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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 5, 1996
JP Foodservice, Inc.
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(Exact name of registrant as specified in its charter)
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Delaware 0-24954 52-1634568
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(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
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9830 Patuxent Woods Drive, Columbia, Maryland 21046
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(Address of principal executive offices) (Zip Code)
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Registrant's telephone number, including area code: 410-312-7100
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ITEM 5. OTHER EVENTS.
The Registrant hereby incorporates by reference the information
contained in Attachment A hereto in response to this Item 5.
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SIGNATURE
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, thereunto duly authorized.
JP FOODSERVICE, INC.
By: /s/ Lewis Hay, III
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Lewis Hay, III
Senior Vice President and
Chief Financial Officer
Date: August 6, 1996
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Attachment A
JP Foodservice, Inc. Reports $.94 Recurring 1996 Fiscal Year EPS
COLUMBIA, Md., Aug. 5/PRNewswire/ - JP Foodservice, Inc. (Nasdaq: JPFS)
today reported operating results for its fourth quarter and fiscal year ended
June 29, 1996.
Income from operations for the 1996 fourth quarter (after amortization
charges of $.6 million) increased to $13.3 million, which represented a 22.2%
increase over the 1995 fourth quarter. For the full fiscal year, income from
operations increased to $38.9 million which represented an 18.0% increase over
fiscal year 1995. Net sales for the 1996 fourth quarter increased by 12.2%
($36.3 million) to $333.8 million over the sales level in the 1995 quarter.
For the fiscal year ended June 29, 1996, net sales increased by 12.1% ($134.4
million) to $1.2 billion over fiscal year 1995.
As a result of the operating income improvement and stable interest
expense quarter over quarter, the Company reported earnings per share of $0.37
for the 1996 quarter, up 32.1% from the 1995 quarter. For the fiscal year ended
June 29, 1996, the Company reported earnings per common share of $0.88 ($0.94
before nonrecurring charges).
Commenting on the fourth quarter results, Jim Miller, Chairman and
Chief Executive Officer, stated, "We are extremely pleased to report not only
the continuation of our sales growth of 12% for the fourth quarter, but also a
growth in operating income for the year of 18% which exceeded this sales
growth. We are also very excited about the additional growth expected from our
pending acquisitions of Valley Industries, Inc., which will establish our
presence in the rapidly growing Las Vegas market, and Arrow Paper Supply and
Food Co. in Connecticut, which will increase our market share and strengthen
our position in the New England market.
To supplement this growth, we are continuing to explore other
consolidation opportunities within the foodservice distribution industry. We
are also continuing to invest in facility expansion with a $5 million expansion
at our Allentown facility currently in progress.
In light of our recent performance and the opportunities associated
with our pending acquisitions, we are very excited about our prospects for the
coming fiscal year."
JP is a leading distributor of food and related products to restaurants
and other institutional foodservice establishments in the Mid Atlantic,
Midwestern and Northeastern regions of the United States. JP markets and
distributes approximately 28,000 national, private label and signature brand
items to over 23,000 foodservice customers including restaurants, hotels,
healthcare facilities, cafeterias and schools and employs over 2,500
foodservice professionals. JP's diverse customer base encompasses both
independent and chain businesses, including Perkins Family Restaurants, Subway,
Eurest Dining Services and Ruby Tuesday's.
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JP FOODSERVICE, INC.
FINANCIAL HIGHLIGHTS
(In thousands, except share and per share amounts)
(Unaudited)
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Three Months Ended Fiscal Years Ended
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July 1, June 29, July 1, June 29,
1995 1996 1995 1996
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Total sales ...................... $ 297,449 $ 333,771 $ 1,108,253 $ 1,242,676
Costs and expenses
Cost of sales .................. 246,495 276,312 921,902 1,028,987
Operating Expenses ............. 39,520 43,585 150,428 172,478
Amortization ................... 566 597 2,263 2,338
Stock compensation ............. -- -- 709 --
Total costs and expenses ......... 286,581 320,494 1,075,302 1,203,803
Income from operations ........... 10,868 13,277 32,951 38,873
Interest expense ................. 3,486 3,426 20,419 13,339
Nonrecurring charge .............. -- -- -- 1,517*
Income before income taxes and
extraordinary charge ........... 7,382 9,851 12,532 24,017
Provision for income taxes ....... 3,009 3,863 5,962 9,960
Extraordinary charge, net of
tax ............................ -- -- 4,590** --
Net income ....................... 4,373 5,988 1,980 14,057
Preference dividends ............. -- -- (40) --
Net income applicable to
common shareholders ............ $4,373 $5,988 $1,940 $14,057
Net income per common share:
Net income ..................... $0.28 $0.37 $0.17 $0.88
Extraordinary charge ........... -- -- 0.42 --
Income before extraordinary
charge ....................... 0.28 0.37 0.59 0.88
Nonrecurring charges ........... -- -- -- 0.06
Income per common share
before extraordinary and
non-recurring charges ........ $0.28 $0.37 $0.59 $0.94
Weighted average number of shares
of common stock outstanding .... 15,740,820 16,025,138 11,122,343 15,964,626
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* Costs written-off (primarily special committee, legal and advisory fees)
related to terminated merger discussions.
** Write-off of deferred financing costs related to recapitalization in
November 1994.
SOURCE: JP Foodservice, Inc.
