-----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, FNSQwx7XXaoDftf//nLEpSd+eWGgIIwPeWbWx5aNjLprP2hGDI6rgvwlCLmhKq6u BD4K4LoPtpb4kNQN60Beqg== 0000897069-00-000436.txt : 20010312 0000897069-00-000436.hdr.sgml : 20010312 ACCESSION NUMBER: 0000897069-00-000436 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000715 FILED AS OF DATE: 20000824 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCHULTZ SAV O STORES INC CENTRAL INDEX KEY: 0000087588 STANDARD INDUSTRIAL CLASSIFICATION: 5411 IRS NUMBER: 390600405 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-00549 FILM NUMBER: 709079 BUSINESS ADDRESS: STREET 1: 2215 UNION AVE CITY: SHEBOYGAN STATE: WI ZIP: 53081 BUSINESS PHONE: 4144574433 MAIL ADDRESS: STREET 1: 2215 UNION AVE CITY: SHEBOYGAN STATE: WI ZIP: 53081 10-Q 1 0001.txt SCHULTZ SAV-O STORES, INC. FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 --------------------- FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 15, 2000 ------------- OR [ ] 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 0-549 ----- SCHULTZ SAV-O STORES, INC. --------------------------------------- (Exact Name of Registrant as Specified in its Charter) WISCONSIN 39-0600405 ------------------------------ ------------------ (State or other jurisdiction (I.R.S. Employer of incorporation of organization) Identification No.) 2215 UNION AVENUE SHEBOYGAN, WISCONSIN 53081 ---------------------- ------------ (Address of principal (Zip Code) executive offices) Registrant's telephone number including area code 920-457-4433 ------------ --------------------------------------------------- Former name, former address and former fiscal year, if changed since last report 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 the filing requirements for the past 90 days. Yes _X_ No ___ APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Indicate by check mark whether the registrant has filed all reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ___ No ___ APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. As of August 31, 2000, 5,938,569 shares of Common Stock, $0.05 par value, were issued and outstanding. SCHULTZ SAV-O STORES, INC. FORM 10-Q INDEX PAGE NUMBER ------ PART I FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Balance Sheets 3 Unaudited Consolidated Statements of Earnings 4 Unaudited Consolidated Statements of Cash Flows 5 Notes to Unaudited Consolidated Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8 Item 3. Quantitative and Qualitative Disclosures about Market Risk 10 PART II OTHER INFORMATION Item 4. Submission of Matters to Vote of Security Holders 11 Item 6. Exhibits and Reports on Form 8-K 12 SIGNATURES 12 2 PART I FINANCIAL INFORMATION Item 1. Financial Statements SCHULTZ SAV-O STORES, INC. CONSOLIDATED BALANCE SHEETS
- - -------------------------------------------------------------------------------------------------------------------------- (Unaudited) (Audited) July 15, January 1, Assets 2000 2000 - - -------------------------------------------------------------------------------------------------------------------------- Current assets: Cash and equivalents $ 30,453,000 $ 22,433,000 Receivables 9,977,000 6,629,000 Inventories 22,633,000 26,313,000 Other current assets 3,583,000 3,410,000 Deferred Income taxes 3,900,000 3,900,000 - - -------------------------------------------------------------------------------------------------------------------------- Total current assets 70,546,000 62,685,000 - - -------------------------------------------------------------------------------------------------------------------------- Noncurrent receivable under capital subleases 4,333,000 4,531,000 Property under capital leases, net 3,241,000 3,462,000 Other noncurrent assets 2,317,000 2,664,000 Property and equipment, net 20,405,000 20,285,000 - - -------------------------------------------------------------------------------------------------------------------------- Total assets $ 100,842,000 $ 93,627,000 ========================================================================================================================== Liabilities and Shareholders' Investment - - -------------------------------------------------------------------------------------------------------------------------- Current liabilities: Accounts payable $ 24,769,000 $ 19,545,000 Accrued salaries and benefits 5,382,000 5,284,000 Accrued insurance 3,346,000 3,002,000 Retail repositioning reserve 349,000 450,000 Other accrued liabilities 3,213,000 3,765,000 Current obligations under capital leases 744,000 696,000 Current maturities of long-term debt 162,000 146,000 - - -------------------------------------------------------------------------------------------------------------------------- Total current liabilities 37,965,000 32,888,000 - - -------------------------------------------------------------------------------------------------------------------------- Long-term obligations under capital leases 8,646,000 9,069,000 Long-term debt 2,755,000 2,865,000 Deferred income taxes 836,000 836,000 Shareholders' investment: Common stock 438,000 438,000 Additional paid-in capital 14,961,000 14,961,000 Retained earnings 66,697,000 63,995,000 Treasury stock (31,456,000) (31,425,000) - - -------------------------------------------------------------------------------------------------------------------------- Total shareholders' investment 50,640,000 47,969,000 - - -------------------------------------------------------------------------------------------------------------------------- Total liabilities and shareholder's investment $ 100,842,000 $ 93,627,000 ==========================================================================================================================
3 SCHULTZ SAV-O STORES, INC. UNAUDITED CONSOLIDATED STATEMENTS OF EARNINGS
------------------------------------------------------------------------------------------------------------------------------ For the 12-weeks ended For the 28-weeks ended July 15, 2000 July 17, 1999 July 15, 2000 July 17, 1999 ------------------------------------------------------------------------------------------------------------------------------ Net sales $ 116,459,000 $ 115,124,000 $ 264,147,000 $ 262,075,000 Costs and expenses: Cost of products sold 96,988,000 96,376,000 220,218,000 219,531,000 Operating and administrative expenses 16,507,000 15,486,000 37,966,000 36,451,000 Operating income 2,964,000 3,262,000 5,963,000 6,093,000 Interest income 302,000 250,000 578,000 642,000 Interest expense (197,000) (182,000) (459,000) (413,000) Earnings before income taxes 3,069,000 3,330,000 6,082,000 6,322,000 Provision for income taxes 1,166,000 1,292,000 2,311,000 2,453,000 ------------------------------------------------------------------------------------------------------------------------------ Net earnings $ 1,903,000 $ 2,038,000 $ 3,771,000 $ 3,869,000 ============================================================================================================================== Earnings per share - basic $ 0.32 $ 0.32 $ 0.63 $ 0.59 Earnings per share - diluted $ 0.32 $ 0.31 $ 0.63 $ 0.58 Cash dividends paid per share of common stock $ 0.09 $ 0.08 $ 0.18 $ 0.16 Weighted average common shares and equivalents 5,989,000 6,601,000 5,995,000 6,688,000
4 SCHULTZ SAV-O STORES, INC. UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
- - -------------------------------------------------------------------------------------------------------------------------- For the 28-weeks ended July 15, 2000 July 17, 1999 - - -------------------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings $ 3,771,000 $ 3,869,000 Adjustments to reconcile net earnings to net cash flows from operating activities Depreciation and amortization 2,820,000 2,669,000 Changes in assets and liabilities Receivables (3,348,000) (2,607,000) Inventories 3,680,000 3,484,000 Other current assets (156,000) 192,000 Accounts payable 5,224,000 (2,395,000) Accrued liabilities (211,000) 298,000 - - -------------------------------------------------------------------------------------------------------------------------- Net cash flows from operating activities 11,780,000 5,510,000 - - -------------------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM INVESTING ACTIVITIES: Expenditures for property and equipment (2,368,000) (1,651,000) Receipt of principal amounts under capital sublease agreements 175,000 219,000 Other 2,000 7,000 - - -------------------------------------------------------------------------------------------------------------------------- Net cash flows from investing activities (2,191,000) (1,425,000) - - -------------------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM FINANCING ACTIVITIES: Payment of cash dividends (1,069,000) (1,042,000) Principal payments under capital lease obligations (375,000) (352,000) Principal payments on long-term debt (94,000) (89,000) Payment for acquisition of treasury stock (55,000) (3,434,000) Other 24,000 13,000 - - -------------------------------------------------------------------------------------------------------------------------- Net cash flows from financing activities (1,569,000) (4,904,000) - - -------------------------------------------------------------------------------------------------------------------------- CASH AND EQUIVALENTS: Net change 8,020,000 (819,000) Balance, beginning of period 22,433,000 34,334,000 - - -------------------------------------------------------------------------------------------------------------------------- Balance, end of period $ 30,453,000 $ 33,515,000 ========================================================================================================================== SUPPLEMENTAL CASH FLOW DISCLOSURES: Interest paid $ 456,000 $ 409,000 Income taxes paid 1,950,000 2,384,000
5 SCHULTZ SAV-O STORES, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (1) Basis of Presentation The financial statements included herein have been prepared by the Company, without audit. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted, although the Company believes that the disclosures are adequate to make the information presented not misleading. The interim financial statements furnished with this report reflect all adjustments of a normal recurring nature, which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. It is suggested that these financial statements be read in conjunction with the audited financial statements and the notes thereto included in the Company's 1999 annual report to shareholders, as incorporated by reference in the Company's Form 10-K for the fiscal year ended January 1, 2000. (2) Interest Expense
- - ----------------------------------------------------------------------------------------------------------------------- For the 12-weeks ended For the 28-weeks ended July 15, 2000 July 17, 1999 July 15, 2000 July 17, 1999 - - ----------------------------------------------------------------------------------------------------------------------- Imputed - capital leases $ 130,000 $ 102,000 $ 304,000 $ 239,000 Long-term debt 67,000 71,000 155,000 165,000 Other - 9,000 - 9,000 - - ----------------------------------------------------------------------------------------------------------------------- Interest expense $ 197,000 $ 182,000 $ 459,000 $ 413,000 =======================================================================================================================
(3) Other Current Assets
- - ---------------------------------------------------------------------------------------------------- July 15, 2000 January 1, 2000 - - ---------------------------------------------------------------------------------------------------- Prepaid expenses $ 1,385,000 $ 1,500,000 Property held for resale 1,196,000 1,088,000 Retail systems and supplies for resale 654,000 496,000 Receivable under capital subleases 348,000 326,000 - - ---------------------------------------------------------------------------------------------------- Other current assets $ 3,583,000 $ 3,410,000 ====================================================================================================
(4) Segment Reporting The Company adopted FAS Statement No. 131, "Disclosures about Segments of an Enterprise and Related Information" for its fiscal 1998. Based on management responsibility, the Company identified two business segments, wholesale and retail, in which it operates. The Company's management utilizes several measurement tools in evaluating each segment's performance and each segment's resource requirements. However, the principal measurement tools are consistent with the Company's consolidated financial statements and accordingly are reported on a similar basis. Wholesale operating profits on sales through the Company's corporate stores are allocated to the retail segment. 6 Summarized financial information for the second quarter and year-to-date of 2000 and 1999 concerning the Company's reportable segments is shown in the following tables (in thousands):
- - ------------------------------------------------------------------------------------------------------------------ For the 12-weeks ended For the 28-weeks ended Sales July 15, 2000 July 17, 1999 July 15, 2000 July 17, 1999 - - ------------------------------------------------------------------------------------------------------------------ Wholesale sales $ 94,071 $ 95,222 $ 214,465 $ 217,715 Intracompany sales (26,011) (28,012) (60,961) (66,316) ------------- ------------- ------------- ------------- Net wholesale sales 68,060 67,210 153,504 151,399 Retail sales 48,399 47,914 110,643 110,676 - - ------------------------------------------------------------------------------------------------------------------ Total sales $ 116,459 $ 115,124 $ 264,147 $ 262,075 ================================================================================================================== - - ------------------------------------------------------------------------------------------------------------------ For the 12-weeks ended For the 28-weeks ended Earnings Before Income Tax July 15, 2000 July 17, 1999 July 15, 2000 July 17, 1999 - - ------------------------------------------------------------------------------------------------------------------ Wholesale $ 2,150 $ 2,357 $ 4,625 $ 4,683 Retail 814 905 1,338 1,410 ------------- ------------- ------------- ------------- Total operating income 2,964 3,262 5,963 6,093 Interest income 302 250 578 642 Interest expense (197) (182) (459) (413) - - ------------------------------------------------------------------------------------------------------------------ Earnings before income taxes $ 3,069 $ 3,330 $ 6,082 $ 6,322 ==================================================================================================================
7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations - - --------------------- Selected costs and results as a percent of net sales:
- - --------------------------------------------------------------------------------------------------------------------- For the 12-weeks ended For the 28-weeks ended July 15, 2000 July 17, 1999 July 15, 2000 July 17, 1999 - - --------------------------------------------------------------------------------------------------------------------- Gross margin 16.7% 16.3% 16.6% 16.2% Operating and administrative expenses 14.2 13.5 14.4 13.9 Earnings before income taxes 2.6 2.9 2.3 2.4 Net earnings 1.6 1.8 1.4 1.5 - - ---------------------------------------------------------------------------------------------------------------------
Net Sales Net sales for the 12- and 28- week periods ended July 15, 2000 were $116.5 million and $264.1 million, respectively, compared to $115.1 million and $262.1 million, respectively, for the same periods in 1999. The nominal increases of $1.4 million and $2.0 million, or 1.2% and 0.8%, respectively, were due primarily to increased wholesale sales volume. Retail sales for the 12- and 28- week periods ended July 15, 2000 were $48.4 million and $110.6 million, respectively, compared to $47.9 million and $110.7 million for the same periods in 1999. Although the Company's retail sales volume was positively impacted by the additional corporate store that was converted from a franchise unit in November 1999 and the increased volume resulting from the replacement store in Racine, Wisconsin in May 2000, several market areas continued to experience intense competitive pressures. Net wholesale sales for the 12- and 28- week periods ended July 15, 2000 were $68.1 million and $153.5 million, respectively, compared to $67.2 million and $151.4 million for the same periods in 1999. The increases of $900,000 and $2.1 million, or 1.3% and 1.4%, respectively, were attributable to: (1) the successful conversion to the Piggly Wiggly program of three new market Wisconsin franchise stores from other wholesalers since July 17, 1999; and (2) the opening of one new market franchise supermarket in Kewaskum, Wisconsin in June 2000. Similar to corporate retail stores, certain franchise supermarkets experienced intense competitive pressures. These competitive pressures had an adverse impact on the Company's wholesale sales volume. As of July 15, 2000, the Company had 71 independent franchise-owned supermarkets and 19 corporate stores, all operating under the Piggly Wiggly(R) banner. Gross Margin Gross margin, as a percent of sales, increased to 16.7% and 16.6% for the 12- and 28-week periods ended July 15, 2000, compared to 16.3% and 16.2%, respectively for the same periods in 1999. This improvement, primarily due to retail operations, was attributable to merchandising and product promotional mix improvements that were initiated at the beginning of 2000. Operating and Administrative Expenses Operating and administrative expenses, as a percent of sales, increased to 14.2% and 14.4% for the 12- and 28- week periods ended July 15, 2000, compared to 13.5% and 13.9%, respectively for the same periods in 1999. These increases were principally attributable to a year-to-date increase of 38% in health and accident insurance costs in retail operations and one-time professional fees approximating $350,000 related to Company strategic initiatives. Due to the ongoing highly competitive nature of the industry in the Company's markets, certain Company franchise operators and corporate retail supermarkets continue to experience a variety of operational issues in their respective marketplaces. The Company continues to evaluate various business 8 alternatives relating to these underperforming operations. The Company's business alternatives include, but are not limited to, the sale and subsequent conversion of corporate stores to franchise units, closing stores, or implementing other operational changes. Similar to certain prior years, implementation of these alternatives is likely to result in the Company incurring certain repositioning or restructuring charges for these replaced, closed or sold stores and negatively impact net earnings in the short term. However, the Company believes that such actions will help improve the Company's long-term profitability. Net Earnings Net earnings for the 12- and 28- week periods ended July 15, 2000 decreased 6.6% and 2.5% to $1.9 million and $3.8 million respectively, compared to $2.0 million and $3.9 million for the same periods in 1999. Although net earnings for the 2000 second quarter and year-to-date decreased, the Company's overall operational results were trending consistent with the first quarter of 2000. Diluted earnings per share for the 12- and 28- week periods ended July 15, 2000 increased 3.2% to $0.32, compared to $0.31 in 1999, and increased 8.6% to $0.63 compared to $0.58 in 1999. Due to significant share repurchases in 1999, the weighted average common shares and equivalents for the second quarter and year-to-date of 2000 were 5,989,000 and 5,995,000, compared to 6,601,000 and 6,688,000, respectively, for the same periods in 1999. Liquidity and Capital Resources - - ------------------------------- At July 15, 2000, the Company had cash and equivalents totaling $30.5 million. At year-end 1999, cash and equivalents aggregated $22.4 million. The net cash inflow of $8.1 million was attributable to certain operational, investing and financing activities as described below. The Company had net cash inflows from operating activities of $11.8 million during the first half of 2000, compared to a net cash inflow of $5.5 million for the same period in 1999. The increase in cash flows from operations was due primarily to the timing of cash receipts, cash payments and changes in short-term financing to the Company's wholesale customers. During the second quarter of 2000, the Company continued to make progress in its comprehensive evaluation of its core business systems. As part of this process, the Company continues to explore several alternatives and courses of action that may result in significant additional capital expenditures. The Company projects a decision to be made before the end of the year. Net cash outflows from investing activities for the 28-week period ended July 15, 2000 totaled $2.2 million, compared to $1.4 million for the same period in 1999. The Company incurred $2.4 million in capital expenditures during the first half of 2000. Approximately 80% of the expenditures related to equipment purchases for the replacement supermarket in Racine, Wisconsin as well as other corporate retail store equipment and technological upgrades. At July 15, 2000, of the fiscal 2000 capital budget of $5.4 million, the Company has approximately $3.0 million available for the remainder of the year. Net cash outflows from financing activities for the 28-week period ended July 15, 2000, totaled nearly $1.6 million compared to $4.9 million for the same period in 1999. The significant decrease was due exclusively to stock repurchases of $3.4 million during the first half of 1999 compared to $55,000 during the first half of 2000. The Company's working capital position at July 15, 2000 was $32.6 million, compared to $29.8 million at January 1, 2000. The Company's current ratio at July 15, 2000 was 1.86 to 1.00 with cash and equivalents constituting substantially all of the working capital. The Company also has unsecured 9 revolving bank credit facilities aggregating $16.0 million, which remains available for use in its entirety. At July 15, 2000, the Company's liquidity position continues to be very favorable and strong. Special Note Regarding Forward-Looking Statements - - ------------------------------------------------- Certain matters discussed in this Form 10-Q are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such because the context of the statement will include words such as the Company "believes," "anticipates," "expects," "projects" or words of similar import. Similarly, statements that describe the Company's future plans, objectives, strategies or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties including, but not limited, to the following: (i) presence of intense competitive market activity in the Company's market areas; (ii) ability to identify and develop new market locations and opportunities for expansion purposes; (iii) continuing ability to obtain reasonable vendor marketing funds for promotional purposes; (iv) ongoing advancing information technology requirements which may require the Company to spend substantial capital expenditure and can dilute the Company's earnings for a significant period; and (v) the Company's ability to continue to recruit, train and retain quality franchise and corporate retail store operators. Due principally to the competitive nature of the industry and to the quality of its retail store operators, the Company continues to evaluate various courses of action relating to its underperforming retail operations. These courses of action include closures, conversions and consolidations of retail stores. Implementation of these actions can result in certain repositioning charges to the Company. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this report and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. Item 3. Quantitative and Qualitative Disclosures About Market Risk The Company believes that its exposure to market risks related to changes in foreign currency exchange rates, interest rate fluctuations and trade accounts receivable is immaterial. 10 PART II Other Information Item 4. Submission of Matters to a Vote of Security Holders The Company's 2000 annual meeting of shareholders was held on Wednesday, May 10, 2000. At the meeting, the shareholders re-elected Michael R. Houser and elected Bruce J. Olson and Walter G. Winding to the Company's Board of Directors for three-year terms expiring at the Company's 2003 annual meeting of shareholders and until their successors are duly qualified and elected. As of the March 22, 2000 record date for the annual meeting, 5,943,569 shares of Common Stock were outstanding and eligible to vote. Of these, 5,038,100 shares of Common Stock voted at the meeting in person or by proxy. The following votes were recorded for each nominee: For Withheld ------------------------ ---------------------- Votes Percentage Votes Percentage Michael R. Houser 5,002,987 99.3% 35,113 0.7% Bruce J. Olson 4,995,167 99.1% 42,933 0.9% Walter G. Winding 4,995,167 99.1% 42,933 0.9% The tabulation of votes for the election of directors resulted in no broker non-votes or abstentions. Of the 5,038,100 shares of Common Stock voted at the meeting in person or by proxy, the following votes were recorded for approval of the ratification of Arthur Andersen LLP as the Company's 2000 independent public accountants: For Against Abstained - - ---------------------- -------------------- -------------------- Votes Percentage Votes Percentage Votes Percentage ----- ---------- ----- ---------- ----- ---------- 5,012,124 99.5% 20,684 0.4% 5,292 0.1% 11 Item 6. Exhibits and Reports on Form 8-K (a) Exhibits Exhibit 27 Financial Data Schedule. (b) No reports of Form 8-K were filed by the Company during the second quarter of fiscal 2000. 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 thereunto duly authorized. SCHULTZ SAV-O STORES, INC. -------------------------- (Registrant) August 23, 2000 /s/ Armand C. Go - - --------------------- -------------------------------------------- (Date) Armand C. Go, Vice President, Treasurer and Chief Accounting Officer 12 EXHIBIT INDEX Exhibit Description 27 Financial Data Schedule 13 EX-27 2 0002.txt FINANCIAL DATA SCHEDULE
5 THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS OF SCHULTZ, SAV-O STORES, INC. AS OF AND FOR THE 28 WEEKS ENDED JULY 15, 2000 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1 OTHER DEC-30-2000 JAN-02-2000 JUL-15-2000 30,453,000 0 9,977,000 0 22,633,000 70,546,000 61,305,000 40,900,000 100,842,000 37,965,000 2,755,000 438,000 0 0 50,202,000 100,842,000 264,147,000 264,147,000 220,218,000 0 37,966,000 0 578,000 6,082,000 2,311,000 3,771,000 0 0 0 3,771,000 0.63 0.63 28 weeks. Net of "Allowances for doubtful accounts". Amounts included in "Other costs and expenses".
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