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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, 2021

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 3, 2021, the Company released its earnings for the first quarter ended March 27, 2021. 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 3, 2021 news release announcing the first quarter 2021 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/Michael T. Lockard

Name: Michael T. Lockard

Title: Senior Vice President, Chief Financial Officer and Treasurer

(Principal Financial Officer)

           

Dated: May 4, 2021

Exhibit 99.1

Picture 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 3, 2021)  –  Weis Markets, Inc. (NYSE:WMK) today reported its sales increased 2.1 percent to $1.0 billion during the thirteen-week period ended March 27, 2021, compared to the same period in 2020, while first quarter comparable store sales increased 1.4 percent.



The Company’s first quarter net income decreased 9.1 percent to $24.3 million compared to $26.7 million in 2020, while earnings per share totaled $0.90 compared to $0.99 per share for the same period in 2020.



“The World Health Organization declared the novel coronavirus (COVID-19) a pandemic on March 11, 2020 which resulted in restaurant, business and school closings while other companies transitioned to working remotely. The result was a record surge in demand for food retailers” said Jonathan H. Weis, Chairman, President and CEO.



“Our first quarter 2021 results remained significantly elevated in absolute terms and were in line with expectations with sales up 14.8 percent and net income up 69.6 percent compared to the pre-pandemic levels in first quarter 2019, which is a more appropriate baseline for comparison,” said Mr. Weis. “We are extremely proud of what our associates accomplished throughout the pandemic. During these challenging and evolving times, we remain well positioned to meet the needs of our customers and communities while continuing to deliver value to our shareholders.”































 

###





About Weis Markets

Founded in 1912, Weis Markets, Inc. is a Mid Atlantic food retailer operating 198 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 — 2021

 

(Unaudited)

 



 



 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 



13 Weeks Ended

 

Increase

 



March 27, 2021

 

March 28, 2020

 

(Decrease)

 

Net sales

$

 

 1,006,340,000 

 

 

$

 

 985,820,000 

 

 

2.1

%

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 31,834,000 

 

 

 

 

 37,428,000 

 

 

(14.9)

%

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Income before provision for income taxes

$

 

 32,670,000 

 

 

$

 

 36,085,000 

 

 

(9.5)

%

 

Provision for income taxes

 

 

 8,415,000 

 

 

 

 

 9,396,000 

 

 

(10.4)

%

 

Net income

$

 

 24,255,000 

 

 

$

 

 26,689,000 

 

 

(9.1)

%

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding

 

 

 26,898,443 

 

 

 

 

 26,898,443 

 

 

—

 

 

Basic and diluted earnings per share

$

 

 0.90 

 

 

$

 

 0.99 

 

$

(0.09)