HARRIS TEETER SUPERMARKETS, INC. - FORM 8-K

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EX-99.1 - EX-99.1 - HARRIS TEETER SUPERMARKETS, INC.	d27846_ex99-1.htm

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):
February 3, 2011

RUDDICK CORPORATION

(Exact name of registrant as specified in its charter)


	North Carolina (State of Incorporation)			1-6905 (Commission File Number)			56-0905940 (IRS Employer Identification No.)

301 South Tryon Street, Suite 1800
Charlotte, North Carolina 28202
(Address of principal executive offices, including zip code)

(704) 372-5404
(Registrant's telephone number, including area code)

Not Applicable
(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:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On February 3, 2011, Ruddick Corporation (the "Registrant") issued a press release announcing its operating results for its first fiscal quarter ended January 2, 2011, which press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.


Ruddick Corporation
Consolidated Condensed Statements of Operations
(in thousands, except per share data)
(unaudited)
		13 Weeks Ended
		January 2,			December 27,
		2011			2009
Net Sales:
Harris Teeter	$	1,032,281		$	972,315
American & Efird		73,190			68,197
Total		1,105,471			1,040,512

Cost of Sales:
Harris Teeter		725,858			681,794
American & Efird		55,613			52,174
Total		781,471			733,968

Gross Profit:
Harris Teeter		306,423			290,521
American & Efird		17,577			16,023
Total		324,000			306,544

Selling, General and Administrative Expenses:
Harris Teeter		261,524			248,242
American & Efird		12,034			12,073
Corporate		2,719			2,802
Total		276,277			263,117

Operating Profit (Loss):
Harris Teeter		44,899			42,279
American & Efird		5,543			3,950
Corporate		(2,719	)		(2,802	)
Total		47,723			43,427

Other Expense (Income):
Interest expense		4,569			5,033
Interest income		(33	)		(17	)
Investment gain		(19,506	)		(1	)
Total		(14,970	)		5,015

Earnings Before Taxes		62,693			38,412
Income Tax Expense		24,325			14,395
Net Earnings		38,368			24,017
Less: Net Earnings Attributable to the Noncontrolling Interest		235			286

Net Earnings Attributable to Ruddick Corporation	$	38,133		$	23,731

Earnings Per Share Attributable to Ruddick Corporation:
Basic	$	0.79		$	0.49
Diluted	$	0.78		$	0.49

Weighted Average Number of Shares of Common Stock Outstanding:
Basic		48,411			48,094
Diluted		48,792			48,495

Dividends Declared Per Common Share	$	0.13		$	0.12


Ruddick Corporation
Consolidated Condensed Balance Sheets
(in thousands)
(unaudited)

		January 2,			October 3,			December 27,
		2011			2010			2009
Assets
Current Assets:
Cash and Cash Equivalents	$	49,688		$	73,612		$	39,727
Accounts Receivable, Net		90,810			99,407			84,177
Refundable Income Taxes		-			16,767			1,136
Inventories		331,187			320,506			312,412
Deferred Income Taxes		417			2,236			7,201
Prepaid Expenses and Other Current Assets		32,677			32,443			27,231
Total Current Assets		504,779			544,971			471,884

Property, Net		1,069,212			1,067,807			1,072,146
Investments		171,987			174,733			162,626
Deferred Income Taxes		984			977			26,480
Goodwill		515			515			515
Intangible Assets		20,978			21,434			23,147
Other Long-Term Assets		83,963			79,449			78,353

Total Assets	$	1,852,418		$	1,889,886		$	1,835,151


Liabilities and Equity

Current Liabilities:
Notes Payable	$	6,988		$	6,785		$	7,148
Current Portion of Long-Term Debt and Capital Lease Obligations		11,646			12,035			9,499
Accounts Payable		218,741			228,748			196,658
Dividends Payable		-			-			5,850
Federal and State Income Taxes		842			-			-
Deferred Income Taxes		1,061			159			33
Accrued Compensation		35,898			64,102			36,202
Other Current Liabilities		88,233			90,218			87,474
Total Current Liabilities		363,409			402,047			342,864

Long-Term Debt and Capital Lease Obligations		286,711			296,131			383,227
Deferred Income Taxes		1,226			1,721			596
Pension Liabilities		159,385			185,445			171,661
Other Long-Term Liabilities		112,976			105,619			100,089

Equity:
Common Stock		97,476			98,285			90,534
Retained Earnings		950,588			918,843			848,117
Accumulated Other Comprehensive Loss		(124,861	)		(124,679	)		(108,591	)
Total Equity of Ruddick Corporation		923,203			892,449			830,060
Noncontrolling Interest		5,508			6,474			6,654
Total Equity		928,711			898,923			836,714

Total Liabilities and Equity	$	1,852,418		$	1,889,886		$	1,835,151


Ruddick Corporation
Consolidated Condensed Statements of Cash Flows
(in thousands)
(unaudited)
		13 Weeks Ended
		January 2, 2011			December 27, 2009
Cash Flow From Operating Activities:
Net Income	$	38,133		$	23,731
Non-Cash Items Included in Net Income
Depreciation and Amortization		34,571			33,104
Deferred Income Taxes		1,196			3,479
Net (Gain) Loss on Sale of Property and Investments		(20,172	)		148
Share-Based Compensation		1,878			1,292
Other, Net		(3,130	)		(1,688	)
Changes in Operating Accounts Providing (Utilizing) Cash
Accounts Receivable		9,137			(3,553	)
Inventories		(12,014	)		(2,149	)
Prepaid Expenses and Other Current Assets		(1,021	)		2,413
Accounts Payable		(10,881	)		(31,641	)
Other Current Liabilities		(10,884	)		(20,000	)
Other Long-Term Operating Accounts		(26,177	)		4,732
Dividends Received		-			100
Net Cash Provided by Operating Activities		636			9,968

Investing Activities:
Capital Expenditures		(32,945	)		(25,312	)
Purchase of Other Investments		(8,570	)		(7,467	)
Proceeds from Sale of Property and Investments		48,086			519
Return of Partnership Investments		-			3,037
Investments in COLI, Net of Proceeds from Death Benefits		(1,057	)		(26	)
Other, Net		(461	)		722
Net Cash Provided by (Used in) Investing Activities		5,053			(28,527	)

Financing Activities:
Net Proceeds from Short-Term Borrowings		945			173
Net Proceeds from Revolver Borrowings		-			28,100
Payments on Long-Term Debt and Capital Lease Obligations		(21,478	)		(837	)
Dividends Paid		(6,388	)		(5,825	)
Proceeds from Stock Issued		361			691
Share-Based Compensation Tax Benefits		895			115
Shares Effectively Purchased and Retired for Withholding Taxes		(2,485	)		(1,366	)
Other, Net		(1,404	)		(69	)
Net Cash (Used in) Provided by Financing Activities		(29,554	)		20,982

(Decrease) Increase in Cash and Cash Equivalents		(23,865	)		2,423
Effect of Foreign Currency Fluctuations on Cash		(59	)		(6	)
Cash and Cash Equivalents at Beginning of Period		73,612			37,310

Cash and Cash Equivalents at End of Period	$	49,688		$	39,727

Supplemental Disclosures of Cash Flow Information:
Cash Paid During the Period for:
Interest	$	4,766		$	4,542
Income Taxes		1,106			2,716
Non-Cash Activity:
Assets Acquired Under Capital Leases		11,685			-
Note Received in Connection with Sale of Investments		2,855			-


Ruddick Corporation
Other Statistics
January 2, 2011
(dollars in millions)


		Harris Teeter		American & Efird		Corporate		Consolidated Ruddick Corporation

Depreciation and Amortization:
1st Quarter	$	31.3	$	3.0	$	0.3	$	34.6

Capital Expenditures:
1st Quarter	$	31.9	$	1.0	$	-	$	32.9

Purchase of Other Investment Assets:
1st Quarter	$	8.6	$	-	$	-	$	8.6



Harris Teeter Store Count:								Quarter

Beginning number of stores								199
Opened during the period								2
Closed during the period								-
Stores in operation at end of period								201


								Quarter

Harris Teeter Comparable Store Sales								2.21	%

Definition of Comparable Store Sales:
Comparable store sales are computed using corresponding calendar weeks to account for the occasional
extra week included in a fiscal year. A new store must be in operation for 14 months before it enters into
the calculation of comparable store sales. A closed store is removed from the calculation in the month
in which its closure is announced. A new store opening within an approximate two-mile radius of an
existing store that is to be closed upon the new store opening is included as a replacement store in
the comparable store sales measure as if it were the same store. Sales increases resulting from existing
comparable stores that are expanded in size are included in the calculations of comparable store sales, if
the store remains open during the construction period.

(d) Exhibits.

The following exhibit is furnished herewith:


	EXHIBIT NO.			DESCRIPTION OF EXHIBIT

	99.1			Press Release disseminated on February 3, 2011 by the Registrant announcing
				its financial results for its first fiscal quarter ended January 2, 2011.

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.


				RUDDICK CORPORATION
				By:			/s/ John B. Woodlief
							John B. Woodlief
							Vice President - Finance and Chief Financial Officer

Dated: February 3, 2011

INDEX TO EXHIBITS


	EXHIBIT NO.			DESCRIPTION OF EXHIBIT

	99.1			Press Release disseminated on February 3, 2011 by the Registrant announcing its financial results for its first fiscal quarter ended January 2, 2011.

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