UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarter ended: Commission File Number:
June 29, 1996 0-13544
BEN & JERRY'S HOMEMADE, INC.
(Exact name of registrant as specified in its charter)
VERMONT 03-0267543
(State of incorporation) (I.R.S. Employer Identification No.)
30 Technology Drive, Suite # 1
South Burlington, Vermont 05403
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code:
(802) 651-9600
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 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
Indicate the number of shares outstanding of each of the classes of common
stock outstanding as of the latest practicable date. 6,353,013 shares of Class A
Common Stock and 901,721 shares of Class B Common Stock outstanding as of July
26, 1996.
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
Form 10-Q for quarter ended June 29, 1996
INDEX
PART I: FINANCIAL INFORMATION PAGE NO.
Consolidated Condensed Balance Sheets
June 29, 1996 and December 30, 1995 1-2
Consolidated Statements of Income
Thirteen and twenty-six weeks ended
June 29, 1996 and July 1, 1995 3
Consolidated Statements of Cash Flows
Twenty-six weeks ended June 29, 1996
and July 1, 1995 4
Notes to Consolidated Financial Statements 5-6
Management's Discussion and Analysis of Financial
Condition and Results of Operations 7-12
PART II: OTHER INFORMATION
Item 4 - Submission of Matters to a Vote of
Security Holders 13
Item 6 - Exhibits and Reports on Form 8-K 14
SIGNATURES 15
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
CONDENSED BALANCE SHEETS
ASSETS
(In thousands)
<TABLE>
June 29, December
1996 30, 1995
----------------- -----------------
(Unaudited) (Note)
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 29,863 $ 35,406
Accounts receivable
Trade (less allowance of $850 in 1996 and $802 in 1995
for doubtful accounts) 18,340 11,660
Other 539 854
Inventories 18,340 12,616
Deferred income taxes 3,575 3,599
Income taxes receivable 2,845 2,831
Prepaid expenses 1,263 1,097
----------------- -----------------
Total current assets 74,765 68,063
----------------- -----------------
Property, plant and equipment, net 63,240 59,600
Investments 1,000
Other assets 2,429 2,411
----------------- -----------------
Total assets $ 140,434 $ 131,074
================= =================
Note: The balance sheet at December 30, 1995 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>
- 1 -
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
CONDENSED BALANCE SHEETS
LIABILITIES & STOCKHOLDERS' EQUITY
(In thousands except share data)
<TABLE>
June 29, December
1996 30, 1995
----------------- -----------------
(Unaudited) (Note)
<S> <C> <C>
Current liabilities:
Accounts payable and accrued expenses $ 21,923 $ 16,592
Current portion of long-term debt and
obligations under capital leases 404 448
----------------- -----------------
Total current liabilities 22,327 17,040
Long-term debt and obligations under capital leases 31,724 31,977
Deferred income taxes 4,502 3,526
Stockholders' equity:
$1.20 noncumulative Class A preferred stock - par value
$1.00 per share, redeemable at $12.00 per share;
900 shares authorized, issued and outstanding;
aggregate preference on voluntary or involuntary
liquidation - $9 1 1
Class A common stock - $.033 par value; authorized
20,000,000 shares; issued: 6,349,526 at June 29, 1996
and 6,330,302 at December 30, 1995 209 209
Class B common stock - $.033 par value; authorized
3,000,000 shares; issued: 903,207 at June 29, 1996 and
914,325 at December 30, 1995 30 30
Additional paid-in-capital 48,615 48,521
Retained earnings 34,571 31,264
Cumulative translation adjustment (165) (114)
Treasury stock, at cost: 67,032 Class A and 1,092 Class B
shares at June 29, 1996 and December 30, 1995 (1,380) (1,380)
----------------- -----------------
Total stockholders' equity 81,881 78,531
----------------- -----------------
$ 140,434 $ 131,074
================= =================
Note: The balance sheet at December 30, 1995 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>
- 2 -
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
( In thousands except per share amounts)
<TABLE>
For the Thirteen weeks ended For the Twenty-six weeks ended
June 29, July 1, June 29, July 1,
1996 1995 1996 1995
---------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Net sales $ 48,043 $ 42,936 $ 85,932 $ 77,141
Cost of sales 31,503 29,440 57,427 53,943
---------------- ----------------- ----------------- -----------------
Gross profit 16,540 13,496 28,505 23,198
Selling, general and
administrative expenses 13,252 10,529 23,608 18,793
---------------- ----------------- ----------------- -----------------
Operating income 3,288 2,967 4,897 4,405
Interest income 453 375 812 732
Interest expense (485) (487) (1,002) (509)
Other income (expense) (122) (124) 628 (372)
---------------- ----------------- ----------------- -----------------
(154) (236) 438 (149)
---------------- ----------------- ----------------- -----------------
Income before income taxes 3,134 2,731 5,335 4,256
Income taxes 1,191 1,078 2,028 1,692
---------------- ----------------- ----------------- -----------------
Net income $ 1,943 $ 1,653 $ 3,307 $ 2,564
================ ================= ================= =================
Weighted average common and common
equivalent shares outstanding 7,260 7,224 7,258 7,195
Net income per common share $ 0.27 $ 0.23 $ 0.46 $ 0.36
</TABLE>
See accompanying notes
- 3 -
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
STATEMENTS OF CASH FLOWS
For the Twenty-six weeks ended
(In thousands)
(Unaudited)
<TABLE>
June 29, July 1,
1996 1995
--------------- --------------
Operating activities:
<S> <C> <C>
Net income $ 3,307 $ 2,564
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 3,277 2,314
Allowance for bad debts 98 40
Deferred income taxes 1,000 254
Loss on disposition of assets 35 87
Changes in operating assets and liabilities:
Accounts receivable (6,463) (10,029)
Inventories (5,724) (1,467)
Prepaid expenses (166)
Other assets (90)
Accounts payable and accrued expenses 5,307 9,610
Income taxes payable (14) 2,852
--------------- --------------
Net cash provided by operating activities 657 6,135
Investing activities:
Additions to property, plant and equipment (6,871) (5,486)
Proceeds from sale of assets 64
Changes in other assets (163) (80)
Decrease in investments 1,000 4,000
--------------- --------------
Net cash used for investing activities (5,970) (1,566)
Financing activities:
Repayments of long-term debt and capital leases (297) (349)
Net proceeds from issuance of common stock 94 123
--------------- --------------
Net cash used for financing activities (203) (226)
Effect of exchange rate changes on cash (27) 2
--------------- --------------
(Decrease) Increase in cash and cash equivalents (5,543) 4,345
Cash and cash equivalents at beginning of period 35,406 20,778
--------------- --------------
Cash and cash equivalents at end of period $ 29,863 $ 25,123
=============== ==============
</TABLE>
See accompanying notes
- 4 -
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(All numbers in tables in thousands except per share data)
(Unaudited)
1. BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have been prepared
in accordance with generally accepted accounting principles for interim
financial statements and with the instructions to Form 10-Q and Rule 10-01 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included. Operating results for the three and six-month periods ended June
29, 1996 are not necessarily indicative of the results that may be expected for
the year ended December 28, 1996. For further information, refer to the
financial statements and footnotes thereto included in the Company's Annual
Report on Form 10-K for the year ended December 30, 1995.
2. INVENTORIES
June 29, December 30,
1996 1995
---- ----
Ice cream, frozen yogurt and ingredients $16,834 $11,480
Paper goods 839 674
Food, beverage and gift items 667 462
--- ---
$18,340 $12,616
======= =======
3. ACCOUNTS PAYABLE AND ACCRUED EXPENSES
June 29, December 30,
1996 1995
---- ----
Trade accounts payable $5,824 $ 5,068
Accrued expenses 10,150 8,101
Accrued payroll and related costs 1,976 1,749
Accrued promotional costs 3,298 1,313
Accrued marketing costs 535 185
Other 140 176
--- ---
$21,923 $16,592
======= =======
5
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
Form 10-Q for quarter ended June 29, 1996
4. ADOPTION OF NEW ACCOUNTING PRONOUNCEMENTS
Effective December 31, 1995, the Company has adopted Statement of Financial
Accounting Standards No. 121 ("SFAS 121"), Accounting for the Impairment of
Long-Lived Assets and for Long- Lived Assets to be Disposed Of, which requires
impairment losses to be recorded on the long-lived assets used in operations
when indicators are present and the undiscounted cash flows estimated to be
generated by those assets are less than the assets' carrying amount. SFAS 121
also addresses the accounting for long-lived assets that are expected to be
disposed of. The adoption of SFAS 121 had no impact on the financial position or
results of operations of the Company as no indicators or impairment currently
exist.
The Company has adopted the disclosure provisions of Financial Accounting
Standards No. 123 ("SFAS 123"), Accounting and Disclosure of Stock-Based
Compensation. The Company will continue to account for its stock-based
compensation arrangements under the provisions of APB 25, Accounting for Stock
Issued to Employees.
6
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
Form 10-Q for quarter ended June 29, 1996
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Results of Operations
- ---------------------
The following table sets forth certain items as a percentage of net sales which
are included in the Company's Consolidated Statement of Income and the
percentage increase (decrease) of such items as compared to the prior period:
<TABLE>
Percentage of Net Sales
Thirteen Weeks Twenty-Six Weeks Percentage Increase(Decrease)
Ended Ended 1996 Compared to 1995
June 29, July 1, June 29, July 1, Thirteen Weeks Twenty-Six Weeks
1996 1995 1996 1995 Ended Ended
<S> <C> <C> <C> <C> <C> <C>
Net sales 100.0% 100.0% 100.0% 100.0% 11.9% 11.4%
Cost of sales 65.6% 68.6% 66.8% 69.9% 7.0% 6.5%
---- ---- ---- ---- --- ---
Gross profit 34.4% 31.4% 33.2% 30.1% 22.6% 22.9%
Selling, general and
administrative expenses 27.6% 24.5% 27.5% 24.4% 25.9% 25.6%
---- ---- ---- ---- ---- ----
Operating income 6.8% 6.9% 5.7% 5.7% 10.8% 11.2%
Other income(expense) -0.3% - 0.5% 0.5% -0.2% -34.7% -394.6%
--- --- --- --- ---- -----
Income before income taxes 6.5% 6.4% 6.2% 5.5% 14.8% 25.4%
Income taxes 2.5% 2.5% 2.4% 2.2% 10.5% 19.9%
--- --- --- --- ---- ----
Net Income 4.0% 3.8% 3.8% 3.3% 17.5% 29.0%
=== === === === ==== ====
</TABLE>
7
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
Form 10-Q for quarter ended June 29, 1996
Thirteen Weeks Ended June 29, 1996 and July 1, 1995
- ---------------------------------------------------
NET SALES
Net sales for the thirteen weeks ended June 29, 1996 increased 11.9% to $48.0
million compared to $42.9 million for the same period in 1995. Each of the major
product categories had modest increases in unit volume. The majority of this
increase is attributable to the introduction of the Company's new line of sorbet
pint products in early 1996.
Pint sales represented 82% of total net sales in the second quarter of 1996 and
1995. Net sales of 2 1/2 gallon bulk containers represented approximately 8% of
total net sales in the second quarter of 1996 compared to 9% during the same
period in 1995. Net sales of novelty products accounted for approximately 8% of
total net sales during this period in 1996 compared to 7% in 1995. Net sales
from the Company's retail stores represented 2% of total net sales in the second
quarter of 1996 and 1995.
COST OF SALES AND GROSS PROFIT
Cost of sales in the second quarter of 1996 increased approximately $2.1
million, or 7.0% over the same period in 1995 and overall gross profit as a
percentage of net sales was 34.4% in the second quarter of 1996 as compared to
31.4% in the comparable period last year.
The higher gross profit percentage in the second quarter resulted from
improvements in manufacturing efficiencies, production planning and inventory
management. The improved gross profit also reflects the fact that no product was
manufactured for the Company under a copacking agreement, by Edy's Grand Ice
Cream, a subsidiary of Dreyer's Grand Ice Cream, at its plant in Fort Wayne,
Indiana as compared to the second quarter of 1995 when approximately 20% of
packaged pints were manufactured at the Edy's plant. This agreement expired in
September 1995.
The Company has experienced significant increases in dairy prices this year. The
Company has instituted a 3.6% price increase for its packaged pint products
effective August 1, 1996 to offset these increased costs. If the trend of rising
dairy prices continues, there is the possibility that these costs will not be
passed on to consumers which will negatively impact future gross profit margins.
See Risk Factors in the "Forward-Looking Statements" section.
8
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
Form 10-Q for quarter ended June 29, 1996
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Selling, general and administrative expenses increased 25.9% to $13.3 million in
the second quarter of 1996 from $10.5 million for the same period in 1995.
Selling, general and administrative expenses were 27.6% of net sales in the
second quarter of 1996 as compared to 24.5% for the comparable period last year.
This increase is attributed to increased sales and marketing expenses relating
to the launch of the new sorbet line introduced in February 1996, operating
expenses relating to the Company's continued international expansion in Europe,
and expenses relating to additional hires primarily in the production planning
and inventory management areas.
OTHER INCOME (EXPENSE)
Interest income increased $78,000 in the second quarter of 1996 as compared to
the same period in the prior year . This increase was primarily due to higher
interest rates on investment securities. Interest expense remained flat in the
second quarter of 1996 as compared to the same period in the prior year.
INCOME TAXES
Income taxes increased approximately $113,000 primarily due to the increase in
income offset. The Company anticipates an effective rate of 38.0% in 1996
compared to an effective annual rate of 36.8% in the prior year. The increase in
the effective tax rate reflects lower income tax credits in 1996.
NET INCOME
As a result of the foregoing, net income for the second quarter of 1996
increased 17.5% to $1.9 million from $1.7 million, for the second quarter of
1995. Net income was 4.0% of net sales in the second quarter of 1996 compared to
3.8% in 1995. Net income per share increased 17.4% to $.27 per share for the
second quarter of 1996 as compared to $.23 per share in the second quarter of
1995.
9
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
Form 10-Q for quarter ended June 29, 1996
Twenty-six Weeks Ended June 29, 1996 and July 1, 1995
- -----------------------------------------------------
NET SALES
Net sales for the twenty-six weeks ended June 29, 1996 increased 11.4% to $85.9
million compared to $77.1 million for the same period in 1995. Each of the major
product categories had modest increases in unit volume. This volume increase was
combined with an increase in the price of pints sold to distributors by 3.7%
effective in March, 1995. The majority of this increase is attributable to the
introduction of the Company's new line of sorbet pint products in early 1996.
Pint sales represented 85% of total net sales in the first half of 1996 compared
to 86% for this period in 1995. Net sales of 2 1/2 gallon bulk containers
represented approximately 7% of total net sales for this period in 1996 and
1995. Net sales of novelties accounted for approximately 6% of total net sales
during the first half of 1996 compared to 5% for the same period in 1995. Net
sales from the Company's retail stores represented 2% of total net sales in the
first half of 1996 and 1995.
COST OF SALES AND GROSS PROFIT
Cost of sales in the first half of 1996 increased approximately $3.5 million or
6.5% over the same period in 1995 and overall gross profit as a percentage of
net sales was 33.2% in 1996 as compared to 30.1% for the comparable period in
1995. The higher gross profit percentage in the first half of 1996 is due to
improved inventory management and improved production efficiencies. The improved
gross profit also reflects the fact that no product was manufactured for the
Company under a copacking agreement which expired in September 1995, by Edy's
Grand Ice Cream, a subsidiary of Dreyer's Grand Ice Cream, at its plant in Fort
Wayne, Indiana. In the first half of 1995 approximately 23% of the packaged
pints manufactured by the Company were produced by Edy's.
The Company has experienced significant increases in dairy prices this year. The
Company has instituted a 3.6% price increase for its packaged pint products
effective August 1, 1996 to offset these increased costs. If the trend of rising
dairy prices continues, there is the possibility that these costs will not be
passed on to consumers which will negatively impact future gross profit margins.
See Risk Factors in the "Forward-Looking Statements" section.
10
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
Form 10-Q for quarter ended June 29, 1996
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Selling, general and administrative expenses increased 25.6% to $23.6 million
for the first six months of 1996 from $18.8 million for the same period in 1995.
Selling, general and administrative expenses were 27.5% of net sales for the
first six months of 1996 as compared to 24.4% for the same period
last year. This increase is attributed to increased sales and marketing expenses
relating to the launch of the new sorbet line introduced in February 1996,
operating expenses relating to the Company's continued international expansion
in Europe and expenses relating to additional hires primarily in the production
planning and inventory management areas.
OTHER INCOME (EXPENSE)
Interest income increased $80,000 for the first six months of 1996 as compared
to the same period in the prior year . This increase was primarily due to higher
interest rates on investment securities. Interest expense increased $493,000 for
the first six months 1996 as compared to the same period in the prior year. This
increase was primarily due to the capitalization of interest in the prior year
as part of the cost of the new plant currently under construction in St. Albans,
Vermont.
INCOME TAXES
Income taxes increased $336,000 primarily reflecting the increase in income
offset. The Company anticipates an effective rate of 38.0% in 1996 compared to
an effective annual rate of 36.8% in the prior year. The increase in the
effective tax rate reflects lower income tax credits in 1996.
NET INCOME
As a result of the foregoing, net income for the first half of 1996 increased
29% to $3.3 million from $2.6 million for the same period in 1995. Net income
was 3.8% of net sales in the first half of 1996 compared to 3.3% for the same
period in 1995. Net income per share increased 28% to $.46 per share for the
first half of 1996 as compared to $.36 per share for the same period in 1995.
Liquidity And Capital Resources
- -------------------------------
The Company's working capital at June 29, 1996 was approximately $52.4 million
as compared to $51.0 million at December 30, 1995. This $1.4 million increase
resulted from changes in the components of working capital: increases in
accounts receivable and inventories, partially offset by a decrease in cash and
cash equivalents and increased accounts payable and accrued expenses. As of June
29, 1996 the Company had $29.9 million of cash and cash equivalents, a decrease
of $5.5 million since December 30, 1995. Net cash provided by operations in the
first half of 1996 was $657,000. Approximately $6.9 million was used for
additions to property, plant and equipment, primarily for equipment upgrades in
Waterbury and Springfield, and leasehold improvements at the Company's
headquarter offices. Funds were provided by cash from operations and cash and
investments available at December 30, 1995.
11
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
Form 10-Q for quarter ended June 29, 1996
Since December 30, 1995 trade receivables, inventories, accounts payable and
accrued expenses have increased $6.7 million, $5.7 million, and $5.3 million
respectively. These increases reflect the seasonality of the Company's net sales
and production requirements. Inventories have also increased due to the
introduction of the new sorbet line of pint products, and international
expansion.
The Company anticipates other capital expenditures in the remainder of 1996 of
approximately $6.9 million. Most of these additional projected capital
expenditures relate to equipment upgrades in Waterbury and Springfield, computer
related expenditures, equipment enhancements at the St. Albans plant, and
approximately $1.0 million relating to the installation of a third manufacturing
line at the St. Albans plant.
Management believes that internally generated funds, cash currently on hand,
investments held in marketable securities (pending their use in the business),
and equipment lease financing will be adequate to meet anticipated operating and
capital requirements. The Company has two lines of credit providing an aggregate
of $20,000,000 with The First National Bank of Boston and Key Bank of Vermont.
These are unsecured agreements providing for borrowings from time to time,
expiring at September 29, 1998 and December 29, 1998, respectively. The
agreements specify interest at the banks' Base Rate or the Eurodollar rate plus
a maximum of 1.25%. As of August 13, 1996, there have been no borrowings under
these line of credit agreements.
Management believes that internally generated funds, cash currently on hand,
investments held in marketable securities (pending their use in the business),
and equipment lease financing will be adequate to meet anticipated operating and
capital requirements.
"FORWARD-LOOKING STATEMENTS"
This section, as well as other portions of this document, includes certain
forward-looking statements about the Company's business and new products, sales,
expenditures and cost savings, effective tax rate and operating and capital
requirements and refinancings. Any such statements are subject to risks that
could cause the actual results or needs to vary materially. These risks are
discussed in "Risk Factors" in the Company's Annual Report on Form 10-K for the
year 1995. Additional risk factors are as follows:
Increased Cost of Raw Materials : Management believes that the trend of
increased dairy costs may continue and it is possible that at some future date
there is risk that both margins and earnings may not be protected by pricing
adjustments, cost control programs and productivity gains.
12
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
Form 10-Q for quarter ended June 29, 1996
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The Company's 1996 Annual Meeting of Stockholders was held on Saturday,
June 22, 1996. The stockholders voted to (1) elect ten members of the Board of
Directors to serve for the next year; (2) ratify the appointment of Ernst &
Young LLP as the Company's independent auditors for the fiscal year ending
December 28, 1996.
(1) The tabulation of votes for the nominees for directors were as follows:
For Withheld
--- --------
Elizabeth Bankowski 13,165,990 107,559
Ben Cohen 13,166,464 107,085
Jeffrey Furman 13,165,891 107,658
Jerry Greenfield 13,167,265 106,284
Jennifer Henderson 13,164,778 108,771
Robert Holland, Jr. 13,163,984 109,565
John Katzenbach 13,165,784 107,765
Fred Lager 13,167,116 106,433
Frederick A. Miller 13,163,883 109,666
Henry Morgan 13,149,696 123,853
(2) The vote on the appointment of the Company's independent auditors was
13,221,657 for; 19,720 against; with 32,172 abstaining.
13
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
Form 10-Q for quarter ended June 29, 1996
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibit (11) Statement Re: Computation of Per Share Earnings
Exhibit (27) Financial Data Schedule
(b) No reports on Form 8-K were filed during the quarter ended June 29, 1996,
for which this report is filed.
14
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
Form 10-Q for quarter ended June 29, 1996
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be duly signed on its behalf by the
undersigned thereunto duly authorized, being also its principal financial
officer.
BEN & JERRY'S HOMEMADE, INC.
DATE: August 13, 1996 BY: /s/Frances Rathke
Frances Rathke, Chief Financial Officer
and Secretary/Treasurer
15
<PAGE>
EXHIBIT 11
BEN & JERRY'S HOMEMADE, INC.
COMPUTATION OF NET INCOME PER COMMON SHARE
(In thousands except per share amounts)
<TABLE>
Thirteen weeks ended Twenty-six weeks ended
6/29/96 7/1/95 6/29/96 7/1/95
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Primary:
Average shares outstanding 7,185 7,183 7,184 7,166
Net effect of dilutive stock options -
based on the treasury stock
method using average
market price 67 40 63 27
--------------- -------------- --------------- --------------
7,252 7,223 7,247 7,193
=============== ============== =============== ==============
Net Income $1,943 $1,653 $3,307 $2,564
=============== ============== =============== ==============
Per share amount $0.27 $0.23 $0.46 $0.36
=============== ============== =============== ==============
Fully diluted:
Average shares outstanding 7,185 7,183 7,184 7,166
Net effect of dilutive stock options -
based on the treasury stock
method using quarter-end
market price which is greater
than average market price 75 41 74 29
--------------- -------------- --------------- --------------
7,260 7,224 7,258 7,195
=============== ============== =============== ==============
Net Income $1,943 $1,653 $3,307 $2,564
=============== ============== =============== ==============
Per share amount $0.27 $0.23 $0.46 $0.36
=============== ============== =============== ==============
</TABLE>
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
See accompanying notes.
$ in thousands, except per share data.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-28-1996
<PERIOD-START> MAR-31-1996
<PERIOD-END> JUN-29-1996
<CASH> 29863
<SECURITIES> 0
<RECEIVABLES> 18879
<ALLOWANCES> 0
<INVENTORY> 18340
<CURRENT-ASSETS> 74765
<PP&E> 63240
<DEPRECIATION> 0
<TOTAL-ASSETS> 140434
<CURRENT-LIABILITIES> 22327
<BONDS> 0
0
1
<COMMON> 239
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 140434
<SALES> 48043
<TOTAL-REVENUES> 0
<CGS> 31503
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 122
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 485
<INCOME-PRETAX> 3134
<INCOME-TAX> 1191
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1943
<EPS-PRIMARY> .27
<EPS-DILUTED> .27
</TABLE>
