UNIFIED GROCERS, INC.

CIK:0000320431|SEC Filings

Consolidated Condensed Statements of Earnings (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 01, 2017	Apr. 02, 2016	Apr. 01, 2017	Apr. 02, 2016
Income Statement [Abstract]
Net sales (gross billings including vendor direct arrangements were $897,672 and $941,027 for the thirteen weeks ended April 1, 2017 and April 2, 2016 and $1,877,788 and $1,940,273 for the twenty-six weeks ended April 1, 2017 and April 2, 2016, respectively)	$ 877,436	$ 915,069	$ 1,838,595	$ 1,887,934
Cost of sales	812,945	844,584	1,702,988	1,744,068
Distribution, selling and administrative expenses	67,554	70,801	134,012	140,951
Operating (loss) income	(3,063)	(316)	1,595	2,915
Interest expense	(2,738)	(2,497)	(5,484)	(4,979)
Loss before estimated patronage dividends and income taxes	(5,801)	(2,813)	(3,889)	(2,064)
Estimated patronage dividends		(2,229)		(4,641)
Loss before income taxes	(5,801)	(5,042)	(3,889)	(6,705)
Income tax provision	(64)	(14)	(64)	(28)
Net loss from continuing operations	(5,865)	(5,056)	(3,953)	(6,733)
(Loss) earnings from discontinued operations, net of income tax	(2,006)	331	(2,006)	179
Net loss	$ (7,871)	$ (4,725)	$ (5,959)	$ (6,554)

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Apr. 01, 2017	Apr. 02, 2016
Cash flows from operating activities:
Net loss	$ (5,959)	$ (6,554)
Less: (Loss) gain on sale of discontinued operations, net of income tax	(2,006)	179
Net loss from continuing operations	(3,953)	(6,733)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	12,965	15,474
Provision for doubtful accounts	133	628
Loss (gain) on sale of properties and equipment	48	(3)
Loss on sale of Bakery operations	1,460
Loss on equity method investment	1,398
Decrease in assets:
Accounts receivable	9,998	10,662
Inventories	3,446	38,507
Prepaid expenses and other current assets	1,797	2,109
Decrease in liabilities:
Accounts payable	(16,094)	(38,962)
Accrued liabilities	(5,142)	(1,602)
Long-term liabilities, other	(3,114)	(3,630)
Net cash provided by continuing operating activities	2,942	16,450
Net cash provided by sale of discontinued operations		179
Net cash provided by operating activities	2,942	16,629
Cash flows from investing activities:
Purchases of properties and equipment	(2,188)	(3,453)
Proceeds from sale of discontinued operations		26,222
Origination of notes receivable	(1,540)	(903)
Collection of notes receivable	2,129	1,580
Proceeds from sale of properties and equipment	3,028
Increase in other assets	(9,484)	(11,847)
Net cash (utilized) provided by investing activities	(8,055)	11,599
Cash flows from financing activities:
Net borrowings (repayments) under secured credit agreements	19,000	(11,800)
Borrowings under notes payable		644
Repayments of notes payable	(11,636)	(8,409)
Payment of deferred financing fees	(77)	(65)
Increase (decrease) in Members’ deposits and estimated patronage dividends	126	(91)
Increase in Members’ and Non-Members' deposits	427	1,829
Decrease in receivable from sale of Class A Shares to Members, net	28	60
Repurchase of shares from Members	(4,812)	(7,874)
Net cash provided (utilized) by financing activities	3,056	(25,706)
Net (decrease) increase in cash and cash equivalents from continuing operations	(2,057)	2,522
Cash and cash equivalents at beginning of year	3,369	3,056
Cash and cash equivalents at end of period	1,312	5,578
Supplemental disclosure of cash flow information:
Interest paid during the period	4,697	4,176
Income taxes paid during the period	59	50
Supplemental disclosure of non-cash items:
Loss on sale of discontinued operations	2,006
Capital leases		$ 1,445
Loss on equity method investment	$ 1,398

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Apr. 01, 2017	Oct. 01, 2016
Current assets:
Cash and cash equivalents	$ 1,312	$ 3,369
Accounts and current portion of notes receivable, net of allowances of $2,612 and $3,584 at April 1, 2017 and October 1, 2016, respectively	171,149	182,940
Inventories	247,584	251,502
Prepaid expenses and other current assets	7,546	9,343
Deferred income taxes	4,098	4,098
Assets held for sale – current	5,429	5,429
Total current assets	437,118	456,681
Properties and equipment, net	141,275	149,506
Investments	11,331	12,729
Notes receivable, less current portion and net of allowances of $0 at April 1, 2017and October 1, 2016	14,468	13,397
Goodwill	37,846	37,846
Other assets, net	113,800	110,889
Total Assets	755,838	781,048
Current liabilities:
Accounts payable	232,813	248,576
Accrued liabilities	41,195	44,331
Current portion of notes payable	20,660	24,491
Members’ deposits	9,006	8,880
Total current liabilities	303,674	326,278
Notes payable, less current portion	240,936	229,741
Long-term liabilities, other	180,964	185,202
Members’ and Non-Members’ deposits	9,202	8,775
Commitments and contingencies
Shareholders' equity:
Retained earnings – allocated	11,650	18,106
Retained earnings – non-allocated	6,864	6,864
Total retained earnings	18,514	24,970
Receivable from sale of Class A Shares to Members	(50)	(78)
Accumulated other comprehensive loss	(102,842)	(103,595)
Total shareholders' equity	21,062	31,052
Total Liabilities and Shareholders' Equity	755,838	781,048
Common stock Class A
Shareholders' equity:
Common stock	22,873	23,088
Common stock Class B
Shareholders' equity:
Common stock	73,930	75,198
Common stock Class E
Shareholders' equity:
Common stock	$ 8,637	$ 11,469