0000050493-22-000014.txt : 20220804 0000050493-22-000014.hdr.sgml : 20220804 20220804162337 ACCESSION NUMBER: 0000050493-22-000014 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 58 CONFORMED PERIOD OF REPORT: 20220625 FILED AS OF DATE: 20220804 DATE AS OF CHANGE: 20220804 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INGLES MARKETS INC CENTRAL INDEX KEY: 0000050493 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-GROCERY STORES [5411] IRS NUMBER: 560846267 STATE OF INCORPORATION: NC FISCAL YEAR END: 0924 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-14706 FILM NUMBER: 221136989 BUSINESS ADDRESS: STREET 1: PO BOX 6676 CITY: ASHEVILLE STATE: NC ZIP: 28816 BUSINESS PHONE: 828-669-2941 MAIL ADDRESS: STREET 1: PO BOX 6676 CITY: ASHEVILLE STATE: NC ZIP: 28816 10-Q 1 imkt-20220625x10q.htm 10-Q imkt-20220625x10q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 10-Q

 

 

x        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 25, 2022

 

¨         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 0-14706.

 

 

 

INGLES MARKETS, INCORPORATED

(Exact name of registrant as specified in its charter)

 

 

 

North Carolina

 

56-0846267

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

P.O. Box 6676, Asheville NC

 

28816

(Address of principal executive offices)

 

(Zip Code)

 

(828) 669-2941

Registrant’s telephone number, including area code

 

 

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 Trading Symbol

Name of each exchange on which registered

Class A Common Stock, $0.05 par value per share

IMKTA

The NASDAQ Global Select Market

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 by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x    No ¨.

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer x

Accelerated Filer ¨

Non-Accelerated Filer ¨

Smaller Reporting Company ¨

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. ¨.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x.

As of August 1, 2022, the Registrant had 14,372,410 shares of Class A Common Stock, $0.05 par value per share, outstanding and 4,621,966 shares of Class B Common Stock, $0.05 par value per share, outstanding.

 


1


 

INGLES MARKETS, INCORPORATED

 

INDEX

 

 

  

Page

No.

 

Part I – Financial Information

  

 

    Item 1. Financial Statements (Unaudited)

  

 

Condensed Consolidated Balance Sheets as of June 25, 2022 and September 25, 2021

  

3

Condensed Consolidated Statements of Income and Comprehensive Income for the

  

Three Months Ended June 25, 2022 and June 26, 2021

4

Nine Months Ended June 25, 2022 and June 26, 2021

5

Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three Months and Nine Months Ended June 25, 2022 and June 26, 2021

  

6

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended June 25, 2022 and June 26, 2021

  

7

Notes to Unaudited Interim Financial Statements

  

8

    Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

14

    Item 3. Quantitative and Qualitative Disclosures About Market Risk

  

22

Item 4. Controls and Procedures

22

Part II – Other Information

  

    Item 6. Exhibits

  

22

Signatures

  

23


2


Part I. FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

 

INGLES MARKETS, INCORPORATED AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

June 25,

September 25,

2022

2021

ASSETS

Current Assets:

Cash and cash equivalents

$

126,047,581

$

70,313,350

Short term investments

115,210,267

5,000,000

Receivables - net

99,366,859

95,082,014

Inventories

418,570,247

389,953,456

Other current assets

19,906,759

15,091,595

Total Current Assets

779,101,713

575,440,415

Property and Equipment - Net

1,357,265,904

1,370,769,432

Operating lease right of use assets

38,263,784

40,145,098

Other Assets

40,765,038

31,989,010

Total Assets

$

2,215,396,439

$

2,018,343,955

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities:

Current portion of long-term debt

$

17,619,769

$

17,600,739

Current portion of operating lease liabilities

7,964,891

8,635,998

Accounts payable - trade

211,930,958

189,432,027

Accrued expenses and current portion of other long-term liabilities

81,910,253

90,428,567

Total Current Liabilities

319,425,871

306,097,331

Deferred Income Taxes

75,307,000

72,768,000

Long-Term Debt

557,560,125

571,913,204

Noncurrent operating lease liabilities

32,393,387

33,887,935

Other Long-Term Liabilities

41,878,813

50,418,947

Total Liabilities

1,026,565,196

1,035,085,417

Stockholders’ Equity

Preferred stock, $0.05 par value; 10,000,000 shares authorized; no shares issued

Common stocks:

Class A, $0.05 par value; 150,000,000 shares authorized;
14,372,410 shares issued and outstanding June 25, 2022;
14,271,335 shares issued and outstanding at September 25, 2021

718,621

713,567

Class B, convertible to Class A, $0.05 par value;
100,000,000 shares authorized;
4,621,966 shares issued and outstanding June 25, 2022;
4,723,041 shares issued and outstanding at September 25, 2021

231,098

236,152

Paid-in capital in excess of par value

Accumulated other comprehensive income (loss)

8,744,282

(3,426,140)

Retained earnings

1,179,137,242

985,734,959

Total Stockholders’ Equity

1,188,831,243

983,258,538

Total Liabilities and Stockholders’ Equity

$

2,215,396,439

$

2,018,343,955

See notes to unaudited condensed consolidated financial statements.


3


INGLES MARKETS, INCORPORATED AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)

Three Months Ended

June 25,

June 26,

2022

2021

Net sales

$

1,458,166,802

$

1,277,465,132

Cost of goods sold

1,106,287,695

939,999,706

Gross profit

351,879,107

337,465,426

Operating and administrative expenses

257,342,642

239,409,986

Gain from sale or disposal of assets

26,660

2,529,504

Income from operations

94,563,125

100,584,944

Other income, net

1,208,422

678,392

Interest expense

5,285,639

5,529,211

Loss on early extinguishment of debt

1,082,633

Income before income taxes

90,485,908

94,651,492

Income tax expense

22,723,000

22,677,000

Net income

$

67,762,908

$

71,974,492

Other comprehensive income (loss):

Change in fair value of interest rate swap

$

4,341,122

$

(865,315)

Income tax (benefit) expense

(1,060,000)

211,000

Other comprehensive income (loss), net of tax

3,281,122

(654,315)

Comprehensive income

$

71,044,030

$

71,320,177

Per share amounts:

Class A Common Stock

Basic earnings per common share

$

3.65

$

3.88

Diluted earnings per common share

$

3.57

$

3.79

Class B Common Stock

Basic earnings per common share

$

3.32

$

3.52

Diluted earnings per common share

$

3.32

$

3.52

Cash dividends per common share

Class A Common Stock

$

0.165

$

0.165

Class B Common Stock

$

0.150

$

0.150

See notes to unaudited condensed consolidated financial statements.


4


INGLES MARKETS, INCORPORATED AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)

Nine Months Ended

June 25,

June 26,

2022

2021

Net sales

$

4,226,814,981

$

3,652,463,010

Cost of goods sold

3,175,829,075

  

2,690,309,051

Gross profit

1,050,985,906

962,153,959

Operating and administrative expenses

772,167,222

714,459,236

Gain from sale or disposal of assets

1,235,886

3,644,501

Income from operations

280,054,570

251,339,224

Other income, net

4,144,746

2,015,696

Interest expense

16,125,044

18,124,714

Loss on early extinguishment of debt

1,082,633

Income before income taxes

268,074,273

234,147,573

Income tax expense

65,481,000

56,160,000

Net income

$

202,593,273

$

177,987,573

Other comprehensive income:

Change in fair value of interest rate swap

$

16,104,422

$

8,654,299

Income tax benefit

(3,934,000)

(2,114,000)

Other comprehensive income, net of tax

12,170,422

6,540,299

Comprehensive income

$

214,763,695

$

184,527,872

Per share amounts:

Class A Common Stock

Basic earnings per common share

$

10.91

$

9.22

Diluted earnings per common share

$

10.67

$

8.98

Class B Common Stock

Basic earnings per common share

$

9.92

$

8.38

Diluted earnings per common share

$

9.92

$

8.38

Cash dividends per common share

Class A Common Stock

$

0.495

$

0.495

Class B Common Stock

$

0.450

$

0.450

See notes to unaudited condensed consolidated financial statements.

5


INGLES MARKETS, INCORPORATED AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

 

THREE AND NINE MONTHS ENDED JUNE 25, 2022 AND JUNE 26, 2021

Paid-in

Accumulated

Class A

Class B

Capital in

Other

Common Stock

Common Stock

Excess of

Comprehensive

Retained

  

Shares

  

Amount

Shares

Amount

Par Value

Income (Loss)

  

Earnings

Total

Balance, September 26, 2020

14,212,360 

  

$

710,618 

6,047,416 

$

302,371 

$

12,311,249 

$

(10,251,296)

$

816,258,015 

$

819,330,957 

Net income

53,824,087 

53,824,087 

Other comprehensive income, net of income tax

2,088,738 

2,088,738 

Cash dividends

(3,252,151)

(3,252,151)

Common stock conversions

8,175 

409 

(8,175)

(409)

Balance, December 26, 2020

14,220,535 

$

711,027 

6,039,241 

$

301,962 

$

12,311,249 

$

(8,162,558)

$

866,829,951 

$

871,991,631 

Net income

52,188,993 

52,188,993 

Other comprehensive income, net of income tax

5,105,876 

5,105,876 

Cash dividends

(3,252,276)

(3,252,276)

Stock repurchases, at cost

(1,265,400)

(63,270)

(12,311,249)

(67,624,069)

(79,998,588)

Common stock conversions

32,750 

1,638 

(32,750)

(1,638)

Balance, March 27, 2021

14,253,285 

$

712,665 

4,741,091 

$

237,054 

$

$

(3,056,682)

$

848,142,599 

$

846,035,636 

Net income

71,974,492 

71,974,492 

Other comprehensive loss, net of income tax

(654,315)

(654,315)

Cash dividends

(3,062,957)

(3,062,957)

Stock repurchases, at cost

Common stock conversions

7,000 

350 

(7,000)

(350)

Balance, June 26, 2021

14,260,285 

$

713,015 

4,734,091 

$

236,704 

$

$

(3,710,997)

$

917,054,134 

$

914,292,856 

Balance, September 25, 2021

14,271,335 

  

$

713,567