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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 10-Q

 

 

x        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 27, 2020

 

¨         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                  to                 

 

Commission file number 0-14706.

 

 

 

INGLES MARKETS, INCORPORATED

(Exact name of registrant as specified in its charter)

 

 

 

North Carolina

 

56-0846267

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

P.O. Box 6676, Asheville NC

 

28816

(Address of principal executive offices)

 

(Zip Code)

 

(828) 669-2941

Registrant’s telephone number, including area code

 

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes x    No ¨.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x    No ¨.

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer ¨

Accelerated Filer x

Non-Accelerated Filer ¨

Smaller Reporting Company ¨

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. ¨.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x.

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 Trading Symbol

Name of each exchange on which registered

Class A Common Stock, $0.05 par value per share

IMKTA

The NASDAQ Global Select Market

  

As of August 4, 2020, the Registrant had 14,204,360 shares of Class A Common Stock, $0.05 par value per share, outstanding and 6,055,416 shares of Class B Common Stock, $0.05 par value per share, outstanding.

 


1


 

INGLES MARKETS, INCORPORATED

 

INDEX

 

 

  

Page

No.

 

Part I – Financial Information

  

 

    Item 1. Financial Statements (Unaudited)

  

 

Condensed Consolidated Balance Sheets as of June 27, 2020 and September 28, 2019

  

3

Condensed Consolidated Statements of Income and Comprehensive Income for the

  

Three Months Ended June 27, 2020 and June 29, 2019

4

Nine Months Ended June 27, 2020 and June 29, 2019

5

Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three Months and Nine Months Ended June 27, 2020 and June 29, 2019

  

6

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended June 27, 2020 and June 29, 2019

  

7

Notes to Unaudited Interim Financial Statements

  

8

    Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

15

    Item 3. Quantitative and Qualitative Disclosures About Market Risk

  

24

Item 4. Controls and Procedures

24

Part II – Other Information

  

    Item 1A. Risk Factors

24

    Item 6. Exhibits

  

25

Signatures

  

26


2


Part I. FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

 

INGLES MARKETS, INCORPORATED AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

June 27,

September 28,

2020

2019

ASSETS

Current Assets:

Cash and cash equivalents

$

152,121,128

$

42,125,105

Receivables - net

77,018,848

71,951,303

Inventories

355,499,657

374,129,060

Other current assets

11,577,103

8,897,903

Total Current Assets

596,216,736

497,103,371

Property and Equipment - Net

1,341,443,741

1,344,267,315

Operating lease right of use assets

45,857,261

Other Assets

27,595,485

25,957,682

Total Assets

$

2,011,113,223

$

1,867,328,368

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities:

Current portion of long-term debt

$

168,935,779

$

12,600,131

Current portion of operating lease liabilities

8,147,470

Accounts payable - trade

167,029,150

151,329,975

Accrued expenses and current portion of other long-term liabilities

83,913,117

83,649,283

Total Current Liabilities

428,025,516

247,579,389

Deferred Income Taxes

72,890,000

75,499,000

Long-Term Debt

650,340,830

839,637,691

Noncurrent operating lease liabilities

40,560,520

Other Long-Term Liabilities

55,145,058

41,889,682

Total Liabilities

1,246,961,924

1,204,605,762

Stockholders’ Equity

Preferred stock, $0.05 par value; 10,000,000 shares authorized; no shares issued

Common stocks:

Class A, $0.05 par value; 150,000,000 shares authorized;
14,204,360 shares issued and outstanding June 27, 2020;
14,180,485 shares issued and outstanding at September 28, 2019

710,218

709,024

Class B, convertible to Class A, $0.05 par value;
100,000,000 shares authorized;
6,055,416 shares issued and outstanding June 27, 2020;
6,079,291 shares issued and outstanding at September 28, 2019

302,771

303,965

Paid-in capital in excess of par value

12,311,249

12,311,249

Accumulated other comprehensive expense

(10,814,065)

(1,265,650)

Retained earnings

761,641,126

650,664,018

Total Stockholders’ Equity

764,151,299

662,722,606

Total Liabilities and Stockholders’ Equity

$

2,011,113,223

$

1,867,328,368

See notes to unaudited condensed consolidated financial statements.


3


INGLES MARKETS, INCORPORATED AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)

Three Months Ended

June 27,

June 29,

2020

2019

Net sales

$

1,189,599,756

$

1,062,262,169

Cost of goods sold

864,879,153

803,322,422

Gross profit

324,720,603

258,939,747

Operating and administrative expenses

234,596,892

216,462,666

Gain from sale or disposal of assets

1,338,702

875,708

Income from operations

91,462,413

43,352,789

Other income, net

626,310

129,971

Interest expense

9,714,681

11,655,475

Income before income taxes

82,374,042

31,827,285

Income tax expense

19,621,000

8,317,000

Net income

$

62,753,042

$

23,510,285

Other comprehensive expense:

Change in fair value of interest rate swap

$

(1,554,774)

$

(1,036,759)

Income tax benefit

380,000

238,662

Other comprehensive expense, net of tax

(1,174,774)

(798,097)

Comprehensive income

$

61,578,268

$

22,712,188

Per share amounts:

Class A Common Stock

Basic earnings per common share

$

3.18

$

1.19

Diluted earnings per common share

$

3.10

$

1.16

Class B Common Stock

Basic earnings per common share

$

2.89

$

1.08

Diluted earnings per common share

$

2.89

$

1.08

Cash dividends per common share

Class A Common Stock

$

0.165

$

0.165

Class B Common Stock

$

0.150

$

0.150

See notes to unaudited condensed consolidated financial statements.


4


INGLES MARKETS, INCORPORATED AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)

Nine Months Ended

June 27,

June 29,

2020

2019

Net sales

$

3,413,436,742

$

3,125,942,755

Cost of goods sold

2,539,638,667

  

2,364,291,547

Gross profit

873,798,075

761,651,208

Operating and administrative expenses

684,971,162

651,613,713

Gain from sale or disposal of assets

4,411,539

3,524,821

Income from operations

193,238,452

113,562,316

Other income, net

1,031,238

1,473,344

Interest expense

31,847,806

35,863,999

Loss on early extinguishment of debt

3,719,209

Income before income taxes

158,702,675

79,171,661

Income tax expense

37,970,000

18,509,000

Net income

$

120,732,675

$

60,662,661

Other comprehensive expense:

Change in fair value of interest rate swap

$

(12,632,429)

$

(1,191,486)

Income tax benefit

3,084,014

274,280

Other comprehensive expense, net of tax

(9,548,415)

(917,206)

Comprehensive income

$

111,184,260

$

59,745,455

Per share amounts:

Class A Common Stock

Basic earnings per common share

$

6.13

$

3.07

Diluted earnings per common share

$

5.96

$

2.99

Class B Common Stock

Basic earnings per common share

$

5.57

$

2.80

Diluted earnings per common share

$

5.57

$

2.80

Cash dividends per common share

Class A Common Stock

$

0.495

$

0.495

Class B Common Stock

$

0.450

$

0.450

See notes to unaudited condensed consolidated financial statements.


5


INGLES MARKETS, INCORPORATED AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

 

THREE AND NINE MONTHS ENDED JUNE 27, 2020 AND JUNE 29, 2019

Paid-in

Accumulated

Class A

Class B

Capital in

Other

Common Stock

Common Stock

Excess of

Comprehensive

Retained

  

Shares

  

Amount

Shares

Amount

Par Value

Income (Loss)

  

Earnings

Total

Balance, September 29, 2018

14,145,385 

  

$

707,269 

6,114,391 

$

305,720 

$

12,311,249 

$

$

582,089,570 

$

595,413,808 

Net income

22,152,337 

22,152,337 

Other comprehensive (expense) income, net of income tax

340,339 

340,339 

Cash dividends

(3,251,148)

(3,251,148)

Common stock conversions

Balance, December 29, 2018

14,145,385 

$

707,269 

6,114,391 

$

305,720 

$

12,311,249 

$

340,339 

$

600,990,759 

$

614,655,336 

Net income

15,000,040 

15,000,040 

Other comprehensive (expense) income, net of income tax

(459,448)

(459,448)

Cash dividends

(3,251,152)

(3,251,152)

Common stock conversions

31,950 

1,598 

(31,950)

(1,598)

Balance, March 30, 2019

14,177,335 

$

708,867 

6,082,441 

$

304,122 

$

12,311,249 

$

(119,109)

$

612,739,647 

$

625,944,776 

Net income

23,510,285 

23,510,285 

Other comprehensive (expense) income, net of income tax

(798,097)

(798,097)

Cash dividends

(3,251,627)

(3,251,627)

Common stock conversions

Balance, June 29, 2019

14,177,335 

$

708,867 

6,082,441 

$

304,122 

$

12,311,249 

$

(917,206)

$

632,998,305 

$

645,405,337 

Balance, September 28, 2019

14,180,485 

  

$

709,024 

6,079,291 

$

303,965 

$

12,311,249 

$

(1,265,650)

$

650,664,018 

$

662,722,606 

Net income

17,687,353 

17,687,353 

Other comprehensive (expense) income, net of income tax

2,151,893 

2,151,893