BRUNO'S ANNOUNCES THIRD QUARTER RESULTS; DECLARES REGULAR QUARTERLY CASH DIVIDEND.BIRMINGHAM, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--May 1, 1995--Bruno's, Inc. (Nasdaq/NM:BRNO) today announced results for the third quarter and first nine months of fiscal 1995. For the fourteen weeks ended April 8, 1995, net income increased 30% to $12,275,000, or $.16 per share, compared with net income of $9,441,000, or $.12 per share, for the prior- year period. Revenues were $763,274,000 compared with $764,602,000 in the fourteen-week period last year. Same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of remained positive, but declined to .06% as a result of the exclusion of the Easter holiday from the third quarter of the current year. For the forty weeks ended April 8, 1995, revenues increased 1% to $2,201,015,000 from revenues of $2,173,757,000 for the first nine months of fiscal 1994. Net income was $37,877,000, or $.49 per share, versus $24,674,000, or $.32 per share. Prior-year nine-month results were affected by a first quarter extraordinary charge of $3,288,000, or $.04 per share, related to the redemption of the Convertible Subordinated Debentures subordinated debenture An unsecured bond with a claim to assets that is subordinate to all existing and future debt. Thus, in the event that the issuer encounters financial difficulties and must be liquidated, all other claims must be satisfied before . As previously announced, Bruno's Inc. and Kohlberg Kravis Roberts Kohlberg Kravis Roberts & Co (commonly referred to as KKR) is a New York City-based private equity firm that focuses primarily on late-stage leveraged buyouts. It was founded in 1976 by Jerome Kohlberg, Jr., and cousins Henry Kravis and George R. & Co. (KKR KKR Korringa-Kohn-Rostoker (method) KKR Kohlberg, Kravis & Roberts & Co. KKR Kalkara (postal locality, Malta) KKR Kramers-Kronig Relations KKR Komarappa Gounder Ramalingam (hospital in India) ) have signed a definitive merger agreement providing for the merger of Bruno's, Inc. with a KKR affiliate. The Board of Directors of Bruno's will recommend the merger at a special meeting of shareholders. Under the merger agreement, Bruno's shareholders may elect to receive either $12.50 per share in cash or to retain Bruno's common stock, valued at $12.50 per share. This election is subject to proration Proration A situation during a corporate action in which the available cash or shares are not sufficient to satisfy the offers tendered by shareholders. Therefore, a proportion of both cash and shares is granted for each offer tendered. so that approximately 97% of the outstanding Bruno's shares are exchanged for cash and approximately 3% are retained by existing shareholders. Following the merger, a KKR-controlled entity will own approximately 90% of Bruno's and Bruno's pre-merger shareholders will own approximately 10%. The merger, which is expected to be consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. in July 1995, is subject to customary conditions including the approval of Bruno's shareholders and the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of antitrust Antitrust The antitrust laws apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution, and marketing. They prohibit a variety of practices that restrain trade. regulatory waiting periods. Chairman and Chief Executive Officer Ronald Bruno, had the following comments, "Our third quarter results were in line with our expectations for the period. The strong improvement in net income reflects effective expense control along with continued positive results from our merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. and marketing programs. Through our merger plans with KKR, we are confident that Bruno's will gain additional resources and will have greater potential for continued success." During the first nine months, the Company continued an aggressive store remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling program while also opening five new stores. The Board of Directors declared a regular quarterly cash dividend of $.06 per share. The dividend is payable May 26, 1995, to shareholders of record as of the close of business on May 12, 1995. Bruno's, Inc., is a leading regional food retailer operating a total of 254 supermarkets in Alabama, Georgia, Mississippi, Florida, South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , and Tennessee. -0-
BRUNO'S, INC.
Unaudited Financial Highlights
14 Weeks Ended 14 Weeks Ended
April 8, 1995 April 9, 1994
Net sales $ 763,274,000 $ 764,602,000 Income before tax 19,799,000 15,228,000 Provision for income tax 7,524,000 5,787,000 Net income $ 12,275,000 $ 9,441,000 Earnings per share $ 0.16 $ 0.12 Average shares outstanding 77,503,000 78,092,000
40 Weeks Ended 40 Weeks Ended
April 8, 1995 April 9, 1994
Net sales $2,201,015,000 $2,173,757,000
Income before tax and
extraordinary item 61,092,000 48,687,000
Provision for income taxes 23,215,000 20,725,000
Income before extraordinary item $ 37,877,000 $ 27,962,000
Extraordinary item, net/a -- (3,288,000)
Net income $ 37,877,000 $ 24,674,000
Per share amounts:
Income before extraordinary
item $ 0.49 $ 0.36
Extraordinary item/a -- (0.04)
Net income per share $ 0.49 $ 0.32
Average shares outstanding 77,591,000 78,087,000
(a) Early extinguishment of debt and the prepayment penalty on
the redemption of the Company's 6.5% Convertible Subordinated
Debentures.
CONTACT: Bruno's Inc., Birmingham Susan Fitzgibbon, 205/940-9400 |
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