10-Q 1 imkt-20240330x10q.htm 10-Q imkt-20240330x10q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 10-Q

 (Mark One)

x        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 30, 2024

or

¨         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                  to                 

 

Commission File Number: 0-14706.

 

 

 

INGLES MARKETS, INCORPORATED

(Exact name of registrant as specified in its charter)

 

 

 

North Carolina

 

56-0846267

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

P.O. Box 6676, Asheville NC

 

28816

(Address of principal executive offices)

 

(Zip Code)

 

(828) 669-2941

(Registrant’s telephone number, including area code)

 

 

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.05 par value per share

IMKTA

The NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x    No ¨.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x    No ¨.

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer x

Accelerated Filer ¨

Non-Accelerated Filer ¨

Smaller Reporting Company ¨

Emerging Growth Company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x.

As of May 7, 2024, the registrant had 14,536,700 shares of Class A Common Stock, $0.05 par value per share, outstanding and 4,457,676 shares of Class B Common Stock, $0.05 par value per share, outstanding.

 


1


 

INGLES MARKETS, INCORPORATED

 

INDEX

 

 

  

Page

No.

 

Part I – Financial Information

  

 

    Item 1. Financial Statements (Unaudited)

  

 

Condensed Consolidated Balance Sheets as of March 30, 2024 and September 30, 2023

  

3

Condensed Consolidated Statements of Income and Comprehensive Income for the

  

Three Months Ended March 30, 2024 and March 25, 2023

4

Six Months Ended March 30, 2024 and March 25, 2023

5

Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three Months and Six Months Ended March 30, 2024 and March 25, 2023

  

6

Condensed Consolidated Statements of Cash Flows for the Six Months Ended March 30, 2024 and March 25, 2023

  

7

Notes to Condensed Consolidated Unaudited Interim Financial Statements

  

8

    Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

14

    Item 3. Quantitative and Qualitative Disclosures About Market Risk

  

21

Item 4. Controls and Procedures

21

Part II – Other Information

  

Item 5. Other Information

22

    Item 6. Exhibits

  

22

Signatures

  

23


2


Part I. FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

 

INGLES MARKETS, INCORPORATED AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

March 30,

September 30,

2024

2023

ASSETS

Current Assets:

Cash and cash equivalents

$

302,017,848

$

328,539,922

Receivables - net

109,444,276

107,570,690

Inventories

479,129,835

493,859,775

Other current assets

26,530,028

22,585,958

Total Current Assets

917,121,987

952,556,345

Property and Equipment - Net

1,480,037,502

1,431,872,289

Operating lease right of use assets

37,738,468

39,602,202

Other Assets

51,409,736

49,814,897

Total Assets

$

2,486,307,693

$

2,473,845,733

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities:

Current portion of long-term debt

$

17,520,876

$

17,526,289

Current portion of operating lease liabilities

6,748,263

7,594,971

Current portion of finance lease liabilities

654,866

635,559

Accounts payable - trade

181,624,886

204,040,546

Accrued expenses and current portion of other long-term liabilities

80,412,186

100,735,784

Total Current Liabilities

286,961,077

330,533,149

Deferred Income Taxes

63,561,000

67,187,000

Long-Term Debt

521,597,008

532,631,960

Noncurrent operating lease liabilities

32,999,189

34,016,670

Noncurrent finance lease liabilities

2,727,606

3,059,938

Other Long-Term Liabilities

53,019,344

47,444,876

Total Liabilities

960,865,224

1,014,873,593

Stockholders’ Equity

Preferred stock, $0.05 par value; 10,000,000 shares authorized; no shares issued

Common stocks:

Class A, $0.05 par value; 150,000,000 shares authorized;
14,536,700 shares issued and outstanding March 30, 2024;
14,497,075 shares issued and outstanding at September 30, 2023

726,835

724,854

Class B, convertible to Class A, $0.05 par value;
100,000,000 shares authorized;
4,457,676 shares issued and outstanding March 30, 2024;
4,497,301 shares issued and outstanding at September 30, 2023

222,884

224,865

Paid-in capital in excess of par value

Accumulated other comprehensive income

10,545,546

13,233,631

Retained earnings

1,513,947,204

1,444,788,790

Total Stockholders’ Equity

1,525,442,469

1,458,972,140

Total Liabilities and Stockholders’ Equity

$

2,486,307,693

$

2,473,845,733

See notes to unaudited condensed consolidated financial statements.


3


INGLES MARKETS, INCORPORATED AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)

Three Months Ended

March 30,

March 25,

2024

2023

Net sales

$

1,367,479,701

$

1,380,604,140

Cost of goods sold

1,045,594,741

1,054,664,179

Gross profit

321,884,960

325,939,961

Operating and administrative expenses

284,762,087

268,890,164

Gain from sale or disposal of assets

7,686,184

597,218

Income from operations

44,809,057

57,647,015

Other income, net

3,381,398

1,734,456

Interest expense

5,587,829

5,344,666

Income before income taxes

42,602,626

54,036,805

Income tax expense

10,704,000

13,497,000

Net income

$

31,898,626

$

40,539,805

Other comprehensive income (loss):

Change in fair value of interest rate swap

$

1,510,471

$

(2,671,226)

Income tax (expense) benefit

(369,000)

652,000

Other comprehensive income (loss), net of tax

1,141,471

(2,019,226)

Comprehensive income

$

33,040,097

$

38,520,579

Per share amounts:

Class A Common Stock

Basic earnings per common share

$

1.72

$

2.18

Diluted earnings per common share

$

1.68

$

2.13

Class B Common Stock

Basic earnings per common share

$

1.56

$

1.98

Diluted earnings per common share

$

1.56

$

1.98

Cash dividends per common share

Class A Common Stock

$

0.165

$

0.165

Class B Common Stock

$

0.150

$

0.150

See notes to unaudited condensed consolidated financial statements.


4


INGLES MARKETS, INCORPORATED AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)

Six Months Ended

March 30,

March 25,

2024

2023

Net sales

$

2,848,541,531

$

2,873,918,247

Cost of goods sold

2,177,855,492

  

2,176,823,396

Gross profit

670,686,039

697,094,851

Operating and administrative expenses

574,588,617

545,069,422

Gain from sale or disposal of assets

8,339,044

1,377,302

Income from operations

104,436,466

153,402,731

Other income, net

6,987,947

3,176,063

Interest expense

11,294,186

10,691,508

Income before income taxes

100,130,227

145,887,286

Income tax expense

24,838,000

35,976,000

Net income

$

75,292,227

$

109,911,286

Other comprehensive loss:

Change in fair value of interest rate swap

$

(3,557,085)

$

(4,193,733)

Income tax benefit

869,000

1,024,000

Other comprehensive loss, net of tax

(2,688,085)

(3,169,733)

Comprehensive income

$

72,604,142

$

106,741,553

Per share amounts:

Class A Common Stock

Basic earnings per common share

$

4.05

$

5.92

Diluted earnings per common share

$

3.96

$

5.79

Class B Common Stock

Basic earnings per common share

$

3.68

$

5.38

Diluted earnings per common share

$

3.68

$

5.38

Cash dividends per common share

Class A Common Stock

$

0.33

$

0.33

Class B Common Stock

$

0.30

$

0.30

See notes to unaudited condensed consolidated financial statements.


5


INGLES MARKETS, INCORPORATED AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

 

THREE AND SIX MONTHS ENDED MARCH 30, 2024 AND MARCH 25, 2023

Paid-in

Accumulated

Class A

Class B

Capital in

Other

Common Stock

Common Stock

Excess of

Comprehensive

Retained

  

Shares

  

Amount

Shares

Amount

Par Value

Income (Loss)

  

Earnings

Total

Balance, September 24, 2022

14,377,575 

  

$

718,879 

4,616,801 

$

230,840 

$

$

12,406,551 

$

1,246,238,155 

$

1,259,594,425 

Net income

69,371,481 

69,371,481 

Other comprehensive loss, net of income tax

(1,150,507)

(1,150,507)

Cash dividends

(3,064,821)

(3,064,821)

Common stock conversions

9,125 

456 

(9,125)

(456)

Balance, December 24, 2022

14,386,700 

$

719,335 

4,607,676 

$

230,384 

$

$

11,256,044 

$

1,312,544,815 

$

1,324,750,578 

Net income

40,539,805 

40,539,805 

Other comprehensive loss, net of income tax

(2,019,226)

(2,019,226)

Cash dividends

(3,064,960)

(3,064,960)

Common stock conversions

225 

11 

(225)

(11)

Balance, March 25, 2023

14,386,925 

$

719,346 

4,607,451 

$

230,373 

$

$

9,236,818 

$

1,350,019,660 

$

1,360,206,197 

Balance, September 30, 2023

14,497,075 

  

$

724,854 

4,497,301 

$

224,865 

$

$

13,233,631 

$

1,444,788,790 

$

1,458,972,140 

Net income

43,393,601 

43,393,601 

Other comprehensive loss, net of income tax

(3,829,556)

(3,829,556)

Cash dividends

(3,066,613)

(3,066,613)

Common stock conversions

39,100 

1,955 

(39,100)

(1,955)

Balance, December 30, 2023

14,536,175 

$

726,809 

4,458,201 

$

222,910 

$

$

9,404,075 

$

1,485,115,778 

$