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):
June 16, 2003
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
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code:(732) 462-4700
Item 7. Financial Statements and Exhibits
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(c) Exhibits
Exhibit No. Description
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99.1 Press Release, dated June 16, 2003, of
Foodarama Supermarkets, Inc.
Item 9. Regulation FD Disclosure
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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 June 16, 2003, Foodarama Supermarkets, Inc. issued a press release
announcing its consolidated financial results for its second quarter ended May
3, 2003. A copy of the press release is furnished as Exhibit 99.1 to this
current report.
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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
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Michael Shapiro
Senior Vice President
Chief Financial Officer
Date: June 17, 2003
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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
SECOND QUARTER AND SIX MONTHS RESULTS
Freehold, N.J., June 16, 2003 -- Foodarama Supermarkets, Inc. (ASE-FSM)
today announced that sales for the 13 weeks ended May 3, 2003 totaled
$254,578,000, compared to $235,236,000 in the prior year period. Same store
sales from the twenty one stores operated in both periods increased 1.7% period
to period. Sales for the current quarter included the operations of new
locations in Woodbridge and Ewing, New Jersey opened in December 2002 and
January 2003, respectively. The location in Woodbridge replaced an older,
smaller location in the same shopping center.
In the current quarter net income was $128,000 or $.13 per diluted share.
The Company's earnings before interest taxes, depreciation and amortization
("EBITDA") for the second quarter ended May 3, 2003 were $7,570,000.
For the thirteen weeks ended May 4, 2002 net income was $183,000 or $.17
per diluted share. The Company's EBITDA for the second quarter ended May 4, 2002
were $5,916,000.
Sales for the 26 weeks ended May 3, 2003 were $511,669,000 compared to
$487,263,000 in the prior year period. Same store sales decreased .1% period to
period. Sales for the current 26 week period included the operations of the new
Woodbridge, Ewing and Middletown, New Jersey locations. The Middletown store
opened on November 14, 2001.
For the 26 weeks ended May 3, 2003 the Company reported net income of
$477,000 or $.47 per diluted share. The Company's EBITDA for the six months
ended May 3, 2003 were $14,356,000.
For the 26 weeks ended May 4, 2002 net income was $1,450,000 or $1.30 per
diluted share. The Company's EBITDA for the six months ended May 4, 2002 were
$13,406,000.
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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 Twenty Six Weeks Ended
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May 3, 2003 May 4, 2002 May 3, 2003 May 4, 2002
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Net income $ 128,000 $ 183,000 $ 477,000 $ 1,450,000
Add:
Interest expense, net 2,970,000 2,049,000 5,254,000 3,916,000
Income tax provision 85,000 122,000 318,000 968,000
Depreciation 4,289,000 3,447,000 8,121,000 6,852,000
Amortization 98,000 115,000 186,000 220,000
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EBITDA $ 7,570,000 $ 5,916,000 $14,356,000 $13,406,000
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FOODARAMA SUPERMARKETS, INC. AND SUBSIDIARIES
Consolidated Operating Highlights (Unaudited)
For the 13 Weeks Ended May 3, 2003 May 4, 2002
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Sales............................... $ 254,578,000 $ 235,236,000
Net income ......................... 128,000 183,000
Net income per diluted share....... $.13 $.17
Average shares outstanding.......... 1,011,948 1,101,999
EBITDA.............................. $ 7,570,000 $ 5,916,000
For the 26 Weeks Ended May 3, 2003 May 4, 2002
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Sales............................... $ 511,669,000 $ 487,263,000
Net income.......................... 477,000 1,450,000
Net income per diluted share...... $.47 $1.30
Average shares outstanding.......... 1,014,500 1,118,497
EBITDA.............................. $ 14,356,000 $ 13,406,000
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