UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
FORM 10-K
For the Fiscal Year Ended July 31, 1994
PART I
KASH N' KARRY FOOD STORES, INC.
(Exact Name of Registrant as Specified in Charter)
Commission File No. 33-25621
6422 Harney Road, Tampa, Florida 33610
(Address of Registrant's Principal Executive Offices)
PART II - RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check if appropriate) X
---
(a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense; and
(b) The subject annual report, on Form 10-K, will be filed on or before
the fifteenth calendar day following the prescribed due date.
PART III - NARRATIVE
State below in reasonable detail the reasons why the Form 10-K could not be
filed within the prescribed time period.
Registrant has a significant pending contingency that cannot be resolved
without unreasonable effort and expense prior to the filing date. However,
the Company believes that this contingency will be resolved within the fifteen
day extension period granted under Rule 12b-25. The registrant believes that
filing its Form 10-K prior to the resolution of this contingency is not
appropriate because the information presented therein would, depending on the
resolution of the contingency, be misleading.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification.
Richard D. Coleman (813) 621-0273
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(2) Have all other periodic reports required under Section 13 or 15(d) of
the Securities Exchange Act of 1934 during the preceding 12 months been
filed? If answer is no, identify report(s).
X YES NO
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(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected
by the earnings statements to be included in the subject report or
portion thereof?
X YES NO
--- ---
If so, attach an explanation of the anticipated change, both narratively
and quantitatively.
KASH N' KARRY FOOD STORES, INC.
STATEMENTS OF OPERATIONS
(In Thousands)
Fifty-two Fifty-two Fifty-three
Weeks Ended Weeks Ended Weeks Ended
July 31, 1994 August 1, 1993 August 2, 1992
------------- -------------- --------------
(Unaudited)
Sales $1,065,165 $1,086,125 $1,071,038
Cost of sales 845,597 856,156 848,441
---------- ---------- ----------
Gross profit 219,568 229,969 222,597
Selling, general and administrative
expenses 176,945 175,177 164,897
Depreciation and amortization 24,112 23,455 20,132
Store closing and other costs 11,016 -- --
---------- ---------- ----------
Operating income 7,495 31,337 37,568
Interest expense (net of interest
income of $4, $1 and $25) 45,390 43,257 44,869
---------- ---------- ----------
Net loss (37,895) (11,920) (7,301)
Undeclared dividends on
Preferred Stock 464 464 474
---------- ---------- ----------
Loss attributable to
Common Stock $ (38,359) $ (12,384) $ (7,775)
========== ========== ==========
Sales were adversely impacted by store closings; gross profit was
affected by lower sales and the reduction of the Company's investment in
forward buy inventory; and operating profit was negatively impacted by the
non-recurring "Store closing and other costs" incurred during the first
quarter of the year in addition to the reasons discussed above.
<PAGE>
The Registrant has caused this notification to be signed on its behalf by the
undersigned hereunto duly authorized.
KASH N' KARRY FOOD STORES, INC.
October 31, 1994 By: /s/ Richard D. Coleman
----------------------------
Richard D. Coleman
Vice President, Controller
and Secretary
