Current Report Filing (8-k)
October 31 2014 - 11:29AM
Edgar (US Regulatory)
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 (Date of
earliest event reported): October 31, 2014
WEIS MARKETS,
INC.
(Exact Name of Registrant as Specified in
Charter)
Pennsylvania
(State or Other Jurisdiction
of Incorporation)
1-5039
(Commission File Number) |
|
24-0755415
(IRS Employer Identification
No.) |
1000 South Second Street
Sunbury, PA
(Address of Principal
Executive Offices) |
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17801
(Zip Code) |
Registrant's telephone number,
including area code: (570) 286-4571
N/A
(Former Name or Former Address, if Changed Since Last
Report)
Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[ ] Written communications
pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02 Results of Operations and
Financial Condition.
On
October 31, 2014, the Company released its earnings for
the third quarter ended September 27, 2014. A copy of the
news release is attached hereto as Exhibit 99.1 and is
incorporated herein by this reference.
Item 9.01 Financial Statements and
Exhibits.
(c)
Exhibit.
99.1
Weis Markets, Inc. October 31, 2014
news release announcing the
third quarter 2014 earnings.
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.
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WEIS MARKETS,
INC. |
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By: /s/Scott F.
Frost |
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Name: Scott F.
Frost |
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Title: Senior Vice
President, Chief Financial Officer |
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and
Treasurer |
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(Principal
Financial Officer) |
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| Dated: October 31,
2014 |
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EXHIBIT
INDEX
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| Exhibit
No. |
Description |
| 99.1 |
Weis Markets,
Inc. October 31, 2014
news release announcing the
third quarter 2014 earnings. |
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Exhibit 99.1
News Release
| Contact: |
FOR IMMEDIATE
RELEASE |
| Dennis
Curtin |
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| Weis Markets,
Inc. |
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| 570-847-3636 |
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| dcurtin@weismarkets.com |
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| Twitter:
@WMKSpokesman |
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WEIS MARKETS ISSUES THIRD QUARTER
RESULTS
Sales and Comp Store Sales
continue to increase
Sunbury, PA (October 31, 2014) - Weis
Markets, Inc. (NYSE:WMK) today announced its third quarter
sales increased 3.4% to $683.9 million while its
comparable store sales increased 2.6% compared to the
same period in 2013.
The Company's third quarter net
income increased 17.2% to $13.7 million compared to $11.7
million for the same period in 2013. During the same
period, its earnings per share increased to $0.51
compared to $0.43 in 2013.
"Our company continues to make
progress in a market impacted by a stagnant economy. We
attribute our increased sales to our continued
investments in lower pricing and disciplined sales
building programs. Our results also benefited from
increased operational efficiencies and improved in-stock
conditions at store level," said Jonathan Weis, Weis
Markets' President and CEO. "As a result, we are
generating an increased customer count and higher sales
per customer. It is also important to note that we
continue to achieve these sales increases despite a
significant amount of self-imposed grocery deflation. We
hope to build on our sales momentum in the fourth
quarter, particularly during the key holiday sales
period."
The Company's third quarter net
income benefited from a favorable comparison to the same
period in 2013 when its net income was impacted by $8.2
million in one-time charges related to an executive
severance agreement and the impairment loss for four
properties.
Year-to-Date
The Company's year-to-date sales
increased 2.8% to $2.1 billion while comparable store
sales are up 1.4% for the year compared to the same
period in 2013. The Company's year-to-date net income
totaled $41.3 million, down 26.3%. During the same
period, the Company's earnings per share totaled $1.53,
compared to $2.08 per share in 2013.
# # #
About Weis Markets
Founded in 1912, Weis Markets,
Inc. is a Mid Atlantic food retailer operating 163 stores
in Pennsylvania, Maryland, New Jersey, New York and West
Virginia. For more information, please visit:
WeisMarkets.com or
Facebook.com/WeisMarkets.
In addition to historical
information, this news release may contain
forward-looking statements, which are included pursuant
to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. Any forward-looking
statements contained herein are subject to certain risks
and uncertainties that could cause actual results to
differ materially from those projected. For example,
risks and uncertainties can arise with changes in:
general economic conditions, including their impact on
capital expenditures; business conditions in the retail
industry; the regulatory environment; rapidly changing
technology and competitive factors, including increased
competition with regional and national retailers; and
price pressures. Readers are cautioned not to place undue
reliance on forward-looking statements, which reflect
management's analysis only as of the date hereof. The
Company undertakes no obligation to publicly revise or
update these forward-looking statements to reflect events
or circumstances that arise after the date hereof.
Readers should carefully review the risk factors
described in other documents the Company files
periodically with the Securities and Exchange
Commission.
WEIS MARKETS,
INC.
COMPARATIVE SUMMARY OF
SALES & EARNINGS
Third Quarter -
2014
(Unaudited)
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13
Week |
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13
Week |
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Period
Ended |
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Period
Ended |
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Increase |
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September 27,
2014 |
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September 28,
2013 |
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(Decrease) |
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| Net
Sales |
$ |
683,893,000 |
$ |
661,412,000 |
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3.4 |
% |
| Income Before
Income Taxes |
|
20,301,000 |
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18,973,000 |
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7.0 |
% |
| Provision for
Income Taxes |
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6,594,000 |
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7,281,000 |
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(9.4) |
% |
| Net
Income |
$ |
13,707,000 |
$ |
11,692,000 |
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17.2 |
% |
| Weighted-Average |
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| Shares
Outstanding |
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26,898,000 |
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26,898,000 |
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--- |
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| Basic and
Diluted |
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| Earnings Per
Share |
$ |
0.51 |
$ |
0.43 |
$ |
0.08 |
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39
Week |
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39
Week |
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Period
Ended |
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Period
Ended |
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Increase |
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September 27,
2014 |
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September 28,
2013 |
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(Decrease) |
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| Net
Sales |
$ |
2,062,894,000 |
$ |
2,006,196,000 |
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2.8 |
% |
| Income Before
Income Taxes |
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63,451,000 |
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90,308,000 |
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(29.7) |
% |
| Provision for
Income Taxes |
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22,180,000 |
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34,308,000 |
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(35.4) |
% |
| Net
Income |
$ |
41,271,000 |
$ |
56,000,000 |
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(26.3) |
% |
| Weighted-Average |
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| Shares
Outstanding |
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26,898,000 |
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26,898,000 |
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--- |
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| Basic and
Diluted |
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| Earnings Per
Share |
$ |
1.53 |
$ |
2.08 |
$ |
(0.55) |
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