<PAGE>
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 OCTOBER 30, 1999
-----------------------
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from
---------------------------------
Commission File Number 0-17871
EAGLE FOOD CENTERS, INC.
(Exact name of registrant as specified in the charter)
DELAWARE 36-3548019
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
RT. 67 & KNOXVILLE RD., MILAN, ILLINOIS 61264
- -------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (309) 787-7700
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 of the Registrant's Common Stock, par value one cent
($0.01) per share, outstanding at December 9, 1999 was 10,939,048.
Page 1 of 11 pages
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
EAGLE FOOD CENTERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<TABLE>
<CAPTION>
QUARTER ENDED THREE QUARTERS ENDED
OCTOBER 30, OCTOBER 31, OCTOBER 30, OCTOBER 31,
1999 1998 1999 1998
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Sales .................................. $ 226,554 $ 226,515 $ 691,732 $ 692,613
Cost of goods sold ..................... 167,863 168,465 512,726 517,169
------------ ------------ ------------ ------------
Gross margin ...................... 58,691 58,050 179,006 175,444
Operating expenses:
Selling, general and administrative 50,849 50,147 153,732 152,177
Store closing and asset revaluation -- -- 1,664 --
Depreciation and amortization ..... 5,186 4,581 15,073 13,335
------------ ------------ ------------ ------------
Operating income ................ 2,656 3,322 8,537 9,932
Interest expense ....................... 3,335 2,935 10,060 8,507
------------ ------------ ------------ ------------
Earnings (loss) before income taxes .... (679) 387 (1,523) 1,425
Income taxes ........................... -- -- -- --
------------ ------------ ------------ ------------
Net earnings (loss) .................... $ (679) $ 387 $ (1,523) $ 1,425
============ ============ ============ ============
Earnings (loss) per share:
Basic ............................. $ (0.06) $ 0.04 $ (0.14) $ 0.13
============ ============ ============ ============
Diluted ........................... $ (0.06) $ 0.04 $ (0.14) $ 0.13
============ ============ ============ ============
Weighted average shares and potential
common shares outstanding ............ 10,939,000 11,001,000 10,935,000 11,104,000
</TABLE>
See notes to consolidated financial statements.
2
<PAGE>
EAGLE FOOD CENTERS, INC.
CONSOLIDATED BALANCE SHEETS
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
ASSETS
<TABLE>
<CAPTION>
OCTOBER 30, JANUARY 30,
1999 1999
----------- -----------
<S> <C> <C>
Current Assets:
Cash and cash equivalents $ 5,886 $ 11,775
Restricted assets - marketable securities, at fair value 6,457 9,846
Accounts receivable, net of allowance for doubtful accounts
of $1.0 million in fiscal 1999 and $1.2 million in fiscal 1998 16,430 16,537
Income tax receivable 25 926
Inventories, net of LIFO reserve of $11.0 million and $10.3 million 70,764 74,069
Prepaid expenses 1,468 1,392
-------- --------
Total current assets 101,030 114,545
Property and equipment (net) 152,186 132,364
Other assets:
Deferred debt issuance costs (net) 276 585
Excess of cost over fair value of net assets acquired (net) 2,264 2,325
Property held for resale 11,953 20,025
Other 15,739 13,471
-------- --------
Total other assets 30,232 36,406
-------- --------
Total assets $ 283,448 $ 283,315
-------- --------
-------- --------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 39,119 $ 47,434
Payroll and associate benefits 14,572 14,318
Accrued liabilities 16,388 25,353
Reserve for closed stores 1,302 1,302
Accrued taxes 7,042 7,795
Bank revolving credit facility - -
Current portion of long-term debt 101,321 991
-------- --------
Total current liabilities 179,744 97,193
Long-term debt:
Senior Notes - 100,000
Other long-term debt 759 -
Capital lease obligations 55,497 37,779
-------- --------
Total long-term debt 56,256 137,779
Other liabilities:
Reserve for closed stores 9,133 9,434
Other deferred liabilities 11,463 10,523
-------- --------
Total other liabilities 20,596 19,957
Shareholders' equity:
Preferred stock, $.01 par value, 100,000 shares authorized - -
Common stock, $.01 par value, 18,000,000 shares
authorized, 11,500,000 shares issued 115 115
Capital in excess of par value 53,336 53,336
Common stock in treasury, at cost, 560,952 shares and 581,202 shares (2,228) (2,309)
Accumulated other comprehensive income 9 47
Other (140) (140)
Retained earnings (deficit) (24,240) (22,663)
-------- --------
Total shareholders' equity 26,852 28,386
-------- --------
Total liabilities and shareholders' equity $ 283,448 $ 283,315
-------- --------
-------- --------
</TABLE>
See notes to consolidated financial statements.
3
<PAGE>
EAGLE FOOD CENTERS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
<TABLE>
<CAPTION>
October 30, October 31,
1999 1998
-------- --------
<S> <C> <C>
Cash flows from operating activities:
Net earnings (loss) $ (1,523) $ 1,425
Adjustments to reconcile net earnings (loss) to net cash flows
from operating activities:
Depreciation and amortization 15,073 13,335
Store closing and asset revaluation 1,664 --
LIFO charge 688 750
Deferred charges and credits 534 2,065
Gain on disposal of assets (121) (993)
Change in assets and liabilities:
Receivables and other assets (3,975) (7,329)
Inventories 2,617 4,470
Accounts payable (8,315) 5,323
Accrued and other liabilities (9,099) (7,547)
Principal payments on reserve for closed stores (1,202) (1,820)
-------- --------
Net cash flows from operating activities (3,659) 9,679
Cash flows from investing activities:
Additions to property and equipment (14,322) (8,855)
Additions to property held for resale (9,555) (13,572)
Maturities(purchases) of marketable securities, net 3,351 (529)
Cash proceeds from sale/leasebacks or dispositions of property and
equipment 667 14,332
Cash proceeds from sale/leasebacks or dispositions of property held
for resale 18,536 13,416
-------- --------
Net cash flows from investing activities (1,323) 4,792
Cash flows from financing activities:
Net revolving credit repayment -- (7,208)
Deferred financing costs (52) (50)
Principal payments on capital lease obligations (855) (538)
Purchase of treasury stock -- (118)
-------- --------
Net cash flows from financing activities (907) (7,914)
-------- --------
Increase (decrease) in cash and cash equivalents (5,889) 6,557
Cash and cash equivalents at beginning of period 11,775 5,113
-------- --------
Cash and cash equivalents at end of period $ 5,886 $ 11,670
======== ========
Supplemental disclosures of cash flow information:
Cash paid for interest $ 12,053 $ 10,559
Cash paid for income taxes $ 33 $ 95
Noncash investing and financing activities:
Unrealized gain (loss) on marketable securities $ (38) $ 75
Additions to property and equipment and capital
lease liability in connection with sale/leaseback transactions $ 18,536 $ 23,544
Additions to property and equipment and debt $ 878 $ --
</TABLE>
See notes to consolidated financial statements.
4
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
ACCOUNTING POLICIES
The accompanying unaudited financial statements have been prepared in accordance
with the summary of significant accounting policies set forth in the notes to
the audited financial statements contained in the Company's Form 10-K/A filed
with the Securities and Exchange Commission on May 6, 1999.
In the opinion of management, the accompanying unaudited financial statements
reflect all adjustments of a normal recurring nature necessary for a fair
statement of the results of operations and financial position for the interim
periods presented. Operating results for the thirteen weeks ended October 30,
1999 are not necessarily indicative of the results that may be expected for the
fiscal year ending January 29, 2000.
DEBT
The Company's $100 million 8 5/8% Senior Notes, due April 15, 2000, have been
reclassified to Current Liabilities, resulting in negative working capital of
$78.7 million at October 30, 1999. Additionally, the Company's $50 million Bank
Credit Facility agreement expires on April 15, 2000.
The Company has engaged an investment banking firm and is currently evaluating
options relating to the Senior Notes. Market conditions indicate that new debt,
if available, would be expected to carry a higher interest rate than the current
8 5/8%.
At October 30, 1999 the Company had no borrowing against the Bank Revolving
Credit Facility and no letters of credit outstanding.
RESERVE FOR CLOSED STORES
No stores were added to the reserve in the third quarter of fiscal 1999. During
the second quarter of fiscal 1999, the Company added two stores to the reserve.
No charge was taken as all costs have been covered by favorable lease
terminations. During the first quarter of fiscal 1999, the Company added one
store to the reserve and recorded $1.7 million for estimated future store
closing costs. This charge included $900,000 for future lease costs and $800,000
of asset revaluations.
COMPREHENSIVE INCOME
Comprehensive income includes all changes in the Company's equity during the
period, except transactions with stockholders of the Company. Comprehensive
income consisted of the following (in thousands of dollars):
<TABLE>
<CAPTION>
Quarter Ended Three Quarters Ended
October 30, October 31, October 30, October 31,
1999 1998 1999 1998
---------------- --------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Net earnings (loss) $ (679) $ 387 $ (1,523) $ 1,425
Other comprehensive income (loss):
Unrealized gain (loss) on marketable
securities (5) 90 (38) 75
---------------- --------------- ---------------- ----------------
Comprehensive income (loss) $ (684) $ 477 $ (1,561) $ 1,500
================ =============== ================ ================
</TABLE>
<PAGE>
LITIGATION
As reported in the Company's Form 10-Q for the first quarter of fiscal 1999, the
Company reached a settlement on May 21, 1999 of a lawsuit alleging
discrimination in employment which was filed against the Company in 1994 in the
United States District Court for the Central District of Illinois by two current
and one former associates individually and as representative of a class of all
individuals who are similarly situated. The settlement did not have a material
impact on financial results in the first quarter of 1999 since adequate
settlement costs were previously recorded. The Company denied all substantive
allegations of the Plaintiffs and of the class. The Company is subject to
various other unresolved legal actions which arise in the normal course of its
business. It is not possible to predict with certainty the outcome of these
unresolved legal actions or the range of the possible loss.
EARNINGS (LOSS) PER SHARE
Earnings (loss) per share ("EPS") are computed in accordance with Statement of
Financial Accounting Standards ("SFAS") No. 128, "Earnings per Share." Basic EPS
is computed by dividing consolidated net earnings (loss) by the weighted average
number of common shares outstanding. Diluted EPS is computed by dividing
consolidated net earnings (loss) by the sum of the weighted average number of
common shares outstanding and the weighted average number of potential common
shares outstanding. Potential common shares consist solely of outstanding
options under the Company's stock option plans. All outstanding options were
excluded from the earnings (loss) per share calculation for the quarter and
three quarters ended October 30, 1999 because they were anti-dilutive. The
computation of basic and diluted EPS is as follows:
(In thousands, except per share amounts)
<TABLE>
<CAPTION>
Quarter Ended Three Quarters Ended
October 30, 1999 October 31, 1998 October 30, 1999 October 31, 1998
-------------------- --------------------- -------------------- --------------------
<S> <C> <C> <C> <C>
Net earnings (loss) $ (679) $ 387 $ (1,523) $ 1,425
==================== ===================== ==================== ====================
Weighted average common
shares outstanding 10,939 10,929 10,935 10,944
==================== ===================== ==================== ====================
Basic EPS $ (0.06) $ 0.04 $ (0.14) $ 0.13
==================== ===================== ==================== ====================
Weighted average common
shares outstanding 10,939 10,929 10,935 10,944
Effect of dilutive securities -
stock options - 72 - 160
-------------------- --------------------- -------------------- --------------------
Shares applicable to diluted
earnings (loss) 10,939 11,001 10,935 11,104
==================== ===================== ==================== ====================
Diluted EPS $ (0.06) $ 0.04 $ (0.14) $ 0.13
==================== ===================== ==================== ====================
</TABLE>
SUBSEQUENT EVENTS
The Company closed two stores, and also opened two new stores, subsequent to the
third quarter of fiscal 1999. The closings will not result in a fourth quarter
charge to earnings since the store expenses were previously reserved.
6
<PAGE>
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Sales for the Company's third fiscal quarter ended October 30, 1999 were $226.6
million, an increase of $39,000 or 0.02% from the third quarter of fiscal 1998.
Same store sales for the quarter decreased 2.4%. There were 88 stores operating
at the end of the third quarter of 1999 compared to 89 stores at the same point
in the prior year. For the three quarters ended October 30, 1999, sales were
$691.7 million, a decrease of $881,000, or 0.1% compared to the same period in
fiscal 1998. Same store sales for the three quarters declined 2.6%. The decline
in total and same store sales was due to competitive store activity during the
past year.
The gross margin rate was 25.9% of sales for the quarter ended October 30, 1999
compared to 25.6% in the comparable quarter of 1998. For the three quarters
ended October 30, 1999, the gross margin rate was 25.9% compared to 25.3% for
the same period a year ago. The increase in the gross margin rate is primarily
related to the benefits of new systems and better purchasing and marketing
practices during the quarter and three quarters ended October 30, 1999. The
Company discontinued warehousing Health and Beauty Care products during the
third quarter and currently purchases these products from a wholesaler.
Selling, general and administrative expenses for the third quarter of 1999 were
$50.8 million, or 22.4% of sales, compared to $50.1 million, or 22.1% of sales,
in the comparable quarter of 1998. For the three quarters ended October 30,
1999, selling, general and administrative expenses were $153.7 million, or 22.2%
of sales, versus $152.2 million, or 22.0% of sales, for the same period in 1998.
This increase for the three quarters ended October 30, 1999 is due primarily to
a gain of $1.0 million on the sale of the bakery operations in the first quarter
of 1998.
The Company recorded a store closing and asset revaluation charge of $1.7
million during the first quarter of fiscal 1999 to reflect the estimated future
lease costs and asset revaluations relating to one store added to the reserve
during the first quarter.
Depreciation and amortization expense increased to $5.2 million, or 2.3% of
sales, for the quarter ended October 30, 1999 compared to $4.6 million, or 2.0%
of sales, in the prior year. For the three quarters ended October 30, 1999,
depreciation and amortization expenses increased to $15.1 million, or 2.2% of
sales, compared to $13.3 million, or 1.9% of sales, for the same period in 1998.
The increases are primarily due to increased depreciation relating to the
Company's capital spending program.
Net interest expense in the quarter ended October 30, 1999 increased to $3.3
million, or 1.5% of sales, compared to $2.9 million or 1.3% of sales in the
comparable quarter of 1998. For the three quarters ended October 30, 1999
interest expense increased to $10.1 million, or 1.5% of sales, compared to $8.5
million, or 1.2% of sales in the prior year. The increases are due primarily to
increased interest expense on capital lease obligations in fiscal 1999.
Net loss for the third quarter of fiscal 1999 was $679,000, or $0.06 per share
on a diluted basis, compared to earnings of $387,000 or $0.04 per share for the
same quarter of fiscal 1998. For the three quarters ended October 30, 1999 the
net loss was $1.5 million, or $0.14 per share on a diluted basis, compared to
earnings of $1.4 million, or $0.13 per share, for the comparable period of
fiscal 1998. There was no tax provision in either year as tax loss carryforwards
were utilized in fiscal year 1998, and a valuation allowance has been
established for all tax loss carryforwards due to the
7
<PAGE>
uncertainty of future recoverability.
LIQUIDITY AND CAPITAL RESOURCES
Cash used by operating activities was $3.7 million for the three quarters ended
October 30, 1999 compared to cash provided of $9.7 million for the comparable
three quarters of 1998. Net loss and non-cash charges generated $16.3 million of
cash, and working capital and other asset changes used $20.0 million. The use of
working capital is due primarily to an increase in receivables and other assets
and a decrease in accounts payable and accrued liabilities, offset partially by
a decrease in inventory levels. The Company believes that operating cash flows
and other sources of liquidity, including borrowings under its Bank Revolving
Credit Facility, will be adequate to meet the Company's anticipated requirements
for working capital, capital expenditures and interest payments for the
foreseeable future. There can be no assurance, however, that the Company's
business will continue to generate operating cash flows adequate to meet these
requirements. The Company's long-term financing requirements relating to the
$100 million in Senior Notes, now classified in Current Liabilities, are
discussed below.
Capital expenditures, including property held for resale and financed purchases,
were $9.2 million for the quarter and $24.8 million for the three quarters ended
October 30, 1999. Three stores held for resale were sold and leased back
providing $18.5 million of proceeds during the three quarters ended October 30,
1999. The Company opened two new stores, closed three stores and completed three
remodels during the three quarters ended October 30, 1999.
Working capital at October 30, 1999 was a negative $78.7 million and the current
ratio was 0.56 to 1 compared to $17.4 million and 1.18 to 1 at January 30, 1999.
The negative working capital is due to the Company reclassifying its $100
million in Senior Notes, due April 15, 2000, from Long-Term Debt to Current
Liabilities. The Company has engaged an investment banking firm and is currently
evaluating options relating to the Senior Notes. Market conditions indicate that
new debt, if available, would be expected to carry a higher interest rate than
the current 8 5/8%.
At October 30, 1999 the Company had no borrowing against the Bank Revolving
Credit Facility, which expires on April 15, 2000, and no letters of credit
outstanding.
YEAR 2000 MATTERS
The Year 2000 issue is the result of computer programs being written using two
digits rather than four to define the applicable year. Any of the Company's
computer programs that have time-sensitive software may recognize a date using
"00" as the year 1900 rather than the year 2000. This could result in a system
failure or miscalculations causing inaccuracies and disruptions of operations,
including among other things, a temporary inability to process transactions,
send invoices, or engage in similar normal business activities. The Company is
dependent on computer hardware, software, systems and processes ("IT Systems")
and non-information technology systems such as telephones, clocks, scales,
refrigeration controllers and other equipment which may contain embedded
microprocessor technology ("Non-IT" Systems). These systems are used in several
critical operating areas including store and distribution operations, product
merchandising and procurement, inventory and labor management, and accounting
and administrative systems.
The Company has been engaged in a comprehensive project under the direction of
the Chief Executive Officer since June 1996 to upgrade or replace its IT Systems
and convert from mainframe to client/server technology. Addressing Year 2000
matters is an integral part of this process. The Company has completed the
implementation of a number of computer systems and related programs over the
past two years, including financial systems, merchandising, distribution,
8
<PAGE>
store ordering, time and attendance, and direct store delivery receiving. The
Company has upgraded or replaced various systems; including payroll, human
resources and personnel systems, store systems, purchasing and inventory
control and warehouse and distribution systems. The project includes testing
all systems critical for day-to-day operations. In addition, the Company has
requested each of its hardware and software vendors for both the new systems
that it has installed, as well as any systems which it has not replaced, to
certify that their products are Year 2000 compliant. The majority of the
vendors have provided such assurance.
During the first quarter of fiscal 1999, the Company requested certification,
and is tracking responses, from companies it has a significant business
relationship with that their systems are Year 2000 compliant. To date, the
response rate from these companies is 20.8 percent, with second requests being
sent to vendors who did not respond to the initial request. Of the responses
received, 77.4 percent have confirmed their systems and hardware/equipment are
Year 2000 compliant, and the remainder have responded that their plans for
compliance are in process. In addition, the Company is evaluating Year 2000
issues related to Non-IT systems. The evaluation consists of developing an
inventory of all such systems, testing and taking corrective action on all
detected deficiencies. The Company believes that its efforts will result in Year
2000 compliance. However, if the Company's new computer systems fail with
respect to the Year 2000 issue, or if any applications or embedded chips
critical to the Company's operational processes are overlooked, there could be a
material adverse impact on the business operations or financial performance of
the Company. The Company cannot guarantee that hardware and software vendors on
whom it has relied will honor their obligations with respect to Year 2000
compliance, or that other companies it has a business relationship with will
achieve Year 2000 compliance. Additionally, there can be no assurance that the
systems of other companies on which the Company's systems rely will be converted
timely, or that a failure to convert by another company, or a conversion that is
incompatible with the Company's systems, would not have a material adverse
effect on the business operations or financial performance of the Company.
Management believes that, should the Company or any third party with whom the
Company has a significant business relationship have a Year 2000 related systems
failure, the most significant impact would likely be the inability to conduct
operations due to a power failure, to deliver inventory in a timely fashion, to
receive certain products from vendors, process payments or to electronically
process customer sales at the store level.
The Company is in the process of developing contingency plans to provide
alternatives to enable the Company's core business operations to continue in the
event of a Year 2000 failure in its systems or in the systems of other companies
with which it has a relationship. There can be no assurance that the systems of
other companies on which the Company's contingency plans rely will be converted
timely, or that a failure to convert by another company, or a conversion that is
incompatible with the Company's systems, would not also have a material adverse
effect on the business operations or financial performance of the Company.
The Company has expended approximately $19.6 million since June 1996 to upgrade
or replace the majority of systems and convert them to client/server technology,
and expects to incur an additional $400,000, for a total of $20.0 million, to
complete the remaining systems. In addition, the Company has entered into
operating leases for equipment with a fair market value of $2.0 million and has
purchased equipment for $3.8 million, for a total of $5.8 million. This includes
both Year 2000 upgrades or replacements and the replacement of systems that are
inefficient and in need of replacement regardless of their Year 2000 readiness.
The Company expects to achieve
9
<PAGE>
Year 2000 compliance for all IT systems, correct any detected deficiencies in
Non-IT systems, test systems critical to day-to-day operations and develop
contingency plans prior to December 31, 1999.
SAFE HARBOR STATEMENTS UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
The statements under Management's Discussion and Analysis of Financial
Condition and Results of Operations and the other statements in this Form 10-Q
which are not historical facts are forward looking statements. These forward
looking statements involve risks and uncertainties that could render them
materially different, including, but not limited to, the effect of economic
conditions, the impact of competitive stores and pricing, availability and costs
of inventory, the rate of technology change, the cost and uncertain outcomes of
pending and unforeseen litigation, the availability of capital, supply
constraints or difficulties, the effect of the Company's accounting policies,
the effect of regulatory and legal developments, adverse effects of failure to
achieve Year 2000 compliance and other risks detailed in the Company's
Securities and Exchange Commission filings.
ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
The Company is subject to interest rate risk on its long-term fixed interest
rate debt borrowings. The following describes information relating to the
Company's instruments which are subject to interest rate risk at October 30,
1999 (dollars in millions):
<TABLE>
<CAPTION>
DESCRIPTION CONTRACT TERMS INTEREST RATE COST FAIR VALUE
- ----------- -------------- ------------- ---- ----------
<S> <C> <C> <C> <C>
Senior Notes Due April 15, 2000 8 5/8% fixed $100 $90.0
</TABLE>
PART II : OTHER INFORMATION:
ITEM 1 : LEGAL PROCEEDINGS Not Applicable
ITEM 2 : CHANGE IN SECURITIES AND USE OF PROCEEDS 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 Not Applicable
ITEM 6 : EXHIBITS AND REPORTS ON FORM 8K
Exhibit 27 : Financial Data Schedule (see page 12)
10
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized:
EAGLE FOOD CENTERS, INC.
Dated: December 14, 1999 /s/ Robert J. Kelly
---------------------------------
Robert J. Kelly
Chairman, Chief Executive Officer and President
Dated: December 14, 1999 /s/ S. Patric Plumley
-----------------------------
S. Patric Plumley
Senior Vice President -Chief Financial
Officer and Secretary
11
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JAN-29-2000
<PERIOD-END> OCT-30-1999
<CASH> 5,886,000
<SECURITIES> 6,457,000
<RECEIVABLES> 17,475,000
<ALLOWANCES> 1,020,000
<INVENTORY> 70,764,000
<CURRENT-ASSETS> 101,030,000
<PP&E> 311,020,000
<DEPRECIATION> 158,834,000
<TOTAL-ASSETS> 283,448,000
<CURRENT-LIABILITIES> 179,744,000
<BONDS> 0
0
0
<COMMON> 115,000
<OTHER-SE> 26,737,000
<TOTAL-LIABILITY-AND-EQUITY> 283,448,000
<SALES> 691,732,000
<TOTAL-REVENUES> 691,732,000
<CGS> 512,726,000
<TOTAL-COSTS> 512,726,000
<OTHER-EXPENSES> 170,469,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 10,060,000
<INCOME-PRETAX> (1,523,000)
<INCOME-TAX> 0
<INCOME-CONTINUING> (1,523,000)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,523,000)
<EPS-BASIC> (0.14)
<EPS-DILUTED> (0.14)
</TABLE>
