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):
June 13, 2005
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 (Address of
principal executive offices) (Zip code)
Registrant's telephone number, including area code:(732)462-4700
Not Applicable
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Section 2-Financial Information
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Item 2.02. Results of Operations and Financial Condition.
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On June 13, 2005 Foodarama Supermarkets, Inc. issued a press release
announcing its consolidated financial results for its second quarter ended April
30, 2005. A copy of the press release is furnished as Exhibit 99.1 to this
current report.
The information furnished under Item 2.02 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"), or otherwise subject to the liabilities of that section, 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.
Section 9-Financial Statements and Exhibits
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Item 9.01. Financial Statements and Exhibits.
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(c)Exhibits:
Exhibit No. Description
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99.1 Press Release, dated June 13, 2005,
of Foodarama Supermarkets, Inc.
Re: Consolidated Financial Results
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 13, 2005
EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release, dated June 13, 2005 of
Foodarama Supermarkets, Inc. Re: Consolidated
Financial Results
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 13, 2005 -- Foodarama Supermarkets, Inc. (ASE-FSM)
today announced that sales for the 13 weeks ended April 30, 2005 totaled
$292,035,000, compared to $278,693,000 in the prior year period. Same store
sales from the twenty three stores operated in both periods decreased 3.3%
period to period. The decrease was primarily due to the effect of competitive
store openings and the impact from the opening of new Foodarama locations on
several of its existing stores. Sales for the current quarter included the
operations of new locations in Lawrenceville and Aberdeen, New Jersey opened in
April 2004 and May 2004, respectively, as well as the location in Bordentown,
New Jersey purchased from Wakefern Food Corporation in June 2004.
In the current quarter net income was $54,000 or $.05 per diluted share.
The Company's earnings before interest taxes, depreciation and amortization
("EBITDA") for the second quarter ended April 30, 2005 were $10,295,000.
For the thirteen weeks ended May 1, 2004 net income was $956,000 or $.93
per diluted share. The Company's EBITDA for the second quarter ended May 1, 2004
were $10,341,000.
Sales for the 26 weeks ended April 30, 2005 were $609,624,000 compared
to $572,536,000 in the prior year period. Same store sales from the twenty three
stores in operation in both periods decreased 1.5% period to period. The
decrease was primarily due to the effect of competitive store openings and the
impact from the opening of new Foodarama locations on several of its existing
stores. Sales for the current 26 week period included the operations of the new
Lawrenceville and Aberdeen, New Jersey locations, as well as the location in
Bordentown, New Jersey.
For the 26 weeks ended April 30, 2005 the Company reported net income of
$307,000 or $.29 per diluted share. The Company's EBITDA for the six months
ended April 30, 2005 were $21,032,000.
For the 26 weeks ended May 1, 2004 net income was $2,196,000 or $2.15
per diluted share. The Company's EBITDA for the six months ended May 1, 2004
were $20,910,000.
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 Twenty Six Weeks Ended
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April 30, 2005 May 1, 2004 April 30, 2005 May 1, 2004
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Net income $ 54,000 $ 956,000 $ 307,000 $ 2,196,000
Add:
Interest expense, net 4,606,000 3,817,000 9,230,000 7,574,000
Income tax provision 34,000 587,000 189,000 1,347,000
Depreciation 5,498,000 4,881,000 10,992,000 9,566,000
Amortization 103,000 100,000 314,000 227,000
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EBITDA $10,295,000 $10,341,000 $21,032,000 $20,910,000
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FOODARAMA SUPERMARKETS, INC. AND SUBSIDIARIES
Consolidated Operating Highlights (Unaudited)
For the 13 Weeks Ended April 30, 2005 May 1, 2004
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Sales....................................... $ 292,035,000 $ 278,693,000
Net income ................................. 54,000 956,000
Net income per diluted share................ $.05 $.93
Average shares outstanding.................. 1,032,098 1,026,595
EBITDA...................................... $ 10,295,000 $ 10,341,000
For the 26 Weeks Ended April 30, 2005 May 1, 2004
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Sales....................................... $ 609,624,000 $ 572,536,000
Net income.................................. 307,000 2,196,000
Net income per diluted share................ $.29 $2.15
Average shares outstanding.................. 1,033,451 1,020,607
EBITDA...................................... $ 21,032,000 $ 20,910,000