UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
Quarterly Report Under Section
13 or 15(d)
of the Securities Exchange Act of 1934
(Mark One)
[X] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 26, 2004 | |
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 1-5039 |
WEIS MARKETS,
INC.
(Exact name of registrant as specified in its
charter)
PENNSYLVANIA (State or other jurisdiction of incorporation or organization) |
24-0755415 (I.R.S. Employer Identification No.) |
|
1000 S. Second
Street P. O. Box 471 Sunbury, Pennsylvania (Address of principal executive offices) |
17801-0471 (Zip Code) |
Registrant's telephone number, including area code: (570) 286-4571 Registrant's web address: www.weismarkets.com
Not
Applicable
(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 (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 [ ]
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
Common Stock, No Par
Value
27,080,889 shares
(Outstanding
at end of period)
WEIS MARKETS,
INC.
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION |
WEIS MARKETS, INC. |
CONSOLIDATED BALANCE SHEETS |
(dollars in thousands) |
June 26, 2004 | December 27, 2003 | |||||
(unaudited) | ||||||
Assets | ||||||
Current: | ||||||
Cash | $ | 3,688 | $ | 3,452 | ||
Marketable securities | 106,436 | 87,095 | ||||
Accounts receivable, net | 30,679 | 34,111 | ||||
Inventories | 158,722 | 173,552 | ||||
Prepaid expenses | 4,726 | 3,987 | ||||
Income taxes recoverable | 3,214 | --- | ||||
Deferred income taxes | 3,722 | 4,793 | ||||
Total current assets | 311,187 | 306,990 | ||||
Property and equipment, net | 414,925 | 414,172 | ||||
Goodwill, intangible and other assets | 22,666 | 23,153 | ||||
$ | 748,778 | $ | 744,315 | |||
Liabilities | ||||||
Current: | ||||||
Accounts payable | $ | 81,882 | $ | 95,238 | ||
Accrued expenses | 25,282 | 20,156 | ||||
Accrued self-insurance | 19,419 | 17,710 | ||||
Payable to employee benefit plans | 9,527 | 9,626 | ||||
Income taxes payable | --- | 1,955 | ||||
Total current liabilities | 136,110 | 144,685 | ||||
Deferred income taxes | 24,651 | 24,182 | ||||
Shareholders' Equity | ||||||
Common stock, no par value, 100,800,000 shares authorized, | ||||||
32,990,157 and 32,989,507 shares issued, respectively | 7,990 | 7,971 | ||||
Retained earnings | 717,646 | 702,961 | ||||
Accumulated other comprehensive income | ||||||
(Net of deferred taxes of $3,051 in 2004 and $3,140 in 2003) | 4,302 | 4,428 | ||||
729,938 | 715,360 | |||||
Treasury stock at cost, 5,909,268 and 5,849,589 shares, respectively | (141,921 | ) | (139,912 | ) | ||
Total shareholders' equity | 588,017 | 575,448 | ||||
$ | 748,778 | $ | 744,315 | |||
See accompanying notes to consolidated financial statements. |
Page 1 of 8 (Form 10-Q)
WEIS MARKETS, INC. |
CONSOLIDATED STATEMENTS OF INCOME |
(unaudited) |
(dollars in thousands except share and per share amounts) |
Three Months Ended | Six Months Ended | |||||||||
June 26, 2004 | June 28, 2003 | June 26, 2004 | June 28, 2003 | |||||||
Net sales | $ | 521,374 | $ | 507,981 | $ | 1,042,043 | $ | 1,017,052 | ||
Cost of sales, including warehousing and distribution expenses | 384,651 | 373,535 | 768,896 | 749,477 | ||||||
Gross profit on sales | 136,723 | 134,446 | 273,147 | 267,575 | ||||||
Operating, general and administrative expenses | 118,325 | 117,302 | 234,121 | 228,982 | ||||||
Income from operations | 18,398 | 17,144 | 39,026 | 38,593 | ||||||
Investment income | 470 | 387 | 765 | 616 | ||||||
Other income, net | 2,773 | 4,722 | 7,887 | 8,481 | ||||||
Income before provision for income taxes | 21,641 | 22,253 | 47,678 | 47,690 | ||||||
Provision for income taxes | 7,997 | 8,474 | 17,799 | 18,128 | ||||||
Net income | $ | 13,644 | $ | 13,779 | $ | 29,879 | $ | 29,562 | ||
Weighted-average shares outstanding | 27,121,109 | 27,193,546 | 27,130,342 | 27,193,541 | ||||||
Cash dividends per share | $ | 0.28 | $ | 0.27 | $ | 0.56 | $ | 0.54 | ||
Basic and diluted earnings per share | $ | 0.50 | $ | 0.51 | $ | 1.10 | $ | 1.09 | ||
See accompanying notes to consolidated financial statements. |
WEIS MARKETS, INC. |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(unaudited) |
(dollars in thousands) |
Six Months Ended | |||||
June 26, 2004 | June 28, 2003 | ||||
Cash flows from operating activities: | |||||
Net income | $ | 29,879 | $ | 29,562 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation | 19,298 | 19,679 | |||
Amortization | 2,722 | 3,374 | |||
Gain on sale of fixed assets | (99 | ) | (991 | ) | |
Changes in operating assets and liabilities: | |||||
Inventories | 14,830 | 15,558 | |||
Accounts receivable and prepaid expenses | 2,693 | (712 | ) | ||
Income taxes recoverable | (3,214 | ) | --- | ||
Accounts payable and other liabilities | (6,620 | ) | (9,368 | ) | |
Income taxes payable | (1,955 | ) | 4,434 | ||
Deferred income taxes | 1,629 | (1,375 | ) | ||
Net cash provided by operating activities | 59,163 | 60,161 | |||
Cash flows from investing activities: | |||||
Purchase of property and equipment | (25,352 | ) | (15,924 | ) | |
Proceeds from the sale of property and equipment | 3,029 | 2,621 | |||
Purchase of marketable securities | (31,926 | ) | (33,213 | ) | |
Proceeds from maturities of marketable securities | 12,370 | 997 | |||
Decrease in intangible and other assets | 136 | 128 | |||
Net cash used in investing activities | (41,743 | ) | (45,391 | ) | |
Cash flows from financing activities: | |||||
Proceeds from issuance of common stock | 19 | 5 | |||
Dividends paid | (15,194 | ) | (14,685 | ) | |
Purchase of treasury stock | (2,009 | ) | --- | ||
Net cash used in financing activities | (17,184 | ) | (14,680 | ) | |
Net increase in cash | 236 | 90 | |||
Cash at beginning of period | 3,452 | 3,929 | |||
Cash at end of period | $ | 3,688 | $ | 4,019 | |
See accompanying notes to consolidated financial statements. |
Page 3 of 8 (Form 10-Q)
WEIS MARKETS,
INC.
NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS
(unaudited)
(1) Significant Accounting
Policies
Basis of Presentation: The accompanying unaudited consolidated
financial statements have been prepared in accordance with
accounting principles generally accepted in the United States
for interim financial information and with the instructions for
Form 10-Q and Article 10 of Regulation S-X. In the opinion of
management, all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have
been included. The operating results for the periods presented
are not necessarily indicative of the results to be expected
for the full year. For further information, refer to the
consolidated financial statements and footnotes thereto
included in the company's latest annual report on Form
10-K.
(2) Comprehensive Income
The components of comprehensive income, net of related tax, for
the period ended June 26, 2004 and June 28, 2003 are as
follows:
Three Months Ended | Six Months Ended | ||||||||
(dollars in thousands) | 2004 | 2003 | 2004 | 2003 | |||||
Net income | $ | 13,644 | $ | 13,779 | 29,879 | $ | 29,562 | ||
Unrealized gains (losses) on marketable securities | 49 | 981 | (126 | ) | 168 | ||||
Comprehensive income | $ | 13,693 | $ | 14,760 | 29,753 | $ | 29,730 |
(3) Impairment Charges
In accordance with SFAS No. 144,
the company recorded a pre-tax charge for the impairment
of long-lived assets of $1.4 million in the second
quarter of 2004. The long-lived asset held for sale was a
closed store sold on July 7, 2004. These charges are
included as a component of other income and adjusted the
carrying value of the closed store to its estimated fair
market value less cost to sell.
Page 4 of 8 (Form 10-Q)
WEIS MARKETS,
INC.
ITEM 2. MANAGEMENT'S DISCUSSION AND
ANALYSIS
OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
OPERATING RESULTS
Total
sales for the second quarter ended June 26, 2004 increased 2.6%
to $521.4 million compared to sales of $508.0 million in the
same quarter of 2003. Sales for the first half of this year
increased 2.5% to $1.04 billion compared to $1.02 billion in
2003. Comparable store sales in the second quarter increased
3.2% compared to a 4.1% increase in 2003. Through the first
half of the year, the company experienced a 3.1% increase in
comparable store sales compared to a 2.7% increase for the same
period a year ago.
Company
revenues are generated from the sale of consumer products in
our grocery supermarkets and pet supply stores. When
calculating the percentage change in comparable store sales,
the company defines a new store to be comparable the week
following one full year of operation. Relocated stores and
stores with expanded square footage are included in comparable
sales since these units are located in existing markets. When a
store is closed, sales generated from that unit in the prior
year are subtracted from total company sales starting the same
week of closure in the prior year and continuing from that
point forward.
The
favorable sales results for the quarter and year-to-date were a
product of a continuing strong performance in the company
perishable departments coupled with strong promotional programs
throughout its trade area. The second quarter results represent
the twelfth consecutive quarterly increase in the company's
comparable store sales. Although the company experienced some
product cost inflation in the first half of 2004, management
does not feel they can accurately measure the full impact of
product inflation and deflation on retail pricing due to
changes in the types of merchandise sold between periods,
shifts in customer buying patterns and the fluctuation of
competitive factors.
Gross
profit of $136.7 million at 26.2% of sales, increased $2.3
million or 1.7% versus the same quarter last year and the gross
profit rate decreased 0.3%. The year-to-date gross profit at
26.2% of sales increased $5.6 million or 2.1%, while the gross
profit rate decreased 0.1%. Cost of sales consists of direct
product costs (net of discounts and allowances), warehouse
costs, transportation costs and manufacturing facility costs.
At this time, management is unaware of any events or trends
that may cause a material change to the overall financial
operation due to this upward shift in product
cost.
During
the first quarter of 2004, the company had a fuel spill at its
distribution facility and the estimated cost to clean the spill
of $676,000 was charged to cost of sales. To date, the company
has expended $346,000 on clean up efforts and believes its
original estimate remains accurate. Year-to-date vendor
rebates, credits and promotional allowances related to buying
and merchandising activities decreased $1.6 million. In
contrast, the company reduced its inventory shrink losses by
$2.0 million compared to the first half of last
year.
Operating, general and
administrative expenses during the second quarter of $118.3
million at 22.7% of sales, increased $1.0 million or 0.9%
compared to the same quarter in 2003. As a percentage of sales,
operating expenses were 0.4% lower than the second
quarter last year. Although
year-to-date operating, general and administrative
expenses increased $5.1 million compared to the first
half of last year, these expenses remained consistent at
22.5% of sales.
The company's
net income was negatively impacted by healthcare cost increases
that continue to exceed the inflation rate. Health insurance
costs increased $2.2 million during the quarter and $2.6
million year-to-date. Management continues to work on
healthcare cost containment strategies to bring these costs
back in line with historical performance results. Efforts
continue at the company distribution center to improve
productivity through technology enhancements and the
installation of new ergonomic warehouse product picking racks.
The company continues to evaluate several new technology
solutions geared to improving inventory control and labor
efficiencies in its stores.
In
the second quarter, the company's investment income totaled
$470,000 at 0.1% of sales, an increase of $83,000 or 21.4%
compared to the same period a year ago. Year-to-date, the
company's investment income increased $149,000 or 24.2% to
$765,000.
Page 5 of 8 (Form 10-Q)
WEIS MARKETS,
INC.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
(continued)
OPERATING RESULTS
(continued)
The
company's other income is primarily generated from rental
income, coupon-handling fees, store service commissions,
cardboard salvage, gain or loss on the sale of fixed assets and
interest expense. Other income of $2.8 million at 0.5% of sales
decreased $1.9 million or 41.3% compared to the same quarter
last year. The company incurred a pre-tax impairment loss of
$1.4 million during the second quarter of 2004 on a closed
store facility, which was sold on July 7, 2004. In the first
quarter, the company realized a pre-tax net gain on the sale of
fixed assets of $1.5 million, predominately related to the sale
of a closed store facility. Year-to-date other income of $7.9
million at 0.8% of sales decreased $594,000 or 7.0% versus a
year ago.
The
effective tax rate for the second quarter of 2004 was 37.0%
compared with 38.1% in 2003. Year-to-date, the effective tax
rate was 37.3% compared to 38.0% in the same period last
year.
For the
three-month period ended June 26, 2004, net income of $13.6
million decreased 1.0% compared to the same period last year.
Basic and diluted earnings per share of $0.50 for the quarter
decreased 2.0% compared to 2003. Year-to-date earnings
increased 1.1% from $29.6 million to $29.9 million. Basic and
diluted earnings per share in the first half of 2004 increased
0.9% to $1.10 compared to $1.09 generated in the first half of
last year.
As of
June 26, 2004, Weis Markets, Inc. operated 157 retail food
stores and 33 SuperPetz pet supply stores. The company
currently operates supermarkets in Pennsylvania, Maryland, New
Jersey, New York, Virginia and West Virginia. SuperPetz
operates stores in Alabama, Georgia, Indiana, Kentucky,
Maryland, Michigan, North Carolina, Ohio, Pennsylvania, South
Carolina and Tennessee.
LIQUIDITY AND CAPITAL RESOURCES
During
the first six months of 2004, the company generated $59.2
million in cash flows from operating activities compared to
$60.2 million for the same period in 2003. Working capital
increased $12.8 million or 7.9% since the beginning of the
year.
Net cash
used in investing activities in the first half of 2004 totaled
to $41.7 million compared to the $45.4 million used in 2003.
Capital expenditures for the first half totaled $25.4 million
compared to $15.9 million in 2003. At the beginning of the
current year, the company estimated that its current year
capital expenditure plans would require an investment of $93.2
million. Due to several delays in building plans, the company
is reducing this estimate to $75.0 million. The capital
expenditure plan includes construction of new superstores, the
expansion and remodeling of existing units, the acquisition of
sites for future expansion, new technology purchases and the
continued upgrade of company processing and distribution
facilities.
Net cash
used in financing activities during the first half of 2004 was
$17.2 million compared to $14.7 million in 2003. Treasury stock
purchases amounted to $2.0 million in the first half of the
year compared to no purchases during the same period in the
prior year. On April 14, 2004, the Weis Markets' Board of
Directors passed a resolution authorizing the repurchase of up
to one million shares of the company's common stock. This
action supersedes the previous repurchase resolution approved
by the Board in 1996 that had a remaining balance of 474,504
shares.
The
company paid its shareholders $15.2 million in cash dividends
in the first half of 2004 compared with $14.7 million paid in
the first half of last year. At a regular meeting held in July,
the Board of Directors unanimously approved a quarterly
dividend of $0.28 per share, payable on August 20, 2004 to
shareholders of record on August 6, 2004.
The company has
no other commitment of capital resources as of June 26, 2004,
other than the lease commitments on its store facilities under
operating leases that expire at various dates up to 2024. The
company anticipates funding its working capital requirements
for the remainder of the year, including its capital
expenditure requirements, through internally generated cash
flows from operations and without external financing. If the
need were to arise for additional funding, the company has a
$100 million three-year unsecured Revolving Credit Agreement
that was established in October of 2002 for general corporate
purposes. At June 26, 2004, the company had no cash borrowings,
but did have outstanding letters of credit of approximately
$17.6 million under the credit agreement.
Page 6 of 8 (Form 10-Q)
WEIS MARKETS,
INC.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
(continued)
Critical Accounting
Policies
The
company has chosen accounting policies that it believes are
appropriate to accurately and fairly report its operating
results and financial position, and the company applies those
accounting policies in a consistent manner. The Significant
Accounting Policies are summarized in Note 1 to the
Consolidated Financial Statements included in the 2003
10-K. There have been no changes to
the Critical Accounting Policies since the company filed
its Annual Report on Form 10 K for the year ended
December 27,2003.
FORWARD-LOOKING STATEMENTS
In
addition to historical information, this 10-Q Report may
contain forward-looking statements. 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.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Quantitative Disclosure - There have been no material changes in the company's market risk during the six months ended June 26, 2004. Quantitative information is set forth in Item 7a on the company's Form 10-K under the caption "Quantitative Disclosures About Market Risk," which was filed for the fiscal year ended December 27, 2003 and is incorporated herein by reference.
Qualitative Disclosure - This information is
set forth in Item 7a of the company's 10-K under the caption
"Liquidity and Capital Resources," within "Management's
Discussion and Analysis of Financial Condition and Results of
Operations," which was filed for the fiscal year ended December
27, 2003 and is incorporated herein by reference.
ITEM 4. CONTROLS AND PROCEDURES
The Chief Executive Officer and the Chief
Financial Officer of the company (its principal executive
officer and principal financial officer, respectively) have
concluded, based on their evaluation as of a date within 90
days prior to the date of the filing of this Report, that the
company's disclosure controls and procedures are effective to
ensure that information required to be disclosed by the company
in the reports filed or submitted by it under the Securities
Exchange Act of 1934, as amended, is recorded, processed,
summarized and reported within the time periods specified in
the SEC's rules and forms, and include controls and procedures
designed to ensure that information required to be disclosed by
the company in such reports is accumulated and communicated to
the company's management, including the Chief Executive Officer
and Chief Financial Officer, as appropriate to allow timely
decisions regarding required disclosure.
There were no significant changes in the company's internal controls or in other factors that could significantly affect these controls subsequent to the date of such evaluation.
Page 7 of 8 (Form 10-Q)
WEIS MARKETS, INC.
Item 6. Exhibits and
Reports on Form 8-K
(a) Exhibits.
Exhibit 31.1 Rule 13a-14(a) Certification - CEO
Exhibit 31.2 Rule 13a-14(a) Certification - CFO
Exhibit 32 Certification Pursuant to 18 U.S.C. Section 1350
(b) Reports on Form 8-K - One Form 8-K, Item 12, was filed on April 20, 2004, to announce the first quarter results of the company.
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.
WEIS MARKETS, INC. | |||
(Registrant) | |||
Date 08/02/2004 | /S/Norman S. Rich | ||
Norman S. Rich | |||
President / Chief Executive Officer | |||
Date 08/02/2004 | /S/William R. Mills | ||
William R. Mills | |||
Senior Vice President and Treasurer / | |||
Chief Financial Officer / Chief Accounting Officer | |||
Page 8 of 8 (Form 10-Q)
WEIS MARKETS,
INC.
I, Norman S. Rich, President/CEO of Weis
Markets, Inc., certify that:
1. I have reviewed this quarterly
report on Form 10-Q of Weis Markets, Inc.;
2. Based on my knowledge, this
report does not contain any untrue statement of a material fact
or omit
to state a material fact
necessary to make the statements made, in light of the
circumstances under which such
statements were made, not
misleading with respect to the periods covered by this
quarterly report;
3. Based on my knowledge, the
financial statements, and other financial information included
in this report,
fairly present in all material
respects the financial condition, results of operations and
cash flows of the
registrant as of, and for, the
periods presented in this report;
4. The registrant's other
certifying officer and I are responsible for establishing and
maintaining disclosure
controls and procedures (as
defined in Exchange Act Rules 13a-14 and 15d-14) for the
registrant and have:
a) designed
such disclosure controls and procedures, or caused such
disclosure controls and procedures to
be
designed under our supervision, to ensure that material
information relating to the registrant,
including
its
consolidated subsidiaries, is made known to us by others within
those entities, particularly during the
period
in which this quarterly report is being prepared;
b) evaluated
the effectiveness of the registrant's disclosure controls and
procedures and presented in this
report
our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end
of
the period covered by this report based on such evaluation;
and
c) disclosed
in this report any change in the registrant's internal control
over financial reporting that occurred
during the registrant's most recent fiscal quarter that has
materially affected, or is reasonably likely to
materially
affect, the registrant's internal control over financial
reporting; and
5. The registrant's other
certifying officer and I have disclosed, based on our most
recent evaluation of internal
control over financial reporting, to the registrant's auditors
and the audit committee of registrant's board
of directors (or persons performing the equivalent
functions):
a) all
significant deficiencies and material weaknesses in the design
or operation of internal controls over
financial reporting which are reasonably likely to adversely
affect the registrant's ability to record,
process,
summarize and report financial information; and
b) any
fraud, whether or not material, that involves management or
other employees who have a significant
role in the registrant's internal control over financial
reporting.
Date: August 2, 2004
/S/ Norman S. Rich
Norman
S. Rich
President/CEO
WEIS MARKETS,
INC.
I, William R. Mills, Senior Vice President
and Treasurer/CFO of Weis Markets, Inc., certify
that:
1. I have reviewed this quarterly
report on Form 10-Q of Weis Markets, Inc.;
2. Based on my knowledge, this
report does not contain any untrue statement of a material fact
or omit
to state a material fact
necessary to make the statements made, in light of the
circumstances under which such
statements were made, not
misleading with respect to the periods covered by this
quarterly report;
3. Based on my knowledge, the
financial statements, and other financial information included
in this report,
fairly present in all material
respects the financial condition, results of operations and
cash flows of the
registrant as of, and for, the
periods presented in this report;
4. The registrant's other
certifying officer and I are responsible for establishing and
maintaining disclosure
controls and procedures (as
defined in Exchange Act Rules 13a-14 and 15d-14) for the
registrant and have:
a) designed
such disclosure controls and procedures, or caused such
disclosure controls and procedures to
be
designed under our supervision, to ensure that material
information relating to the registrant,
including
its
consolidated subsidiaries, is made known to us by others within
those entities, particularly during the
period
in which this quarterly report is being prepared;
b) evaluated
the effectiveness of the registrant's disclosure controls and
procedures and presented in this
report
our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end
of
the period covered by this report based on such evaluation;
and
c) disclosed
in this report any change in the registrant's internal control
over financial reporting that occurred
during the registrant's most recent fiscal quarter that has
materially affected, or is reasonably likely to
materially
affect, the registrant's internal control over financial
reporting; and
5. The registrant's other
certifying officer and I have disclosed, based on our most
recent evaluation of internal
control over financial reporting, to the registrant's auditors
and the audit committee of registrant's board
of directors (or persons performing the equivalent functions):
a) all
significant deficiencies and material weaknesses in the design
or operation of internal controls over
financial reporting which are reasonably likely to adversely
affect the registrant's ability to record,
process,
summarize and report financial information; and
b) any
fraud, whether or not material, that involves management or
other employees who have a significant
role
in the registrant's internal control over financial
reporting.
Date: August 2, 2004
/S/ William R. Mills
William
R. Mills
Senior
Vice President
and
Treasurer/CFO
WEIS MARKETS, INC.
CERTIFICATION PURSUANT
TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the 10-Q Report of Weis Markets, Inc. (the "company") on Form 10-Q for the quarter ending June 26, 2004, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), We, Norman S. Rich, President / Chief Executive Officer, and William R. Mills, Senior Vice President and Treasurer / Chief Financial Officer, of the company, certify, pursuant to and for purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the company.
/S/ Norman S. Rich
Norman S. Rich
President / CEO
08/02/2004
/S/ William R. Mills
William R. Mills
Senior Vice President and Treasurer / CFO
08/02/2004
A signed original of this written statement required by Section 906 has been provided to Weis Markets, Inc. and will be retained by Weis Markets, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.