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): August 2, 2017
WEIS MARKETS,
INC.
(Exact name of registrant as specified in its
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) |
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:
[ ] 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))
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [ ]
If an emerging growth company,
indicate by check mark if the registrant has elected not
to use the extended transition period for complying with
any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange
Act. [ ]
Item 2.02 Results of Operations and Financial Condition.
On August 2, 2017, the Company released its earnings for the second quarter ended July 1, 2017. 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.
(d) Exhibit.
99.1 Weis Markets, Inc. August 2, 2017 news release announcing the second quarter 2017 earnings.
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.
WEIS MARKETS, INC. | |||
By: /s/Scott F. Frost | |||
Name: Scott F. Frost | |||
Title: Senior Vice President, Chief Financial Officer | |||
and Treasurer | |||
(Principal Financial Officer) | |||
Dated: August 2, 2017 |
Exhibit No. | Description |
99.1 | Weis Markets, Inc. August 2, 2017 news release announcing the second quarter 2017 earnings. |
Exhibit 99.1
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News Release
Contact: | FOR IMMEDIATE RELEASE |
Dennis Curtin | |
Weis Markets, Inc. | |
570-847-3636 | |
dcurtin@weismarkets.com | |
Twitter: @WMKSpokesman |
WEIS MARKETS REPORTS 2nd
QUARTER RESULTS
Comparable Store Sales
Increase for the 13th Consecutive
Quarter
Sunbury, PA (August 2, 2017) - Weis Markets, Inc. (NYSE:WMK) today reported its second quarter sales for the thirteen week period ended July 1, 2017 increased 20.0 percent to $876.6 million compared to $730.4 million for the same period in 2016. The Company's second quarter comparable store sales, adjusted down for the Easter Holiday shift, increased 2.7 percent.
In the second quarter, the Company's operating income increased 15.2 percent to $27.7 million compared to $24.1 million for the same period in 2016. The Company's second quarter net income increased 21.0 percent to $18.5 million while earnings per share totaled $0.69 compared to $0.57 in 2016.
"Our comparable stores have now increased for the thirteenth consecutive quarter," said Weis Markets Chairman and Chief Executive Officer Jonathan Weis. "During this period our sales and net income benefited from the strong performance of our pharmacy and deli-food service departments, sustained and varied promotions throughout our seven state market area and increased store level efficiencies and expense controls."
Year-to-Date
For the 26 week period ended July
1, 2017, the Company's sales increased 17.7 percent to
$1.7 billion compared to the same period in 2016 while
comparable store sales were up 1.7 percent. Operating
income totaled $48.0 million compared to $55.3 million in
2016. Year-to-date net income totaled $30.3 million, down
14.4 percent compared to 2016.
# # #
About Weis Markets
Founded in 1912, Weis Markets,
Inc. is a Mid Atlantic food retailer operating 204 stores
in Pennsylvania, Maryland, Delaware, New Jersey, New
York, Virginia 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
Second Quarter -
2017
(Unaudited)
(in thousands, except shares
and per share amounts)
13 Week | 13 Week | ||||||
Period Ended | Period Ended | Increase | |||||
July 1, 2017 | June 25, 2016 | (Decrease) | |||||
Net Sales | $ | 876,569 | $ | 730,433 | 20.0 | % | |
Income Before Income Taxes | 28,130 | 24,739 | 13.7 | % | |||
Provision for Income Taxes | 9,655 | 9,474 | 1.9 | % | |||
Net Income | $ | 18,475 | $ | 15,265 | 21.0 | % | |
Weighted-Average | |||||||
Shares Outstanding | 26,898,443 | 26,898,443 | --- | ||||
Basic and Diluted | |||||||
Earnings Per Share | $ | 0.69 | $ | 0.57 | $ | 0.12 | |
26 Week | 26 Week | ||||||
Period Ended | Period Ended | Increase | |||||
July 1, 2017 | June 25, 2016 | (Decrease) | |||||
Net Sales | $ | 1,728,798 | $ | 1,468,637 | 17.7 | % | |
Income Before Income Taxes | 49,204 | 56,645 | (13.1 | )% | |||
Provision for Income Taxes | 18,893 | 21,252 | (11.1 | )% | |||
Net Income | $ | 30,311 | $ | 35,393 | (14.4 | )% | |
Weighted-Average | |||||||
Shares Outstanding | 26,898,443 | 26,898,443 | --- | ||||
Basic and Diluted | |||||||
Earnings Per Share | $ | 1.13 | $ | 1.32 | $ | (0.19 | ) |