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):
September 16, 2003
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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
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
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99.1 Press Release, dated September 16, 2003,
of Foodarama Supermarkets, Inc.
Item 9. Regulation FD Disclosure
The following information is being furnished pursuant to Item 12,
"Results of Operations and Financial Condition." The information is being
furnished under Item 9 of Form 8-K in accordance with interim guidance issued by
the Securities and Exchange Commission in Release No. 33-8216. Such information
shall not be deemed "filed" for purposes of Section 18 of the Securities and
Exchange Act of 1934.
On September 16, 2003, Foodarama Supermarkets, Inc. issued a press
release announcing its consolidated financial results for its third quarter
ended August 2, 2003. A copy of the press release is furnished as Exhibit 99.1
to this current report.
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
Michael Shapiro
Senior Vice President
Chief Financial Officer
Date: September 16, 2003
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
THIRD QUARTER AND NINE MONTHS RESULTS
Freehold, N.J., September 16, 2003 -- Foodarama Supermarkets, Inc.
(ASE-FSM) today announced that sales for the 13 weeks ended August 2, 2003
totaled $271,333,000, compared to $241,544,000 in the prior year period. Same
store sales from the twenty stores operated in both periods increased 3.1%
period to period. Sales for the current quarter included the operations of new
locations in Woodbridge, Ewing and North Brunswick, New Jersey opened in
December 2002, January 2003 and May 2003, respectively. The location in
Woodbridge replaced an older, smaller location in the same shopping center and
the location in North Brunswick replaced an older, smaller store in Franklin
Township, New Jersey.
In the current quarter net income was $576,000 or $.57 per diluted share.
The Company's earnings before interest, taxes, depreciation and amortization
("EBITDA") for the third quarter ended August 2, 2003 were $8,947,000.
For the thirteen weeks ended August 3, 2002 net income was $1,203,000 or
$1.15 per diluted share. The Company's EBITDA for the third quarter ended August
3, 2002 were $7,790,000.
Sales for the 39 weeks ended August 2, 2003 were $783,002,000 compared to
$728,807,000 in the prior year period. Same store sales increased .9% period to
period. Sales for the current 39 week period included the operations of the new
Middletown, Woodbridge, Ewing and North Brunswick, New Jersey locations. The
Middletown store opened on November 14, 2001.
For the 39 weeks ended August 2, 2003 the Company reported net income of
$1,053,000 or $1.04 per diluted share. The Company's EBITDA for the nine months
ended August 2, 2003 were $23,303,000.
For the 39 weeks ended August 3, 2002 net income was $2,653,000 or $2.43
per diluted share. The Company's EBITDA for the nine months ended August 3, 2002
were $21,196,000.
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 Thirty Nine Weeks Ended
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August 2, 2003 August 3, 2002 August 2, 2003 August 3, 2002
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Net income $ 576,000 $ 1,203,000 $ 1,053,000 $ 2,653,000
Add:
Interest
expense, net 3,376,000 2,028,000 8,630,000 5,944,000
Income tax
provision 384,000 802,000 702,000 1,770,000
Depreciation 4,492,000 3,644,000 12,613,000 10,496,000
Amortization 119,000 113,000 305,000 333,000
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EBITDA $ 8,947,000 $ 7,790,000 $23,303,000 $21,196,000
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FOODARAMA SUPERMARKETS, INC. AND SUBSIDIARIES
Consolidated Operating Highlights (Unaudited)
For the 13 Weeks Ended August 2, 2003 August 3, 2002
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Sales..................................... $ 271,333,000 $ 241,544,000
Net income ............................... 576,000 1,203,000
Net income per diluted share............. $.57 $1.15
Average shares outstanding................ 1,010,586 1,042,571
EBITDA.................................... $ 8,947,000 $ 7,790,000
For the 39 Weeks Ended August 2, 2003 August 3, 2002
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Sales..................................... $ 783,002,000 $ 728,807,000
Net income................................ 1,053,000 2,653,000
Net income per diluted share............ $1.04 $2.43
Average shares
outstanding............................... 1,013,751 1,092,395
EBITDA.................................... $ 23,303,000 $ 21,196,000