-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, aTAqf0ZjLmFGeTo4oTGnGP026ap+YEDmkQ0y2+xc9NqLSRuX3KRBaThE/fBS7As+ gJLGWUYDyGcRgy7S2duF9A== 0000950149-94-000113.txt : 19940527 0000950149-94-000113.hdr.sgml : 19940527 ACCESSION NUMBER: 0000950149-94-000113 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940520 ITEM INFORMATION: Changes in control of registrant FILED AS OF DATE: 19940520 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SAFEWAY INC CENTRAL INDEX KEY: 0000086144 STANDARD INDUSTRIAL CLASSIFICATION: 5411 IRS NUMBER: 943019135 STATE OF INCORPORATION: DE FISCAL YEAR END: 1229 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00041 FILM NUMBER: 94529569 BUSINESS ADDRESS: STREET 1: FOURTH & JACKSON STS CITY: OAKLAND STATE: CA ZIP: 94660 BUSINESS PHONE: 5108913000 MAIL ADDRESS: STREET 1: FOURTH & JACKSONS STS CITY: OAKLAND STATE: CA ZIP: 94660 FORMER COMPANY: FORMER CONFORMED NAME: SAFEWAY STORES INC DATE OF NAME CHANGE: 19900226 8-K 1 FORM 8-K DATED 5/20/94 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report: May 20, 1994 Commission file number 1-41 SAFEWAY INC. (Exact name of registrant as specified in its charter) DELAWARE 94-3019135 -------- ---------- (State or other jurisdiction of incorporation or (I.R.S. Employer Indentification No.) organization) FOURTH AND JACKSON STREETS OAKLAND, CALIFORNIA 94660 ------------------- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (510) 891-3000 --------------
Not Applicable (Former name, former address and former fiscal year, if changed since last report.) 2 SAFEWAY INC. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) The following exhibits are filed as part of this Report: 12.1 Computation of Ratio of Earnings to Fixed Charges 2 3 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 hereunto duly authorized. SAFEWAY INC. REGISTRANT Date: May 20, 1994 By: /s/ F. J. Dale ------------ ----------------- F. J. Dale Group Vice President Finance 3 EX-12.1 2 EXHIBIT 12.1 TO FORM 8-K 1 Exhibit 12.1 SAFEWAY INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (dollars in millions)
12 Weeks Ended ---------------------- March 26, March 27, 1994 1993 1993 1992 1991 1990 ---- ---- ---- ---- ---- ---- Income (loss) before income taxes, extraordinary loss and cumulative effect of accounting changes $ 73.5 $ (3.1) $ 216.3 $ 197.4 $ 166.2 $ 194.7 Add interest expense 55.8 63.2 265.5 290.4 355.4 384.1 Add interest on rental expense (a) 19.4 21.0 88.0 88.0 83.0 82.0 Equity in earnings of unconsolidated affiliates (10.5) (16.1) (33.5) (39.1) (45.8) (25.5) Less gain on common stock offering by unconsolidated affiliate - - - - (27.4) - Add minority interest in subsidiary 0.7 0.3 3.5 1.7 1.3 1.4 ---------- ---------- --------- --------- --------- --------- Earnings $ 138.9 $ 65.3 $ 539.8 $ 538.4 $ 532.7 $ 636.7 ========== ========== ========= ========= ========= ========= Interest expense $ 55.8 $ 63.2 $ 265.5 $ 290.4 $ 355.4 $ 384.1 Add capitalized interest 0.7 0.8 4.2 8.0 10.6 3.3 Add interest on rental expense (a) 19.4 21.0 88.0 88.0 83.0 82.0 ---------- ---------- --------- --------- --------- --------- Fixed charges $ 75.9 $ 85.0 $ 357.7 $ 386.4 $ 449.0 $ 469.4 ========== ========== ========= ========= ========= ========= Ratio of earnings to fixed charges 1.83 (b) 1.51 (c) 1.39 1.19 (d) 1.36 ========== ========== ========= ========= ========= =========
(a) Based on a 10% discount factor on the estimated present value of future operating lease payments. (b) Safeway's earnings were insufficient to cover fixed charges for the first quarter of 1993 primarily due to a $50 million charge to operating and administrative expense for estimated severance payments to be made to retail employees in the Alberta, Canada division as part of a voluntary employee buyout. The additional amount of earnings needed to cover fixed charges in the first quarter of 1993 was $19.7 million. (c) Safeway's ratio of earnings to fixed charges for 1993 was adversely affected by a $54.9 million charge to operating and administrative expense for severance payments to be made to retail employees in the Alberta, Canada division as part of a voluntary employee buyout. Excluding this charge, the ratio of earnings to fixed charges for 1993 would have been 1.66. (d) Safeway's ratio of earnings to fixed charges for 1991 was adversely affected by a $115 million charge to operating profit in connection with the bankruptcy of AppleTree Markets, Inc. ("AppleTree"). The $115 million charge was an estimate of the eventual net lease and related cash payments which Safeway expected to make over a period of up to 16 years in connection with any liability Safeway may have on the leases assigned to AppleTree as part of the sale of the Company's former Houston division. Excluding this charge, the ratio of earnings to fixed charges for 1991 would have been 1.44. 4 -----END PRIVACY-ENHANCED MESSAGE-----