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 September 25, 1999
------------------
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 33815
- ---------------------------------------- ----------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (863) 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 October 29, 1999 was 215,816,369.
-1-
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
- -----------------------------
<TABLE>
<CAPTION>
PUBLIX SUPER MARKETS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts are in thousands, except share amounts)
ASSETS
September 25, 1999 December 26, 1998
------------------ -----------------
(Unaudited)
<S> <C> <C>
Current Assets
- --------------
Cash and cash equivalents $ 771,393 $ 669,326
Short-term investments 22,187 2,042
Trade receivables 65,896 71,267
Merchandise inventories 645,508 657,565
Deferred tax assets 55,237 53,578
Prepaid expenses 5,145 1,889
---------- ----------
Total Current Assets 1,565,366 1,455,667
---------- ----------
Long-term investments 390,655 385,571
Other noncurrent assets 21,157 11,680
Property, plant and equipment 3,173,474 2,991,868
Accumulated depreciation (1,212,098) (1,227,527)
---------- ----------
Total Assets $3,938,554 $3,617,259
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
- -------------------
Accounts payable $ 601,936 $ 615,753
Accrued contribution to retirement plans 168,340 146,107
Accrued salaries and wages 86,420 53,013
Accrued self-insurance reserves 77,576 61,413
Accrued nonrecurring charge 1,854 2,219
Federal and state income taxes 13,049 2,570
Other 119,650 107,207
---------- ----------
Total Current Liabilities 1,068,825 988,282
---------- ----------
Deferred tax liabilities, net 128,665 123,821
Self-insurance reserves 94,980 98,956
Accrued postretirement benefit cost 54,098 48,858
Other noncurrent liabilities 23,406 29,710
Stockholders' Equity
- --------------------
Common stock of $1 par value. Authorized
300,000,000 shares; issued 217,829,027
shares at September 25, 1999 and 216,862,215
shares at December 26, 1998 217,829 216,862
Additional paid-in capital 197,946 152,472
Reinvested earnings 2,248,648 1,958,459
---------- ----------
2,664,423 2,327,793
Less 1,952,677 treasury shares
at September 25, 1999, at cost (90,719) ---
Accumulated other comprehensive earnings (5,124) (161)
---------- ----------
Total Stockholders' Equity 2,568,580 2,327,632
---------- ----------
Total Liabilities and Stockholders'
Equity $3,938,554 $3,617,259
========== ==========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
-2-
<PAGE>
<TABLE>
<CAPTION>
PUBLIX SUPER MARKETS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Amounts are in thousands, except per share and share amounts)
Three Months Ended
September 25, 1999 September 26, 1998
------------------ ------------------
(Unaudited)
<S> <C> <C>
Revenues
- --------
Sales $ 3,155,851 $ 2,932,792
Other income, net 35,243 28,794
------------ ------------
Total revenues 3,191,094 2,961,586
------------ ------------
Costs and expenses
- ------------------
Cost of merchandise sold, including store
occupancy, warehousing and delivery
expenses 2,356,079 2,199,616
Operating and administrative expenses 675,109 627,079
------------ ------------
Total costs and expenses 3,031,188 2,826,695
------------ ------------
Earnings before income tax expense 159,906 134,891
Income tax expense 56,538 47,360
------------ ------------
Net earnings $ 103,368 $ 87,531
============ ============
Weighted average number of common
shares outstanding 216,335,129 217,133,830
============ ============
Basic earnings per common share $ .48 $ .40
============ ============
Cash dividends per common share none none
</TABLE>
<TABLE>
<CAPTION>
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
(Amounts are in thousands)
Three Months Ended
September 25, 1999 September 26, 1998
------------------ ------------------
(Unaudited)
<S> <C> <C>
Net earnings $ 103,368 $ 87,531
Other comprehensive earnings - unrealized
loss on investment securities
available-for-sale, net of tax effect
of ($3,164) and ($2,161) in 1999 and
1998, respectively (5,037) (3,450)
Reclassification adjustment for net
realized loss on investment
securities available-for-sale, net
of tax effect of $74 and $1,538 in
1999 and 1998, respectively 116 2,457
------------ ------------
Comprehensive earnings $ 98,447 $ 86,538
============ ============
</TABLE>
See accompanying notes to condensed consolidated financial statements.
-3-
<PAGE>
<TABLE>
<CAPTION>
PUBLIX SUPER MARKETS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Amounts are in thousands, except per share and share amounts)
Nine Months Ended
September 25, 1999 September 26, 1998
------------------ ------------------
(Unaudited)
<S> <C> <C>
Revenues
- --------
Sales $ 9,656,686 $ 8,926,952
Other income, net 101,293 96,683
------------ ------------
Total revenues 9,757,979 9,023,635
------------ ------------
Costs and expenses
- ------------------
Cost of merchandise sold, including store
occupancy, warehousing and delivery
expenses 7,216,881 6,718,159
Operating and administrative expenses 2,013,839 1,845,425
------------ ------------
Total costs and expenses 9,230,720 8,563,584
------------ ------------
Earnings before income tax expense 527,259 460,051
Income tax expense 189,224 165,102
------------ ------------
Net earnings $ 338,035 $ 294,949
============ ============
Weighted average number of common
shares outstanding 216,336,294 217,586,570
============ ============
Basic earnings per common share $ 1.56 $ 1.36
============ ============
Cash dividends per common share $ .22 $ .20
============ ============
</TABLE>
<TABLE>
<CAPTION>
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
(Amounts are in thousands)
Nine Months Ended
September 25, 1999 September 26, 1998
------------------ ------------------
(Unaudited)
<S> <C> <C>
Net earnings $ 338,035 $ 294,949
Other comprehensive earnings - unrealized
loss on investment securities
available-for-sale, net of tax effect
of ($4,999) and ($1,932) in 1999 and
1998, respectively (7,968) (3,084)
Reclassification adjustment for net
realized loss on investment
securities available-for-sale, net
of tax effect of $1,882 and $1,155 in
1999 and 1998, respectively 3,005 1,846
------------ ------------
Comprehensive earnings $ 333,072 $ 293,711
============ ============
</TABLE>
See accompanying notes to condensed consolidated financial statements.
-4-
<PAGE>
<TABLE>
<CAPTION>
PUBLIX SUPER MARKETS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts are in thousands)
Nine Months Ended
September 25, 1999 September 26, 1998
------------------ ------------------
(Unaudited)
<S> <C> <C>
Cash Flows From Operating Activities
- ------------------------------------
Cash received from customers $9,726,691 $8,996,901
Cash paid to employees and suppliers (8,835,343) (8,204,380)
Income taxes paid (172,444) (154,946)
Payment for self-insured claims (102,548) (89,068)
Other, net 36,270 36,706
---------- ----------
Net Cash Provided by Operating Activities 652,626 585,213
---------- ----------
Cash Flows From Investing Activities
- ------------------------------------
Payment for property, plant and equipment (361,720) (249,644)
Payment for investment securities -
available-for-sale (153,629) (163,324)
Proceeds from sale of investment securities -
available-for-sale 112,275 110,515
Other, net (7,372) 4,085
---------- ----------
Net Cash Used in Investing Activities (410,446) (298,368)
---------- ----------
Cash Flows From Financing Activities
- ------------------------------------
Proceeds from sale of common stock 209,708 87,742
Payment for acquisition of common stock (301,844) (166,662)
Dividends paid (47,846) (43,752)
Other, net (131) (131)
---------- ----------
Net Cash Used in Financing Activities (140,113) (122,803)
---------- ----------
Net increase in cash and cash equivalents 102,067 164,042
Cash and cash equivalents at beginning of
period 669,326 530,018
---------- ----------
Cash and cash equivalents at end of period $ 771,393 $ 694,060
========== ==========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
-5-
<PAGE>
PUBLIX SUPER MARKETS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. The accompanying condensed consolidated financial statements included
herein are unaudited; however, in the opinion of management, such
information reflects all adjustments (consisting solely of normal recurring
adjustments) which are necessary for the fair statement of results for the
interim period. These condensed consolidated financial statements should be
read in conjunction with the fiscal 1998 Form 10-K Annual Report of the
Company.
2. Due to the seasonal nature of the Company's business, the results for the
three months and nine months ended September 25, 1999 are not necessarily
indicative of the results for the entire 1999 fiscal year.
3. The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities as of the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.
4. Certain 1998 amounts have been reclassified to conform with the 1999
presentation.
5. In March 1998, the American Institute of Certified Public Accountants
issued Statement of Position 98-1, "Accounting for the Costs of Computer
Software Developed or Obtained for Internal Use," (SOP 98-1) effective for
fiscal years beginning after December 15, 1998. SOP 98-1 provides guidance
on accounting for the costs of computer software developed or obtained for
internal use. This pronouncement identifies the characteristics of internal
use software and provides guidance on new cost recognition principles. The
effect of SOP 98-1 on the Company's financial statements was not material.
6. In April 1998, the American Institute of Certified Public Accountants
issued Statement of Position 98-5, "Reporting on the Costs of Start-Up
Activities," (SOP 98-5) effective for fiscal years beginning after December
15, 1998. SOP 98-5 requires that costs incurred for start-up activities,
such as store openings, be expensed as incurred. The Company has
historically accounted for start-up costs in accordance with the
requirements of SOP 98-5, therefore, there was no effect on the Company's
financial statements from the adoption of SOP 98-5.
-6-
<PAGE>
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 $652.6
million in the nine months ended September 25, 1999, as compared with $585.2
million in the nine months ended September 26, 1998. Cash and cash equivalents
totaled $771.4 million as of September 25, 1999, as compared with $694.1 million
as of September 26, 1998.
Capital expenditures totaled approximately $361.7 million in the nine
months ended September 25, 1999. These expenditures were primarily incurred in
connection with the opening of 24 new stores and remodeling or expanding 61
stores. Significant expenditures were also incurred in the purchase of nine
additional store sites from A & P in the greater Atlanta area. In addition, the
Company closed 12 stores. The net impact of new and closed stores (net new
stores) added an additional .65 million square feet in the nine months ended
September 25, 1999, a 2.5% increase. Capital expenditures totaled approximately
$249.6 million in the nine months ended September 26, 1998. These expenditures
were primarily incurred in connection with the opening of 24 new stores and
remodeling or expanding of 26 stores. In addition, the Company closed six
stores. Net new stores added an additional .86 million square feet in the nine
months ended September 26, 1998, a 3.4% increase.
Capital expenditures for the remainder of 1999, primarily made up of new
store and warehouse construction and the remodeling or expanding of many
existing stores, are expected to be approximately $148.3 million. The capital
program is subject to continuing change and review. The remaining 1999 capital
expenditures are expected to be financed by internally generated funds and
current liquid assets. In the normal course of operations, the Company replaces
stores and closes unprofitable stores. The impact of future store closings is
not expected to be material.
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 7.6% in the third quarter of 1999 to $3.2 billion, an
increase of $223.1 million compared to the same quarter in 1998. This reflects
an increase of $132.1 million or 4.5% in sales from stores that were open for
all of both quarters (comparable stores) and sales of $91.0 million or 3.1% from
net new stores since June 27, 1998.
Sales increased 8.2% in the nine months ended September 25, 1999, to $9.7
billion, an increase of $729.7 million over the nine months ended September 26,
1998. This reflects an increase of $446.7 million or 5.0% in sales from
comparable stores and sales of $283.0 million or 3.2% from net new stores since
the beginning of 1998.
Cost of merchandise sold including store occupancy, warehousing and
delivery expenses, as a percentage of sales, was approximately 74.7% and 75.0%
in the quarters ended September 25, 1999 and September 26, 1998, respectively.
These cost of sales percentages were 74.7% and 75.3% for the nine months ended
September 25, 1999 and September 26, 1998, respectively. The decreases in cost
of merchandise sold, as a percentage of sales, are due to buying and
merchandising efficiencies.
-7-
<PAGE>
Operating and administrative expenses, as a percentage of sales, were
approximately 21.4% for the quarters ended September 25, 1999 and September 26,
1998. The operating and administrative expenses, as a percentage of sales, were
20.9% and 20.7% for the nine months ended September 25, 1999 and September 26,
1998, respectively. The significant components of operating and administrative
expenses are payroll costs, employee benefits and depreciation.
Year 2000
- ---------
Year 2000 problems result from the use in computer hardware and software
of two digits rather than four digits to define the applicable year. When
computer systems must process dates both before and after January 1, 2000,
two-digit year "fields" may create processing ambiguities that can cause errors
and system failures. These errors or failures may have limited effects, or the
effects may be widespread, depending on the computer chip, system or software,
and its location and function. The effects of Year 2000 problems are further
complicated because of the interdependence of computer and telecommunications
systems in the United States and throughout the world. This interdependence
certainly is true for the Company and its suppliers, business partners and
customers.
The Company's Board of Directors has been briefed about Year 2000
problems generally and as they may affect the Company. The Company has adopted a
Year 2000 plan (the "Plan") covering all of the Company's business units. The
aim of the Plan is to take steps to prevent the Company's processes and systems,
with emphasis on mission-critical functions, from being impaired due to Year
2000 problems. "Mission-critical" functions are those critical functions whose
loss would cause an immediate stoppage of or significant impairment to major
business areas (a major business area is one of material importance to the
Company's business). To oversee the Plan, the Company established a Year 2000
Project Office. The Project Office is staffed with representatives from the
Company's Information Systems Department, non-Information Systems business areas
and outside consultants. Additional consultants are used on an as needed basis.
Under the Plan, three main areas are addressed: information technology
(IT) systems; non-IT systems (including embedded chip technology); and supply
chain and other third party business partner readiness. The Plan called for the
Company to inventory its mission-critical computer hardware and software systems
and embedded chips (computer chips with date-related functions, contained in a
wide variety of devices); assess the effects of Year 2000 problems on the
Company's business units; remedy systems, software and embedded chips in an
effort to avoid material disruptions or other material adverse effects on
mission-critical functions, processes and systems; verify and test the systems
to which remediation efforts have been applied; and develop contingency plans to
cope with the mission-critical consequences of Year 2000 problems that have not
been identified or remediated by that date.
The Plan recognizes that the computer, telecommunications, and other
systems ("Outside Systems") of outside entities ("Outside Entities") have the
potential for major, mission-critical, adverse effects on the conduct of the
Company's business. The Company does not have control of these Outside Entities
or Outside Systems. The Plan includes an ongoing process of identifying and
contacting Outside Entities whose systems have or may have a substantial effect
on the Company's ability to continue to conduct the mission-critical aspects of
its business without disruption from Year 2000 problems. The Plan includes
reasonable efforts to inventory and assess the extent to which these Outside
Systems may not be "Year 2000 ready." The Company will continue to use
reasonable efforts to coordinate and cooperate with these Outside Entities in an
ongoing effort to obtain assurance that the Outside Systems that are
mission-critical will be Year 2000 ready before January 1, 2000.
-8-
<PAGE>
As of October 1999, the Company and all its business units have
materially completed implementation of the Plan. The Company believes that it
has substantially completed the identification, remediation or replacement, and
validation of the Company's IT and non-IT systems that were identified as having
potential Year 2000 problems. The Company further believes that substantially
all mission-critical IT and non-IT systems and equipment are Year 2000 ready.
The Company anticipates that total costs for Year 2000 awareness,
inventory, assessment, analysis, conversion, testing, or contingency planning to
be $40.0 million. As of October 1999, approximately $36.5 million of this amount
has been incurred. The incurred costs include the costs of all equipment
upgrades, software modifications, software replacements, employee salaries
allocable to the Year 2000 efforts, and consultant fees and expenses addressing
Year 2000 problems. The funds to pay for addressing Year 2000 problems are being
financed by internally generated funds and current liquid assets. The costs
incurred to date to address Year 2000 problems have not had a material effect on
the Company's consolidated financial position or results of operations.
Furthermore, the Company believes that any additional costs related to
addressing remaining Year 2000 problems will not have a material effect on the
Company's consolidated financial position or results of operations. Although
management believes that its estimates are reasonable, there can be no assurance
that the actual costs of implementing the Plan will not differ materially from
the estimated costs or that the Company will not be materially adversely
affected by Year 2000 problems. Additionally, Year 2000 costs are difficult to
estimate accurately because of unanticipated vendor delays, technical
difficulties, the impact of tests of Outside Systems and similar events.
Furthermore, the estimated costs of implementing the Plan do not take into
account the costs, if any, that might be incurred as a result of Year
2000-related failures that occur despite the Company's implementation of the
Plan.
The Company cannot assure that suppliers upon which it depends for
essential goods and services will convert and test their mission-critical
systems and processes in a timely and effective manner. Failure or delay to do
so by all or some of these entities, including U.S. Federal, state or local
governments, could create substantial disruptions having a material adverse
effect on the Company's business.
As part of the Plan, the Company has developed contingency plans that
deal with two aspects of Year 2000 problems: (1) that the Company, despite its
good-faith, reasonable efforts, may not have satisfactorily remediated all of
its internal mission-critical systems; and (2) that Outside Systems may not be
Year 2000 ready, despite the Company's good-faith, reasonable efforts to work
with Outside Entities. The Company's contingency plans have been designed to
minimize the disruptions or other adverse effects resulting from Year 2000
problems regarding these mission-critical functions or systems, and to
facilitate the early identification and remediation of mission-critical Year
2000 problems that first manifest themselves after January 1, 2000.
Should the Company or any third party with whom the Company has a
significant business relationship have a Year 2000 systems failure, the Company
believes that the most significant worst-case impact would likely be the
inability, with respect to a store or group of stores, to conduct operations due
to a power failure, to timely deliver inventory, to receive certain products
from vendors, or to electronically process sales to the customer at the store
level. The Company could also experience an inability by customers, suppliers,
and others to pay, on a timely basis or at all, obligations owed to the Company.
Under these circumstances, the adverse effect on the Company could be material,
although not quantifiable at this time. The Company will continue to monitor
business conditions with the aim of assessing and quantifying material adverse
effects, if any, that result or may result from Year 2000 problems.
-9-
<PAGE>
The Company has a Plan to deal with Year 2000 problems and believes that
it has achieved substantial Year 2000 readiness with respect to the
mission-critical systems that it controls. From a forward-looking perspective,
however, the extent and magnitude of Year 2000 problems as they will affect the
Company, both before and for some period after January 1, 2000, are difficult to
predict or quantify. Given this difficulty, there can be no assurance that all
of the Company's systems and all Outside Systems will be adequately remediated
so that they are Year 2000 ready by January 1, 2000, or by some earlier date, so
as not to create a material disruption to the Company's business. If, despite
the Company's reasonable efforts under its Year 2000 Plan, there are
mission-critical Year 2000 related failures that create substantial disruptions
to the Company's business, the adverse impact on the Company's business could be
material.
Cautionary Note Regarding Forward-Looking Statements
- ----------------------------------------------------
From time to time, information provided by the Company, including written
or oral statements made by its representatives, may contain forward-looking
information about the future performance of the Company which is based on
management's assumptions and beliefs in light of the information currently
available to them. When used in this document, the words "plan," "estimate,"
"project," "intend," "believe" and other similar expressions, as they relate to
the Company, are intended to identify such forward-looking statements. These
forward-looking statements are subject to uncertainties and other factors that
could cause actual results to differ materially from those statements including,
but not limited to: competitive practices and pricing in the food and drug
industries generally and particularly in the Company's principal markets;
changes in the general economy; changes in consumer spending; and other factors
affecting the Company's business in or beyond the Company's control. These
factors include changes in the rate of inflation, changes in state and Federal
legislation or regulation, adverse determinations with respect to litigation or
other claims, ability to recruit and train employees, ability to construct new
stores or complete remodels as rapidly as planned, stability of product costs,
and issues arising from addressing Year 2000 IT and non-IT problems. Other
factors and assumptions not identified above could also cause the actual results
to differ materially from those set forth in the forward-looking statements. The
Company assumes no obligation to update publicly these forward-looking
statements.
-10-
<PAGE>
PUBLIX SUPER MARKETS, INC.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
- ---------------------------
In the Company's Form 10-K for the fiscal year ended December 26, 1998,
the Company discussed the purported class action pending in the Federal District
Court for the Middle District of Florida (the "Court") by Lemuel Middleton and
15 other present or former employees of the Company, individually and on behalf
of all other persons similarly situated (the "Middleton case"). On March 22,
1999, the Court certified a class of all black employees and former black
employees of the Company who have sought to be promoted or who have been
discharged from employment at the Company's retail stores in Florida since April
3, 1993, and at retail stores in Georgia since January 14, 1995. The certified
class excludes black employees or former employees who worked only in pharmacy
operations. The Court denied the plaintiffs' attempt to strike the demand that
the Middleton case be tried to a jury. The Court also, among other things,
granted the plaintiffs' motion to drop all claims for compensatory and punitive
damages and to add a new plaintiff, Charmaine Washington. The Court ordered the
parties to conduct additional discovery and submit supplemental briefings on
whether Ms. Washington could be a class representative for a subclass of
unsuccessful black applicants for employment at Publix's retail stores in
Florida and Georgia. After that briefing was completed, plaintiffs withdrew Ms.
Washington as a proposed class representative and she has since moved to dismiss
her claims. Plaintiffs are still seeking certification of a subclass of
unsuccessful black applicants and have put forward a new proposed class
representative, Lydia Moultry. The parties are waiting a ruling from the Court
regarding whether Ms. Moultry can join the case. Meanwhile, on July 26, 1999 the
Court set the case for trial by jury beginning January 2, 2001.
Also in its Form 10-K for the year ended December 26, 1998, the Company
discussed the purported class action filed against the Company in the Court by
Charlene Jones, individually and on behalf of all other persons similarly
situated (the "Jones case"). In papers filed with the Court on April 16, 1999,
the plaintiff in the Jones case represented that she would not pursue a separate
class action on behalf of unsuccessful female applicants for employment in the
Company's manufacturing plants and distribution centers if her case is not
combined with the purported class action filed against the Company by Shirley
Dyer and other present or former employees of the Company (the "Dyer case"),
which is also discussed in the Company's 1998 Form 10-K.
On June 29, 1999, another purported class action was filed against the
Company in the Court by Lisa Lisenby, individually and on behalf of other
persons similarly situated (the "Lisenby case"). In her Complaint, the plaintiff
alleges that the Company has violated and is currently violating Federal
statutory law by discriminating against female applicants and employees in the
Company's manufacturing plants and distribution centers. On September 10, 1999,
Ms. Lisenby moved to combine her case with the Dyer case.
The Company denies the allegations of the plaintiffs in the Middleton,
Dyer, Jones and Lisenby cases and is vigorously defending the actions.
The Company is also a party in various legal claims and actions
considered in the normal course of business. Management believes that the
ultimate disposition of these matters will not have a material effect on the
Company's liquidity, results of operations or financial condition.
-11-
<PAGE>
Item 2. Changes in Securities
- -------------------------------
Not Applicable.
Item 3. Defaults Upon Senior Securities
- -----------------------------------------
Not Applicable.
Item 4. Submission of Matters to a Vote of Security Holders
- -------------------------------------------------------------
Not Applicable.
Item 5. Other Information
- ---------------------------
Not Applicable.
Item 6(a) Exhibits
- ------------------
27. Financial Data Schedule for the nine months ended September 25, 1999.
Item 6(b) Reports on Form 8-K
- -----------------------------
No reports on Form 8-K were filed during the nine months ended
September 25, 1999.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed in its behalf by the
undersigned thereunto duly authorized.
PUBLIX SUPER MARKETS, INC.
Date: November 5, 1999 /s/ S. Keith Billups
---------------------------------------------
S. Keith Billups, Secretary
Date: November 5, 1999 /s/ David P. Phillips
---------------------------------------------
David P. Phillips, Chief Financial Officer
and Treasurer (Principal Financial and
Accounting Officer)
-12-
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
financial statements for the nine months ended September 25, 1999, and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-25-1999
<PERIOD-START> DEC-27-1998
<PERIOD-END> SEP-25-1999
<EXCHANGE-RATE> 1
<CASH> 771,393
<SECURITIES> 22,187
<RECEIVABLES> 65,896
<ALLOWANCES> 0
<INVENTORY> 645,508
<CURRENT-ASSETS> 1,565,366
<PP&E> 3,173,474
<DEPRECIATION> (1,212,098)
<TOTAL-ASSETS> 3,938,554
<CURRENT-LIABILITIES> 1,068,825
<BONDS> 0
0
0
<COMMON> 217,829
<OTHER-SE> 2,446,594
<TOTAL-LIABILITY-AND-EQUITY> 3,938,554
<SALES> 9,656,686
<TOTAL-REVENUES> 9,757,979
<CGS> 7,216,881
<TOTAL-COSTS> 9,230,720
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 527,259
<INCOME-TAX> 189,224
<INCOME-CONTINUING> 338,035
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 338,035
<EPS-BASIC> 1.56
<EPS-DILUTED> 1.56
</TABLE>
