FORM 10-K/A
AMENDMENT #1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X]ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 28, 1996
[ ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ____________ to _________________
Commission File Number 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 Community Drive
South Burlington, Vermont 05403-6828
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 802-651-9600
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Class A Common Stock, $.033 par value per share
Class B Common Stock, $.033 par value per share
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 such 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 by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K (225.405) is not contained herein, and will not be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K.
Yes x No
The aggregate market value of the Company's Class A and Class B Common
Stock held by non-affiliates was approximately $71,777,992 and $3,009,916
respectively, at March 7, 1997.
At March 7, 1997, 6,310,410 shares of the Company's Class A Common Stock
and 893,308 shares of the Company's Class B Common Stock were outstanding.
Page 1 of 94 pages. Exhibit Index appears on page 40.
<PAGE>
Pursuant to the requirements of Section 13 or 15(d) of
the Securities Exchange Act of 1934, the Company has duly
caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
BEN & JERRY'S HOMEMADE, INC.
Dated: March 27, 1997 By: /s/ Frances Rathke
Frances Rathke
Chief Financial Officer
Pursuant to the requirements of the Securities Exchange
Act of 1934, this report has been signed below by the
following persons on behalf of the Company and in the
capacities and on the date indicated.
March 27, 1997 /s/ Elizabeth Bankowski
Elizabeth Bankowski
Director, Director of Social Mission
Development
March 27, 1997 /s/ Bennett R. Cohen
Bennett R. Cohen
Director and Chairperson
March 27, 1997 /s/ Jeffrey Furman
Jeffrey Furman
Director
March 27, 1997 /s/ Jerry Greenfield
Jerry Greenfield
Director and Vice Chairperson
March 27, 1997 /s/ Jennifer Henderson
Jennifer Henderson
Director
March 27, 1997
Robert Holland Jr.
Director
March 27, 1997 /s/ Fred E. Lager
Fred E. Lager
Director
March 27, 1997 /s/ Frederick A. Miller
Frederick A. Miller
Director
March 27, 1997 /s/ Henry Morgan
Henry Morgan
Director
March 27, 1997 /s/Perry D. Odak
Principal Executive Officer
March 27, 1997 /s/ Frances Rathke
Frances Rathke
Principal Financial Officer and
Principal Accounting Officer
<PAGE>
Item 6. Selected Financial Data
The following table contains selected financial information for
the Company's fiscal years 1992 through 1996.
(In thousands except per share data)
Summary of Operations:
<TABLE>
Fiscal Year
-----------
1996 1995 1994 1993 1992
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Net sales .................. $ 167,155 $ 155,333 $ 148,802 $ 140,328 $ 131,969
Cost of sales .............. 115,212 109,125 109,760 100,210 94,389
Gross profit ............... 51,943 46,208 39,042 40,118 37,580
Selling, general
and administrative
expenses ................ 45,531 36,362 36,253 28,270 26,243
Asset write-down ........... 6,779
Other income
...(expense)--net .......... (77) (441) 228 197 (23)
Income(loss) before
income taxes ............ 6,335 9,405 (3,762) 12,045 11,314
Income taxes
(benefit) .................. 2,409 3,457 (1,893) 4,844 4,639
Net income(loss) ........... 3,926 5,948 (1,869) 7,201 6,675
Net income(loss) per
common share(1)............. $ 0.54 $ 0.83 $ (0.26) $ 1.01 $ 1.07
Weighted average
common and common
equivalent shares
outstanding1 ............ 7,230 7,222 7,148 7,138 6,254
Balance Sheet Data:
Fiscal Year
-----------
1996 1995 1994 1993 1992
---- ---- ---- ---- ----
Working capital ............ $ 50,055 $ 51,023 $ 37,456 $ 29,292 $ 18,053
Total assets ............... 136,665 131,074 120,296 106,361 88,207
Long-term debt ............. 31,087 31,977 32,419 18,002 2,641
Stockholders' equity(2)..... 82,685 78,531 72,502 74,262 66,760
- -------------
<FN>
(1) The per share amounts and average shares outstanding have been adjusted for
the effects of all stock splits, including stock splits in the form of stock
dividends.
(2) No cash dividends have been declared or paid by the Company on its capital
stock since the Company's organization. The Company intends to reinvest earnings
for use in its business and to finance future growth. Accordingly, the Board of
Directors does not anticipate declaring any cash dividends in the foreseeable
future.
</FN>
</TABLE>
<PAGE>
Ben & Jerry's Homemade, Inc.
Consolidated Statements of Operations
(In thousands except per share data)
<TABLE>
Years Ended
-----------
Dec. 28, 1996 Dec. 30, 1995 Dec.31,1994
(52 weeks) (52 weeks) (53 weeks)
---------- ---------- ----------
<S> <C> <C> <C>
Net sales .......................................... $ 167,155 $ 155,333 $ 148,802
Cost of sales ...................................... 115,212 109,125 109,760
--------- --------- ---------
Gross profit ....................................... 51,943 46,208 39,042
Selling, general and administrative expenses ....... 45,531 36,362 36,253
Asset write-down ................................... 6,779
Other income (expense):
Interest income ............................... 1,676 1,681 1,034
Interest expense .............................. (1,996) (1,525) (295)
Other ......................................... 243 (597) (511)
--------- --------- ---------
(77) (441) 228
--------- --------- ---------
Income (loss) before income taxes .................. 6,335 9,405 (3,762)
Income taxes (benefit) ............................. 2,409 3,457 (1,893)
--------- --------- ---------
Net income (loss) .................................. $ 3,926 $ 5,948 $ (1,869)
========= ========= =========
Net income (loss) per common share ................. $ 0.54 $ 0.83 $ (0.26)
Weighted average common and common
equivalent shares outstanding ................. 7,230 7,222 7,148
</TABLE>
See accompanying notes
<PAGE>
Ben & Jerry's Homemade, Inc.
Consolidated Statements of Cash Flows
(In thousands)
<TABLE>
Years Ended
-----------
December 28, December 30, December 31,
1996 1995 1994
---- ---- ----
Cash flows from operating activities:
<S> <C> <C> <C>
Net income (loss) ............................................. $ 3,926 $ 5,948 $ (1,869)
Adjustments to reconcile net income
(loss) to net cash provided
by operating activities:
Depreciation and amortization ........................ 7,091 5,928 4,707
Deferred income taxes ................................ 809 2,166 (1,564)
Provision for doubtful accounts ...................... 408 400 311
Loss on asset write-down ............................. 6,779
Loss on disposition of assets ........................ 10 171 69
Stock compensation ................................... 21
Changes in assets and liabilities:
Accounts receivable ............................. 3,146 (1,009) (536)
Income taxes receivable/payable ................. (89) (733) (2,442)
Inventories ..................................... (2,749) 847 (10)
Prepaid expenses ................................ 897 (563) 313
Accounts payable and accrued expenses ........... 806 2,677 (1,159)
--- ----- ------
Net cash provided by operating activities ..................... 14,255 15,853 4,599
Cash flows from investing activities:
Additions to property, plant and equipment ............... (12,333) (7,532) (26,213)
Proceeds from sale of property, plant
and equipment ........................................ 168 96 194
Increase (decrease) in investments ....................... (466) 7,000 14,000
Changes in other assets .................................. (320) (303) (882)
---- ---- ----
Net cash used for investing activities ........................ (12,951) (739) (12,901)
Cash flows from financing activities:
Net proceeds from long-term debt ......................... 14,936
Repayments of long-term debt and
capital leases ....................................... (678) (547) (700)
Net proceeds from issuance of common stock ............... 232 174 139
--- --- ---
Net cash (used for) provided by financing activities ......... (446) (373) 14,375
Effect of exchange rate changes on cash ....................... (160) (113)
---- ----
Increase in cash and cash equivalents ......................... 698 14,628 6,073
Cash and cash equivalents at beginning of year ................ 35,406 20,778 14,705
------ ------ ------
Cash and cash equivalents at end of year ...................... $ 36,104 $ 35,406 $ 20,778
======== ======== ========
</TABLE>
See accompanying notes
