INDIANAPOLIS, July 31, 2000 (PRIMEZONE) Marsh Supermarkets, Inc. (Nasdaq:MARSA) and (Nasdaq:MARSB) reports results of operations for the 12 weeks ended June 24, 2000.
Sales and other revenues for the first quarter were $436,609,000 - up 10.7% from last year's $394,266,000. Sales in comparable stores increased 3.2%. Of the $42 million increase in revenues, $27 million was from retail and $15 million was from wholesale operations.
Operating income was $10,970,000 compared to $9,820,000 last year - an 11.7% improvement. "We are again pleased to report a double-digit percentage increase in operating earnings," said Don E. Marsh, Chairman and Chief Executive Officer. "This is our sixteenth consecutive quarter of operating income improvement and our comparable store sales gains continue to reflect the strength of our marketing program."
For the quarter, net income was $3,477,000 compared to $3,281,000 last year - a 6.0% increase. Earnings per diluted share were 38¢ versus 36¢ last year - a 5.6% increase.
In the first quarter, the Company acquired Ross Supermarkets, a five store chain in Muncie, Indiana. LoBill Foods opened two stores. Village Pantry opened two new convenience stores and their first fuel kiosk on a supermarket parking lot. Primo Banquet Catering and Conference Centers, a mid-level caterer operating three venues in the metro Indianapolis area, was also purchased during the quarter.
Marsh is a leading regional chain operating 70 Marsh(r), 24 LoBill Foods(r) and 5 Ross supermarkets, 181 Village Pantry( convenience stores and one Savin*$(r) limited selection, every day low price store. The Company also operates Convenience Store Distributing Company, a wholesale distributor serving 1,300 non-affiliated stores in nine states; Crystal Food Service(tm), a specialist in catering, business cafeteria management, vending and concessions; Primo Banquet Catering and Conference Centers; McNamara Florist and Enflora - Flowers for Business.
MARSH SUPERMARKETS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands except per share amounts)
(Unaudited)
__12 Weeks Ended
June 24, June 19,
2000 1999
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Sales and other revenues $436,609 $394,266
Cost of merchandise sold, including
warehousing and transportation 329,769 296,183
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Gross profit 106,840 98,083
Selling, general and administrative 89,774 82,623
Depreciation 6,096 5,640
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Operating income 10,970 9,820
Interest and debt expense amortization 5,771 4,871
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Income before income taxes 5,199 4,949
Income taxes 1,722 1,668
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Net income $ 3,477 $ 3,281
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Earnings per common share $ .42 $ .39
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Earnings per common share - assuming
dilution $ .38 $ .36
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Dividends per share $ .11 $ .11
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MARSH SUPERMARKETS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
June 24, June 19,
2000 1999
Assets
Current assets:
Cash and equivalents $ 38,813 $ 24,263
Accounts receivable 45,694 39,978
Inventories, less LIFO reserve;
June 24, 2000 - $8,418;
June 19, 1999 - $12,216 125,376 109,079
Prepaid expenses 5,203 4,751
Recoverable income taxes 598 -
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Total current assets 215,684 178,071
Property and equipment, less allowances
for depreciation 303,179 279,557
Other assets 61,755 50,044
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$580,618 $507,672
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Liabilities and Shareholders' Equity
Current liabilities:
Notes payable to bank $ 3,880 $ 300
Accounts payable 80,120 73,834
Accrued liabilities 49,108 46,204
Current maturities of long-term
liabilities 3,344 3,133
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Total current liabilities 136,452 123,471
Long-term liabilities:
Long-term debt 265,446 218,486
Capital lease obligations 14,156 13,344
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Total long-term liabilities 279,602 231,830
Deferred items:
Income taxes 12,794 11,936
Other 16,591 13,522
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Total deferred items 29,385 25,458
Shareholders' Equity:
Common stock, Classes A and B 25,459 25,393
Retained earnings 119,927 111,183
Cost of common stock in treasury ( 8,352) ( 6,962)
Deferred cost - restricted stock ( 1,379) ( 2,223)
Notes receivable - stock options ( 476) ( 478)
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Total shareholders' equity 135,179 126,913
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$580,618 $507,672
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