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EX-99.1 - EX-99.1 - HARRIS TEETER SUPERMARKETS, INC. | d27846_ex99-1.htm |
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):
February 3, 2011
RUDDICK CORPORATION
(Exact name of registrant as specified in its charter)
North Carolina (State of Incorporation) |
1-6905 (Commission File Number) |
56-0905940 (IRS Employer Identification No.) |
301 South Tryon Street, Suite 1800
Charlotte, North Carolina 28202
(Address of principal executive offices, including zip code)
(704) 372-5404
(Registrant's telephone number, including area code)
Not Applicable
(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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On February 3, 2011, Ruddick Corporation (the "Registrant") issued a press release announcing its operating results for its first fiscal quarter ended January 2, 2011, which press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
Ruddick Corporation | |||||||||||
Consolidated Condensed Statements of Operations | |||||||||||
(in thousands, except per share data) | |||||||||||
(unaudited) | |||||||||||
13 Weeks Ended | |||||||||||
January 2, | December 27, | ||||||||||
2011 | 2009 | ||||||||||
Net Sales: | |||||||||||
Harris Teeter | $ | 1,032,281 | $ | 972,315 | |||||||
American & Efird | 73,190 | 68,197 | |||||||||
Total | 1,105,471 | 1,040,512 | |||||||||
Cost of Sales: | |||||||||||
Harris Teeter | 725,858 | 681,794 | |||||||||
American & Efird | 55,613 | 52,174 | |||||||||
Total | 781,471 | 733,968 | |||||||||
Gross Profit: | |||||||||||
Harris Teeter | 306,423 | 290,521 | |||||||||
American & Efird | 17,577 | 16,023 | |||||||||
Total | 324,000 | 306,544 | |||||||||
Selling, General and Administrative Expenses: | |||||||||||
Harris Teeter | 261,524 | 248,242 | |||||||||
American & Efird | 12,034 | 12,073 | |||||||||
Corporate | 2,719 | 2,802 | |||||||||
Total | 276,277 | 263,117 | |||||||||
Operating Profit (Loss): | |||||||||||
Harris Teeter | 44,899 | 42,279 | |||||||||
American & Efird | 5,543 | 3,950 | |||||||||
Corporate | (2,719 | ) | (2,802 | ) | |||||||
Total | 47,723 | 43,427 | |||||||||
Other Expense (Income): | |||||||||||
Interest expense | 4,569 | 5,033 | |||||||||
Interest income | (33 | ) | (17 | ) | |||||||
Investment gain | (19,506 | ) | (1 | ) | |||||||
Total | (14,970 | ) | 5,015 | ||||||||
Earnings Before Taxes | 62,693 | 38,412 | |||||||||
Income Tax Expense | 24,325 | 14,395 | |||||||||
Net Earnings | 38,368 | 24,017 | |||||||||
Less: Net Earnings Attributable to the Noncontrolling Interest | 235 | 286 | |||||||||
Net Earnings Attributable to Ruddick Corporation | $ | 38,133 | $ | 23,731 | |||||||
Earnings Per Share Attributable to Ruddick Corporation: | |||||||||||
Basic | $ | 0.79 | $ | 0.49 | |||||||
Diluted | $ | 0.78 | $ | 0.49 | |||||||
Weighted Average Number of Shares of Common Stock Outstanding: | |||||||||||
Basic | 48,411 | 48,094 | |||||||||
Diluted | 48,792 | 48,495 | |||||||||
Dividends Declared Per Common Share | $ | 0.13 | $ | 0.12 |
Ruddick Corporation | |||||||||||||||||
Consolidated Condensed Balance Sheets | |||||||||||||||||
(in thousands) | |||||||||||||||||
(unaudited) | |||||||||||||||||
January 2, | October 3, | December 27, | |||||||||||||||
2011 | 2010 | 2009 | |||||||||||||||
Assets | |||||||||||||||||
Current Assets: | |||||||||||||||||
Cash and Cash Equivalents | $ | 49,688 | $ | 73,612 | $ | 39,727 | |||||||||||
Accounts Receivable, Net | 90,810 | 99,407 | 84,177 | ||||||||||||||
Refundable Income Taxes | - | 16,767 | 1,136 | ||||||||||||||
Inventories | 331,187 | 320,506 | 312,412 | ||||||||||||||
Deferred Income Taxes | 417 | 2,236 | 7,201 | ||||||||||||||
Prepaid Expenses and Other Current Assets | 32,677 | 32,443 | 27,231 | ||||||||||||||
Total Current Assets | 504,779 | 544,971 | 471,884 | ||||||||||||||
Property, Net | 1,069,212 | 1,067,807 | 1,072,146 | ||||||||||||||
Investments | 171,987 | 174,733 | 162,626 | ||||||||||||||
Deferred Income Taxes | 984 | 977 | 26,480 | ||||||||||||||
Goodwill | 515 | 515 | 515 | ||||||||||||||
Intangible Assets | 20,978 | 21,434 | 23,147 | ||||||||||||||
Other Long-Term Assets | 83,963 | 79,449 | 78,353 | ||||||||||||||
Total Assets | $ | 1,852,418 | $ | 1,889,886 | $ | 1,835,151 | |||||||||||
Liabilities and Equity | |||||||||||||||||
Current Liabilities: | |||||||||||||||||
Notes Payable | $ | 6,988 | $ | 6,785 | $ | 7,148 | |||||||||||
Current Portion of Long-Term Debt and Capital Lease Obligations | 11,646 | 12,035 | 9,499 | ||||||||||||||
Accounts Payable | 218,741 | 228,748 | 196,658 | ||||||||||||||
Dividends Payable | - | - | 5,850 | ||||||||||||||
Federal and State Income Taxes | 842 | - | - | ||||||||||||||
Deferred Income Taxes | 1,061 | 159 | 33 | ||||||||||||||
Accrued Compensation | 35,898 | 64,102 | 36,202 | ||||||||||||||
Other Current Liabilities | 88,233 | 90,218 | 87,474 | ||||||||||||||
Total Current Liabilities | 363,409 | 402,047 | 342,864 | ||||||||||||||
Long-Term Debt and Capital Lease Obligations | 286,711 | 296,131 | 383,227 | ||||||||||||||
Deferred Income Taxes | 1,226 | 1,721 | 596 | ||||||||||||||
Pension Liabilities | 159,385 | 185,445 | 171,661 | ||||||||||||||
Other Long-Term Liabilities | 112,976 | 105,619 | 100,089 | ||||||||||||||
Equity: | |||||||||||||||||
Common Stock | 97,476 | 98,285 | 90,534 | ||||||||||||||
Retained Earnings | 950,588 | 918,843 | 848,117 | ||||||||||||||
Accumulated Other Comprehensive Loss | (124,861 | ) | (124,679 | ) | (108,591 | ) | |||||||||||
Total Equity of Ruddick Corporation | 923,203 | 892,449 | 830,060 | ||||||||||||||
Noncontrolling Interest | 5,508 | 6,474 | 6,654 | ||||||||||||||
Total Equity | 928,711 | 898,923 | 836,714 | ||||||||||||||
Total Liabilities and Equity | $ | 1,852,418 | $ | 1,889,886 | $ | 1,835,151 | |||||||||||
Ruddick Corporation | ||||||||||||||
Consolidated Condensed Statements of Cash Flows | ||||||||||||||
(in thousands) | ||||||||||||||
(unaudited) | ||||||||||||||
13 Weeks Ended | ||||||||||||||
January 2, 2011 |
December 27, 2009 |
|||||||||||||
Cash Flow From Operating Activities: | ||||||||||||||
Net Income | $ | 38,133 | $ | 23,731 | ||||||||||
Non-Cash Items Included in Net Income | ||||||||||||||
Depreciation and Amortization | 34,571 | 33,104 | ||||||||||||
Deferred Income Taxes | 1,196 | 3,479 | ||||||||||||
Net (Gain) Loss on Sale of Property and Investments | (20,172 | ) | 148 | |||||||||||
Share-Based Compensation | 1,878 | 1,292 | ||||||||||||
Other, Net | (3,130 | ) | (1,688 | ) | ||||||||||
Changes in Operating Accounts Providing (Utilizing) Cash | ||||||||||||||
Accounts Receivable | 9,137 | (3,553 | ) | |||||||||||
Inventories | (12,014 | ) | (2,149 | ) | ||||||||||
Prepaid Expenses and Other Current Assets | (1,021 | ) | 2,413 | |||||||||||
Accounts Payable | (10,881 | ) | (31,641 | ) | ||||||||||
Other Current Liabilities | (10,884 | ) | (20,000 | ) | ||||||||||
Other Long-Term Operating Accounts | (26,177 | ) | 4,732 | |||||||||||
Dividends Received | - | 100 | ||||||||||||
Net Cash Provided by Operating Activities | 636 | 9,968 | ||||||||||||
Investing Activities: | ||||||||||||||
Capital Expenditures | (32,945 | ) | (25,312 | ) | ||||||||||
Purchase of Other Investments | (8,570 | ) | (7,467 | ) | ||||||||||
Proceeds from Sale of Property and Investments | 48,086 | 519 | ||||||||||||
Return of Partnership Investments | - | 3,037 | ||||||||||||
Investments in COLI, Net of Proceeds from Death Benefits | (1,057 | ) | (26 | ) | ||||||||||
Other, Net | (461 | ) | 722 | |||||||||||
Net Cash Provided by (Used in) Investing Activities | 5,053 | (28,527 | ) | |||||||||||
Financing Activities: | ||||||||||||||
Net Proceeds from Short-Term Borrowings | 945 | 173 | ||||||||||||
Net Proceeds from Revolver Borrowings | - | 28,100 | ||||||||||||
Payments on Long-Term Debt and Capital Lease Obligations | (21,478 | ) | (837 | ) | ||||||||||
Dividends Paid | (6,388 | ) | (5,825 | ) | ||||||||||
Proceeds from Stock Issued | 361 | 691 | ||||||||||||
Share-Based Compensation Tax Benefits | 895 | 115 | ||||||||||||
Shares Effectively Purchased and Retired for Withholding Taxes | (2,485 | ) | (1,366 | ) | ||||||||||
Other, Net | (1,404 | ) | (69 | ) | ||||||||||
Net Cash (Used in) Provided by Financing Activities | (29,554 | ) | 20,982 | |||||||||||
(Decrease) Increase in Cash and Cash Equivalents | (23,865 | ) | 2,423 | |||||||||||
Effect of Foreign Currency Fluctuations on Cash | (59 | ) | (6 | ) | ||||||||||
Cash and Cash Equivalents at Beginning of Period | 73,612 | 37,310 | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | 49,688 | $ | 39,727 | ||||||||||
Supplemental Disclosures of Cash Flow Information: | ||||||||||||||
Cash Paid During the Period for: | ||||||||||||||
Interest | $ | 4,766 | $ | 4,542 | ||||||||||
Income Taxes | 1,106 | 2,716 | ||||||||||||
Non-Cash Activity: | ||||||||||||||
Assets Acquired Under Capital Leases | 11,685 | - | ||||||||||||
Note Received in Connection with Sale of Investments | 2,855 | - |
Ruddick Corporation | ||||||||||||||
Other Statistics | ||||||||||||||
January 2, 2011 | ||||||||||||||
(dollars in millions) | ||||||||||||||
Harris Teeter |
American & Efird |
Corporate | Consolidated Ruddick Corporation |
|||||||||||
Depreciation and Amortization: | ||||||||||||||
1st Quarter | $ | 31.3 | $ | 3.0 | $ | 0.3 | $ | 34.6 | ||||||
Capital Expenditures: | ||||||||||||||
1st Quarter | $ | 31.9 | $ | 1.0 | $ | - | $ | 32.9 | ||||||
Purchase of Other Investment Assets: | ||||||||||||||
1st Quarter | $ | 8.6 | $ | - | $ | - | $ | 8.6 | ||||||
Harris Teeter Store Count: | Quarter | |||||||||||||
Beginning number of stores | 199 | |||||||||||||
Opened during the period | 2 | |||||||||||||
Closed during the period | - | |||||||||||||
Stores in operation at end of period | 201 | |||||||||||||
Quarter | ||||||||||||||
Harris Teeter Comparable Store Sales | 2.21 | % | ||||||||||||
Definition of Comparable Store Sales: | ||||||||||||||
Comparable store sales are computed using corresponding calendar weeks to account for the occasional | ||||||||||||||
extra week included in a fiscal year. A new store must be in operation for 14 months before it enters into | ||||||||||||||
the calculation of comparable store sales. A closed store is removed from the calculation in the month | ||||||||||||||
in which its closure is announced. A new store opening within an approximate two-mile radius of an | ||||||||||||||
existing store that is to be closed upon the new store opening is included as a replacement store in | ||||||||||||||
the comparable store sales measure as if it were the same store. Sales increases resulting from existing | ||||||||||||||
comparable stores that are expanded in size are included in the calculations of comparable store sales, if | ||||||||||||||
the store remains open during the construction period. | ||||||||||||||
(d) Exhibits.
The following exhibit is furnished herewith:
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.
RUDDICK CORPORATION |
|||||||||||
By: | /s/ John B. Woodlief | ||||||||||
John B. Woodlief | |||||||||||
Vice President - Finance and Chief Financial Officer |
Dated: February 3, 2011
INDEX TO EXHIBITS
EXHIBIT NO. | DESCRIPTION OF EXHIBIT | ||||
99.1 | Press Release disseminated on February 3, 2011 by the Registrant announcing its financial results for its first fiscal quarter ended January 2, 2011. |