UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 for the quarterly period ended September 23, 2000
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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
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PUBLIX SUPER MARKETS, INC.
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(Exact name of Registrant as specified in its charter)
Florida 59-0324412
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(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
1936 George Jenkins Blvd.
Lakeland, Florida 33815
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (863) 688-1188
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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 _______
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The number of shares outstanding of the Registrant's common stock, $1.00
par value, as of October 27, 2000 was approximately 206,488,705.
Page 1 of 8 pages
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EXPLANATORY NOTE
The quarterly report on Form 10-Q for the quarter ended September 23,
2000 of Publix Super Markets, Inc. is hereby amended for Item 1 of
Part 1. The Condensed Consolidated Statements of Earnings for the nine
months ended September 23, 2000 contained a calculation error in the
weighted average number of common shares outstanding. This resulted in
a change in the basic earnings per common share for the nine months
ended September 23, 2000. Item 1 of Part 1 of the Registrant's Form
10-Q is hereby amended in its entirety as follows:
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
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<TABLE>
<CAPTION>
PUBLIX SUPER MARKETS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts are in thousands, except share amounts)
ASSETS
September 23, 2000 December 25, 1999
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(Unaudited)
<S> <C> <C>
Current Assets
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Cash and cash equivalents $ 430,395 $ 626,636
Short-term investments 13,504 28,233
Trade receivables 66,695 107,185
Merchandise inventories 739,708 769,454
Deferred tax assets 62,135 57,065
Prepaid expenses 6,656 2,442
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Total Current Assets 1,319,093 1,591,015
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Long-term investments 419,701 398,865
Other noncurrent assets 22,612 22,682
Property, plant and equipment 3,559,987 3,307,387
Accumulated depreciation (1,299,632) (1,252,217)
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Total Assets $4,021,761 $4,067,732
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
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Accounts payable $ 593,582 $ 634,995
Accrued contribution to retirement plans 194,778 182,981
Accrued salaries and wages 89,730 52,591
Accrued self-insurance reserves 75,946 69,356
Federal and state income taxes 22,532 32,496
Other 126,253 103,339
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Total Current Liabilities 1,102,821 1,075,758
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Deferred tax liabilities, net 141,380 135,413
Self-insurance reserves 110,373 100,154
Accrued postretirement benefit cost 61,151 55,735
Other noncurrent liabilities 19,701 24,528
Stockholders' Equity
--------------------
Common stock of $1 par value. Authorized
300,000,000 shares; issued 215,914,742
shares at September 23, 2000 and 215,567,950
shares at December 25, 1999 215,915 215,568
Additional paid-in capital 211,972 196,352
Reinvested earnings 2,597,996 2,271,323
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3,025,883 2,683,243
Less 9,518,028 treasury shares
at September 23, 2000, at cost (434,254) ---
Accumulated other comprehensive earnings (5,294) (7,099)
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Total Stockholders' Equity 2,586,335 2,676,144
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Total Liabilities and Stockholders'
Equity $4,021,761 $4,067,732
========== ==========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
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<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 23, 2000 September 25, 1999
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(Unaudited)
<S> <C> <C>
Revenues
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Sales $ 3,465,265 $ 3,155,851
Other income, net 37,377 35,243
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Total revenues 3,502,642 3,191,094
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Costs and expenses
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Cost of merchandise sold, including store
occupancy, warehousing and delivery
expenses 2,565,679 2,356,079
Operating and administrative expenses 760,119 675,109
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Total costs and expenses 3,325,798 3,031,188
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Earnings before income tax expense 176,844 159,906
Income tax expense 62,984 56,538
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Net earnings $ 113,860 $ 103,368
============ ============
Weighted average number of common
shares outstanding 208,844,691 216,335,129
============ ============
Basic earnings per common share $ .55 $ .48
============ ============
Cash dividends per common share none none
</TABLE>
<TABLE>
<CAPTION>
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
(Amounts are in thousands)
Three Months Ended
September 23, 2000 September 25, 1999
------------------ ------------------
(Unaudited)
<S> <C> <C>
Net earnings $ 113,860 $ 103,368
Other comprehensive earnings - unrealized gain
(loss) on investment securities
available-for-sale, net of tax effect
of $2,484 and ($3,164) in 2000 and 1999,
respectively 3,955 (5,037)
Reclassification adjustment for net
realized (gain) loss on investment
securities available-for-sale, net
of tax effect of ($119) and $74 in
2000 and 1999, respectively (190) 116
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Comprehensive earnings $ 117,625 $ 98,447
============ ============
</TABLE>
See accompanying notes to condensed consolidated financial statements.
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<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 23, 2000 September 25, 1999
------------------ ------------------
(Unaudited)
<S> <C> <C>
Revenues
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Sales $ 10,556,189 $ 9,656,686
Other income, net 109,734 101,293
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Total revenues 10,665,923 9,757,979
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Costs and expenses
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Cost of merchandise sold, including store
occupancy, warehousing and delivery
expenses 7,827,006 7,216,881
Operating and administrative expenses 2,239,580 2,013,839
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Total costs and expenses 10,066,586 9,230,720
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Earnings before income tax expense 599,337 527,259
Income tax expense 214,848 189,224
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Net earnings $ 384,489 $ 338,035
============ ============
Weighted average number of common
shares outstanding 211,659,151 216,336,294
============ ============
Basic earnings per common share $ 1.82 $ 1.56
============ ============
Cash dividends per common share $ .27 $ .22
============ ============
</TABLE>
<TABLE>
<CAPTION>
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
(Amounts are in thousands)
Nine Months Ended
September 23, 2000 September 25, 1999
------------------ ------------------
(Unaudited)
<S> <C> <C>
Net earnings $ 384,489 $ 338,035
Other comprehensive earnings - unrealized gain
(loss) on investment securities
available-for-sale, net of tax effect
of $263 and ($4,999) in 2000 and 1999,
respectively 419 (7,968)
Reclassification adjustment for net
realized loss on investment
securities available-for-sale, net
of tax effect of $871 and $1,882 in
2000 and 1999, respectively 1,386 3,005
------------ ------------
Comprehensive earnings $ 386,294 $ 333,072
============ ============
</TABLE>
See accompanying notes to condensed consolidated financial statements.
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<PAGE>
<TABLE>
<CAPTION>
PUBLIX SUPER MARKETS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts are in thousands)
Nine Months Ended
September 23, 2000 September 25, 1999
------------------ ------------------
(Unaudited)
<S> <C> <C>
Cash Flows From Operating Activities
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Cash received from customers $ 10,665,432 $ 9,726,691
Cash paid to employees and suppliers (9,547,528) (8,835,343)
Income taxes paid (225,048) (172,444)
Payment for self-insured claims (108,778) (102,548)
Other, net 37,916 36,270
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Net Cash Provided by Operating Activities 821,994 652,626
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Cash Flows From Investing Activities
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Payment for property, plant and equipment (386,842) (361,720)
Payment for investment securities -
available-for-sale (61,613) (153,629)
Proceeds from sale of investment securities -
available-for-sale 53,068 112,275
Other, net 3,142 (7,372)
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Net Cash Used in Investing Activities (392,245) (410,446)
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Cash Flows From Financing Activities
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Proceeds from sale of common stock 73,619 209,708
Payment for acquisition of common stock (641,662) (301,844)
Dividends paid (57,816) (47,846)
Other, net (131) (131)
------------ ------------
Net Cash Used in Financing Activities (625,990) (140,113)
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Net (decrease) increase in cash and cash
equivalents (196,241) 102,067
Cash and cash equivalents at beginning of
period 626,636 669,326
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Cash and cash equivalents at end of period $ 430,395 $ 771,393
============ ============
</TABLE>
See accompanying notes to condensed consolidated financial statements.
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<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 1999 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 23, 2000 are not
necessarily indicative of the results for the entire 2000 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. In June 1998, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standard No. 133, "Accounting for
Derivative Instruments and Hedging Activities," (SFAS 133) effective
for fiscal years beginning after June 15, 1999. SFAS 133 requires that
derivatives be carried at fair value and provides for hedge accounting
when certain conditions are met. In June 1999, the Financial
Accounting Standards Board issued Statement of Financial Accounting
Standard No. 137, "Accounting for Derivative Instruments and Hedging
Activities - Deferral of the Effective Date of FASB Statement No. 133"
(SFAS 137) which deferred the effective date of adoption of SFAS 133
for one year. The Company believes that the adoption of SFAS 133 will
not have an adverse effect on the Company's financial condition,
results of operations or cash flows.
5. In December 1999, the Securities and Exchange Commission issued Staff
Accounting Bulletin No. 101, "Revenue Recognition in Financial
Statements," (SAB 101). SAB 101 summarizes certain of the staff's
views in applying generally accepted accounting principles to revenue
recognition in financial statements. This SAB, as amended by SAB
No. 101A and No. 101B, is effective for the Company's fourth quarter of
fiscal year 2000. The Company has historically recognized revenue in
accordance with the requirements of SAB 101, therefore, there will be
no effect on the Company's financial condition, results of operations
or cash flows from the adoption of SAB 101.
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<PAGE>
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 16, 2000 /s/ John A. Attaway Jr.
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John A. Attaway Jr., Secretary
Date: November 16, 2000 /s/ David P. Phillips
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David P. Phillips, Chief Financial Officer
and Treasurer (Principal Financial and
Accounting Officer)
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