Delaware
|
64-0500378
|
(State
or other Jurisdiction of
|
(I.R.S.
Employer Identification No.)
|
Incorporation
or Organization)
|
March
3, 2007
|
June
3, 2006
|
||||||
(unaudited)
|
(note1)
|
||||||
ASSETS
|
|||||||
Current
assets:
|
|||||||
Cash
and cash equivalents
|
$
|
15,134
|
$
|
13,295
|
|||
Investments
|
28,600
|
25,000
|
|||||
Trade
and other receivables
|
40,525
|
24,955
|
|||||
Recoverable
federal income taxes
|
836
|
1,177
|
|||||
Inventories
|
62,855
|
57,843
|
|||||
Prepaid
expenses and other current assets
|
1,266
|
3,408
|
|||||
Total
current assets
|
149,216
|
125,678
|
|||||
Notes
receivable and investments
|
8,241
|
8,316
|
|||||
Goodwill
|
4,195
|
4,016
|
|||||
Other
assets
|
2,550
|
2,833
|
|||||
Property,
plant and equipment
|
363,209
|
339,831
|
|||||
Less
accumulated depreciation
|
(178,278
|
)
|
(163,556
|
)
|
|||
184,931
|
176,275
|
||||||
TOTAL
ASSETS
|
$
|
349,133
|
$
|
317,118
|
|||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|||||||
Current
liabilities:
|
|||||||
Accounts
payable and accrued expenses
|
$
|
53,482
|
$
|
34,642
|
|||
Current
maturities of purchase obligation
|
5,435
|
6,884
|
|||||
Current
maturities of long-term debt
|
13,610
|
11,902
|
|||||
Deferred
income taxes
|
11,610
|
11,450
|
|||||
Total
current liabilities
|
84,137
|
64,878
|
|||||
Long-term
debt, less current maturities
|
94,383
|
92,010
|
|||||
Minority
interest
|
923
|
919
|
|||||
Purchase
obligation, less current maturities
|
9,673
|
16,751
|
|||||
Other
non-current liabilities
|
3,701
|
3,860
|
|||||
Deferred
income taxes
|
18,705
|
18,925
|
|||||
Total
liabilities
|
211,522
|
197,343
|
|||||
Stockholders’
equity:
|
|||||||
Common
stock $0.01 par value per share:
|
|||||||
Authorized
shares - 60,000
|
|||||||
Issued
35,130 shares and 21,158 shares outstanding at March 3, 2007 and
21,103
shares at June 3, 2006
|
351
|
351
|
|||||
Class
A common stock $0.01 par value per share, authorized issued
and outstanding 2,400 shares at March 3, 2007 and
June 3, 2006
|
24
|
24
|
|||||
Paid-in
capital
|
28,955
|
28,700
|
|||||
Retained
earnings
|
129,679
|
112,183
|
|||||
Common
stock in treasury-13,972 shares at March 3, 2007 and
14,027 at June 3, 2006
|
(21,398
|
)
|
(21,483
|
)
|
|||
Total
stockholders’ equity
|
137,611
|
119,775
|
|||||
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
349,133
|
$
|
317,118
|
13
Weeks Ended
|
39
Weeks Ended
|
||||||||||||
March
3, 2007
|
February
25, 2006
|
March
3, 2007
|
February
25, 2006
|
||||||||||
Net
sales
|
$
|
175,211
|
$
|
130,107
|
$
|
428,256
|
$
|
348,150
|
|||||
Cost
of sales
|
131,029
|
104,134
|
350,712
|
303,408
|
|||||||||
Gross
profit
|
44,182
|
25,973
|
77,544
|
44,742
|
|||||||||
Selling,
general and administrative
|
16,902
|
15,493
|
45,830
|
43,140
|
|||||||||
Operating
income
|
27,280
|
10,480
|
31,714
|
1,602
|
|||||||||
Other
income (expense):
|
|||||||||||||
Interest
expense, net
|
(1,639
|
)
|
(1,906
|
)
|
(5,198
|
)
|
(5,895
|
)
|
|||||
Other
|
1,956
|
1,346
|
2,637
|
1,090
|
|||||||||
317
|
(560
|
)
|
(2,561
|
)
|
(4,805
|
)
|
|||||||
Income
(loss) before income taxes
|
27,597
|
9,920
|
29,153
|
(3,203
|
)
|
||||||||
Income
tax expense (benefit)
|
10,194
|
1,930
|
10,780
|
(2,400
|
)
|
||||||||
Net
income (loss)
|
$
|
17,403
|
$
|
7,990
|
$
|
18,373
|
$
|
(803
|
)
|
||||
Net
income (loss) per common share:
|
|||||||||||||
Basic
|
$
|
0.74
|
$
|
0.34
|
$
|
0.78
|
$
|
(0.03
|
)
|
||||
Diluted
|
$
|
0.74
|
$
|
0.34
|
$
|
0.78
|
$
|
(0.03
|
)
|
||||
Dividends
per common share
|
$
|
0.0125
|
$
|
0.0125
|
$
|
0.0375
|
$
|
0.0375
|
|||||
Weighted
average shares outstanding:
|
|||||||||||||
Basic
|
23,519
|
23,497
|
23,508
|
23,494
|
|||||||||
Diluted
|
23,578
|
23,680
|
23,583
|
23,494
|
39
Weeks Ended
|
|||||||
March
3, 2007
|
February
25, 2006
|
||||||
Cash
flows provided by operating activities
|
$
|
36,959
|
$
|
13,622
|
|||
Cash
flows from investing activities:
|
|||||||
Net
(increase) / decrease in investments
|
(3,600
|
)
|
10,784
|
||||
Acquisitions
of businesses, net of cash acquired
|
(1,152
|
)
|
(23,804
|
)
|
|||
Purchases
of property, plant and equipment
|
(17,071
|
)
|
(6,939
|
)
|
|||
Payments
received on notes receivable and from investments
|
846
|
1,755
|
|||||
Increase
in notes receivable and investments
|
(1,180
|
)
|
(519
|
)
|
|||
Net
proceeds from sale of property, plant and equipment
|
402
|
1,637
|
|||||
Net
cash used in investing activities
|
(21,755
|
)
|
(17,086
|
)
|
|||
Cash
flows from financing activities:
|
|||||||
Proceeds
from issuance of common stock from treasury
|
177
|
73
|
|||||
Payment
of purchase obligation
|
(6,102
|
)
|
-
|
||||
Proceeds
from long-term borrowings
|
3,000
|
28,000
|
|||||
Principal
payments on long-term debt
|
(9,563
|
)
|
(29,814
|
)
|
|||
Payment
of dividends
|
(877
|
)
|
(877
|
)
|
|||
Net
cash used in financing activities
|
(13,365
|
)
|
(
2,618
|
)
|
|||
Net
change in cash and cash equivalents
|
1,839
|
(6,082
|
)
|
||||
Cash
and cash equivalents at beginning of period
|
13,295
|
20,221
|
|||||
Cash
and cash equivalents at end of period
|
$
|
15,134
|
$
|
14,139
|
1. |
Presentation
of Interim Information
|
|
|
39
Weeks Ended
|
|||||
March
3, 2007
|
February
25, 2006
|
||||||
Net
sales
|
$
|
428,256
|
$
|
361,124
|
|||
Net
income (loss)
|
$
|
18,373
|
$
|
(4,959
|
)
|
||
Basic
net income (loss) per share
|
$
|
0.78
|
$
|
(0.21
|
)
|
||
Diluted
net income (loss) per share
|
$
|
0.78
|
$
|
(0.21
|
)
|
Weighted
|
|||||||||||||
Weighted
|
Average
|
||||||||||||
Number
|
Exercise
|
Remaining
|
Aggregate
|
||||||||||
of
|
Price
|
Contractual
|
Intrinsic
|
||||||||||
Options
|
Per
Share
|
Life
(in Years)
|
Value
|
||||||||||
Outstanding,
June 3, 2006
|
473,400
|
$
|
4.97
|
||||||||||
Granted
|
-
|
-
|
|||||||||||
Exercised
|
55,600
|
3.18
|
|||||||||||
Forfeited
|
-
|
-
|
|||||||||||
Outstanding,
March 3, 2007
|
417,800
|
$
|
5.21
|
7.59
|
$
|
3,351
|
|||||||
Exercisable,
March 3, 2007
|
104,240
|
$
|
3.99
|
6.73
|
$
|
840
|
Weighted
|
|||||||
Average
|
|||||||
Grant-Date
|
|||||||
Number
|
Fair
|
||||||
of
|
Value
|
||||||
Shares
|
Per
Share
|
||||||
Nonvested,
June 3, 2006
|
395,760
|
$
|
2.56
|
||||
Granted
|
-
|
-
|
|||||
Vested
|
(82,200
|
)
|
2.52
|
||||
Forfeited
|
-
|
-
|
|||||
Nonvested,
March 3, 2007
|
313,560
|
$
|
2.58
|
Weighted
|
|||||||||||||
Weighted
|
Average
|
||||||||||||
Number
|
Average
|
Remaining
|
Aggregate
|
||||||||||
Of
|
Strike
Price
|
Contractual
|
Intrinsic
|
||||||||||
Rights
|
Per
Right
|
Life
(in Years)
|
Value
|
||||||||||
Outstanding,
June 3, 2006
|
586,000
|
$
|
5.69
|
||||||||||
Granted
|
15,000
|
$
|
6.93
|
||||||||||
Exercised
|
56,400
|
$
|
5.01
|
||||||||||
Forfeited
|
-
|
-
|
|||||||||||
Outstanding,
March 3, 2007
|
544,600
|
$
|
5.80
|
8.29
|
$
|
3,406
822
|
|||||||
Exercisable,
March 3, 2007
|
123,320
|
$
|
5.19
|
7.65
|
$
|
846
|
2. |
Inventories
|
March
3, 2007
|
June
3, 2006
|
||||||
Flocks
|
$
|
38,806
|
$
|
39,092
|
|||
Eggs
|
5,452
|
3,820
|
|||||
Feed
and supplies
|
18,597
|
14,931
|
|||||
$
|
62,855
|
$
|
57,843
|
3. |
Legal
Proceedings
|
4. |
Net
Income (Loss) per Common Share
|