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:
June 28, 1997
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
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. 6,432,257 shares of Class A
Common Stock and 874,073 shares of Class B Common Stock outstanding as of July
28, 1997.
<PAGE>
INDEX
PART I: FINANCIAL INFORMATION PAGE NO.
Condensed Consolidated Balance Sheets
June 28, 1997 and December 28, 1996 1-2
Condensed Consolidated Statements of Income
Thirteen and twenty-six weeks ended
June 28, 1997 and June 29, 1996 3
Condensed Consolidated Statements of Cash Flows
Twenty-six weeks ended June 28, 1997
and June 29, 1996 4
Notes to Condensed Consolidated Financial Statements 5-6
Management's Discussion and Analysis of Financial
Condition and Results of Operations 6-11
PART II: OTHER INFORMATION
Item 4 - Submission of Matters to a Vote of
Security Holders 12
Item 6 - Exhibit and Reports on Form 8-K 13
SIGNATURES 14
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All numbers in tables in thousands except per share data)
(Unaudited)
1. BASIS OF PRESENTATION
The accompanying unaudited condensed 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. 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 28, 1996.
2. INVENTORIES
June 28, December 28,
1997 1996
---- ----
Ice cream, frozen yogurt, sorbet and ingredients $12,005 $14,221
Paper goods 810 492
Food, beverage and gift items 591 652
--- ---
Total $13,406 $15,365
======= =======
3. ACCOUNTS PAYABLE AND ACCRUED EXPENSES
June 28, December 28,
1997 1996
---- ----
Trade accounts payable $5,917 $4,337
Accrued expenses 10,405 8,825
Accrued payroll and related costs 2,230 2,152
Accrued promotional costs 9,021 2,076
Other 92 8
-- -
Total $27,665 $17,398
======= =======
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
Form 10-Q for quarter ended June 28, 1997
ADOPTION OF NEW ACCOUNTING PRONOUNCEMENTS
In February 1997, the Financial Accounting Standards Board issued Statement No.
128, Earnings per Share, which is required to be adopted on December 31, 1997.
At that time, the Company will be required to change the method currently used
to compute earnings per share and to restate all prior periods. Under the new
requirements for calculating primary earnings per share, the dilutive effect of
stock options will be excluded. The impact will not result in an increase in
primary earnings per share for the periods ended June 28, 1997 and June 29,
1996. The impact of Statement 128 on the calculation of fully diluted earnings
per share for these quarters is not expected to be material.
<PAGE>
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 1997 Compared to 1996
June 28, June 29, June 28, June 29, Thirteen Weeks Twenty-Six Weeks
1997 1996 1997 1996 Ended Ended
---- ---- ---- ---- ----- -----
<S> <C> <C> <C> <C> <C> <C>
Net sales 100.0% 100.0% 100.0% 100.0% 5.5% 1.1%
Cost of sales 62.2% 65.6% 66.4% 66.8% 0.2% 0.5%
---- ---- ---- ---- --- ---
Gross profit 37.8% 34.4% 33.6% 33.2% 15.8% 2.3%
Selling, general and
administrative expenses 31.4% 27.6% 31.4% 27.5% 19.8% 15.5%
---- ---- ---- ---- ---- ----
Operating income 6.4% 6.8% 2.2% 5.7% -0.3% -61.6%
Other income (expense) -0.9% - 0.3% -0.9% 0.5% 205.2% -277.9%
--- --- --- --- ----- -----
Income before income taxes 5.5% 6.5% 1.3% 6.2% -10.4% -79.4%
Income taxes 2.1% 2.5% 0.5% 2.4% -10.4% -79.4%
--- --- --- --- ---- ----
Net income 3.4% 4.0% 0.8% 3.8% -10.4% -79.4%
=== === === === ==== ====
</TABLE>
Thirteen Weeks Ended June 28, 1997 and June 29, 1996
Net Sales
Net sales for the thirteen weeks ended June 28, 1997 increased 5.5% to $50.7
million compared to $48.0 million for the same period in 1996. Both the pint and
2.5 gallon bulk container products had modest increases in unit volume, of which
the increase in pint volume was primarily attributable to the Company's original
line of products.
Pint sales represented 84% of total net sales in the second quarter of 1997
compared to 82% during the same period in 1996. Net sales of 2.5 gallon bulk
containers represented approximately 8% of total net sales in the second quarter
of 1997 and 1996. Net sales of novelty products accounted for approximately 7%
of total net sales during this period in 1997 compared to 8% in 1996. Net sales
from the Company's retail stores represented 1% of total net sales in the second
quarter of 1997 compared to 2% during the same period in 1996.
<PAGE>
Cost of Sales and Gross profit
Cost of sales in the second quarter of 1997 increased approximately $48,000 or
0.2% over the same period in 1996 and overall gross profit as a percentage of
net sales was 37.8% in the second quarter of 1997 as compared to 34.4% in the
comparable period last year.
The higher gross profit as a percentage of net sales primarily resulted from the
effect of price increases of approximately 3% effective in August 1996 and April
1997 and improvements in operating efficiencies offset by increased commodity
costs and planned lower production volumes designed to lower the Company's
inventories.
The Company experienced significant increases in dairy prices in the second
quarter of 1997 compared to the same period last year. In response to higher
dairy costs which started to increase in the summer and fall of 1996 and
continued into 1997, the Company instituted a 3.4% price increase for its
packaged pint products effective April 15, 1997 to offset these increased costs.
If dairy commodity prices begin to rise to much higher levels, there is the
possibility that these costs will not be passed on to customers which will
negatively impact future gross profit margins. See Risk Factors in the
"Forward-Looking Statements" section.
Selling, General and Administrative Expenses
Selling, general and administrative expenses increased 19.8% to $15.9 million in
the second quarter of 1997 from $13.3 million for the same period in 1996.
Selling, general and administrative expenses were 31.4% of net sales in the
second quarter of 1997 as compared to 27.6% for the comparable period last year.
This increase is attributed to increased sales and marketing expenses to support
the brand in the highly competitive super premium category. For the first time,
the Company launched a combined national radio advertising and promotional
campaign to support the Company's brand domestically and in Europe.
Other Income (Expense)
Interest income decreased $46,000 in the second quarter of 1997 as compared to
the same period in the prior year. Interest expense increased $19,000 in the
second quarter of 1997 as compared to the same period in the prior year. Other
expense increased $251,000 as compared to the same period in the prior year
primarily due to losses associated with asset dispositions and foreign currency
exchange.
Income Taxes
Income taxes decreased approximately $124,000 primarily due to the decrease in
income. The Company anticipates an effective rate of 38.0% in 1997 which is
comparable to the prior year.
<PAGE>
Net Income
As a result of the foregoing, net income for the second quarter of 1997
decreased 10.4% to $1.7 million from $1.9 million, for the second quarter of
1996. Net income was 3.4% of net sales in the second quarter of 1997 compared to
4.0% in 1996. Net income per share decreased 11.3% to $.24 per share for the
second quarter of 1997 as compared to $.27 per share in the second quarter of
1996.
Twenty-Six Weeks Ended June 28, 1997 and June 29, 1996
Net Sales
Net sales for the twenty-six weeks ended June 28, 1997 increased 1.1% to $86.8
million compared to $85.9 million for the same period in 1996. Pints experienced
a 3% decline in unit volume which was offset by an increase in the price of
pints sold of approximately 3% effective in August, 1996 and April 1997. Unit
volume of the 2.5 gallon bulk containers increased 7%.
Pint sales represented 85% of total net sales in the first half of 1997 and
1996. Net sales of 2.5 gallon bulk containers represented approximately 8% of
total net sales for this period in 1997 compared to 7% during the same period in
1996. Net sales of novelties accounted for approximately 6% of total net sales
during the first half of 1997 and 1996. Net sales from the Company's retail
stores represented 1% of total net sales in the first half of 1997 compared to
2% during the same period in 1996.
Cost of Sales and Gross Profit
Cost of sales in the first half of 1997 increased approximately $269,000 or 0.5%
over the same period in 1996 and overall gross profit as a percentage of net
sales was 33.6% in 1997 as compared to 33.2% for the comparable period in 1996.
The higher gross profit percentage in the first half of 1997 is due to the price
increases effective in August 1996 and April 1997 and improved manufacturing
efficiencies offset by increased commodity costs and planned lower production
volumes designed to lower the Company's finished goods inventory.
The Company experienced significant increases in dairy prices for the first six
months of 1997 compared to the same period last year. In response to higher
dairy costs which started to increase in the summer and fall of 1996 and
continued into 1997, the Company instituted a 3.4% price increase for its
packaged pint products effective April 15, 1997 to offset these increased costs.
If dairy commodity prices begin to rise to much higher levels, there is the
possibility that these costs will not be passed on to customers which will
negatively impact future gross profit margins. See Risk Factors in the
"Forward-Looking Statements" section.
Selling, General and Administrative Expenses
Selling, general and administrative expenses increased 15.5% to $27.3 million
for the first six months of 1997 from $23.6 million for the same period in 1996.
Selling, general and administrative expenses were 31.4% of net sales for the
first six months of 1997 as compared to 27.5% for the same period last year.
<PAGE>
This increase is attributed to increased sales and marketing expenses to support
the brand in the highly competitive super premium category. For the first time,
the Company launched a combined national radio advertising and promotional
campaign to support the Company's brand domestically and in Europe.
Other Income (Expense)
Interest income remained level for the first six months of 1997 as compared to
the same period in the prior year. Interest expense increased $52,000 for the
first six months 1997 as compared to the same period in the prior year. Other
income(expense) decreased for the first six months of 1997 from other income of
$628,000 in the prior year to other expense of $537,000 in 1997. This is
primarily due to the insurance settlement proceeds of approximately $884,000 in
1996.
Income Taxes
Income taxes decreased $1.6 million primarily reflecting the decrease in income.
The Company anticipates an effective rate of 38.0% in 1997 which is comparable
to the rate in 1996.
Net Income
As a result of the foregoing, net income for the first half of 1997 decreased
79.4% to $682,000 from $3.3 million for the same period in 1996. Net income was
0.8% of net sales in the first half of 1997 compared to 3.8% for the same period
in 1996. Net income per share decreased to $.09 per share for the first half of
1997 as compared to $.46 per share for the same period in 1996.
Liquidity and Capital Resources
As of June 28, 1997 the Company had $43.2 million of cash and cash equivalents,
an increase of $7.1 million since December 28, 1996. Net cash provided by
operations in the first half of 1997 was $8.4 million. Approximately $1.8
million was used for additions to property, plant and equipment, primarily for
equipment upgrades at the Company's manufacturing facilities. Funds were
provided by cash from operations and cash and investments available at December
28, 1996.
Since December 28, 1996 trade receivables, and the sum of accounts payable and
accrued expenses have increased $8.3 million and $10.3 million, respectively.
These increases reflect the seasonality of the Company's business and increased
sales and marketing expenses. Inventories have decreased $2.0 million since
December 28, 1996 due to the management's effort to reduce the amount of
inventory on hand.
The Company anticipates other capital expenditures in the remainder of 1997 of
approximately $6.1 million. Most of these additional projected capital
expenditures relate to equipment upgrades at the Company's manufacturing
facilities, and computer related expenditures.
The Company anticipates approximately $2 to $3 million may be used to repurchase
up to 200,000 shares of the Company's Class A common stock as announced May 8,
1997 for use in connection with stock option awards under the 1995 Equity
Incentive Plan.
<PAGE>
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
12, 1997, 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.
BEN & JERRY'S HOMEMADE, INC.
Form 10-Q for quarter ended June 28, 1997
"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 1996.
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
Form 10-Q for quarter ended June 28, 1997
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The Company's 1997 Annual Meeting of Stockholders was held on Saturday,
June 28, 1997. The stockholders voted to (1) fix the number of directors at ten
and elect ten members of the Board of Directors to serve for the next year or to
serve for staggered terms in the event that the amendment in Item 3 is approved;
(2) approve a proposal to amend the Company's 1995 Equity Incentive Plan, to
increase the aggregate number of shares of stock authorized for issuance and
delivery in connection with awards under such Plan from 500,000 shares of Class
A Common Stock to 900,000 shares of Class A Common Stock; (3) amend the Articles
of Incorporation to (a) classify the Board into three classes; (b) provide that
directors may be removed only for cause and with the approval of the holders of
at least two-thirds of the votes cast on the matter by all of the outstanding
shares of capital stock of the Company entitled to vote generally in the
election of directors, voting together; (c) provide that any vacancy resulting
from such a removal may be filled by two-thirds of the directors then in office;
and (d) provide that the stockholder vote required to alter, amend, repeal or
adopt any provision inconsistent with this amendment shall be at least
two-thirds of the voting power of all of the shares of the Company entitled to
vote generally in the election of directors, voting together; (4) ratify the
appointment of Ernst & Young LLP as the Company's independent auditors for the
fiscal year ending December 27, 1997.
(1) The tabulation of votes for the nominees for directors were as follows:
For Withheld
--- --------
Elizabeth Bankowski 11,829,312 510,374
Ben Cohen 11,824,410 515,276
Pierre Ferrari 11,837,480 502,206
Jeffrey Furman 11,800,058 539,628
Jerry Greenfield 11,829,097 510,589
Jennifer Henderson 11,830,197 509,489
Frederick A. Miller 11,833,673 506,013
Henry Morgan 11,830,618 509,489
Perry D. Odak 11,836,282 503,404
Andrew Patti 11,835,265 504,421
(2) The vote to amend the Company's 1995 Equity Incentive Plan increasing the
aggregate number of shares of Class A Common Stock authorized to be awarded and
delivered thereunder to 900,000 shares was 8,613,651 for; 1,718,045 against;
with 59,871 abstaining.
(3) The vote on the amendment of the Articles of Incorporation concerning
classification of the Board of Directors, the Removal of Directors and related
matters was 8,613,651 for; 1,718,045 against; with 59,871 abstaining.
(4) The vote on the appointment of Ernst & Young LLP as the Company's
independent auditors for 1997 was 12,285,170 for; 32,227 against; with 21,199
abstaining.
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
Form 10-Q for quarter ended June 28, 1997
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibit (11) Statement Re: Computation of Net Income Per Common Share
Exhibit (27) Financial Data Schedule
(b) No reports on Form 8-K were filed during the quarter ended June 28, 1997,
for which this report is filed.
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
Form 10-Q for quarter ended June 28, 1997
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.
BY: /s/Frances Rathke
Frances Rathke, Chief Financial Officer
and Secretary/Treasurer
DATE: August 12, 1997
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
(In thousands)
<TABLE>
June 28, December
1997 28, 1996
--------------- --------------
(Unaudited) (Note)
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 43,223 $ 36,104
Investments 507 466
Accounts receivable:
Trade (less allowance of $968 in 1997
and $695 in 1996 for doubtful accounts) 17,012 8,684
Other 611 275
Inventories 13,406 15,365
Deferred income taxes 5,792 4,099
Income taxes receivable 1,004 2,920
Prepaid expenses 352 200
--------------- --------------
Total current assets 81,907 68,113
Property, plant and equipment, net 63,116 65,104
Investments 1,000 1,000
Other assets 2,463 2,448
--------------- --------------
Total assets $ 148,486 $ 136,665
=============== ==============
</TABLE>
Note: The balance sheet at December 28, 1996 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.
- 1 -
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES & STOCKHOLDERS' EQUITY
(In thousands except share data)
<TABLE>
June 28, December
1997 28, 1996
--------------- --------------
(Unaudited) (Note)
<S> <C> <C>
Current liabilities:
Accounts payable and accrued expenses $ 27,665 $ 17,398
Current portion of long-term debt and
obligations under capital leases 606 660
--------------- --------------
Total current liabilities 28,271 18,058
Long-term debt and obligations under capital leases 30,876 31,087
Deferred income taxes 5,022 4,835
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;
aggregated preference on liquidation - $9 1 1
Class A common stock - $.033 par value; authorized
20,000,000 shares; issued: 6,475,101 at June 28, 1997
and 6,364,733 at December 28, 1996 214 210
Class B common stock - $.033 par value; authorized
3,000,000 shares; issued: 876,741 at June 28, 1997
and 897,664 at December 28, 1996 29 29
Additional paid-in-capital 49,700 48,753
Retained earnings 35,872 35,190
Cumulative translation adjustment (119) (118)
Treasury stock, at cost: 67,032 Class A and 1,092 Class B
shares at June 28, 1997 and December 28, 1996 (1,380) (1,380)
--------------- --------------
Total stockholders' equity 84,317 82,685
--------------- --------------
$ 148,486 $ 136,665
=============== ==============
</TABLE>
- 2 -
Note: The balance sheet at December 28, 1996 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.
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands except per share amounts)
<TABLE>
For the Thirteen weeks ended For the Twenty-six weeks ended
June 28, June 29, June 28, June 29,
1997 1996 1997 1996
------------------ ----------------- ------------------ --------------------
<S> <C> <C> <C> <C>
Net sales $ 50,701 $ 48,043 $ 86,849 $ 85,932
Cost of sales 31,551 31,503 57,696 57,427
------------------ ----------------- ------------------ --------------------
Gross profit 19,150 16,540 29,153 28,505
Selling, general and
administrative expenses 15,872 13,252 27,274 23,608
------------------ ----------------- ------------------ --------------------
Operating income 3,278 3,288 1,879 4,897
Interest income 407 453 812 812
Interest expense (504) (485) (1,054) (1,002)
Other income (expense) (373) (122) (537) 628
------------------ ----------------- ------------------ --------------------
(470) (154) (779) 438
------------------ ----------------- ------------------ --------------------
Income before income taxes 2,808 3,134 1,100 5,335
Income taxes 1,067 1,191 418 2,028
------------------ ----------------- ------------------ --------------------
Net income $ 1,741 $ 1,943 $ 682 $ 3,307
================== ================= ================== ====================
Weighted average common and common
equivalent shares outstanding 7,358 7,260 7,322 7,258
Net income per common share $ 0.24 $ 0.27 $ 0.09 $ 0.46
See notes to condensed consolidated financial statements.
</TABLE>
- 3 -
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
<TABLE>
For the Twenty-six weeks ended
June 28, June 29,
1997 1996
--------------- ------------------
<S> <C> <C>
Operating Activities:
Net income $ 682 $ 3,307
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 3,895 3,277
Allowance for bad debts 355 98
Deferred income taxes (1,506) 1,000
Loss on disposition of assets 45 35
Changes in operating assets and liabilities:
Accounts receivable (9,019) (6,463)
Inventories 1,959 (5,724)
Prepaid expenses (152) (166)
Accounts payable and accrued expenses 10,267 5,307
Income taxes receivable 1,916 (14)
--------------- ------------------
Net cash provided by operating activities 8,442 657
Investing activities:
Additions to property, plant and equipment (1,810) (6,871)
Proceeds from sale of assets 64
Changes in other assets (157) (163)
Increase (decrease) in investments (41) 1,000
--------------- ------------------
Net cash used for investing activities (2,008) (5,970)
Financing activities:
Repayments of long-term debt and capital leases (265) (297)
Net proceeds from issuance of common stock 951 94
--------------- ------------------
Net cash provided by (used for) financing activities 686 (203)
Effect of exchange rate changes on cash (1) (27)
--------------- ------------------
Increase (decrease) in cash and cash equivalents 7,119 (5,543)
Cash and cash equivalents at beginning of period 36,104 35,406
--------------- ------------------
Cash and cash equivalents at end of period $ 43,223 $ 29,863
=============== ==================
See notes to condensed consolidated financial statements.
- 4 -
</TABLE>
<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-27-1997
<PERIOD-START> MAR-30-1997
<PERIOD-END> JUN-28-1997
<CASH> 43223
<SECURITIES> 0
<RECEIVABLES> 17012
<ALLOWANCES> 0
<INVENTORY> 13406
<CURRENT-ASSETS> 81907
<PP&E> 63116
<DEPRECIATION> 0
<TOTAL-ASSETS> 148486
<CURRENT-LIABILITIES> 28271
<BONDS> 0
0
1
<COMMON> 243
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 148486
<SALES> 50701
<TOTAL-REVENUES> 0
<CGS> 31551
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 373
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 504
<INCOME-PRETAX> 2808
<INCOME-TAX> 1067
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1741
<EPS-PRIMARY> .24
<EPS-DILUTED> .24
</TABLE>
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
6/28/97 6/29/96 6/28/97 6/29/96
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Primary:
Average shares outstanding 7,274 7,185 7,236 7,184
Net effect of dilutive stock options -
based on the treasury stock
method using average
market price 63 67 64 63
------------ ------------ ------------ ------------
7,337 7,252 7,300 7,247
============ ============ ============ ============
Net Income $1,741 $1,943 $682 $3,307
============ ============ ============ ============
Per share amount $0.24 $0.27 $0.09 $0.46
============ ============ ============ ============
Fully diluted:
Average shares outstanding 7,274 7,185 7,236 7,184
Net effect of dilutive stock options -
based on the treasury stock
method using quarter-end
market price which is greater
than average market price 84 75 86 74
------------ ------------ ------------ ------------
7,358 7,260 7,322 7,258
============ ============ ============ ============
Net Income $1,741 $1,943 $682 $3,307
============ ============ ============ ============
Per share amount $0.24 $0.27 $0.09 $0.46
============ ============ ============ ============
</TABLE>
