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 (Date of earliest event reported):
January 28, 2005
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FOODARAMA SUPERMARKETS, INC.
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(Exact name of registrant as specified in charter)
New Jersey 1-5745-1 21-0717108
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Building 6, Suite 1, 922 Highway 33, Freehold, New Jersey 07728 (Address of
principal executive offices) (Zip code)
Registrant's telephone number, including area code:(732)462-4700
Not Applicable
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Section 2-Financial Information
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Item 2.02. Results of Operations and Financial Condition.
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On January 28, 2005 Foodarama Supermarkets, Inc. issued a press release
announcing its consolidated financial results for its fourth quarter and fiscal
year ended October 30, 2004. A copy of the press release is furnished as Exhibit
99.1 to this current report.
The information furnished under Item 2.02 of this current report,
including Exhibit 99.1 hereto, shall not be deemed "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), or otherwise subject to the liabilities of that section, nor shall it be
deemed incorporated by reference in any document filed under the Securities Act
of 1933, as amended, or the Exchange Act, except as shall be expressly set forth
by specific reference in such filing.
Section 9-Financial Statements and Exhibits
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Item 9.01. Financial Statements and Exhibits.
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(c)Exhibits:
Exhibit No. Description
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99.1 Press Release, dated January 28,
2005, of Foodarama Supermarkets, Inc.
Re: Consolidated Financial Results
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.
FOODARAMA SUPERMARKETS, INC.
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(REGISTRANT)
By: /S/ Michael Shapiro
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Michael Shapiro
Senior Vice President
Chief Financial Officer
Date: January 28, 2005
EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release, dated January 28, 2005 of
Foodarama Supermarkets, Inc. Re: Consolidated
Financial Results
EXHIBIT 99.1
Foodarama Supermarkets, Inc.
Building 6, Suite 1
922 Highway 33
Freehold, N.J. 07728
CONTACT: Michael Shapiro
Senior Vice President
Chief Financial Officer
(732) 294-2270
FOR IMMEDIATE RELEASE
FOODARAMA SUPERMARKETS, INC. REPORTS
FOURTH QUARTER AND YEAR END RESULTS
Freehold, N.J., January 28, 2005 -- Foodarama Supermarkets, Inc. (ASE-FSM)
today announced that sales for the 13 weeks ended October 30, 2004 totaled
$298,642,000, compared to $266,651,000 in the prior year period. Same store
sales from the twenty two stores operated in both periods increased .2% period
to period. Sales for the current quarter included the operations of new
locations in Hamilton, Lawrenceville and Aberdeen, New Jersey opened in October
2003, April 2004 and May 2004, respectively, as well as the location in
Bordentown, New Jersey purchased from Wakefern Food Corporation in June 2004.The
location in Aberdeen replaced an older, smaller store in the same location.
In the current quarter the Company incurred a net loss of $892,000 or a
$.91 loss per diluted share. The current quarter results include a pre-tax
impairment charge of $1,198,000 related to the recording of a non-cash write
down of the leasehold improvements, resulting from operating losses incurred at
a location having a lease which is expiring in fiscal 2005. The Company's
earnings before interest, taxes, depreciation and amortization ("EBITDA") for
the fourth quarter ended October 30, 2004 were $9,868,000.
For the thirteen weeks ended November 1, 2003 net income was $1,230,000 or
$1.22 per diluted share. The Company's EBITDA for the fourth quarter ended
November 1, 2003 were $10,333,000.
Sales for the 52 weeks ended October 30, 2004 were $1,175,199,000 compared
to $1,049,653,000 in the prior year period. Same store sales from the nineteen
stores operated in both periods increased 2.0% period to period. Sales for the
current 52 week period included the operations of the new Woodbridge, Ewing,
North Brunswick , Hamilton, Lawrenceville and Aberdeen, New Jersey locations, as
well as the location in Bordentown, New Jersey. The Woodbridge, Ewing and North
Brunswick stores opened in December 2002, January 2003 and May 2003,
respectively. The location in Woodbridge replaced an older, smaller store in the
same location and the North Brunswick location replaced an older, smaller store
in Franklin Township, New Jersey.
For the 52 weeks ended October 30, 2004 the Company reported net income of
$1,800,000 or $1.75 per diluted share. The results for the 52 weeks ended
October 30, 2004 include a pre-tax impairment charge of $1,198,000 related to
the recording of a non-cash write down of the leasehold improvements, resulting
from operating losses incurred at a location having a lease which is expiring in
fiscal 2005. The Company's EBITDA for fiscal 2004 were $41,534,000.
For the 52 weeks ended November 1, 2003 net income was $2,283,000 or $2.26
per diluted share. The Company's EBITDA for fiscal 2003 were $33,636,000.
EBITDA is presented because management believes that EBITDA is a useful
supplement to net income and other measurements under accounting principles
generally accepted in the United States since it is a meaningful measure of a
company's performance and ability to meet its future debt service requirements,
fund capital expenditures and meet working capital requirements. EBITDA is not a
measure of financial performance under accounting principles generally accepted
in the United States and should not be considered as an alternative to (i) net
income (or any other measure of performance under generally accepted accounting
principles) as a measure of performance or (ii) cash flows from operating,
investing or financing activities as an indicator of cash flows or as a measure
of liquidity. The following table reconciles reported net income to EBITDA:
Thirteen Weeks Ended Fifty Two Weeks Ended
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October 30, November 1, October 30, November 1,
2004 2003 2004 2003
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Net income (loss) $ (892,000) $ 1,230,000 $ 1,800,000 $ 2,283,000
Add:
Interest expense, net 4,453,000 3,630,000 16,251,000 12,260,000
Income tax provision
(benefit) (548,000) 820,000 1,103,000 1,522,000
Depreciation 5,488,000 4,483,000 20,634,000 17,096,000
Impairment loss 1,198,000 - 1,198,000 -
Amortization 169,000 170,000 548,000 475,000
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EBITDA $ 9,868,000 $ 10,333,000 $ 41,534,000 $ 33,636,000
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FOODARAMA SUPERMARKETS, INC. AND SUBSIDIARIES
Consolidated Operating Highlights (Unaudited)
For the 13 Weeks Ended October 30, 2004 November 1, 2003
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(unaudited) (unaudited)
Sales.................................. $ 298,642,000 $ 266,651,000
Net income (loss)...................... (892,000) 1, 230,000
Net income (loss) per diluted share... ($.91) $1.22
Average shares outstanding............. 1,038,940 1,011,493
EBITDA................................. $ 9,868,000 $ 10,333,000
For the 52 Weeks Ended October 30,2004 November 1, 2003
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(audited) (audited)
Sales.................................. $ 1,175,199,000 $ 1,049,653,000
Net income............................. 1,800,000 2,283,000
Net income per diluted share........... $1.75 $2.26
Average shares outstanding............. 1,030,167 1,011,350
EBITDA................................. $ 41,534,000 $ 33,636,000