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 |
133,299,913 |
Second quarter (12 weeks) ended |
|||||||||||||
Restated Sept. 8,
2001 |
% of sales |
Restated Sept. 9,
2000 |
% of sales |
||||||||||
Net sales |
$ |
4,715,257 |
100.00 |
% |
$ |
5,333,823 |
|
100.00 |
% | ||||
Costs and expenses |
|||||||||||||
Cost of sales |
|
4,124,244 |
87.46 |
|
|
4,742,832 |
|
88.93 |
| ||||
Selling and administrative expenses |
|
455,194 |
9.65 |
|
|
442,102 |
|
8.29 |
| ||||
Amortization of goodwill |
|
11,106 |
0.24 |
|
|
11,383 |
|
0.21 |
| ||||
Interest |
|||||||||||||
Interest expense |
|
45,942 |
0.97 |
|
|
49,869 |
|
0.93 |
| ||||
Interest income |
|
5,870 |
0.12 |
|
|
5,430 |
|
0.10 |
| ||||
|
|
|
|
|
|
|
|
| |||||
Interest expense, net |
|
40,072 |
0.85 |
|
|
44,439 |
|
0.83 |
| ||||
|
|
|
|
|
|
|
|
| |||||
Total costs and expenses |
|
4,630,616 |
98.20 |
|
|
5,240,756 |
|
98.26 |
| ||||
|
|
|
|
|
|
|
|
| |||||
Earnings before income taxes |
|
84,641 |
1.80 |
|
|
93,067 |
|
1.74 |
| ||||
Provision for income taxes |
|||||||||||||
Current |
|
29,665 |
|
49,407 |
|
||||||||
Deferred |
|
4,408 |
|
(11,945 |
) |
||||||||
|
|
|
|
|
|||||||||
Income tax expense |
|
34,073 |
0.73 |
|
|
37,462 |
|
0.70 |
| ||||
|
|
|
|
|
|
|
|
| |||||
Net earnings |
$ |
50,568 |
1.07 |
% |
$ |
55,605 |
|
1.04 |
% | ||||
|
|
|
|
|
|
|
|
| |||||
Net earnings per common sharediluted |
$ |
0.38 |
$ |
0.42 |
|
||||||||
Net earnings per common sharebasic |
$ |
0.38 |
$ |
0.42 |
|
||||||||
Weighted average number of common shares outstanding |
|||||||||||||
Diluted |
|
134,249 |
|
133,096 |
|
||||||||
Basic |
|
133,130 |
|
132,321 |
|
||||||||
Dividends declared per common share |
$ |
0.1400 |
$ |
0.1375 |
|
Year-to-date (28 weeks) ended |
|||||||||||||
Restated Sept. 8,
2001 |
% of sales |
Restated Sept. 9,
2000 |
% of sales |
||||||||||
Net sales |
$ |
11,646,825 |
100.00 |
% |
$ |
12,287,216 |
|
100.00 |
% | ||||
Costs and expenses |
|||||||||||||
Cost of sales |
|
10,288,896 |
88.34 |
|
|
10,952,157 |
|
89.13 |
| ||||
Selling and administrative expenses |
|
1,055,634 |
9.06 |
|
|
1,000,696 |
|
8.14 |
| ||||
Amortization of goodwill |
|
25,971 |
0.22 |
|
|
26,448 |
|
0.22 |
| ||||
Interest |
|||||||||||||
Interest expense |
|
108,599 |
0.93 |
|
|
113,505 |
|
0.92 |
| ||||
Interest income |
|
12,300 |
0.10 |
|
|
11,451 |
|
0.09 |
| ||||
|
|
|
|
|
|
|
|
| |||||
Interest expense, net |
|
96,299 |
0.83 |
|
|
102,054 |
|
0.83 |
| ||||
|
|
|
|
|
|
|
|
| |||||
Total costs and expenses |
|
11,466,800 |
98.45 |
|
|
12,081,355 |
|
98.32 |
| ||||
|
|
|
|
|
|
|
|
| |||||
Earnings before income taxes |
|
180,025 |
1.55 |
|
|
205,861 |
|
1.68 |
| ||||
Provision for income taxes |
|||||||||||||
Current |
|
65,032 |
|
102,145 |
|
||||||||
Deferred |
|
7,457 |
|
(19,265 |
) |
||||||||
|
|
|
|
|
|||||||||
Income tax expense |
|
72,489 |
0.63 |
|
|
82,880 |
|
0.68 |
| ||||
|
|
|
|
|
|
|
|
| |||||
Net earnings |
$ |
107,536 |
0.92 |
% |
$ |
122,981 |
|
1.00 |
% | ||||
|
|
|
|
|
|
|
|
| |||||
Net earnings per common sharediluted |
$ |
0.81 |
$ |
0.92 |
|
||||||||
Net earnings per common sharebasic |
$ |
0.81 |
$ |
0.93 |
|
||||||||
Weighted average number of common shares outstanding |
|||||||||||||
Diluted |
|
133,293 |
|
133,068 |
|
||||||||
Basic |
|
132,766 |
|
132,130 |
|
||||||||
Dividends declared per common share |
$ |
0.2775 |
$ |
0.2725 |
|
Second Quarter (12 weeks)
ended |
Year-to-date (28 weeks)
ended |
|||||||||||||||
Restated Sept. 8,
2001 |
Restated Sept. 9,
2000 |
Restated Sept. 8,
2001 |
Restated Sept. 9,
2000 |
|||||||||||||
Net Sales |
||||||||||||||||
Retail food |
$ |
2,157,842 |
|
$ |
2,141,789 |
|
$ |
4,978,041 |
|
$ |
4,840,297 |
| ||||
% of total |
|
45.8 |
% |
|
40.2 |
% |
|
42.7 |
% |
|
39.4 |
% | ||||
Food distribution |
|
2,557,415 |
|
|
3,192,034 |
|
|
6,668,784 |
|
|
7,446,919 |
| ||||
% of total |
|
54.2 |
% |
|
59.8 |
% |
|
57.3 |
% |
|
60.6 |
% | ||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total net sales |
$ |
4,715,257 |
|
$ |
5,333,823 |
|
$ |
11,646,825 |
|
$ |
12,287,216 |
| ||||
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Earnings |
||||||||||||||||
Retail food |
$ |
91,135 |
|
$ |
83,604 |
|
$ |
178,775 |
|
$ |
188,797 |
| ||||
% of sales |
|
4.2 |
% |
|
3.9 |
% |
|
3.6 |
% |
|
3.9 |
% | ||||
Food distribution |
|
42,598 |
|
|
62,575 |
|
|
118,385 |
|
|
137,484 |
| ||||
% of sales |
|
1.7 |
% |
|
2.0 |
% |
|
1.8 |
% |
|
1.8 |
% | ||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Subtotal |
|
133,733 |
|
|
146,179 |
|
|
297,160 |
|
|
326,281 |
| ||||
% of sales |
|
2.8 |
% |
|
2.7 |
% |
|
2.6 |
% |
|
2.7 |
% | ||||
General corporate expenses |
|
(9,020 |
) |
|
(8,673 |
) |
|
(20,836 |
) |
|
(18,366 |
) | ||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total operating earnings |
|
124,713 |
|
|
137,506 |
|
|
276,324 |
|
|
307,915 |
| ||||
% of sales |
|
2.6 |
% |
|
2.6 |
% |
|
2.4 |
% |
|
2.5 |
% | ||||
Interest income |
|
5,870 |
|
|
5,430 |
|
|
12,300 |
|
|
11,451 |
| ||||
Interest expense |
|
(45,942 |
) |
|
(49,869 |
) |
|
(108,599 |
) |
|
(113,505 |
) | ||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Earnings before income taxes |
|
84,641 |
|
|
93,067 |
|
|
180,025 |
|
|
205,861 |
| ||||
Provision for income taxes |
|
(34,073 |
) |
|
(37,462 |
) |
|
(72,489 |
) |
|
(82,880 |
) | ||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net earnings |
$ |
50,568 |
|
$ |
55,605 |
|
$ |
107,536 |
|
$ |
122,981 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
Restated Second Quarter September 8, 2001 |
Restated Fiscal Year End February 24, 2001 | |||||
Assets |
||||||
Current Assets |
||||||
Cash and cash equivalents |
$ |
22,383 |
$ |
10,396 | ||
Receivables, net |
|
485,446 |
|
579,600 | ||
Inventories |
|
1,163,841 |
|
1,336,556 | ||
Other current assets |
|
138,009 |
|
148,296 | ||
|
|
|
| |||
Total current assets |
|
1,809,679 |
|
2,074,848 | ||
Long-term receivables |
|
162,336 |
|
161,388 | ||
Property, plant and equipment, net |
|
2,162,576 |
|
2,232,794 | ||
Goodwill |
|
1,545,773 |
|
1,576,780 | ||
Other assets |
|
347,624 |
|
344,534 | ||
|
|
|
| |||
Total assets |
$ |
6,027,988 |
$ |
6,390,344 | ||
|
|
|
| |||
Liabilities and Stockholders Equity |
||||||
Current Liabilities |
||||||
Notes payable |
$ |
386,384 |
$ |
579,039 | ||
Accounts payable |
|
1,199,137 |
|
1,396,011 | ||
Current debt and obligations under capital leases |
|
55,665 |
|
54,668 | ||
Other current liabilities |
|
289,952 |
|
304,970 | ||
|
|
|
| |||
Total current liabilities |
|
1,931,138 |
|
2,334,688 | ||
Long-term debt and obligations under capital leases |
|
1,955,892 |
|
2,008,474 | ||
Other liabilities and deferred income taxes |
|
279,927 |
|
264,033 | ||
Total stockholders equity |
|
1,861,031 |
|
1,783,149 | ||
|
|
|
| |||
Total liabilities and stockholders equity |
$ |
6,027,988 |
$ |
6,390,344 | ||
|
|
|
|
Common Stock |
Treasury Stock |
|||||||||||||||||||||||||||
Shares |
Amount |
Capital in Excess of Par Value |
Shares |
Amount |
Restated Retained Earnings |
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 |
|
|
|
|
|
|
|
|
|
|
|
|
107,536 |
|
|
107,536 |
| |||||||||||
Sales of common stock under option plans |
|
|
|
|
(1,356 |
) |
457 |
|
|
8,339 |
|
|
|
|
|
6,983 |
| |||||||||||
Cash dividends declared on common stock$0.2775 per share |
|
|
|
|
|
|
|
|
|
|
|
|
(36,987 |
) |
|
(36,987 |
) | |||||||||||
Compensation under employee incentive plans |
|
|
|
|
(2,251 |
) |
550 |
|
|
9,833 |
|
|
|
|
|
7,582 |
| |||||||||||
Other comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,232 |
) |
|
(7,232 |
) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
RESTATED BALANCES AT SEPTEMBER 8, 2001 |
150,670 |
$ |
150,670 |
$ |
124,885 |
|
(17,289 |
) |
$ |
(323,928 |
) |
$ |
1,916,636 |
|
$ |
(7,232 |
) |
$ |
1,861,031 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date (28 weeks
ended) |
||||||||
September 8, 2001 |
September 9, 2000 |
|||||||
Net cash provided by operating activities |
$ |
479,209 |
|
$ |
380,653 |
| ||
|
|
|
|
|
| |||
Cash flows from investing activities |
||||||||
Additions to long-term receivables |
|
(21,658 |
) |
|
(31,052 |
) | ||
Proceeds received on long-term receivables |
|
19,112 |
|
|
18,200 |
| ||
Proceeds from sale of assets |
|
50,562 |
|
|
20,510 |
| ||
Purchase of property, plant and equipment |
|
(125,972 |
) |
|
(187,346 |
) | ||
Other cash used in investing activities |
|
(30,180 |
) |
|
(72,148 |
) | ||
|
|
|
|
|
| |||
Net cash used in investing activities |
|
(108,136 |
) |
|
(251,836 |
) | ||
|
|
|
|
|
| |||
Cash flows from financing activities |
||||||||
Net (decrease) increase in checks outstanding |
|
(119,808 |
) |
|
24,744 |
| ||
Net (reduction) issuance of short-term notes payable |
|
(192,655 |
) |
|
43,729 |
| ||
Proceeds from issuance of long-term debt |
|
10,000 |
|
|
|
| ||
Repayment of long-term debt |
|
(11,973 |
) |
|
(95,499 |
) | ||
Dividends paid |
|
(36,525 |
) |
|
(36,119 |
) | ||
Payment for purchase of treasury stock |
|
|
|
|
(48,604 |
) | ||
Other cash used in financing activities |
|
(8,125 |
) |
|
(13,528 |
) | ||
|
|
|
|
|
| |||
Net cash used in financing activities |
|
(359,086 |
) |
|
(125,277 |
) | ||
|
|
|
|
|
| |||
Net increase in cash and cash equivalents |
|
11,987 |
|
|
3,540 |
| ||
Cash and cash equivalents at beginning of period |
|
10,396 |
|
|
10,920 |
| ||
|
|
|
|
|
| |||
Cash and cash equivalents at the end of period |
$ |
22,383 |
|
$ |
14,460 |
| ||
|
|
|
|
|
| |||
Supplemental information: |
||||||||
Pretax LIFO expense |
$ |
3,882 |
|
$ |
1,292 |
| ||
Pretax depreciation and amortization |
$ |
180,261 |
|
$ |
175,312 |
| ||
Cash paid during the period for: |
||||||||
Income taxes |
$ |
72,108 |
|
$ |
44,386 |
| ||
Interest |
$ |
110,511 |
|
$ |
110,459 |
|
Consolidated Statements of Earnings |
As previously reported Quarter ended September 8, 2001 |
Restated Quarter ended September 8, 2001 |
As previously reported Quarter ended September 9, 2000 |
Restated Quarter ended September 9, 2000 | ||||||||
(in millions, except per share amounts) | ||||||||||||
Net sales |
$ |
4,715.3 |
$ |
4,715.3 |
$ |
5,333.8 |
$ |
5,333.8 | ||||
Cost of sales |
|
4,121.6 |
|
4,124.2 |
|
4,740.1 |
|
4,742.8 | ||||
Earnings before income taxes |
|
87.2 |
|
84.6 |
|
95.8 |
|
93.1 | ||||
Income tax expense |
|
35.0 |
|
34.0 |
|
38.5 |
|
37.5 | ||||
Net earnings |
|
52.2 |
|
50.6 |
|
57.3 |
|
55.6 | ||||
Net earnings per common sharediluted |
$ |
0.39 |
$ |
0.38 |
$ |
0.43 |
$ |
0.42 | ||||
Net earnings per common sharebasic |
$ |
0.39 |
$ |
0.38 |
$ |
0.43 |
$ |
0.42 | ||||
Consolidated Statements of Earnings |
As previously reported Year-to-date ended September 8, 2001 |
Restated Year-to-date ended September 8, 2001 |
As previously reported Year-to-date ended September 9, 2000 |
Restated Year-to-date ended September 9, 2000 | ||||||||
(in millions, except per share amounts) | ||||||||||||
Net sales |
$ |
11,646.8 |
$ |
11,646.8 |
$ |
12,287.2 |
$ |
12,287.2 | ||||
Cost of sales |
|
10,282.4 |
|
10,288.9 |
|
10,945.2 |
|
10,952.1 | ||||
Earnings before income taxes |
|
186.5 |
|
180.0 |
|
212.8 |
|
205.9 | ||||
Income tax expense |
|
75.0 |
|
72.5 |
|
85.5 |
|
82.9 | ||||
Net earnings |
|
111.5 |
|
107.5 |
|
127.3 |
|
123.0 | ||||
Net earnings per common sharediluted |
$ |
0.84 |
$ |
0.81 |
$ |
0.96 |
$ |
0.92 | ||||
Net earnings per common sharebasic |
$ |
0.84 |
$ |
0.81 |
$ |
0.96 |
$ |
0.93 |
Condensed Consolidated Balance Sheets |
As previously reported September 8, 2001 |
Restated September 8, 2001 |
As previously reported February 24, 2001 |
Restated February 24, 2001 | ||||||||
(in millions) | ||||||||||||
Total current assets |
$ |
1,818.3 |
$ |
1,809.7 |
$ |
2,091.7 |
$ |
2,074.8 | ||||
Total assets |
|
6,036.6 |
|
6,028.0 |
|
6,407.2 |
|
6,390.3 | ||||
Total current liabilities |
|
1,925.4 |
|
1,931.1 |
|
2,341.2 |
|
2,334.7 | ||||
Total stockholders equity |
|
1,875.4 |
|
1,861.0 |
|
1,793.5 |
|
1,783.1 | ||||
Total liabilities and stockholders equity |
|
6,036.6 |
|
6,028.0 |
|
6,407.2 |
|
6,390.3 |
Balance February 24, 2001 |
Fiscal 2002 Activity |
Balance September 8, 2001 | |||||||
(In thousands, except for employees) | |||||||||
Consolidation of distribution centers |
$ |
41,499 |
$ |
4,568 |
$ |
36,931 | |||
Exit of non-core retail markets |
|
33,735 |
|
18,008 |
|
15,727 | |||
Disposal of non-core assets and other administrative reductions |
|
16,619 |
|
585 |
|
16,034 | |||
|
|
|
|
|
| ||||
Total restructure and other charges |
$ |
91,853 |
$ |
23,161 |
$ |
68,692 | |||
|
|
|
|
|
| ||||
Employees |
|
4,500 |
|
2,900 |
|
1,600 | |||
|
|
|
|
|
|
Balance February 24, 2001 |
Fiscal 2002 Activity |
Balance September 8, 2001 | |||||||
(In thousands, except for employees) | |||||||||
Facility consolidation |
$ |
11,472 |
$ |
3,519 |
$ |
7,953 | |||
Non-core store disposal |
|
4,404 |
|
1,450 |
|
2,954 | |||
Infrastructure realignment |
|
1,980 |
|
243 |
|
1,737 | |||
|
|
|
|
|
| ||||
Total restructure and other charges |
$ |
17,856 |
$ |
5,212 |
$ |
12,644 | |||
|
|
|
|
|
| ||||
Employees |
|
463 |
|
346 |
|
117 | |||
|
|
|
|
|
|
(a) |
elected Charles M. Lillis, Jeffrey Noddle, Steven S. Rogers and Michael W. Wright to the Board of Directors for terms expiring in 2004. The votes cast for and
withheld with respect to each such Director were as follows: |
Votes For |
Votes Withheld | |||
Charles M. Lillis |
112,385,768 |
2,557,137 | ||
Jeffrey Noddle |
112,378,506 |
2,564,399 | ||
Steven S. Rogers |
112,383,566 |
2,559,339 | ||
Michael W. Wright |
112,240,515 |
2,702,390 |
(b) |
approved by a vote of 105,358,330 for, 7,926,490 against, and 1,658,085 abstaining, an amendment to the SUPERVALU/Richfood Stock Incentive Plan.
|
(c) |
ratified by a vote of 112,434,367 for, 1,856,029 against, and 652,509 abstaining, the appointment of KPMG LLP as the independent auditors of Registrant for the
fiscal year ending February 23, 2002. |
(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 |