INDIANAPOLIS, May 29, 2001 (PRIMEZONE) -- Marsh Supermarkets, Inc. (Nasdaq:MARSA) (Nasdaq:MARSB) reports results of operations for the 12 and 52 weeks ended March 31, 2001.
Total sales and other revenues for fiscal year 2001 were $1,877,418,000 -- up 4.9% from the last year's $1,790,140,000. Fiscal 2001 was a 52-week year compared to the 53 weeks in fiscal 2000. Last year's extra week represented approximately $36 million in sales. Based on a 52-week comparison, total sales and other revenues increased 7.0%. Sales in comparable stores increased 2.0% over last year.
Operating income in fiscal 2001 was $43,087,000 compared to $40,521,000 last year, a 6.3% increase. Adjusted operating income, excluding LIFO, real estate gains and the effect of cigarette manufacturer price increases, increased 21%.
"We are pleased with our overall operational performance. In the new year, we will continue to focus on operational improvement, internal growth and selective acquisitions. Our strategic commitment is to remain the best store in town," said Don E. Marsh, Chairman and Chief Executive Officer.
For the fiscal year ended March 31, 2001, net income was $11,936,000 or $1.33 per diluted share, compared to $12,266,000 or $1.34 per diluted share last year.
For the twelve weeks ended March 31, 2001 (fourth quarter), revenues were $410,535,000 compared to $441,576,000 last year. Excluding last year's extra week, revenues increased $4.9 million and 1.2%. Sales in retail businesses increased $31.3 million over the comparable quarter, but wholesale distribution sales were $26,400,000 below last year. Comparable store sales were 1.2%, up from third quarter's 0.7%.
Fourth quarter operating income was $8,945,000 compared to $10,519,000 last year. Adjusted operating income, excluding LIFO, real estate gains and effect of cigarette manufacturer price increases, increased 13% over last year's fourth quarter of 13 weeks.
Net income for the quarter was $2,485,000 or $.28 per diluted share, compared to $3,114,000, or $.34 per diluted share last year.
During the fourth quarter, the Company opened one new Village Pantry convenience store and acquired three convenience stores. The Company also opened a McNamara Florist retail location.
Subsequent to year end, the Company opened a replacement Marsh Supermarket and two new Village Pantry convenience stores. LoBill opened a new store, and one of the stores acquired in the Ross acquisition was closed. In the first half of fiscal year 2002, the Company will be converting five Marsh Supermarkets to the LoBill Foods format.
Marsh is a leading regional chain operating 71 Marsh(r) and 28 LoBill Foods(r) supermarkets, 188 Village Pantry(r) convenience stores and 2 Savin*$(r) limited selection every-day low-price stores, in central Indiana and western Ohio. The Company also operates Convenience Store Distributing Company(r), a wholesale distributor serving 1,000 non-affiliated stores in nine states, Crystal Food Services(tm), a specialist in catering, business cafeteria management, vending and concessions, and McNamara(r) Florist and Enflora -- Flowers for Business(r), the leading upscale traditional florist in Indianapolis.
MARSH SUPERMARKETS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
12 weeks 13 weeks
Ended Ended Year Ended
(Unaudited) (Unaudited)
March 31, April 1, March 31, April 1,
2001 2000 2001 2000
Sales and other
revenues $ 410,535 $ 441,576 $1,877,418 $1,790,140
========== ========== ========== ==========
Gross profit 107,117 110,734 473,363 440,942
Selling,
general and
administrative 92,915 93,901 405,218 374,487
Depreciation 5,257 6,314 25,058 25,934
---------- ---------- ---------- ----------
Operating profit 8,945 10,519 43,087 40,521
Interest and
debt expense
amortization 5,240 5,755 24,397 22,261
Other non-operating
expense 100 -- 911 --
---------- ---------- ---------- ----------
Income before
income taxes 3,605 4,764 17,779 18,260
Income taxes 1,120 1,650 5,843 5,994
---------- ---------- ---------- ----------
Net income $ 2,485 $ 3,114 $ 11,936 $ 12,266
========== ========== ========== ==========
Number of shares:
Basic 8,086 8,355 8,180 8,347
Diluted 9,561 9,829 9,679 9,838
Earnings per
common share:
Basic $ .31 $ .37 $ 1.46 $ 1.47
========== ========== ========== ==========
Diluted $ .28 $ .34 $ 1.33 $ 1.34
========== ========== ========== ==========
Dividends
per share $ .11 $ .11 $ .44 $ .44
========== ========== ========== ==========
MARSH SUPERMARKETS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31, April 1,
2001 2000
(Unaudited)
Assets
Current Assets
Cash and equivalents $ 31,257 $ 31,435
Accounts receivable 46,260 44,315
Inventories 126,069 125,383
Prepaid expenses 6,683 6,068
Recoverable income taxes 999 1,960
--------- ---------
Total Current Assets 211,268 209,161
Property and Equipment,
less allowances
for depreciation 307,781 299,589
Other Assets 58,765 58,255
--------- ---------
$ 577,814 $ 567,005
========= =========
Liabilities and Shareholders' Equity:
Current Liabilities
Note payable to bank $ -- $ 10,000
Accounts payable 80,598 79,097
Accrued liabilities 60,014 55,042
Current maturities of
long-term liabilities 2,388 28,097
--------- ---------
Total Current Liabilities 143,000 172,236
Long-term Liabilities:
Long-term debt 246,940 218,724
Capital lease obligations 15,545 14,266
--------- ---------
Total Long-term Liabilities 262,485 232,990
Deferred Items:
Income taxes 12,865 12,744
Other 21,188 16,123
--------- ---------
Total Deferred Items 34,053 28,867
Shareholders' Equity:
Common stock 26,066 25,455
Retained earnings 125,645 117,360
Cost of common stock
in treasury (11,656) ( 7,858)
Deferred cost -
restricted stock ( 730) ( 1,574)
Notes receivable -
stock options ( 1,049) ( 471)
--------- ---------
Total Shareholders' Equity 138,276 132,912
--------- ---------
Total Liabilities and
Shareholders' Equity $ 577,814 $ 567,005
========= =========