Company Quick10K Filing
Spartannash
Price12.13 EPS-0
Shares36 P/E-32
MCap441 P/FCF3
Net Debt675 EBIT12
TEV1,116 TEV/EBIT91
TTM 2019-10-05, in MM, except price, ratios
10-Q 2020-04-18 Filed 2020-05-28
10-K 2019-12-28 Filed 2020-02-26
10-Q 2019-10-05 Filed 2019-11-07
10-Q 2019-07-13 Filed 2019-08-21
10-Q 2019-04-20 Filed 2019-05-22
10-K 2018-12-29 Filed 2019-02-27
10-Q 2018-10-06 Filed 2018-11-08
10-Q 2018-07-14 Filed 2018-08-16
10-Q 2018-04-21 Filed 2018-05-30
10-K 2017-12-30 Filed 2018-02-26
10-Q 2017-10-07 Filed 2017-11-09
10-Q 2017-07-15 Filed 2017-08-17
10-Q 2017-04-22 Filed 2017-05-25
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-10-08 Filed 2016-11-10
10-Q 2016-07-16 Filed 2016-08-18
10-Q 2016-04-23 Filed 2016-05-26
10-K 2016-01-02 Filed 2016-03-02
10-Q 2015-10-10 Filed 2015-11-12
10-Q 2015-07-18 Filed 2015-08-20
10-Q 2015-04-25 Filed 2015-05-28
10-K 2015-01-03 Filed 2015-03-04
10-Q 2014-10-04 Filed 2014-11-06
10-Q 2014-07-12 Filed 2014-08-14
10-Q 2014-04-19 Filed 2014-05-23
10-Q 2013-09-14 Filed 2013-10-24
10-Q 2013-06-22 Filed 2013-08-01
10-K 2013-03-30 Filed 2013-05-23
10-Q 2013-01-05 Filed 2013-02-14
10-Q 2012-09-15 Filed 2012-10-25
10-Q 2012-06-23 Filed 2012-08-02
10-K 2012-03-31 Filed 2012-05-23
10-Q 2011-12-31 Filed 2012-02-09
10-Q 2011-09-10 Filed 2011-10-20
10-Q 2011-06-18 Filed 2011-07-28
10-K 2011-03-26 Filed 2011-05-16
10-Q 2011-01-01 Filed 2011-02-03
10-Q 2010-09-11 Filed 2010-10-14
10-Q 2010-06-19 Filed 2010-07-29
10-K 2010-03-27 Filed 2010-05-17
10-Q 2010-01-02 Filed 2010-02-04
8-K 2020-05-27
8-K 2020-05-26
8-K 2020-02-19
8-K 2019-11-06
8-K 2019-08-15
8-K 2019-08-14
8-K 2019-08-09
8-K 2019-05-29
8-K 2019-05-20
8-K 2019-05-09
8-K 2019-02-20
8-K 2019-02-06
8-K 2018-12-18
8-K 2018-11-07
8-K 2018-08-20
8-K 2018-08-15
8-K 2018-05-29
8-K 2018-05-24
8-K 2018-02-27
8-K 2018-02-21

SPTN 10Q Quarterly Report

Part I
Item 1. Financial Statements
Note 1 - Summary of Significant Accounting Policies and Basis of Presentation
Note 2 - Adoption of New Accounting Standards and Recently Issued Accounting Standards
Note 5 - Goodwill and Other Intangible Assets
Note 6 - Restructuring Charges and Asset Impairment
Note 7 - Fair Value Measurements
Note 8 - Commitments and Contingencies
Note 9 - Associate Retirement Plans
Note 10 - Income Taxes
Note 11 - Stock - Based Compensation
Note 12 - Earnings per Share
Note 13 - Supplemental Cash Flow Information
Note 14 - Reporting Segment Information
Item 1A. Risk Factors
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosure About Market Risk
Item 4. Controls and Procedures
Part II
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.1 sptn-ex101_7.htm
EX-10.2 sptn-ex102_8.htm
EX-10.3 sptn-ex103_15.htm
EX-10.4 sptn-ex104_16.htm
EX-31.1 sptn-ex311_6.htm
EX-31.2 sptn-ex312_9.htm
EX-31.3 sptn-ex313_11.htm
EX-32.1 sptn-ex321_10.htm

Spartannash Earnings 2020-04-18

Balance SheetIncome StatementCash Flow
2.41.91.41.00.50.02012201420172020
Assets, Equity
3.52.82.01.30.5-0.22012201420172020
Rev, G Profit, Net Income
0.30.20.1-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

sptn-10q_20200418.htm
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 

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

For the quarterly period ended April 18, 2020.

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: 000-31127

 

SPARTANNASH COMPANY

(Exact Name of Registrant as Specified in Its Charter)

 

 Michigan

 

38-0593940

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

850 76th Street, S.W.

P.O. Box 8700

Grand Rapids, Michigan

 

49518

(Address of Principal Executive Offices)

 

(Zip Code)

(616878-2000

(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

Common Stock, no par value

 

SPTN

 

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      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” and “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

 

 

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  

As of May 26, 2020, the registrant had 35,680,866 outstanding shares of common stock, no par value.

 

 


FORWARD-LOOKING STATEMENTS

The matters discussed in this Quarterly Report on Form 10-Q, in the Company’s press releases and in the Company’s website-accessible conference calls with analysts and investor presentations include “forward-looking statements” about the plans, strategies, objectives, goals or expectations of SpartanNash Company and subsidiaries (“SpartanNash” or “the Company”). These forward-looking statements are identifiable by words or phrases indicating that SpartanNash or management “expects,” “anticipates,” “plans,” “believes,” or “estimates,” or that a particular occurrence or event “will,” “may,” “could,” “should” or “will likely” result, occur or be pursued or “continue” in the future, that the “outlook” or “trend” is toward a particular result or occurrence, that a development is an “opportunity,” “priority,” “strategy,” “focus,” that the Company is “positioned” for a particular result, or similarly stated expectations. Accounting estimates, such as those described under the heading “Critical Accounting Policies” in Part I, Item 2 of this Quarterly Report on Form 10-Q, are inherently forward-looking. The Company’s asset impairment and restructuring cost provisions are estimates and actual costs may be more or less than these estimates and differences may be material. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date of the Quarterly Report, other report, release, presentation, or statement.

In addition to other risks and uncertainties described in connection with the forward-looking statements contained in this Quarterly Report on Form 10-Q, SpartanNash’s Annual Report on Form 10-K for the fiscal year ended December 28, 2019 and other periodic reports filed with the Securities and Exchange Commission (“SEC”), there are many important factors that could cause actual results to differ materially. These risks and uncertainties include disruptions associated with the COVID-19 pandemic, general business conditions, changes in overall economic conditions that impact consumer spending, the Company’s ability to integrate acquired assets, the impact of competition and other factors which are often beyond the control of the Company, and other risks listed in the “Risk Factors” discussions in Items 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2019 and this Quarterly Report on Form 10-Q, and risks and uncertainties not presently known to the Company or that the Company currently deems immaterial.

This section and the discussions contained in Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2019 and in Item 1A “Risk Factors” and Part I, Item 2 “Critical Accounting Policies” of this Quarterly Report on Form 10-Q, are intended to provide meaningful cautionary statements for purposes of the safe harbor provision of the Private Securities Litigation Reform Act of 1995. This should not be construed as a complete list of all the economic, competitive, governmental, technological and other factors that could adversely affect the Company’s expected consolidated financial position, results of operations or liquidity. Additional risks and uncertainties not currently known to SpartanNash or that SpartanNash currently believes are immaterial also may impair its business, operations, liquidity, financial condition and prospects. The Company undertakes no obligation to update or revise its forward-looking statements to reflect developments that occur, or information obtained after the date of this Quarterly Report.


2


TABLE OF CONTENTS

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements

4

 

 

 

 

Condensed Consolidated Balance Sheets

4

 

 

 

 

Condensed Consolidated Statements of Earnings

5

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income

6

 

 

 

 

Condensed Consolidated Statements of Shareholder’s Equity

7

 

 

 

 

Condensed Consolidated Statements of Cash Flows

8

 

 

 

 

Notes to Condensed Consolidated Financial Statements

9

 

 

 

Item 1A.

Risk Factors

17

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

17

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

29

 

 

 

Item 4.

Controls and Procedures

29

 

 

 

PART II.

OTHER INFORMATION

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

30

 

 

 

Item 6.

Exhibits

31

 

 

 

 

Signatures

32

 

3


PART I

FINANCIAL INFORMATION

ITEM 1. Financial Statements

SPARTANNASH COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, Unaudited)

 

April 18,

 

 

December 28,

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

 

21,255

 

 

$

 

24,172

 

Accounts and notes receivable, net

 

 

417,684

 

 

 

 

345,320

 

Inventories, net

 

 

516,517

 

 

 

 

537,212

 

Prepaid expenses and other current assets

 

 

68,094

 

 

 

 

58,775

 

Property and equipment held for sale

 

 

24,706

 

 

 

 

31,203

 

Total current assets

 

 

1,048,256

 

 

 

 

996,682

 

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

585,185

 

 

 

 

615,816

 

Goodwill

 

 

181,035

 

 

 

 

181,035

 

Intangible assets, net

 

 

128,654

 

 

 

 

130,434

 

Operating lease assets

 

 

268,370

 

 

 

 

268,982

 

Other assets, net

 

 

102,715

 

 

 

 

82,660

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

 

2,314,215

 

 

$

 

2,275,609

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

Accounts payable

$

 

509,164

 

 

$

 

405,370

 

Accrued payroll and benefits

 

 

71,655

 

 

 

 

59,680

 

Other accrued expenses

 

 

49,574

 

 

 

 

51,295

 

Current portion of operating lease liabilities

 

 

42,832

 

 

 

 

42,440

 

Current portion of long-term debt and finance lease liabilities

 

 

6,157

 

 

 

 

6,349

 

Total current liabilities

 

 

679,382

 

 

 

 

565,134

 

 

 

 

 

 

 

 

 

 

 

Long-term liabilities

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

 

62,849

 

 

 

 

43,111

 

Operating lease liabilities

 

 

264,738

 

 

 

 

267,350

 

Other long-term liabilities

 

 

30,457

 

 

 

 

30,272

 

Long-term debt and finance lease liabilities

 

 

591,097

 

 

 

 

682,204

 

Total long-term liabilities

 

 

949,141

 

 

 

 

1,022,937

 

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

 

Common stock, voting, no par value; 100,000 shares

     authorized;  35,682 and 36,351 shares outstanding

 

 

481,514

 

 

 

 

490,233

 

Preferred stock, no par value, 10,000 shares authorized; no shares outstanding

 

 

 

 

 

 

 

Accumulated other comprehensive loss

 

 

(1,520

)

 

 

 

(1,600

)

Retained earnings

 

 

205,698

 

 

 

 

198,905

 

Total shareholders’ equity

 

 

685,692

 

 

 

 

687,538

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

$

 

2,314,215

 

 

$

 

2,275,609

 

See accompanying notes to condensed consolidated financial statements.

4


SPARTANNASH COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except per share amounts)

(Unaudited)

 

16 Weeks Ended

 

 

 

April 18, 2020

 

 

April 20, 2019

 

 

Net sales

$

 

2,856,456

 

 

$

 

2,542,375

 

 

Cost of sales

 

 

2,432,889

 

 

 

 

2,164,646

 

 

Gross profit

 

 

423,567

 

 

 

 

377,729

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

391,300

 

 

 

 

360,400

 

 

Merger/acquisition and integration

 

 

 

 

 

 

782

 

 

Restructuring charges (gains) and asset impairment

 

 

10,237

 

 

 

 

(5,662

)

 

Total operating expenses

 

 

401,537

 

 

 

 

355,520

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating earnings

 

 

22,030

 

 

 

 

22,209

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expenses and (income)

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

7,638

 

 

 

 

11,881

 

 

Postretirement benefit (income) expense

 

 

(799

)

 

 

 

635

 

 

Other, net

 

 

(242

)

 

 

 

(452

)

 

Total other expenses, net

 

 

6,597

 

 

 

 

12,064

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes and discontinued operations

 

 

15,433

 

 

 

 

10,145

 

 

Income tax expense

 

 

31

 

 

 

 

2,624

 

 

Earnings from continuing operations

 

 

15,402

 

 

 

 

7,521

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from discontinued operations, net of taxes

 

 

 

 

 

 

(52

)

 

Net earnings

$

 

15,402

 

 

$

 

7,469

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

Earnings from continuing operations

$

 

0.43

 

 

$

 

0.21

 

 

Loss from discontinued operations

 

 

 

 

 

 

 

 

Net earnings

$

 

0.43

 

 

$

 

0.21

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

5


SPARTANNASH COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, Unaudited)

 

16 Weeks Ended

 

 

April 18, 2020

 

 

April 20, 2019

 

Net earnings

$

 

15,402

 

 

$

 

7,469

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income, before tax

 

 

 

 

 

 

 

 

 

Pension and postretirement liability adjustment

 

 

106

 

 

 

 

79

 

 

 

 

 

 

 

 

 

 

 

Income tax expense related to items of other comprehensive income

 

 

(26

)

 

 

 

(19

)

 

 

 

 

 

 

 

 

 

 

Total other comprehensive income, after tax

 

 

80

 

 

 

 

60

 

Comprehensive income

$

 

15,482

 

 

$

 

7,529

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

6


SPARTANNASH COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(In thousands, Unaudited)

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Common

 

 

Comprehensive

 

 

Retained

 

 

 

 

 

 

 

Outstanding

 

 

Stock

 

 

Income (Loss)

 

 

Earnings

 

 

Total

 

Balance at December 28, 2019

 

36,351

 

 

$

 

490,233

 

 

$

 

(1,600

)

 

$

 

198,905

 

 

$

 

687,538

 

Impact of adoption of new credit loss standard

  (ASU 2016-13)

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,612

)

 

 

 

(1,612

)

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

15,402

 

 

 

 

15,402

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

80

 

 

 

 

 

 

 

 

80

 

Dividends - $0.1925 per share

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,997

)

 

 

 

(6,997

)

Share repurchase

 

(861

)

 

 

 

(10,000

)

 

 

 

 

 

 

 

 

 

 

 

(10,000

)

Stock-based employee compensation

 

 

 

 

 

2,342

 

 

 

 

 

 

 

 

 

 

 

 

2,342

 

Issuances of common stock for stock bonus plan   

  and associate stock purchase plan

 

21

 

 

 

 

291

 

 

 

 

 

 

 

 

 

 

 

 

291

 

Issuances of restricted stock

 

293

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cancellations of stock-based awards

 

(122

)

 

 

 

(1,352

)

 

 

 

 

 

 

 

 

 

 

 

(1,352

)

Balance at April 18, 2020

 

35,682

 

 

$

 

481,514

 

 

$

 

(1,520

)

 

$

 

205,698

 

 

$

 

685,692

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Common

 

 

Comprehensive

 

 

Retained

 

 

 

 

 

 

 

Outstanding

 

 

Stock

 

 

Income (Loss)

 

 

Earnings

 

 

Total

 

Balance at December 29, 2018

 

35,952

 

 

$

 

484,064

 

 

$

 

(15,759

)

 

$

 

247,642

 

 

$

 

715,947

 

Impact of adoption of new lease standard

  (ASU 2016-02)

 

 

 

 

 

 

 

 

 

 

 

 

 

(26,863

)

 

 

 

(26,863

)

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

7,469

 

 

 

 

7,469

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

60

 

 

 

 

 

 

 

 

60

 

Dividends - $0.19 per share

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,902

)

 

 

 

(6,902

)

Stock-based employee compensation

 

 

 

 

 

5,383

 

 

 

 

 

 

 

 

 

 

 

 

5,383

 

Issuances of common stock on stock option

  exercises and for stock bonus plan and

  associate stock purchase plan

 

30

 

 

 

 

452

 

 

 

 

 

 

 

 

 

 

 

 

452

 

Issuances of restricted stock

 

444

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cancellations of stock-based awards

 

(107

)

 

 

 

(1,744

)

 

 

 

 

 

 

 

 

 

 

 

(1,744

)

Balance at April 20, 2019

 

36,319

 

 

$

 

488,155

 

 

$

 

(15,699

)

 

$

 

221,346

 

 

$

 

693,802

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

 

7


SPARTANNASH COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, Unaudited)

 

16 Weeks Ended

 

 

April 18, 2020

 

 

April 20, 2019

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

Net earnings

$

 

15,402

 

 

$

 

7,469

 

Loss from discontinued operations, net of tax

 

 

 

 

 

 

52

 

Earnings from continuing operations

 

 

15,402

 

 

 

 

7,521

 

Adjustments to reconcile net earnings to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

Non-cash restructuring, asset impairment, and other charges

 

 

9,425

 

 

 

 

893

 

Depreciation and amortization

 

 

28,029

 

 

 

 

26,632

 

Non-cash rent

 

 

(1,823

)

 

 

 

(2,555

)

LIFO expense

 

 

1,583

 

 

 

 

1,425