UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 15, 1994
Commission File Number 0-1532
MARSH SUPERMARKETS, INC.
(Exact name of registrant as specified in its charter)
INDIANA 35-0918179
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
9800 CROSSPOINT BOULEVARD
INDIANAPOLIS, INDIANA 46256-3350
(Address of principal executive offices) (Zip Code)
(317) 594-2100
(Registrant's telephone number, including area code)
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 twelve months and (2) has been subject to such
filing requirements for at least the past 90 days.
Number of shares outstanding of each of the issuer's classes of
common stock as of October 15, 1994:
Class A Common Stock - 3,900,298 shares
Class B Common Stock - 4,505,804 shares
----------------
8,406,102 shares
================
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
MARSH SUPERMARKETS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands except per share amounts)
(Unaudited)
<CAPTION>
16 Weeks Ended 28 Weeks Ended
October 15, October 9, October 15, October 9,
1994 1993 1994 1993
----------- ---------- ----------- -----------
<S> <C> <C> <C> <C>
Sales and other revenues $396,933 $375,189 $699,422 $659,956
Costs and expenses:
Cost of merchandise sold,
including warehousing
and transportation 301,569 283,285 531,461 498,809
Selling, general and
administrative 81,859 79,106 143,249 136,667
Depreciation and
amortization 5,597 5,267 9,862 9,075
--------- --------- ---------- -----------
Operating profit 7,908 7,531 14,850 15,405
Interest and debt expense
amortization 4,023 4,016 7,167 6,962
--------- --------- ---------- -----------
Income before income taxes
and cumulative effect of
changes in accounting
principles 3,885 3,515 7,683 8,443
Income taxes 1,499 1,382 2,917 3,205
--------- --------- --------- ----------
Income before cumulative
effect of changes in
accounting principles 2,386 2,133 4,766 5,238
Cumulative effect of changes
in accounting principles
(net of tax benefits)
Note B - - - 1,941
---------- ---------- ---------- ----------
Net income $ 2,386 $ 2,133 $ 4,766 $ 7,179
========== ========== ========== ==========
EARNINGS PER SHARE
Per primary share outstanding:
Before cumulative effect of
accounting changes $ .28 $ .25 $ .56 $ .62
Cumulative effect of
accounting changes - - - .23
-------- -------- ------- -------
Net income $ .28 $ .25 $ .56 $ .85
======= ======= ====== ======
Assuming full dilution:
Before cumulative effect of
accounting changes $ .27 $ .25 $ .54 $ .59
Cumulative effect of
accounting changes - - - .20
-------- -------- ------- -------
Net income $ .27 $ .25 $ .54 $ .79
======= ======= ====== ======
Dividends per share $ .11 $ .11 $ .22 $ .22
======= ======= ====== ======
See notes to condensed consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
MARSH SUPERMARKETS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
<CAPTION>
October 15, April 2, October 9,
1994 1994 1993
(Unaudited) (Note) (Unaudited)
----------- ----------- -----------
<S> <C> <C> <C>
ASSETS
Current assets:
Cash and equivalents $ 20,470 $ 24,112 $ 29,324
Accounts receivable 17,899 16,247 14,719
Inventories, less LIFO reserve; October 15, 1994 -
$18,942; April 2, 1994 - $18,780; October 9,
1993 - $19,748 88,150 87,806 82,858
Prepaid expenses 3,783 5,261 3,842
Deferred income taxes 2,488 2,399 2,240
---------- ---------- ----------
Total current assets 132,790 135,825 132,983
Property and equipment, less allowances
for depreciation 215,336 214,238 211,174
Capitalized lease property, less amortization 6,986 7,439 9,861
Other assets 17,053 17,847 17,326
---------- ---------- ----------
Total Assets $372,165 $375,349 $371,344
======== ======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Notes payable to bank $ 1,500 4,000 -
Accounts payable 50,011 50,370 49,195
Accrued liabilities 37,098 35,759 36,312
Current maturities of long-term liabilities 7,350 7,246 7,014
---------- ---------- ----------
Total current liabilities 95,959 97,375 92,521
Long-term liabilities:
Long-term debt 134,937 138,484 140,886
Capital lease obligations 9,710 10,334 11,003
---------- ---------- ----------
Total long-term liabilities 144,647 148,818 151,889
Deferred items:
Income taxes 12,752 12,583 12,030
Other 6,519 6,779 6,732
---------- ---------- ----------
Total deferred items 19,271 19,362 18,762
Shareholders' Equity:
Common stock 24,013 24,013 24,029
Retained earnings 95,116 92,204 90,774
Cost of common stock in treasury ( 6,477) ( 6,070) ( 6,071)
Notes receivable - stock options ( 364) ( 353) ( 336)
Deferred cost - employee stock plan - - ( 224)
---------- ---------- ----------
Total shareholders' equity 112,288 109,794 108,172
---------- ---------- ----------
Total Liabilities and Shareholders' Equity $372,165 $375,349 $371,344
======== ======== ========
Note: The balance sheet at April 2, 1994 has been derived from the audited financial statements at that
date, but does not include all of the information and footnotes required by generally accepted
accounting principles for complete financial statements.
See notes to condensed consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
MARSH SUPERMARKETS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
<CAPTION>
28 Weeks Ended
----------------------------
October 15, October 9,
1994 1993
---------- ----------
<S> <C> <C>
OPERATING ACTIVITIES
Net income $ 4,766 $ 7,179
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 9,862 9,075
Amortization of other assets 3,510 3,203
Changes in operating assets and
liabilities ( 78) 7,986
Other operating activities 462 416
Cumulative effect of accounting
changes - ( 1,941)
---------- ----------
Net cash provided by operating
activities 18,522 25,918
INVESTING ACTIVITIES
Net acquisition of property,
equipment, and land for expansion ( 10,975) (31,889)
Other investing activities ( 2,259) ( 3,737)
---------- ----------
Net cash used for investing activities ( 13,234) (35,626)
FINANCING ACTIVITIES
Proceeds (payments) short-term
borrowings ( 2,500) 2,500
Payments of long-term debt and
capital lease obligations ( 4,166) ( 3,571)
Proceeds of public stock offering - 854
Purchase of shares for treasury ( 407) -
Cash dividends paid ( 1,857) ( 1,849)
Other financing activities - 569
---------- ----------
Net cash used for financing
activities ( 8,930) ( 1,497)
---------- ----------
Net decrease in cash and equivalents ( 3,642) (11,205)
Cash and equivalents at beginning
of period 24,112 40,529
---------- ----------
Cash and equivalents at end of period $20,470 $29,324
======= =======
See notes to condensed consolidated financial statements.
</TABLE>
<PAGE>
MARSH SUPERMARKETS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands except per share amounts or as otherwise noted)
(Unaudited)
October 15, 1994
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial
statements of Marsh Supermarkets, Inc. and subsidiaries were
prepared in accordance with generally accepted accounting
principles for interim financial information and the instructions
to Form 10-Q. Accordingly, they do not include all the
information and footnotes necessary for a fair presentation of
financial position, results of operations, and cash flows in
conformity with generally accepted accounting principles. This
report should be read in conjunction with the Company's
Consolidated Financial Statements for the year ended April 2,
1994.
The Company's fiscal year ends on Saturday of the thirteenth week
of each calendar year. All references herein to "1995" and
"1994" relate to the fiscal years ending April 1, 1995 and April
2, 1994, respectively.
The condensed consolidated financial statements for the sixteen
and twenty-eight week periods ended October 15, 1994 and October
9, 1993, respectively, were not audited by independent auditors.
In the opinion of management, the statements reflect all
adjustments (consisting of normal recurring accruals) considered
necessary to present fairly on a condensed basis the financial
position, results of operations, and cash flows for the periods
presented.
Certain items were reclassified for the sixteen and twenty-eight
week periods ended October 9, 1993 to conform with the basis of
presentation used for the comparable periods ended October 15,
1994. Since the Company has issued convertible debentures,
earnings per share are reported on "primary shares" and "fully
diluted shares". Refer to the attached Exhibit 11, "Computation
of Earnings Per Share".
Operating results for the sixteen and twenty-eight week periods
ended October 15, 1994 are not necessarily indicative of the
results that may be expected for the full fiscal year ending
April 1, 1995.
NOTE B - ACCOUNTING CHANGES
Effective March 28, 1993, the Company adopted Statements of
Financial Accounting Standards No. 106, "Employers' Accounting
for Postretirement Benefits Other Than Pensions" and No. 109,
"Accounting for Income Taxes". The cumulative effect of these
changes included in the financial statements for the twenty-eight
weeks ended October 9, 1993 was as follows:
Income/(Expense)
----------------
FASB Statement No. 106 $ (2,700)
Tax effect 1,005
---------
(1,695)
FASB Statement No. 109 3,636
---------
Cumulative effect of
accounting changes $ 1,941
=========
<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
RESULTS OF OPERATIONS
Results of operations for interim periods do not necessarily
reflect the results that may be expected for the fiscal year
ending April 1, 1995.
The following table sets forth certain income statement
components, expressed as a percentage of sales and other
revenues, and the percentage change in such components.
<TABLE>
<CAPTION>
Second Quarter Year - to - Date
---------------------------- ----------------------------
Percent of Revenues Percent of Revenues
------------------- Percent ------------------- Percent
1995 1994 Change 1995 1994 Change
------ ------ ------- ------ ------ -------
<S> <C> <C> <C> <C> <C> <C>
Sales and other revenues 100.0% 100.0% 5.8% 100.0% 100.0% 6.0%
Gross profit 24.0% 24.5% 3.8% 24.0% 24.4% 4.2%
Selling, general and
administrative expense 20.6% 21.1% 3.5% 20.5% 20.7% 4.8%
Depreciation and
amortization 1.4% 1.4% 6.3% 1.4% 1.4% 8.7%
Operating profit 2.0% 2.0% 5.0% 2.1% 2.3% (3.6%)
Interest and debt expense
amortization 1.0% 1.1% 0.2% 1.0% 1.1% 2.9%
Income taxes 0.4% 0.4% 8.5% 0.4% .5% (9.0%)
Income before changes in
accounting principles 0.6% 0.6% 11.9% .7% .8% (9.0%)
Changes in accounting
principles - - - - .3% N/M
Net income 0.6% 0.6% 11.9% .7% 1.1% (33.6%)
</TABLE>
SALES AND OTHER REVENUES
Consolidated sales and other revenues increased $21.7 million, or
5.8%, to $396.9 million in the second quarter of 1995, compared
to the second quarter of 1994. Approximately $16.2 million of
the increase was attributable to supermarket and convenience
store retail sales, $5.2 million to wholesale sales to non-
related parties by Convenience Store Distributing Company (CSDC),
and $600,000 to the Company's newest division, ALLtimate
Catering. Retail sales (excluding fuel sales) increased 4.8%. The
increased retail sales are primarily attributable to stores
opened in the last twelve months. Additionally, sales in like-
stores (open all weeks of comparable quarters) were unchanged
from the second quarter of 1994. Low rates of food price
inflation and competitive activity in the Indianapolis market
continued to constrain like-store sales growth. The increased
revenue at CSDC resulted from a 2.4% increase in the number of
unaffiliated stores serviced, as well as volume increases from
existing customers.
<PAGE>
For the twenty-eight weeks ended October 15, 1994, compared to
the twenty-eight weeks ended October 9, 1993, consolidated sales
and other revenues increased $39.5 million, or 6.0%, to $699.4
million. Approximately $31.8 million of the increase was
attributable to supermarket and convenience store retail sales,
$6.2 million to wholesale sales to non-related parties by CSDC,
and $1.3 million to ALLtimate Catering. Retail sales (excluding
fuel sales) increased 5.5%. The increased retail sales are
primarily attributable to stores opened in the last twelve
months. Additionally, like-store sales increased .1% from the
comparable twenty-eight weeks of 1994. The increased revenue at
CSDC resulted from a 2.4% increase in the number of unaffiliated
stores serviced, as well as volume increases from existing
customers.
GROSS PROFIT
Gross profit is net of warehousing, transportation, and
promotional expenses. Gross profit increased $3.5 million from
the comparable quarter of the prior year. As a percentage of
revenue, gross profit declined 0.5%. The decrease was primarily
attributable to lower margins in the Village Pantry and CSDC
divisions, partially offset by improvements in the Supermarket
division. CSDC gross profit, as a percentage of revenue, was
impacted by pricing and promotional funds reductions implemented
by all major cigarette manufacturers during the second quarter of
1994. The Company attributes lower gross profit margins in the
Village Pantry division to a disproportionate increase in fuel
sales, which have a lower profit margin than food products. The
impact of these developments was partially offset by increased
emphasis on perishable departments and improved merchandising
mixes in new and recently enlarged supermarkets.
For the twenty-eight weeks ended October 15, 1994, compared to
the twenty-eight weeks ended October 9, 1993, gross profit
increased $6.8 million. As a percentage of revenue, gross profit
declined 0.4%. As discussed previously, the decrease was
primarily attributable to lower margins in Village Pantry and
CSDC. Year-to-date supermarket gross profit, as a percentage of
revenue, was relatively unchanged from the comparable period of
the prior year.
SELING, GENERAL AND ADMINISTRATIVE EXPENSES
Selling, general and administrative expenses increased $2.8
million, or 3.5%, from the second quarter of 1994. As a
percentage of revenue, these expenses decreased to 20.6% as
compared to 21.1% in the comparable quarter of 1994. Savings
from corporate overhead of $1.2 million were offset by $3.9
million in increased selling expenses. The increased selling
expenses were primarily attributable to stores opened during the
last twelve months. Wage expense in like-stores decreased 0.9%
from the second quarter of 1994.
For the twenty-eight weeks ended October 15, 1994, compared to
the twenty-eight weeks ended October 9, 1993, selling, general
and administrative expenses increased $6.6 million. As a
percentage of revenue, the expense declined to 20.5%, as compared
to 20.7%. Savings from corporate overhead of $1.8 million were
offset by $8.4 million in increased selling expenses primarily
attributable to stores opened in the last twelve months. Wage
expense in like-stores decreased 1.0% from the comparable period
of 1994. As new stores mature, the Company expects selling,
general and administrative expense to decrease as a percentage of
revenue.
DEPRECIATION AND AMORTIZATION EXPENSE
Depreciation and amortization expense, as a percentage of
revenues, was 1.4% for the second quarter and twenty-eight weeks
of 1995, and was unchanged from the comparable periods of the
prior year. The quarterly and year-to-date increases of $300,000
and $800,000, respectively, are attributable to stores opened in
the last twelve months.
<PAGE>
OPERATING PROFIT
Operating profit (earnings from continuing operations before
interest and taxes) was $7.9 million, or 2.0% of revenue, for the
second quarter of 1995, an increase of 5% from $7.5 million in
the second quarter of 1994. The increase was due to $3.5 million
improvement in gross profit and a $1.2 million decrease in
administrative expense, offset by increases of $3.9 million in
selling expense and $300,000 in depreciation.
For the twenty-eight weeks ended October 15, 1994, operating
profit was $14.8 million, a decrease of 3.6% from the comparable
period of the prior year. As a percentage of revenue, operating
profit during the first half of 1995 was 2.1%, compared to 2.3%
for the comparable period of the prior year. The $600,000
decrease consisted of $6.8 million additional gross profit and a
$1.8 million decrease in administrative expense, offset by $8.4
million in increased selling expense and $800,000 in
depreciation.
INTEREST EXPENSE
Interest expense in the second quarter of 1995 was basically
unchanged, both in dollars and as a percentage of revenue, from
the second quarter of 1994. Lower principal balances resulted in
a slightly reduced expense accrual, but this was offset by a
reduction in capitalized construction interest. In the second
quarter of 1994, an expanded construction program resulted in
increased interest capitalization. The Company's 1995
construction program is anticipated to be more consistent with
historical levels. The Company's average interest rate was
unchanged at 8.8% for the second quarter of 1995 and 1994.
For the twenty-eight weeks ended October 15, 1994, interest
expense was $7.2 million, or $200,000 more than the comparable
quarter of 1994. As discussed previously, lower principal
balances resulted in a slightly reduced expense accrual, partly
offset by a reduction in capitalized construction interest.
INCOME TAXES
The effective income tax rate was 38.6% in the second quarter of
1995, compared to 39.3% in the same quarter of 1994. The
effective rate decrease was due primarily to the cumulative
effect of a retroactive statutory federal tax increase in the
second quarter of 1994. The 1995 year-to-date effective rate is
comparable to the prior year.
CUMLATIVE EFFECT OF CHANGES IN ACCOUNTING PRINCIPLES
For the quarter ended October 15, 1994, income before the
cumulative effect of accounting changes was $2.4 million, or .6%
of revenue, compared to $2.1 million, or .6% of revenue, for the
same quarter of the prior year.
For the twenty-eight weeks ended October 15, 1994, income before
the cumulative effect of accounting changes was $4.8 million, or
.7% of revenue, compared to $5.2 million, or .8% of revenue, for
the comparable period of the prior year. The 9.0% decrease was
the result of higher selling expense and additional depreciation,
partially offset by higher gross profit dollars and lower
administrative expense, as discussed previously.
<PAGE>
In the first quarter of 1994, the Company adopted Statements of
Financial Accounting Standards No. 106, "Employers' Accounting
for Postretirement Benefits Other Than Pensions" and No. 109,
"Accounting for Income Taxes". The cumulative effects of these
changes (net of income tax benefits) increased net income $1.9
million for the twenty-eight weeks ended October 9, 1993.
NET INCOME
Net income for the twenty-eight weeks ended October 15, 1994 was
$4.8 million, or 0.7% percent of revenue, compared to $7.2
million, or 1.1% of revenue, for the comparable period of the
prior year. Net income for 1994 includes the previously
discussed cumulative effect of changes in accounting principles
(net of income tax benefits).
LIQUIDITY AND CAPITAL RESOURCES
The Company's capital requirements have traditionally been
financed through internally generated funds, long-term borrowings
and lease financings, including capital and operating leases. In
the third and fourth quarters of fiscal year 1993, the Company
raised approximately $76.0 million through a private placement of
long-term fixed rate debt and a public offering of convertible
subordinated debentures and Class B Common Stock. These funds
were used for store expansion over the past 24 months.
During the second quarter of 1995, the following stores were
opened:
Square
Store Type Category Feet Location
-------------- ------------ -------- -------------------
Convenience New 4,525 Indianapolis, IN
Convenience Ne 4,465 Brownsburg, IN
Convenience Ne 4,525 Plainfield, IN
The following stores were under construction as of October 15,
1994:
Square
Store Type Category Feet Location
-------------- ------------ -------- ------------------
Superstore New 80,978 Fishers, IN **
Supermarket Replacement 60,397 Muncie, IN *
Convenience Replacement 5,040 Indianapolis, IN **
Convenience New 4,465 Kokomo, IN
* To open in fiscal year 1996.
** Opened subsequent to October 15, 1994.
<PAGE>
The Company is actively pursuing development of the following
projects: (i) an 81,000 square foot superstore in Lafayette,
Indiana, (ii) a 60,000 square foot supermarket in Indianapolis,
Indiana, and (iii) a 32,500 square foot LoBill in Lebanon,
Indiana.
Completion of the 337,895 square feet of retail space from the
projects above, net of 26,400 square feet from closed stores,
will add approximately 8% to retail square footage in the prior
fiscal year. The Company is also pursuing the acquisition of
several additional sites for future development. The estimated
cost of these projects in 1995, including routine capital
expenditures, approximates $39 million. Of this amount,
equipment leasing will fund approximately $12 million, the
replacement supermarket will be leased, and the Company believes
it can finance the balance with internally generated funds.
The Company's plans with respect to store construction, expansion
and remodeling may be revised in light of changing conditions,
such as competitive influences, its ability to negotiate
successfully site acquisitions or leases, zoning limitations and
other governmental regulations. The timing of projects is
subject to normal construction and other delays. It is possible
the projects described above may not commence, others may be
added, and a portion of the planned expenditures with respect to
projects commenced during the current fiscal year may carry over
to the subsequent fiscal year.
Since October 9, 1993, the Company's inventories have increased
$5.3 million. The majority of this increase was at new and
larger replacement retail stores. This increase was financed by
internally generated funds.
The Company's revolving credit agreements provide for borrowings
up to $35 million, none of which was utilized at October 15,
1994. Additionally, the Company has commitments from various
banks for short-term borrowings up to $5 million at rates equal
to, or below, the prime rates of the committed banks.
Of the total long-term debt and capital lease obligations
outstanding at October 15, 1994, fixed rate obligations comprised
97% at an average interest rate of 8.9%. The remaining 3% are at
fluctuating rates averaging 6.2%.
The Company anticipates that it will continue to have access to
its historical financing sources such as long-term debt
placements and leases, including capital and operating leases for
its expansion activities. The Company's senior note agreements
preclude additional long-term borrowings if total long-term
liabilities, including capital lease obligations, would exceed
60% of consolidated net tangible assets. Under the most
restrictive covenant in these agreements, the Company may incur
approximately $32 million of additional long-term borrowings.
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
Not Applicable.
Item 2. Changes in Securities
Not Applicable.
Item 3. Defaults upon Senior Securities or Rights of Holders
Thereof
Not Applicable.
Item 4. Submission of Matters to a Vote of Security Holders
The Company held its Annual Meeting of Shareholders on August
2, 1994 (the "Annual Meeting"). At the Annual Meeting,
shareholders voted to elect three directors for terms of three
years each and until their successors are duly elected and
qualified. The table below sets forth the number of votes cast
for and withheld with respect to each nominee for director:
Nominee For Withheld
-------------------- --------- --------
Don E. Marsh 3,336,629 32,812
William L. Marsh 3,367,308 32,133
Stephen M. Huse 3,355,849 43,592
Item 5. Other Information
Not Applicable.
Item 6. Exhibits and Reports on Form 8-K
(a) The following exhibit is included herein:
Exhibit 11 - Statement Re: Computation of Earnings Per
Share
Exhibit 27 - Financial Data Schedule for the quarter for
which this report is filed
(b) Reports on Form 8-K
No reports on Form 8-K have been filed during the
quarter for which this report is filed.
<PAGE>
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 thereunto duly authorized.
MARSH SUPERMARKETS, INC.
November 21, 1994 By: /s/ Douglas W. Dougherty
------------------------------
Douglas W. Dougherty
Vice President, Chief
Financial Officer,
and Treasurer
November 21, 1994 By: /s/ Michael D. Castleberry
------------------------------
Michael D. Castleberry
Chief Accounting Officer,
Assistant Treasurer, and
Director of Corporate
Accounting
<TABLE>
Exhibit 11 - Statement Re: Computation of Earnings Per Share
<CAPTION>
(Unaudited) 16 Weeks Ended 28 Weeks Ended
---------------------- ----------------------
October 15, October 9, October 15, October 9,
1994 1993 1994 1993
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
PRIMARY
Weighted average shares outstanding 8,437,198 8,442,002 8,439,257 8,418,591
Net effect of dilutive stock options -
based on the treasury stock method 11,780 9,672 5,941 22,076
----------- ---------- ---------- ----------
Total 8,448,978 8,451,674 8,445,198 8,440,667
========= ========= ========= =========
Net income before cumulative effect
of changes in accounting principles $2,386,000 $2,133,000 $4,766,000 $5,238,000
========== ========== ========== ==========
Per share amount $.28 $.25 $.56 $.62
==== ==== ==== ====
Net income $2,386,000 $2,133,000 $4,766,000 $7,179,000
========== ========== ========== ==========
Per share amount $.28 $.25 $.56 $.85
==== ==== ==== ====
FULLY DILUTED
Weighted average shares outstanding 8,437,198 8,442,002 8,439,257 8,418,591
Net effect of dilutive stock options -
based on the treasury stock method
using average market price 11,974 10,985 11,700 19,533
Assumed conversion of 7% convertible
subordinated debentures issued
March 5, 1993 1,290,323 1,290,323 1,290,323 1,290,323
---------- ---------- ---------- ----------
Total 9,739,495 9,743,310 9,741,280 9,728,497
========= ========= ========= =========
Net income before cumulative effect of
changes in accounting principles $2,386,000 $2,133,000 $4,766,000 $5,238,000
Add 7% convertible subordinated
debenture interest, net of tax
effect 267,000 273,000 473,000 479,000
---------- ---------- ---------- ----------
$2,653,000 $2,406,000 $5,239,000 $5,717,000
========== ========== ========== ==========
Per share amount $.27 $.25 $.54 $.59
==== ==== ==== ====
Net Income $2,386,000 $2,133,000 $4,766,000 $7,179,000
Add 7% convertible subordinated
debenture interest, net of tax
effect 267,000 273,000 473,000 479,000
---------- ---------- ---------- ----------
$2,653,000 $2,406,000 $5,239,000 $7,658,000
========== ========== ========== ==========
Per share amount $.27 $.25 $.54 $.79
==== ==== ==== ====
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
COMPANY'S 10-Q FOR THE PERIOD ENDED OCTOBER 15, 1994 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS AND THE NOTES THERETO.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-01-1995
<PERIOD-END> OCT-15-1994
<CASH> 20,470
<SECURITIES> 0
<RECEIVABLES> 17,899
<ALLOWANCES> 0
<INVENTORY> 88,150
<CURRENT-ASSETS> 132,790
<PP&E> 311,685
<DEPRECIATION> 89,363
<TOTAL-ASSETS> 372,165
<CURRENT-LIABILITIES> 95,959
<BONDS> 144,647
<COMMON> 8,406<F1>
0
0
<OTHER-SE> 94,752
<TOTAL-LIABILITY-AND-EQUITY> 372,165
<SALES> 396,933
<TOTAL-REVENUES> 396,933
<CGS> 301,569
<TOTAL-COSTS> 383,428<F2>
<OTHER-EXPENSES> 5,597
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4,023
<INCOME-PRETAX> 3,885
<INCOME-TAX> 1,499
<INCOME-CONTINUING> 2,386
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,386
<EPS-PRIMARY> .28<F3>
<EPS-DILUTED> .27<F3>
<FN>
<F1>Number of shares of Class A Common Stock and Class B Common Stock outstanding.
<F2>Includes (i) $301,569 of Cost of Goods Sold (Item 5-03(b)2(a) of Regulation
S-X) and (ii) $81,859 of Selling, General and Administrative Expenses (Item
5-03(b)4 of Regulation S-X).
<F3>Multiplier is 1 for per share data.
</FN>
</TABLE>
