<PAGE>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended January 2, 1997
------------------------------------------------
OR
[ ] 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 1-11556
--------------------------------------------------------
UNI-MARTS, INC.
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 25-1311379
- -------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
477 East Beaver Avenue, State College, PA 16801-5690
- -------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(8l4) 234-6000
- -------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
- -------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report.)
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
----- -----
6,630,043 Common Shares were outstanding at February 7, 1997.
This Document Contains 19 Pages.
-1-
<PAGE>
UNI-MARTS, INC. AND SUBSIDIARY
INDEX
PART I. FINANCIAL INFORMATION
- -------------------------------
PAGE(S)
Item 1. Financial Statements
Consolidated Balance Sheets -
January 2, 1997 and September 30, 1996 3-4
Consolidated Statements of Earnings -
Quarters Ended January 2, 1997 and
January 4, 1996 5
Consolidated Statements of Cash Flows -
Quarters Ended January 2, 1997 and
January 4, 1996 6-7
Notes to Consolidated Financial Statements 8-10
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations 11-14
PART II. OTHER INFORMATION
- ---------------------------
Item 5. Other Information 15
Item 6. Exhibits and Reports on Form 8-K 15
Exhibit Index 17
-2-
<PAGE>
<TABLE>
FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
UNI-MARTS, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
<CAPTION>
January 2, September 30,
1997 1996
------------ -------------
(Unaudited)
ASSETS
<S> <C> <C>
CURRENT ASSETS:
Cash $ 5,811,276 $ 1,207,929
Marketable equity securities (at market,
cost $630,700 and $441,700) 482,061 387,282
Accounts receivable, less allowances
of $88,800 and $74,600 4,265,870 2,826,887
Inventories 19,839,450 17,807,998
Prepaid and current deferred taxes 1,373,217 2,491,978
Prepaid expenses and other 1,355,018 1,560,816
------------ ------------
TOTAL CURRENT ASSETS 33,126,892 26,282,890
PROPERTY, EQUIPMENT AND IMPROVEMENTS -
at cost, less accumulated depreciation and
amortization of $42,672,700 and
$41,815,400 74,621,588 71,794,100
NET INTANGIBLE AND OTHER ASSETS 6,852,846 6,960,752
------------ ------------
TOTAL ASSETS $114,601,326 $105,037,742
============ ============
</TABLE>
-3-
<PAGE>
<TABLE>
UNI-MARTS, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(CONTINUED)
<CAPTION>
January 2, September 30,
1997 1996
------------ -------------
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
<S> <C> <C>
CURRENT LIABILITIES:
Accounts payable $ 16,493,049 $ 15,389,440
Accrued expenses 6,624,262 5,852,143
Current maturities of long-term debt 8,836,759 3,272,957
Current obligations under capital leases 101,692 105,071
------------ ------------
TOTAL CURRENT LIABILITIES 32,055,762 24,619,611
LONG-TERM DEBT, less current maturities 40,694,034 38,343,024
OBLIGATIONS UNDER CAPITAL LEASES,
less current maturities 596,291 620,871
DEFERRED TAXES 2,536,400 2,394,700
DEFERRED INCOME AND OTHER LIABILITIES 3,091,653 2,997,125
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common Stock, par value $.10 a share:
Authorized 15,000,000 shares
Issued 7,279,684 and 7,279,684 shares,
respectively 727,968 727,968
Additional paid-in capital 24,300,719 24,287,858
Retained earnings 14,547,304 14,696,776
Less unrealized loss on securities ( 148,682) ( 54,401)
------------ ------------
39,427,309 39,658,201
Less Treasury Stock, at cost -
643,234 and 621,197 shares of
Common Stock, respectively ( 3,800,123) ( 3,595,790)
------------ ------------
35,627,186 36,062,411
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $114,601,326 $105,037,742
============ ============
</TABLE>
See notes to consolidated financial statements
-4-
<PAGE>
<TABLE>
UNI-MARTS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
<CAPTION>
QUARTER ENDED
January 2, January 4,
1997 1996
----------- -----------
<S> <C> <C>
REVENUES:
Merchandise sales $46,472,746 $46,362,304
Gasoline sales 42,319,924 37,219,136
Other income 616,357 553,171
----------- -----------
89,409,027 84,134,611
COSTS AND EXPENSES:
Cost of sales 67,046,842 61,192,407
Selling 17,698,593 16,833,562
General and administrative 1,854,213 1,653,084
Depreciation and amortization 1,813,019 1,452,925
Interest 917,005 784,905
----------- -----------
89,329,672 81,916,883
----------- -----------
EARNINGS BEFORE INCOME TAXES 79,355 2,217,728
INCOME TAXES 29,700 819,500
----------- -----------
NET EARNINGS $ 49,655 $ 1,398,228
=========== ===========
EARNINGS PER SHARE $ 0.01 $ 0.22
=========== ===========
DIVIDENDS PER SHARE $ 0.0300 $ 0.0275
=========== ===========
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 6,642,450 6,367,878
=========== ===========
</TABLE>
See notes to consolidated financial statements
-5-
<PAGE>
<TABLE>
UNI-MARTS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
QUARTER ENDED
January 2, January 4,
1997 1996
----------- -----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from customers and others $88,055,110 $83,790,697
Cash paid to suppliers and employees ( 85,112,878) ( 79,450,335)
Net receipts for sales and purchases
of trading equity securities 455,332
Dividends and interest received 8,982 15,984
Interest paid ( 1,077,252) ( 1,039,672)
Income taxes paid 42,200 ( 709,000)
----------- -----------
NET CASH PROVIDED BY OPERATING
ACTIVITIES 1,916,162 3,063,006
CASH FLOWS FROM INVESTING ACTIVITIES:
Receipts from sale of capital assets 23,187 17,768
Purchase of property, equipment and
improvements ( 4,521,246) ( 1,427,325)
Payments for purchases of available-for-
sale securities ( 189,060)
Cash advanced for intangible and other
assets ( 39,965) ( 228,483)
Cash received for intangible and other
assets 19,208 44,438
----------- -----------
NET CASH USED IN INVESTING ACTIVITIES ( 4,707,876) ( 1,593,602)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit
agreement 5,000,000
Additional long-term borrowings 4,500,000
Principle payments on debt ( 1,613,147) ( 1,611,922)
Purchases of treasury stock ( 292,665)
Proceeds from issuance of common stock 167,983
Dividends paid to stockholders ( 199,127) ( 175,614)
----------- -----------
NET CASH PROVIDED (USED) BY FINANCING
ACTIVITIES 7,395,061 ( 1,619,553)
----------- -----------
NET INCREASE (DECREASE) IN CASH 4,603,347 ( 150,149)
----------- -----------
CASH:
Beginning of period 1,207,929 7,325,513
----------- -----------
End of period $ 5,811,276 $ 7,175,364
=========== ===========
</TABLE>
-6-
<PAGE>
<TABLE>
UNI-MARTS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(CONTINUED)
(Unaudited)
<CAPTION>
QUARTER ENDED
January 2, January 4,
1997 1996
------------ -----------
<S> <C> <C>
RECONCILIATION OF NET EARNINGS TO NET
CASH PROVIDED BY OPERATING ACTIVITIES:
NET EARNINGS $ 49,655 $1,398,228
ADJUSTMENTS TO RECONCILE NET EARNINGS TO
NET CASH PROVIDED BY OPERATING ACTIVITIES:
Depreciation and amortization 1,813,019 1,452,925
Loss on sale of capital assets and other 124,822 27,513
Change in assets and liabilities:
(Increase) decrease in:
Marketable equity securities 434,508
Accounts receivable ( 1,438,983) ( 263,087)
Inventories ( 2,031,452) ( 2,399,093)
Prepaid expenses 1,380,459 174,604
Increase (decrease) in:
Accounts payable and accrued expenses 1,838,314 2,112,290
Deferred income taxes and other
liabilities 180,328 125,118
---------- ----------
TOTAL ADJUSTMENTS TO NET EARNINGS 1,866,507 1,664,778
---------- ----------
NET CASH PROVIDED BY OPERATING ACTIVITIES $1,916,162 $3,063,006
========== ==========
</TABLE>
See notes to consolidated financial statements
-7-
<PAGE>
UNI-MARTS, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
A. FINANCIAL STATEMENTS:
The consolidated balance sheet as of January 2, 1997, the consolidated
statements of earnings and the consolidated statements of cash flows for
the quarters ended January 2, 1997 and January 4, 1996 have been prepared
by Uni-Marts, Inc. (the "Company") without audit. In the opinion of
management, all adjustments (which include only normal recurring
adjustments) necessary to present fairly the financial position of the
Company at January 2, 1997 and the results of operations and cash flows
for all periods presented have been made.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted. It is suggested that
these consolidated financial statements be read in conjunction with the
financial statements and notes thereto included in the Company's Annual
Report on Form 10-K for the fiscal year ended September 30, 1996. The
results of operations for the interim periods are not necessarily
indicative of the results to be obtained for the full year.
B. INTANGIBLE AND OTHER ASSETS:
Intangible and other assets consist of the following:
January 2, September 30,
1997 1996
----------- -------------
Goodwill $ 6,498,671 $ 6,498,671
Lease acquisition costs 1,197,174 1,296,637
Non-competition agreements 1,213,040 1,213,040
Other 2,008,555 1,986,989
----------- -----------
10,917,440 10,995,337
Less accumulated amortization 4,064,594 4,034,585
----------- -----------
$ 6,852,846 $ 6,960,752
=========== ===========
Goodwill represents the excess of costs over the fair value of net
assets acquired in business combinations and is amortized on a
straight-line basis over periods of 5 to 40 years. Lease acquisition
costs are the bargain element of acquired leases and are being amortized
on a straight-line basis over the related lease terms. Non-competition
agreements are amortized over the terms of the particular agreements.
It is the Company's policy to periodically review and evaluate the
recoverability of the intangible assets by assessing current and future
profitability and cash flows and to determine whether the amortization of
the balances over their remaining lives can be recovered through expected
future results and cash flows.
-8-
<PAGE>
C. INTERIM CREDIT FACILITIES:
The Company has a $13.5 million revolving credit agreement with a bank
group at the bank's prime rate or a fixed rate option at the Company's
election, with a maximum of $3.5 million available for issuance of letters
of credit. The revolving credit facility is committed for a two-year
period expiring February 28, 1998 or a later date as approved by the bank
group. At January 2, 1997, borrowings of $10.0 million and letters of
credit of $2.7 million were outstanding under the agreement.
D. LONG-TERM DEBT:
January 2, September 30,
1997 1996
------------ -------------
Term Loan. Interest is paid at least
quarterly. Principal on the note will
be repaid in 16 quarterly installments
beginning October 31, 1997. The interest
rate was 7.77% at January 2, 1997. $16,741,488 $16,741,488
Term Loan. Interest is paid at least
quarterly. Principal on the note will be
repaid in fiscal year 1999. The interest
rate was 7.77% at January 2, 1997. 10,000,000 10,000,000
Term Loan. Interest is paid at least
quarterly. Principal on the note will be
repaid in fiscal year 1998. The interest
rate was 8.50% at January 2, 1997. 4,500,000
Senior Notes of the Company. Interest is
paid in semiannual installments at a
blended rate of 10.50%. Principal on the
the notes will be repaid in four semiannual
installments. 6,036,735 7,570,068
Revolving Credit Agreement. Interest is
paid quarterly at the bank's prime rate or a
fixed rate option at the Company's election.
The blended interest rate was 7.80% at
January 2, 1997. (See Note C) 10,000,000 5,000,000
Mortgage Loans Payable. Principal and
interest are paid in monthly installments.
The loans expire in years 1999 through
2010 with interest ranging from 8.25% to
8.75%. The blended interest was 8.38%
at January 2, 1997. 2,252,570 2,304,425
----------- -----------
49,530,793 41,615,981
Less current maturities 8,836,759 3,272,957
----------- -----------
$40,694,034 $38,343,024
=========== ===========
The mortgage loans are collateralized by $7,211,300 of property, at cost.
-9-
<PAGE>
Certain of the Company's debt agreements contain covenants which provide
for the maintenance of minimum working capital and net worth as well as
limitations on future indebtedness, sales and leasebacks and dispositions
of assets. These agreements may restrict the Company's ability to declare
and pay dividends on common stock. The amount of retained earnings
available for such dividends at January 2, 1997 was $6,646,300.
Primarily due to lower than anticipated gross profits on gasoline sales
during the first quarter of fiscal year 1997, at January 2, 1997 the
Company was not in compliance with a certain financial covenant contained
in its Senior Note Agreements and was granted a waiver by the holders of
the Notes. If the current low level of gasoline gross profits continues,
the Company may not be in compliance with this covenant at the second
fiscal quarter ending April 3, 1997. The Company has no reason to
believe, however, that such noncompliance, if it occurs, will not be
waived by the holders.
-10-
<PAGE>
<TABLE>
ITEM 2.
UNI-MARTS, INC. AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Set forth below are selected unaudited consolidated financial data of the
Company for the periods indicated:
<CAPTION>
QUARTER ENDED
January 2, January 4,
1997 1996
----------- -----------
<S> <C> <C>
STATEMENTS OF EARNINGS DATA:
Sales and other income by the
Company and its franchisees:
Merchandise sales $46,472,746 $46,362,304
Gasoline sales 42,319,924 37,219,136
Other income 616,357 553,171
----------- -----------
Total 89,409,027 84,134,611
Cost of sales 67,046,842 61,192,407
----------- -----------
Gross Profit 22,362,185 22,942,204
Selling 17,698,593 16,833,562
General and administrative 1,854,213 1,653,084
Depreciation and amortization 1,813,019 1,452,925
Interest 917,005 784,905
----------- -----------
Earnings before income taxes 79,355 2,217,728
Income taxes 29,700 819,500
----------- -----------
Net earnings $ 49,655 $ 1,398,228
=========== ===========
Earnings per share $ 0.01 $ 0.22
=========== ===========
</TABLE>
-11-
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
OPERATING DATA (CONVENIENCE STORES ONLY):
Average, per store, for stores open two
full comparable periods:
Merchandise sales $ 115,601 $ 113,979
Gasoline sales $ 142,544 $ 123,530
Gallons of gasoline sold 129,322 126,445
Total gallons of gasoline sold 38,646,065 38,107,369
Gross profit per gallon of gasoline $ 0.104 $ 0.122
Stores at beginning of period 405 414
Stores added 2
Stores closed 5
Stores at end of period 402 414
Company-operated stores 368 376
Franchisee-operated stores 34 38
Locations with self-service gasoline 301 300
</TABLE>
-12-
<PAGE>
RESULTS OF OPERATIONS:
Matters discussed below should be read in conjunction with "Statements of
Earnings Data" and "Operating Data (Convenience Stores Only)" on the preceding
page. Certain statements contained in this report are forward-looking.
Although Uni-Marts, Inc. believes that its expectations are based on reasonable
assumptions within the bounds of its knowledge of its business and operations,
there can be no assurance that actual results will not differ materially from
its expectations. Factors that could cause actual results to differ from
expectations include volatility of gasoline prices, merchandise margins,
customer traffic and weather conditions. For a discussion of these and other
factors, see the Company's reports filed with the Securities and Exchange
Commission.
On October 1, 1996, the Company adopted Statement of Financial Accounting
Standards No. 121, "Accounting for the Impairment of Long-lived Assets and for
Long-lived Assets to Be Disposed Of" ("SFAS 121"). The effect of adopting this
accounting standard was not significant to the Company's financial position
or results of operations.
Total revenues in the first quarter of fiscal year 1997 were $89.4 million
compared to total revenues of $84.1 million in the first quarter of fiscal year
1996, an increase of $5.3 million, or 6.3%. This increase is primarily the
result of higher gasoline sales, as discussed below.
Merchandise sales for the fiscal year 1997 first quarter were $46.5 million, an
increase of $110,000, or 0.2%, from merchandise sales in the comparable period
in the prior fiscal year. Merchandise sales at comparable stores increased by
1.4%.
Gasoline sales in the fiscal year 1997 first quarter grew by $5.1 million, or
13.7%, to $42.3 million from $37.2 million in the first quarter of fiscal year
1996. This increase is almost entirely the result of higher retail prices per
gallon in the current year, an increase of over $0.12 per gallon of gasoline
sold at the Company's convenience stores.
Other income increased by $63,000, or 11.4%, in the first quarter of fiscal year
1997 due to higher promotional activities.
Gross profits on merchandise sales in the fiscal year 1997 first quarter were
slightly higher, increasing $67,000, or 0.4%, in comparison with the comparable
period in the prior year. The increase is the result of both higher sales
volume and a higher gross profit rate.
Although gasoline sales in the first quarter of fiscal year 1997 grew
significantly compared to the comparable period of fiscal year 1996, the gross
profits on those sales declined by $708,000 due to lower gross profits per
gallon sold. The gross profit per gallon sold at the Company's convenience
stores declined from $0.122 in fiscal year 1996 to $0.104 in the current year.
Selling expenses were $17.7 million in the first quarter of fiscal year 1997, an
increase of $865,000, or 5.1%, over fiscal year 1996 first quarter selling
expenses of $16.8 million. This increase is largely the result of higher wage
levels due to the minimum wage increase and increased staffing for prepared food
installations. General and administrative expense increased by $201,000 due to
higher professional fees. Depreciation and amortization increased $360,000, or
24.8%, from $1.5 million in the first quarter of fiscal year 1996 to $1.8
million in the current year due to depreciation of remodeled and new convenience
stores. Interest expense increased $132,000, or 16.8%, due primarily to higher
debt levels in fiscal year 1997.
-13-
<PAGE>
Net earnings before income taxes for the first quarter of fiscal year 1997 were
$79,000, compared to $2.2 million in the prior fiscal year reflecting the
$580,000 reduction in gross profits and $1.6 million increase in expenses.
Income taxes declined $790,000 as a result of the decline in pre-tax income.
Net earnings declined by $1.3 million from $1.4 million, or $0.22 per share, in
the first quarter of fiscal year 1996 to $50,000, or $0.01 per share, in the
first quarter of the current year.
LIQUIDITY AND CAPITAL RESOURCES:
Most of the Company's sales are for cash and its inventory turns over rapidly.
As a result, the Company's daily operations do not require large amounts of
working capital. From time to time, the Company utilizes substantial portions
of its cash and interim credit facilities to acquire and construct new stores
and renovate existing locations.
Capital requirements for the balance of fiscal year 1997 include debt and
capital lease payments of approximately $1.8 million and capital expenditures of
approximately $7.5 million. The Company anticipates that cash presently
available and cash generated from operations and bank credit facilities will be
sufficient to fulfill its cash requirements.
Primarily due to lower than anticipated gross profits on gasoline sales during
the first quarter of fiscal year 1997, at January 2, 1997 the Company was not
in compliance with a certain financial covenant contained in its Senior Note
Agreements and was granted a waiver by the holders of the Notes. If the current
low level of gasoline gross profits continues, the Company may not be in
compliance with this covenant at the second fiscal quarter ending April 3,
1997. The Company has no reason to believe, however, that such noncompliance,
if it occurs, will not be waived by the holders.
-14-
<PAGE>
PART II. OTHER INFORMATION
ITEM 5. OTHER INFORMATION
(a) TERMINATION OF GETTY AGREEMENT:
On December 27, 1996, the Company notified Getty Petroleum Corp. and its
affiliates (collectively "Getty") that, in accordance with their
respective terms, effective December 31, 1997, the Company will terminate
certain agreements with Getty, including leases and subleases and a
gasoline supply agreement pursuant to which the Company purchases
substantially all of its gasoline. The Company anticipates further
discussions with Getty concerning revised agreements, but there is no
assurance that satisfactory terms can be agreed upon. If no agreement is
reached with Getty, the Company will no longer operate approximately 100
stores after December 31, 1997. The loss of these stores will have a
material effect on the Company's revenues and expenses. However, the
Company anticipates that its net earnings will not be materially effected
due to increased gasoline gross profit rates on its remaining gasoline
sales and reduced operating costs.
(b) CHOICE CIGARETTE DISCOUNT OUTLETS:
In the first quarter of fiscal year 1997, the Company, on a test basis,
converted three closed and one underperforming convenience store
locations to discount tobacco stores operating under the name of Choice
Cigarette Discount Outlet. The Company has since converted another
location and may continue this program should results prove favorable.
The Company will continue to sell gasoline at converted locations if
gasoline was sold there prior to conversion.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) EXHIBITS
11 Statement regarding computation of per share earnings.
27 Financial Data Schedule.
(b) REPORTS ON FORM 8-K
The Company did not file any reports on Form 8-K during the quarter
ended January 2, 1997.
-15-
<PAGE>
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.
Uni-Marts, Inc.
----------------------------------
(Registrant)
Date February 11, 1997 /S/ HENRY D. SAHAKIAN
----------------- ----------------------------------
Henry D. Sahakian
Chairman of the Board
(Principal Executive Officer)
Date February 11, 1997 /S/ J. KIRK GALLAHER
----------------- ----------------------------------
J. Kirk Gallaher
Executive Vice President, Director
and Chief Financial Officer
(Principal Accounting Officer)
(Principal Financial Officer)
-16-
<PAGE>
UNI-MARTS, INC. AND SUBSIDIARY
EXHIBIT INDEX
Number Description Page(s)
- ------ ----------- -------
11 Statement regarding computation of per
share earnings. 18
27 Financial Data Schedule. 19
-17-
<PAGE>
<TABLE>
EXHIBIT (11)
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS:
(A) Computation of the weighted average number of shares of common stock
outstanding for the periods indicated:
<CAPTION>
WEIGHTED
SHARES OF NUMBER OF DAYS NUMBER OF SHARES
COMMON STOCK OUTSTANDING SHARE DAYS OUTSTANDING
------------ -------------- ------------ -----------
<S> <C> <C> <C> <C>
Quarter Ended January 2, 1997
- -----------------------------
October 1 - January 2 6,658,487 94 625,897,769
Treasury Stock Purchases ( 37,381) Various ( 2,453,193)
Shares Issued 15,344 Various 945,756
--------- -----------
6,636,450 624,390,332 6,642,450
========= =========== =========
Quarter Ended January 4, 1996
- -----------------------------
October 1 - January 4 6,345,465 96 609,164,680
Shares Issued 40,445 Various 2,151,590
--------- -----------
6,385,910 611,316,270 6,367,878
========= =========== =========
</TABLE>
(B) Computation of Earnings Per Share:
Computation of earnings per share is net earnings divided by the
weighted average number of shares of common stock outstanding for the
periods indicated:
QUARTER ENDED
January 2, January 4,
1997 1996
---------- ----------
Net Earnings $ 49,655 $1,398,228
Weighted average number of shares of
common stock outstanding 6,642,450 6,367,878
Earnings Per Share $ 0.01 $ 0.22
========== ==========
-18-
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE
SHEET DATED JANUARY 2, 1997 AND THE STATEMENT OF EARNINGS FOR THE QUARTER ENDED
JANUARY 2, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<CIK> 0000805020
<NAME> UNI-MARTS, INC.
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> JAN-02-1997
<CASH> 5,811,276
<SECURITIES> 482,061
<RECEIVABLES> 4,354,670
<ALLOWANCES> 88,800
<INVENTORY> 19,839,450
<CURRENT-ASSETS> 33,126,892
<PP&E> 117,294,288
<DEPRECIATION> 42,672,700
<TOTAL-ASSETS> 114,601,326
<CURRENT-LIABILITIES> 32,055,762
<BONDS> 41,290,325
0
0
<COMMON> 727,968
<OTHER-SE> 34,899,218
<TOTAL-LIABILITY-AND-EQUITY> 114,601,326
<SALES> 88,792,670
<TOTAL-REVENUES> 89,409,027
<CGS> 67,046,842
<TOTAL-COSTS> 89,329,672
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 26,000
<INTEREST-EXPENSE> 917,005
<INCOME-PRETAX> 79,355
<INCOME-TAX> 29,700
<INCOME-CONTINUING> 49,655
<DISCONTINUED> 0
<EXTRAORDINARY> 0
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