<PAGE> 1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 for the quarterly period ended April 1, 1995
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 0-981
----------------------------
PUBLIX SUPER MARKETS, INC.
------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Florida 59-0324412
- ------------------------------- ------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
1936 George Jenkins Blvd.
Lakeland, Florida 33801
- ---------------------------------------- ------------------------------------
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code (813) 688-1188
--------------
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
---------- ---------
The number of shares outstanding of the Registrant's common stock, $1.00 par
value, as of April 28, 1995 was 229,275,870.
Page 1 of 8 pages
<PAGE> 2
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
PUBLIX SUPER MARKETS, INC.
CONDENSED BALANCE SHEETS
(Amounts in thousands)
<TABLE>
<CAPTION>
ASSETS
April 1, 1995 December 31, 1994
------------- -----------------
(Unaudited)
<S> <C> <C>
Current Assets
- --------------
Cash and cash equivalents $ 291,448 $ 188,885
Short-term investments 80,923 77,217
Accounts receivable 46,263 40,849
Merchandise inventories 467,719 480,876
Deferred tax assets 37,459 28,320
Prepaid expenses 8,119 1,767
----------- ----------
Total Current Assets 931,931 817,914
----------- ----------
Long-term investments 122,275 124,494
Investment in joint ventures 5,051 5,036
Other noncurrent assets 4,629 5,149
Property, plant and equipment 2,380,189 2,321,960
Accumulated depreciation (1,003,737) (972,217)
----------- ----------
Total Assets $ 2,440,338 $2,302,336
=========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
- -------------------
Current installments of long-term debt $ 1,633 1,619
Accounts payable 440,663 434,647
Accrued profit sharing and ESOT contribution 95,772 66,768
Accrued salaries and wages 44,648 44,028
Accrued self-insurance reserves 55,009 49,295
Federal and state income taxes 46,756 2,729
Other 58,845 58,857
----------- ----------
Total Current Liabilities 743,326 657,943
----------- ----------
Long-term debt, excluding current installments 2,571 3,031
Deferred tax liabilities, net 83,857 78,168
Self-insurance reserves 56,085 59,710
Accrued postretirement benefit cost 31,066 30,330
Stockholders' Equity
- --------------------
Common stock of $1 par value. Authorized
300,000,000 shares: Issued 231,585,497
shares at April 1, 1995 and
December 31, 1994 231,585 231,585
Additional paid-in capital 78,421 78,421
Reinvested earnings 1,242,347 1,165,128
----------- ----------
1,552,353 1,475,134
Less: 2,044,753 shares of common stock
acquired from stockholders at
April 1, 1995, at cost 28,406 ---
Unrealized loss on investment
securities available for sale, net 514 1,980
----------- ----------
Total Stockholders' Equity 1,523,433 1,473,154
----------- ----------
Total Liabilities and Stockholders'
Equity $ 2,440,338 $2,302,336
=========== ==========
</TABLE>
See accompanying notes to condensed financial statements.
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<PAGE> 3
PUBLIX SUPER MARKETS, INC.
CONDENSED STATEMENTS OF EARNINGS
(Amounts in thousands except per share amounts)
<TABLE>
<CAPTION>
Three Months Ended
April 1, 1995 March 26, 1994
------------- --------------
(Unaudited)
<S> <C> <C>
Revenues
- --------
Sales $ 2,394,629 $ 2,164,581
Other income, net 22,632 27,269
------------ ------------
Total revenues 2,417,261 2,191,850
------------ ------------
Costs and expenses
- ------------------
Cost of merchandise sold including store
occupancy, warehousing and delivery
expenses 1,836,707 1,669,227
Operating and administrative expenses 456,570 397,609
Interest expense 102 113
------------ ------------
Total costs and expenses 2,293,379 2,066,949
------------ ------------
Earnings before income tax expense 123,882 124,901
Income tax expense 46,663 46,857
------------ ------------
Net earnings $ 77,219 $ 78,044
============ ============
Weighted average number of common
shares outstanding 230,275,612 236,078,036
============ ============
Net earnings per common share $ .34 $ .33
============ ============
Cash dividends per common share None None
</TABLE>
See accompanying notes to condensed financial statements.
-3-
<PAGE> 4
PUBLIX SUPER MARKETS, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
<TABLE>
<CAPTION>
Three Months Ended
April 1, 1995 March 26, 1994
------------- --------------
(Unaudited)
<S> <C> <C>
Cash Flows From Operating Activities
- ------------------------------------
Cash received from customers $ 2,405,487 $ 2,180,350
Cash paid to employees and suppliers (2,186,805) (1,991,452)
Income taxes paid (7,007) (9,219)
Payment for self-insured claims (24,842) (16,871)
Other 3,832 13,750
----------- -----------
Net Cash Provided by Operating Activities 190,665 176,558
----------- -----------
Cash Flows From Investing Activities
- ------------------------------------
Payment for property, plant and equipment (63,258) (94,961)
Payment for investment securities -
held-to-maturity --- (1,095)
Payment for investment securities -
available-for-sale (78,334) (37,658)
Proceeds from sale of investment securities -
available-for-sale 81,087 34,735
Other, net 1,255 648
----------- -----------
Net Cash Used in Investing Activities (59,250) (98,331)
----------- -----------
Cash Flows From Financing Activities
- ------------------------------------
Payment of long-term debt (446) (553)
Proceeds from sale of common stock 8,032 2,587
Payment for acquisition of common stock (36,438) (64,877)
----------- -----------
Net Cash Used in Financing Activities (28,852) (62,843)
----------- -----------
Net increase in cash and cash equivalents 102,563 15,384
Cash and cash equivalents at beginning of
quarter 188,885 198,997
----------- -----------
Cash and cash equivalents at end of quarter $ 291,448 $ 214,381
=========== ===========
</TABLE>
See accompanying notes to condensed financial statements.
-4-
<PAGE> 5
PUBLIX SUPER MARKETS, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
1. In the opinion of management, the accompanying financial statements
include all adjustments deemed necessary to fairly reflect the financial
position, results of operations and changes in cash flows of the Company
for the interim periods presented.
-5-
<PAGE> 6
PUBLIX SUPER MARKETS, INC.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Liquidity and Capital Resources
Operating activities continue to be the Company's primary source of
liquidity. Net cash provided by operating activities was approximately $190.7
million in the quarter ended April 1, 1995, as compared with $176.6 million in
the quarter ended March 26, 1994. Cash and cash equivalents totaled $291.4
million as of April 1, 1995.
Capital expenditures totaled $63.3 million in the quarter ended April 1,
1995. These expenditures were primarily incurred in connection with the
opening of ten new stores and the remodeling or enlarging of three stores which
added .52 million square feet. Significant expenditures were also incurred in
the continued construction of a new distribution center in Lawrenceville,
Georgia. Capital expenditures in the quarter ended March 26, 1994, were
approximately $95.0 million. These expenditures were primarily incurred in
connection with the opening of ten new stores and remodeling or enlarging of
three stores which added .49 million square feet. Also, significant
expenditures were incurred in the continued construction of a new general
merchandise warehouse in Lakeland, Florida and a new distribution center in
Lawrenceville, Georgia. In addition, the Company closed one store.
The Company has budgeted approximately $336.7 million for the remainder
of 1995 for new store construction, the remodeling or enlarging of several
existing stores and the expansion and construction of distribution facilities.
The capital budget is subject to continuing change and review. The remaining
capital expenditures are expected to be financed by internally generated funds
and current liquid assets.
As of April 1, 1995, the Company has committed lines of credit for $100.0
million and one uncommitted line of credit for $25.0 million. These lines are
reviewed annually by the banks. The interest rate for these lines is at or
below the prime rate. No amounts were outstanding as of April 1, 1995.
Cash generated in excess of the amount needed for current operations and
capital expenditures is invested in short-term and long-term investments.
Management believes the Company's liquidity will continue to be strong.
Operating Results
Sales increased 10.6% in the first quarter of 1995 to $2,394.6 million,
an increase of $230.0 million compared to the same quarter in 1994. This
represents an increase of $60.8 million or 2.8% in additional sales from stores
that were open for all of both quarters (comparable stores) and additional
sales of $169.2 million or 7.8% from the net impact of 51 stores opened and
four stores closed since March 26, 1994, and 10 stores opened and one store
closed in the first quarter of 1994. Other income decreased $4.6 million or
17.0% in the first quarter of 1995 as compared to the same quarter in 1994.
The decrease is related to the recognition of a $5.6 million gain in the first
quarter of 1994 on the settlement of claims for business interruption losses
and property losses resulting from the extensive damage caused by Hurricane
Andrew.
Cost of merchandise sold including store occupancy, warehousing and
delivery expenses, as a percentage of sales, was approximately 76.7% in the
quarter ended April 1, 1995, and 77.1% in the quarter ended March 26, 1994.
The decrease in cost of merchandise sold is due to buying and merchandising
efficiencies.
Operating and administrative expenses, as a percentage of sales, were
approximately 19.1% and 18.4% for the quarters ended April 1, 1995 and March
26, 1994, respectively. The significant components of operating and
administrative expenses are payroll costs, employee benefits and depreciation.
-6-
<PAGE> 7
PART 11. OTHER INFORMATION
Item 1. Legal Proceedings
In the Company's Form 10-K for the fiscal year ended December 31, 1994, the
Company disclosed a legal proceeding with the Equal Employment Opportunity
Commission (EEOC). No material developments have occurred since the Form 10-K
filing.
Item 6(a). Exhibits
27. Financial Data Schedule for the three months ended April 1, 1995.
Item 6(b). Reports on Form 8-K
No reports on Form 8-K were filed during the three months ended April 1, 1995.
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.
PUBLIX SUPER MARKETS, INC.
Date: May 12, 1995 /s/ S. Keith Billups
-----------------------------------------
S. Keith Billups, Secretary
Date: May 12, 1995 /s/ William H. Vass
-----------------------------------------
William H. Vass, Executive Vice President
and Chief Financial Officer
(Principal Financial Officer)
-7-
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-30-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> APR-01-1995
<CASH> 291,448
<SECURITIES> 80,923
<RECEIVABLES> 46,263
<ALLOWANCES> 0
<INVENTORY> 467,719
<CURRENT-ASSETS> 931,931
<PP&E> 2,380,189
<DEPRECIATION> 1,003,737
<TOTAL-ASSETS> 2,440,338
<CURRENT-LIABILITIES> 743,326
<BONDS> 2,571
<COMMON> 231,585
0
0
<OTHER-SE> 1,291,848
<TOTAL-LIABILITY-AND-EQUITY> 2,440,338
<SALES> 2,394,629
<TOTAL-REVENUES> 2,417,261
<CGS> 1,836,707
<TOTAL-COSTS> 2,293,277
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 102
<INCOME-PRETAX> 123,882
<INCOME-TAX> 46,663
<INCOME-CONTINUING> 77,219
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 77,219
<EPS-PRIMARY> .34
<EPS-DILUTED> .34
</TABLE>
