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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-K/A
(AMENDMENT NO.1)
FOR ANNUAL AND TRANSITION REPORTS
PURSUANT TO SECTIONS 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
MARK ONE)
[X] AMENDMENT TO ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (FILED DECEMBER 29, 1997)
For the fiscal year ended SEPTEMBER 30, 1997
[ ] 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 33-95962
CUMBERLAND FARMS, INC.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE
(STATE OR OTHER JURISDICTION
OF INCORPORATION OR ORGANIZATION) (I.R.S. EMPLOYER
777 DEDHAM STREET, CANTON, MA 02021 IDENTIFICATION NO.)
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(Address of principal executive offices) 04-2843586
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (781) 828-4900
SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:
TITLE OF EACH CLASS NAME OF EACH EXCHANGE ON WHICH REGISTERED
None
- -------------------------------- -----------------------------------------
- -------------------------------- -----------------------------------------
SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:
None
- ---------------------------------------------------
(Title of class)
- ---------------------------------------------------
(Title of class)
Indicate by check mark whether the registrant: (i) 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
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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
--- ---
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K of any
amendment to this Form 10-K. [X]
Indicate by check mark whether the registrant has filed all documents
and reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
Yes X No
--- ---
As of December 22, 1997, the outstanding shares of each class of the
registrant's common stock* was as follows:
Class A Stock 8 shares
Class B Stock 121,014 shares
*Neither class of stock is registered under the Securities Act of 1933,
as amended.
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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
RESULTS OF OPERATIONS
The following table summarizes the results of operations for the fiscal
years ended September 30, 1997, 1996 and 1995, which is followed by Management's
Discussion and Analysis of Financial Condition and Results of Operations. The
financial information set forth below should be read in conjunction with the
Company's financial statements, related notes and other financial information
included elsewhere herein.
<TABLE>
<CAPTION>
YEARS ENDED SEPTEMBER 30, % INCREASE (DECREASE)
1997 1996 1995 1997 1996
------------------------------------------ ---------------------
In Thousands
<S> <C> <C> <C> <C> <C>
INCOME
Retail Revenues $1,149,987 $1,101,076 $1,059,011 4.4% 4.0%
Other Income 19,361 20,433 21,378 (5.2)% (4.4)%
---------- ---------- ---------- ----- -----
Total $1,169,348 $1,121,509 $1,080,389 4.3% 3.8%
Equity in earnings of Gulf Oil, L.P 7,677 7,855 13,612 (2.3)% (42.3)%
Gains On sales of property and equipment 8,782 11,372 9,673 (22.8)% 17.6%
---------- ---------- ---------- ----- -----
Total 1,185,807 1,140,736 1,103,674 4.0% 3.4%
Wholesale revenues 299,298 274,635 240,835 9.0% 14.0%
---------- ---------- ---------- ----- -----
Total income 1,485,105 1,415,371 1,344,509 4.9% 5.3%
---------- ---------- ---------- ----- -----
Costs and expenses
Cost of sales 1,181,426 1,102,582 1,027,162 7.1% 7.3%
Operating expenses 247,926 247,447 242,131 0.2% 2.2%
Depreciation and amortization 22,299 18,703 17,541 19.2% 6.6%
---------- ---------- ---------- ----- -----
Total 1,451,651 1,368,732 1,286,834 6.1% 6.4%
---------- ---------- ---------- ----- -----
Operating income $ 33,454 $ 46,639 $ 57,675 (28.3)% (19.1)%
========== ========== ========== ===== =====
OTHER OPERATING DATA
Merchandise gross profit $ 152,308 $ 151,404 $ 147,925 0.6% 2.4%
Merchandise gross profit as a percentage of sales 29.8% 30.5% 29.9%
Gasoline gallons sold 501,050 493,623 470,576 1.5% 4.9%
Gasoline gross profit $ 58,470 $ 63,947 $ 65,737 (8.6)% (2.7)%
Gasoline gross profit
cents per gallon 11.7 13.0 14.0 (10.0)% (7.1)%
Operating income before depreciation and amortization
as a percentage of total revenues 3.7% 4.6% 5.6%
Operating income as a percentage of total revenues 2.2% 3.3% 4.3%
Comparable average store and station data:
Merchandise sales growth 3.0% 0.5% 3.5%
Gasoline gallons sold 1.5% 4.9% 10.3%
</TABLE>
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, as amended, the Registrant has duly caused this 10-K/A
to be signed on its behalf by the undersigned, thereunto duly authorized, in
the City of Boston, Commonwealth of Massachusetts, on the 29th day of December,
1997.
CUMBERLAND FARMS, INC.
By: /s/ Lily H. Bentas
---------------------------------------------
Name: Lily H. Bentas
Title: President, Chairperson of the Board of
Directors and Chief Executive Officer
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, as amended, this report has been signed below by the
following persons on behalf of the registrant in the capacities indicated and on
the dates set forth opposite their names.
NAME: DATE:
- ----- -----
By: /s/ Lily H. Bentas 12/29/97
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Name: Lily H. Bentas
Title: President, Chairperson of the
Board and Chief Executive Officer
By: /s/ Kevin P. Johnson 12/29/97
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Name: Kevin P. Johnson
Title: Vice president and Corporate Controller
By: /s/ Arthur G. Koumantzelis 12/29/97
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Name: Arthur G. Koumantzelis
Title: Senior Vice President and
Chief Financial Officer
By: /s/ John E. Burke 12/29/97
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Name: John E. Burke
Title: Director
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By: /s/ Paul E. Hand 12/29/97
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Name: Dr. Paul Hand
Title: Director
By: /s/ Byron Haseotes 12/29/97
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Name: Byron Haseotes
Title: Director
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Name: Demetrios B. Haseotes
Title: Director
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Name: George Haseotes
Title: Director
By: /s/ James C. Mcdermott 12/29/97
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Name: James C. McDermott
Title: Director
By: /s/ Dr. Geoffrey Pottow 12/29/97
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Name: Dr. Geoffrey Pottow
Title: Director
By: /s/ Kenneth T. Koehler 12/29/97
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Name: Kenneth T. Koehler
Title: Director
37
