Weissss Template

7/28/2019 Weissss Template

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Weis Markets, Inc

Balance Sheet 2007 2006 Change

Assets

Current

Cash and cash equivalents 41,187 27,545

Marketable securities 26,182 38,163 (11,981)

Accounts receivable, net 48,460 41,885 6,575

Inventories 193,732 189,468 4,264

Prepaid expenses 3,317 3,932 (615)Income taxes recoverable 8,074 - 8,074

Total current assets 320,952 300,993

Property and equipment, at cost 1,229,378 1,181,927 47,451

Accumulated depreciation (730,132) (689,384) (40,748)

Property and equipment, net 499,246 492,543 6,703

Goodwill 15,722 15,722 -

Intangible and other assets, net 4,149 4,804 (655)

Total assets 840,069 814,062

-

Liabilities -

Current -

Accounts payable 111,555 105,859 5,696

Accrued expenses 23,036 22,307 729Accrued self-insurance 23,442 22,778 664

Payable to employee benefit plans 1,400 1,435 (35)

Income taxes payable - 865 (865) -452

Deferred income taxes 4,134 298 3,836

Total current liabilities 163,567 153,542

Postretirement benefit obligations 14,027 12,912 1,115

Deferred income taxes 14,247 18,445 (4,198)

Total liabilities 191,841 184,899 6,942

Shareholders' Equity

Common stock, 9,830 8,595 1,235

Retained earnings 779,760 760,531 19,229

Accumulated other comprehensive income, net 7,339 6,084 1,255

796,929 775,210

Treasury stock at cost (148,701) (146,047)

Total shareholders' equity 648,228 629,163

Total liabilities and shareholders' equity 840,069 814,062

Income Statement 2007 2006 2005

Net sales 2,318,551 2,244,512 2,222,598

Cost of sales, 1,716,424 1,647,233 1,634,874

Gross profit on sales 602,127 597,279 587,724

Operating, general and administrative expenses 527,378 515,675 491,499

Income from operations 74,749 81,604 96,225

Investment income 3,010 4,484 3,081

Income before provision for income taxes 77,759 86,088 99,306

Provision for income taxes 26,769 30,078 35,885

Net income 50,990 56,010 63,421

Weighted-average shares outstanding, basic 26,987,786 27,016,877 27,026,748

Weighted-average shares outstanding, diluted 26,993,997 27,027,198 27,033,789

Cash dividends per share 1.16 1.16 1.12

Basic and diluted earnings per share 1.89 2.07 2.35

Statement of Shareholders' Equity Common Stock Retained

Shares Amount Earnings AOCI

Balance at December 25, 2004 32,997,157 8,199 702,714 4,747

Net Income - - 63,421 -


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Other comprehensive loss, - - - (451)

Comprehensive income

Shares issued for options 5,200 172 - -

Treasury stock purchased - - - -

Dividends paid - - (30,270) -


Net Income - - 56,010 -

Other comprehensive income, - - - 1,788


Shares issued for options 6,689 224 - -Treasury stock purchased - - - -



Net Income - - 50,990 -

Other comprehensive income, - - - 1,255


Cumulative effect of change in acctg principle - - (452) -

Shares issued for options 35,311 1,235 - -

Treasury stock purchased - - - -



Statement of Cash Flows 2007 2006 2005

Operating

Net income 50,990 56,010 63,421

Adjustment to reconcile net income to net cash

Depreciation and amortization expense 54,187 50,288 49,215

Amortization of intangibles 655 732 891

(Gain) loss on disposition / impairment of FA (8,031) 974 519

Gain on sale of marketable securities (6) (431) (422)

Changes in operating assets and liabilities

Accounts receivable (6,575) (3,509) (2,318)

Inventories (4,264) (10,086) (14,338)

Prepaid expenses 615 2,144 (1,106)

Income taxes recoverable (8,074) - 1,729

Accounts payable and other liabilities 5,696 4,964 5,152

Accrued expenses 729 2,228 (558)

Accrued self-insurance 664 1,225 1,381

Payable to employee benefit plans (35) (11,052) 1,661Income taxes payable (1,317) (1,155) 2,020

Retirement benefits obligations 1,115 12,912 -

Deferred income taxes (1,252) (5,762) (2,845)

Net cash provided by operating activities 85,097 99,482 104,402

Investing

Purchase of property and equipment (64,233) (99,975) (55,468)

Proceeds from the sale of property and equipment 11,374 2,696 291

Purchase of marketable securities - (33,020) (8,248)

Proceeds from the sale of marketable securities 14,132 21,554 902

Net cash used in investing activities (38,727) (108,745) (62,523)

Financing

Proceeds from issuance of common stock 1,235 224 172

Dividends paid (31,309) (31,344) (30,270)

Purchase of treasury stock (2,654) (1,372) (715)

Net cash used in financing activities (32,728) (32,492) (30,813)

Net increase (decrease) in cash and cash equivalents 13,642 (41,755) 11,066

Cash and cash equivalents at the beginning of year 27,545 69,300 58,234

Cash and cash equivalents at end of year 41,187 27,545 69,300

13,642

-


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(1,317)

Treasury Stock Total

Shares Amount Shareholders' Equity

5,964,330 (143,960) 571,700

- - 63,421


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- - (451)

62,970

- - 172

18,131 (715) (715)

- - (30,270)

5,982,461 (144,675) 603,857

- - 56,010

- - 1,788

57,798

3,498 (154) 7030,332 (1,218) (1,218)

- - (31,344)

6,016,291 (146,047) 629,163

- - 50,990

- - 1,255

52,245

- - (452)

25,561 (1,155) 80

35,459 (1,499) (1,499)

- - (31,309)

6,077,311 (148,701) 648,228

-


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Dr Cr

Beginning Balance 27,545

38,163

Operating 2,145

6

14,132

-

26,182

3,932

3,317

689,384

54,187

Income taxes payable 1,317 13,439

Deferred income taxes 1,252 730,132

Investing

105,859

Purchase of marketable securities -

Proceeds from the sale of marketable securities 14,132

111,555

Financing

1,435

Purchase of treasury stock 2,654

1,400

Ending Balance B/S 41,187 12,912

Ending Balance (T-Account Total) 36,454

Difference 4,733

14,027

6,084

7,339

Cash

Marketable Securities

Prepaid Expense

Accumulated Depreciation

Accounts Payable

Payable to Employee

Benefits Plan

Postretirement Benefit

Obligations

Accumulated Other

Comprehensive Income


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41,885 189,468

48,460 193,732

- 1,181,927

64,233

16,782

8,074 1,229,378 Carrying value of the Property Sold 3,343

Property Sold at 11374

15,722 4,804 Gain 8,031

655

15,722 4,149

22,307 22,778

23,036 23,442

865 18,743

452 1,252

1,317 890

-

- 18,381

8,595 760,531

452

19,681 NetIncome - (Change in R

1,235 31309

9,830 779,760

146,047

2,654

148,701

Accounts Receivable, net Inventory

T-Accounts

Income Taxes

Recoverable PP&E, gross

Goodwill

Intangibles and Other Assets,

net

Accrued Expenses Accrued Self-Insurance

Income Taxes Payable

Deferred Income Taxes

(current & long-term)

Common Stock Retained Earnings

Treasury Stock


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E) = Dividends Paid


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Sales 14,132

Gain on sale 6

J/E Dr Cr

Dr Marketable Securities 6

Cr Gain on Sold Marketable Securities 6

Dr Cash 14,132

Cr Marketable Securities 14,132

Dr Marketable Securities 2,145

Cr AOCI 1,255

Cr Deferred Income Taxes 890


Dr Cr

BB 38,163

Value changes for Securities Held 2,145

Value changes for Securities Sold 6

Sales 14,132

Purchases -

EB 26,182



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Income Taxes

J/E Dr Cr

Dr Deferred Inc Taxes 1,252

Cr Provision for Income Taxes 1,252

Current Non Current Total

Dr Cr Dr Cr Dr Cr

BB 298 18,445 18,743Reduction of provision 1,252 Cash Rec

Marketable securities value changes 890 Non Cash Rec

Other Changes - Cash Rec

EB 4,134 14,247 18,381

J/E

Dr Retained Earnings 452

Cr Income Taxes Payable 452

Dr Cr

BB 865

Change in acctg principle 452 Non Cash Rec

Other changes 1,317 Cash Rec

EB -

Income Taxes Payable

Deferred Income Taxes

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