PART I. FINANCIAL INFORMATION (CONTINUED)
Consolidated Statements of Income
(Thousands of Dollars - Except
Average Share and Per-Share Data)
Thirteen Weeks Ended Thirty-Nine Weeks Ended
May 30, May 31, May 30, May 31,
1998 1997 1998 1997
---------- ---------- ---------- ----------
Net Sales $154,557 $151,284 $468,444 $455,106
Cost of merchandise sold 113,621 112,003 344,905 338,292
---------- ---------- ---------- ----------
Gross profit 40,936 39,281 123,539 116,814
Selling, general and
administrative expenses 37,796 36,215 113,445 107,833
---------- ---------- ---------- ----------
Operating profit 3,140 3,066 10,094 8,981
Interest expense (967) (920) (2,938) (2,861)
Other income - net 529 360 1,049 1,243
---------- ---------- ---------- ----------
Income before income taxes 2,702 2,506 8,205 7,363
Provision for income taxes (1,004) (905) (3,041) (2,923)
---------- ---------- ---------- ----------
Net income $ 1,698 $ 1,601 $ 5,164 $ 4,440
========== ========== ========== ==========
Per common share:
Net income - basic and $ .26 $ .24 $ .78 $ .67
diluted ========== ========== ========== ==========
Dividends paid $ .04 $ .04 $ .12 $ .12
========== ========== ========== ==========
Average number of shares
outstanding - basic and 6,648,927 6,628,944 6,639,840 6,602,091
diluted ========== ========== ========== ==========
See notes to consolidated financial statements
PART I. FINANCIAL INFORMATION (Continued)
Condensed Consolidated Statements of Cash Flows
(Thousands of Dollars)
Thirty-Nine Weeks Ended
May 30, May 31,
1998 1997
---------- ----------
OPERATING ACTIVITIES-net cash provided $ 14,535 $ 9,068
INVESTING ACTIVITIES
Expenditures for property and equipment (11,907) (15,785)
Proceeds from sale of property and other assets 577 103
Cash paid to acquire business --- (2,110)
Other 750 1,035
---------- ----------
Net cash used in investing activities (10,580) (16,757)
FINANCING ACTIVITIES
Proceeds from issuance of long-term debt 2,500 15,300
Payments of long-term debt (5,594) (11,427)
Payments for acquisition of common shares --- (77)
Dividends paid (796) (748)
Increase (decrease) in deferred other (967) 4,777
---------- ----------
Net cash provided by (used in) financing activities (4,857) 7,825
---------- ----------
Increase (decrease) in cash and cash equivalents (902) 136
Cash and cash equivalents at beginning of period 9,491 9,766
---------- ----------
Cash and cash equivalents at end of period $ 8,589 $ 9,902
========== ==========
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for:
Interest $ 2,264 $ 2,654
========== ==========
Income Taxes $ 4,281 $ 4,667
========== ==========
See notes to consolidated financial statements
Item 6. - Exhibits and Reports on Form 8 K.
6(b) Reports on Form 8 K.
There were no Form 8 K reports required to be filed by the
Company during any of the months included in the most recently
completed fiscal quarter.
/s/ Richard B. Iott
Signature
Richard B. Iott, President and
Chief Executive Officer
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
SEAWAY FOOD TOWN, INC.
Registrant
/s/ Richard B. Iott
Date July 20, 1998 By ___________________________
Richard B. Iott, President
and Chief Executive Officer
/s/ Waldo E. Yeager
Date July 20, 1998 By ____________________________
Waldo E. Yeager,
Chief Financial Officer,
Treasurer