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
June 28,
2008
Date of Report (Date of earliest event reported)
______________________________________________________
WEIS MARKETS,
INC.
(Exact name of registrant as specified in its
charter)
______________________________________________________
Pennsylvania
1-5039
24-0755415
(State or other
jurisdiction (Commission (IRS
Employer
of
incorporation) File
Number) Identification
No.)
1000 South
Second Street, Sunbury, PA 17801
(Address of principal executive offices) (Zip
Code)
(570)
286-4571
Registrant's telephone number, including area
code
N/A
(Former name or former address, if changed since
last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications
pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On July 21, 2008, the Company
released its earnings for the second quarter ended June 28,
2008. A copy of the press
release is attached hereto as Exhibit 99.1 and is incorporated
herein by this reference.
Item 9.01 Financial Statements and Exhibits.
(c)
Exhibit.
99.1
Weis Markets, Inc. July 21, 2008 press release announcing its
second quarter 2008 earnings.
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.
WEIS MARKETS, INC.
Dated: July 21, 2008
By: /s/ William R. Mills
William
R.
Mills
Senior Vice President,
Treasurer
and Chief Financial
Officer
EXHIBIT INDEX
Exhibit No. Description
99.1 Weis Markets, Inc. July 21, 2008 press release announcing its second quarter 2008 earnings.
EXHIBIT 99.1
| WEIS MARKETS, INC. | 1000 S. 2nd Street |
| Sunbury, Pennsylvania 17801 | |
| Phone 570-286-3636 | |
| Fax 570-286-3692 |
| Press Release |
| Contact: Dennis V. Curtin | FOR IMMEDIATE RELEASE |
| Phone: (570) 286-3636 | July 21, 2008 |
| E-Mail: Dcurtin@weismarkets.com |
|
|
(Sunbury, PA)
- Weis Markets, Inc. (NYSE: WMK) today said its sales
increased 4.3% to $603.4 million compared to $578.8
million for the same period a year ago. During the
thirteen-week period ending June 28, 2008, the Company's
comparable store sales increased 4.3%.
The Company's net income totaled $12.8
million compared to $18.2 million for the same period a
year ago when the Company reported a $5.3 million pre-tax
gain from the sale of two properties. The Company's
second quarter basic and diluted earnings per share
totaled $.48 per share compared to $.67 per share for the
same period a year ago.
The Company's second quarter net
income was impacted by $1.0 million in increased fuel
costs and a 9.4% increase in credit and debit card
transaction fees. The wholesale price index continued to
increase during the quarter. Consequently, the company
increased the accrual to its LIFO reserve by an
additional $900,000 in the quarter compared to the same
period a year ago.
The Company's sales continue to
benefit from its aggressive promotional, pricing and
transaction building programs.
Year to Date
Year-to-date, the Company's sales
increased 4.2% to $1.2 billion while comparable store
sales were up 4.5%. Year-to-date basic and diluted
earnings per share was $.81 per share compared to $1.17
in 2007. For the same period, net income totaled $21.9
million compared to $31.6 million in 2007.
ABOUT WEIS MARKETS
Founded in 1912, Weis Markets is a
Mid-Atlantic supermarket company. It currently operates
156 stores in five Mid-Atlantic States: Pennsylvania,
Maryland, New Jersey, New York and West
Virginia.
# # #
In
addition to historical information, this news release may
contain forward-looking statements. Any forward-looking
statements contained herein are subject to certain risks
and uncertainties that could cause actual results to
differ materially from those projected. For example,
risks and uncertainties can arise with changes in:
general economic conditions, including their impact on
capital expenditures; business conditions in the retail
industry; the regulatory environment; rapidly changing
technology and competitive factors, including increased
competition with regional and national retailers; and
price pressures.
The Company undertakes no obligation to publicly revise or update these forward-looking statements to reflect events or circumstances that arise after the date hereof other than through its periodic filings with the Securities and Exchange Commission that are available to the public.
| Weis Markets, Inc. |
| Comparative Summary of Unaudited Sales & Earnings |
| Second Quarter - 2008 |
| 13 Week | 13 Week | ||
| Period Ended | Period Ended | Increase | |
| June 28, 2008 | June 30, 2007 | (Decrease) | |
| Net Sales | $603,393,000 | $578,812,000 | 4.3% |
| Income Before Taxes | 19,432,000 | 28,426,000 | (31.6%) |
| Provision for Income Taxes | 6,596,000 | 10,268,000 | (35.8%) |
| Net Income | $12,836,000 | $18,158,000 | (29.3%) |
| Weighted-Average | |||
| Shares Outstanding | 26,967,000 | 27,001,000 | (34,000) |
| Basic and Diluted | |||
| Earnings Per Share | $0.48 | $0.67 | ($0.19) |
| 26 Week | 26 Week | ||
| Period Ended | Period Ended | Increase | |
| June 28, 2008 | June 30, 2007 | (Decrease) | |
| Net Sales | $1,199,059,000 | $1,150,607,000 | 4.2% |
| Income Before Taxes | 32,398,000 | 48,868,000 | (33.7%) |
| Provision for Income Taxes | 10,506,000 | 17,305,000 | (39.3%) |
| Net Income | $21,892,000 | $31,563,000 | (30.6%) |
| Weighted-Average | |||
| Shares Outstanding | 26,967,000 | 27,002,000 | (35,000) |
| Basic and Diluted | |||
| Earnings Per Share | $0.81 | $1.17 | ($0.36) |