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Previous: SAFETY KLEEN CORP, 10-K, 1995-03-29 |
Next: SALEM CORP, PRE 14A, 1995-03-29 |
<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: March 29, 1995
Commission file number 1-41
SAFEWAY INC.
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C>
DELAWARE 94-3019135
-------- ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
FOURTH AND JACKSON STREETS
OAKLAND, CALIFORNIA 94660
---------------------------------------- -----
(address of principal executive offices) (Zip Code)
Registrant's telephone number, (510) 891-3000
including area code --------------
</TABLE>
Not Applicable
(Former name or former address, if changed since last report.)
<PAGE> 2
SAFEWAY INC.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) The following exhibits are filed as part of this Report:
12.1 Computation of Ratio of Earnings to Fixed Charges
2
<PAGE> 3
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 hereunto duly authorized.
SAFEWAY INC.
------------
REGISTRANT
Date: March 29, 1995 By: /s/ F. J. Dale
-------------------------------
F. J. Dale
Group Vice President Finance
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<PAGE> 4
Exhibit Index
Safeway Inc. and Subsidiaries List of Exhibits filed with Form 8-K
dated March 29, 1995.
Exhibit 12.1 Computation of Ratio of Earnings to Fixed Charges.
<PAGE> 1
Exhibit 12.1
SAFEWAY INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in millions)
<TABLE>
<CAPTION>
1994 1993 1992 1991 1990
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Income before income taxes,
extraordinary loss and cumulative
effect of accounting changes $ 424.1 $ 216.3 $ 197.4 $ 166.2 $ 194.7
Add interest expense 221.7 265.5 290.4 355.4 384.1
Add interest on rental expense (a) 86.6 88.0 88.0 83.0 82.0
Less equity in earnings of unconsolidated affiliates (27.3) (33.5) (39.1) (45.8) (25.5)
Less gain on common stock offering by
unconsolidated affiliate - - - (27.4) -
Add minority interest in subsidiary 3.0 3.5 1.7 1.3 1.4
------- ------- ------- ------- -------
Earnings $ 708.1 $ 539.8 $ 538.4 $ 532.7 $ 636.7
======= ======= ======= ======= =======
Interest expense $ 221.7 $ 265.5 $ 290.4 $ 355.4 $ 384.1
Add capitalized interest 2.9 4.2 8.0 10.6 3.3
Add interest on rental expense (a) 86.6 88.0 88.0 83.0 82.0
------- ------- ------- ------- -------
Fixed charges $ 311.2 $ 357.7 $ 386.4 $ 449.0 $ 469.4
======= ======= ======= ======= =======
Ratio of earnings to fixed charges 2.28 1.51 (b) 1.39 1.19 (c) 1.36
======= ======= ======= ======= =======
</TABLE>
(a) Based on a 10% discount factor on the estimated present value of future
operating lease payments.
(b) Safeway's ratio of earnings to fixed charges during 1993 were adversely
affected by a $54.9 million charge to operating and administrative
expense for severance payments made to retail employees in the
Alberta, Canada division as part of a voluntary employee buyout.
Excluding this charge, the ratio of earnings to fixed charges for 1993
would have been 1.66.
(c) Safeway's ratio of earnings to fixed charges for 1991 was adversely
affected by a $115 million charge to operating profit in connection with
the bankruptcy of AppleTree Markets, Inc. ("AppleTree"). The $115 million
charge was an estimate of the eventual net lease and related cash payments
which Safeway expected to make over a period of up to 16 years in
connection with any liability Safeway may have on the leases assigned to
AppleTree as part of the sale of the Company's former Houston division.
Excluding this charge, the ratio of earnings to fixed charges for 1991
would have been 1.44.
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