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Meldungen 05.12.2002

5.12.2002: Meldung: United Natural Foods First Quarter Results

United Natural Foods, Inc. today reported net income of $5.4 million for the first quarter of fiscal 2003, or $0.28 per share on a diluted basis, excluding special items, at the upper end of guidance previously provided by the Company.

Net sales for the first quarter of fiscal 2003 were $311.0 million, an increase of 10.9% from the $280.3 million recorded in the first quarter of fiscal 2002. The increase was primarily due to growth in the independent and mass market distribution channels of approximately 11.8% and 21.4%, respectively. The supernatural distribution channel increased approximately 5.5%. These increases all include sales from the Blooming Prairie division, acquired on October 11, 2002, and Boulder Fruit Express, acquired on November 7, 2001. Sales growth for the quarter, excluding the effect of acquisitions, was 6.5%. Sales growth was also impacted by the transition of the Company"s second-largest customer to a new primary distributor. Sales growth excluding acquisitions and the impact of this transition was 16.5%.

Net income for the first quarter of fiscal 2003, excluding the effect of special items, increased 9.0% to $5.4 million, or $0.28 per diluted share, compared to $4.9 million, or $0.26 per diluted share, excluding special items, for the quarter ended October 31, 2001. The special items for the quarter ended October 31, 2002, consisted of a non-cash charge related to the change in fair value of interest rate swaps and related option agreements and certain costs relating to the transition of the Company"s second largest customer to a new primary distributor. A special non-cash charge was recorded in the first quarter of fiscal 2002 related to the change in fair value of interest rate swaps and related option agreements. Net income including special items increased 53.1 % to $4.0 million, or $0.21 per diluted share, for the first quarter of 2003 compared to $2.6 million, or $0.14 per diluted share, in the prior year period.

The following table details the amounts and effects of these items:

Quarter Ended October 31, 2002

· (in thousands, except per share data) Pretax Net of Tax Per diluted

Income share

Income, excluding special items:

$8,920 $5,352 $0.28

 

Less: special items

Interest rate swap agreements

(change in value of financial

instruments)

1,706 1,023 0.05

Costs related to loss of major customer

(included in operating expenses)

574 345 0.02

 

Income, including special items:

$6,640 $3,984 $0.21

 

 

Quarter Ended October 31, 2001

(in thousands, except per share data) Pretax Net of Tax Per diluted

Income share

 

Income, excluding special items:

$8,180 $4,908 $0.26

 

Less: special items

Interest rate swap agreement (change in

value of financial instruments)

3,787 2,272 0.12

Costs related to relocating distribution

center (included in operating expenses)

57 34 -

 

Income, including special items:

$4,336 $2,602 $0.14

 

The non-cash charge from the change in fair value on interest rate swap agreements was caused by unfavorable changes in yield curves during the quarters ended October 31, 2002 and 2001, respectively. The costs related to the transition of the Company"s second largest customer to a new primary distributor consisted primarily of severance and expenses related to the transfer of private label inventory.

Comments from Management

Commenting on the first quarter results, Michael Funk, Chief Executive Officer, said, "This is an excellent start to our new fiscal year, continuing on track with executing our business plan and growth objectives. During the quarter we achieved year-over-year double-digit sales growth and a 9% increase in net income. This growth was driven by a strong performance in sales to independent and mass market customers, which increased 11.8% and 21.4%, respectively. Regarding supernatural customers, sales increased 5.5% when compared to the same period last year. Growth in the supernatural channel was 33.8% excluding acquisitions and the effects of the transition of our second largest customer to a new primary distributor. The continued strong demand for our products and programs demonstrates that we are meeting the needs of our customers and we intend to be their leading natural products resource for the long-term."

Mr. Funk added, "Operationally, we continue to pursue internal and external growth strategies focused on expanding our customer base, increasing market share and extending our presence in both existing operating areas and new, under-penetrated markets. Consistent with this strategy we completed the acquisition of Blooming Prairie Cooperative, the largest volume distributor of natural foods in the Midwest and also entered into an agreement to merge with Northeast Cooperatives, a natural foods distributor in the Northeast and Midwest."

The Company believes sales growth for the quarter ending January 31, 2003, will be in the 9 - 12% range, including growth in the mid-teens for the business excluding acquisitions and the effects of the transition of its second largest customer to a new primary distributor. The earnings per diluted share outlook for the quarter ending January 31, 2003 and the fiscal year ending July 31, 2003 is $0.26 - $0.28 and $1.18 - $1.20, respectively, consistent with prior guidance.

Conference Call

Management will conduct a conference call and audio webcast at 11:00 a.m. ET on December 4, 2002 to review the Company"s quarterly results, market trends and future outlook. The conference call dial-in number is 703-871-3599. The audio webcast will be available, on a listen only basis, via the Internet at www.viavid.com or at the Investor Relations section of the Company"s website, www.unfi.com . Please allow extra time for the webcast to visit the site and download any software required to listen to the Internet broadcast. The online archive of the webcast will be available for 30 days.

About United Natural Foods

United Natural Foods, Inc. carries and distributes over 30,000 products to more than 10,000 customers nationwide. The Company serves a wide variety of retail formats including conventional supermarket chains, natural product superstores and independent retail operators.

For more information on United Natural Foods, Inc., visit the Company"s web-site at www.unfi.com .

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding United Natural"s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, including but not limited to general business conditions, the impact of competition and our dependence on principal customers, see "Risk Factors" in the Company"s annual report on Form 10-K filed with the Commission on October 28, 2002, and its other filings under the Securities Exchange Act of 1934, as amended. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. United Natural is not undertaking to update any information in the foregoing reports until the effective date of its future reports required by applicable laws.

UNITED NATURAL FOODS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

QUARTER ENDED

OCTOBER 31,

(In thousands, except per share data)

2002 2001

 

Net sales

$310,993 $280,315

 

Cost of sales

250,157 225,314

 

Gross profit

60,836 55,001

 

Operating expenses

50,843 45,024

 

Amortization of intangibles

38 64

 

Total operating expenses

50,881 45,088

 

Operating income

9,955 9,913

 

Other expense (income):

Interest expense

1,847 1,746

Change in fair value of financial instruments

1,706 3,787

Other, net

(238) 44

 

Total other expense

3,315 5,577

 

Income before income taxes

6,640 4,336

 

Income taxes

2,656 1,734

 

Net income

$3,984 $2,602

 

Per share data (basic):

 

Net income

$0.21 $0.14

 

Weighted average basic shares of common stock

 

19,106 18,665

 

Per share data (diluted):

 

Net income

$0.20 $0.14

 

Weighted average diluted shares of common stock

19,434 19,060

 

 

UNITED NATURAL FOODS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

 

(In thousands) OCTOBER 31, JULY 31,

2002 2002

(UNAUDITED) (AUDITED)

ASSETS

Current assets:

Cash

$4,399 $11,184

Accounts receivable, net

86,418 84,303

Notes receivable, trade

474 513

Inventories

150,386 131,932

Prepaid expenses

6,144 4,493

Deferred income taxes

4,612 4,612

Refundable income taxes

- 58

Total current assets

252,433 237,095

 

Property & equipment, net

92,415 82,702

 

Other assets:

Notes receivable, trade, net

1,365 956

Goodwill, net

45,049 31,399

Covenants not to compete, net

221 248

Deferred taxes

800 800

Other, net

1,453 1,257

 

Total assets

$393,736 $354,457

 

LIABILITIES AND STOCKHOLDERS" EQUITY

Current liabilities:

Notes payable - line of credit

$118,186 $106,109

Current installments of long-term debt

1,593 1,658

Current installment of obligations under

capital leases

783 1,037

Accounts payable

67,566 52,789

Accrued expenses

20,105 18,185

Financial instruments

7,326 5,620

Income taxes payable

1,838 -

Total current liabilities

217,397 185,398

 

Long-term debt, excluding current installments 10,867 7,677

Obligations under capital leases, excluding

current installments

936 995

Deferred revenue

120 -

Total liabilities

229,320 194,070

 

Stockholders" equity:

Preferred stock, $.01 par value, authorized 5,000

shares; none issued and outstanding

Common stock, $.01 par value, authorized 50,000

shares; issued and outstanding 19,110 at

October 31, 2002; issued and outstanding 19,106

at July 31, 2002 191 191

Additional paid-in capital

79,716 79,711

Unallocated shares of ESOP

(2,054) (2,094)

Retained earnings

86,563 82,579

Total stockholders" equity

164,416 160,387

 

Total liabilities and stockholders" equity

$393,736 $354,457

 

 

UNITED NATURAL FOODS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

QUARTER ENDED

OCTOBER 31,

(In thousands)

2002 2001

 

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$3,984 $2,602

Adjustments to reconcile net income to net

cash provided by operating activities:

Depreciation and amortization

2,370 1,814

Change in fair value of financial instruments

1,706 3,787

Gain (loss) on disposals of property & equipment

9 (3)

Deferred income tax benefit

- (287)

Provision for doubtful accounts

1,060 513

Changes in assets and liabilities, net of

acquired companies:

Accounts receivable

(227) (9,487)

Inventory

(4,111) (14,208)

Prepaid expenses

(1,404) (643)

Refundable income taxes

57 366

Other assets

758 (727)

Notes receivable, trade

95 141

Accounts payable

9,304 19,532

Accrued expenses

750 6,038

Income taxes payable

1,805 2,006

Net cash provided by operating activities

16,156 11,444

 

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of acquired businesses, net of

cash acquired

(29,960) -

Proceeds from disposals of property and

equipment

33 16

Capital expenditures

(4,313) (4,360)

Net cash used in investing activities

(34,240) (4,344)

 

CASH FLOWS FROM FINANCING ACTIVITIES:

Net borrowings under note payable 12,077 12,184

Repayments on long-term debt

(470) (20,188)

Principal payments of capital lease obligations

(312) (299)

Proceeds from exercise of stock options

4 119

 

Net cash provided by (used in) financing

activities

11,299 (8,184)

 

NET DECREASE IN CASH

(6,785) (1,084)

Cash at beginning of period

11,184 6,393

Cash at end of period

$4,399 $5,309

 

 

Supplemental disclosures of cash flow information:

Cash paid during the period for:

Interest

$1,823 $1,629

Income taxes, net of refunds

$819 $196

 

In 2002 and 2001 the Company incurred $0 and $628, respectively, of capital lease obligations.

 

CONTACT: Todd Weintraub, Chief Financial Officer of United Natural Foods, Inc., +1-860-779-2800, or General Information, Joseph Calabrese, +1-212-445-8434, or Analyst Information, Vanessa Schwartz, +1-212-445-8433, both of FRB Weber Shandwick

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