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 (Date of earliest event reported) October 8, 1997
DELCHAMPS, INC.
(Exact name of registrant as specified in its charter.)
ALABAMA 0-12923 63-0245434
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification
incorporation) Number)
305 DELCHAMPS DR., MOBILE, AL 36602
(Address of Principal Executive Offices - Zip Code)
Registrant's telephone number, including area code (334)433-0431
N/A
(Former name or former address, if changed since last report.)
Item 5. Other Events.
(a) The Agreement for Termination, dated September 19,
1997, between Mr. David W. Morrow and Delchamps, Inc. (the
"Company") provided for a payment of $2,623,664, less
applicable withholding taxes. This amount was incorrect.
Accordingly, on September 25, 1997 the Company paid an
additional $124,297, less applicable withholding taxes, to Mr.
Morrow to correct the error.
(b) On October 8, 1997, the Company issued the following
press release:
FOR RELEASE: October 8, 1997
Delchamps
FOR MORE INFORMATION:
Timothy E. Kullman, Senior Vice
President
Chief Financial Officer, Secretary
& Treasurer
DELCHAMPS, INC. - Mobile, AL
(334) 433-0437 ext. 217
(334) 438-4586 FAX
DELCHAMPS REPORTS FIRST QUARTER SALES AND EARNINGS
==================================================
MOBILE, AL, October 7, 1997 - Delchamps, Inc. (NASDAQ - NMS - DLCH) reported
today a net loss of $1,026,000 for the thirteen week period ended September
27, 1997. These results include a charge of $3,486,000 for merger expenses
related to the acquisition of the Company by Jitney-Jungle Stores of
America, Inc. Excluding the merger expenses, net earnings were
approximately $2,460,000. Net earnings for last year's thirteen week period
ended September 28, 1996 were $204,000. For the thirteen week period ended
September 27, 1997, the net loss per share was $.14. Excluding the merger
expenses, net earnings per share were approximately $.34. Net earnings per
share for last year's corresponding thirteen week period were $.03.
Sales for the thirteen week period ended September 27, 1997 were
$271,989,000, a decrease of 6.1% from last year's sales of $289,699,000.
Same store sales for the thirteen week period decreased 6.3% compared to
last year's corresponding thirteen week period.
During the thirteen week period ended September 27, 1997, the Company
remodeled 3 supermarkets and closed two supermarkets. As of September 27,
1997, the Company operated 116 supermarkets in Alabama, Florida,
Mississippi, and Louisiana and 10 liquor stores in Florida. The Company
employs approximately 7,750 people.
# # # # # # # #
<TABLE>
<CAPTION>
DELCHAMPS, INC. AND SUBSIDIARY
Condensed Statements of Earnings - (In thousands except per share amounts)
(Unaudited)
Thirteen Weeks Ended Thirteen Weeks Ended
---------------------- ----------------------
9/27/97 9/28/96
---------------------- ----------------------
Amount %Sales Amount %Sales
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Sales $ 271,989 100.00 $ 289,699 100.00
Cost of Sales 203,658 74.88 224,332 77.44
--------- --------- --------- ---------
Gross profit 68,331 25.12 65,367 22.56
Selling, general and administrative
expenses ("SG&A"):
Merger expense 3,486 1.28 -- --
Other S G & A 63,390 23.31 63,721 21.99
--------- --------- --------- ---------
Total S G & A 66,876 24.59 63,721 21.99
--------- --------- --------- ---------
Operating Income 1,455 .53 1,646 .57
Interest expense, net 919 .34 1,303 .45
--------- --------- --------- ---------
Earnings before income taxes 536 .19 343 .12
Income tax expense 1,562 .57 139 .05
--------- --------- --------- ---------
Net (loss) earnings $ (1,026) (.38) 204 .07
========= ========= ========= =========
Net (loss) earnings per common share $ (.14) .03
========= =========
Weighted average number of common 7,170 7,113
shares ========= =========
Dividends declared per common share $ .11 .11
========= =========
</TABLE>
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.
DELCHAMPS, INC.
By: /s/ Timothy E. Kullman
------------------------------------
Timothy E. Kullman
Senior Vice President, Chief Financial Officer,
Treasurer and Secretary
Date: October 9, 1997
