8-K - WMK - Equibles

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

Date of Report (Date of earliest event reported): May 4, 2020

WEIS MARKETS, INC.

(Exact name of registrant as specified in its charter)

Pennsylvania

(State or other jurisdiction of incorporation)

|  |  |

| --- | --- | | 1-5039 (Commission File Number) | 24-0755415 (IRS Employer Identification No.) | | 1000 South Second Street Sunbury, PA (Address of principal executive offices) | 17801 (Zip Code) |

Registrant's telephone number, including area code: (570) 286-4571

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:

| | | | --- | --- | | ☐ | 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)) |

Securities registered pursuant to Section 12(b) of the act:

| | | | | --- | --- | --- | | Title of each class | Trading symbol | Name of exchange on which registered | | Common stock, no par value | WMK | New York Stock Exchange |

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 4, 2020, the Company released its earnings for the first quarter ended March 28, 2020. A copy of the news release is attached hereto as Exhibit 99.1 and is incorporated herein by this reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibit.

99.1 Weis Markets, Inc. May 4, 2020 news release announcing the first quarter 2020 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.


	By: /s/Scott F. Frost
	Name: Scott F. Frost
	Title: Senior Vice President, Chief Financial Officer and Treasurer
	(Principal Financial Officer)

Dated: May 4, 2020

EXHIBIT INDEX

| Octobe | | | --- | --- | | Exhibit No. | Description | | 99.1 | Weis Markets, Inc. May 4, 2020 news release announcing the first quarter 2020 earnings. |

		Weis Markets, Inc First Quarter 2020 Financial News Release Exhibit 991

Exhibit 99.1

NEWS RELEASE

FOR IMMEDIATE RELEASE

Contact:

Dennis Curtin

Weis Markets, Inc.

570-847-3636

[email protected]

WEIS MARKETS REPORTS FIRST QUARTER RESULTS

Sunbury, PA (May 4, 2020) – Weis Markets, Inc. (NYSE:WMK) today reported its sales increased 12.4 percent to $985.8 million during the thirteen-week period ended March 28, 2020, compared to the same period in 2019, while first quarter comparable store sales increased 12.8 percent.

The Company’s first quarter net income increased 86.6 percent to $26.7 million compared to $14.3 million in 2019, while earnings per share totaled $0.99 compared to $0.53 per share for the same period in 2019.

The Company’s results were impacted by the onset of the novel coronavirus pandemic (COVID-19) and the subsequent business and school closures and stay-at-home orders in its markets beginning in the second week of March. This resulted in a significant surge in customer count and sales. Its January and February sales were impacted by a mild winter compared to 2019.

“Our team quickly adapted to this changed market environment and resulting supplier disruptions by accelerating and increasing replenishment shipments to our stores and implementing a comprehensive COVID-19 prevention program in our stores, distribution, manufacturing and support facilities to provide a safe shopping and working environment,” said Weis Markets Chairman and CEO Jonathan Weis. “We carry a profound sense of sadness for those who are suffering or have lost their lives during this pandemic, and a tremendous appreciation for the essential Weis Markets associates who come to work each day, providing the products and services that are allowing our customers to stay at home and help stop the spread of the novel coronavirus.”

Adjusting for the impact of this pandemic, the Company estimates its comparable store sales increased 1.5 percent compared to the same period in 2019.

About Weis Markets

Founded in 1912, Weis Markets, Inc. is a Mid Atlantic food retailer operating 197 stores in Pennsylvania, Maryland, Delaware, New Jersey, New York, West Virginia and Virginia. For more information, please visit: WeisMarkets.com or Facebook.com/WeisMarkets.

In addition to historical information, this news release may contain forward-looking statements, which are included pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. 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. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as of the date hereof. 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. Readers should carefully review the risk factors described in other documents the Company files periodically with the Securities and Exchange Commission.

WEIS MARKETS, INC.

COMPARATIVE SUMMARY OF SALES & EARNINGS

|  |  |  |  |  |  |  |  |

| --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | First Quarter — 2020 | | | | | | | | | (Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 13 Weeks Ended | | | | | Increase | | | | March 28, 2020 | | March 30, 2019 | | | (Decrease) | | | Net sales | $ | 985,820,000 | $ | 876,718,000 | | 12.4 | % | | | | | | | | | | | Income from operations | | 37,428,000 | | 17,820,000 | | 110.0 | % | | | | | | | | | | | Income before provision for income taxes | $ | 36,085,000 | $ | 18,874,000 | | 91.2 | % | | Provision for income taxes | | 9,396,000 | | 4,570,000 | | 105.6 | % | | Net income | $ | 26,689,000 | $ | 14,304,000 | | 86.6 | % | | | | | | | | | | | Weighted-average shares outstanding | | 26,898,443 | | 26,898,443 | | — | | | Basic and diluted earnings per share | $ | 0.99 | $ | 0.53 | $ | 0.46 | | | | | | | | | | |