<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q/A
Amendment No.1 to
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the twenty-four weeks ended June 17, 1995
Commission File no. 0-785
NASH-FINCH COMPANY
(Exact Name of Registrant as Specified in its Charter)
DELAWARE 410431960
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
7600 France Ave. South, Minneapolis, Minnesota 55435
(Address of principal executive offices) (Zip Code)
(612) 832-0534
(Registrant's telephone number including area code)
<PAGE>
PART I - FINANCIAL INFORMATION
This report is for the twenty-four week interim period beginning January 1,
1995, through June 17, 1995.
The accompanying financial information has been prepared in conformity with
generally accepted accounting principles and practices, and methods of applying
accounting principles and practices, (including consolidation practices) as
reflected in the financial information included in the Company's Annual Report
on Form 10-K, filed with the Securities and Exchange Commission for the
preceding fiscal year. The financial statements included in this quarterly
report include all adjustments which are, in the opinion of management,
necessary to a fair presentation of the Company's financial position and results
of operations for the interim period.
The information contained herein has not been audited by independent
certified public accountants and is subject to any adjustments which may develop
in connection with the annual audit of its accounts by Ernst & Young LLP, the
Company's independent auditors.
<PAGE>
NASH FINCH COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 17, 1995
NOTE 1
The accompanying financial statements include all adjustments which are, in
the opinion of management, necessary to present fairly the financial position of
the Company and its subsidiaries at June 17, 1995 and December 31, 1994, and the
results of operations for the 24-weeks ending June 17, 1995 and June 18, 1994,
and the changes in cash flows for the 24-week periods ending June 17, 1995 and
June 18, 1994, respectively. All material intercompany accounts and
transactions have been eliminated in the consolidated financial statements.
Results of operations for the interim periods presented are not necessarily
indicative of the results to be expected for the full year.
NOTE 2
The Company uses the LIFO method for valuation of a substantial portion of
inventories. If the FIFO method had been used, inventories would have been
approximately $43.9 million higher at June 17, 1995 and at December 31, 1994.
NOTE 3
Earnings per share are computed by dividing net earnings by the weighted
average number of common shares outstanding during each period presented.
Options granted under the Company's qualified stock plan are considered common
stock equivalents for the purpose of earnings per share data, but have been
excluded from the computation since the dilutive effect is not material.
NOTE 4
On April 2, 1992, the Company sold customer notes totaling $22.8 million.
The notes having maturities through the year 2000, were sold at face value with
limited recourse as to certain notes. The Company is responsible for collection
of the notes and remits the principal plus a floating rate of interest to the
purchaser on a monthly basis. Proceeds from the sale of the notes receivable
were used to pay off short-term bank debt.
Remaining balances on the notes receivable sold totaled $2.3 million at
June 17, 1995.
<PAGE>
NASH FINCH COMPANY AND SUBSIDIARIES
Consolidated Statements of Earnings (Unaudited)
(In thousands, except per share amounts)
<TABLE>
<CAPTION>
Twelve Weeks Ended Twenty-four Weeks Ended
------------------------- -------------------------
June 17, June 18, June 17, June 18,
1995 1994 1995 1994
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Revenues
Net sales $ 663,708 656,346 1,277,606 1,266,481
Other revenues 12,806 14,016 22,506 22,046
---------- ---------- ---------- ----------
Total revenues 676,514 670,362 1,300,112 1,288,527
Cost and Expenses:
Cost of sales 575,582 566,167 1,109,894 1,093,863
Selling, general and administrative
and other operating expenses 81,671 85,307 156,709 161,942
Depreciation and amortization 6,780 7,409 13,570 14,472
Interest expense 2,646 2,718 5,585 5,169
---------- ---------- ---------- ----------
Total costs and expenses 666,679 661,601 1,285,758 1,275,446
Earnings before income taxes 9,835 8,761 14,354 13,081
Income taxes 3,983 3,549 5,813 5,298
---------- ---------- ---------- ----------
Net earnings $ 5,852 5,212 8,541 7,783
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Weighted average number of
common shares outstanding 10,875 10,872 10,875 10,872
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Earnings per share $ 0.54 0.48 0.79 0.72
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
</TABLE>
- -------------------------------------------------------------
See accompanying notes to consolidated financial statements.
<PAGE>
NASH FINCH COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands)
<TABLE>
<CAPTION>
June 17, December 31,
ASSETS 1995 1994
- ------ ---------- -----------
(Unaudited)
<S> <C> <C>
Current assets:
Cash on hand $ 941 1,078
Accounts and notes receivable, net 100,762 98,859
Inventories 189,036 198,637
Prepaid expenses 15,626 8,626
Deferred tax assets 2,824 2,322
---------- -----------
Total current assets 309,189 309,522
Investments at net equity 8,184 7,432
Notes receivable, noncurrent 16,050 16,441
Property, plant and equipment:
Land 27,481 27,556
Buildings and improvements 107,677 107,149
Furniture, fixtures, and equipment 211,487 214,564
Leasehold improvements 27,220 28,205
Construction in progress 2,511 2,039
Assets under capitalized leases 11,755 12,423
---------- -----------
388,131 391,936
Less accumulated depreciation and amortization (207,220) (204,985)
---------- -----------
Net property, plant and equipment 180,911 186,951
---------- -----------
Intangible assets, net 7,082 7,810
Other assets 3,232 3,448
---------- -----------
Total assets $ 524,648 531,604
---------- -----------
---------- -----------
LIABILITIES AND STOCKHOLDERS' EQUITY
- ------------------------------------
Current liabilities:
Outstanding checks, net of cash in banks $ 3,857 18,649
Short-term debt payable to banks 35,700 41,400
Current maturities of long-term debt and
capitalized lease obligations 3,984 5,685
Accounts payable 125,726 122,602
Accrued expenses 35,472 29,585
Income taxes 5,847 2,144
---------- -----------
Total current liabilities 210,586 220,065
Long-term debt 83,583 85,289
Capitalized lease obligations 10,419 10,671
Deferred compensation 7,974 8,526
Other 1,184 784
Stockholders' equity:
Preferred stock - no par value
Authorized 500 shares; none issued -- --
Common stock of $1.66 2/3 par value
Authorized 25,000 shares, issued 11,224 shares 18,706 18,706
Additional paid-in capital 11,982 11,977
Foreign currency translation adjustment - net of a
$381 deferred tax benefit (572) (572)
Retained earnings 183,838 179,212
---------- -----------
213,954 209,323
Less cost of 349 shares of common stock in treasury (3,052) (3,054)
---------- -----------
Total stockholders' equity 210,902 206,269
---------- -----------
Total liabilities and stockholders' equity $ 524,648 531,604
---------- -----------
---------- -----------
</TABLE>
- -----------------------------------------------------
See accompanying notes to consolidated financial statements
<PAGE>
<TABLE>
<CAPTION>
NASH FINCH COMPANY AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
(In thousands) Twenty-four Weeks Ended
-----------------------------
June 17, 1995 June 18, 1994
------------- -------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 8,541 7,783
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 13,570 14,472
Provision for bad debts 1,429 283
Provision for losses on closed lease locations 31 250
Deferred income taxes (286) 2,649
Deferred compensation (552) (279)
Earnings of equity investments (463) (754)
Other 151 23
Changes in current assets and liabilities:
Accounts and notes receivable (2,071) (15,742)
Inventories 9,601 4,864
Prepaid expenses (7,000) (5,383)
Accounts payable 3,125 4,774
Accrued expenses 5,887 5,126
Income taxes 3,704 644
----------- -----------
Net cash provided by operating activities 35,667 18,710
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Dividends received 890 618
Disposal of property, plant and equipment 1,980 6,207
Additions to property, plant and equipment
excluding capital leases (8,560) (17,607)
Business acquired -- (8,307)
Investment in unconsolidated company (1,179) --
Loans to customers (4,765) (4,908)
Payments from customers on loans 3,961 3,560
Other (72) (34)
----------- -----------
Net cash used for investing activities (7,745) (20,471)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid (3,915) (3,914)
Proceeds (Payments) of short-term debt (5,700) 7,600
Payments of long-term debt (3,389) (1,260)
Payments of capitalized lease obligations (270) (60)
Other 7 6
----------- -----------
Net cash (used for) provided by
financing activities (13,267) 2,372
----------- -----------
Net increase in cash $ 14,655 611
----------- -----------
----------- -----------
</TABLE>
- ------------------------------------------------------------------
See accompanying notes to consolidated financial statements.
<PAGE>
NASH FINCH COMPANY AND SUBSIDIARIES
Consolidated Statements of Stockholders' Equity
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Fiscal period ended June 17, 1995,
December 31, 1994 and January 1, 1994
(In thousands, except per share amounts) Foreign
Common stock Additional currency Treasury stock Total
--------------------- paid-in Retained translation ------------------- stockholders'
Shares Amount capital earnings adjustment Shares Amount equity
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balance at January 2, 1993 $ 11,224 18,706 11,944 163,624 -- (352) $ (3,070) 191,204
Net earnings -- -- -- 15,874 -- -- -- 15,874
Dividend declared of $.72 per share -- -- -- (7,828) -- -- -- (7,828)
Treasury stock issued upon exercise
of options and other insignificant
items -- -- 10 -- -- 1 4 14
---------- --------- --------- ---------- ---------- ---------- ---------- ----------
Balance at January 1, 1994 11,224 18,706 11,954 171,670 -- (351) (3,066) 199,264
Net earnings -- -- -- 15,480 -- -- -- 15,480
Dividend declared of $.73 per share -- -- -- (7,938) -- -- -- (7,938)
Treasury stock issued upon exercise
of options and other insignificant
items -- -- 23 -- -- 2 12 35
Foreign currency translation
adjustment - net of a $381
deferred tax benefit -- -- -- -- (572) -- -- (572)
---------- --------- --------- ---------- ---------- ---------- ---------- ----------
Balance at December 31, 1994 11,224 18,706 11,977 179,212 (572) (349) (3,054) 206,269
Net earnings -- -- -- 8,541 -- -- 8,541
Dividend declared of $.36 per share -- -- -- (3,915) -- -- (3,915)
Treasury stock issued upon exercise
of options and other insignificant
items -- -- 5 -- -- -- 2 7
---------- --------- --------- ---------- ---------- ---------- ---------- ----------
Balance at June 17, 1995 $ 11,224 18,706 11,982 183,838 (572) (349) $ (3,052) 210,902
---------- --------- --------- ---------- ---------- ---------- ---------- ----------
---------- --------- --------- ---------- ---------- ---------- ---------- ----------
</TABLE>
- ----------------------------------------------------------------
See accompanying notes to consolidated financial statements.
<PAGE>
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned thereunto duly authorized.
NASH-FINCH COMPANY
------------------
Registrant
Date August 11, 1995 By /s/ Norman R. Soland
----------------------- ------------------------------
Norman R. Soland
Vice President, Secretary
and General Counsel
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-30-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-17-1995
<CASH> 941
<SECURITIES> 0
<RECEIVABLES> 102,037
<ALLOWANCES> (1,275)
<INVENTORY> 189,036
<CURRENT-ASSETS> 309,189
<PP&E> 388,131
<DEPRECIATION> (207,220)
<TOTAL-ASSETS> 524,648
<CURRENT-LIABILITIES> 210,586
<BONDS> 83,583
<COMMON> 18,706
0
0
<OTHER-SE> 195,248
<TOTAL-LIABILITY-AND-EQUITY> 524,648
<SALES> 1,277,606
<TOTAL-REVENUES> 1,300,112
<CGS> 1,109,894
<TOTAL-COSTS> 168,850
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 1,429
<INTEREST-EXPENSE> 5,585
<INCOME-PRETAX> 14,354
<INCOME-TAX> 5,813
<INCOME-CONTINUING> 8,541
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 8,541
<EPS-PRIMARY> .79
<EPS-DILUTED> .79
</TABLE>
