Village Super Market Inc 10-K for FY2020

Village Super Market Inc (VLGEA)

10-K 2020-10-08 For: 2020-07-25

Added on April 04, 2026

About this 10-K

Village Super Market Inc filed this 10-K on October 8, 2020, covering the fiscal year ended July 25, 2020 (FY2020).

Headline figures

Fiscal year ended July 25, 2020, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.8B; up 9.8% from $1.64B a year earlier
Net income: $24.94M; down 2.3% from net income of $25.54M a year earlier

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Large accelerated filer ☐						Accelerated filer ☒

Non-accelerated filer ☐ (Do not check if a smaller reporting company)						Smaller reporting company ☒
						Emerging growth company ☐


			Outstanding at
Class			October 7, 2020

Class A common stock, no par value			10,259,192 Shares
Class B common stock, no par value			4,293,748 Shares


Total Square Feet			Number of Stores

Greater than 60,000			17
50,001 to 60,000			9
40,001 to 50,000			5
20,000 to 40,000			4
Less than 20,000			3
Total			38


Product Categories
	2020		2019
Groceries	35.9	%	35.9	%
Dairy and Frozen	17.1		16.9
Produce	11.9		12.0
Meats	9.9		9.5
Non-Foods	7.9		8.2
Deli and Prepared Food	7.4		7.7
Pharmacy	3.8		4.2
Seafood	2.9		2.6
Bakery	2.1		2.2
Liquor	0.7		0.5
Other	0.4		0.3
	100	%	100	%


2020	High	Low
4th Quarter	$27.72	$22.43
3rd Quarter	$24.58	$17.10
2nd Quarter	$28.40	$22.46
1st Quarter	$26.73	$24.26
2019	High	Low
4th Quarter	$29.82	$24.58
3rd Quarter	$31.58	$26.36
2nd Quarter	$28.37	$24.35
1st Quarter	$29.36	$23.94


For year	July 25, 2020				July 27, 2019				July 28, 2018				July 29, 2017			July 30, 2016
Sales	$	1,804,594			$	1,643,502			$	1,612,015			$	1,604,574		$	1,634,904
Net income	24,939			(1)	25,539			(2)	25,080			(3)	22,921			25,044			(4)
Net income as a % of sales	1.38		%		1.55		%		1.56		%		1.43		%	1.53		%
Net income per share:
Class A common stock:
Basic	$	1.93			$	1.98			$	1.95			$	1.80		$	1.98
Diluted	1.72				1.77				1.74				1.60			1.77
Class B common stock:
Basic	1.25				1.29				1.27				1.16			1.29
Diluted	1.25				1.29				1.27				1.16			1.29
Cash dividends per share:
Class A	1.00				1.00				1.00				1.00			1.00
Class B	0.65				0.65				0.65				0.65			0.65

At year-end
Total assets (5)	$	915,546			$	502,289			$	481,590			$	455,225		$	450,254
Long-term debt (5)	396,181				47,725				48,186				42,646			43,561
Working capital	34,522				56,307				89,201				85,279			60,538
Shareholders’ equity	332,320				318,672				303,145				286,820			271,735
Book value per share	22.84				22.15				21.08				19.93			19.20

Other data
Same store sales trend (6)	5.3		%		(0.5)		%		0.2		%		0.0		%	1.4		%
Total square feet	2,091,000				1,804,000				1,770,000				1,717,000			1,717,000
Average total sq. ft. per store	55,000				55,000				59,000				59,000			59,000
Selling square feet	1,529,000				1,401,000				1,384,000				1,353,000			1,353,000
Sales per average square foot of selling space (7)	$	1,275			$	1,186			$	1,188			$	1,186		$	1,208
Number of stores	38				33				30				29			29
Sales per average number of stores (7)	$	53,284			$	54,715			$	55,450			$	55,330		$	56,376
Capital expenditures and acquisitions	54,495				27,988				35,464				27,726			19,971


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Fiscal Year
2020
Sales	$	407,402	$	437,422	$	458,292	$	501,478	$	1,804,594
Gross profit	113,546		117,947		129,901		145,081		506,475
Net income	2,567		2,005		11,138		9,229		24,939
Net income per share:
Class A common stock:
Basic	0.20		0.16		0.86		0.71		1.93
Diluted	0.18		0.14		0.77		0.63		1.72
Class B common stock:
Basic	0.13		0.10		0.56		0.46		1.25
Diluted	0.13		0.10		0.56		0.46		1.25

2019
Sales	$	401,550	$	428,128	$	395,458	$	418,366	$	1,643,502
Gross profit	112,113		117,736		110,611		116,256		456,716
Net income	6,269		7,571		4,970		6,729		25,539
Net income per share:
Class A common stock:
Basic	0.49		0.59		0.39		0.52		1.98
Diluted	0.43		0.53		0.35		0.47		1.77
Class B common stock:
Basic	0.32		0.38		0.25		0.34		1.29
Diluted	0.32		0.38		0.25		0.34		1.29


	Percentage point change	Projected benefit obligation decrease (increase)						Expense decrease (increase)
Discount rate	+ / - 1.0 %	$	10,917	$	(14,342)	$	274	$	(949)
Expected return on assets	+ / - 1.0 %	$	—	—		$	688	$	(688)


VILLAGE SUPER MARKET, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands)
	July 25, 2020		July 27, 2019
ASSETS
Current Assets
Cash and cash equivalents	$	111,681	$	101,121
Merchandise inventories	42,135		38,503
Patronage dividend receivable	11,204		11,908

Income taxes receivable	12,801		43
Other current assets	19,499		17,206
Total current assets	197,320		168,781
Property, equipment and fixtures, net	269,741		224,890
Operating lease assets	309,756		—
Notes receivable from Wakefern	53,008		50,208
Investment in Wakefern	29,462		28,644
Goodwill	24,190		12,650
Other assets	32,069		17,116

Total assets	$	915,546	$	502,289
LIABILITIES and SHAREHOLDERS’ EQUITY
Current Liabilities
Operating lease obligations	$	19,121	$	—
Finance lease obligations	466		1,022
Notes payable to Wakefern	303		43
Current portion of debt	6,421		—
Accounts payable to Wakefern	83,045		66,130
Accounts payable and accrued expenses	29,793		23,950
Accrued wages and benefits	23,649		20,259
Income taxes payable	—		1,070
Total current liabilities	162,798		112,474
Long-term debt
Operating lease obligations	298,027		—
Finance lease obligations	23,078		40,753
Notes payable to Wakefern	882		803
Long-term debt	74,194		6,169
Total long-term debt	396,181		47,725
Pension liabilities	6,166		4,759
Other liabilities	18,081		18,659
Commitments and Contingencies (Notes 3, 4, 5, 6, 7, 9 and 11)
Shareholders' Equity
Preferred stock, no par value: Authorized 10,000 shares, none issued	—		—
Class A common stock, no par value: Authorized 20,000 shares; issued 10,985 shares at July 25, 2020 and 10,593 shares at July 27, 2019	68,072		65,114
Class B common stock, no par value: Authorized 20,000 shares; issued and outstanding 4,294 shares at July 25, 2020 and July 27, 2019	697		697
Retained earnings	286,241		270,753
Accumulated other comprehensive loss	(8,751)		(8,342)
Less treasury stock, Class A, at cost: 726 shares at July 25, 2020 and 502 shares at July 27, 2019	(13,939)		(9,550)
Total shareholders’ equity	332,320		318,672
Total liabilities and shareholders' equity	$	915,546	$	502,289


VILLAGE SUPER MARKET, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts)
	Years ended
			July 25, 2020			July 27, 2019


Sales	$	1,804,594		$	1,643,502
Cost of sales	1,298,119			1,186,786

Gross profit	506,475			456,716

Operating and administrative expense	444,833			394,750
Depreciation and amortization	31,358			27,290

Operating income	30,284			34,676


Interest expense	(2,611)			(4,436)
Interest income	4,060			5,283

Income before income taxes	31,733			35,523
Income taxes	6,794			9,984

Net income	$	24,939		$	25,539

Net income per share:
Class A common stock:
Basic	$	1.93		$	1.98
Diluted	$	1.72		$	1.77

Class B common stock:
Basic	$	1.25		$	1.29
Diluted	$	1.25		$	1.29


VILLAGE SUPER MARKET, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (In thousands)

Years ended July 25, 2020 and July 27, 2019
									Accumulated Other Comprehensive Loss						Total Shareholders' Equity
	Class A Common Stock				Class B Common Stock													Treasury Stock Class A
	Shares Issued	Amount		Shares Issued	Amount		Retained Earnings					Shares					Amount










Balance, July 28, 2018	10,575	$	61,678	4,304	$	699	$	258,104	$	(8,185)	496		$	(9,151)	$	303,145
Net income	—	—		—	—		25,539		—		—		—		25,539
Other comprehensive loss, net of tax of $69	—	—		—	—		—		(157)		—		—		(157)
Dividends	—	—		—	—		(12,890)		—		—		—		(12,890)
Exercise of stock options	—	336		—	—		—		—		(36)		671		1,007
Treasury stock purchases	—	—		—	—		—		—		42		(1,070)		(1,070)
Restricted shares forfeited	(15)	(247)		—	—		—		—		—		—		(247)
Share-based compensation expense	23	3,345		—	—		—		—		—		—		3,345
Conversion of Class B shares to Class A shares	10	2		(10)	(2)		—		—		—		—		—
Balance, July 27, 2019	10,593	$	65,114	4,294	$	697	$	270,753	$	(8,342)	502		$	(9,550)	$	318,672
Net income	—	—		—	—		24,939		—		—		—		24,939
Other comprehensive loss, net of tax of $196	—	—		—	—		—		(409)		—		—		(409)
Dividends	—	—		—	—		(12,965)		—		—		—		(12,965)

Treasury stock purchases	—	—		—	—		—		—		224		(4,389)		(4,389)
Restricted shares forfeited	(20)	(208)		—	—		—		—		—		—		(208)
Share-based compensation expense	412	3,166		—	—		—		—		—		—		3,166


Adjustment due to the adoption of ASU 2016-02, net of tax of $1,385	—	—		—	—		3,514		—		—		—		3,514
Balance, July 25, 2020	10,985	$	68,072	4,294	$	697	$	286,241	$	(8,751)	726		$	(13,939)	$	332,320


	52 Weeks Ended
Consolidated Statement of Operations Classification	July 25, 2020		July 27, 2019
Operating and administrative expense	$	2,708	$	—

Depreciation and amortization	—		396
Interest expense	—		2,145

	$	2,708	$	2,541


	July 25, 2020		July 27, 2019
Land and buildings	$	101,099	$	109,707
Store fixtures and equipment	321,746		290,916
Leasehold improvements	174,198		124,812
Leased property under finance leases	25,211		25,211
Construction in progress	4,777		10,453
Vehicles	4,369		4,395

Total property, equipment and fixtures	631,400		565,494
Accumulated depreciation	(350,201)		(330,094)
Accumulated amortization of property under finance leases	(11,458)		(10,510)

Property, equipment and fixtures, net	$	269,741	$	224,890


	July 25, 2020		July 27, 2019
Unsecured revolving line of credit	$	50,000	$	—
Unsecured term loan	24,694		—
New Market Tax Credit Financing	5,921		6,169

Total debt, excluding obligations under leases	80,615		6,169
Less current portion	6,421		—

Total long-term debt, excluding obligations under leases	$	74,194	$	6,169


	2020		2019
Federal:
Current	$	(8,023)	$	7,669
Deferred	10,846		(1,149)

State:
Current	3,627		4,198
Deferred	344		(734)

	$	6,794	$	9,984


VILLAGE SUPER MARKET, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
	Years ended
	July 25, 2020		July 27, 2019

CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	24,939	$	25,539
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	31,701		27,290
Non-cash share-based compensation	2,958		3,098
Loss on pension settlements	1,604		441
Deferred taxes	11,190		(1,883)
Provision to value inventories at LIFO	589		278
Amortization of business acquisition inventory step-up	508		—
Gain on sale of prescription lists and property, equipment and fixtures	(1,252)		(102)

Changes in assets and liabilities:
Merchandise inventories	661		1,196
Patronage dividend receivable	704		29
Accounts payable to Wakefern	18,866		4,332
Accounts payable and accrued expenses	6,210		(2,430)
Accrued wages and benefits	2,767		1,639
Income taxes receivable / payable	(13,828)		(241)
Other assets and liabilities	(3,669)		(3,398)

Net cash provided by operating activities	83,948		55,788

CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(54,495)		(27,988)
Proceeds from the sale of assets	1,261		102
Investment in notes receivable from Wakefern	(2,800)		(28,064)
Maturity of notes receivable from Wakefern	—		24,937

Business acquisitions, net of cash acquired	(73,622)		(5,267)

Net cash used in investing activities	(129,656)		(36,280)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options	—		1,007
Excess tax benefit related to share-based compensation	—		34


	July 25, 2020		July 27, 2019
Deferred tax assets:
Lease liabilities	$	98,149	$	11,118
Tax credit carryforward	508		—
Compensation related costs	2,945		4,750
Pension costs	1,881		1,474
Other	752		406

Total deferred tax assets	104,235		17,748

Deferred tax liabilities:
Tax over book depreciation	23,626		13,481
Lease assets	92,021		3,302
Patronage dividend receivable	3,133		3,270
Investment in partnerships	1,076		1,034
Other	178		123

Total deferred tax liabilities	120,034		21,210

Net deferred tax liability	$	(15,799)	$	(3,462)


	2020		2019
Balance at beginning of year	$	—	$	648


Reductions based on settlement of tax audits	—		(648)


Balance at end of year	$	—	$	—


	Operating leases		Finance leases		Total
2021	$	34,103	$	2,689	$	36,792
2022	35,555		2,689		38,244
2023	35,186		2,689		37,875
2024	33,298		2,689		35,987
2025	31,950		2,820		34,770
Thereafter	242,775		29,081		271,856
Total lease payments	412,867		42,657		455,524
Less amount representing interest	95,719		19,113		114,832

Present value of lease liabilities	$	317,148	$	23,544	$	340,692


	2020		2019
Statutory federal income tax rate	21.0	%	21.0	%
State income taxes, net of federal tax benefit	9.9	%	9.8	%
Settlement of tax audits	—	%	(2.2)	%


Federal net operating loss carryback	(7.9)	%	—	%
Other	(1.6)	%	(0.5)	%

Effective income tax rate	21.4	%	28.1	%


	July 25, 2020
Weighted-average remaining lease term (years)
Operating leases	13.3
Finance leases	15.4
Weighted-average discount rate
Operating leases	3.9	%
Finance leases	8.5	%



	2020
Cash paid for amounts in the measurement of lease liabilities
Operating cash flows from operating leases	$	21,287
Operating cash flows from finance leases	2,059
Financing cash flows from finance leases	572


	Capital and financing leases		Operating leases
2020	$	5,173	$	13,573
2021	5,240		12,972
2022	5,240		10,348
2023	5,305		9,747
2024	5,342		7,457
Thereafter	43,708		61,043
Minimum lease payments	70,008		$	115,140
Less amount representing interest	28,233

Present value of minimum lease payments	41,775

Less current portion	1,022
	$	40,753


	2020		2019
Per share:
Class A common stock	$	1.00	$	1.00
Class B common stock	0.65		0.65

Aggregate:
Class A common stock	$	10,174	$	10,096
Class B common stock	2,791		2,794

	$	12,965	$	12,890


	2020		2019
Service cost	$	202	$	213
Interest cost on projected benefit obligation	2,154		2,674
Expected return on plan assets	(2,792)		(2,873)
Loss on settlement	1,604		441
Amortization of gains and losses	555		605

Net periodic pension cost	$	1,723	$	1,060


	2020		2019
Changes in Benefit Obligation:
Benefit obligation at beginning of year	$	69,932	$	69,553
Service cost	202		213
Interest cost	2,154		2,674
Benefits paid	(887)		(779)

Settlement	(6,733)		(6,331)
Actuarial loss	12,181		4,602
Benefit obligation at end of year	$	76,849	$	69,932

Changes in Plan Assets:
Fair value of plan assets at beginning of year	$	65,173	$	61,071
Actual return on plan assets	13,130		6,203
Employer contributions	—		5,009
Benefits paid	(887)		(779)
Settlements paid	(6,733)		(6,331)
Fair value of plan assets at end of year	70,683		65,173

Funded status at end of year	$	6,166	$	4,759

Amounts recognized in the consolidated balance sheets:

Pension liabilities	6,166		4,759
Accumulated other comprehensive loss, net of income taxes	8,092		8,342

Amounts included in Accumulated other comprehensive loss (pre-tax):
Net actuarial loss	$	11,299	$	11,615


	2020		2019
Projected benefit obligation	$	11,465	$	10,203
Accumulated benefit obligation	11,465		10,203
Fair value of plan assets	4,068		3,783


	2020		2019
Assumed discount rate — net periodic pension cost	3.41	%	3.99	%
Assumed discount rate — benefit obligation	2.26	%	3.41	%
Assumed rate of increase in compensation levels	4.5	%	4.5	%
Expected rate of return on plan assets	4.82	%	5.50	%


	July 25, 2020										July 27, 2019
Asset Category	Level 1		Assets Measured at NAV		Total		Level 1		Assets Measured at NAV		Total
Cash	$	61	$	—	$	61	$	37	$	—	$	37

Equity securities:
Company stock	573		—		573		568		—		568
Mutual/Collective Trust Funds - U.S. (1)			1,214		1,214		—		4,401		4,401
Mutual/Collective Trust Funds - International (1)	—		396		396		—		2,613		2,613





Fixed income securities:
Mutual/Collective Trust Funds - Fixed Income (1)	—		68,439		68,439		—		57,554		57,554




Total	$	634	$	70,049	$	70,683	$	605	$	64,568	$	65,173


Fiscal Year
2021	$	3,850
2022	2,730
2023	2,920
2024	3,160
2025	11,260
2026 - 2030	17,130


		Pension Protection Act Zone Status			FIP/RP Status Pending / Implemented		Contributions for the year ended (5)					Expiration date of Collective- Bargaining Agreement
Pension Fund	EIN / Pension Plan Number	2019	2018				July 25, 2020		July 27, 2019		Surcharge Imposed (6)
Pension Plan of Local 464A (1)	22-6051600-001	Green	Green	N/A	$	886	$	894		N/A	October 2020
UFCW Local 1262 & Employers Pension Fund (2), (4)	22-6074414-001	Red	Red	Implemented	3,435		3,502			No	October 2023
UFCW Regional Pension Plan (3), (4)	16-6062287-074	Red	Red	Implemented	$	1,472	$	1,439		No	June 2020
Total Contributions					$	5,793	$	5,835


	May 14, 2020
ASSETS
Current Assets
Cash and cash equivalents	$	257
Merchandise inventories	5,390
Other current assets	247
Total current assets	$	5,894

Property, equipment and fixtures, net	$	37,006
Operating lease assets	218,326
Trade name intangible asset	14,200
Other assets	271
Total assets	$	275,697
LIABILITIES
Accrued wages and benefits	$	623
Operating lease obligations	212,735
Total liabilities	$	213,358

Total Net Assets Acquired	$	62,339
Goodwill	11,540
Total Purchase Price	$	73,879


	June 24, 2019
ASSETS
Current Assets
Cash and cash equivalents	$	24
Merchandise inventories	564
Other current assets	49
Total current assets	$	637

Property, equipment and fixtures, net	$	3,475
Trade name intangible asset	1,485
Other assets	255
Total assets	$	5,852
LIABILITIES
Total current liabilities	$	1,154

Total Net Assets Acquired	$	4,698
Goodwill	593
Total Purchase Price	$	5,291


Robert P. Sumas			John L. Van Orden
Chief Executive Officer			Chief Financial Officer


Plan category	Number of securities to be issued upon exercise of outstanding options	Weighted-average exercise price of outstanding options		Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
	(a)	(b)		(c)
Equity compensation plans approved by security holders	156,000	$	28.43	1,016,789

Equity compensation plans not approved by security holders	—	—		—


(a)(1)	Financial Statements:
	Consolidated Balance Sheets – July 25, 2020 and July 27, 2019
	Consolidated Statements of Operations - years ended July 25, 2020 and July 27, 2019
	Consolidated Statements of Comprehensive Income - years ended July 25, 2020 and July 27, 2019
	Consolidated Statements of Shareholders' Equity – years ended July 25, 2020 and July 27, 2019
	Consolidated Statements of Cash Flows - years ended July 25, 2020 and July 27, 2019
	Notes to consolidated financial statements
	Report of Independent Registered Public Accounting Firm
(a)(2)	Financial Statement Schedules:
	All schedules are omitted because they are not applicable, or not required, or because the required information is included in the consolidated financial statements or the notes hereto.
(a)(3)	Exhibits
	3.1	Certificate of Incorporation*
	3.2	By-laws*
	4.1	Credit Agreement dated May 6, 2020*
	4.2	First Amendment to Credit Agreement dated September 1, 2020*
	4.3	Revolving Credit Note dated May 6, 2020*
	4.4	Revolving Amended and Restated Revolving Credit Note dated September 1, 2020*
	4.5	Term Loan Note dated May 6, 2020*
	4.6	Converted Term Loan Note dated September 1, 2020*
	10.1	Wakefern By-Laws*
	10.2	Stockholders Agreement dated February 20, 1992 between the Company and Wakefern Food Corp.*
	10.7	Supplemental Executive Retirement Plan*
	10.8	2004 Stock Plan*
	10.9	2010 Stock Plan*
	10.10	2016 Stock Plan*
	10.11	42-Month Adjustable Rate Promissory Note*
	10.12	42-Month Adjustable Rate Promissory Note*
	10.13	60-Month Adjustable Rate Promissory Note*
	10.14	60-Month Adjustable Rate Promissory Note*
	10.15	60-Month Adjustable Rate Promissory Note*
	10.16	60-Month Adjustable Rate Promissory Note*
	10.17	60-Month Adjustable Rate Promissory Note*
	14	Code of Ethics*
	21	Subsidiaries of Registrant
	23	Consent of Consent of Consent of KPMG LLP
	31.1	Certification
	31.2	Certification
	32.1	Certification (furnished, not filed)
	32.2	Certification (furnished, not filed)
	99.1	Press Release
	101 INS	XBRL Instance Document*
	101 SCH	XBRL Schema Document*


			101 CAL			XBRL Calculation Linkbase Document*
			101 DEF			XBRL Definition Linkbase Document*
			101 LAB			XBRL Labels Linkbase Document*
			101 PRE			XBRL Presentation Linkbase Document*
						The XBRL related information in Exhibit 101 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section and shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.


			* The following exhibits are incorporated by reference from the following previous filings:

			Form 8-K filed on May 13, 2020: 4.1, 4.3, 4.5
			Form 8-K filed on September 8, 2020: 4.2, 4.4, 4.6
			Form 10-K for 2017: 3.1, 10.2, 10.15, 10.16, 10.17, 14
			DEF 14A Proxy Statement filed October 31, 2016: 10.10
			Form 10-K for 2014: 10.7
			Form 10-Q for April 2014: 10.11, 10.12, 10.13, 10.14
			Form 10-Q for April 2013: 10.1
			DEF 14A Proxy Statement filed November 1, 2010: 10.9
			Form 10-K for 2004: 3.2
			DEF 14A proxy statement filed October 25, 2004: 10.8


			/s/ Robert P. Sumas			/s/ Steven Crystal
			Robert P. Sumas, Director			Steven Crystal, Director
			October 8, 2020			October 8, 2020

			/s/ William Sumas			/s/ Peter Lavoy
			William Sumas, Director			Peter Lavoy, Director
			October 8, 2020			October 8, 2020

			/s/ John P. Sumas			/s/ Stephen Rooney
			John P. Sumas, Director			Stephen Rooney, Director
			October 8, 2020			October 8, 2020

			/s/ John J. Sumas			/s/ John L. Van Orden
			John J. Sumas, Director			John L. Van Orden, Chief Financial Officer
			October 8, 2020			October 8, 2020

			/s/ Nicholas J. Sumas			/s/ Luigi Perri
			Nicholas J. Sumas, Director			Luigi Perri, Controller (Principal Accounting Officer)
			October 8, 2020			October 8, 2020

			/s/ Kevin Begley
			Kevin Begley, Director
			October 8, 2020