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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): February 8, 2000
U.S. FOODSERVICE
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(Exact Name of Registrant as Specified in Charter)
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<S> <C> <C>
Delaware 0-24954 52-1634568
(State or Other Jurisdiction of (Commission File Number) (IRS Employer
Incorporation) Identification No.)
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9755 Patuxent Woods Drive
Columbia, Maryland 21046
(Address of Principal Executive Offices (ZIP Code)
Registrant's telephone number, including area code: (410) 312-7100
Not applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
On February 8, 2000, U.S. Foodservice issued a press release which is
attached as Exhibit 99 to this Current Report on Form 8-K and incorporated by
reference in this Item 5.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
99. Press Release, dated February 8, 2000.
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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 hereunto duly authorized.
U.S. FOODSERVICE
Date: February 10, 2000 /s/ David M. Abramson
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David M. Abramson
Executive Vice President and
General Counsel
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Exhibit 99
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U.S. Foodservice(TM)
9755 Patuxent Woods Drive
Columbia, MD 21046
For More Information Contact:
Robert Gillison
Treasurer/Investor Relations
410-312-7512
News Organizations Contact:
Bonna Walker
Vice President, Marketing and Public Relations
410-312-7520
Website: www.usfoodservice.com
U.S. FOODSERVICE ANNOUNCES SALES GROWTH
AND OPERATIONAL IMPROVEMENTS
COLUMBIA, MD, February 8, 1999--U.S. Foodservice (the "Company") (NYSE:
UFS) today announced that its net sales growth for the fiscal month starting
January 2, 2000 totaled 13 percent as compared to the same period in fiscal
1999. The company further announced that it expects net sales growth in its
third and fourth quarters of fiscal 2000 of 13 percent and 16 percent,
respectively (excluding the effect of the extra week in fiscal 1999).
The Company also announced that it has taken several steps to improve
further long-term profitability. This includes the Company's intent to close its
unprofitable San Francisco operation and to reduce headcount throughout the
Company. The Company believes this reduction in positions will eliminate $15
million in annual costs, beginning in the fourth quarter of fiscal 2000.
Commenting on sales results for the fiscal month started January 2, 1999
Jim Miller, Chairman and Chief Executive Officer, stated, "While it is not our
policy to release financial results between the quarters, there has been some
question regarding any interruption of business during the January storms that
hit the mid-west and east coast. We are pleased to report that, including any
storm effect, sales for the period are up 13 percent year-over-year. We have
excellent visibility on profitable growth with our chain customers. In addition,
we have continued our momentum in street sales growth and "US 2000", our new
customer initiative, has added 1,500 new street customers in the month of
January."
Commenting on the intention to close the San Francisco operation and the
headcount reduction, Jim Miller stated, "We spoke in our fiscal 2000 second
quarter earnings announcement of the significant steps we had taken to
restructure our San Francisco operation in an attempt to stem a long history of
unprofitable
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operations. This attempt to bring the operation to acceptable levels of
profitability has not been successful. Therefore, we feel that it is in the best
interests of our shareholders to plan to close the operation during our third
quarter. We will make every effort to minimize the disruption to our customers
during this closing process, including assistance in transitioning to other
distributors of their choice.
" U.S. Foodservice has a heritage of providing excellent customer service
from efficient and low cost operations. Over the past two years we have made a
major effort to improve the operating efficiency and lower the cost structure of
our operations. With the implementation of these programs and the resulting
efficiency gains, each of our business unit managers have spent time assessing
their staffing needs. These position reductions are the result of that effort.
The positions we will eliminate outside San Francisco will enhance the
efficiency of those operations while we maintain our high standards of customer
service. Employees effected by this job reduction will be eligible for severance
and other benefits.
"The one-time costs related to the closure of the San Francisco location
are estimated to be $20 million. These one time costs include restructuring
costs and costs associated with the write-down of assets, facility disposition
costs, severance costs for the San Francisco based workforce and expected
operating losses of the San Francisco operation incurred in the Company's fiscal
third quarter. Approximately $10 million of the total will be in the form of
restructuring and asset impairment costs. In addition, the Company will take a
pre-tax restructuring charge of $2 million for the headcount reductions."
U.S. Foodservice is one of the largest broadline foodservice distributors
in the United States distributing food and related products to restaurants and
institutional foodservice establishments across the continental United States.
U.S. Foodservice markets and distributes more than 44,000 national, private
label and signature brand items to over 130,000 foodservice customers, including
restaurants, hotels, healthcare facilities, cafeterias and schools, and employs
more than 13,250 foodservice professionals. U.S. Foodservice's diverse customer
base encompasses both independent and chain businesses.
The statements in this press release concerning management's expectations
regarding acquisitions and the results of future operations and similar matters
constitute forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
These statements are subject to risks and uncertainties that could cause U.S.
Foodservice's actual operating results to differ materially. Such risks and
uncertainties include the sensitivity of the Company's business to national and
regional economic conditions, the effects of inflation and deflation in food
prices, the highly competitive markets in which the Company operates,
difficulties, delays or higher expenses associated with achieving expected costs
savings and realizing operating synergies in the integration of acquired
businesses and the inability to complete additional acquisitions. The Company's
Annual Report on Form 10-K for the fiscal year ended July 3, 1999, which has
been filed with the Securities and
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Exchange Commission, discusses some of the important factors that could cause
actual results to differ materially from those in such forward-looking
statements.
