[x] | QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
For the quarterly period ended: April 25, 2015 | |
OR | |
[ ] | TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
Commission File No. 0-2633 |
NEW JERSEY | 22-1576170 |
(State or other jurisdiction of incorporation or organization) | (I. R. S. Employer Identification No.) |
733 MOUNTAIN AVENUE, SPRINGFIELD, NEW JERSEY | 07081 |
(Address of principal executive offices) | (Zip Code) |
(973) 467-2200 | |
(Registrant's telephone number, including area code) |
Large accelerated filer q | Accelerated filer x | |
Non-accelerated filer q (Do not check if a smaller reporting company) | Smaller reporting company q | |
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes _____ No __X__ |
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: | ||
June 3, 2015 | ||
Class A Common Stock, No Par Value | 9,807,083 Shares | |
Class B Common Stock, No Par Value | 4,360,998 Shares |
PART I | PAGE NO. |
FINANCIAL INFORMATION | |
Item 1. Financial Statements (Unaudited) | |
Consolidated Condensed Balance Sheets | |
Consolidated Condensed Statements of Operations | |
Consolidated Condensed Statements of Comprehensive Income (Loss) | |
Consolidated Condensed Statements of Cash Flows | |
Notes to Consolidated Condensed Financial Statements | |
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | |
Item 3. Quantitative & Qualitative Disclosures about Market Risk | |
Item 4. Controls and Procedures | |
PART II | |
OTHER INFORMATION | |
Item 6. Exhibits | |
Signatures |
VILLAGE SUPER MARKET, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (In thousands) (Unaudited) | |||||||
April 25, 2015 | July 26, 2014 | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 58,579 | $ | 77,352 | |||
Merchandise inventories | 45,552 | 44,694 | |||||
Patronage dividend receivable | 9,029 | 12,923 | |||||
Deferred tax assets | — | 12,077 | |||||
Income taxes receivable | 7,658 | — | |||||
Other current assets | 12,259 | 15,740 | |||||
Total current assets | 133,077 | 162,786 | |||||
Property, equipment and fixtures, net | 206,945 | 206,720 | |||||
Notes receivable from Wakefern | 41,421 | 40,598 | |||||
Investment in Wakefern | 25,750 | 25,012 | |||||
Goodwill | 12,057 | 12,057 | |||||
Other assets | 8,162 | 10,239 | |||||
Total assets | $ | 427,412 | $ | 457,412 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current liabilities | |||||||
Capital and financing lease obligations | $ | 458 | $ | 231 | |||
Notes payable to Wakefern | 436 | 667 | |||||
Accounts payable to Wakefern | 57,431 | 66,004 | |||||
Accounts payable and accrued expenses | 19,198 | 15,859 | |||||
Accrued wages and benefits | 17,621 | 18,856 | |||||
Income taxes payable | — | 44,387 | |||||
Total current liabilities | 95,144 | 146,004 | |||||
Long-term Debt | |||||||
Capital and financing lease obligations | 43,820 | 44,168 | |||||
Notes payable to Wakefern | 831 | 1,074 | |||||
Total long-term debt | 44,651 | 45,242 | |||||
Pension liabilities | 26,023 | 23,876 | |||||
Other liabilities | 8,565 | 9,154 | |||||
Commitments and contingencies | |||||||
Shareholders' Equity | |||||||
Preferred stock, no par value: Authorized 10,000 shares, none issued | — | — | |||||
Class A common stock, no par value: Authorized 20,000 shares; issued 10,150 shares at April 25, 2015 and 10,147 shares at July 26, 2014 | 50,657 | 47,056 | |||||
Class B common stock, no par value: Authorized 20,000 shares; issued 4,361 shares at April 25, 2015 and July 26, 2014 | 708 | 708 | |||||
Retained earnings | 217,998 | 203,722 | |||||
Accumulated other comprehensive loss | (11,891 | ) | (12,465 | ) | |||
Less treasury stock, Class A, at cost: 343 shares at April 25, 2015 and 454 shares at July 26, 2014 | (4,443 | ) | (5,885 | ) | |||
Total shareholders’ equity | 253,029 | 233,136 | |||||
Total liabilities and shareholders’ equity | $ | 427,412 | $ | 457,412 |
VILLAGE SUPER MARKET, INC. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) | |||||||||||||||
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||
April 25, 2015 | April 26, 2014 | April 25, 2015 | April 26, 2014 | ||||||||||||
Sales | $ | 387,100 | $ | 372,511 | $ | 1,178,035 | $ | 1,121,798 | |||||||
Cost of sales | 280,002 | 272,074 | 857,008 | 822,297 | |||||||||||
Gross profit | 107,098 | 100,437 | 321,027 | 299,501 | |||||||||||
Operating and administrative expense | 90,848 | 88,524 | 272,307 | 264,960 | |||||||||||
Depreciation and amortization | 5,676 | 5,516 | 17,573 | 16,038 | |||||||||||
Operating income | 10,574 | 6,397 | 31,147 | 18,503 | |||||||||||
Interest expense | (1,133 | ) | (916 | ) | (3,404 | ) | (2,673 | ) | |||||||
Interest income | 603 | 659 | 1,829 | 2,008 | |||||||||||
Income before income taxes | 10,044 | 6,140 | 29,572 | 17,838 | |||||||||||
Income taxes | (3,162 | ) | 2,952 | 5,884 | 18,663 | ||||||||||
Net income (loss) | $ | 13,206 | $ | 3,188 | $ | 23,688 | $ | (825 | ) | ||||||
Net income (loss) per share: | |||||||||||||||
Class A common stock: | |||||||||||||||
Basic | $ | 1.05 | $ | 0.26 | $ | 1.89 | $ | (0.06 | ) | ||||||
Diluted | $ | 0.93 | $ | 0.23 | $ | 1.68 | $ | (0.06 | ) | ||||||
Class B common stock: | |||||||||||||||
Basic | $ | 0.68 | $ | 0.17 | $ | 1.23 | $ | (0.05 | ) | ||||||
Diluted | $ | 0.68 | $ | 0.17 | $ | 1.22 | $ | (0.05 | ) |
VILLAGE SUPER MARKET, INC. CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In thousands) (Unaudited) | |||||||||||||||
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||
April 25, 2015 | April 26, 2014 | April 25, 2015 | April 26, 2014 | ||||||||||||
Net income (loss) | $ | 13,206 | $ | 3,188 | $ | 23,688 | $ | (825 | ) | ||||||
Other comprehensive income: | |||||||||||||||
Amortization of pension actuarial loss, net of tax (1) | 192 | 119 | 574 | 356 | |||||||||||
Comprehensive income (loss) | $ | 13,398 | $ | 3,307 | $ | 24,262 | $ | (469 | ) |
(1) | Amounts are net of tax of $132 and $82 for the 13 weeks ended April 25, 2015 and April 26, 2014, respectively, and $398 and $247 for the 39 weeks ended April 25, 2015 and April 26, 2014, respectively. All amounts are reclassified from accumulated other comprehensive loss to operating and administrative expense. |
VILLAGE SUPER MARKET, INC. CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) | |||||||
39 Weeks Ended | |||||||
April 25, 2015 | April 26, 2014 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net income (loss) | $ | 23,688 | $ | (825 | ) | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depreciation and amortization | 17,573 | 16,038 | |||||
Non-cash share-based compensation | 2,377 | 2,442 | |||||
Deferred taxes | 15,741 | (6,969 | ) | ||||
Provision to value inventories at LIFO | 300 | 250 | |||||
Changes in assets and liabilities: | |||||||
Merchandise inventories | (1,158 | ) | (3,614 | ) | |||
Patronage dividend receivable | 3,894 | 2,677 | |||||
Accounts payable to Wakefern | (8,573 | ) | (16 | ) | |||
Accounts payable and accrued expenses | 630 | 1,218 | |||||
Accrued wages and benefits | (1,235 | ) | (42 | ) | |||
Income taxes payable/receivable | (52,045 | ) | 19,967 | ||||
Other assets and liabilities | 6,332 | 4,719 | |||||
Net cash provided by operating activities | 7,524 | 35,845 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Capital expenditures | (17,264 | ) | (41,435 | ) | |||
Investment in notes receivable from Wakefern | (823 | ) | (41,196 | ) | |||
Maturity of notes receivable from Wakefern | — | 23,420 | |||||
Net cash used in investing activities | (18,087 | ) | (59,211 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Proceeds from exercise of stock options | 2,392 | 217 | |||||
Excess tax benefit related to share-based compensation | 274 | 46 | |||||
Principal payments of long-term debt | (1,464 | ) | (1,204 | ) | |||
Dividends | (9,412 | ) | (9,301 | ) | |||
Treasury stock purchases | — | (2,569 | ) | ||||
Net cash used in financing activities | (8,210 | ) | (12,811 | ) | |||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (18,773 | ) | (36,177 | ) | |||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 77,352 | 109,571 | |||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 58,579 | $ | 73,394 | |||
SUPPLEMENTAL DISCLOSURES OF CASH PAYMENTS MADE FOR: | |||||||
Interest | $ | 3,322 | $ | 3,189 | |||
Income taxes | $ | 41,913 | $ | 5,620 |
13 Weeks Ended April 25, 2015 | 39 Weeks Ended April 25, 2015 | ||||||||||||||
Class A | Class B | Class A | Class B | ||||||||||||
Numerator: | |||||||||||||||
Net income allocated, basic | $ | 9,936 | $ | 2,976 | $ | 17,806 | $ | 5,346 | |||||||
Conversion of Class B to Class A shares | 2,976 | — | 5,346 | — | |||||||||||
Effect of share-based compensation on allocated net income | 26 | (19 | ) | 37 | (21 | ) | |||||||||
Net income allocated, diluted | $ | 12,938 | $ | 2,957 | $ | 23,189 | $ | 5,325 | |||||||
Denominator: | |||||||||||||||
Weighted average shares outstanding, basic | 9,449 | 4,361 | 9,423 | 4,361 | |||||||||||
Conversion of Class B to Class A shares | 4,361 | — | 4,361 | — | |||||||||||
Dilutive effect of share-based compensation | 107 | — | 50 | — | |||||||||||
Weighted average shares outstanding, diluted | 13,917 | 4,361 | 13,834 | 4,361 | |||||||||||
13 Weeks Ended April 26, 2014 | 39 Weeks Ended April 26, 2014 | ||||||||||||||
Class A | Class B | Class A | Class B | ||||||||||||
Numerator: | |||||||||||||||
Net income (loss) allocated, basic | $ | 2,395 | $ | 720 | $ | (595 | ) | $ | (205 | ) | |||||
Conversion of Class B to Class A shares | 720 | — | — | — | |||||||||||
Effect of share-based compensation on allocated net income (loss) | — | — | — | — | |||||||||||
Net income (loss) allocated, diluted | $ | 3,115 | $ | 720 | $ | (595 | ) | $ | (205 | ) | |||||
Denominator: | |||||||||||||||
Weighted average shares outstanding, basic | 9,288 | 4,361 | 9,207 | 4,378 | |||||||||||
Conversion of Class B to Class A shares | 4,361 | — | — | — | |||||||||||
Dilutive effect of share-based compensation | 30 | — | — | — | |||||||||||
Weighted average shares outstanding, diluted | 13,679 | 4,361 | 9,207 | 4,378 |
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||
April 25, 2015 | April 26, 2014 | April 25, 2015 | April 26, 2014 | ||||||||||||
Service cost | $ | 910 | $ | 730 | $ | 2,730 | $ | 2,190 | |||||||
Interest cost on projected benefit obligations | 764 | 694 | 2,292 | 2,082 | |||||||||||
Expected return on plan assets | (928 | ) | (797 | ) | (2,784 | ) | (2,391 | ) | |||||||
Amortization of gains and losses | 324 | 201 | 972 | 603 | |||||||||||
Net periodic pension cost | $ | 1,070 | $ | 828 | $ | 3,210 | $ | 2,484 |
39 Weeks Ended | |||||||
April 25, 2015 | April 26, 2014 | ||||||
Balance at beginning of year | $ | 28,993 | $ | 17,640 | |||
Reclassification to offset net operating loss carryforward (1) | (1,147 | ) | — | ||||
Additions based on tax positions related to prior periods | — | 7,589 | |||||
Additions based on tax positions related to the current period | 46 | 1,019 | |||||
Reductions based on tax positions related to prior periods | (546 | ) | — | ||||
Cash paid on settlements | (26,862 | ) | — | ||||
Balance at end of period | $ | 484 | $ | 26,248 |
13 Weeks Ended | 39 Weeks Ended | ||||||||||
April 25, 2015 | April 26, 2014 | April 25, 2015 | April 26, 2014 | ||||||||
Sales | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | |||
Cost of sales | 72.33 | 73.04 | 72.75 | 73.30 | |||||||
Gross profit | 27.67 | 26.96 | 27.25 | 26.70 | |||||||
Operating and administrative expense | 23.47 | 23.76 | 23.12 | 23.62 | |||||||
Depreciation and amortization | 1.48 | 1.48 | 1.49 | 1.43 | |||||||
Operating income | 2.72 | 1.72 | 2.64 | 1.65 | |||||||
Interest expense | (0.29 | ) | (0.25 | ) | (0.29 | ) | (0.24 | ) | |||
Interest income | 0.16 | 0.18 | 0.16 | 0.18 | |||||||
Income before taxes | 2.59 | 1.65 | 2.51 | 1.59 | |||||||
Income taxes | (0.82 | ) | 0.79 | 0.50 | 1.66 | ||||||
Net income (loss) | 3.41 | % | 0.86 | % | 2.01 | % | (0.07 | )% |
● | We expect same store sales to range from a 1.5% to 2.5% increase in fiscal 2015. |
● | We expect modest retail price inflation in fiscal 2015. |
● | We have budgeted $25,000 for capital expenditures in fiscal 2015. Planned expenditures include the expansion and remodel of the Stirling, New Jersey store and several smaller remodels. |
● | The Board's current intention is to continue to pay quarterly dividends in 2015 at the most recent rate of $.25 per Class A and $.1625 per Class B share. |
● | We believe cash flow from operations and other sources of liquidity will be adequate to meet anticipated requirements for working capital, capital expenditures and debt payments for the foreseeable future. |
● | Excluding the income tax benefit recorded in the third quarter of fiscal 2015 resulting from the settlement with the New Jersey Division of Taxation and interest and penalties on unrecognized tax benefits accrued in fiscal 2015 prior to settlement, we expect our effective income tax rate in fiscal 2015 to be 41.5% - 42.5%. |
● | We expect operating expenses will be affected by increased costs in certain areas, such as medical and pension costs. |
Various uncertainties and other factors could cause actual results to differ from the forward-looking statements contained in this report. These include: | |
● | The supermarket business is highly competitive and characterized by narrow profit margins. Results of operations may be materially adversely impacted by competitive pricing and promotional programs, industry consolidation and competitor store openings. Village competes with national and regional supermarkets, local supermarkets, warehouse club stores, supercenters, drug stores, convenience stores, dollar stores, discount merchandisers, restaurants and other local retailers. Some of these competitors have greater financial resources, lower merchandise acquisition costs and lower operating expenses than we do. |
● | The Company's stores are concentrated in New Jersey, with one store in northeastern Pennsylvania and two in Maryland. We are vulnerable to economic downturns in New Jersey in addition to those that may affect the country as a whole. Economic conditions such as inflation, deflation, and fluctuations in interest rates, energy costs and unemployment rates may adversely affect our sales and profits. |
● | Village acquired two stores in July 2011 in Maryland, a new market for Village where the ShopRite name is less known than in New Jersey. Maryland stores' sales, marketing costs and operating performance remain worse than our typical store as we continue to build market share and brand awareness. If these trends continue, the Company's results of operations will continue to be negatively impacted. |
● | Village purchases substantially all of its merchandise from Wakefern. In addition, Wakefern provides the Company with support services in numerous areas including supplies, advertising, liability and property insurance, technology support and other store services. Further, Village receives patronage dividends and other product incentives from Wakefern. Any material change in Wakefern's method of operation or a termination or material modification of Village's relationship with Wakefern could have an adverse impact on the conduct of the Company's business and could involve additional expense for Village. The failure of any Wakefern member to fulfill its obligations to Wakefern or a member's insolvency or withdrawal from Wakefern could result in increased costs to the Company. Additionally, an adverse change in Wakefern's results of operations could have an adverse effect on Village's results of operations. |
● | Approximately 91% of our employees are covered by collective bargaining agreements. Any work stoppages could have an adverse impact on our financial results. If we are unable to control health care and pension costs provided for in the collective bargaining agreements, we may experience increased operating costs. |
● | Village could be adversely affected if consumers lose confidence in the safety and quality of the food supply chain. The real or perceived sale of contaminated food products by us could result in a loss of consumer confidence and product liability claims, which could have a material adverse effect on our sales and operations. |
● | Certain of the multi-employer plans to which we contribute are underfunded. As a result, we expect that contributions to these plans may increase. Additionally, the benefit levels and related items will be issues in the negotiation of our collective bargaining agreements. Under current law, an employer that withdraws or partially withdraws from a multi-employer pension plan may incur a withdrawal liability to the plan, which represents the portion of the plan's underfunding that is allocable to the withdrawing employer under very complex actuarial and allocation rules. The failure of a withdrawing employer to fund these obligations can impact remaining employers. The amount of any increase or decrease in our required contributions to these multi-employer pension plans will depend upon the outcome of collective bargaining, actions taken by trustees who manage the plans, government regulations and the actual return on assets held in the plans, among other factors. |
● | Our long-lived assets, primarily stores, are subject to periodic testing for impairment. Failure of our asset groups to achieve sufficient levels of cash flow could result in impairment charges on long-lived assets. |
● | Our effective tax rate may be impacted by the results of tax examinations and changes in tax laws. |
● | Wakefern provides all members of the cooperative with information system support that enables us to effectively manage our business data, customer transactions, ordering, communications and other business processes. These information systems are subject to damage or interruption from power outages, computer or telecommunications failures, computer viruses and related malicious software, catastrophic weather events, or human error. Any material interruption of our or Wakefern’s information systems could have a material adverse impact on our results of operations. Due to the nature of our business, personal information about our customers, vendors and associates is received and stored in these information systems. In addition, confidential information is transmitted through our ShopRite from Home online business at shoprite.com and through the ShopRite app. Unauthorized parties may attempt to access information stored in or to sabotage or disrupt these systems. Wakefern and the Company maintain substantial security measures to prevent and detect unauthorized access to such information, including utilizing third-party service providers for monitoring our networks, security reviews, and other functions. It is possible that computer hackers, cyber terrorists and others may be able to defeat the security measures in place at Wakefern or those of third-party service providers. Any breach of these security measures and loss of confidential information, which could be undetected for a period of time, could damage our reputation with customers, vendors and associates, cause Wakefern and Village to incur significant costs to protect any customers, vendors and associates whose personal data was compromised, make changes to our information systems and could result in government enforcement actions and litigation against Wakefern and/or Village from outside parties. Any such breach could have a material adverse impact on our operations, consolidated financial condition, results of operations, and liquidity if the related costs to Wakefern and Village are not covered or are in excess of carried insurance policies. In addition, a security breach could require Wakefern and Village to devote significant management resources to address problems created by the security breach and restore our reputation. |
Item 6. | Exhibits |
Exhibit 31.1 | Certification |
Exhibit 31.2 | Certification |
Exhibit 32.1 | Certification (furnished, not filed) |
Exhibit 32.2 | Certification (furnished, not filed) |
Exhibit 99.1 | Press Release dated June 3, 2015 |
101 INS | XBRL Instance |
101 SCH | XBRL Schema |
101 CAL | XBRL Calculation |
101 DEF | XBRL Definition |
101 LAB | XBRL Label |
101 PRE | XBRL Presentation |
Village Super Market, Inc. | |
Registrant | |
Dated: June 3, 2015 | /s/ James Sumas |
James Sumas | |
(Chief Executive Officer) | |
Dated: June 3, 2015 | /s/ John Van Orden |
John Van Orden | |
(Chief Financial Officer) |
Exhibit 31.1 |
1. | I have reviewed this quarterly report on Form 10-Q of Village Super Market, 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 period covered by this 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-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) 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 report is being prepared; | |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
c) | 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 | |
d) | 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 (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. | |
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 function): | |
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: June 3, 2015 | /s/ James Sumas |
James Sumas | |
Chief Executive Officer |
Exhibit 31.2 |
1. | I have reviewed this quarterly report on Form 10-Q of Village Super Market, 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 period covered by this 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-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) 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 report is being prepared; | |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
c) | 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 | |
d) | 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 (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. | |
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 function): | |
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: June 3, 2015 | |
/s/ John Van Orden | |
John Van Orden | |
Chief Financial Officer & | |
Principal Financial Officer |
Exhibit 32.1 |
/s/ James Sumas | |
James Sumas | |
Chief Executive Officer | |
June 3, 2015 |
Exhibit 32.2 |
/s/ John Van Orden | |
John Van Orden | |
Chief Financial Officer & | |
Principal Financial Officer | |
June 3, 2015 |
Exhibit 99.1 |
Contact: | John Van Orden, CFO |
(973) 467-2200 | |
john.vanorden@wakefern.com |
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||
April 25, 2015 | April 26, 2014 | April 25, 2015 | April 26, 2014 | ||||||||||||
Sales | $ | 387,100 | $ | 372,511 | $ | 1,178,035 | $ | 1,121,798 | |||||||
Cost of sales | 280,002 | 272,074 | 857,008 | 822,297 | |||||||||||
Gross profit | 107,098 | 100,437 | 321,027 | 299,501 | |||||||||||
Operating and administrative expense | 90,848 | 88,524 | 272,307 | 264,960 | |||||||||||
Depreciation and amortization | 5,676 | 5,516 | 17,573 | 16,038 | |||||||||||
Operating income | 10,574 | 6,397 | 31,147 | 18,503 | |||||||||||
Interest expense | (1,133 | ) | (916 | ) | (3,404 | ) | (2,673 | ) | |||||||
Interest income | 603 | 659 | 1,829 | 2,008 | |||||||||||
Income before income taxes | 10,044 | 6,140 | 29,572 | 17,838 | |||||||||||
Income taxes | (3,162 | ) | 2,952 | 5,884 | 18,663 | ||||||||||
Net income (loss) | $ | 13,206 | $ | 3,188 | $ | 23,688 | $ | (825 | ) | ||||||
Net income (loss) per share: | |||||||||||||||
Class A common stock: | |||||||||||||||
Basic | $ | 1.05 | $ | 0.26 | $ | 1.89 | $ | (0.06 | ) | ||||||
Diluted | $ | 0.93 | $ | 0.23 | $ | 1.68 | $ | (0.06 | ) | ||||||
Class B common stock: | |||||||||||||||
Basic | $ | 0.68 | $ | 0.17 | $ | 1.23 | $ | (0.05 | ) | ||||||
Diluted | $ | 0.68 | $ | 0.17 | $ | 1.22 | $ | (0.05 | ) | ||||||
Gross profit as a % of sales | 27.67 | % | 26.96 | % | 27.25 | % | 26.70 | % | |||||||
Operating and administrative expense as a % of sales | 23.47 | % | 23.76 | % | 23.12 | % | 23.62 | % |
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