UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM
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(Mark One)
For the quarterly period ended
OR
For the transition period from _____________ to _____________
Commission File Number:
____________________________________________________________
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of | (I.R.S. Employer |
incorporation or organization) | Identification No.) |
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(Address of principal executive offices) | (Zip code) |
Registrant’s telephone number, including area code: (
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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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 ¨ 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 ¨ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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.
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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
As of January 21, 2022,
TABLE OF CONTENTS
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | 15 |
Item 3. Quantitative and Qualitative Disclosures About Market Risk | 23 |
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets
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(thousands, except footnotes) (unaudited) |
| December 25, 2021 |
| March 27, 2021 | ||
Assets |
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Current assets |
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Cash and equivalents |
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Accounts receivable |
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Federal and state income taxes receivable |
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Inventories |
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Other current assets |
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Total current assets |
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Property and equipment, net |
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Finance lease and financing obligation assets, net |
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Operating lease assets, net |
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Goodwill |
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Intangible assets, net |
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Other non-current assets |
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Long-term deferred income tax assets |
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Total assets |
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Liabilities and shareholders' equity |
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Current liabilities |
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Current portion of finance leases and financing obligations |
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Current portion of operating lease liabilities |
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Accounts payable |
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Federal and state income taxes payable |
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Accrued payroll, payroll taxes and other payroll benefits |
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Accrued insurance |
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Deferred revenue |
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Other current liabilities |
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Total current liabilities |
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Long-term debt |
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Long-term finance leases and financing obligations |
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Long-term operating lease liabilities |
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Other long-term liabilities |
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Long-term deferred income tax liabilities |
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Long-term income taxes payable |
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Total liabilities |
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Commitments and contingencies - Note 10 |
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Shareholders' equity: |
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Class C Convertible Preferred stock |
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Common stock |
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Treasury stock |
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Additional paid-in capital |
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Accumulated other comprehensive loss |
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Retained earnings |
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Total shareholders' equity |
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Total liabilities and shareholders' equity |
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Class C Convertible Preferred stock Authorized
Common stock Authorized
Treasury stock
See accompanying Notes to Consolidated Financial Statements.
Consolidated Statements of Income and Comprehensive Income
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| Three Months Ended |
| Nine Months Ended | ||||||||
(thousands, except per share data) (unaudited) |
| December 25, 2021 |
| December 26, 2020 |
| December 25, 2021 |
| December 26, 2020 | ||||
Sales |
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Cost of sales, including distribution and occupancy costs |
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Gross profit |
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Operating, selling, general and administrative expenses |
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Operating income |
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Interest expense, net of interest income |
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Other income, net |
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Income before income taxes |
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Provision for income taxes |
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Net income |
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Other comprehensive loss |
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Changes in pension, net of tax |
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Other comprehensive loss |
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Comprehensive income |
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Earnings per share |
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Basic |
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Diluted |
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Weighted average common shares outstanding |
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Basic |
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Diluted |
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See accompanying Notes to Consolidated Financial Statements.
Consolidated Statements of Changes in Shareholders’ Equity
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| Class C |
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| Accumulated |
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| Other |
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| Preferred Stock |
| Common Stock |
| Treasury Stock |
| Paid-In |
| Comprehensive |
| Retained |
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(thousands) (unaudited) | Shares |
| Amount |
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| Capital |
| Loss |
| Earnings |
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Balance at September 26, 2020 | |
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Net income |
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Other comprehensive loss |
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Pension liability adjustment |
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Dividends declared |
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Preferred |
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Common |
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Dividend payable |
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Stock options and restricted stock |
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Stock-based compensation |
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Balance at December 26, 2020 | |
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Balance at September 25, 2021 | |
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Net income |
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Other comprehensive loss |
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Pension liability adjustment |
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Dividends declared |
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Preferred |
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Common |
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Dividend payable |
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Stock options and restricted stock |
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