Weis Markets Inc. (WMK, Financial) filed Quarterly Report for the period ended 2009-09-26.
Weis Markets Inc. is engaged principally in the retail sale of food and pet supplies. It operates stores in the following states: Pennsylvania Maryland New Jersey New York Virginia and West Virginia. The SuperPetz division operates pet supply warehouse stores across the eastern U.S.. Weis Markets Inc. has a market cap of $936.9 million; its shares were traded at around $34.83 with a P/E ratio of 14.6 and P/S ratio of 0.4. The dividend yield of Weis Markets Inc. stocks is 3.3%. Weis Markets Inc. had an annual average earning growth of 4.8% over the past 10 years. GuruFocus rated Weis Markets Inc. the business predictability rank of 2-star.
During the first thirty-nine weeks of 2009, the company generated $112.8 million in cash flows from operating activities compared to $99.7 million for the same period in 2008. Since the beginning of the fiscal year, working capital increased 2.8% compared to 1.1% in the same period of 2008.
Net cash used in investing activities was $63.7 million compared to $45.2 million in the first three quarters of 2009 and 2008, respectively. Property and equipment purchases during the first three quarters of 2009 totaled $30.4 million compared to $46.3 million in the first three quarters of 2008. In addition, the company invested $35.8 million in the acquisition of the Binghamton based Giant Markets. As a percentage of sales, capital expenditures including the acquisition were 10.6% and 7.7% in 2009 and 2008, respectively.
Net cash used in financing activities during the first thirty-nine weeks of 2009 was $25.4 million compared to $23.5 million in the same period a year ago. The majority of the financing activities consisted of dividend payments to shareholders. At September 26, 2009, the company had outstanding letters of credit of $11.7 million.
Total cash dividend payments on common stock, on a per share basis, amounted to $.87 for the first three quarters of 2009 and $.87 for the first three quarters of 2008. At its regular meeting held in October, the Board of Directors unanimously approved a quarterly dividend of $.29 per share, payable on November 16, 2009 to shareholders of record on November 2, 2009. Treasury stock purchases amounted to $2.0 million in the first three quarters of 2009, compared to $182,000 in the first three quarters of 2008. 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. is engaged principally in the retail sale of food and pet supplies. It operates stores in the following states: Pennsylvania Maryland New Jersey New York Virginia and West Virginia. The SuperPetz division operates pet supply warehouse stores across the eastern U.S.. Weis Markets Inc. has a market cap of $936.9 million; its shares were traded at around $34.83 with a P/E ratio of 14.6 and P/S ratio of 0.4. The dividend yield of Weis Markets Inc. stocks is 3.3%. Weis Markets Inc. had an annual average earning growth of 4.8% over the past 10 years. GuruFocus rated Weis Markets Inc. the business predictability rank of 2-star.
Highlight of Business Operations:
Investment IncomeThe company's investment portfolio consists of short-term money market funds, Pennsylvania tax-free state and municipal bonds and equity securities. The company classifies all of its marketable securities as available-for-sale. Due to declining yields on short-term money market funds in the third quarter of 2009, interest income decreased $185,000 compared to the same period a year ago. Year-to-date investment income declined $816,000 as compared to the same period in 2008.During the first thirty-nine weeks of 2009, the company generated $112.8 million in cash flows from operating activities compared to $99.7 million for the same period in 2008. Since the beginning of the fiscal year, working capital increased 2.8% compared to 1.1% in the same period of 2008.
Net cash used in investing activities was $63.7 million compared to $45.2 million in the first three quarters of 2009 and 2008, respectively. Property and equipment purchases during the first three quarters of 2009 totaled $30.4 million compared to $46.3 million in the first three quarters of 2008. In addition, the company invested $35.8 million in the acquisition of the Binghamton based Giant Markets. As a percentage of sales, capital expenditures including the acquisition were 10.6% and 7.7% in 2009 and 2008, respectively.
Net cash used in financing activities during the first thirty-nine weeks of 2009 was $25.4 million compared to $23.5 million in the same period a year ago. The majority of the financing activities consisted of dividend payments to shareholders. At September 26, 2009, the company had outstanding letters of credit of $11.7 million.
Total cash dividend payments on common stock, on a per share basis, amounted to $.87 for the first three quarters of 2009 and $.87 for the first three quarters of 2008. At its regular meeting held in October, the Board of Directors unanimously approved a quarterly dividend of $.29 per share, payable on November 16, 2009 to shareholders of record on November 2, 2009. Treasury stock purchases amounted to $2.0 million in the first three quarters of 2009, compared to $182,000 in the first three quarters of 2008. 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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