UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

[X]

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 26, 2021

[ ]

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 1-5039

WEIS MARKETS, INC.

(Exact name of registrant as specified in its charter)


Pennsylvania		24-0755415
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1000 S. Second Street
P. O. Box 471		17801-0471
Sunbury, Pennsylvania		(Zip Code)
(Address of principal executive offices)


Registrant’s telephone number, including area code: (570) 286-4571	Registrant’s web address: www.weismarkets.com

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) 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 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 whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer [ ]		Accelerated filer [X]
Non-accelerated filer [ ]		Smaller reporting company [ ]
		Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

Securities registered pursuant to section 12(b) of the act:


Title of each class	Trading symbol	Name of exchange on which registered
Common stock, no par value	WMK	New York Stock Exchange

As of August 5, 2021, there were issued and outstanding 26,898,443 shares of the registrant’s common stock.

WEIS MARKETS, INC.

TABLE OF CONTENTS


FORM 10-Q		Page
Part I. Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets		1
Consolidated Statements of Income		2
Consolidated Statements of Comprehensive Income		3
Consolidated Statements of Shareholders’ Equity		4
Consolidated Statements of Cash Flows		5
Notes to Consolidated Financial Statements		6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		10
Item 3. Quantitative and Qualitative Disclosures about Market Risk		17
Item 4. Controls and Procedures		17
Part II. Other Information
Item 6. Exhibits		18
Signatures		19
Exhibit 31.1 Rule 13a-14(a) Certification – CEO
Exhibit 31.2 Rule 13a-14(a) Certification – CFO
Exhibit 32 Certification Pursuant to 18 U.S.C. Section 1350

Table of Contents

WEIS MARKETS, INC.

PART I – FINANCIAL INFORMATION

ITEM I – FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

(unaudited)


(amounts in thousands, except shares)	June 26, 2021		December 26, 2020
Assets
Current:
Cash and cash equivalents	$	141,205	$	136,612
Marketable securities		115,541		111,855
SERP investment		26,329		22,764
Accounts receivable, net		42,109		56,760
Inventories		262,959		269,024
Prepaid expenses and other current assets		26,314		29,187
Total current assets		614,457		626,202
Property and equipment, net		946,060		924,429
Operating lease right-to-use		195,392		199,901
Goodwill		52,330		52,330
Intangible and other assets, net		17,274		17,559
Total assets	$	1,825,513	$	1,820,421

Liabilities
Current:
Accounts payable	$	186,991	$	221,566
Accrued expenses		39,195		50,591
Operating leases		39,573		39,165
Accrued self-insurance		21,386		19,306
Deferred revenue, net		7,396		10,583
Income taxes payable		13,282		5,058
Total current liabilities		307,823		346,269
Postretirement benefit obligations		28,719		25,757
Accrued self-insurance		20,275		20,297
Operating leases		163,786		169,064
Deferred income taxes		107,086		103,404
Other		11,239		9,515
Total liabilities		638,928		674,306
Shareholders’ Equity
Common stock, no par value, 100,800,000 shares authorized, 33,047,807 shares issued, 26,898,443 shares outstanding		9,949		9,949
Retained earnings		1,324,787		1,283,737
Accumulated other comprehensive income (Net of deferred taxes of $1,070 in 2021 and $1,299 in 2020)		2,706		3,286
		1,337,442		1,296,972
Treasury stock at cost, 6,149,364 shares		(150,857)		(150,857)
Total shareholders’ equity		1,186,585		1,146,115
Total liabilities and shareholders’ equity	$	1,825,513	$	1,820,421

See accompanying notes to Consolidated Financial Statements.

Table of Contents

WEIS MARKETS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)


		13 Weeks Ended			26 Weeks Ended
(amounts in thousands, except shares and per share amounts)		June 26, 2021		June 27, 2020	June 26, 2021		June 27, 2020
Net sales	$	1,047,349	$	1,098,704	$	2,053,689	$	2,084,524
Cost of sales, including advertising, warehousing and distribution expenses		766,157		805,816		1,505,108		1,527,489
Gross profit on sales		281,192		292,888		548,581		557,035
Operating, general and administrative expenses		235,633		236,886		471,189		463,605
Income from operations		45,559		56,002		77,392		93,430
Investment income (loss) and interest expense		2,140		3,066		3,752		(953)
Other income (expense)		(1,831)		(2,618)		(2,606)		58
Income before provision for income taxes		45,868		56,450		78,538		92,535
Provision for income taxes		12,396		14,978		20,811		24,374
Net income	$	33,472	$	41,472	$

SEC Form 10-Q filed by Weis Markets, Inc.