UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
January 28, 2004
FOODARAMA SUPERMARKETS, INC.
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(Exact name of registrant as specified in charter)
New Jersey 1-5745-1 21-0717108
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Building 6, Suite 1, 922 Highway 33, Freehold, New Jersey 07728
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(Address of principal executive offices) (Zip code)
Registrant's telephone number,including area code:(732)462-4700
Item 7. Financial Statements and Exhibits
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(c) Exhibits
Exhibit No. Description
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99.1 Press Release, dated January 28, 2004,
of Foodarama Supermarkets, Inc. Re:
Consolidated Financial Results
Item 12. Results of Operations and Financial Condition
On January 28, 2004, Foodarama Supermarkets, Inc. issued a press
release announcing its consolidated financial results for its fourth quarter and
year ended November 1, 2003. A copy of the press release is furnished as Exhibit
99.1 to this current report.
The information furnished under Item 12 of this current report, including
Exhibit 99.1 hereto, shall not be deemed "filed" for purposes of Section 18 of
the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall
it be deemed incorporated by reference in any document filed under the
Securities Act of 1933, as amended, or the Exchange Act, except as shall be
expressly set forth by specific reference in such filing.
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 hereunto duly authorized.
FOODARAMA SUPERMARKETS, INC.
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(REGISTRANT)
By: /S/ Michael Shapiro
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Michael Shapiro
Senior Vice President
Chief Financial Officer
Date: January 28, 2004
EXHIBIT 99.1
Foodarama Supermarkets, Inc.
Building 6, Suite 1
922 Highway 33
Freehold, N.J. 07728
CONTACT: Michael Shapiro
Senior Vice President
Chief Financial Officer
(732) 294-2270
FOR IMMEDIATE RELEASE
FOODARAMA SUPERMARKETS, INC. REPORTS
FOURTH QUARTER AND YEAR END RESULTS
Freehold, N.J., January 28, 2004 -- Foodarama Supermarkets, Inc. (ASE-FSM)
today announced that sales for the 13 weeks ended November 1, 2003 totaled
$266,651,000, compared to $234,804,000 in the prior year period. Same store
sales from the twenty stores operated in both periods increased 3.5% period to
period. Sales for the current quarter included the operations of new locations
in Woodbridge, Ewing, North Brunswick and Hamilton, New Jersey opened in
December 2002, January 2003, May 2003, and October 2003, respectively. The
location in Woodbridge replaced an older, smaller location in the same shopping
center and the location in North Brunswick replaced an older, smaller store in
Franklin Township, New Jersey.
In the current quarter net income was $1,230,000 or $1.22 per diluted
share. The Company's earnings before interest, taxes, depreciation and
amortization ("EBITDA") for the fourth quarter ended November 1, 2003 were
$10,333,000.
For the thirteen weeks ended November 2, 2002 net income was $587,000 or
$.57 per diluted share. The Company's EBITDA for the fourth quarter ended
November 2, 2002 were $6,880,000.
Sales for the 52 weeks ended November 1, 2003 were $1,049,653,000 compared
to $963,611,000 in the prior year period. Same store sales increased 1.5% period
to period. Sales for the current 52 week period included the operations of the
new Middletown, Woodbridge, Ewing, North Brunswick and Hamilton, New Jersey
locations. The Middletown store opened on November 14, 2001.
For the 52 weeks ended November 1, 2003 the Company reported net income of
$2,283,000 or $2.26 per diluted share. The Company's EBITDA for fiscal 2003 were
$33,636,000.
For the 52 weeks ended November 2, 2002 net income was $3,240,000 or $3.01
per diluted share. The Company's EBITDA for fiscal 2002 were $28,076,000.
EBITDA is presented because management believes that EBITDA is a useful
supplement to net income and other measurements under accounting principles
generally accepted in the United States since it is a meaningful measure of a
company's performance and ability to meet its future debt service requirements,
fund capital expenditures and meet working capital requirements. EBITDA is not a
measure of financial performance under accounting principles generally accepted
in the United States and should not be considered as an alternative to (i) net
income (or any other measure of performance under generally accepted accounting
principles) as a measure of performance or (ii) cash flows from operating,
investing or financing activities as an indicator of cash flows or as a measure
of liquidity. The following table reconciles reported net income to EBITDA:
Thirteen Weeks Ended Fifty Two Weeks Ended
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November November November November
1, 2003 2, 2002 1, 2003 2, 2002
-------- -------- -------- --------
Net income $ 1,230,000 $ 587,000 $ 2,283,000 $ 3,240,000
Add:
Interest expense, net 3,630,000 2,092,000 12,260,000 8,036,000
Income tax provision 820,000 392,000 1,522,000 2,162,000
Depreciation 4,483,000 3,679,000 17,096,000 14,175,000
Amortization 170,000 130,000 475,000 463,000
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EBITDA $10,333,000 6,880,000 $33,636,000 $28,076,000
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FOODARAMA SUPERMARKETS, INC. AND SUBSIDIARIES
Consolidated Operating Highlights
For the 13 Weeks Ended November 1, 2003 November 2, 2002
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(unaudited) (unaudited)
Sales................................ $ 266,651,000 $ 234,804,000
Net income .......................... 1,230,000 587,000
Net income per diluted share......... $1.22 $.57
Average shares outstanding........... 1,011,493 1,026,381
EBITDA............................... $ 10,333,000 $ 6,880,000
For the Year Ended November 1, 2003 November 2, 2002
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(audited) (audited)
Sales................................ $ 1,049,653,000 $ 963,611,000
Net income........................... 2,283,000 3,240,000
Net income per diluted share......... $2.26 $3.01
Average shares outstanding........... 1,011,350 1,076,030
EBITDA............................... $ 33,636,000 $ 28,076,000