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):
June 14, 2004
FOODARAMA SUPERMARKETS, INC.
---------------------------------------------------------------
(Exact name of registrant as specified in charter)
New Jersey 1-5745-1 21-0717108
---------------------------------------------------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Building 6, Suite 1, 922 Highway 33, Freehold, New Jersey 07728 (Address of
principal executive offices) (Zip code)
Registrant's telephone number, including area code:(732)462-4700
Item 7. Financial Statements and Exhibits
------------------------------------------
(c) Exhibits
Exhibit No. Description
----------- -----------
99.1 Press Release, dated June 14, 2004,
of Foodarama Supermarkets, Inc. Re:
Consolidated Financial Results
Item 12. Results of Operations and Financial Condition
On June 14, 2004, Foodarama Supermarkets, Inc. issued a press release
announcing its consolidated financial results for its second quarter ended May
1, 2004. 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.
----------------------------
(REGISTRANT)
By: /S/ Michael Shapiro
Michael Shapiro
Senior Vice President
Chief Financial Officer
Date: June 14, 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
SECOND QUARTER AND SIX MONTHS RESULTS
Freehold, N.J., June 14, 2004 -- Foodarama Supermarkets, Inc. (ASE-FSM)
today announced that sales for the 13 weeks ended May 1, 2004 totaled
$279,043,000, compared to $254,578,000 in the prior year period. Same store
sales from the twenty two stores operated in both periods increased 2.7% period
to period. Sales for the current quarter included the operations of new
locations in North Brunswick, Hamilton and Lawrenceville, New Jersey opened in
May 2003, October 2003 and April 2004, respectively. The location in North
Brunswick replaced an older, smaller store.
In the current quarter net income was $956,000 or $.93 per diluted share.
The Company's earnings before interest taxes, depreciation and amortization
("EBITDA") for the second quarter ended May 1, 2004 were $10,341,000.
For the thirteen weeks ended May 3, 2003 net income was $128,000 or $.13
per diluted share. The Company's EBITDA for the second quarter ended May 3, 2003
were $7,570,000.
Sales for the 26 weeks ended May 1, 2004 were $573,758,000 compared to
$511,669,000 in the prior year period. Same store sales from the twenty stores
in operation in both periods increased 3.0% period to period. Sales for the
current 26 week period included the operations of the new Woodbridge, Ewing,
North Brunswick, Hamilton and Lawrenceville, New Jersey locations. The
Woodbridge and Ewing stores opened in December 2002 and January 2003,
respectively. The locations in Woodbridge and North Brunswick replaced older,
smaller stores.
For the 26 weeks ended May 1, 2004 the Company reported net income of
$2,196,000 or $2.15 per diluted share. The Company's EBITDA for the six months
ended May 1, 2004 were $20,910,000.
For the 26 weeks ended May 3, 2003 net income was $477,000 or $.47 per
diluted share. The Company's EBITDA for the six months ended May 3, 2003 were
$14,356,000.
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 Twenty Six Weeks Ended
-------------------- ----------------------
May 1, 2004 May 3, 2003 May 1, 2004 May 3, 2003
------------ ----------- ----------- -----------
Net income $ 956,000 $ 128,000 $ 2,196,000 $ 477,000
Add:
Interest expense, net 3,817,000 2,970,000 7,574,000 5,254,000
Income tax provision 587,000 85,000 1,347,000 318,000
Depreciation 4,881,000 4,289,000 9,566,000 8,121,000
Amortization 100,000 98,000 227,000 186,000
---------- ----------- ----------- -----------
EBITDA $10,341,000 $ 7,570,000 $20,910,000 $14,356,000
=========== =========== =========== ===========
FOODARAMA SUPERMARKETS, INC. AND SUBSIDIARIES
Consolidated Operating Highlights (Unaudited)
For the 13 Weeks Ended May 1, 2004 May 3, 2003
------------------------ ----------- -----------
Sales................................ $ 279,043,000 $ 254,578,000
Net income .......................... 956,000 128,000
Net income per diluted share........ $.93 $.13
Average shares outstanding........... 1,026,595 1,011,948
EBITDA............................... $ 10,341,000 $ 7,570,000
For the 26 Weeks Ended May 1, 2004 May 3, 2003
---------------------- ----------- -----------
Sales................................ $ 573,758,000 $ 511,669,000
Net income........................... 2,196,000 477,000
Net income per diluted share....... $2.15 $.47
Average shares outstanding........... 1,020,607 1,014,500
EBITDA............................... $ 20,910,000 $ 14,356,000