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
December 30,
2006
Date of Report (Date of earliest event reported)
______________________________________________________
WEIS MARKETS,
INC.
(Exact name of registrant as specified in its
charter)
______________________________________________________
Pennsylvania
1-5039
24-0755415
(State or other
jurisdiction (Commission (IRS
Employer
of
incorporation) File
Number) Identification
No.)
1000 South
Second Street, Sunbury, PA 17801
(Address of principal executive offices) (Zip
Code)
(570)
286-4571
Registrant's telephone number, including area
code
N/A
(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))
Item 2.02 Results of Operations and Financial Condition.
On February 14, 2007, the
Company released its earnings for the fourth quarter ended
December 30, 2006. A copy of the press release is attached
hereto as Exhibit 99.1 and is incorporated herein by this
reference.
Item 9.01 Financial Statements and Exhibits.
(c)
Exhibit.
99.1
Weis Markets, Inc. February 14, 2007 press release announcing
its fourth quarter 2006 earnings.
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.
WEIS MARKETS, INC.
Dated: February 15, 2007
By: /s/
William R.
Mills
William R.
Mills
Senior Vice President and
Treasurer/CFO
EXHIBIT INDEX
Exhibit No. Description
99.1 Weis Markets, Inc. February 14, 2007 press release announcing its fourth quarter 2006 earnings.
EXHIBIT 99.1
| WEIS MARKETS, INC. | 1000 S. 2nd Street |
| Sunbury, Pennsylvania 17801 | |
| Phone 570-286-3636 | |
| Fax 570-286-3692 |
| Press Release |
| Contact: Dennis Curtin | FOR IMMEDIATE RELEASE |
| Phone: (570) 286-3636 | February 14, 2007 |
| E-Mail: dcurtin@weismarkets.com |
|
|
(SUNBURY, PA) – Weis
Markets, Inc. (NYSE:WMK) today reported $577.6 million in
fourth quarter sales for the thirteen-week period ending
December 30, 2006, compared to $601.9 million for the
fourteen-week period in 2005. Adjusting for the extra
week in 2005, the Company's fourth quarter sales
increased 2.7% and its comparable store sales increased
2.1%.
"We came off a strong year in 2005,
which had one additional week compared to 2006. Despite
these challenges, we achieved a record sales year," said
Weis Markets' President and CEO Norman S. Rich. "In 2006,
we also accelerated our capital expenditure spending,
investing more than $100 million in our store base and
infrastructure. While we did not achieve our earnings
goal, we made significant progress."
At a recent meeting, the Company's
Board of Directors approved a plan to invest $72.5
million in capital expenditures for 2007.
In the fourth quarter, the Company's
net income totaled $14.0 million compared to $18.4
million for the same period in 2005. Current basic and
diluted earnings per share totaled $.52 per share
compared to $.68 per share for the same period in
2005.
The Company said its year over year
changes in fourth quarter net income was affected by the
extra week in 2005; higher energy costs for utilities,
fuel, and petroleum-based store supplies; advertising
costs; closed store liabilities; and depreciation due to
the Company's accelerated capital expenditures.
Year to Date Results
Compared to the 53-week period ending
December 31, 2005, the Company's sales for the 52-week
period ending December 30, 2006 increased 1.0% to $2.2
billion. Adjusting for the extra week in 2005, the
Company's annual sales increased 2.8% and its comparable
store sales increased 2.0%.
In 2006, the Company's basic and
diluted earnings per share totaled $2.07 and net income
totaled $56.0 million compared to $2.35 per share and
$63.4 million in 2005, respectively.
The Company said its net income for
the 52-week year ending December 30, 2006 was impacted by
increased credit and debit interchange fees; higher labor
expenses due in large part to additional staffing
requirements for new stores, expansions and remodels;
increased advertising costs; higher costs for fuel,
utilities and petroleum-based store supplies; and a $1.2
million pre-tax impairment write-off for a closed store
property.
About Weis Markets
Founded in 1912 by Harry and Sigmund Weis, Weis Markets operates 156 stores in five Mid-Atlantic States: Pennsylvania, Maryland, New Jersey, New York, and West Virginia. It also owns and operates SuperPetz, a pet supply superstore chain with 31 locations in ten states.
-# # #-
In
addition to historical information, this news release may
contain forward-looking statements. Any forward-looking
statements contained herein are subject to certain risks
and uncertainties that could cause actual results to
differ materially from those projected. For example,
risks and uncertainties can arise with changes in:
general economic conditions, including their impact on
capital expenditures; business conditions in the retail
industry; the regulatory environment; rapidly changing
technology and competitive factors, including increased
competition with regional and national retailers; and
price pressures.
The Company undertakes no obligation to publicly revise or update these forward-looking statements to reflect events or circumstances that arise after the date hereof other than through its periodic filings with the Securities and Exchange Commission that are available to the public.
EXHIBIT 99.1
| Weis Markets, Inc. |
| Comparative Summary of Unaudited Sales & Earnings |
| Fourth Quarter - 2006 |
| 13 Week | 14 Week | ||
| Period Ended | Period Ended | Increase | |
| Dec. 30, 2006 | Dec. 31, 2005 | (Decrease) | |
| Net Sales | $577,605,000 | $601,901,000 | (4.0%) |
| Income Before Taxes | 21,445,000 | 27,739,000 | (22.7%) |
| Provision for Income Taxes | 7,428,000 | 9,375,000 | (20.8%) |
| Net Income | $14,017,000 | $18,364,000 | (23.7%) |
| Weighted-Average | |||
| Shares Outstanding | 27,014,000 | 27,030,000 | (16,000) |
| Basic and Diluted | |||
| Earnings Per Share | $0.52 | $0.68 | ($0.16) |
| 52 Week | 53 Week | ||
| Period Ended | Period Ended | Increase | |
| Dec. 30, 2006 | Dec. 31, 2005 | (Decrease) | |
| Net Sales | $2,244,512,000 | $2,222,598,000 | 1.0% |
| Income Before Taxes | 86,088 000 | 99,306,000 | (13.3%) |
| Provision for Income Taxes | 30,078,000 | 35,885,000 | (16.2%) |
| Net Income | $56,010,000 | $63,421,000 | (11.7%) |
| Weighted-Average | |||
| Shares Outstanding | 27,027,000 | 27,034,000 | (7,000) |
| Basic and Diluted | |||
| Earnings Per Share | $2.07 | $2.35 | ($0.28) |