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Village Super Market Inc · 10-Q · For 1/26/08

Filed On 3/5/08 10:00am ET   ·   SEC File 1-33360   ·   Accession Number 1096906-8-385

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  As Of               Filer                 Filing     As/For/On Docs:Pgs              Issuer               Agent

 3/05/08  Village Super Market Inc          10-Q        1/26/08    7:90                                     Southridge Svcs LLC/FA

Quarterly Report   ·   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Village Super Market Form 10-Q January 26, 2008     HTML    255K 
 2: EX-31.1     Certification 31.1                                  HTML     13K 
 3: EX-31.2     Certification 31.2                                  HTML     13K 
 4: EX-32.1     Certification 32.1                                  HTML      7K 
 5: EX-32.2     Certification 32.2                                  HTML      7K 
 6: EX-99.1     Press Release Dated March 5, 2008                   HTML     60K 
 7: EX-99.2     First Quarter Report to Shareholders Dated          HTML     40K 
                          December 7, 2007

10-Q   ·   Village Super Market Form 10-Q January 26, 2008

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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q

(Mark One)

 
[x] 
QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
      
 
 
For the quarterly period ended:  January 26, 2008

OR
 
 
[  ] 
TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE  SECURITIES EXCHANGE ACT OF 1934.
 
Commission File No. 0-2633

VILLAGE SUPER MARKET, INC.
(Exact name of registrant as specified in its charter)
     
NEW JERSEY
  
22-1576170
(State of other jurisdiction of incorporation or organization)
  
(I. R. S. Employer Identification No.)
     
733 MOUNTAIN AVENUE, SPRINGFIELD, NEW JERSEY
  
07081
(Address of principal executive offices)
  
(Zip Code)
     
(973) 467-2200
(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 (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.                                                                                                                                                                                          
 
  S Yes  □ No

  Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12-b2 of the Exchange Act.

Large accelerated filer   □
Accelerated filer   S
Non-accelerated filer     □ (Do not check if a smaller reporting company)
Smaller reporting company  □
   

              Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).                                               
 
              □ Yes  S No
 
              Indicate the number of shares outstanding of the issuer's classes of common stock as of the latest practicable date:
 
 
March 4, 2008
   
Class A Common Stock, No Par Value
3,328,540 Shares
Class B Common Stock, No Par Value
3,188,152 Shares

 
 
 
 
 
 
 
VILLAGE SUPER MARKET, INC.

INDEX

PART I
  
PAGE NO.
     
FINANCIAL INFORMATION
  
     
     
Item 1.
Financial Statements (Unaudited)
  
     
 
Consolidated Condensed Balance Sheets
3
     
 
Consolidated Condensed Statements of Operations
4
     
 
Consolidated Condensed Statements of Cash Flows
5
     
 
Notes to Consolidated Condensed Financial Statements
6-10
     
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
11-16
     
Item 3.
Quantitative & Qualitative Disclosures about Market Risk
17
     
Item 4.
Controls and Procedures
17
     
     
PART II
    
     
OTHER INFORMATION
  
     
     
Item 6.
Exhibits
19
     
 
Signatures
19



 
 
 
 
 
2
 
 
 

PART I - FINANCIAL INFORMATION
Item 1     Financial Statements
 
 
VILLAGE SUPER MARKET, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(in Thousands) (Unaudited)

   
January 26,
    
July 28,
  
   
2008
    
2007
  
ASSETS
            
             
Current assets
            
Cash and cash equivalents
   $ 52,317     $ 53,846  
Merchandise inventories
     34,237       29,792  
Patronage dividend receivable
     2,729       6,400  
Other current assets
     10,130       7,994  
Total current assets
     99,413       98,032  
                 
Notes receivable from Wakefern
     30,252       29,241  
Property, equipment and fixtures, net
     141,665       125,833  
Investment in Wakefern
     18,291       16,391  
Goodwill
     10,605       10,605  
Other assets
     4,588       3,021  
                 
TOTAL ASSETS
   $ 304,814     $ 283,123  
                 
LIABILITIES AND SHAREHOLDERS’ EQUITY
                
                 
Current liabilities
                
Current portion of long-term debt
   $ 4,796     $ 5,375  
Current portion of notes payable to Wakefern
     686       134  
Accounts payable to Wakefern
     47,119       41,910  
Accounts payable and accrued expenses
     28,277       28,254  
Total current liabilities
     80,878       75,673  
                 
Long-term debt
     26,446       21,517  
Notes payable to Wakefern
     1,443       250  
Other liabilities
     19,337       18,118  
                 
Commitments and contingencies
                
                 
Shareholders' equity
                
Class A common stock - no par value, issued 3,636 shares
     23,304       22,649  
Class B common stock - no par value,  3,188 shares issued and outstanding
     1,035       1,035  
Retained earnings
     158,868       150,596  
Accumulated other comprehensive loss
     (4,336 )     (4,526 )
Less cost of Class A treasury shares  (308 at January 26, 2008 and 312 at July 28, 2007)
     (2,161 )     (2,189 )
Total shareholders’ equity
     176,710       167,565  
                 
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY
   $ 304,814     $ 283,123  

 See accompanying Notes to Consolidated Condensed Financial Statements.


 
 
 
 
 
3
 
 
 



VILLAGE SUPER MARKET, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(in Thousands except Per Share Amounts)
(Unaudited)

   
13 Wks. Ended
    
13 Wks. Ended
    
26 Wks. Ended
    
26 Wks. Ended
  
   
Jan. 26, 2008
    
Jan. 27, 2007
    
Jan. 26, 2008
    
Jan. 27, 2007
  
                         
Sales
   $ 292,829     $ 270,396     $ 556,388     $ 521,865  
                                 
Cost of sales
     213,416       198,824       406,760       382,915  
                                 
Gross profit
     79,413       71,572       149,628       138,950  
                                 
Operating and administrative expense
     64,793       59,933       124,713       117,115  
                                 
Depreciation and amortization
     3,437        3,088       6,626       6,075  
                                 
Operating income
     11,183       8,551       18,289       15,760  
                                 
Interest expense
     (832 )     (667 )     (1,439 )     (1,381 )
                                 
Interest income
      770       830       1,758       1,599  
                                 
Income before income taxes
     11,121       8,714       18,608       15,978  
                                 
Income taxes
      4,682        3,651        7,871       6,695  
                                 
Net income
   $ 6,439     $ 5,063     $ 10,737     $ 9,283  
                                 
Net income per share:
                                
                                 
Class A Common Stock:            
Revised
              
Revised
  
Basic
   $ 1.22     $ .96     $ 2.03     $ 1.77  
Diluted
   $ .98     $ .78     $ 1.63     $ 1.43  
                                 
Class B Common Stock:
                                
Basic
   $ .79     $ .63     $ 1.32     $ 1.15  
Diluted
   $ .77     $ .61     $ 1.29     $ 1.12  




See accompanying Notes to Consolidated Condensed Financial Statements.


 
 
 
 
 
4
 
 
 


VILLAGE SUPER MARKET, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(in Thousands) (Unaudited)

   
26 Weeks
Ended
    
26 Weeks Ended
  
   
January 26, 2008
    
January 27, 2007
  
CASH FLOWS FROM OPERATING ACTIVITIES:
            
Net income
   $ 10,737     $ 9,283  
Adjustments to reconcile net income to net cash provided by operating activities:
                
Depreciation and amortization
     6,626       6,075  
Deferred taxes
     ( 258 )     ( 648 )
Provision to value inventories at LIFO
     475       500  
Non-cash share-based compensation
     583       551  
                 
Changes in assets and liabilities:
                
Merchandise inventories
     ( 4,920 )     ( 3,159 )
Patronage dividend receivable
     3,671       3,357  
Accounts payable to Wakefern
     5,209       2,762  
Accounts payable and accrued expenses
     422       1,938  
Other assets and liabilities
     (562 )      764  
Net cash provided by operating activities
     21,983       21,423  
                 
CASH FLOWS FROM INVESTING ACTIVITIES:
                
         Capital expenditures
     ( 17,748 )     ( 5,927 )
         Acquisition of Galloway store assets
     ( 3,500 )     ----  
         Investment in notes receivable from Wakefern
     (1,011 )     ( 28,252 )
Net cash used in investing activities
     ( 22,259 )     ( 34,179 )
                 
CASH FLOWS FROM FINANCING ACTIVITIES: