This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Ruddick Corporation Reports Fiscal 2011 Results

Ruddick Corporation is a holding company with two primary operating subsidiaries: Harris Teeter, Inc., a leading regional supermarket chain with operations in eight states primarily in the southeastern and mid-Atlantic United States, and the District of Columbia; and American & Efird, Inc., one of the world’s largest global manufacturers and distributors of industrial sewing thread, embroidery thread and technical textiles (as previously announced, the Company has agreed to sell A&E).

Selected information regarding Ruddick Corporation and its subsidiaries follows. For more information on Ruddick Corporation, visit our web site at: www.ruddickcorp.com .

 
Ruddick Corporation
Consolidated Condensed Statements of Earnings
(in thousands, except per share data)
(unaudited)
       
13 Weeks 14 Weeks 52 Weeks 53 Weeks
October 2, October 3, October 2, October 3,
2011 2010 2011 2010
 
Sales $ 1,101,488 $ 1,107,249 $ 4,285,565 $ 4,099,353
Cost of Sales   780,997     778,453     3,015,517     2,871,907  
Gross Profit   320,491     328,796     1,270,048     1,227,446  
 
Selling, General and Administrative Expenses:
Harris Teeter 275,448 279,728 1,078,978 1,045,860
Corporate   1,991     81     10,364     4,730  
Total   277,439     279,809     1,089,342     1,050,590  
 
Operating Profit   43,052     48,987     180,706     176,856  
 
Other Expense (Income):
Interest expense 4,754 5,004 19,116 19,708
Interest income (47 ) (71 ) (133 ) (187 )
Net investment gain   -     -     (19,392 )   (310 )
Total   4,707     4,933     (409 )   19,211  
 
Earnings From Continuing Operations Before Taxes 38,345 44,054 181,115 157,645
Income Tax Expense   13,716     16,467     69,633     59,287  
Earnings from Continuing Operations   24,629     27,587     111,482     98,358  
 
Earnings from Discontinued Operations 5,903 6,616 26,078 19,693
Income Tax Expense 2,949 2,242 9,840 6,010
Impairment Charges, Net of $12,277 of Tax Benefits   (36,473 )   -     (36,473 )   -  
Earnings (Loss) from Discontinued Operations   (33,519 )   4,374     (20,235 )   13,683  
 
Net Earnings (Loss) $ (8,890 ) $ 31,961   $ 91,247   $ 112,041  
 
Net Earnings (Loss) Per Share - Basic:
Continuing Operations $ 0.51 $ 0.57 $ 2.30 $ 2.04
Discontinued Operations $ (0.69 ) $ 0.09 $ (0.42 ) $ 0.28
 
Net Earnings (Loss) Per Share - Diluted:
Continuing Operations $ 0.50 $ 0.57 $ 2.28 $ 2.02
Discontinued Operations $ (0.69 ) $ 0.09 $ (0.41 ) $ 0.28
 
Weighted Average Number of Shares of
Common Stock Outstanding:
Basic 48,496 48,314 48,469 48,215
Diluted 48,916 48,703 48,852 48,600
 
Dividends Declared Per Common Share $ 0.13 $ 0.12 $ 0.52 $ 0.48
 
 
Ruddick Corporation    
Consolidated Condensed Balance Sheets
(in thousands)
(unaudited)
 
October 2, October 3,
2011 2010

Assets

Current Assets:
Cash and Cash Equivalents $ 164,479 $ 60,107
Accounts Receivable, Net 47,088 47,873
Refundable Income Taxes 15,055 14,421
Inventories 287,137 272,025
Deferred Income Taxes 1,321 2,395
Prepaid Expenses and Other Current Assets 24,576 28,215
Current Assets Held For Sale   119,762     121,238  
Total Current Assets 659,418 546,274
 
Property, Net 1,019,468 997,556
Investments 112,557 116,615
Intangible Assets 13,608 13,945
Other Long-Term Assets 79,118 72,466
Long-Term Assets Held For Sale 98,749 142,383
   
Total Assets $ 1,982,918   $ 1,889,239  
 
 

Liabilities and Equity

Current Liabilities:
Current Portion of Long-Term Debt and Capital Lease Obligations $ 3,902 $ 10,776
Accounts Payable 252,859 210,875
Accrued Compensation 63,236 56,750
Other Current Liabilities 87,805 83,652
Current Liabilities Held For Sale   36,021     39,836  
Total Current Liabilities 443,823 401,889
 
Long-Term Debt and Capital Lease Obligations 283,428 295,321
Deferred Income Taxes 19,674 3,580
Pension Liabilities 113,617 160,147
Other Long-Term Liabilities 113,249 103,663
Long-Term Liabilities Held For Sale 20,804 13,746
 
Equity:
Common Stock 104,211 98,285
Retained Earnings 984,535 918,843
Accumulated Other Comprehensive Loss   (100,423 )   (106,235 )
Total Equity 988,323 910,893
   
Total Liabilities and Equity $ 1,982,918   $ 1,889,239  
 
   
RUDDICK CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
52 Weeks 53 Weeks
October 2, October 3,
2011 2010
CASH FLOW FROM OPERATING ACTIVITIES
Net Income $ 91,247 $ 112,041
Non-Cash Items Included in Net Income
Depreciation and Amortization 140,717 135,338
Deferred Income Taxes 18,939 44,971
Net Gain on Sale of Property (20,712 ) (5,802 )
Impairment Losses 36,473 -
Share-Based Compensation 8,072 6,104
Other, Net (7,219 ) (5,912 )
Changes in Operating Accounts Providing (Utilizing) Cash
Accounts Receivable (852 ) (19,015 )
Inventories (19,971 ) (10,194 )
Prepaid Expenses and Other Current Assets 6,311 (1,408 )
Accounts Payable 37,688 (456 )
Other Current Liabilities 19,219 (6,222 )
Other Long-Term Operating Accounts (39,097 ) (7,301 )
Dividends Received   1,431     1,553  
NET CASH PROVIDED BY OPERATING ACTIVITIES   272,246     243,697  
 
INVESTING ACTIVITIES
Capital Expenditures (153,916 ) (132,130 )
Purchase of Other Investments (19,435 ) (21,298 )
Proceeds from Sale of Property 67,760 25,580
Return of Partnership Investments - 3,364
Investments in COLI, net of Proceeds from Death Benefits (1,073 ) 158
Other, Net   (2,306 )   (488 )
NET CASH USED IN INVESTING ACTIVITIES   (108,970 )   (124,814 )
 
FINANCING ACTIVITIES
Net Proceeds from (Payments on) Short-Term Debt Borrowings (2,427 ) 941
Net (Payments on) Proceeds from Revolver Borrowings - (52,900 )
Proceeds from Long-Term Debt Borrowings - 5,319
Payments on Long-Term Debt and Capital Lease Obligations (32,195 ) (9,450 )
Dividends Paid (25,554 ) (29,259 )
Proceeds from Stock Issued 622 3,954
Share-Based Compensation Tax Benefits 1,156 1,366
Shares Effectively Purchased and Retired for Withholding Taxes (2,485 ) (1,375 )
Purchase and Retirement of Common Stock - (1,491 )
Other, Net   (1,096 )   53  
NET CASH USED IN FINANCING ACTIVITIES   (61,979 )   (82,842 )
 
INCREASE IN CASH AND CASH EQUIVALENTS 101,297 36,041
EFFECT OF FOREIGN CURRENCY FLUCTUATIONS ON CASH (107 ) 261
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 73,612 37,310
   
CASH AND CASH EQUIVALENTS AT END OF YEAR $ 174,802   $ 73,612  
 
Cash and Cash Equivalents of Continuing Operations $ 164,479 $ 60,107
Cash and Cash Equivalents of Discontinued Operations $ 10,323 $ 13,505
 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash Paid During the Year for:
Interest, Net of Amounts Capitalized $ 19,416 $ 19,422
Income Taxes 44,470 28,214
Non-Cash Activity:
Assets Acquired Under Capital Leases 12,144 28
 
 
Ruddick Corporation
Other Statistics        
October 2, 2011
(dollars in millions)
 
Consolidated
Harris Discontinued Ruddick
Teeter   Operations   Corporate   Corporation
 
Depreciation and Amortization:
4th Fiscal Quarter $ 32.5 $ 2.9 $ 0.2 $ 35.6
Fiscal Year to Date 127.6 12.0 1.1 140.7
 
Capital Expenditures:
4th Fiscal Quarter $ 49.3 $ 2.0 $ 0.1 $ 51.4
Fiscal Year to Date 147.9 5.9 0.1 153.9
 
Purchase of Other Investment Assets:
4th Fiscal Quarter $ 0.6 $ - $ - $ 0.6
Fiscal Year to Date 19.4 - - 19.4
 
 
 
Harris Teeter Store Count: Quarter Year to Date
 
Beginning number of stores 204 199
Opened during the period 1 7
Closed during the period   (1 )   (2 )
Stores in operation at end of period   204     204  
 
 
Quarter Year to Date
 
Harris Teeter Comparable Store Sales 5.00 % 3.27 %
 

Definition of Comparable Store Sales:

Comparable store sales are computed using corresponding calendar weeks to account for the occasional extra week included in a fiscal year. A new store must be in operation for 14 months before it enters into the calculation of comparable store sales. A closed store is removed from the calculation in the month in which its closure is announced. A new store opening within an approximate two-mile radius of an existing store that is to be closed upon the new store opening is included as a replacement store in the comparable store sales measure as if it were the same store. Sales increases resulting from existing comparable stores that are expanded in size are included in the calculations of comparable store sales, if the store remains open during the construction period.





6 of 7

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,880.36 -31.75 -0.19%
S&P 500 1,970.07 +0.12 0.01%
NASDAQ 4,462.9020 +20.2040 0.45%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs