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Publix Super Markets Inc – ‘10-Q’ for 3/31/01

On:  Tuesday, 5/15/01, at 4:24pm ET   ·   For:  3/31/01   ·   Accession #:  81061-1-500006   ·   File #:  0-00981

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  As Of                Filer                Filing    For·On·As Docs:Size

 5/15/01  Publix Super Markets Inc          10-Q        3/31/01    3:60K

Quarterly Report   —   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                      10     48K 
 2: EX-10       Indemnification Agreement                             11     51K 
 3: EX-21       Subsidiaries of the Company                            1      3K 


10-Q   —   Quarterly Report
Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
2Item 1. Financial Statements
7Item 2. Management's Discussion and Analysis of Financial Condition and Results
9Item 1. Legal Proceedings
"Item 2. Changes in Securities
"Item 3. Defaults Upon Senior Securities
"Item 4. Submission of Matters to a Vote of Security Holders
"Item 5. Other Information
"Item 6(a). Exhibits
"Item 6(b). Reports on Form 8-K
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended March 31, 2001 -------------- OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from ____________ to ______________ Commission File Number 0-981 ---------------------------- PUBLIX SUPER MARKETS, INC. ----------------------------------------------------- (Exact name of Registrant as specified in its charter) Florida 59-0324412 ------------------------------- ----------------------------------- (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 1936 George Jenkins Blvd. Lakeland, Florida 33815 ---------------------------------------- -------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (863) 688-1188 -------------- 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 (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No _______ -------- The number of shares outstanding of the Registrant's common stock, $1.00 par value, as of April 30, 2001 was 206,078,147. Page 1 of 10 pages
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PART I. FINANCIAL INFORMATION Item 1. Financial Statements ----------------------------- [Download Table] PUBLIX SUPER MARKETS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts are in thousands, except share amounts) ASSETS March 31, 2001 December 30, 2000 -------------- ----------------- (Unaudited) Current Assets -------------- Cash and cash equivalents $ 487,829 396,906 Short-term investments 14,356 21,028 Trade receivables 89,227 102,126 Merchandise inventories 774,698 814,985 Deferred tax assets 61,705 55,598 Prepaid expenses 7,605 2,274 ---------- ---------- Total Current Assets 1,435,420 1,392,917 ---------- ---------- Long-term investments 471,517 434,226 Other noncurrent assets 34,514 28,354 Property, plant and equipment 3,802,188 3,657,252 Accumulated depreciation (1,346,055) (1,290,929) ---------- ---------- Total Assets $4,397,584 4,221,820 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities ------------------- Accounts payable $ 651,764 676,924 Accrued contribution to retirement plans 110,356 250,832 Accrued salaries and wages 70,533 57,090 Accrued self-insurance reserves 90,098 84,095 Federal and state income taxes 95,776 29,668 Other 175,081 117,532 ---------- ---------- Total Current Liabilities 1,193,608 1,216,141 ---------- ---------- Deferred tax liabilities, net 154,107 152,830 Self-insurance reserves 114,130 109,423 Accrued postretirement benefit cost 64,425 62,986 Other noncurrent liabilities 16,439 18,005 Stockholders' Equity -------------------- Common stock of $1 par value. Authorized 300,000,000 shares; issued 207,716,755 shares at March 31, 2001 and 204,972,803 shares at December 30, 2000 207,717 204,973 Additional paid-in capital 344,337 212,947 Reinvested earnings 2,337,270 2,252,661 ---------- ---------- 2,889,324 2,670,581 Less 600,705 treasury shares at March 31, 2001, at cost (28,984) --- Accumulated other comprehensive earnings (5,465) (8,146) ---------- ---------- Total Stockholders' Equity 2,854,875 2,662,435 ---------- ---------- Total Liabilities and Stockholders' Equity $4,397,584 4,221,820 ========== ========== See accompanying notes to condensed consolidated financial statements. -2-
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[Download Table] PUBLIX SUPER MARKETS, INC. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Amounts are in thousands, except per share and share amounts) Three Months Ended March 31, 2001 March 25, 2000 -------------- -------------- (Unaudited) Revenues -------- Sales $ 3,917,490 3,614,322 Other income, net 39,761 34,930 ------------ ----------- Total revenues 3,957,251 3,649,252 ------------ ----------- Costs and expenses ------------------ Cost of merchandise sold, including store occupancy, warehousing and delivery expenses 2,896,455 2,691,830 Operating and administrative expenses 825,085 735,196 ------------ ----------- Total costs and expenses 3,721,540 3,427,026 ------------ ----------- Earnings before income tax expense 235,711 222,226 Income tax expense 84,825 79,863 ------------ ----------- Net earnings $ 150,886 142,363 ============ =========== Weighted average number of common shares outstanding 205,241,255 213,832,605 ============ =========== Basic and diluted earnings per common share based on weighted average shares outstanding $ .74 .67 ============ =========== Cash dividends paid per common share None None [Download Table] CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Amounts are in thousands) Three Months Ended March 31, 2001 March 25, 2000 -------------- -------------- (Unaudited) Net earnings $ 150,886 142,363 Other comprehensive earnings Unrealized gain (loss) on investment securities available-for-sale, net of tax effect of $1,949 and ($3,119) in 2001 and 2000, respectively 3,103 (4,966) Reclassification adjustment for net realized (gain) loss on investment securities available-for-sale, net of tax effect of ($265) and $870 in 2001 and 2000, respectively (422) 1,385 ------------ ----------- Comprehensive earnings $ 153,567 138,782 ============ =========== See accompanying notes to condensed consolidated financial statements. -3-
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[Download Table] PUBLIX SUPER MARKETS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts are in thousands) Three Months Ended March 31, 2001 March 25, 2000 -------------- -------------- (Unaudited) Cash flows from operating activities ------------------------------------ Cash received from customers $ 3,956,095 3,660,352 Cash paid to employees and suppliers (3,515,285) (3,230,612) Dividends and interest received 13,220 14,873 Income taxes paid (25,230) (15,801) Payment for self-insured claims (41,134) (34,381) Other operating cash receipts 218 200 Other operating cash payments (1,464) (1,167) ----------- ---------- Net cash provided by operating activities 386,420 393,464 ----------- ---------- Cash flows from investing activities ------------------------------------ Payment for property, plant and equipment (155,665) (121,588) Proceeds from sale of property, plant and equipment 502 926 Payment for investment securities - available-for-sale (AFS) (49,163) (20,011) Proceeds from sale and maturity of investment securities - AFS 22,303 13,734 Other, net (6,031) 549 ----------- ---------- Net cash used in investing activities (188,054) (126,390) ----------- ---------- Cash flows from financing activities ------------------------------------ Proceeds from sale of common stock 25,817 21,212 Payment for acquisition of common stock (133,260) (252,476) Other, net --- (131) ----------- ---------- Net cash used in financing activities (107,443) (231,395) ----------- ---------- Net increase in cash and cash equivalents 90,923 35,679 Cash and cash equivalents at beginning of period 396,906 626,636 ----------- ---------- Cash and cash equivalents at end of period $ 487,829 662,315 =========== ========== See accompanying notes to condensed consolidated financial statements. (Continued) -4-
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[Download Table] PUBLIX SUPER MARKETS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (Amounts are in thousands) Three Months Ended March 31, 2001 March 25, 2000 -------------- -------------- (Unaudited) Reconciliation of net earnings to net cash provided by operating activities Net earnings $ 150,886 142,363 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 60,867 54,008 Retirement contributions paid or payable in common stock 61,840 57,413 Deferred income taxes (6,513) (865) Loss on sale of property, plant and equipment 4,497 3,971 (Gain) loss on sale of investments (687) 2,255 Self-insurance reserves in excess of current payments 10,710 6,441 Postretirement accruals in excess of current payments 1,439 1,858 Decrease in advance purchase allowances (1,566) (1,565) Other, net 1,152 903 Change in cash from: Trade receivables 12,899 23,860 Merchandise inventories 40,287 61,747 Prepaid expenses (5,331) (5,093) Accounts payable and accrued expenses (10,168) (18,759) Federal and state income taxes 66,108 64,927 --------- ------- Total adjustments 235,534 251,101 --------- ------- Net cash provided by operating activities $ 386,420 393,464 ========= ======= See accompanying notes to condensed consolidated financial statements. -5-
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PUBLIX SUPER MARKETS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. The accompanying condensed consolidated financial statements included herein are unaudited; however, in the opinion of management, such information reflects all adjustments (consisting solely of normal recurring adjustments) which are necessary for the fair statement of results for the interim period. These condensed consolidated financial statements should be read in conjunction with the fiscal 2000 Form 10-K Annual Report of the Company. 2. Due to the seasonal nature of the Company's business, the results for the three months ended March 31, 2001 are not necessarily indicative of the results for the entire 2001 fiscal year. 3. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 4. Certain 2000 amounts have been reclassified to conform with the 2001 presentation. 5. In June 1998, the Financial Accounting Standards Board issued Statement of Financial Accounting Standard No. 133, "Accounting for Derivative Instruments and Hedging Activities," (SFAS 133) effective for fiscal years beginning after June 15, 1999. In June 1999, the Financial Accounting Standards Board issued Statement of Financial Accounting Standard No. 137, "Accounting for Derivative Instruments and Hedging Activities - Deferral of the Effective Date of FASB Statement No. 133" (SFAS 137) which deferred the effective date of adoption of SFAS 133 for one year. SFAS 133 requires that derivatives be carried at fair value and provides for hedge accounting when certain conditions are met. The Company does not have derivatives or enter into hedging activities as defined by SFAS 133, therefore, the adoption of SFAS 133 did not have any material effect on the Company's financial condition, results of operations or cash flows. -6-
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PUBLIX SUPER MARKETS, INC. Item 2. Management's Discussion and Analysis of Financial Condition and Results -------------------------------------------------------------------------------- of Operations ------------- Liquidity and Capital Resources ------------------------------- Operating activities continue to be the Company's primary source of liquidity. Net cash provided by operating activities was approximately $386.4 million in the quarter ended March 31, 2001, as compared with $393.5 million in the quarter ended March 25, 2000. Cash and cash equivalents totaled $487.8 million as of March 31, 2001, as compared with $662.3 million as of March 25, 2000. Capital expenditures totaled approximately $155.7 million in the quarter ended March 31, 2001. These expenditures were primarily incurred in connection with the opening of 11 new stores and remodeling or expanding 19 stores. In addition, the Company closed nine stores. The net impact of new and closed stores (net new stores) added an additional .17 million square feet in the first quarter of 2001, a .59% increase. Significant expenditures were also incurred in the expansion of warehouses in Lakeland, Florida and the development of an online grocery shopping service, PublixDirect. Capital expenditures totaled approximately $121.6 million in the quarter ended March 25, 2000. These expenditures were primarily incurred in connection with the opening of 14 new stores and remodeling or expanding 18 stores. In addition, the Company closed two stores. Net new stores added an additional .55 million square feet in the first quarter of 2000, a 1.98% increase. Significant expenditures were also incurred in the expansion of warehouses in Lakeland, Florida. Capital expenditures for the remainder of 2001, primarily made up of new store, warehouse and office construction, remodeling or expanding of many existing stores, new or enhanced information technology applications and the continued development of PublixDirect, are expected to be approximately $544.3 million. This capital program is subject to continuing change and review. The remaining 2001 capital expenditures are expected to be financed by internally generated funds and current liquid assets. In the normal course of operations, the Company replaces stores and closes unprofitable stores. The impact of future store closings is not expected to be material. The Company currently repurchases common stock at the stockholders' request in accordance with the terms of the Company's Employee Stock Purchase Plan. Net common stock repurchases under this plan totaled approximately $107.4 million in the quarter ended March 31, 2001, as compared with $231.3 million in the quarter ended March 25, 2000. The Company expects to continue to repurchase its common stock, as offered by its stockholders from time to time, at its then currently appraised value. However, such purchases are not required and the Company retains the right to discontinue them at any time. On March 1, 2001, the Company declared a cash dividend of $.32 per share payable on June 1, 2001, to stockholders of record as of the close of business March 30, 2001. Cash generated in excess of the amount needed for current operations, capital expenditures and common stock repurchases is invested in short-term and long-term investments. Management believes the Company's liquidity will continue to be strong. -7-
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Operating Results ----------------- Sales for the first quarter of 2001 were $3.9 billion as compared with $3.6 billion in the same quarter in 2000, an 8.4% increase. This reflects an increase of $148.2 million or 4.1% in sales from stores that were open for all of both quarters (comparable stores) and sales of $155.0 million or 4.3% from net new stores since the beginning of the first quarter of 2000. Cost of merchandise sold including store occupancy, warehousing and delivery expenses, as a percentage of sales, was approximately 73.9% for the quarter ended March 31, 2001 and 74.5% for the quarter ended March 25, 2000. The decrease in cost of merchandise sold, as a percentage of sales, was primarily due to continuing improvements in buying practices, promotional efficiencies and a shifting of the sales mix toward higher margin products. Operating and administrative expenses, as a percentage of sales, were approximately 21.1% and 20.3% for the quarters ended March 31, 2001 and March 25, 2000, respectively. The increase in operating and administrative expenses, as a percentage of sales, was primarily due to higher employee benefit costs and higher utility costs. Cautionary Note Regarding Forward-Looking Statements ---------------------------------------------------- From time to time, information provided by the Company, including written or oral statements made by its representatives, may contain forward-looking information about the future performance of the Company which is based on management's assumptions and beliefs in light of the information currently available to them. When used in this document, the words "plan," "estimate," "project," "intend," "believe" and other similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. These forward-looking statements are subject to uncertainties and other factors that could cause actual results to differ materially from those statements including, but not limited to: competitive practices and pricing in the food and drug industries generally and particularly in the Company's principal markets; changes in the general economy; changes in consumer spending; and other factors affecting the Company's business in or beyond the Company's control. These factors include changes in the rate of inflation, changes in state and Federal legislation or regulation, adverse determinations with respect to litigation or other claims, ability to recruit and train employees, ability to construct new stores or complete remodels as rapidly as planned and stability of product costs. Other factors and assumptions not identified above could also cause the actual results to differ materially from those set forth in the forward-looking statements. The Company assumes no obligation to update publicly these forward-looking statements. -8-
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PUBLIX SUPER MARKETS, INC. PART II. OTHER INFORMATION Item 1. Legal Proceedings -------------------------- There have been no material developments in the legal proceedings described in the Company's Form 10-K for the year ended December 30, 2000. In addition, there have been no new material legal proceedings initiated against the Company since the filing of the Company's Form 10-K. The Company is also a party in various legal claims and actions considered in the normal course of business. In the opinion of management, the ultimate resolution of these legal proceedings will not have a material adverse effect on the Company's financial condition, results of operations or cash flows. Item 2. Changes in Securities ------------------------------- Not Applicable. Item 3. Defaults Upon Senior Securities ----------------------------------------- Not Applicable. Item 4. Submission of Matters to a Vote of Security Holders ------------------------------------------------------------- Not Applicable. Item 5. Other Information --------------------------- Not Applicable. Item 6(a) Exhibits ------------------ 10. Indemnification Agreement, in the form attached hereto as Exhibit 10, between the Company and all of its current directors and officers. Such directors and officers are listed as follows: John A. Attaway, Jr. Howard M. Jenkins Carol Jenkins Barnett Tina P. Johnson Hoyt R. Barnett Linda S. Kane Jesse L. Benton James J. Lobinsky David E. Bornmann E. Vane McClurg David E. Bridges Thomas M. McLaughlin Joseph W. Carvin Sharon A. Miller R. Scott Charlton Robert H. Moore W. Edwin Crenshaw Thomas M. O'Connor David S. Duncan David P. Phillips William V. Fauerbach Henry J. Pileggi, Jr. John R. Frazier James H. Rhodes II Mark C. Hollis Daniel M. Risener M. Clayton Hollis, Jr. Richard J. Schuler II Mark R. Irby Edward T. Shivers Charles H. Jenkins, Jr. William H. Vass 21. Subsidiaries of the Company. Item 6(b) Reports on Form 8-K ----------------------------- No reports on Form 8-K were filed during the quarter ended March 31, 2001. -9-
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SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed in its behalf by the undersigned thereunto duly authorized. PUBLIX SUPER MARKETS, INC. Date: May 11, 2001 /s/ John A. Attaway, Jr. ------------------------------------------ John A. Attaway, Jr., Secretary Date: May 11, 2001 /s/ David P. Phillips ------------------------------------------ David P. Phillips, Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) -10-

Dates Referenced Herein   and   Documents Incorporated by Reference

Referenced-On Page
This ‘10-Q’ Filing    Date First  Last      Other Filings
6/1/017
Filed on:5/15/01
5/11/0110
4/30/011
For Period End:3/31/0119
3/30/01710-K
3/1/017
12/30/002910-K,  DEF 14A
3/25/003810-Q
6/15/996
 List all Filings 


4 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/01/24  Publix Super Markets Inc.         10-K       12/30/23   78:6.4M
 3/01/23  Publix Super Markets Inc.         10-K       12/31/22   75:7.1M
 3/01/22  Publix Super Markets Inc.         10-K       12/25/21   75:7M
 3/01/21  Publix Super Markets Inc.         10-K       12/26/20   86:7.6M
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Filing Submission 0000081061-01-500006   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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