Weis Markets Inc. (WMK, Financial) filed Quarterly Report for the period ended 2010-09-25.
Weis Markets Inc. has a market cap of $1.06 billion; its shares were traded at around $39.49 with a P/E ratio of 15.2 and P/S ratio of 0.4. The dividend yield of Weis Markets Inc. stocks is 2.8%. Weis Markets Inc. had an annual average earning growth of 4% over the past 10 years. GuruFocus rated Weis Markets Inc. the business predictability rank of 2.5-star.WMK is in the portfolios of Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors.
Net cash used in investing activities was $25.9 million compared to $63.7 million in the first three quarters of 2010 and 2009, respectively. Property and equipment purchases during the first three quarters of 2010 totaled $33.6 million compared to $30.4 million in the first three quarters of 2009. In addition, the company invested $35.8 million in the acquisition of the Binghamton based Giant Markets in the third quarter of 2009. As a percentage of sales, capital expenditures including the acquisition were 1.7% and 3.6% in 2010 and 2009, respectively.
The Company's capital expansion program includes the construction of new superstores, the expansion and remodeling of existing units, the acquisition of sites for future expansion, new technology purchases and the continued upgrade of the Company's processing and distribution facilities. Company management estimates that its current development plans will require an investment of approximately $62.1 million in 2010. The investment reduction for 2010 is a result of project completion dates shifting from 2010 to 2011. Company management remains committed to the capital expansion program and fully expects to invest the previously reported amount of $102.8 million.
Net cash used in financing activities during the first three quarters of 2010 was $23.4 million compared to $25.4 million in the same period a year ago. The majority of the financing activities consisted of dividend payments to shareholders. On September 25, 2010, the Company had outstanding letters of credit of $14.4 million. The letters of credit are maintained primarily to support performance, payment, deposit or surety obligations of the Company and the Company does not anticipate drawing on any of them.
Total cash dividend payments on common stock, on a per share basis, amounted to $.87 for the first three quarters of 2010 and $.87 for the first three quarters of 2009. At its regular meeting held in October, the Board of Directors unanimously approved a quarterly dividend of $.29 per share, payable on November 19, 2010 to shareholders of record as of November 5, 2010. The Company did not purchase any treasury stock in the first three quarters of 2010, compared to purchases of $2.0 million in the first three quarters of 2009. The Board of Directors' 2004 resolution authorizing the repurchase of up to one million shares of the Company's common stock has a remaining balance of 752,517 shares.
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Weis Markets Inc. has a market cap of $1.06 billion; its shares were traded at around $39.49 with a P/E ratio of 15.2 and P/S ratio of 0.4. The dividend yield of Weis Markets Inc. stocks is 2.8%. Weis Markets Inc. had an annual average earning growth of 4% over the past 10 years. GuruFocus rated Weis Markets Inc. the business predictability rank of 2.5-star.WMK is in the portfolios of Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors.
Highlight of Business Operations:
During the first three quarters of 2010, the Company generated $112.0 million in cash flows from operating activities compared to $112.8 million for the same period in 2009. Since the beginning of the fiscal year, working capital increased 20.5% compared to an increase of 2.8% in the same period of 2009.Net cash used in investing activities was $25.9 million compared to $63.7 million in the first three quarters of 2010 and 2009, respectively. Property and equipment purchases during the first three quarters of 2010 totaled $33.6 million compared to $30.4 million in the first three quarters of 2009. In addition, the company invested $35.8 million in the acquisition of the Binghamton based Giant Markets in the third quarter of 2009. As a percentage of sales, capital expenditures including the acquisition were 1.7% and 3.6% in 2010 and 2009, respectively.
The Company's capital expansion program includes the construction of new superstores, the expansion and remodeling of existing units, the acquisition of sites for future expansion, new technology purchases and the continued upgrade of the Company's processing and distribution facilities. Company management estimates that its current development plans will require an investment of approximately $62.1 million in 2010. The investment reduction for 2010 is a result of project completion dates shifting from 2010 to 2011. Company management remains committed to the capital expansion program and fully expects to invest the previously reported amount of $102.8 million.
Net cash used in financing activities during the first three quarters of 2010 was $23.4 million compared to $25.4 million in the same period a year ago. The majority of the financing activities consisted of dividend payments to shareholders. On September 25, 2010, the Company had outstanding letters of credit of $14.4 million. The letters of credit are maintained primarily to support performance, payment, deposit or surety obligations of the Company and the Company does not anticipate drawing on any of them.
Total cash dividend payments on common stock, on a per share basis, amounted to $.87 for the first three quarters of 2010 and $.87 for the first three quarters of 2009. At its regular meeting held in October, the Board of Directors unanimously approved a quarterly dividend of $.29 per share, payable on November 19, 2010 to shareholders of record as of November 5, 2010. The Company did not purchase any treasury stock in the first three quarters of 2010, compared to purchases of $2.0 million in the first three quarters of 2009. The Board of Directors' 2004 resolution authorizing the repurchase of up to one million shares of the Company's common stock has a remaining balance of 752,517 shares.
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