Company Quick10K Filing
Weis Markets
Price38.31 EPS2
Shares27 P/E17
MCap1,030 P/FCF7
Net Debt-77 EBIT78
TEV954 TEV/EBIT12
TTM 2019-09-28, in MM, except price, ratios
10-Q 2020-09-26 Filed 2020-11-05
10-Q 2020-06-27 Filed 2020-08-05
10-Q 2020-03-28 Filed 2020-05-07
10-K 2019-12-28 Filed 2020-03-12
10-Q 2019-09-28 Filed 2019-11-04
10-Q 2019-06-29 Filed 2019-08-06
10-Q 2019-03-30 Filed 2019-05-09
10-K 2018-12-29 Filed 2019-03-14
10-Q 2018-09-29 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-30 Filed 2018-03-15
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-07-01 Filed 2017-08-10
10-Q 2017-04-01 Filed 2017-05-11
10-K 2016-12-31 Filed 2017-03-16
10-Q 2016-09-24 Filed 2016-11-03
10-Q 2016-06-25 Filed 2016-07-28
10-Q 2016-03-26 Filed 2016-05-05
10-K 2015-12-26 Filed 2016-03-18
10-Q 2015-09-26 Filed 2016-02-16
10-Q 2015-06-27 Filed 2015-08-04
10-Q 2015-03-28 Filed 2015-05-01
10-K 2014-12-27 Filed 2015-03-13
10-Q 2014-09-27 Filed 2014-11-06
10-Q 2014-06-28 Filed 2014-08-07
10-Q 2014-03-29 Filed 2014-05-08
10-K 2013-12-28 Filed 2014-03-14
10-Q 2013-09-28 Filed 2013-11-07
10-Q 2013-06-29 Filed 2013-08-08
10-Q 2013-03-30 Filed 2013-05-09
10-K 2012-12-29 Filed 2013-03-14
10-Q 2012-09-29 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-03-15
10-Q 2011-09-24 Filed 2011-11-03
10-Q 2011-06-25 Filed 2011-08-04
10-Q 2011-03-26 Filed 2011-05-05
10-K 2010-12-25 Filed 2011-03-10
10-Q 2010-09-25 Filed 2010-11-04
10-Q 2010-06-26 Filed 2010-08-05
10-Q 2010-03-27 Filed 2010-05-06
10-K 2009-12-26 Filed 2010-03-11
8-K 2020-11-02
8-K 2020-08-03
8-K 2020-05-04
8-K 2020-04-30
8-K 2020-03-09
8-K 2019-11-18
8-K 2019-11-04
8-K 2019-08-27
8-K 2019-08-02
8-K 2019-05-03
8-K 2019-04-25
8-K 2019-03-11
8-K 2018-11-02
8-K 2018-08-03
8-K 2018-05-07
8-K 2018-04-26
8-K 2018-03-13

WMK 10Q Quarterly Report

Part I - Financial Information
Item 2. Management's Discussion and Analysis
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.1 wmk-20200926xex31_1.htm
EX-31.2 wmk-20200926xex31_2.htm
EX-32 wmk-20200926xex32.htm

Weis Markets Earnings 2020-09-26

Balance SheetIncome StatementCash Flow
1.71.41.00.70.30.02012201420172020
Assets, Equity
1.00.80.60.40.20.02012201420172020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

wmk-20200926x10q
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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 September 26, 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 1-5039

WEIS MARKETS, INC.
(Exact name of registrant as specified in its charter)

Pennsylvania

(State or other jurisdiction of incorporation or organization)

24-0755415
(I.R.S. Employer Identification No.)

 

1000 S. Second Street
P. O. Box 471
Sunbury, Pennsylvania
(Address of principal executive offices)



17801-0471
(Zip Code)

Registrant's telephone number, including area code: (570) 286-4571

Registrant's web address: www.weismarkets.com

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

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, 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 [ ]

Accelerated filer [X]

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]

Securities registered pursuant to section 12(b) of the act:

Title of each class

Trading symbol

Name of exchange on which registered

Common stock, no par value

WMK

New York Stock Exchange

As of November 5, 2020, there were issued and outstanding 26,898,443 shares of the registrant’s common stock.



WEIS MARKETS, INC.

TABLE OF CONTENTS


Table of Contents

WEIS MARKETS, INC.

PART I – FINANCIAL INFORMATION

ITEM I – FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

(unaudited)

(dollars in thousands)

September 26, 2020

December 28, 2019

Assets

Current:

Cash and cash equivalents

$

117,408 

$

66,871 

Marketable securities

102,449 

63,538 

SERP investment

20,362 

18,935 

Accounts receivable, net

50,726 

55,764 

Inventories

265,990 

279,806 

Prepaid expenses and other current assets

29,810 

23,378 

Total current assets

586,745 

508,292 

Property and equipment, net

897,768 

886,928 

Operating lease right-to-use

202,058 

210,196 

Goodwill

52,330 

52,330 

Intangible and other assets, net

17,832 

17,816 

Total assets

$

1,756,733 

$

1,675,562 

Liabilities

Current:

Accounts payable

$

188,714 

$

180,718 

Accrued expenses

38,300 

39,528 

Operating leases

39,297 

39,114 

Accrued self-insurance

19,029 

15,719 

Deferred revenue, net

6,539 

8,662 

Income taxes payable

8,783 

8,197 

Total current liabilities

300,662 

291,938 

Postretirement benefit obligations

23,136 

22,143 

Accrued self-insurance

17,612 

17,625 

Operating leases

171,125 

179,654 

Deferred income taxes

100,863 

97,041 

Other

8,629 

8,416 

Total liabilities

622,027 

616,817 

Shareholders’ Equity

Common stock, no par value, 100,800,000 shares authorized, 33,047,807 shares issued,

26,898,443 shares outstanding

9,949 

9,949 

Retained earnings

1,272,655 

1,198,173 

Accumulated other comprehensive income

(Net of deferred taxes of $1,168 in 2020 and $593 in 2019)

2,959 

1,480 

1,285,563 

1,209,602 

Treasury stock at cost, 6,149,364 shares

(150,857)

(150,857)

Total shareholders’ equity

1,134,706 

1,058,745 

Total liabilities and shareholders’ equity

$

1,756,733 

$

1,675,562 

See accompanying notes to Consolidated Financial Statements.


1


Table of Contents

WEIS MARKETS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

13 Weeks Ended

39 Weeks Ended

(dollars in thousands, except shares and per share amounts)

September 26, 2020

September 28, 2019

September 26, 2020

September 28, 2019

Net sales

$

1,002,387 

$

876,222 

$

3,086,910 

$

2,640,907 

Cost of sales, including advertising, warehousing and distribution expenses

728,054 

643,397 

2,255,544 

1,941,860 

Gross profit on sales

274,333 

232,825 

831,366 

699,047 

Operating, general and administrative expenses

231,527 

215,282 

695,130 

637,385 

Income from operations

42,806 

17,543 

136,236 

61,662 

Investment income (loss) and interest expense

1,890 

1,467 

937 

5,441 

Other income (expense)

(1,218)

(39)

(1,160)

(2,309)

Income before provision for income taxes

43,478 

18,971 

136,013 

64,794 

Provision for income taxes

12,142 

4,652 

36,516 

15,696 

Net income

$

31,336 

$

14,319 

$

99,497 

$

49,098 

Weighted-average shares outstanding, basic and diluted

26,898,443 

26,898,443 

26,898,443 

26,898,443 

Cash dividends per share

$

0.31 

$

0.31 

$

0.93 

$

0.93 

Basic and diluted earnings per share

$

1.16 

$

0.53 

$

3.70 

$

1.83 

See accompanying notes to Consolidated Financial Statements.

2


Table of Contents

WEIS MARKETS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

13 Weeks Ended

39 Weeks Ended

(dollars in thousands)

September 26, 2020

September 28, 2019

September 26, 2020

September 28, 2019

Net income

$

31,336 

$

14,319 

$

99,497 

$

49,098 

Other comprehensive income (loss) by component, net of tax:

Available-for-sale marketable securities

Unrealized holding gains (losses) arising during period

(Net of deferred taxes of $143 and $67, respectively for the thirteen weeks ended and $575 and $490, respectively for the thirty-nine weeks ended)

362 

166 

1,479 

1,242 

Reclassification adjustment for gains included in net income

(Net of deferred taxes of $0 and $16, respectively for the thirteen weeks ended and $0 and $16, respectively for the thirty-nine weeks ended)

-

(39)

-

(39)

Other comprehensive income gain, net of tax

362 

127 

1,479 

1,203 

Comprehensive income, net of tax

$

31,698 

$

14,446 

$

100,976 

$

50,301 

See accompanying notes to Consolidated Financial Statements.


3


Table of Contents

WEIS MARKETS, INC.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(unaudited)

Accumulated

(dollars in thousands, except shares)

Other

Total

For Thirteen Weeks Ended

Common Stock

Retained

Comprehensive

Treasury Stock

Shareholders’

September 26, 2020 and September 28, 2019

Shares

Amount

Earnings

Income (Loss)

Shares

Amount

Equity

Balance at June 27, 2020

33,047,807 

$

9,949 

$

1,249,657 

$

2,598 

6,149,364 

$

(150,857)

$

1,111,347 

Net Income

31,336 

31,336 

Other comprehensive income, net of

reclassification adjustments and tax

362 

362 

Dividends paid

(8,339)

(8,339)

Balance at September 26, 2020

33,047,807 

$

9,949 

$

1,272,655 

$

2,959 

6,149,364 

$

(150,857)

$

1,134,706 

Balance at June 29, 2019

33,047,807 

$

9,949 

$

1,181,647

1,337

6,149,364 

$

(150,857)

$

1,042,076 

Net income

14,319 

14,319 

Other comprehensive income, net of

reclassification adjustments and tax

127 

127 

Dividends paid

(8,339)

(8,339)

Balance at September 28, 2019

33,047,807 

$

9,949 

$

1,187,627 

$

1,465 

6,149,364 

$

(150,857)

$

1,048,184 

Accumulated

(dollars in thousands, except shares)

Other

Total

For the Thirty-Nine weeks Ended

Common Stock

Retained

Comprehensive

Treasury Stock

Shareholders’

September 26, 2020 and September 28, 2019

Shares

Amount

Earnings

Income (Loss)

Shares

Amount

Equity

Balance at December 28, 2019

33,047,807 

$

9,949 

$

1,198,173 

$

1,480 

6,149,364 

$

(150,857)

$

1,058,745 

Net Income

99,497 

99,497 

Other comprehensive income, net of

reclassification adjustments and tax

1,479 

1,479 

Dividends paid

(25,016)

(25,016)

Balance at September 26, 2020

33,047,807 

$

9,949 

$

1,272,655 

$

2,959 

6,149,364 

$

(150,857)

$

1,134,706 

Balance at December 29, 2018

33,047,807 

$

9,949 

$

1,163,545

$

262

6,149,364 

$

(150,857)

$

1,022,899 

Net income

49,098 

49,098 

Other comprehensive income, net of

reclassification adjustments and tax

1,203 

1,203 

Dividends paid

(25,016)

(25,016)

Balance at September 28, 2019

33,047,807 

$

9,949 

$

1,187,627 

$

1,465 

6,149,364 

$

(150,857)

$

1,048,184 

See accompanying notes to Consolidated Financial Statements.


4


Table of Contents

WEIS MARKETS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)