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 |
132,413,300 |
Third quarter (12 weeks) ended |
|||||||||||||
Restated Dec. 1,
2001 |
% of sales |
Restated Dec. 2,
2000 |
% of sales |
||||||||||
Net sales |
$ |
4,610,293 |
100.00 |
% |
$ |
5,420,238 |
|
100.00 |
% | ||||
Costs and expenses |
|||||||||||||
Cost of sales |
|
4,018,382 |
87.15 |
|
|
4,837,933 |
|
89.27 |
| ||||
Selling and administrative expenses |
|
455,488 |
9.88 |
|
|
461,281 |
|
8.50 |
| ||||
Interest |
|||||||||||||
Interest expense |
|
43,666 |
0.95 |
|
|
49,092 |
|
0.91 |
| ||||
Interest income |
|
4,309 |
0.09 |
|
|
5,284 |
|
0.10 |
| ||||
|
|
|
|
|
|
|
|
| |||||
Interest expense, net |
|
39,357 |
0.86 |
|
|
43,808 |
|
0.81 |
| ||||
|
|
|
|
|
|
|
|
| |||||
Total costs and expenses |
|
4,513,227 |
97.89 |
|
|
5,343,022 |
|
98.58 |
| ||||
|
|
|
|
|
|
|
|
| |||||
Earnings before income taxes |
|
97,066 |
2.11 |
|
|
77,216 |
|
1.42 |
| ||||
Provision for income taxes |
|||||||||||||
Current |
|
9,019 |
|
52,017 |
|
||||||||
Deferred |
|
30,031 |
|
(20,937 |
) |
||||||||
|
|
|
|
|
|||||||||
Income tax expense |
|
39,050 |
0.85 |
|
|
31,080 |
|
0.57 |
| ||||
|
|
|
|
|
|
|
|
| |||||
Net earnings |
$ |
58,016 |
1.26 |
% |
$ |
46,136 |
|
0.85 |
% | ||||
|
|
|
|
|
|
|
|
| |||||
Net earnings per common sharediluted |
$ |
0.43 |
$ |
0.35 |
|
||||||||
Net earnings per common sharebasic |
$ |
0.43 |
$ |
0.35 |
|
||||||||
Weighted average number of common shares outstanding |
|||||||||||||
Diluted |
|
135,068 |
|
132,733 |
|
||||||||
Basic |
|
133,475 |
|
132,430 |
|
||||||||
Dividends declared per common share |
$ |
0.1400 |
$ |
0.1375 |
|
Year-to-date (40 weeks) ended |
|||||||||||||
Restated Dec. 1,
2001 |
% of sales |
Restated Dec. 2,
2000 |
% of sales |
||||||||||
Net sales |
$ |
16,257,118 |
100.00 |
% |
$ |
17,707,454 |
|
100.00 |
% | ||||
Costs and expenses |
|||||||||||||
Cost of sales |
|
14,307,278 |
88.01 |
|
|
15,790,090 |
|
89.17 |
| ||||
Selling and administrative expenses |
|
1,537,093 |
9.46 |
|
|
1,488,425 |
|
8.41 |
| ||||
Interest |
|||||||||||||
Interest expense |
|
152,265 |
0.94 |
|
|
162,597 |
|
0.92 |
| ||||
Interest income |
|
16,609 |
0.11 |
|
|
16,735 |
|
0.10 |
| ||||
|
|
|
|
|
|
|
|
| |||||
Interest expense, net |
|
135,656 |
0.83 |
|
|
145,862 |
|
0.82 |
| ||||
|
|
|
|
|
|
|
|
| |||||
Total costs and expenses |
|
15,980,027 |
98.30 |
|
|
17,424,377 |
|
98.40 |
| ||||
|
|
|
|
|
|
|
|
| |||||
Earnings before income taxes |
|
277,091 |
1.70 |
|
|
283,077 |
|
1.60 |
| ||||
Provision for income taxes |
|||||||||||||
Current |
|
74,051 |
|
154,162 |
|
||||||||
Deferred |
|
37,488 |
|
(40,202 |
) |
||||||||
|
|
|
|
|
|||||||||
Income tax expense |
|
111,539 |
0.68 |
|
|
113,960 |
|
0.64 |
| ||||
|
|
|
|
|
|
|
|
| |||||
Net earnings |
$ |
165,552 |
1.02 |
% |
$ |
169,117 |
|
0.96 |
% | ||||
|
|
|
|
|
|
|
|
| |||||
Net earnings per common sharediluted |
$ |
1.24 |
$ |
1.27 |
|
||||||||
Net earnings per common sharebasic |
$ |
1.24 |
$ |
1.28 |
|
||||||||
Weighted average number of common shares outstanding |
|||||||||||||
Diluted |
|
133,826 |
|
132,956 |
|
||||||||
Basic |
|
132,979 |
|
132,220 |
|
||||||||
Dividends declared per common share |
$ |
0.4175 |
$ |
0.4100 |
|
Third Quarter (12 weeks)
ended |
Year-to-date (40 weeks)
ended |
|||||||||||||||
Restated Dec. 1,
2001 |
Restated Dec. 2,
2000 |
Restated Dec. 1,
2001 |
Restated Dec. 2,
2000 |
|||||||||||||
Net Sales |
||||||||||||||||
Retail food |
$ |
2,194,831 |
|
$ |
2,158,273 |
|
$ |
7,172,872 |
|
$ |
6,998,570 |
| ||||
% of total |
|
47.6 |
% |
|
39.8 |
% |
|
44.1 |
% |
|
39.5 |
% | ||||
Food distribution |
|
2,415,462 |
|
|
3,261,965 |
|
|
9,084,246 |
|
|
10,708,884 |
| ||||
% of total |
|
52.4 |
% |
|
60.2 |
% |
|
55.9 |
% |
|
60.5 |
% | ||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total net sales |
$ |
4,610,293 |
|
$ |
5,420,238 |
|
$ |
16,257,118 |
|
$ |
17,707,454 |
| ||||
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Earnings |
||||||||||||||||
Retail food |
$ |
91,815 |
|
$ |
66,250 |
|
$ |
270,590 |
|
$ |
255,047 |
| ||||
% of sales |
|
4.2 |
% |
|
3.1 |
% |
|
3.8 |
% |
|
3.6 |
% | ||||
Food distribution |
|
54,931 |
|
|
63,722 |
|
|
173,316 |
|
|
201,206 |
| ||||
% of sales |
|
2.3 |
% |
|
2.0 |
% |
|
1.9 |
% |
|
1.9 |
% | ||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Subtotal |
|
146,746 |
|
|
129,972 |
|
|
443,906 |
|
|
456,253 |
| ||||
% of sales |
|
3.2 |
% |
|
2.4 |
% |
|
2.7 |
% |
|
2.6 |
% | ||||
General corporate expenses |
|
(10,323 |
) |
|
(8,948 |
) |
|
(31,159 |
) |
|
(27,314 |
) | ||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total operating earnings |
|
136,423 |
|
|
121,024 |
|
|
412,747 |
|
|
428,939 |
| ||||
% of sales |
|
3.0 |
% |
|
2.2 |
% |
|
2.5 |
% |
|
2.4 |
% | ||||
Interest income |
|
4,309 |
|
|
5,284 |
|
|
16,609 |
|
|
16,735 |
| ||||
Interest expense |
|
(43,666 |
) |
|
(49,092 |
) |
|
(152,265 |
) |
|
(162,597 |
) | ||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Earnings before income taxes |
|
97,066 |
|
|
77,216 |
|
|
277,091 |
|
|
283,077 |
| ||||
Provision for income taxes |
|
(39,050 |
) |
|
(31,080 |
) |
|
(111,539 |
) |
|
(113,960 |
) | ||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net earnings |
$ |
58,016 |
|
$ |
46,136 |
|
$ |
165,552 |
|
$ |
169,117 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter Restated December 1, 2001
|
Fiscal Year End Restated February 24, 2001 | |||||
Assets |
||||||
Current Assets |
||||||
Cash and cash equivalents |
$ |
11,322 |
$ |
10,396 | ||
Receivables, net |
|
450,101 |
|
579,600 | ||
Inventories |
|
1,318,593 |
|
1,336,556 | ||
Other current assets |
|
137,376 |
|
148,296 | ||
|
|
|
| |||
Total current assets |
|
1,917,392 |
|
2,074,848 | ||
Long-term receivables |
|
165,224 |
|
161,388 | ||
Property, plant and equipment, net |
|
2,193,703 |
|
2,232,794 | ||
Goodwill |
|
1,534,956 |
|
1,576,780 | ||
Other assets |
|
339,444 |
|
344,534 | ||
|
|
|
| |||
Total assets |
$ |
6,150,719 |
$ |
6,390,344 | ||
|
|
|
| |||
Liabilities and Stockholders Equity |
||||||
Current Liabilities |
||||||
Notes payable |
$ |
231,217 |
$ |
579,039 | ||
Accounts payable |
|
1,173,633 |
|
1,396,011 | ||
Current debt and obligations under capital leases |
|
356,594 |
|
54,668 | ||
Other current liabilities |
|
301,887 |
|
304,970 | ||
|
|
|
| |||
Total current liabilities |
|
2,063,331 |
|
2,334,688 | ||
Long-term debt and obligations under capital leases |
|
1,883,692 |
|
2,008,474 | ||
Other liabilities and deferred income taxes |
|
299,111 |
|
264,033 | ||
Total stockholders equity |
|
1,904,585 |
|
1,783,149 | ||
|
|
|
| |||
Total liabilities and stockholders equity |
$ |
6,150,719 |
$ |
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$0.5475 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 |
|
165,552 |
|
|
165,552 |
| ||||||||||||||||||||||
Sales of common stock under option plans |
|
(2,862 |
) |
900 |
|
|
17,122 |
|
|
14,260 |
| |||||||||||||||||
Cash dividends declared on common stock$0.4175 per share |
|
(55,703 |
) |
|
(55,703 |
) | ||||||||||||||||||||||
Compensation under employee incentive plans |
|
(2,246 |
) |
547 |
|
|
9,726 |
|
|
7,480 |
| |||||||||||||||||
Purchase of shares for treasury |
|
|
|
|
|
|
(150 |
) |
|
(3,000 |
) |
|
|
|
|
(3,000 |
) | |||||||||||
Other comprehensive loss |
|
(7,153 |
) |
|
(7,153 |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
RESTATED BALANCES AT DECEMBER 1, 2001 |
150,670 |
$ |
150,670 |
$ |
123,384 |
|
(16,999 |
) |
$ |
(318,252 |
) |
$ |
1,955,936 |
|
$ |
(7,153 |
) |
$ |
1,904,585 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date (40 weeks
ended) |
||||||||
December 1, 2001 |
December 2, 2000 |
|||||||
Net cash provided by operating activities |
$ |
437,079 |
|
$ |
338,742 |
| ||
|
|
|
|
|
| |||
Cash flows from investing activities |
||||||||
Additions to long-term receivables |
|
(36,471 |
) |
|
(55,254 |
) | ||
Proceeds received on long-term receivables |
|
30,831 |
|
|
34,672 |
| ||
Proceeds from sale of assets |
|
73,243 |
|
|
31,519 |
| ||
Purchase of property, plant and equipment |
|
(197,578 |
) |
|
(275,972 |
) | ||
Other cash used in investing activities |
|
(32,709 |
) |
|
(48,264 |
) | ||
|
|
|
|
|
| |||
Net cash used in investing activities |
|
(162,684 |
) |
|
(313,299 |
) | ||
|
|
|
|
|
| |||
Cash flows from financing activities |
||||||||
Net (decrease) increase in checks outstanding |
|
(63,927 |
) |
|
42,871 |
| ||
Net (reduction) issuance of short-term notes payable |
|
(347,822 |
) |
|
215,496 |
| ||
Proceeds from issuance of long-term debt |
|
218,014 |
|
|
|
| ||
Repayment of long-term debt |
|
(12,416 |
) |
|
(163,460 |
) | ||
Dividends paid |
|
(55,195 |
) |
|
(54,338 |
) | ||
Payment for purchase of treasury stock |
|
(3,000 |
) |
|
(48,604 |
) | ||
Other cash used in financing activities |
|
(9,123 |
) |
|
(18,714 |
) | ||
|
|
|
|
|
| |||
Net cash used in financing activities |
|
(273,469 |
) |
|
(26,749 |
) | ||
|
|
|
|
|
| |||
Net increase (decrease) in cash and cash equivalents |
|
926 |
|
|
(1,306 |
) | ||
Cash and cash equivalents at beginning of period |
|
10,396 |
|
|
10,920 |
| ||
|
|
|
|
|
| |||
Cash and cash equivalents at the end of period |
$ |
11,322 |
|
$ |
9,614 |
| ||
|
|
|
|
|
| |||
Supplemental information: |
||||||||
Pretax LIFO expense |
$ |
4,372 |
|
$ |
3,293 |
| ||
Pretax depreciation and amortization |
$ |
257,816 |
|
$ |
253,422 |
| ||
Cash paid during the period for: |
||||||||
Income taxes |
$ |
80,351 |
|
$ |
48,244 |
| ||
Interest |
$ |
147,644 |
|
$ |
135,170 |
|
Consolidated Statements of Earnings |
As previously reported Quarter ended December 1, 2001 |
Restated Quarter ended December 1, 2001 |
As previously reported Quarter ended December 2, 2000 |
Restated Quarter ended December 2, 2000 | ||||||||
(in millions, except per share amounts) | ||||||||||||
Net sales |
$ |
4,610.3 |
$ |
4,610.3 |
$ |
5,420.2 |
$ |
5,420.2 | ||||
Cost of sales |
|
4,016.7 |
|
4,018.3 |
|
4,835.7 |
|
4,837.9 | ||||
Earnings before income taxes |
|
98.7 |
|
97.1 |
|
79.4 |
|
77.2 | ||||
Income tax expense |
|
39.7 |
|
39.1 |
|
31.9 |
|
31.1 | ||||
Net earnings |
|
59.0 |
|
58.0 |
|
47.5 |
|
46.1 | ||||
Net earnings per common sharediluted |
$ |
0.44 |
$ |
0.43 |
$ |
0.36 |
$ |
0.35 | ||||
Net earnings per common sharebasic |
$ |
0.44 |
$ |
0.43 |
$ |
0.36 |
$ |
0.35 | ||||
Consolidated Statements of Earnings |
As previously reported Year-to-date ended December 1, 2001 |
Restated Year-to-date ended December 1, 2001 |
As previously reported Year-to-date ended December 2, 2000 |
Restated Year-to-date ended December 2, 2000 | ||||||||
(in millions, except per share amounts) | ||||||||||||
Net sales |
$ |
16,257.1 |
$ |
16,257.1 |
$ |
17,707.5 |
$ |
17,707.5 | ||||
Cost of sales |
|
14,299.1 |
|
14,307.3 |
|
15,780.9 |
|
15,790.1 | ||||
Earnings before income taxes |
|
285.3 |
|
277.1 |
|
292.3 |
|
283.1 | ||||
Income tax expense |
|
114.7 |
|
111.5 |
|
117.5 |
|
114.0 | ||||
Net earnings |
|
170.6 |
|
165.6 |
|
174.8 |
|
169.1 | ||||
Net earnings per common sharediluted |
$ |
1.28 |
$ |
1.24 |
$ |
1.31 |
$ |
1.27 | ||||
Net earnings per common sharebasic |
$ |
1.28 |
$ |
1.24 |
$ |
1.32 |
$ |
1.28 |
Condensed Consolidated Balance Sheets |
As previously reported December 1, 2001 |
Restated December 1, 2001 |
As previously reported February 24, 2001 |
Restated February 24, 2001 | ||||||||
(in millions) | ||||||||||||
Total current assets |
$ |
1,932.9 |
$ |
1,917.4 |
$ |
2,091.7 |
$ |
2,074.8 | ||||
Total assets |
|
6,166.2 |
|
6,150.7 |
|
6,407.2 |
|
6,390.3 | ||||
Total current liabilities |
|
2,063.4 |
|
2,063.3 |
|
2,341.2 |
|
2,334.7 | ||||
Total stockholders equity |
|
1,920.0 |
|
1,904.6 |
|
1,793.5 |
|
1,783.1 | ||||
Total liabilities and stockholders equity |
|
6,166.2 |
|
6,150.7 |
|
6,407.2 |
|
6,390.3 |
Balance February 24, 2001 |
Fiscal 2002 Usage |
Balance December 1, 2001 | |||||||
(In thousands, except for employees) | |||||||||
Consolidation of distribution centers |
$ |
41,499 |
$ |
5,957 |
$ |
35,542 | |||
Exit of non-core retail markets |
|
33,735 |
|
19,251 |
|
14,484 | |||
Disposal of non-core assets and other administrative reductions |
|
16,619 |
|
5,444 |
|
11,175 | |||
|
|
|
|
|
| ||||
Total restructure and other charges |
$ |
91,853 |
$ |
30,652 |
$ |
61,201 | |||
|
|
|
|
|
| ||||
Employees |
|
4,500 |
|
3,000 |
|
1,500 | |||
|
|
|
|
|
|
Balance February 24, 2001 |
Fiscal 2002 Usage |
Balance December 1, 2001 | |||||||
(In thousands, except for employees) | |||||||||
Facility consolidation |
$ |
11,472 |
$ |
4,322 |
$ |
7,150 | |||
Non-core store disposal |
|
4,404 |
|
1,817 |
|
2,587 | |||
Infrastructure realignment |
|
1,980 |
|
557 |
|
1,423 | |||
|
|
|
|
|
| ||||
Total restructure and other charges |
$ |
17,856 |
$ |
6,696 |
$ |
11,160 | |||
|
|
|
|
|
| ||||
Employees |
|
463 |
|
371 |
|
92 | |||
|
|
|
|
|
|
|
competitive practices in the retail food and food distribution industries, |
|
the nature and extent of the consolidation of the retail food and food distribution industries and our ability to grow through acquisitions and assimilate
acquired entities, |
|
our ability to attract and retain customers for our food distribution business and to control food distribution costs, |
|
general economic or political conditions that affect consumer buying habits generally or acts of terror directed at the food industry that affect consumer
behavior, |
|
potential work disruptions from labor disputes or national emergencies, |
|
the timing and implementation of certain restructuring activities we have announced, including our consolidation of certain distribution facilities, our exit
from certain non-core markets and our disposition of under-performing stores, |
|
the availability of favorable credit and trade terms, and |
|
other risk factors inherent in the food distribution and retail businesses. |
(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. |