UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 10-Q
Quarterly report pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For the Quarterly period ended July 28, 2001
Commission file number 1-5745-1 FOODARAMA
SUPERMARKETS, INC.
(Exact name of Registrant as specified in its charter)
New Jersey 21-0717108
------------------------------- -----------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) identification No.)
922 Highway 33, Freehold, N.J. 07728
-----------------------------------------
(Address of principal executive offices)
Telephone #732-462-4700
---------------------------
(Registrant's telephone number, including area code)
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 and (2) has been subject to
the filing requirements for at least the past 90 days.
Yes ___X_ No _____
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the close of the latest practicable
date.
OUTSTANDING AT
CLASS September 7, 2001
------------- -----------------
Common Stock 1,105,290 shares
$1 par value
1
FOODARAMA SUPERMARKETS, INC.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Unaudited Consolidated Condensed Balance
Sheets July 28, 2001 and October 28, 2000
Unaudited Consolidated Condensed Statements
of Operations for the thirteen weeks ended
July 28, 2001 and July 29, 2000
Unaudited Consolidated Condensed Statements
of Operations for the thirty nine weeks
ended July 28, 2001 and July 29, 2000
Unaudited Consolidated Condensed Statements
of Cash Flows for the thirty nine weeks
ended July 28, 2001 and July 29, 2000
Notes to the Unaudited Consolidated
Condensed Financial Statements
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
Disclosure Concerning Forward-Looking Statements
All statements, other than statements of historical fact, included in this Form
10-Q, including without limitation the statements under "Management's Discussion
and Analysis of Financial Condition and Results of Operations", are, or may be
deemed to be, "forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E
of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such
forward-looking statements involve assumptions, known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of Foodarama Supermarkets, Inc. (the "Company" which may be
referred to as we, us or our) to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements contained in this Form 10-Q. Such potential risks and
uncertainties, include without limitation, competitive pressures from other
supermarket operators and warehouse club stores, economic conditions in the
Company's primary markets, consumer spending patterns, availability of capital,
cost of labor, cost of goods sold including increased costs from the Company's
cooperative supplier, Wakefern Food Corporation ("Wakefern"), and other risk
factors detailed herein and in other of the Company's Securities and Exchange
Commission filings. The forward-looking statements are made as of the date of
this Form 10-Q and the Company assumes no obligation to update the
forward-looking statements or to update the reasons actual results could differ
from those projected in such forward-looking statements.
2
PART I FINANCIAL INFORMATION
FOODARAMA SUPERMARKETS, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(in thousands)
July 28, October 28,
2001 2000
(Unaudited) (1)
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $ 8,477 $ 3,977
Merchandise inventories 41,116 42,765
Receivables and other current assets 6,531 4,959
Prepaid income taxes -- 398
Related party receivables - Wakefern 6,376 8,557
Related party receivables - other 11 15
------- --------
62,511 60,671
------- --------
Property and equipment:
Land 308 308
Buildings and improvements 1,220 1,220
Leasehold improvements 38,394 36,931
Equipment 102,052 96,452
Property under capital leases 59,909 59,909
Construction in progress 2,657 1,513
-------- --------
204,540 196,333
Less accumulated depreciation and
amortization 96,984 87,487
-------- --------
107,556 108,846
-------- --------
Other assets:
Investments in related parties 12,758 12,758
Intangibles 3,224 3,487
Other 2,923 3,469
Related party receivables - Wakefern 1,951 1,782
Related party receivables - other 47 172
-------- --------
20,903 21,668
-------- --------
$190,970 $191,185
======== ========
(continued)
(1) Derived from the Audited Consolidated Financial Statements for the year
ended October 28, 2000.
See accompanying notes to the consolidated condensed financial statements.
3
FOODARAMA SUPERMARKETS, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(in thousands - except share data)
July 28, October 28,
2001 2000
(Unaudited) (1)
----------- ----------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 5,138 $ 4,918
Current portion of long-term debt,
related party 891 880
Current portion of obligations under
capital leases 839 664
Current income taxes payable 918 -
Deferred income tax liability 1,114 1,114
Accounts payable:
Related party - Wakefern 34,870 34,051
Others 9,683 7,781
Accrued expenses 13,574 12,478
---------- ----------
67,027 61,886
---------- ----------
Long-term debt 16,937 24,181
Long-term debt, related party 1,546 2,212
Obligations under capital leases 55,192 55,848
Deferred income taxes 2,756 2,585
Other long-term liabilities 7,308 7,051
---------- ----------
83,739 91,877
---------- ----------
Shareholders' equity:
Common stock, $1.00 par; authorized
2,500,000 shares; issued 1,621,767 shares;
outstanding 1,105,290 shares July 28, 2001;
1,117,290 shares October 28, 2000 1,622 1,622
Capital in excess of par 2,351 2,351
Retained earnings 43,253 40,078
--------- ----------
47,226 44,051
Less 516,477 shares July 28, 2001;
504,477 shares October 28, 2000, held in
treasury, at cost 7,022 6,629
---------- ----------
40,204 37,422
---------- ----------
$ 190,970 $ 191,185
========== ==========
(1) Derived from the Audited Consolidated Financial Statements for the year
ended October 28, 2000.
See accompanying notes to the consolidated condensed financial statements.
4
FOODARAMA SUPERMARKETS, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Operations - Unaudited
(in thousands - except share data)
13 Weeks Ended
July 28, July 29,
2001 2000
---------- --------
Sales $ 233,052 $ 223,662
Cost of merchandise sold 174,696 169,273
----------- -----------
Gross profit 58,356 54,389
Operating, general and
administrative expenses 54,863 51,435
----------- -----------
Income from operations 3,493 2,954
----------- -----------
Other (expense) income:
Interest expense (1,825) (1,958)
Interest income 72 63
----------- -----------
(1,753) (1,895)
----------- -----------
Earnings before income tax provision 1,740 1,059
Income tax provision (696) (423)
----------- -----------
Net income $ 1,044 $ 636
=========== ===========
Per share information:
Net income per common share, basic and
diluted $ .94 $ .57
=========== ===========
Weighted average number of common
shares outstanding 1,115,413 1,117,290
=========== ===========
Dividends per common share -0- -0-
=========== ===========
See accompanying notes to the consolidated condensed financial statements.
5
FOODARAMA SUPERMARKETS, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Operations - Unaudited
(in thousands - except share data)
39 Weeks Ended
July 28, July 29,
2001 2000
---------- ---------
Sales $ 695,572 $ 646,841
Cost of merchandise sold 523,762 491,149
----------- -----------
Gross profit 171,810 155,692
Operating, general and
administrative expenses 160,927 148,039
----------- -----------
Income from operations 10,883 7,653
----------- -----------
Other (expense) income:
Interest expense (5,815) (4,936)
Interest income 225 208
----------- -----------
(5,590) (4,728)
Earnings before income tax provision 5,293 2,925
Income tax provision (2,118) (1,170)
----------- -----------
Net income $ 3,175 $ 1,755
=========== ===========
Per share information:
Net income per common share, basic and
diluted $ 2.84 $ 1.57
=========== ===========
Weighted average number of common
shares outstanding 1,116,664 1,117,290
=========== ===========
Dividends per common share -0- -0-
=========== ===========
See accompanying notes to the consolidated condensed financial statements.
6
FOODARAMA SUPERMARKETS, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flows - Unaudited
(in thousands)
39 Weeks Ended
July 28, 2001 July 29, 2000
------------- -------------
Cash flows from operating activities:
Net income $ 3,175 $ 1,755
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation 9,498 8,458
Amortization, intangibles 263 264
Amortization, deferred financing costs 191 186
Amortization, deferred rent escalation ( 45) 63
Provision to value inventory at LIFO 600 500
Deferred income tax (benefit) 171 ( 691)
(Increase) decrease in
Merchandise inventories 1,049 (4,029)
Receivables and other current assets (1,572) ( 93)
Prepaid income taxes 398 -
Other assets 484 319
Related party receivables-Wakefern 2,012 1,665
Increase (decrease) in
Accounts payable 2,721 7,198
Income taxes payable 918 463
Other liabilities 1,398 2,897
--------- --------
21,261 18,955
--------- --------
Cash flows from investing activities:
Cash paid for the purchase of property
and equipment ( 7,072) (12,029)
Cash paid for construction in progress ( 1,199) ( 925)
Decrease in related party
receivables-other 129 5
--------- ---------
( 8,142) (12,949)
--------- ---------
Cash flows from financing activities:
Proceeds from issuance of debt - 17,161
Principal payments under long-term debt ( 7,024) (17,715)
Principal payments under capital
lease obligations ( 481) ( 547)
Principal payments under long-term debt,
related party ( 655) ( 448)
Deferred financing costs ( 66) ( 949)
Payments to acquire treasury stock ( 393) -
--------- ---------
(8,619) ( 2,498)
--------- ---------
NET INCREASE IN CASH AND CASH EQUIVALENTS 4,500 3,508
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3,977 4,094
--------- ---------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 8,477 $ 7,602
========= =========
See accompanying notes to the consolidated condensed financial statements.
7
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Unaudited)
Note 1 Basis of Presentation
The unaudited Consolidated Condensed Financial Statements as of, or for the
period ended July 28, 2001 have been prepared in accordance with generally
accepted accounting principles for interim financial information and with the
instructions to Form 10-Q and rule 10-01. The balance sheet at October 28, 2000
has been taken from the audited financial statements at that date. In the
opinion of the management of the Company, all adjustments (consisting only of
normal recurring accruals) which are considered necessary for a fair
presentation of the results of operations for the period have been made. Certain
financial information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted. The reader is referred to the consolidated
financial statements and notes thereto included in the Company's annual report
on Form 10-K for the year ended October 28, 2000. At both July 28, 2001 and
October 28, 2000, approximately 82% of merchandise inventories are valued by the
Last-In-First-Out ("LIFO") method of inventory valuation while the balance of
inventories are valued by the First-In-First-Out ("FIFO") method. If the FIFO
method had been used for the entire inventory, inventories would have been
$1,323,000 and $723,000 higher than reported at July 28, 2001 and October 28,
2000, respectively.
Certain reclassifications have been made to prior year financial statements in
order to conform to the current year presentation.
These results are not necessarily indicative of the results for the entire
fiscal year.
Note 2 Adoption of New Accounting Standards
Accounting for Certain Sales Incentives
Effective October 29, 2000 the Company adopted the Emerging Issues Task Force
Issue No. 00-14 ("EITF 00-14"), "Accounting for Certain Sales Incentives." EITF
00-14 provides guidance on the accounting for certain sales incentives offered
by companies to their customers, such as discounts, coupons, rebates and free
products or services. In accordance with the provisions of EITF 00-14 the
Company recorded those sales incentives covered by EITF 00-14 as a reduction of
sales, resulting in a corresponding reduction in operating, general and
administrative expenses, with no impact on the Company's net income. Prior year
Sales incentives, relating to this change in presentation, amounted to
$4,160,000 and $4,813,000 for the quarters ended July 28, 2001 and July 29,
2000, respectively and $13,765,000 and $15,065,000 for the nine months ended
July 28, 2001 and July 29, 2000, respectively.
July 28, 2001 and July 29, 2000, respectively.
Accounting for Derivative Instruments and Hedging Activities
Effective October 29, 2000 the Company adopted Statement of Financial Accounting
Standards No. 133 ("SFAS 133"), "Accounting for Derivative Instruments and
Hedging Activities." This Statement establishes accounting and reporting
standards for derivative instruments, including certain derivative instruments
embedded in other contracts, and for hedging activities. SFAS 133 requires the
recognition of all derivatives as either assets or liabilities on the balance
sheet and measures those instruments at fair value. The Company does not
currently engage in any hedging
8
activity or hold any derivative instruments. Therefore, there was no significant
impact from adopting the provisions of SFAS 133 in the quarter or nine months
ended July 28, 2001.
Revenue Recognition in Financial Statements
Effective October 29, 2000 the Company adopted the Securities and Exchange
Commission Staff Accounting Bulletin No. 101 ("SAB 101"), "Revenue Recognition
in Financial Statements." This bulletin provides additional guidance on revenue
recognition as well as criteria for when revenue is generally realized and
earned and also requires the deferral of incremental costs. There was no
significant impact from adopting the provisions of SAB 101 in the quarter or
nine months ended July 28, 2001.
Part I - Item 2 Management's Discussion and Analysis of Financial
Condition and Results of Operations
Financial Condition and Liquidity
As of May 11 and August 7, 2001, the Company and its lenders amended the Second
Amended and Restated Revolving Credit and Term Loan Agreement (as amended, the
"Credit Agreement"). The Credit Agreement is secured by substantially all of the
Company's assets and provided for a total commitment of $58,000,000, including a
revolving credit facility (the "Revolving Note") of up to $28,000,000, a term
loan (the "Term Loan") in the amount of $10,000,000 and a capital expenditures
facility (the "Capex Facility") of up to $20,000,000.
The amended Credit Agreement (a) increases the total amount available to the
Company under the Revolving Note to $28,000,000 from $25,000,000, subject to the
borrowing base limitation of 65% of eligible inventory; (b) reallocates the
amount of permitted new indebtedness for fiscal year 2001 to fiscal year 2002 to
more closely meet the Company's projected borrowing needs; (c) reallocates the
limitations on indebtedness attributable to capitalized lease obligations over
the term of the Credit Agreement to more closely track new real estate lease
obligations; (d) permits capital expenditures relating to New/Replacement Store
Projects over the term of the Credit Agreement to more closely track the
projected timing of such expenditures; (e) permits capital expenditures relating
to Adjusted Capex over the term of the Credit Agreement to more closely track
the projected timing of such expenditures; (f) extends the expiration date of
the period during which the Company may borrow against the Capex Facility to
June 30, 2002; (g) allows the Company to repurchase its common stock for an
aggregate purchase price not to exceed $5,000,000 subject to certain conditions
and limitations; (h) allows for loans to employees not to exceed $50,000 in the
aggregate; and (i) amends certain definitions. Other terms and conditions of the
Credit Agreement previously reported upon by the Company have not been modified.
As of July 28, 2001 the Company owed $7,000,000 on the Term Loan and $7,306,772
under the Capex Facility.
The Company's compliance with the major financial covenants under the Credit
Agreement was as follows as of July 28, 2001:
Actual
Financial Credit (As defined in the
Covenant Agreement Credit Agreement)
Adjusted EBITDA (1) Greater than $13,500,000 $ 21,622,000
Leverage Ratio (1) Less than 3.5 to 1.00 1.13 to 1.00
9
Debt Service Coverage
Ratio Greater than 1.20 to 1.00 1.67 to 1.00
Adjusted Capex (2) Less than $12,750,000 (3) $ 7,072,000 (4)
Store Project Capex Less than $13,000,000 (3) $ 1,199,000 (4)
(1) Excludes obligations under capitalized leases, interest expense and
depreciation expense attributable to capitalized leases and changes in the LIFO
reserve.
(2) Adjusted Capex is all capital expenditures other than New/Replacement
Store Project Capex.
(3) Represents limitations on capital expenditures for fiscal 2001.
(4) Represents capital expenditures for the 39 weeks ended July 28,
2001.
No cash dividends have been paid on the Common Stock since 1979, and the Company
has no present intentions or ability to pay any dividends in the near future on
its Common Stock. The Credit Agreement does not permit the payment of any cash
dividends on our Common Stock.
Working Capital
At July 28, 2001, the Company had a working capital deficiency of $4,516,000
compared to deficiencies of $1,215,000 at October 28, 2000 and $4,136,000 at
July 29, 2000. Cash and cash equivalents improved as the result of more
efficient inventory control and product ordering and the cyclical increase in
accounts payable.
The decline in working capital from October 28, 2000 was primarily due to the
collection of $2,181,000 of current related party receivables which were used to
reduce the Revolving Note which is classified as long-term borrowings.
The Company normally requires small amounts of working capital since inventory
is generally sold at approximately the same time that payments to Wakefern and
other suppliers are due and most sales are for cash or cash equivalents.
Working capital ratios were as follows:
July 28, 2001 .93 to 1.0
October 28, 2000 .98 to 1.0
July 29, 2000 .94 to 1.0
Cash flows (in millions) were as follows:
Thirty Nine Weeks Ended
7/28/01 7/29/00
Operating activities... $21.3 $19.0
Investing activities... ( 8.2) (13.0)
Financing activities... ( 8.6) ( 2.5)
------ ------
Totals $ 4.5 $ 3.5
====== ======
10
The Company had $21,940,000 of available credit at July 28, 2001, under its
revolving credit facility. The amount available under the Credit Agreement will
adequately meet our operating needs, funding requirements for planned stock
purchases, scheduled capital expenditures and debt service for fiscal 2001.
For the thirty nine weeks ended July 28, 2001 depreciation was $9,498,000 while
capital expenditures totaled $8,271,000, compared to $8,458,000 and $12,954,000,
respectively, in the prior year period. The increase in depreciation was the
result of the purchase of equipment and leasehold improvements for the two new
locations opened in fiscal 2000, as well as two additional capitalized real
estate leases. The decline in capital expenditures was due to the acquisition in
fiscal 2000 of equipment and leasehold improvements for the two locations opened
in the second quarter of fiscal 2000 compared to capital expenditures for one
major remodeling in fiscal 2001.
During the quarter ended July 28, 2001, the Company purchased a total of 12,000
shares of its Common Stock in privately negotiated transactions under the stock
repurchase program announced on June 8, 2001. 5,000 of these shares were owned
by the Estate of Mary Saker, of which the Company's Chairman, Joseph J. Saker,
is a co-executor, and 7,000 shares were owned by certain members of Mr. Saker's
family. $392,750, or an average of $32.73 per share, was expended for the
purchase of these shares.
In addition, during the quarter ended July 28, 2001 "Related party
receivables-other" decreased by $177,000 as a result of the early retirement of
certain indebtedness owed by the Company's Chairman.
Results of Operations (13 weeks ended July 28, 2001 compared to 13 weeks
ended July 29, 2000)
Sales:
Same store sales from the twenty two stores in operation in both periods
increased 4.2%. Sales for the current quarter totaled $233.1 million as compared
to $223.7 million of sales in the prior year period.
Gross Profit:
Gross profit as a percent of sales increased to 25.0% of sales compared to 24.3%
in the prior year period. Patronage dividends, applied as a reduction of the
cost of merchandise sold, were $1.6 million in the current period versus $1.5
million in the prior year period. Gross profit as a percentage of sales
increased primarily as a result of improved product mix, a reduction in product
loss through improved shrink control, more efficient commissary operations and
the completion of promotional programs for the new locations opened in fiscal
2000, which was partially offset by the completion of Wakefern incentive
programs for the new locations opened in fiscal 2000.
Operating Expenses:
Operating, general and administrative expenses as a percent of sales were 23.5%
versus 23.0% in the prior year period. The increase in operating, general and
administrative expenses, as a percent of sales, was due to increases in certain
expense categories as a percentage of sales. As a percentage of sales, labor and
11
related fringe benefits increased .36%, depreciation increased .10%, other store
expenses, which include Wakefern support services and debit/credit card fees,
increased .10%, administrative expense increased .27% and miscellaneous income
decreased .17%. These increases and the decrease in miscellaneous income were
partially offset by decreases in occupancy of .17% and reserve for closed stores
of .35%. The reserve for closed store expense relates to the anticipated
expenses to be incurred over the balance of the lease for the location closed in
April 2000 when the new Wall township store opened.
Interest Expense:
Interest expense decreased to $1,825,000 from $1,958,000 while interest income
was $72,000 compared to $63,000 for the prior year period. The decrease in
interest expense for the current year period was due to a decrease in the
average outstanding debt and a decrease in the average interest rate paid on
debt.
Income Taxes:
An income tax rate of 40% has been used in both the current and prior year
periods based on the expected effective tax rates.
Net Income:
Net income was $1,044,000 in the current year period as compared to $636,000 in
the prior year period. Earnings before interest, taxes, depreciation and
amortization ("EBITDA") for the thirteen weeks ended July 28, 2001 were
$6,963,000 as compared to $6,089,000 in the prior year period. Net income per
common share, both basic and diluted, was $.94 in the current period compared to
$.57 in the prior year period. Per share calculations are based on a weighted
average basis of 1,115,413 shares outstanding in the current year period and
1,117,290 shares outstanding in the prior year period.
Results of Operations (39 weeks ended July 28, 2001 compared
to 39 weeks ended July 29, 2000)
Sales:
Same store sales from the twenty stores in operation in both periods increased
3.3%. Sales for the stores in operation for the current thirty nine week period
totaled $695.6 million as compared to $646.8 million of sales from the stores
operated in the prior year period. Sales for the current thirty nine week period
included the operations of two new locations opened in February and April 2000.
The location opened in April 2000 replaced an older, smaller store.
Gross profit:
Gross profit as a percent of sales increased to 24.7% of sales compared to 24.1%
in the prior year period. Patronage dividends, applied as a reduction of the
cost of merchandise sold, were $4.6 million compared to $4.3 million in the
prior year period. Gross profit as a percentage of sales increased primarily as
a result of improved product mix, the contribution of the new locations, the
completion of promotional programs initiated by the Company for the new
locations opened in the
12
prior year period, a reduction in product loss through improved shrink control
and more efficient commissary operations, which was partially offset by the
completion of Wakefern incentive programs for the new locations opened in fiscal
2000.
Operating Expenses:
Operating, general and administrative expenses as a percent of sales were 23.1%
versus 22.9% in the prior year period. The increase in operating, general and
administrative expense, as a percent of sales, was primarily due to increases in
certain expense categories as a percentage of sales. As a percentage of sales,
labor and related fringe benefits increased .29%, depreciation increased .05%,
other store expenses, which include Wakefern support services and debit/credit
card fees, increased .06%, administrative expense increased .11% and
miscellaneous income decreased .09%. These increases and the decrease in
miscellaneous income were partially offset by decreases in selling expense of
.06%, pre-opening costs of .13% and reserve for closed stores of .20%.
Pre-opening costs were for the new Branchburg and Wall township stores opened in
February and April 2000, respectively. The reserve for closed store expense
relates to the anticipated expenses to be incurred over the balance of the lease
for the location closed in April 2000 when the new Wall township store opened.
Interest Expense:
Interest expense increased to $5,815,000 from $4,936,000 while interest income
was $225,000 compared to $208,000 for the prior year period. The increase in
interest expense for the current year period was due to an increase in average
outstanding debt, including increased capitalized lease obligations partially
offset by a decrease in the average interest rate paid on debt.
Income Taxes:
An income tax rate of 40% has been used in both the current and prior year
periods based on the expected effective tax rates.
Net Income:
Net income was $3,175,000 in the current year period. This compares to
$1,755,000 in the prior year period. Earnings before interest, taxes,
depreciation and amortization ("EBITDA") for the current period were $20,790,000
as compared to $16,624,000 in the prior year period. Net income per common
share, both basic and diluted, was $2.84 in the current period compared to $1.57
in the prior year period. Per share calculations are based on a weighted average
basis of 1,116,664 shares outstanding in the current year period and 1,117,290
shares outstanding in the prior year period.
13
PART II
OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
Exhibit (27) - Financial Data Schedule.
Exhibit (99) - Amendment No. 2 to Second Amended and
Restated Credit and Term Loan Agreement
(b) No reports on Form 8-K were required to be
filed for the 13 weeks ended July 28, 2001.
14
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.
FOODARAMA SUPERMARKETS, INC.
(Registrant)
Date: September 10, 2001 /S/ MICHAEL SHAPIRO
---------------------------
(Signature)
Michael Shapiro
Senior Vice President
Chief Financial Officer
Date: September 10, 2001 /S/ THOMAS H. FLYNN
---------------------------
(Signature)
Thomas H. Flynn
Director of Accounting
Principal Accounting Officer
15