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 29,
2007
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 12, 2008, the
Company released its earnings for the fourth quarter ended
December 29, 2007. 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 12, 2008 press release announcing
its fourth quarter 2007 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 12, 2008
By: /s/ William R. Mills
William
R.
Mills
Senior Vice President,
Treasurer
and Chief Financial
Officer
EXHIBIT INDEX
Exhibit No. Description
99.1 Weis Markets, Inc. February 12, 2008 press release announcing its fourth quarter 2007 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 V. Curtin | FOR IMMEDIATE RELEASE |
| Phone: (570) 286-3636 | February 12, 2008 |
| E-Mail: Dcurtin@weismarkets.com |
|
|
(Sunbury, PA)
- Weis Markets, Inc. (NYSE: WMK) today said its fourth
quarter sales increased 4.4% to $603.0 million compared
to the same period a year ago and its comparable store
sales increased 4.9%.
For the
13-week period ending December 29, 2007, the Company's
basic and diluted earnings per share decreased $.20 to
$.32 per share compared to the same period a year ago.
The Company's fourth quarter net income totaled $8.6
million compared to $14.0 million in 2006.
The
Company's fourth quarter earnings were impacted by a 1.3%
gross profit rate decline, down from 26.0% in 2006 to
24.7% in 2007. During the fourth quarter, the Company
continued its aggressive promotional activity while
keeping its overall pricing competitively low during a
time of significant wholesale food inflation.
In 2007,
wholesale prices increased much more quickly than the
retail prices paid by consumers. According to the latest
U.S. Bureau of Labor Statistics' report, food-at-home
price inflation increased 4.2% in 2007 while wholesale
food inflation increased at a higher rate of 6.5%. This
difference contributed significantly to the decline in
the Company's gross profit rate.
The Company benefited from increased perishable sales and successful sales building strategies.
Year To Date
For the
52-week period ending December 29, 2007, the Company's
sales increased 3.3% to $2.3 billion while its comparable
store sales increased 3.5%.
Year to
date net income decreased 9.0% to $51.0 million and basic
and diluted earnings per share decreased $.18 to $1.89
per share.
About Weis Markets
A Mid-Atlantic food retailer, Weis Markets, Inc. marked its 95th year of operation in 2007. It currently operates 155 stores in five states: Pennsylvania, Maryland, New Jersey, New York and West Virginia. The Company 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.
| Weis Markets, Inc. |
| Comparative Summary of Unaudited Sales & Earnings |
| Fourth Quarter - 2007 |
| 13 Week | 13 Week | ||
| Period Ended | Period Ended | Increase | |
| Dec. 29, 2007 | Dec. 30, 2006 | (Decrease) | |
| Net Sales | $602,977,000 | $577,605,000 | 4.4% |
| Income Before Taxes | 12,900,000 | 21,445,000 | (39.8%) |
| Provision for Income Taxes | 4,290,000 | 7,428,000 | (42.2%) |
| Net Income | $8,610,000 | $14,017,000 | (38.6%) |
| Weighted-Average | |||
| Shares Outstanding | 26,986,000 | 27,014,000 | (28,000) |
| Basic and Diluted | |||
| Earnings Per Share | $0.32 | $0.52 | ($0.20) |
| 52 Week | 52 Week | ||
| Period Ended | Period Ended | Increase | |
| Dec. 29, 2007 | Dec. 30, 2006 | (Decrease) | |
| Net Sales | $2,318,551,000 | $2,244,512,000 | 3.3% |
| Income Before Taxes | 77,759,000 | 86,088,000 | (9.7%) |
| Provision for Income Taxes | 26,769,000 | 30,078,000 | (11.0%) |
| Net Income | $50,990,000 | $56,010,000 | (9.0%) |
| Weighted-Average | |||
| Shares Outstanding | 26,994,000 | 27,027,000 | (33,000) |
| Basic and Diluted | |||
| Earnings Per Share | $1.89 | $2.07 | ($0.18) |