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Previous: GENERAL MOTORS ACCEPTANCE CORP, 424B3, 1998-09-04 |
Next: BULL & BEAR GOLD INVESTORS LTD, N-30D, 1998-09-04 |
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: September 4, 1998
Giant Food Inc.
(exact name of registrant as specified in its charter)
Delaware 1-4434 53-0073545
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
6300 Sheriff Road, Landover, Maryland 20785
(address of principal executive offices)
Registrant's telephone number, including area code: (301) 341-4100
1
<PAGE>
Item 5. Other Events.
Koninklijke Ahold N.V. ("Royal Ahold") has requested registrant to
furnish it with a more detailed breakdown of registrant's unaudited financial
information for the 24-week periods ended August 15, 1998 and August 9, 1997
than appeared in registrant's press release dated September 1, 1998. Registrant
understands that Royal Ahold intends to use the information in connection with
its preparation of an amendment to Royal Ahold's Form F-3 registration statement
relating to a financing in connection with its acquisition of registrant. A copy
of the information furnished to Royal Ahold is filed herewith.
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<PAGE>
GIANT FOOD INC
CONDENSED CONSOLIDATED BALANCE SHEET
($ in Thousands)
<TABLE>
<CAPTION>
Current Prior Year
Assets 08/15/98 08/09/97
<S> <C> <C>
-------- --------
Cash and Cash Equivalents $47,480 $31,471
Short Term Investments 192,975 142,262
Inventories (FIFO) 347,732 339,310
LIFO Provision 94,943 91,778
------ ------
Inventories (LIFO) 252,789 247,532
Accounts Receivable 64,856 59,520
Other Current Assets 25,856 33,393
------ ------
Total Current Assets 583,956 514,178
Property, Plant and Equipment 1,558,037 1,528,045
Accum depreciation 718,811 690,428
------- -------
Property, Plant and Equipment (Net) 839,226 837,617
Property under Capital Leases 194,481 182,850
Accum amortization 80,918 74,066
------ ------
Property under Capital Leases (Net) 113,563 108,784
Other Assets 17,601 23,371
------ ------
Total Assets $1,554,346 $1,483,950
========== ==========
Liabilities & Shareholders' Equity
Account Payables $249,190 $229,494
Current portion Notes & Mortgages 1,951 6,861
Current portion Capital Leases 7,173 6,083
Other Current Liabilities 105,548 96,365
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<PAGE>
Long Term Notes & Mortgages 25,566 37,518
Long-term - Obligations under Capital Leases 152,989 147,623
Deferred taxes 22,368 12,708
Accrued insurance claims 34,334 37,482
Other long-term liabilities 31,123 32,913
Common Stock 60,506 60,257
Capital in excess of par 7,534 2,415
Net unrealized (loss) on investments (128) (399)
Treasury stock (1,766) (3,576)
Retained earnings 857,958 818,206
------- -------
Total Liabilities and Equity $1,554,346 $1,483,950
========== ==========
</TABLE>
4
<PAGE>
GIANT FOOD INC
CONDENSED CONSOLIDATED SALES AND EARNINGS
($ in Thousands)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
24 WKS 24 WKS
08/15/98 08/09/97
Sales $1,947,304 $1,863,718
LIFO Charge 1,710 0.09% 1,770 0.09%
Cost of Goods Sold (FIFO) 1,371,376 70.42% 1,341,197 71.96%
--------- ------ --------- ------
Gross Profit 574,218 29.49% 520,751 27.94%
Operating Expenses1 515,365 26.47% 486,330 26.09%
------- ------ ------- ------
Operating Income 58,853 3.02% 34,421 1.85%
Capital Lease Adjustment (7,289) -0.37% (6,916) -0.37%
Interest Exp/Notes 1,257 0.06% 1,232 0.07%
Interest Exp/Leases 7,937 0.41% 7,612 0.41%
Interest Income (5,272) -0.27% (4,696) -0.25%
------- ------ ------- ------
Net Interest Expense 3,922 0.20% 4,148 0.22%
Pre Tax Income 62,220 3.20% 37,189 2.00%
Taxes 23,475 1.21% 14,636 0.79%
------ ----- ------ -----
Net Income 38,745 1.99% $22,553 1.21%
====== ===== ======= =====
Earnings per share:
Basic $ .64 $ .38
============= ===============
Diluted $ .64 $ .38
============== ===============
</TABLE>
- --------
1 "In connection with the sale of Giant Food, Giant Food will incur
investment banking fees of approximately $13.5 million. Giant Food will expense
such fees upon receiving FTC approval for its sale."
5
<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.
GIANT FOOD INC.
September 4, 1998 By: /s/ Mark H. Berey
------------------
Mark H. Berey
Senior Vice President, Treasurer,
Chief Financial Officer
6
<PAGE>
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