UNITED STATES
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):
March 15, 2004
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
99.1 Press Release, dated March 15, 2004,
of Foodarama Supermarkets, Inc. Re:
Consolidated Financial Results
Item 12. Results of Operations and Financial Condition
On March 15, 2004, Foodarama Supermarkets, Inc. issued a press release
announcing its consolidated financial results for its first quarter ended
January 31, 2004. A copy of the press release is furnished as Exhibit 99.1 to
this current report.
The information furnished under Item 12 of this current report, including
Exhibit 99.1 hereto, shall not be deemed "filed" for purposes of Section 18 of
the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall
it be deemed incorporated by reference in any document filed under the
Securities Act of 1933, as amended, or the Exchange Act, except as shall be
expressly set forth by specific reference in such filing.
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: March 15, 2004
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
FOURTH QUARTER AND YEAR END RESULTS
Freehold, N.J., March 15, 2004 -- Foodarama Supermarkets, Inc. (ASE-FSM)
today announced that sales for the 13 weeks ended January 31, 2004 totaled
$294,715,000, compared to $257,091,000 for the prior year period. Same store
sales from the twenty stores operated in both periods increased 3.6% period to
period. Sales for the current quarter included the operations of the new
locations in Woodbridge, Ewing, North Brunswick and Hamilton New Jersey opened
in December 2002, January 2003, May 2003 and October 2003, respectively. The
locations in Woodbridge and North Brunswick replaced older, smaller stores.
In the current quarter net income was $1,240,000 or $1.22 per diluted
share. The Company's earnings before interest, taxes, depreciation and
amortization ("EBITDA") for the first quarter ended January 31, 2004 were
$10,569,000.
For the thirteen weeks ended February 1, 2003, the Company reported net
income of $349,000 or $.34 per diluted share. The Company's EBITDA for the first
quarter ended February 1, 2003 were $6,786,000.
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
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January 31, 2004 February 1, 2003
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Net income $ 1,240,000 $ 349,000
Add:
Interest expense, net 3,757,000 2,284,000
Income tax provision 760,000 233,000
Depreciation 4,685,000 3,832,000
Amortization 127,000 88,000
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EBITDA $ 10,569,000 $ 6,786,000
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FOODARAMA SUPERMARKETS, INC. AND SUBSIDIARIES
Consolidated Operating Highlights (unaudited)
For the 13 weeks ended January 31, 2004 February 1, 2003
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Sales.............................. $ 294,715,000 $ 257,091,000
Net income ........................ 1,240,000 349,000
Net income per diluted share....... $1.22 $.34
Average shares outstanding......... 1,013,049 1,016,482
EBITDA............................. $ 10,569,000 $ 6,786,000