1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K/A (AMENDMENT NO.1) FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 MARK ONE) [X] AMENDMENT TO ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (FILED DECEMBER 29, 1997) For the fiscal year ended SEPTEMBER 30, 1997 [ ] 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 33-95962 CUMBERLAND FARMS, INC. ------------------------------------------------------ (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE (STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION) (I.R.S. EMPLOYER 777 DEDHAM STREET, CANTON, MA 02021 IDENTIFICATION NO.) - ---------------------------------------- ------------------- (Address of principal executive offices) 04-2843586 REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (781) 828-4900 SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT: TITLE OF EACH CLASS NAME OF EACH EXCHANGE ON WHICH REGISTERED None - -------------------------------- ----------------------------------------- - -------------------------------- ----------------------------------------- SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT: None - --------------------------------------------------- (Title of class) - --------------------------------------------------- (Title of class) Indicate by check mark whether the registrant: (i) 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 2 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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K of any amendment to this Form 10-K. [X] Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes X No --- --- As of December 22, 1997, the outstanding shares of each class of the registrant's common stock* was as follows: Class A Stock 8 shares Class B Stock 121,014 shares *Neither class of stock is registered under the Securities Act of 1933, as amended. -2- 3 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS The following table summarizes the results of operations for the fiscal years ended September 30, 1997, 1996 and 1995, which is followed by Management's Discussion and Analysis of Financial Condition and Results of Operations. The financial information set forth below should be read in conjunction with the Company's financial statements, related notes and other financial information included elsewhere herein. YEARS ENDED SEPTEMBER 30, % INCREASE (DECREASE) 1997 1996 1995 1997 1996 ------------------------------------------ --------------------- In Thousands INCOME Retail Revenues $1,149,987 $1,101,076 $1,059,011 4.4% 4.0% Other Income 19,361 20,433 21,378 (5.2)% (4.4)% ---------- ---------- ---------- ----- ----- Total $1,169,348 $1,121,509 $1,080,389 4.3% 3.8% Equity in earnings of Gulf Oil, L.P 7,677 7,855 13,612 (2.3)% (42.3)% Gains On sales of property and equipment 8,782 11,372 9,673 (22.8)% 17.6% ---------- ---------- ---------- ----- ----- Total 1,185,807 1,140,736 1,103,674 4.0% 3.4% Wholesale revenues 299,298 274,635 240,835 9.0% 14.0% ---------- ---------- ---------- ----- ----- Total income 1,485,105 1,415,371 1,344,509 4.9% 5.3% ---------- ---------- ---------- ----- ----- Costs and expenses Cost of sales 1,181,426 1,102,582 1,027,162 7.1% 7.3% Operating expenses 247,926 247,447 242,131 0.2% 2.2% Depreciation and amortization 22,299 18,703 17,541 19.2% 6.6% ---------- ---------- ---------- ----- ----- Total 1,451,651 1,368,732 1,286,834 6.1% 6.4% ---------- ---------- ---------- ----- ----- Operating income $ 33,454 $ 46,639 $ 57,675 (28.3)% (19.1)% ========== ========== ========== ===== ===== OTHER OPERATING DATA Merchandise gross profit $ 152,308 $ 151,404 $ 147,925 0.6% 2.4% Merchandise gross profit as a percentage of sales 29.8% 30.5% 29.9% Gasoline gallons sold 501,050 493,623 470,576 1.5% 4.9% Gasoline gross profit $ 58,470 $ 63,947 $ 65,737 (8.6)% (2.7)% Gasoline gross profit cents per gallon 11.7 13.0 14.0 (10.0)% (7.1)% Operating income before depreciation and amortization as a percentage of total revenues 3.7% 4.6% 5.6% Operating income as a percentage of total revenues 2.2% 3.3% 4.3% Comparable average store and station data: Merchandise sales growth 3.0% 0.5% 3.5% Gasoline gallons sold 1.5% 4.9% 10.3% -16- 4 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this 10-K/A to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Boston, Commonwealth of Massachusetts, on the 29th day of December, 1997. CUMBERLAND FARMS, INC. By: /s/ Lily H. Bentas --------------------------------------------- Name: Lily H. Bentas Title: President, Chairperson of the Board of Directors and Chief Executive Officer Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the registrant in the capacities indicated and on the dates set forth opposite their names. NAME: DATE: - ----- ----- By: /s/ Lily H. Bentas 12/29/97 - --------------------------------------------------- -------------- Name: Lily H. Bentas Title: President, Chairperson of the Board and Chief Executive Officer By: /s/ Kevin P. Johnson 12/29/97 - --------------------------------------------------- -------------- Name: Kevin P. Johnson Title: Vice president and Corporate Controller By: /s/ Arthur G. Koumantzelis 12/29/97 - --------------------------------------------------- -------------- Name: Arthur G. Koumantzelis Title: Senior Vice President and Chief Financial Officer By: /s/ John E. Burke 12/29/97 - --------------------------------------------------- -------------- Name: John E. Burke Title: Director 5 By: /s/ Paul E. Hand 12/29/97 - --------------------------------------------------- -------------- Name: Dr. Paul Hand Title: Director By: /s/ Byron Haseotes 12/29/97 - --------------------------------------------------- -------------- Name: Byron Haseotes Title: Director - --------------------------------------------------- -------------- Name: Demetrios B. Haseotes Title: Director - --------------------------------------------------- -------------- Name: George Haseotes Title: Director By: /s/ James C. Mcdermott 12/29/97 - --------------------------------------------------- -------------- Name: James C. McDermott Title: Director By: /s/ Dr. Geoffrey Pottow 12/29/97 - --------------------------------------------------- -------------- Name: Dr. Geoffrey Pottow Title: Director By: /s/ Kenneth T. Koehler 12/29/97 - --------------------------------------------------- -------------- Name: Kenneth T. Koehler Title: Director 37