-----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, JhMmyspz5q85TJg5nVOpVAHYMUK0CAcsGnykstyt9hRw19dt1XTLrSQyw0F1if8N NNc9dEsbwXAF/kUfHWS9Tg== 0000950112-96-002531.txt : 19960729 0000950112-96-002531.hdr.sgml : 19960729 ACCESSION NUMBER: 0000950112-96-002531 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960518 FILED AS OF DATE: 19960726 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: STOP & SHOP COMPANIES INC /DE/ CENTRAL INDEX KEY: 0000880267 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-GROCERY STORES [5411] IRS NUMBER: 061231252 STATE OF INCORPORATION: DE FISCAL YEAR END: 0202 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-10958 FILM NUMBER: 96599225 BUSINESS ADDRESS: STREET 1: 1385 HANCOCK STREET CITY: QUINCY STATE: MA ZIP: 02169 BUSINESS PHONE: 6173808000 MAIL ADDRESS: STREET 1: P O BOX 369 STREET 2: C/O SAMUEL W W MANDELL CITY: BOSTON STATE: MA ZIP: 02101 10-Q/A 1 THE STOP & SHOP COMPANIES, INC. PAGE 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q/A AMENDMENT NO. 2 QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended May 18, 1996 Commission File Number 1-10958 ------- THE STOP & SHOP COMPANIES, INC. ------------------------------- (Exact name of registrant as specified in its charter) Delaware 06-1231252 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) P.O. Box 369 Boston, MA 02101 (Address of principal executive offices) (Zip Code) (617) 380-8000 (Registrant's telephone number, including area code) None ---- (Former name, former address and former fiscal year, if changed since last report) 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 and (2) has been subject to such filing requirements for the past 90 days. Yes X No ------- ------- Number of shares of the issuer's common stock, outstanding as of June 14, 1996: 50,353,686 shares. PAGE 2 THE STOP & SHOP COMPANIES, INC. AND SUBSIDIARIES INDEPENDENT ACCOUNTANTS' REPORT - ------------------------------- To the Stockholders and Board of Directors of The Stop & Shop Companies, Inc.: We have reviewed the accompanying condensed consolidated balance sheets of The Stop & Shop Companies, Inc. and subsidiaries as of May 18, 1996 and May 20, 1995, and the related condensed consolidated statements of operations and cash flows for the sixteen-week periods then ended. These condensed consolidated financial statements are the responsibility of the Company's management. We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data and of making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the condensed consolidated financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to such condensed consolidated financial statements for them to be in conformity with generally accepted accounting principles. We have previously audited, in accordance with generally accepted auditing standards, the consolidated balance sheet of The Stop & Shop Companies, Inc. and subsidiaries as of January 27, 1996, and the related consolidated statements of operations, stockholders' equity, and cash flows for the year then ended (not presented herein); and in our report dated March 4, 1996 (March 27, 1996, as to Note 17), we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of January 27, 1996 is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived. DELOITTE & TOUCHE LLP Boston, Massachusetts June 10, 1996 PAGE 3 THE STOP & SHOP COMPANIES, INC. AND SUBSIDIARIES CONDENSEDCONSOLIDATED STATEMENTSOFOPERATIONS (UNAUDITED) (Dollars in thousands except per share amounts)
16 Wks Ended 16 Wks Ended May 18, 1996 May 20, 1995 ------------ ------------ Retail sales $1,513,849 $1,192,540 --------- --------- Costs and expenses: Cost of goods sold, buying and warehousing costs 1,089,777 856,871 Selling, store operating and administrative expenses 304,876 234,994 Depreciation and amortization 30,971 25,402 Amortization of goodwill and lease interests 6,225 3,466 --------- --------- Total costs and expenses 1,431,849 1,120,733 --------- --------- Operating profit 82,000 71,807 Interest on obligations under capital leases 7,927 5,634 Interest and amortization of debt expense, net 23,191 17,579 --------- --------- Earnings before income tax provision 50,882 48,594 Income tax provision 23,382 22,594 --------- --------- Net earnings $ 27,500 $ 26,000 ========= ========= Net earnings per common share and share equivalents $ 0.53 $ 0.50 ========= ========= Weighted average number of common share and share equivalents outstanding (in thousands) 52,346 52,117 ========= =========
See accompanying notes to condensed consolidated financial statements. PAGE 4 THE STOP & SHOP COMPANIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Dollars in thousands) May 18, 1996 Jan. 27, 1996 May 20, 1995 ------------ ------------- ------------ ASSETS Current assets: Cash and cash equivalents $ 12,462 $ 16,423 $ 17,064 Restricted investments 14,595 4,507 17,625 Accounts receivable 73,838 76,104 53,573 Construction advances receivable 13,682 9,094 18,686 Inventories 262,497 271,988 215,266 Prepaid expenses 19,516 18,340 18,603 Deferred tax assets, net 140,474 140,474 49,371 Net assets held for disposal 95,215 93,223 - --------- --------- --------- Total current assets 632,279 630,153 390,188 --------- --------- --------- Property, plant and equipment, net: Property excluding capital leases, net 961,302 960,670 906,176 Property under capital leases, net 123,130 128,124 108,015 --------- --------- --------- Property, plant and equipment, net 1,084,432 1,088,794 1,014,191 --------- --------- --------- Other assets: Goodwill, net 405,146 402,873 164,038 Lease interests at market value, net 196,653 199,265 156,801 Deferred financing costs, net 4,919 5,584 6,551 Notes receivable 32,883 32,800 29,377 Other 122,612 107,274 45,681 --------- --------- --------- Total other assets 762,213 747,796 402,448 --------- --------- --------- Total assets $2,478,924 $2,466,743 $1,806,827 ========= ========= ========= See accompanying notes to condensed consolidated financial statements. (Continued) PAGE 5 THE STOP & SHOP COMPANIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Cont.) (Dollars in thousands)
May 18, 1996 Jan. 27, 1996 May 20, 1995 ------------ ------------- ------------ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 338,672 $ 377,741 $ 242,921 Other accrued expenses 124,047 120,600 80,241 Accrued employee compensation and benefits 86,043 84,188 68,715 Accrued workers' compensation and general liability 74,884 75,834 54,743 Accrued acquisition costs 67,201 67,121 - Accrued income taxes 46,890 34,676 30,247 Short-term debt 364 17,865 247 Current portion of long-term debt 211,027 212,770 13,434 --------- --------- --------- Total current liabilities 949,128 990,795 490,548 --------- --------- --------- Long-term debt: Mortgage notes, S&S Finance International, Inc. - - 200,000 Other mortgage notes 13,972 14,385 12,104 Credit agreement 235,000 205,000 288,000 Term loan facility 200,000 200,000 - Subordinated debt 195,190 195,190 195,190 Senior secured notes 118,013 118,013 - Obligations under capital leases 163,018 166,574 129,649 --------- --------- --------- Total long-term debt 925,193 899,162 824,943 --------- --------- --------- Deferred tax liabilities, net 234,924 234,924 194,343 Commitments and contingencies - - - Stockholders' equity: Preferred stock: none outstanding - - - Common stock: 50,353,486 shares outstanding (50,204,920 at Jan. 27, 1996 and 49,937,631 at May 20, 1995) 505 503 501 Additional paid-in capital 318,327 317,193 315,608 Retained earnings (deficit) 54,222 26,722 (15,222) Treasury stock, at cost (3,375) (2,556) (3,894) --------- --------- --------- Total stockholders' equity 369,679 341,862 296,993 --------- --------- --------- Total liabilities and stockholders' equity $2,478,924 $2,466,743 $1,806,827 ========= ========= ========= See accompanying notes to condensed consolidated financial statements.
PAGE 6 THE STOP & SHOP COMPANIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Dollars in thousands)
16 Wks Ended 16 Wks Ended May 18, 1996 May 20, 1995 ------------ ------------ Cash flows from operating activities: Net earnings $ 27,500 $ 26,000 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 30,971 25,402 Amortization of goodwill and lease interests 6,225 3,466 Amortization of deferred financing costs 665 644 Changes in working capital (36,597) (42,707) -------- ------- Net cash provided by operating activities 28,764 12,805 -------- ------- Cash flows from investing activities: Capital expenditures (30,543) (46,216) Disposals of property, plant and equipment 1,564 776 Long-term notes receivable (83) (2,574) -------- -------- Net cash used in investing activities (29,062) (48,014) -------- -------- Cash flows from financing activities: Proceeds from issuance of debt - 3,013 Principal payments on short-term debt (501) (326) Principal payments on long-term debt (1,639) (405) Net borrowings under credit agreement 13,000 46,042 Deferred financing costs - (54) Principal payments under capital lease obligations (4,622) (4,036) Common stock issued under stock option plans 1,136 192 Treasury stock activity, net (819) (100) Other (10,218) (3,669) -------- -------- Net cash provided by (used in) financing activities (3,663) 40,657 -------- ------- Net increase (decrease) in cash and cash equivalents (3,961) 5,448 Cash and cash equivalents: Beginning of period 16,423 11,616 -------- -------- End of period $ 12,462 $ 17,064 ======== ========
See accompanying notes to condensed consolidated financial statements. (Continued) PAGE 7 THE STOP & SHOP COMPANIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Cont.) (Dollars in thousands) 16 Wks Ended 16 Wks Ended May 18, 1996 May 20, 1995 ------------ ------------ Supplemental disclosures of cash flow information: Cash paid for interest $ 32,770 $ 23,929 ======= ======= Cash paid for income taxes $ 10,655 $ 24,093 ======= ======= Supplemental schedule of non-cash investing and financing activities: Capital lease obligations incurred $ - $ 1,971 ======= ======= See accompanying notes to condensed consolidated financial statements. PAGE 8 THE STOP & SHOP COMPANIES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. Opinion of Management --------------------- With respect to the unaudited financial information for the interim periods, it is the opinion of management of The Stop & Shop Companies, Inc. and its subsidiaries (hereinafter referred to as the "Company") that all adjustments, which consist of normal and recurring adjustments and, as explained in the following sentence, adjustments relating to the acquisition of Purity Supreme, Inc. and MelMarkets, Inc., necessary to present a fair statement of the results for such interim periods, have been included. As discussed in the notes to the Company's consolidated financial statements for the year ended January 27, 1996 ("fiscal 1995") the Company is continuing to refine the estimated fair values of assets acquired and liabilities assumed in conjunction with the Purity Supreme, Inc. and MelMarkets, Inc. Acquisitions. During the 16 week period ended May 18, 1996, the Company reduced the previously estimated net realizable value of net assets held for disposal by $8,511, reduced previously estimated accrued acquisition costs related to certain MelMarket agreements by $3,155, and increased previously estimated miscellaneous acquisition-related liabilities by $530. The net result of these adjustments was to increase goodwill by $5,886, before amortization of $3,613. The report should be read in conjunction with the Company's consolidated financial statements for fiscal 1995. Operating results for the 16 week period ended May 18, 1996 are not necessarily indicative of results that may be expected for the full fiscal year ending February 1, 1997 ("fiscal 1996"). 2. Income Tax Provision (Benefit) ------------------------------ The Company has provided for income taxes on an interim basis using the estimated annual effective tax rate method. 3. Net Earnings Per Share and Share Equivalents -------------------------------------------- Primary earnings per share and share equivalents are computed based on the weighted average number of shares outstanding plus the common stock equivalents related to stock options, once the latter causes dilution in earnings per share in excess of 3%. For each of the periods presented, fully diluted earnings per share are not presented since the results do not cause dilution in earnings per share in excess of 3%. 4. New Accounting Standards ------------------------ In March 1995, the Financial Accounting Standard Board issued SFAS No. 121, "Accounting for the Impairment of Long-Lived Assets and For Long-Lived Assets to Be Disposed Of", which is effective for fiscal years beginning after December 15, 1995. The initial adoption of SFAS No. 121 did not have a material effect on the consolidated financial statements. In October 1995, the Financial Accounting Standards Board issued SFAS No. 123, "Accounting for Stock-Based Compensation", which is effective for fiscal years beginning after December 15, 1995. SFAS No. 123 requires expanded disclosures of stock-based compensation arrangements with employees. The Company will continue to apply APB Opinion No. 25 to its stock-based compensation arrangements and will disclose the required pro forma effect on net income and earnings per share in its fiscal 1996 financial statements. 5. Commitments and Contingencies ----------------------------- On June 23, 1995, Bradlees, Inc. ("Bradlees") filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code. The Company has assigned certain leases to Bradlees and, under certain circumstances, may have liability in the event of nonperformance by Bradlees. To date, Bradlees has rejected two of the assigned leases and, on February 21, 1996, announced that it would close 12 of its stores. In fiscal 1995, the Company provided for the estimated costs associated with the leases for the announced closed stores. On June 14, 1996, Bradlees filed a motion seeking court approval to reject the leases for 5 of the 12 announced stores to be closed. PAGE 9 THE STOP & SHOP COMPANIES, INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION Results of Operations - --------------------- Results of operations for the 16 weeks ended May 18, 1996 are referred to herein as "Quarter 1996" and the 16 weeks ended May 20, 1995 are referred to as "Quarter 1995". Total retail sales for the Company were $1,513.8 million in Quarter 1996, an increase of 26.9% over Quarter 1995. Comparable store sales increased 2.7% over the prior year. Total retail sales increased at a greater rate than comparable store sales due to the acquisitions of Purity Supreme, Inc. ("Purity") and MelMarkets, Inc. ("Mel's") in fiscal 1995 and growth from new stores. At the end of Quarter 1996, the Company operated 159 Stop & Shop supermarkets, including 116 superstores, and 17 Mel's Foodtown supermarkets. The Company also operated 28 Purity supermarkets and 64 Li'l Peach convenience stores at the end of Quarter 1996. Operating profit for the Company, defined as earnings from operations before interest and income taxes, was $82.0 million for Quarter 1996, compared with $71.8 million for Quarter 1995. As a percentage of sales, operating profit was 5.4% for Quarter 1996 and 6.0% for Quarter 1995. The decrease in operating profit, as a percentage of sales, can be attributed to a continued competitive environment. Selling, store operating, and administrative expenses, as a percentage of sales, were 20.1% in Quarter 1996, compared to 19.7% in Quarter 1995. The increase in Quarter 1996 resulted primarily from higher snow plowing/removal costs along with the addition of Mel's. Depreciation and amortization expense (including amortization of goodwill and lease interests) was $37.2 million in Quarter 1996 compared to $28.9 million in Quarter 1995. The increase resulted from the Company's acquisitions of Purity and Mel's and its continuing superstore development program. Net interest expense was $31.1 million or 2.1% of sales for Quarter 1996, compared with $23.2 million or 1.9% of sales for Quarter 1995. The increase in net interest expense was due to expenses associated with the new $200 million term loan facility that the Company entered into to expand its financial liquidity and the Senior Secured Notes, due 1999, that the Company assumed in the Purity acquisition. The effective income tax rate on earnings from continuing operations was approximately 46% in Quarter 1996 and Quarter 1995. Net earnings for Quarter 1996 were $27.5 million or $0.53 per share. Net earnings for Quarter 1995 were $26.0 million or $0.50 per share. The weighted average number of common share and share equivalents used in this calculation was 52.3 million in Quarter 1996, compared with 52.1 million in Quarter 1995. PAGE 10 THE STOP & SHOP COMPANIES, INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION (Cont.) Liquidity and Capital Resources - ------------------------------- Net cash provided by operating activities was $28.8 million in Quarter 1996 and $12.8 million in Quarter 1995 (see "Condensed Consolidated Statements of Cash Flows"). Working capital deficiency amounted to $316.8 million and $100.4 million at May 18, 1996 and May 20, 1995, respectively. This resulted in ratios of current assets to current liabilities of 0.7 and 0.8, respectively. The increase in the working capital deficiency was primarily the result of the $200 million S & S Finance International, Inc. note which is due on December 16, 1996. The Company's high sales productivity results in a rapid inventory turnover. That turnover, coupled with a program for extended payment terms from vendors, results in a high ratio of trade accounts payable to inventory. This resulted in an increase in the working capital deficiency that merely reflects efficient operations by the Company. The increase in the working capital deficiency was lessened somewhat as a result of the Purity acquisition. Included in current assets are Net Assets Held For Disposal, which represent the net assets of the Purity stores that must be divested and certain additional Purity stores and the Li'l Peach convenience stores that will be divested if adequate proceeds can be obtained. In view of the Company's $364.0 million available under its bank Credit Agreement, the Company does not believe the working capital deficiency creates a liquidity problem. The Company expects that working capital requirements and capital additions, including the funds necessary for the Company's planned Stop & Shop stores, will continue to be funded through a combination of funds available from operations, the Credit Agreement and real estate financing arrangements, including a master lease financing program. The Company expects that debt service requirements will be funded through operations, currently available capacity, and new borrowings. The retained earnings at May 18, 1996 were $54.2 million compared to an accumulated deficit at May 20, 1995 of $15.2 million. The elimination of the accumulated deficit was the result of the Company generating net earnings. Capital Asset Additions - ----------------------- The Company continued its program of square footage growth in 1996. The Company opened three new stores in Quarter 1996 and refurbished two former Purity stores. In Quarter 1996, cash capital expenditures were $30.5 million. Cash capital expenditures are expected to approximate $100.0 million in fiscal 1996 and will be financed substantially through cash from operations and utilization of the revolving loan facility. At the close of Quarter 1996, the Company operated 159 Stop & Shop supermarkets, including 116 superstores, and 17 Mel's Foodtown supermarkets. The Company also operated 28 Purity supermarkets and 64 Li'l Peach convenience stores at the end of Quarter 1996. PAGE 11 THE STOP & SHOP COMPANIES, INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION (Cont.) Purity Acquisition - ------------------ During Quarter 1996, the Company refurbished two former Purity supermarkets, completing the planned conversions. The sale of non-converted Purity stores continued in Quarter 1996. Twenty of the 31 Purity stores to be divested or sold, have either been sold or are under agreement to be sold. Sixteen of the 31 stores were required to be sold under the terms of an agreement with the Massachusetts Attorney General and the Federal Trade Commission. During Quarter 1996, the Company entered into a definitive agreement to sell the Li'l Peach business. This sale is expected to close in mid-July. Royal Ahold Acquisition - ----------------------- During Quarter 1996, the Company entered into an agreement to be acquired by Royal Ahold, a leading international food retailer with annual sales of $18 billion. PAGE 12 THE STOP & SHOP COMPANIES, INC. AND SUBSIDIARIES PART II OTHER INFORMATION ------------------------- Item 1. Legal Proceedings On February 10, 1992, the Company received a complaint filed in the U.S. Bankruptcy Court in the Northern District of California by the Trustee in bankruptcy of Hamilton-Taft & Company ("HTC"), a tax payment service firm, alleging that approximately $12.55 million in tax payments made by HTC on the Company's behalf in January and March 1991, utilizing withholding funds previously deposited by the Company with HTC for this purpose, constituted avoidable preferences under Section 547 of the Bankruptcy Code. On May 2, 1995, the U.S. Court of Appeals for the Ninth Circuit, reversing rulings of the lower courts, granted partial summary judgment to the Trustee. The Company filed a motion for reconsideration and for an en banc hearing by the Ninth Circuit. On September 18, 1995, the Trustee and the Company settled this claim upon a Stop & Shop payment of approximately $4.5 million. Subsequently, the Company received distributions of $1.62 million from the estate of the bankrupt, reducing its loss to $2.88 million. Further distributions are possible. The Company has filed a declaratory judgment action against its insurance carrier, Federal Insurance Company, seeking a determination of coverage for this loss. That claim is pending in U.S. District Court in Massachusetts. PAGE 13 THE STOP & SHOP COMPANIES, INC. AND SUBSIDIARIES PART II OTHER INFORMATION (Cont.) --------------------------------- Item 6. Exhibits and Reports on Form 8-K A. Exhibits No. -------- 15. Letter re: Unaudited interim financial information 27. Financial Data Schedule B. Reports on Form 8-K ------------------- For the 16 weeks ended May 18, 1996, the Company filed a Form 8-K, dated March 29, 1996. PAGE 14 THE STOP & SHOP COMPANIES, INC. AND SUBSIDIARIES 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. THE STOP & SHOP COMPANIES, INC. Date: July 25, 1996 By /s/ Brian W. Hotarek ------------------------- Brian W. Hotarek Acting Chief Financial and Accounting Officer EXHIBIT INDEX EXHIBIT DESCRIPTION - ------- ----------- 15. Letter re: Unaudited interim financial information 27. Financial Data Schedule EX-15 2 PAGE 15 THE STOP & SHOP COMPANIES, INC. AND SUBSIDIARIES EXHIBIT 15 ---------- June 10, 1996 The Stop & Shop Companies, Inc. P.O. Box 369 Boston, MA 02101 We have made a review, in accordance with standards established by the American Institute of Certified Public Accountants, of the unaudited interim financial information of The Stop & Shop Companies, Inc. and subsidiaries for the periods ended May 18, 1996 and May 20, 1995, as indicated in our report dated June 10, 1996; because we did not perform an audit, we expressed no opinion on that information. We are aware that the report referred to above, which is included in your Quarterly Report on Form 10-Q for the quarter ended May 18, 1996, is incorporated by reference in Registration Statement Nos. 33-77310, 33-61926 and 33-91892 on Forms S-8. We are also aware that the aforementioned report, pursuant to Rule 436(c) under the Securities Act of 1933, is not considered a part of the Registration Statement prepared or certified by an accountant or a report prepared or certified by an accountant within the meaning of Sections 7 and 11 of that Act. Deloitte & Touche LLP Boston, Massachusetts EX-27 3
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONDENSED CONSOLIDATED BALANCE SHEETS AND THE CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOUND ON PAGES 3 AND 4 OF THE COMPANY'S FORM 10-Q FOR THE QUARTER ENDED MAY 18, 1996. 1,000 OTHER FEB-01-1997 JAN-28-1996 MAY-18-1996 12,462 0 73,838 0 262,497 632,279 1,469,818 (385,386) 2,478,924 949,128 925,193 0 0 505 369,174 2,478,924 1,513,849 1,513,849 1,089,777 1,425,624 6,225 0 31,118 50,882 23,382 27,500 0 0 0 27,500 0.53 0.53
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