DELAWARE |
41-0617000 | |
(State or other jurisdiction of |
(I.R.S. Employer identification No.) | |
incorporation or organization) |
Title of Each Class |
Shares Outstanding | |
Common Shares |
133,065,701 |
First quarter (16 weeks) ended |
||||||||||||
Restated June 16,
2001 |
% of sales |
Restated June 17,
2000 |
% of sales |
|||||||||
Net sales |
$ |
6,931,568 |
100.00 |
% |
$ |
6,953,393 |
100.00 |
% | ||||
Costs and expenses: |
||||||||||||
Cost of sales |
|
6,164,652 |
88.94 |
|
|
6,209,325 |
89.30 |
| ||||
Selling and administrative expenses |
|
600,440 |
8.66 |
|
|
558,594 |
8.03 |
| ||||
Amortization of goodwill |
|
14,865 |
0.21 |
|
|
15,065 |
0.22 |
| ||||
Interest |
||||||||||||
Interest expense |
|
62,657 |
0.90 |
|
|
63,636 |
0.92 |
| ||||
Interest income |
|
6,430 |
0.09 |
|
|
6,021 |
0.09 |
| ||||
|
|
|
|
|
|
|
| |||||
Interest expense, net |
|
56,227 |
0.81 |
|
|
57,615 |
0.83 |
| ||||
|
|
|
|
|
|
|
| |||||
Total costs and expenses |
|
6,836,184 |
98.62 |
|
|
6,840,599 |
98.38 |
| ||||
|
|
|
|
|
|
|
| |||||
Earnings before income taxes |
|
95,384 |
1.38 |
|
|
112,794 |
1.62 |
| ||||
Provision for income taxes |
||||||||||||
Current |
|
35,367 |
|
38,098 |
||||||||
Deferred |
|
3,049 |
|
7,320 |
||||||||
|
|
|
|
|||||||||
Income tax expense |
|
38,416 |
0.56 |
|
|
45,418 |
0.65 |
| ||||
|
|
|
|
|
|
|
| |||||
Net earnings |
$ |
56,968 |
0.82 |
% |
$ |
67,376 |
0.97 |
% | ||||
|
|
|
|
|
|
|
| |||||
Net earnings per common sharediluted |
$ |
0.43 |
$ |
0.51 |
||||||||
Net earnings per common sharebasic |
$ |
0.43 |
$ |
0.51 |
||||||||
Weighted average number of common shares outstanding |
||||||||||||
Diluted |
|
132,576 |
|
133,026 |
||||||||
Basic |
|
132,493 |
|
131,987 |
||||||||
Dividends declared per common share |
$ |
0.1375 |
$ |
0.1350 |
First Quarter (16 weeks)
ended |
||||||||
Restated June 16,
2001 |
Restated June 17,
2000 |
|||||||
Net Sales |
||||||||
Retail food |
$ |
2,820,199 |
|
$ |
2,698,508 |
| ||
% of total |
|
40.7 |
% |
|
38.8 |
% | ||
Food distribution |
|
4,111,369 |
|
|
4,254,885 |
| ||
% of total |
|
59.3 |
% |
|
61.2 |
% | ||
|
|
|
|
|
| |||
Total net sales |
$ |
6,931,568 |
|
$ |
6,953,393 |
| ||
|
100.0 |
% |
|
100.0 |
% | |||
|
|
|
|
|
| |||
Earnings |
||||||||
Retail food |
$ |
87,640 |
|
$ |
105,193 |
| ||
% of sales |
|
3.1 |
% |
|
3.9 |
% | ||
Food distribution |
|
75,787 |
|
|
74,909 |
| ||
% of sales |
|
1.8 |
% |
|
1.8 |
% | ||
|
|
|
|
|
| |||
Subtotal |
|
163,427 |
|
|
180,102 |
| ||
% of sales |
|
2.4 |
% |
|
2.6 |
% | ||
General corporate expenses |
|
(11,816 |
) |
|
(9,693 |
) | ||
|
|
|
|
|
| |||
Total operating earnings |
|
151,611 |
|
|
170,409 |
| ||
% of sales |
|
2.2 |
% |
|
2.5 |
% | ||
Interest income |
|
6,430 |
|
|
6,021 |
| ||
Interest expense |
|
(62,657 |
) |
|
(63,636 |
) | ||
|
|
|
|
|
| |||
Earnings before income taxes |
|
95,384 |
|
|
112,794 |
| ||
Provision for income taxes |
|
(38,416 |
) |
|
(45,418 |
) | ||
|
|
|
|
|
| |||
Net earnings |
$ |
56,968 |
|
$ |
67,376 |
| ||
|
|
|
|
|
|
Restated First Quarter June 16, 2001 |
Restated Fiscal Year End February 24, 2001 | |||||
Assets |
||||||
Current Assets |
||||||
Cash and cash equivalents |
$ |
40,071 |
$ |
10,396 | ||
Receivables, net |
|
547,627 |
|
579,600 | ||
Inventories |
|
1,276,866 |
|
1,336,556 | ||
Other current assets |
|
142,469 |
|
148,296 | ||
|
|
|
| |||
Total current assets |
|
2,007,033 |
|
2,074,848 | ||
Long-term notes receivable |
|
167,223 |
|
161,388 | ||
Property, plant and equipment, net |
|
2,146,732 |
|
2,232,794 | ||
Goodwill |
|
1,561,917 |
|
1,576,780 | ||
Other assets |
|
419,817 |
|
344,534 | ||
|
|
|
| |||
Total assets |
$ |
6,302,722 |
$ |
6,390,344 | ||
|
|
|
| |||
Liabilities and Stockholders Equity |
||||||
Current Liabilities |
||||||
Notes payable |
$ |
473,587 |
$ |
579,039 | ||
Accounts payable |
|
1,391,711 |
|
1,396,011 | ||
Current debt and obligations under capital leases |
|
57,781 |
|
54,668 | ||
Other current liabilities |
|
256,625 |
|
304,970 | ||
|
|
|
| |||
Total current liabilities |
|
2,179,704 |
|
2,334,688 | ||
Long-term debt and obligations under capital leases |
|
2,012,362 |
|
2,008,474 | ||
Other liabilities and deferred income taxes |
|
290,236 |
|
264,033 | ||
Total stockholders equity |
|
1,820,420 |
|
1,783,149 | ||
|
|
|
| |||
Total liabilities and stockholders equity |
$ |
6,302,722 |
$ |
6,390,344 | ||
|
|
|
|
Common Stock |
Treasury Stock |
|||||||||||||||||||||||||||
Shares |
Amount |
Capital in Excess of Par Value |
Shares |
Amount |
Restated Retained Earnings |
Accumulated Other Comprehensive Loss |
Total |
|||||||||||||||||||||
RESTATED BALANCES AT FEBRUARY 26, 2000 |
150,670 |
$ |
150,670 |
$ |
132,226 |
|
(16,008 |
) |
$ |
(308,788 |
) |
$ |
1,846,120 |
|
$ |
|
|
$ |
1,820,228 |
| ||||||||
Restated net earnings |
|
|
|
|
|
|
|
|
|
|
|
|
72,870 |
|
|
|
|
|
72,870 |
| ||||||||
Sales of common stock Under option plans |
|
|
|
|
(3,538 |
) |
279 |
|
|
7,095 |
|
|
|
|
|
|
|
|
3,557 |
| ||||||||
Cash dividends declared on common stock$.5475 per share |
|
|
|
|
|
|
|
|
|
|
|
|
(72,903 |
) |
|
|
|
|
(72,903 |
) | ||||||||
Compensation under employee incentive plans |
|
|
|
|
(196 |
) |
366 |
|
|
8,271 |
|
|
|
|
|
|
|
|
8,075 |
| ||||||||
Purchase of shares for treasury |
|
|
|
|
|
|
(2,933 |
) |
|
(48,678 |
) |
|
|
|
|
|
|
|
(48,678 |
) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
RESTATED BALANCES AT FEBRUARY 24, 2001 |
150,670 |
$ |
150,670 |
$ |
128,492 |
|
(18,296 |
) |
$ |
(342,100 |
) |
$ |
1,846,087 |
|
|
|
|
$ |
1,783,149 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Restated net earnings |
|
|
|
|
|
|
|
|
|
|
|
|
56,968 |
|
|
|
|
|
56,968 |
| ||||||||
Sales of common stock Under option plans |
|
|
|
|
(347 |
) |
26 |
|
|
552 |
|
|
|
|
|
|
|
|
205 |
| ||||||||
Cash dividends declared on common stock$.1375 per share |
|
|
|
|
|
|
|
|
|
|
|
|
(18,325 |
) |
|
|
|
|
(18,325 |
) | ||||||||
Compensation under employee incentive plans |
|
|
|
|
(1,842 |
) |
435 |
|
|
7,554 |
|
|
|
|
|
|
|
|
5,712 |
| ||||||||
Other comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,289 |
) |
|
(7,289 |
) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
RESTATED BALANCES AT JUNE 16, 2001 |
150,670 |
$ |
150,670 |
$ |
126,303 |
|
(17,835 |
) |
$ |
(333,994 |
) |
$ |
1,884,730 |
|
$ |
(7,289 |
) |
$ |
1,820,420 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date (16 weeks
ended) |
||||||||
June 16, 2001 |
June 17, 2000 |
|||||||
Net cash provided by operating activities |
$ |
217,956 |
|
$ |
246,387 |
| ||
|
|
|
|
|
| |||
Cash flows from investing activities |
||||||||
Additions to long-term notes receivable |
|
(16,799 |
) |
|
(17,271 |
) | ||
Proceeds received on long-term notes receivable |
|
11,137 |
|
|
6,183 |
| ||
Proceeds from sale of assets |
|
22,303 |
|
|
11,636 |
| ||
Purchase of property, plant and equipment |
|
(67,416 |
) |
|
(113,794 |
) | ||
Other cash used in investing activities |
|
(24,507 |
) |
|
(44,412 |
) | ||
|
|
|
|
|
| |||
Net cash used in investing activities |
|
(75,282 |
) |
|
(157,658 |
) | ||
|
|
|
|
|
| |||
Cash flows from financing activities |
||||||||
Net increase in checks outstanding, net of deposits |
|
30,947 |
|
|
4,250 |
| ||
Net (reduction) issuance of short-term notes payable |
|
(105,452 |
) |
|
92,286 |
| ||
Proceeds from issuance of long-term debt |
|
10,000 |
|
|
|
| ||
Repayment of long-term debt |
|
(5,576 |
) |
|
(91,492 |
) | ||
Dividends paid |
|
(36,525 |
) |
|
(36,095 |
) | ||
Payment for purchase of treasury stock |
|
|
|
|
(48,604 |
) | ||
Other cash used in financing activities |
|
(6,393 |
) |
|
(8,213 |
) | ||
|
|
|
|
|
| |||
Net cash used in financing activities |
|
(112,999 |
) |
|
(87,868 |
) | ||
|
|
|
|
|
| |||
Net increase in cash and cash equivalents |
|
29,675 |
|
|
861 |
| ||
Cash and cash equivalents at beginning of quarter/year |
|
10,396 |
|
|
10,920 |
| ||
|
|
|
|
|
| |||
Cash and cash equivalents at the end of first quarter |
$ |
40,071 |
|
$ |
11,781 |
| ||
|
|
|
|
|
| |||
Supplemental Information: |
||||||||
Pretax LIFO expense |
$ |
(2,341 |
) |
$ |
(641 |
) | ||
Pretax depreciation and amortization |
$ |
103,021 |
|
$ |
96,349 |
|
Consolidated Statements of Earnings |
As previously reported Quarter ended June 16, 2001 |
Restated Quarter ended June 16, 2001 |
As previously reported Quarter ended June 17, 2000 |
Restated Quarter ended June 17, 2000 | ||||||||
(in millions, except per share amounts) | ||||||||||||
Net sales |
$ |
6,931.6 |
$ |
6,931.6 |
$ |
6,953.4 |
$ |
6,953.4 | ||||
Cost of sales |
|
6,160.7 |
|
6,164.7 |
|
6,205.1 |
|
6,209.3 | ||||
Earnings before income taxes |
|
99.4 |
|
95.4 |
|
117.0 |
|
112.8 | ||||
Income tax expense |
|
40.0 |
|
38.4 |
|
47.0 |
|
45.4 | ||||
Net earnings |
|
59.4 |
|
57.0 |
|
70.0 |
|
67.4 | ||||
Net earnings per common sharediluted |
$ |
0.45 |
$ |
0.43 |
$ |
0.53 |
$ |
0.51 | ||||
Net earnings per common sharebasic |
$ |
0.45 |
$ |
0.43 |
$ |
0.53 |
$ |
0.51 | ||||
Condensed Consolidated Balance Sheets |
As previously reported June 16, 2001 |
Restated June 16, 2001 |
As previously reported February 24, 2001 |
Restated February 24, 2001 | ||||||||
(in millions) | ||||||||||||
Total current assets |
$ |
2,014.1 |
$ |
2,007.0 |
$ |
2,091.7 |
$ |
2,074.8 | ||||
Total assets |
|
6,309.7 |
|
6,302.7 |
|
6,407.2 |
|
6,390.3 | ||||
Total current liabilities |
|
2,173.9 |
|
2,179.7 |
|
2,341.2 |
|
2,334.7 | ||||
Total stockholders equity |
|
1,833.2 |
|
1,820.4 |
|
1,793.5 |
|
1,783.1 | ||||
Total liabilities and stockholders equity |
|
6,309.7 |
|
6,302.7 |
|
6,407.2 |
|
6,390.3 |
Balance February 24, 2001 |
Fiscal 2002 Activity |
Balance June 16, 2001 | |||||||
(In thousands, except for employees) | |||||||||
Consolidation of distribution centers |
$ |
41,499 |
$ |
1,325 |
$ |
40,174 | |||
Exit of non-core retail markets |
|
33,735 |
|
42 |
|
33,693 | |||
Disposal of non-core assets and other administrative reductions |
|
16,619 |
|
238 |
|
16,381 | |||
|
|
|
|
|
| ||||
Total restructure and other charges |
$ |
91,853 |
$ |
1,605 |
$ |
90,248 | |||
|
|
|
|
|
| ||||
Employees |
|
4,500 |
|
200 |
|
4,300 | |||
|
|
|
|
|
|
Balance February 24, 2001 |
Fiscal 2002 Activity |
Balance June 16, 2001 | |||||||
(In thousands, except for employees) | |||||||||
Facility consolidation |
$ |
11,472 |
$ |
220 |
$ |
11,252 | |||
Non-core store disposal |
|
4,404 |
|
826 |
|
3,578 | |||
Infrastructure realignment |
|
1,980 |
|
196 |
|
1,784 | |||
|
|
|
|
|
| ||||
Total restructure and other charges |
$ |
17,856 |
$ |
1,242 |
$ |
16,614 | |||
|
|
|
|
|
| ||||
Employees |
|
463 |
|
6 |
|
457 | |||
|
|
|
|
|
|
(a) |
Exhibits: |
(b) |
Reports on Form 8-K: |
SUPERVALU INC. (Registrant) | ||||||||
Dated: July 30, 2002 |
By: |
/s/ Pamela K. Knous | ||||||
Pamela K. Knous Executive Vice President, Chief Financial Officer (Authorized officer of Registrant) |
Exhibit |
||
(11) |
Computation of Earnings Per Common Share |