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Marsh: Earnings News Releases
For Further Information Contact:
Douglas W. Dougherty
Chief Financial Officer
(317) 594-2627
For Immediate Release:
MARSH SUPERMARKETS, INC.
FOURTH QUARTER AND FISCAL 2000 RESULTS
FOURTH QUARTER OPERATING PROFIT 31% OVER LAST YEAR
Indianapolis, IN, May 24, 2000
Marsh Supermarkets, Inc. (NASDAQ: MARSA AND MARSB) reports results of
operations for the 13 and 53 weeks ended April 1, 2000.
For the fiscal year ended April 1, 2000, net income was $12,266,000
or $1.34 per diluted share, compared to $11,581,000 or $1.28 per diluted
share last year, a 6% increase. This year's EPS is the highest in five
years.
Operating profit was $40,521,000 compared to $35,730,000 last year,
a 13% increase. "We are pleased to report a double-digit percentage
increase in operating profit for the third year in a row. In the new
fiscal year, we will continue our focus on operational improvements,
as well as strategic internal growth and selective acquisitions," said
Don E. Marsh, Chairman and Chief Executive Officer.
Total sales and other revenues for the year were $1,790,140,000 -- up
11.4% from the prior year's $1,606,311,000. Sales in comparable stores
increased 3.6% over the prior year, a 52 week comparison. Of the
$184 million increase in revenues, approximately $36 million is
attributable to the 53rd week.
For the thirteen weeks ended April 1, 2000 (fourth quarter), net income
was $3,114,000 or $.34 per diluted share compared to $2,899,000 or $.32 per
diluted share last year.
Fourth quarter operating profit was $10,519,000 compared to $8,044,000
last year, a 31% increase. This is the fifteenth consecutive quarter of
operating profit improvement over the year earlier quarter. "Excluding
real estate gains and favorable LIFO adjustments, operating profit almost
doubled that of a year ago," said Don E. Marsh, Chairman and Chief Executive
Officer. The net after tax LIFO adjustment was $2.4 million -- $500,000 less
than last year.
During the fourth quarter, the Company opened its seventh new
generation Marsh supermarket. Two older supermarkets were closed. The
Company opened three new Village Pantry convenience stores and closed two
older units. The Company also acquired McNamara Florist and Enflora -
Flowers for Business, the leading upscale florist in the Indianapolis market.
Subsequent to year end, the Company acquired Ross Supermarkets, a five
store chain in Muncie, Indiana. One store, which is now operating under the
LoBill banner, was also acquired. The Company also acquired Primo Banquet
Catering and Conference Centers - a mid-level caterer which operates three
venues in the Indianapolis metro area. Two new Village Pantry convenience
stores and the first fuel kiosk on a supermarket lot were opened.
Marsh is a leading regional chain operating 70 Marsh and 23 LoBill
Foods supermarkets, 182 Village Pantry convenience stores and 1 Savin*$
limited selection every day low price store, in central Indiana and western
Ohio. The Company also operates Convenience Store Distributing Company, a
wholesale distributor serving 1,300 non-affiliated stores in eight states,
Crystal Food Services, a specialist in catering, business cafeteria
management, vending and concessions, and McNamara Florist and Enflora --
Flowers for Business.
MARSH SUPERMARKETS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
13 Weeks 12 weeks
Ended Ended Year Ended
-------- -------- ---------------------
(Unaudited) (Unaudited)
April 1, March 27, April 1, March 27,
2000 1999 2000 1999
------- -------- ------- --------
Sales and other revenues $441,576 $374,164 $1,790,140 $1,606,311
Gross profit 110,734 93,431 440,942 398,214
Selling, general and
administrative 93,718 79,619 374,487 339,927
Depreciation and amortization 6,497 5,768 25,934 22,557
------- ------- --------- ---------
Operating profit 10,519 8,044 40,521 35,730
Interest and debt expense
amortization 5,755 4,347 22,261 19,261
------- ------- --------- ---------
Income before income taxes 4,764 3,697 18,260 16,469
Income taxes 1,650 798 5,994 4,888
------- ------- --------- ---------
Net income $ 3,114 $ 2,899 $ 12,266 $ 11,581
======= ======= ========= =========
Number of shares:
Basic 8,354 8,327 8,347 8,297
Assuming dilution 9,848 9,835 9,843 9,826
Earnings per common share:
Basic $ .37 $ .35 $ 1.47 $ 1.40
======= ======= ========= =========
Assuming dilution $ .34 $ .32 $ 1.34 $ 1.28
======= ======= ========= =========
Dividends per share $ .11 $ .11 $ .44 $ .44
======= ======= ========= =========
MARSH SUPERMARKETS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
April 1, 2000 March 27,1999
------------- -------------
(Unaudited)
Assets
Current Assets
Cash and equivalents $ 31,435 $ 30,520
Accounts receivable 44,315 36,096
Inventories 125,383 107,336
Prepaid expenses 6,068 9,768
Recoverable income taxes 1,960 308
-------- --------
Total Current Assets 209,161 184,028
Property and Equipment, less allowances
for depreciation 299,589 278,639
Other Assets 58,255 47,016
-------- --------
$ 567,005 $ 509,683
======== ========
Liabilities and Shareholders' Equity:
Current Liabilities
Note payable to bank $ 10,000 $ -
Accounts payable 79,097 69,466
Accrued liabilities 55,042 45,507
Current maturities of long-term
liabilities 3,097 2,990
-------- --------
Total Current Liabilities 147,236 117,963
Long-term Liabilities:
Long-term debt 243,724 228,900
Capital lease obligations 14,266 12,820
-------- --------
Total Long-term Liabilities 257,990 241,720
Deferred Items:
Income taxes 12,744 11,768
Other 16,123 13,752
-------- --------
Total Deferred Items 28,867 25,520
Shareholders' Equity:
Common stock 25,455 25,239
Retained earnings 117,360 108,841
Cost of common stock in treasury ( 7,858) ( 6,710)
Deferred cost - restricted stock ( 1,574) ( 2,418)
Notes receivable - stock options ( 471) ( 472)
-------- --------
Total Shareholders' Equity 132,912 124,480
-------- --------
Total Liabilities and
Shareholders' Equity $ 567,005 $ 509,683
======== ========
Ends.