| Delaware |
56-1574463 | |
| (State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification
Number) |
| COMMON STOCK, $0.01 PAR VALUE |
18,107,597 SHARES | |
| (Class) |
(Outstanding at August 5, 2002) |
| Page | ||
| Part IFinancial Information |
||
| Item 1. Financial Statements |
||
| 3 | ||
| 4 | ||
| 5 | ||
| 6 | ||
| 16 | ||
| 28 | ||
| Part IIOther Information |
||
| 30 | ||
| 30 |
| ASSETS Current assets: |
June 27, 2002
|
September 27, 2001 |
||||||
| Cash and cash equivalents |
$ |
36,283 |
|
$ |
50,611 |
| ||
| Receivables, net |
|
33,716 |
|
|
30,424 |
| ||
| Inventories (Note 2) |
|
81,736 |
|
|
81,687 |
| ||
| Prepaid expenses |
|
4,289 |
|
|
3,521 |
| ||
| Property held for sale |
|
633 |
|
|
1,644 |
| ||
| Deferred income taxes |
|
1,636 |
|
|
2,591 |
| ||
| |
|
|
|
|
| |||
| Total current assets |
|
158,293 |
|
|
170,478 |
| ||
| |
|
|
|
|
| |||
| Property and equipment, net |
|
438,802 |
|
|
470,678 |
| ||
| |
|
|
|
|
| |||
| Other assets: |
||||||||
| Goodwill (Note 3) |
|
277,874 |
|
|
277,665 |
| ||
| Deferred financing cost, net |
|
9,523 |
|
|
10,299 |
| ||
| Environmental receivables (Note 4) |
|
11,369 |
|
|
10,428 |
| ||
| Other noncurrent assets |
|
10,103 |
|
|
10,444 |
| ||
| |
|
|
|
|
| |||
| Total other assets |
|
308,869 |
|
|
308,836 |
| ||
| |
|
|
|
|
| |||
| Total assets |
$ |
905,964 |
|
$ |
949,992 |
| ||
| |
|
|
|
|
| |||
| LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||
| Current liabilities: |
||||||||
| Current maturities of long-term debt (Note 5) |
$ |
42,129 |
|
$ |
40,000 |
| ||
| Current maturities of capital lease obligations |
|
1,363 |
|
|
1,363 |
| ||
| Accounts payable |
|
92,613 |
|
|
94,169 |
| ||
| Accrued interest |
|
7,289 |
|
|
11,163 |
| ||
| Accrued compensation and related taxes |
|
12,657 |
|
|
12,514 |
| ||
| Income taxes payable |
|
645 |
|
|
|
| ||
| Other accrued taxes |
|
13,918 |
|
|
14,515 |
| ||
| Accrued insurance |
|
8,030 |
|
|
6,161 |
| ||
| Other accrued liabilities (Notes 6 and 7) |
|
11,555 |
|
|
20,423 |
| ||
| |
|
|
|
|
| |||
| Total current liabilities |
|
190,199 |
|
|
200,308 |
| ||
| |
|
|
|
|
| |||
| Long-term debt (Note 5) |
|
472,222 |
|
|
504,175 |
| ||
| |
|
|
|
|
| |||
| Other liabilities: |
||||||||
| Environmental reserves (Note 4) |
|
13,207 |
|
|
12,207 |
| ||
| Deferred income taxes |
|
33,488 |
|
|
33,488 |
| ||
| Deferred revenue |
|
54,429 |
|
|
57,560 |
| ||
| Capital lease obligations |
|
13,181 |
|
|
14,020 |
| ||
| Other noncurrent liabilities |
|
16,223 |
|
|
17,093 |
| ||
| |
|
|
|
|
| |||
| Total other liabilities |
|
130,528 |
|
|
134,368 |
| ||
| |
|
|
|
|
| |||
| Commitments and contingencies (Notes 4 and 5) |
||||||||
| Shareholders equity (Notes 6 and 9): |
||||||||
| Common stock, $.01 par value, 50,000,000 shares authorized; 18,114,737 issued
and outstanding at September 27, 2001 and 18,107,597 at June 27, 2002 |
|
182 |
|
|
182 |
| ||
| Additional paid-in capital |
|
128,043 |
|
|
128,043 |
| ||
| Shareholder loans |
|
(827 |
) |
|
(837 |
) | ||
| Accumulated other comprehensive deficit, net |
|
(2,820 |
) |
|
(4,283 |
) | ||
| Accumulated deficit |
|
(11,563 |
) |
|
(11,964 |
) | ||
| |
|
|
|
|
| |||
| Total shareholders equity |
|
113,015 |
|
|
111,141 |
| ||
| |
|
|
|
|
| |||
| Total liabilities and shareholders equity |
$ |
905,964 |
|
$ |
949,992 |
| ||
| |
|
|
|
|
| |||
| Three Months Ended |
Nine Months Ended |
|||||||||||||||
| June 27, 2002 |
June 28, 2001 |
June 27, 2002
|
June 28, 2001
|
|||||||||||||
| (13 weeks) |
(13 weeks) |
(39 weeks) |
(39 weeks) |
|||||||||||||
| Revenues: |
||||||||||||||||
| Merchandise sales |
$ |
265,074 |
|
$ |
256,254 |
|
$ |
734,789 |
|
$ |
714,464 |
| ||||
| Gasoline sales |
|
409,693 |
|
|
446,508 |
|
|
1,066,021 |
|
|
1,247,090 |
| ||||
| Commissions |
|
6,541 |
|
|
5,195 |
|
|
18,716 |
|
|
16,349 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total revenues |
|
681,308 |
|
|
707,957 |
|
|
1,819,526 |
|
|
1,977,903 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Cost of sales: |
||||||||||||||||
| Merchandise (Note 2) |
|
178,013 |
|
|
171,558 |
|
|
494,060 |
|
|
473,349 |
| ||||
| Gasoline (Note 2) |
|
376,270 |
|
|
407,603 |
|
|
974,862 |
|
|
1,140,553 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total cost of sales |
|
554,283 |
|
|
579,161 |
|
|
1,468,922 |
|
|
1,613,902 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Gross profit |
|
127,025 |
|
|
128,796 |
|
|
350,604 |
|
|
364,001 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Operating expenses: |
||||||||||||||||
| Operating, general and administrative expenses |
|
93,005 |
|
|
92,473 |
|
|
271,943 |
|
|
270,921 |
| ||||
| Restructuring and other charges (Note 7) |
|
|
|
|
254 |
|
|
|
|
|
3,724 |
| ||||
| Depreciation and amortization (Note 3) |
|
13,517 |
|
|
15,958 |
|
|
40,421 |
|
|
46,893 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total operating expenses |
|
106,522 |
|
|
108,685 |
|
|
312,364 |
|
|
321,538 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Income from operations |
|
20,503 |
|
|
20,111 |
|
|
38,240 |
|
|
42,463 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Other income (expense): |
||||||||||||||||
| Interest expense (Note 8) |
|
(13,904 |
) |
|
(13,910 |
) |
|
(38,070 |
) |
|
(42,579 |
) | ||||
| Miscellaneous |
|
174 |
|
|
383 |
|
|
501 |
|
|
1,423 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total other expense |
|
(13,730 |
) |
|
(13,527 |
) |
|
(37,569 |
) |
|
(41,156 |
) | ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Income before income taxes |
|
6,773 |
|
|
6,584 |
|
|
671 |
|
|
1,307 |
| ||||
| Income tax expense |
|
(2,709 |
) |
|
(2,968 |
) |
|
(270 |
) |
|
(673 |
) | ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Net income |
$ |
4,064 |
|
$ |
3,616 |
|
$ |
401 |
|
$ |
634 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Earnings per share (Note 9): |
||||||||||||||||
| Basic |
$ |
0.22 |
|
$ |
0.20 |
|
$ |
0.02 |
|
$ |
0.04 |
| ||||
| Diluted |
$ |
0.22 |
|
$ |
0.20 |
| ||||||||||