash and cash equivalents at end of quarter $ 419,247 $ 291,448 ========== ===========
See accompanying notes to condensed financial statements. -4- 5 PUBLIX SUPER MARKETS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS 1. In the opinion of management, the accompanying financial statements include all adjustments deemed necessary to fairly reflect the financial position, results of operations and changes in cash flows of the Company for the interim periods presented. 2. Due to the seasonal nature of the Company's business, the results for the three months ended March 30, 1996 are not necessarily indicative of the results for the entire 1996 fiscal year. 3. Certain 1995 amounts have been reclassified to conform with the 1996 presentation. -5- 6 PUBLIX SUPER MARKETS, INC. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Liquidity and Capital Resources - ------------------------------- Operating activities continue to be the Company's primary source of liquidity. Net cash provided by operating activities was approximately $226.9 million in the quarter ended March 30, 1996, as compared with $192.4 million in the quarter ended April 1, 1995. Cash and cash equivalents totaled $419.2 million as of March 30, 1996. Capital expenditures totaled approximately $54.0 million in the quarter ended March 30, 1996. These expenditures were primarily incurred in connection with the opening of eight new stores and the remodeling or enlarging of two stores which added .42 million square feet. Capital expenditures totaled $63.3 million in the quarter ended April 1, 1995. These expenditures were primarily incurred in connection with the opening of 11 new stores and the remodeling or enlarging of three stores which added .52 million square feet. During the quarter ended April 1, 1995, significant expenditures were also incurred in the continued construction of a new distribution center in Lawrenceville, Georgia. The Company has budgeted approximately $171.0 million for the remainder of 1996 for new store construction and the remodeling or enlarging of several existing stores. The capital budget is subject to continuing change and review. The remaining capital expenditures are expected to be financed by internally generated funds and current liquid assets. As of March 30, 1996, the Company has committed lines of credit for $100.0 million and one uncommitted line of credit for $25.0 million. These lines are reviewed annually by the banks. The interest rate for these lines is at or below the prime rate. No amounts were outstanding as of March 30, 1996. Cash generated in excess of the amount needed for current operations and capital expenditures is invested in short-term and long-term investments. Management believes the Company's liquidity will continue to be strong. Operating Results - ----------------- Sales increased 12.0% in the first quarter of 1996 to $2,681.4 million, an increase of $286.8 million compared to the same quarter in 1995. This represents an increase of $126.9 million or 5.3% in sales from stores that were open for all of both quarters (comparable stores) and sales of $159.9 million or 6.7% from the net impact of new and closed stores since the beginning of the first quarter of 1995. Cost of merchandise sold including store occupancy, warehousing and delivery expenses, as a percentage of sales, was approximately 77.7% in the quarter ended March 30, 1996, and 76.7% in the quarter ended April 1, 1995. The increase in cost of merchandise sold, as a percentage of sales, is due to competitive pressures. Operating and administrative expenses, as a percentage of sales, were approximately 18.1% and 19.1% for the quarters ended March 30, 1996 and April 1, 1995, respectively. The significant components of operating and administrative expenses are payroll costs, employee benefits and depreciation. -6- 7 PUBLIX SUPER MARKETS, INC. PART II. OTHER INFORMATION Item 1(a). Legal Proceedings In Item 3 of the Company's Form 10-K for the fiscal year ended December 30, 1995, reference was made to class action litigation against the Company involving alleged violations of Title VII of the Federal Civil Rights Act and Florida law with respect to certain of the Company's retail employees. On April 23, 1996, the Company sought reconsideration of the Court's class certification order, or in the alternative, a right to an immediate appeal of that order. On March 28, 1996, another suit seeking class action status was filed against the Company in the Federal District Court for the Middle District of Florida, Tampa Division, Case No. 96-608-Civ-T, by Kathy Watkins, individually and on behalf of other persons similarly situated (the "Watkins case"). In her Complaint, the plaintiff alleges that the Company has developed, engaged in, promoted and allowed throughout its manufacturing and supply facilities a system-wide pattern and practice of employment discrimination that results in lower positions, salaries and wages for women, as well as the denial or delay of their advancement opportunities and promotions, all in violation of Federal and Florida Civil Rights Acts. The plaintiff seeks, among other relief, a certification of the suit as a proper class action with respect to all past and present female employees of the Company at its manufacturing and support facilities who have been adversely affected by gender discrimination, a declaratory judgment that the Company's practices are unlawful, back pay and other compensatory damages, punitive damages, and injunctive relief against future improper conduct. As has been the case with respect to the previously reported Shores litigation, the Company denies the allegations contained in the Watkins complaint and intends to vigorously defend the suit. Item 6(a). Exhibits 27. Financial Data Schedule for the three months ended March 30, 1996. Item 6(b). Reports on Form 8-K The Company filed a report on Form 8-K dated March 28, 1996, reporting the legal proceedings disclosed in Part II, Item 1(a) above. -7- 8 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: May 10, 1996 /s/ S. Keith Billups --------------------------- S. Keith Billups, Secretary Date: May 10, 1996 /s/ William H. Vass --------------------------------------------- William H. Vass, Executive Vice President (Principal Financial Officer) -8- EX-27 2 FINANCIAL DATA SCHEDULE
5 This schedule contains summary financial information extracted from the financial statements for the three months ended March 30, 1996, and is qualified in its entirety by reference to such financial statements. 1,000 US DOLLARS 3-MOS DEC-28-1996 DEC-31-1995 MAR-30-1996 1 419,247 72,473 43,928 0 520,421 1,101,921 2,590,503 (1,123,794) 2,702,510 817,067 1,618 0 0 225,746 1,452,641 2,702,510 2,681,394 2,704,194 2,084,305 2,568,813 0 0 67 135,314 50,801 84,513 0 0 0 84,513 .38 .38 -----END PRIVACY-ENHANCED MESSAGE-----