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
March 31,
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 May 1, 2007, the Company
released its earnings for the first quarter ended March 31,
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. May 1, 2007 press release announcing its
first 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: May 2, 2007
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. May 1, 2007 press release announcing its first 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 Curtin | FOR IMMEDIATE RELEASE |
| Phone: (570) 286-3636 | May 1, 2007 |
| E-Mail: dcurtin@weismarkets.com |
WEIS MARKETS REPORTS
INCREASES IN FIRST QUARTER AND
|
(Sunbury, PA)
– Weis Markets, Inc. (NYSE: WMK) today said its
first quarter sales increased 4.4% to $571.8 million for
the thirteen-week period ending March 31, 2007 compared
to the same period a year ago while its comparable store
sales increased 4.4%.
The
Company attributed its sales increase to successful sales
building strategies and aggressive promotional
pricing.
The
Company's first quarter net income declined 10.3% to
$13.4 million and its basic and diluted earnings per
share declined $.05 to $.50 per share compared to the
same period a year ago.
The
Company said its earnings were negatively impacted by a
decline in its gross profit rate due to higher inventory
losses and its aggressive promotional activity in
response to competitive openings. The Company's earnings
were also affected significantly by increased labor
costs.
To
better manage its labor costs and reduce its inventory
losses, the Company is implementing programs to improve
operational efficiencies, productivity and
execution.
At its
annual shareholders meeting earlier this month, Weis
Markets' Vice Chairman Jonathan H. Weis announced the
Company's plans to invest $72.5 million in its expansion
and growth. Two-thirds of this budget is targeted for the
construction of two superstores, including one
replacement, ten additions and nine remodels.
Founded in 1912, Weis Markets, Inc. will mark its 95th year of operation in May. The Mid-Atlantic food retailer currently operates 156 stores in five states: Pennsylvania, Maryland, New York, New Jersey and West Virginia.
# # #
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 |
| First Quarter - 2007 |
| 13 Week | 13 Week | ||
| Period Ended | Period Ended | Increase | |
| March 31, 2007 | April 1, 2006 | (Decrease) | |
| Net Sales | $571,795,000 | $547,786,000 | 4.4% |
| Income Before Taxes | 20,442,000 | 23,340,000 | (12.4%) |
| Provision for Income Taxes | 7,037,000 | 8,403,000 | (16.3%) |
| Net Income | $13,405,000 | $14,937,000 | (10.3%) |
| Weighted-Average | |||
| Shares Outstanding | 27,003,000 | 27,035,000 | (32,000) |
| Basic and Diluted | |||
| Earnings Per Share | $0.50 | $0.55 | ($0.05) |