-----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, F3st7lPDvf5lhRsVHC3epQnzGQU1pD8eFBNEWW6Xca/M5KwiEHr+bHyxiT1Av/14 4qI3hCHsHIZswMkfsfJ/pw== 0000105418-04-000024.txt : 20040719 0000105418-04-000024.hdr.sgml : 20040719 20040719120446 ACCESSION NUMBER: 0000105418-04-000024 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040626 ITEM INFORMATION: FILED AS OF DATE: 20040719 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WEIS MARKETS INC CENTRAL INDEX KEY: 0000105418 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-GROCERY STORES [5411] IRS NUMBER: 240755415 STATE OF INCORPORATION: PA FISCAL YEAR END: 1226 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05039 FILM NUMBER: 04919539 BUSINESS ADDRESS: STREET 1: 1000 S SECOND ST STREET 2: PO BOX 471 CITY: SUNBURY STATE: PA ZIP: 17801 BUSINESS PHONE: 570-286-4571 MAIL ADDRESS: STREET 1: 1000 S SECOND ST STREET 2: PO BOX 471 CITY: SUNBURY STATE: PA ZIP: 17801 8-K 1 press022004.htm WEIS MARKETS, INC. 2ND QUARTER FINANCIAL NEWS RELEASE Body
WEIS MARKETS, INC. 1000 S. 2nd Street
  Sunbury, Pennsylvania 17801
  Phone 570-286-3636
  Fax 570-286-3692
Press Release
Contact: Dennis Curtin FOR IMMEDIATE RELEASE
Phone: (570)-286-3636 July 16, 2004
E-Mail: dcurtin@weismarkets.com
WEIS MARKETS REPORTS INCREASE IN 2nd QUARTER SALES AND COMP. STORE SALES
   (SUNBURY, PA) – Weis Markets, Inc. (NYSE:WMK) today reported its second quarter sales for the thirteen-week period ending June 26, 2004 increased 2.6% to $521.4 million and its comparable store sales increased 3.2%.

   During the second quarter, the Company's diluted earnings per share totaled $.50 per share compared to $.51 per share for the same period a year ago. The Company generated $13.6 million in second quarter net income, a 1.0% decline compared to the same period a year ago.

   The Company said its sales and comparable sales increases were due to the continuing strong performance of its perishable departments and strong promotional programs throughout its trade area. The second quarter results represent the twelfth consecutive quarterly increase in the Company's comparable store sales.

   The Company's second quarter net income and earnings per share were affected by healthcare cost increases that continue to exceed the rate of inflation. During this period, the Company's medical insurance costs increased $2.2 million. The Company said it is developing healthcare cost containment strategies to control and reduce these costs.

   The Company's net income and earnings per share were also affected by a $1.4 million pre-tax loss related to the sale of an asset.

   "While the continuing increase in healthcare costs and a loss related to the sale of an asset affected our net income and earnings per share, our core business continues to perform well in a competitive market place where the economy is beginning to slowly rebound," said Weis Markets' CEO and President Norman S. Rich. "In addition to the sales and comparable store sales increases, our income from operations in the second quarter increased 7.3% to $18.4 million. In the coming months, we will continue to focus our efforts on increasing efficiencies and reducing costs while at the same time executing on our go-to-market strategies."

   Year-to-date, the Company's sales increased 2.5% to $1.04 billion and comparable store sales are up 3.1%.

The Company's year-to-date basic and diluted earnings per share increased $.01 to $1.10 per share. Year-to-date net income increased 1.1% to $29.9 million.

   Weis Markets, Inc., which is based in Sunbury, PA, is a Mid-Atlantic supermarket company operating 157 stores in six states: Pennsylvania, Maryland, New Jersey, New York, Virginia and West Virginia. The Company also owns and operates SuperPetz, a pet supply superstore chain with 33 locations in eleven states.

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   In addition to historical information, this news release 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.

   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 other than through its periodic filings with the Securities and Exchange Commission that are available to the public.

Weis Markets, Inc. and Subsidiaries
COMPARATIVE SUMMARY OF UNAUDITED SALES & EARNINGS
Second Quarter - 2004
  13 Week 13 Week  
  Period Ended Period Ended Increase
  June 26, 2004 June 28, 2003 (Decrease)
Net Sales $521,374,000 $507,981,000 2.6%
Income Before Taxes 21,641,000 22,253,000 (2.8%)
Provision for Income Taxes 7,997,000 8,474,000 (5.6%)
Net Income $13,644,000 $13,779,000 (1.0%)
       
Weighted-Average      
     Shares Outstanding 27,121,000 27,194,000 (73,000)
Basic and Diluted      
     Earnings Per Share $0.50 $0.51 ($0.01)
       
       
       
  26 Week 26 Week  
  Period Ended Period Ended Increase
  June 26, 2004 June 28, 2003 (Decrease)
Net Sales $1,042,043,000 $1,017,052,000 2.5%
Income Before Taxes 47,678,000 47,690,000 0.0%
Provision for Income Taxes 17,799,000 18,128,000 (1.8%)
Net Income $29,879,000 $29,562,000 1.1%
       
Weighted-Average      
     Shares Outstanding 27,130,000 27,194,000 (64,000)
Basic and Diluted      
     Earnings Per Share $1.10 $1.09 $0.01
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