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<SEC-DOCUMENT>0000105418-04-000016.txt : 20040305
<SEC-HEADER>0000105418-04-000016.hdr.sgml : 20040305
<ACCEPTANCE-DATETIME>20040305140313
ACCESSION NUMBER:		0000105418-04-000016
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20031227
FILED AS OF DATE:		20040305

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WEIS MARKETS INC
		CENTRAL INDEX KEY:			0000105418
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-GROCERY STORES [5411]
		IRS NUMBER:				240755415
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1226

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05039
		FILM NUMBER:		04651396

	BUSINESS ADDRESS:	
		STREET 1:		1000 S SECOND ST
		STREET 2:		PO BOX 471
		CITY:			SUNBURY
		STATE:			PA
		ZIP:			17801
		BUSINESS PHONE:		570-286-4571

	MAIL ADDRESS:	
		STREET 1:		1000 S SECOND ST
		STREET 2:		PO BOX 471
		CITY:			SUNBURY
		STATE:			PA
		ZIP:			17801
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>wmk10k2003.htm
<DESCRIPTION>WEIS MARKETS, INC. 2003 10K
<TEXT>
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    <title>Weis Markets, Inc. Form 10K</title>
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      vlink="#0000FF">
    <!-- PAGEBREAK -->
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><font size="3"><a href="#000">Table of
    Contents</a></font></p>

    <p align="center"><font size="3"><a name="00">UNITED
    STATES<br clear="left"></a>SECURITIES AND EXCHANGE
    COMMISSION<br clear="left">
    Washington, D.C. 20549<b><br clear="left"></b></font></p>

    <p align="center"><font size="3"><b>FORM 10-K<br clear=
    "left"></b></font></p>

    <p><font size="3">(Mark One)</font></p>

    <table cellspacing="0"
           cellpadding="5"
           width="100%">
        <tr>
            <td width="4%"
                align="center"
                valign="top"><font size="3">[X]</font></td>

            <td width="95%"
                align="left"
                valign="top"><font size="2">ANNUAL REPORT PURSUANT
                TO SECTION 13 OR 15(d) OF THE SECURITES EXCHANGE
                ACT OF 1934</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3">For the fiscal year
                ended <b>December 27, 2003</b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3">OR</font></td>
        </tr>

        <tr>
            <td align="center"
                valign="top"><font size=
                "3">[&nbsp;&nbsp;]</font></td>

            <td align="left"
                valign="top"><font size="2">TRANSITION REPORT
                PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
                EXCHANGE ACT OF 1934</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3">For the transition
                period from __________to_________</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3">Commission File Number
                1-5039</font></td>
        </tr>
    </table>

    <p align="center"><font size="5"><b><u>WEIS MARKETS,
    INC</u>.</b></font><font size="3"><br clear="left">
    (Exact name of registrant as specified in its
    charter)</font></p>

    <table cellspacing="0"
           cellpadding="5"
           width="100%">
        <tr>
            <td width="47%"
                align="center"
                valign="top"><font size=
                "3"><u>PENNSYLVANIA<br clear="left"></u>(State or
                other jurisdiction of incorporation or
                organization)</font></td>

            <td width="4%"
                align="left"
                valign="top">&nbsp;</td>

            <td width="47%"
                align="center"
                valign="top"><font size="3"><u>24-0755415<br clear=
                "left"></u>(I.R.S. Employer Identification
                No.)</font></td>
        </tr>

        <tr>
            <td align="center"
                valign="top"><font size="3">1000 S. Second
                Street<br clear="left">
            P. O. Box 471<br clear="left">
            <u>Sunbury, Pennsylvania<br clear="left"></u>(Address
            of principal executive offices)</font></td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><br clear="left">
            <font size="3"><br clear="left">
            <u>17801-0471<br clear="left"></u>(Zip
            Code)</font></td>
        </tr>
    </table> <font size="3">Registrant's telephone number,
    including area code:&nbsp;<u>(570) 286-4571</u>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registrant's
    web address: www.weismarkets.com</font>

    <p><font size="3">Securities registered pursuant to Section
    12(b) of the Act:<br clear="left"></font></p>

    <table cellspacing="0"
           cellpadding="5"
           width="100%">
        <tr>
            <td width="48%"
                rowspan="2"
                align="center"
                valign="bottom"><font size="3"><u>Title of each
                class</u></font><br clear="left">
            <font size="3">Common stock, no par value</font></td>

            <td width="4%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="47%"
                rowspan="2"
                align="center"
                valign="bottom"><font size="3"><u>Name of each
                exchange on which registered</u><br clear="left">
            New York Stock Exchange</font></td>
        </tr>

        <tr>
            <td align="center"
                valign="bottom">&nbsp;</td>
        </tr>
    </table> <font size="3">Securities registered pursuant to
    Section 12(g) of the Act&nbsp;<u>None</u></font>

    <p><font size="2">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.&nbsp;&nbsp;&nbsp;Yes
    [X]&nbsp;&nbsp;No&nbsp;&nbsp;&nbsp;[&nbsp;&nbsp;&nbsp;]</font></p>

    <p><font size="2">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
    registrant's knowledge, in definitive proxy or information
    statements incorporated by reference in Part III of this Form
    10-K or any amendment to this Form
    10-K.&nbsp;&nbsp;[&nbsp;X&nbsp;]</font></p>

    <p><font size="2">Indicate by check mark whether the registrant
    is an accelerated filer (as defined in Exchange Act Rule
    12-b-2). &nbsp;&nbsp;Yes
    [X]&nbsp;&nbsp;No&nbsp;&nbsp;&nbsp;[&nbsp;&nbsp;&nbsp;]</font></p>

    <p><font size="2">The aggregate market value of Common Stock
    held by non-affiliates of the Registrant is approximately
    $463,932,000.<br clear="left">
    Shares of common stock outstanding as of March 1, 2004 -
    27,140,300.<br clear="left"></font></p>

    <p><font size="2">DOCUMENTS INCORPORATED BY
    REFERENCE:&nbsp;&nbsp;Selected portions of the Weis Markets,
    Inc. definitive proxy statement dated March 5, 2004 are
    incorporated by reference in Part III of this Form 10-K.</font>
    <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <div style="margin-left: 2em">
        <center>
            <font size="3"><b>&nbsp;&nbsp;WEIS MARKETS,
            INC.</b></font>
        </center>
    </div>

    <p align="center">&nbsp;</p>

    <p align="center"><font size="3"><b><u><a name="000">TABLE OF
    CONTENTS</a></u></b></font></p>

    <p align="center">&nbsp;</p>

    <p align="center">&nbsp;</p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td colspan="4"
                align="left"
                valign="bottom"><font size="3"><a href="#0"></a><a href="#00">FORM
                10-K</a></font></td>

            <td width="21%"
                align="center"
                valign="bottom"><font size=
                "3"><u>Page</u></font></td>
        </tr>

        <tr>
            <td colspan="4"
                align="left"
                valign="bottom"><font size="3">
                <a href="#100"></a></a><a href="#01">Part I</a></font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td width="4%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td colspan="3"
                align="left"
                valign="bottom"><font size="3"><a href=
                "#002"></a><a href="#002"></a><a href="#001">Item
                1. Business</a><a href="#002"></a></font></td>

            <td align="center"
                valign="bottom"><font size="3">1</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td colspan="3"
                align="left"
                valign="bottom"><font size="3"><a href=
                "#002"></a><a href="#002">Item 2.
                Properties</a></font></td>

            <td align="center"
                valign="bottom"><font size="3">3</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td colspan="3"
                align="left"
                valign="bottom"><font size="3">
                <a href="#003">Item 3. Legal
                Proceedings</a></font></td>

            <td align="center"
                valign="bottom"><font size="3">3</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td colspan="3"
                align="left"
                valign="bottom"><a href="#004"><font size="3">Item
                4. Submission of Matters to a Vote of Security
                Holders</font></a></td>

            <td align="center"
                valign="bottom"><font size="3">3</font></td>
        </tr>

        <tr>
            <td colspan="4"
                align="left"
                valign="bottom"><font size="3"><a href=
                "#02"></a><a href="#02"></a><a href="#02">Part
                II</a><a href="#006"></a></font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td colspan="3"
                align="left"
                valign="bottom"><font size="3"><a href="#005">Item
                5. Market for Registrant's Common Equity and
                Related Stockholder Matters</a><a href=
                "#007"></a></font></td>

            <td align="center"
                valign="bottom"><font size="3">4</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td colspan="3"
                align="left"
                valign="bottom"><a href="#006"><font size="3">Item
                6. Selected Financial Data</font></a></td>

            <td align="center"
                valign="bottom"><font size="3">4</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td colspan="3"
                align="left"
                valign="bottom"><a href="#007"><font size="3">Item
                7. Management's Discussion and Analysis of
                Financial Condition and Results of
                Operations</font></a></td>

            <td align="center"
                valign="bottom"><font size="3">5</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td width="4%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td colspan="2"
                align="left"
                valign="bottom"><font size="3"><u>
                </a><a href="#071"></a><a href=
                "#0071"></a><a href="#0071">Item 7a. Quantitative
                and Qualitative Disclosures about Market
                Ris<u>k</u></a></u></font></td>

            <td align="center"
                valign="bottom"><font size="3">10</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td colspan="3"
                align="left"
                valign="bottom"><a href="#008"><font size="3">Item
                8. Financial Statements and Supplementary
                Data</font></a></td>

            <td align="center"
                valign="bottom"><font size="3">11</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td colspan="3"
                align="left"
                valign="bottom"><a href="#009"><font size="3">Item
                9. Changes in and Disagreements With Accountants on
                Accounting and Financial Disclosure</font></a></td>

            <td align="center"
                valign="bottom"><font size="3">29</font></td>
        </tr>

        <tr>
            <td colspan="4"
                align="left"
                valign="bottom"><font size="3"><a href=
                "#03"></a><a href="#300"></a><a href="#03">Part
                III</a></font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td colspan="3"
                align="left"
                valign="bottom"><a href="#010"><font size="3">Item
                10. Directors and Executive Officers of the
                Registrant</font></a></td>

            <td align="center"
                valign="bottom"><font size="3">30</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td colspan="3"
                align="left"
                valign="bottom"><a href="#011"><font size="3">Item
                11. Executive Compensation</font></a></td>

            <td align="center"
                valign="bottom"><font size="3">30</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td colspan="3"
                align="left"
                valign="bottom"><a href="#012"><font size="3">Item
                12. Security Ownership of Certain Beneficial Owners
                and Management</font></a></td>

            <td align="center"
                valign="bottom"><font size="3">30</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td colspan="3"
                align="left"
                valign="bottom"><a href="#013"><font size="3">Item
                13. Certain Relationships and Related
                Transactions</font></a></td>

            <td align="center"
                valign="bottom"><font size="3">30</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td colspan="3"
                align="left"
                valign="bottom"><a href="#014"><font size="3">Item
                14. Principal Accountant Fees and
                Services</font></a></td>

            <td align="center"
                valign="bottom"><font size="3">30</font></td>
        </tr>

        <tr>
            <td colspan="4"
                align="left"
                valign="bottom"><font size="3">
                <a href="#04">Part IV</a></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td colspan="3"
                align="left"
                valign="bottom"><a href="#015"><font size="3">Item
                15. Exhibits, Financial Statements, Schedules and
                Reports on Form 8-K</font></a></td>

            <td align="center"
                valign="bottom"><font size="3">31</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td colspan="2"
                align="left"
                valign="top"><a href="#0151"><font size="3">Item
                15d<font size="3"
                  color="#0000FF"
                  face="Times New Roman"><u>. Schedule II -
                  Valuation and Qualifying
                  Accounts</u></font></font></a></td>

            <td align="center"
                valign="bottom"><font size="3">32</font></td>
        </tr>

        <tr>
            <td colspan="4"
                align="left"
                valign="bottom"><font size="3"><a href="#05">Signatures</a></font></td>

            <td align="center"
                valign="bottom"><font size="3">33</font></td>
        </tr>

        <tr>
            <td colspan="4"
                align="left"
                valign="bottom"><a href="#21"><font size=
                "3">Exhibit 21 Subsidiaries of the
                Registrant</font></a></td>

            <td align="center"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td colspan="4"
                align="left"
                valign="bottom"><a href="#311"><font size=
                "3">Exhibit 31.1 Rule 13a-14(a) Certification-
                CEO</font></a></td>

            <td align="center"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td colspan="4"
                align="left"
                valign="bottom"><a href="#312"><font size=
                "3">Exhibit 31.2 Rule 13a-14(a) Certification-
                CFO</font></a></td>

            <td align="center"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td colspan="4"
                align="left"
                valign="bottom"><a href="#32"><font size=
                "3">Exhibit 32 Certification Pursuant to 18 U.S.C.
                Section 1350</font></a></td>

            <td align="center"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td width="4%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="65%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom">&nbsp;</td>
        </tr>
    </table>

    <p align="center"><!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000"><font size="3">Table of
    Contents</font></a></p>

    <div style="margin-left: 2em">
        <center>
            <font size="3"><b>WEIS MARKETS, INC.</b></font>
        </center>
    </div>

    <p align="center">&nbsp;</p>

    <p align="center"><font size=
          "3"><b>&nbsp;</b></font><font size="3"><b><a name=
          "01">PART I</a></b></font></p>

    <p><font size="3"><b><a name="001">Item
    1.</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business:</b></font></p>

    <p><font size="3">Weis Markets, Inc. is a Pennsylvania business
    founded by Harry and Sigmund Weis in 1912 and incorporated in
    1924. The company is engaged principally in the retail sale of
    food and pet supplies in Pennsylvania and surrounding states.
    There was no material change in the nature of the company's
    business during fiscal 2003. The company's stock has been
    traded on the New York Stock Exchange since 1965 under the
    symbol "WMK." The Weis family currently owns approximately 64%
    of the outstanding shares. Robert F. Weis serves as Chairman of
    the Board of Directors, and Jonathan H. Weis, son of Robert F.
    Weis, serves as Vice Chairman and Secretary. Both are involved
    in the day-to-day operations of the business.</font></p>

    <p><font size="3">On May 7, 2001, the company repurchased
    approximately 14.5 million shares of its common stock from the
    family of the late Sigfried Weis for approximately $434.3
    million in cash.</font></p>

    <p><font size="3">The company's retail food stores sell
    groceries, dairy products, frozen foods, meats, seafood, fresh
    produce, floral, prescriptions, deli/bakery products, prepared
    foods, fuel and general merchandise items, such as health and
    beauty care and household products. In addition, customer
    convenience is addressed at many locations by offering services
    such as company-operated photo labs and third parties providing
    in-store banks, laundry services and take-out restaurants. The
    company advertises through various media, including circulars,
    newspapers, radio and television. Printed circulars are used
    extensively on a weekly basis to advertise featured items. The
    company utilizes a loyalty card program, "Weis Club Preferred
    Shopper," which provides shoppers with an opportunity to
    receive discounts, promotions and rewards. The company owns and
    operates 158 retail food stores and a chain of 33 SuperPetz,
    LLC pet supply stores.</font></p>

    <p><font size="3">The percentage of net sales contributed by
    each class of similar products for each of the previous five
    fiscal years was:</font></p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="12%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>Year</u></b></font></td>

            <td width="14%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>Grocery</u></b></font></td>

            <td width="14%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>Meat</u></b></font></td>

            <td width="14%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>Produce</u></b></font></td>

            <td width="14%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>Pharmacy</u></b></font></td>

            <td width="14%"
                align="center"
                valign="bottom"><font size="3"><b><u>Pet
                Supply</u></b></font></td>

            <td width="14%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>Other</u></b></font></td>
        </tr>

        <tr>
            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">1999</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">55.86</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">13.97</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">12.05</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">6.66</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">3.28</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">8.18</font></td>
        </tr>

        <tr>
            <td align="center"
                valign="bottom"><font size="3">2000</font></td>

            <td align="center"
                valign="bottom"><font size="3">57.61</font></td>

            <td align="center"
                valign="bottom"><font size="3">15.22</font></td>

            <td align="center"
                valign="bottom"><font size="3">12.75</font></td>

            <td align="center"
                valign="bottom"><font size="3">7.82</font></td>

            <td align="center"
                valign="bottom"><font size="3">3.17</font></td>

            <td align="center"
                valign="bottom"><font size="3">3.43</font></td>
        </tr>

        <tr>
            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">2001</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">57.74</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">15.54</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">12.95</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">8.89</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">3.25</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">1.63</font></td>
        </tr>

        <tr>
            <td align="center"
                valign="bottom"><font size="3">2002</font></td>

            <td align="center"
                valign="bottom"><font size="3">55.39</font></td>

            <td align="center"
                valign="bottom"><font size="3">15.29</font></td>

            <td align="center"
                valign="bottom"><font size="3">14.73</font></td>

            <td align="center"
                valign="bottom"><font size="3">9.83</font></td>

            <td align="center"
                valign="bottom"><font size="3">3.28</font></td>

            <td align="center"
                valign="bottom"><font size="3">1.48</font></td>
        </tr>

        <tr>
            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">2003</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">54.55</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">15.70</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">14.67</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">10.28</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">3.18</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">1.62</font></td>
        </tr>
    </table>

    <p><font size="3">Retail food store locations by state and by
    trade name are as follows:</font></p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="16%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="12%"
                align="left"
                valign="top">&nbsp;</td>

            <td width="12%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="10%"
                align="center"
                valign="bottom"><font size="3"><b><u>Mr.
                Z's</u></b></font></td>

            <td width="12%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>King's</u></b></font></td>

            <td width="12%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>Cressler's</u></b></font></td>

            <td width="12%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>Scot's</u></b></font></td>

            <td width="12%"
                align="center"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>State</u></b></font></td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Total</u></b></font></td>

            <td align="center"
                valign="bottom"><font size="3"><b><u>Weis
                Markets</u></b></font></td>

            <td align="center"
                valign="bottom"><font size="3"><b><u>Food
                Mart</u></b></font></td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Supermarkets</u></b></font></td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Marketplace</u></b></font></td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Lo-Cost</u></b></font></td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Save-A-Lot</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">Pennsylvania</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">131</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">103</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">17</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">6</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">1</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">3</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">1</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">Maryland</font></td>

            <td align="center"
                valign="bottom"><font size="3">21</font></td>

            <td align="center"
                valign="bottom"><font size="3">21</font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">New
                Jersey</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">3</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">3</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">New York</font></td>

            <td align="center"
                valign="bottom"><font size="3">1</font></td>

            <td align="center"
                valign="bottom"><font size="3">1</font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">Virginia</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">1</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">1</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">West
                Virginia</font></td>

            <td align="center"
                valign="bottom"><font size="3">1</font></td>

            <td align="center"
                valign="bottom"><font size="3">1</font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;Total</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">158</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">130</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">17</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">6</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">1</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">3</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">1</font></td>
        </tr>
    </table>

    <p align="center">&nbsp;</p>

    <p align="center"><font size="3"><b>Page 1 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000"><font size="3">Table of
    Contents</font></a></p>

    <div style="margin-left: 2em">
        <center>
            <font size="3"><b>WEIS MARKETS, INC.</b></font>
        </center>
    </div>

    <div style="margin-left: 2em">
        <font size="3"><b>Item 1. Business (continued)</b></font>
    </div>

    <p><font size="3">All trade names, except Scot's Lo-Cost and
    Save-A-Lot, operate as conventional supermarkets. Scot's
    Lo-Cost operates under a warehouse format, while Save-A-Lot's
    format caters to the price motivated consumer. The retail food
    stores range in size from 8,000 to 65,000 square feet, with an
    average size of approximately 45,000 square feet. The following
    summarizes the number of stores by size categories:</font></p>

    <table cellspacing="0"
           cellpadding="0">
        <tr>
            <td width="300"
                align="left"
                valign="top"><b><font size="3"><u>Square
                feet</u></font></b></td>

            <td width="107"
                align="left"
                valign="top"><font size="3"><b><u>Number of
                stores</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="top"
                bgcolor="#EFEFEF"><font size="3">55,000 to
                65,000</font></td>

            <td align="center"
                valign="top"
                bgcolor="#EFEFEF"><font size="3">21</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="top"><font size="3">45,000 to
                54,999</font></td>

            <td align="center"
                valign="top"><font size="3">75</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="top"
                bgcolor="#EFEFEF"><font size="3">35,000 to
                44,999</font></td>

            <td align="center"
                valign="top"
                bgcolor="#EFEFEF"><font size="3">37</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="top"><font size="3">25,000 to
                34,999</font></td>

            <td align="center"
                valign="top"><font size="3">17</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="top"
                bgcolor="#EFEFEF"><font size="3">Under
                25,000</font></td>

            <td align="center"
                valign="top"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;8</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="top"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</font></td>

            <td align="center"
                valign="top"><font size="3">158</font></td>
        </tr>
    </table>

    <p><font size="3">The following schedule shows the changes in
    the number of retail food stores, total square footage and
    store additions/remodels:</font></p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="23%"
                align="left"
                valign="bottom"><font size="2"><i>(square feet in
                thousands)</i></font></td>

            <td colspan="2"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2003</u></b></font></td>

            <td colspan="2"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2002</u></b></font></td>

            <td colspan="2"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2001</u></b></font></td>

            <td colspan="2"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2000</u></b></font></td>

            <td colspan="2"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>1999</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Beginning store
                count</font></td>

            <td width="13%"
                align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">160</font></td>

            <td width="2%"
                align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td width="13%"
                align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">163</font></td>

            <td width="1%"
                align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td width="13%"
                align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">163</font></td>

            <td width="1%"
                align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td width="13%"
                align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">163</font></td>

            <td width="1%"
                align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td width="13%"
                align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">158</font></td>

            <td width="1%"
                align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">New
                stores</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">1</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">2</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">2</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">5</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">Relocations</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">1</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">3</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">3</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size=
                "3">Acquistions</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">4</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">4</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Closed
                stores</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">(2</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">(2</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">(2</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">(4</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">(3</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">Relocated
                stores</font></td>

            <td align="right"
                valign="bottom"><font size="3">(1</font></td>

            <td align="left"
                valign="bottom"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"><font size="3">(3</font></td>

            <td align="left"
                valign="bottom"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">(5</font></td>

            <td align="left"
                valign="bottom"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"><font size="3">(1</font></td>

            <td align="left"
                valign="bottom"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Sold</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">Ending store
                count</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;158</u></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;160</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;163</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;163</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;163</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Total square feet,
                at year-end</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">7,157</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">7,154</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">7,168</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">7,087</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">6,909</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">Additions/major
                remodels</font></td>

            <td align="right"
                valign="bottom"><font size="3">4</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">5</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">6</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">6</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">6</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>
        </tr>
    </table>

    <p><font size="3">The company supports the retail operations
    through a centrally located distribution facility, its own
    transportation fleet and four manufacturing
    facilities.&nbsp;&nbsp;The company is required to use a
    significant amount of working capital to provide for the
    necessary amount of inventory to meet demand for its products
    through efficient use of buying power and effective utilization
    of space in the warehouse facilities. The manufacturing
    facilities consist of a meat processing plant, an ice cream
    plant, an ice plant and a milk processing plant.</font></p>

    <p><font size="3">At year-end, SuperPetz, LLC operated 2 stores
    in Alabama, 1 store in Georgia, 1 store in Indiana, 1 store in
    Kentucky, 1 store in Maryland, 2 stores in Michigan, 8 stores
    in Ohio, 1 store in North Carolina, 7 stores in Pennsylvania, 5
    stores in South Carolina, and 4 stores in Tennessee.</font></p>

    <p><font size="3">The business of the company is highly
    competitive. The number of competitors and the variety of
    competition experienced by the company's stores vary by market
    area. National, regional and local food chains, as well as
    independent food stores comprise the company's principal
    competition, although the company also faces substantial
    competition from convenience stores, membership warehouse
    clubs, specialty retailers, supercenters and large-scale drug
    and pharmaceutical chains. The company competes based on price,
    quality, location and service.</font></p>

    <p><font size="3">The company has approximately 18,600
    full-time and part-time associates.</font></p>

    <p align="center">&nbsp;</p>

    <p align="center"><font size="3"><b>Page 2 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000"><font size="3">Table of
    Contents</font></a></p>

    <div style="margin-left: 2em">
        <center>
            <font size="3"><b>WEIS MARKETS, INC.</b></font>
        </center>
    </div>

    <p><font size="3"><b><a name="002">Item
    2.</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Properties:</b></font></p>

    <p><font size="3"
        <font size="3">The company owns and operates 81 of its
        retail food stores, and leases and operates 77 stores under
        operating leases that expire at various dates up to 2024.
        SuperPetz leases all 33 of its retail store locations. The
        company owns all of its trade</font> <font size="3"
             face="Times New Roman">fixtures and equipment in its
             stores and several parcels of vacant land, which are
             available as locations for possible future stores or
             other expansion.</font>
    </div>

    <p><font size="3"
          face="Times New Roman">The company owns and operates one
          warehouse in Milton, Pennsylvania of approximately
          1,109,000 square feet, and one in Northumberland,
          Pennsylvania totaling approximately 76,000 square feet.
          The company also owns one warehouse in Sunbury,
          Pennsylvania totaling approximately 564,000 square feet
          of which 290,000 is sublet. The company operates an ice
          cream plant, meat processing plant, ice plant and milk
          processing plant in the remaining 274,000 square feet at
          its Sunbury location.</font></p>

    <p><font size="3"
          face="Times New Roman"><b><a name="003">Item
          3.</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal
          Proceedings:</b></font></p>

    <p><font size="3"
          face="Times New Roman">Neither the company nor any
          subsidiary is presently a party to, nor is any of their
          property subject to, any pending legal proceedings, other
          than routine litigation incidental to the
          business.</font></p>

    <p><font size="3"
          face="Times New Roman"><b><a name="004">Item
          4.</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Submission of
          Matters to a Vote of Security Holders:</b></font></p>

    <p><font size="3"
          face="Times New Roman">There were no matters submitted to
          a vote of security holders during the fourth quarter of
          2003.</font></p>

    <p align="center">&nbsp;</p>

    <p align="center"><font size="3"
          face="Times New Roman"><b>Page 3 of 33 (Form
          10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000"><font size="3">Table of
    Contents</font></a></p>

    <div style="margin-left: 2em">
        <center>
            <font size="3"
                    face="Times New Roman"><b>WEIS MARKETS,
                    INC.</b></font>
        </center>
    </div>

    <p align="center"><font size="3"
          face="Times New Roman"><b><a name="02">PART
          II</a></b></font></p>

    <p><font size="3"
          face="Times New Roman"><b><a name="005">Item
          5.</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market for
          Registrant's Common Equity and Related Stockholder
          Matters:</b></font></p>

    <p><font size="3"
          face="Times New Roman">The company's stock is traded on
          the New York Stock Exchange (ticker symbol WMK). The
          approximate number of shareholders including individual
          participants in security position listings on December
          27, 2003 as provided by the company's transfer agent was
          5,899. High and low stock prices and dividends paid per
          share for the last two fiscal years were:</font></p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="22%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td colspan="3"
                align="center"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><b><u>2003</u></b></font></td>

            <td colspan="3"
                align="center"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><b><u>2002</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td colspan="2"
                align="center"
                valign="bottom"><font size="3"
                  face="Times New Roman"><b><u>Stock
                  Price</u></b></font></td>

            <td width="12%"
                align="center"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><b><u>Dividend</u></b></font></td>

            <td colspan="2"
                align="center"
                valign="bottom"><font size="3"
                  face="Times New Roman"><b><u>Stock
                  Price</u></b></font></td>

            <td width="12%"
                align="center"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><b><u>Dividend</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><b><u>Quarter</u></b></font></td>

            <td width="12%"
                align="center"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><b><u>High</u></b></font></td>

            <td width="12%"
                align="center"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><b><u>Low</u></b></font></td>

            <td align="center"
                valign="bottom"><font size="3"
                  face="Times New Roman"><b><u>Per
                  Share</u></b></font></td>

            <td width="12%"
                align="center"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><b><u>High</u></b></font></td>

            <td width="12%"
                align="center"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><b><u>Low</u></b></font></td>

            <td align="center"
                valign="bottom"><font size="3"
                  face="Times New Roman"><b><u>Per
                  Share</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">First</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$32.15</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$27.41</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$.27</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$30.62</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$26.90</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$.27</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3"
                  face="Times New Roman">Second</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">32.50</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">30.45</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">.27</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">38.18</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">29.30</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">.27</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">Third</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">36.11</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">31.02</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">.28</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">39.50</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">31.03</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">.27</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3"
                  face="Times New Roman">Fourth</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">36.85</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">33.93</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">.28</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">35.45</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">29.79</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">.27</font></td>
        </tr>
    </table>

    <p><font size="3"
          face="Times New Roman"><b><a name="006">Item
          6.</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selected
          Financial Data:</b></font></p>

    <p><font size="3"
          face="Times New Roman">The following selected historical
          financial information has been derived from the company's
          audited consolidated financial statements. This
          information should be read in connection with the
          company's Consolidated Financial Statements and the Notes
          thereto, as well as "Management's Discussion and Analysis
          of Financial Condition and Results of Operations,"
          included in Item 7.</font></p>

    <p><font size="3"
          face="Times New Roman"><b>Five Year Review of
          Operations</b></font></p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="34%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="2%"
                align="right"
                valign="bottom">&nbsp;</td>

            <td width="10%"
                align="center"
                valign="bottom"><font size="3"
                  face="Times New Roman"><b><u>52
                  Weeks</u></b></font></td>

            <td width="2%"
                align="right"
                valign="bottom">&nbsp;</td>

            <td width="10%"
                align="center"
                valign="bottom"><font size="3"
                  face="Times New Roman"><b><u>52
                  Weeks</u></b></font></td>

            <td width="2%"
                align="right"
                valign="bottom">&nbsp;</td>

            <td width="10%"
                align="center"
                valign="bottom"><font size="3"
                  face="Times New Roman"><b><u>52
                  Weeks</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="10%"
                align="center"
                valign="bottom"><font size="3"
                  face="Times New Roman"><b><u>53
                  Weeks</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="10%"
                align="center"
                valign="bottom"><font size="3"
                  face="Times New Roman"><b><u>52
                  Weeks</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><b><u>Ended</u></b></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><b><u>Ended</u></b></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><b><u>Ended</u></b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><b><u>Ended</u></b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><b><u>Ended</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3"
                  face="Times New Roman"><i>(dollars in thousands,
                  except per share amounts)</i></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="3"
                  face="Times New Roman"><b><u>Dec. 27,
                  2003</u></b></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="3"
                  face="Times New Roman"><b><u>Dec. 28,
                  2002</u></b></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="3"
                  face="Times New Roman"><b><u>Dec. 29,
                  2001</u></b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="3"
                  face="Times New Roman"><b><u>Dec. 30,
                  2000</u></b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="3"
                  face="Times New Roman"><b><u>Dec. 25,
                  1999</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">Net sales</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">2,042,499</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">1,999,364</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">1,971,665</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">2,042,329</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">1,992,791</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3"
                  face="Times New Roman">Costs and
                  expenses</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;1,971,878</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;1,919,957</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;1,908,725</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;1,962,246</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;1,899,756</u></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">Income from
                  operations</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">70,621</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">79,407</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">62,940</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">80,083</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">93,035</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3"
                  face="Times New Roman">Investment and other
                  income</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,583</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,279</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,907</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36,729</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,980</u></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">Income before provision
                  for income taxes</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">88,204</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">94,686</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">81,847</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">116,812</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">124,015</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3"
                  face="Times New Roman">Provision for income
                  taxes</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,628</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,537</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,792</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42,989</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44,290</u></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">Net income</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">54,576</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">59,149</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">50,055</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">73,823</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">79,725</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3"
                  face="Times New Roman">Retained earnings,
                  beginning of year</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678,294</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648,522</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;1,069,986</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;1,040,354</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;1,003,170</u></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">732,870</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">707,671</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">1,120,041</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">1,114,177</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">1,082,895</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3"
                  face="Times New Roman">Stock purchase and
                  cancellation</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">---</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">---</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">434,317</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">---</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">---</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">Cash dividends</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,909</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,377</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,202</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44,191</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42,541</u></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3"
                  face="Times New Roman">Retained earnings, end of
                  year</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702,961</u></font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678,294</u></font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648,522</u></font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;1,069,986</u></font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;1,040,354</u></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">Weighted-average shares
                  outstanding</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;27,186,277</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;27,201,170</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;32,298,696</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;41,695,347</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;41,718,188</u></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3"
                  face="Times New Roman">Cash dividends per
                  share</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10</u></font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08</u></font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08</u></font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06</u></font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02</u></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">Basic and diluted earnings
                  per share</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91</u></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3"
                  face="Times New Roman">Working
                  capital</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162,305</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114,937</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102,331</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496,906</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481,728</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">Total assets</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">744,315</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">716,699</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">704,185</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">1,085,904</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">1,058,221</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3"
                  face="Times New Roman">Long-term
                  obligations</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">---</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">---</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">25,000</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">---</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">---</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">Shareholders'
                  equity</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">575,448</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">552,432</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">525,364</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">947,886</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">918,477</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3"
                  face="Times New Roman">Number of grocery
                  stores</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">158</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">160</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">163</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">163</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">163</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">Number of pet supply
                  stores</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">33</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">33</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">33</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">33</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">34</font></td>
        </tr>
    </table>

    <p align="center"><font size="3"
          face="Times New Roman"><b>Page 4 of 33 (Form
          10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000"><font size="3">Table of
    Contents</font></a></p>

    <div style="margin-left: 2em">
        <center>
            <font size="3"
                    face="Times New Roman"><b>WEIS MARKETS,
                    INC.</b></font>
        </center>
    </div>

    <p><font size="3"
          face="Times New Roman"><b><a name="007">Item
          7.</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management's
          Discussion and Analysis of Financial Condition and
          Results of Operations:</b></font></p>

    <p><font size="3"
          face="Times New Roman"><b>Results of
          Operations</b></font></p>

    <p><font size="3"
          face="Times New Roman">Total company sales were $2.042
          billion, $1.999 billion and $1.972 billion for fiscal
          years 2003, 2002 and 2001, respectively. All three fiscal
          years were comprised of 52 weeks ending on the last
          Saturday in December and are directly comparable in
          results. Sales in 2003 increased 2.2%, or $43.1 million,
          compared to 2002 and comparable store sales increased
          2.7%. Sales in 2002 increased 1.4%, or $27.7 million,
          compared to 2001 and comparable store sales increased
          1.4%.</font></p>

    <p><font size="3"
          face="Times New Roman">When calculating the percentage
          change in comparable store sales, the company defines a
          new store to be comparable the week following one full
          year of operation. Relocated stores and stores with
          expanded square footage are included in comparable store
          sales since these units are located in existing markets.
          When a store is closed, sales generated from that unit in
          the prior year are subtracted from total company sales
          starting the same week of closure in the prior year and
          continuing from that point forward.</font></p>

    <p><font size="3"
          face="Times New Roman">The company cannot accurately
          measure the full effect of product inflation and
          deflation on retail pricing due to changes in the types
          of merchandise sold between periods, shifts in customer
          buying patterns and the fluctuation of competitive
          factors. At this time, the company is unaware of any
          events or trends that may cause a material change to the
          overall financial operation such as an upward shift in
          product cost.</font></p>

    <p><font size="3"
          face="Times New Roman">Gross profit, as a percentage of
          sales, was 26.3%, 26.4% and 26.1% in 2003, 2002 and 2001,
          respectively. Gross profit dollars generated from sales
          in 2003 increased $8.7 million, or 1.6%, to $536.6
          million compared to 2002, which increased $13.2 million
          compared to 2001. In 2003, the company experienced
          significant cost increases in commodities such as beef,
          eggs and milk. These cost increases combined with
          competitive activity that constrained management from
          increasing beef retail prices for several months,
          contributed to the slight erosion in the gross profit
          rate. Improvements in the company's supply chain network
          in 2002 favorably impacted the gross profit rate compared
          to 2001.</font></p>

    <p><font size="3"
          face="Times New Roman">Operating, general and
          administrative expenses in 2003 totaled $466.0 million or
          22.8% of sales compared to 22.4% in 2002 and 22.9% in
          2001. As a percentage of sales, the .4% increase in 2003
          expenses as compared to 2002, was attributable to higher
          labor expenses, medical benefits, supplies, debit/credit
          card transaction fees, store security, snow removal,
          business insurance and advertising costs. The company is
          primarily self-insured for costs related to associate
          health care, workers' compensation and other business
          insurance claims.</font></p>

    <p><font size="3"
          face="Times New Roman">In 2003, the company's investment
          income increased $341,000, or 38.8%, to $1.2 million
          compared to the same period a year ago. In 2002, the
          company's investment income of $879,000 decreased $9.0
          million, or 91.1%, compared to 2001. The company sold the
          majority of its investment portfolio in the first half of
          2001 in order to complete an all cash stock repurchase.
          The company realized gains on the sale of marketable
          securities of $570,000 in 2001.</font></p>

    <p><font size="3"
          face="Times New Roman">The company's other income is
          primarily generated from rental income, coupon-handling
          fees, lottery commissions, cardboard salvage, gain or
          loss on the sale of fixed assets and interest expense.
          Other income in 2003 totaled $16.4 million, or .8% of
          sales, and increased $2.0 million, or 13.6%, compared to
          2002. Interest and amortization of debt expense totaled
          $396,000 in 2003 compared to $394,000 in 2002 and $1.4
          million in 2001. Borrowings under a bridge credit
          agreement, initially entered into in 2001, were repaid in
          2002 and the agreement was cancelled. In 2002, the
          company entered into a $100 million unsecured revolving
          credit agreement to provide funds for general corporate
          purposes. The company has not borrowed any funds under
          the revolving credit agreement.</font></p>

    <p align="center"><font size="3"
          face="Times New Roman"><b>Page 5 of 33 (Form
          10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000"><font size="3">Table of
    Contents</font></a></p>

    <div style="margin-left: 2em">
        <center>
            <font size="3"
                    face="Times New Roman"><b>WEIS MARKETS,
                    INC.</b></font>
        </center>
    </div>

    <p><font size="3"
          face="Times New Roman"><b><a name="7">Item
          7.</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management's
          Discussion and Analysis of Financial Condition and
          Results of Operations: (continued)</b></font></p>

    <p><font size="3"
          face="Times New Roman">The company's combined federal and
          state effective tax rate was 38.1% in 2003, 37.5% in 2002
          and 38.8% in 2001. The tax rate increased in 2001 after
          the company sold its large position in tax-free
          investments in order to complete the stock repurchase.
          During 2003, the Internal Revenue Service completed its
          routine audit of the company's federal income tax returns
          for the years 1997 through 2001, and the resulting
          settlement did not have a material impact on 2003 income
          tax expense.</font></p>

    <p><font size="3"
          face="Times New Roman">Net income in 2003 was $54.6
          million or 2.7% of sales compared to $59.1 million or
          3.0% of sales in 2002 and $50.1 million or 2.5% of sales
          in 2001. Basic and diluted earnings per share of $2.01 in
          2003 compared to $2.17 in 2002 and $1.55 in 2001. The
          impact on earnings per share from the company's large
          stock repurchase was partially realized in 2001 and fully
          realized in 2002. At the end of 2003, the company had
          27.1 million shares of common stock outstanding. Basic
          and diluted earnings per share are computed using
          weighted-average shares outstanding, which were 27.2
          million in 2003 and 2002, and 32.3 million in
          2001.</font></p>

    <p><font size="3"
          face="Times New Roman">As of the end of the fiscal year,
          Weis Markets, Inc. operated 158 retail food stores and 33
          SuperPetz pet supply stores. The company currently
          operates supermarkets in Pennsylvania, Maryland, New
          Jersey, New York, Virginia and West Virginia. SuperPetz
          operates stores in Alabama, Georgia, Indiana, Kentucky,
          Maryland, Michigan, North Carolina, Ohio, Pennsylvania,
          South Carolina and Tennessee.</font></p>

    <p><font size="3"
          face="Times New Roman"><b>Liquidity and Capital
          Resources</b></font></p>

    <p><font size="3"
          face="Times New Roman">Net cash provided by operating
          activities was $105.9 million in 2003 compared with
          $106.5 million in 2002 and $113.9 million in 2001.
          Working capital increased 41.2% in 2003, increased 12.3%
          in 2002, and decreased 79.4% in 2001. The considerable
          decline in working capital in 2001 resulted from the sale
          of a majority of the company's investment portfolio in
          order to fund a $434.3 million repurchase of common
          stock.</font></p>

    <p><font size="3"
          face="Times New Roman">Net cash used in investing
          activities was $74.5 million in 2003 compared to $51.1
          million in 2002, and $332.8 million provided by investing
          activities in 2001. In 2003 and 2002, these funds were
          used primarily for the purchases of new securities and
          property and equipment. Property and equipment purchases
          during fiscal 2003 totaled $35.9 million compared to
          $46.1 million in 2002 and $48.1 million in 2001. As a
          percentage of sales, capital expenditures were 1.8%, 2.3%
          and 2.4% in 2003, 2002 and 2001, respectively.</font></p>

    <p><font size="3"
          face="Times New Roman">The company's capital expansion
          program includes the construction of new superstores, the
          expansion and remodeling of existing units, the
          acquisition of sites for future expansion, new technology
          purchases and the continued upgrade of the company's
          processing and distribution facilities. Company
          management estimates that its current development plans
          will require an investment of approximately $93.2 million
          in 2004. Based upon construction timetables, a portion of
          these expenditures may carry over into 2005.</font></p>

    <p><font size="3"
          face="Times New Roman">Net cash used in financing
          activities during 2003 was $31.8 million compared to
          $54.7 million in 2002 and $446.8 million in 2001. In
          2002, the company cancelled its bridge credit agreement
          and established a three-year unsecured revolving credit
          agreement in the amount of $100 million to provide funds
          for general corporate purposes including working capital
          and letters of credit. At December 27, 2003, the company
          had no cash borrowings but had outstanding letters of
          credit of approximately $21 million under the credit
          agreement. In 2001, the company purchased and cancelled
          14.5 million shares of common stock for $434.3
          million.</font></p>

    <p align="center"><font size="3"
          face="Times New Roman"><b>Page 6 of 33 (Form
          10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><font size="3"><a href="#000"></a><a href="#000">Table of
    Contents</a></font></p>

    <p align="center"><font size="3"
          face="Times New Roman"><b>WEIS MARKETS,
          INC.</b></font></p>

    <p><font size="3"
          face="Times New Roman"><b><a name="8">Item
          7.</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management's
          Discussion and Analysis of Financial Condition and
          Results of Operations: (continued)</b></font></p>

    <p><font size="3"
          face="Times New Roman">Total cash dividend payments on
          common stock amounted to $1.10 per share in 2003 compared
          to $1.08 in 2002 and 2001. Treasury stock purchases
          amounted to $2.0 million in 2003, compared to minimal
          purchases in the prior two years. The Board of Directors'
          1996 resolution authorizing the purchase of 1,000,000
          shares of treasury stock has a remaining balance of
          489,918 shares. The company has no other commitment of
          capital resources as of December 27, 2003, other than the
          lease commitments on its store facilities under operating
          leases that expire at various dates up to 2024. The
          company will fund its working capital requirements and
          its $93.2 million capital expansion program through
          internally generated cash flows from
          operations.</font></p>

    <p><font size="3"
          face="Times New Roman">The company's earnings and cash
          flows are subject to fluctuations due to changes in
          interest rates as they relate to available-for-sale
          securities and any future long-term debt borrowings. The
          company's marketable securities currently consist of
          Pennsylvania tax-free state and municipal bonds, equity
          securities and other short-term investments.</font></p>

    <p><font size="3"
          face="Times New Roman">By their nature, these financial
          instruments inherently expose the holders to market risk.
          The extent of the company's interest rate and other
          market risk is not quantifiable or predictable with
          precision due to the variability of future interest rates
          and other changes in market conditions. However, the
          company believes that its exposure in this area is not
          material.</font></p>

    <p><font size="3"
          face="Times New Roman">Under its current policies, the
          company invests primarily in high-grade marketable
          securities and does not use interest rate derivative
          instruments to manage exposure to interest rate
          fluctuations. Historically, the company's principal
          investment strategy of obtaining marketable securities
          with maturity dates between one and five years helps to
          minimize market risk and to maintain a balance between
          risk and return. The equity securities owned by the
          company consist primarily of stock held in large
          capitalized companies trading on public security exchange
          markets. The company's management continually monitors
          the risk associated with its marketable securities. A
          quantitative tabular presentation of risk exposure is
          located in Item 7a.</font></p>

    <p><font size="3"
          face="Times New Roman"><b>Contractual
          Obligations</b></font></p>

    <p><font size="3"
          face="Times New Roman">The following table represents
          scheduled maturities of the company's long-term
          contractual obligations as of December 27,
          2003.</font></p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="32%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td colspan="9"
                align="center"
                valign="bottom"><font size="3"
                  face="Times New Roman"><b><u>Payments due by
                  period</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td width="9%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="2%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="9%"
                align="center"
                valign="bottom"><font size="3"
                  face="Times New Roman"><b><u>Less
                  than</u></b></font></td>

            <td width="2%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="9%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="2%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="9%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="2%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="16%"
                align="center"
                valign="bottom"><font size="3"
                  face="Times New Roman"><b><u>More
                  than</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3"
                  face="Times New Roman"><i>(dollars in
                  thousands)</i></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><b><u>Total</u></b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="3"
                  face="Times New Roman"><b><u>1
                  year</u></b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="3"
                  face="Times New Roman"><b><u>1-3
                  years</u></b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="3"
                  face="Times New Roman"><b><u>3-5
                  years</u></b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="3"
                  face="Times New Roman"><b><u>5
                  years</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">Operating
                  leases</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman"><u>234,119</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;26,545</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;46,832</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;38,421</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman"><u>122,321</u></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3"
                  face="Times New Roman">&nbsp;Total</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman"><u>234,119</u></font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;26,545</u></font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;46,832</u></font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;38,421</u></font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman">$</font></td>

            <td align="right"
                valign="bottom"><font size="3"
                  face="Times New Roman"><u>122,321</u></font></td>
        </tr>
    </table>

    <p align="center">&nbsp;</p>

    <p align="center"><font size="3"
          face="Times New Roman"><b>Page 7 of 33 (Form
          10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><font size="3"><a href="#000"></a><a href="#000">Table of
    Contents</a></font></p>

    <p align="center"><font size="3"
          face="Times New Roman"><b>WEIS MARKETS,
          INC.</b></font></p>

    <p><font size="3"
          face="Times New Roman"><b><a name="9">Item
          7.</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management's
          Discussion and Analysis of Financial Condition and
          Results of Operations: (continued)</b></font></p>

    <p><font size="3"
          face="Times New Roman"><b>Critical Accounting
          Policies</b></font></p>

    <p><font size="3"
          face="Times New Roman">The company has chosen accounting
          policies that it believes are appropriate to accurately
          and fairly report its operating results and financial
          position, and the company applies those accounting
          policies in a consistent manner. The Significant
          Accounting Policies are summarized in Note 1 to the
          Consolidated Financial Statements.</font></p>

    <p><font size="3"
          face="Times New Roman">The preparation of financial
          statements in conformity with accounting principles
          generally accepted in the United States of America
          requires that the company makes estimates and assumptions
          that affect the reported amounts of assets, liabilities,
          revenues and expenses. These estimates and assumptions
          are based on historical and other factors believed to be
          reasonable under the circumstances. The company evaluates
          these estimates and assumptions on an ongoing basis and
          may retain outside consultants, lawyers and actuaries to
          assist in its evaluation. The company believes the
          following accounting policies are the most critical
          because they involve the most significant judgments and
          estimates used in preparation of its consolidated
          financial statements.</font></p>

    <p><b><font size="3"
          face="Times New Roman"><b>Vendor
          Allowances</b></font></b></p>

    <p><font size="3"
          face="Times New Roman">Vendor rebates, credits and
          promotional allowances that relate to the company's
          buying and merchandising activities, including lump-sum
          payments associated with long-term contracts, are
          recorded as a component of cost of sales as they are
          earned, in accordance with its underlying agreement. Off
          invoice and bill back allowances are used to reduce
          direct product costs upon the receipt of goods. Volume
          incentive discounts are realized as a reduction of cost
          of sales at the time it is deemed probable and reasonably
          estimable that the incentive target will be reached.
          Promotional allowance funds for specific vendor sponsored
          programs are recognized as a reduction of cost of sales
          as the program occurs and the funds are earned per the
          agreement. Cash discounts for prompt payment of invoices
          are realized in cost of sales as invoices are paid.
          Warehouse and back haul allowances provided by suppliers
          for distributing their product through our distribution
          system are recorded in cost of sales as the required
          performance is completed. Warehouse rack and slotting
          allowances are recorded in cost of sales when new items
          are initially setup in the company's distribution system,
          which is when the related expenses are incurred and
          performance under the agreement is complete. Swell
          allowances for damaged goods are realized in cost of
          sales as provided by the supplier, helping to offset
          product shrink losses also recorded in cost of
          sales.</font></p>

    <p><b><font size="3"
          face="Times New Roman"><b>Store Closing
          Costs</b></font></b></p>

    <p><font size="3">The company provides for closed store
    liabilities relating to the estimated post-closing lease
    liabilities and related other exit costs associated with the
    store closing commitments. The closed store liabilities are
    usually paid over the lease terms associated with the closed
    stores having remaining terms ranging from two to seven years.
    At December 27, 2003, closed store lease liabilities totaled
    $2.6 million. The company estimates the lease liabilities, net
    of sublease income, using the undiscounted rent payments of
    closed stores. Other exit costs include estimated real estate
    taxes, common area maintenance, insurance and utility costs to
    be incurred after the store closes over the remaining lease
    term. Store closings are generally completed within one year
    after the decision to close. Adjustments to closed store
    liabilities and other exit costs primarily relate to changes in
    subtenants and actual exit costs differing from original
    estimates. Adjustments are made for changes in estimates in the
    period in which changes become known. Any excess store closing
    liability remaining upon settlement of the obligation is
    reversed to income in the period that such settlement is
    determined. Inventory write-downs, if any, in connection with
    store closings, are classified in cost of sales. Costs to
    transfer inventory and equipment from closed stores are
    expensed as incurred. Store closing liabilities are reviewed
    quarterly to ensure that any accrued amount that is no longer
    needed for its originally intended purpose is reversed to
    income in the proper period.</font></p>

    <p align="center"><font size="3"><b>Page 8 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <div style="margin-left: 2em">
        <center>
            <font size="3"
                    face="Times New Roman"><b>WEIS MARKETS,
                    INC.</b></font>
        </center>
    </div>

    <p><font size="3"
          face="Times New Roman"><b><a name="10">Item
          7.</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management's
          Discussion and Analysis of Financial Condition and
          Results of Operations: (continued)</b></font></p>

    <p><b><font size="3"
          face=
          "Times New Roman"><b>Self-Insurance</b></font></b></p>

    <p><font size="3">The company is self-insured for a majority of
    its workers' compensation, general liability, vehicle accident
    and associate medical benefit claims. The self-insurance
    liability for most of the workers' compensation claims is
    determined based on historical data and an estimate of claims
    incurred but not reported. The other self-insurance liabilities
    are determined actuarially, based on claims filed and an
    estimate of claims incurred but not yet reported. The company
    is liable for associate health claims up to a lifetime
    aggregate of $1,000,000 per member and for workers compensation
    claims up to $1,000,000 per claim. Property and casualty
    insurance coverage is maintained with outside carriers at
    deductible or retention levels ranging from $100,000 to
    $500,000. Significant assumptions used in the development of
    the actuarial estimates include reliance on our historical
    claims data including average monthly claims and average lag
    time between incurrence and payment.</font></p>

    <p><font size="3"><b>Forward-Looking Statements</b></font></p>

    <p><font size="3"
          face="Times New Roman">In addition to historical
          information, this Annual Report may contain
          forward-looking statements. Any forward-looking
          statements contained herein are subject to certain risks
          and uncertainties that could cause actual results to
          differ materially from those projected. For example,
          risks and uncertainties can arise with changes in:
          general economic conditions, including their impact on
          capital expenditures; business conditions in the retail
          industry; the regulatory environment; rapidly changing
          technology and competitive factors, including increased
          competition with regional and national retailers; and
          price pressures. Readers are cautioned not to place undue
          reliance on forward-looking statements, which reflect
          management's analysis only as of the date hereof. The
          company undertakes no obligation to publicly revise or
          update these forward-looking statements to reflect events
          or circumstances that arise after the date hereof.
          Readers should carefully review the risk factors
          described in other documents the company files
          periodically with the Securities and Exchange
          Commission.</font></p>

    <p align="center"><font size="3"><b>Page 9 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <div style="margin-left: 2em">
        <center>
            <font size="3"><b>WEIS MARKETS, INC.</b></font>
        </center>
    </div>

    <p><font size="3"><b><a name="0071">Item
    7a.</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quantitative and
    Qualitative Disclosures about Market Risk:</b></font></p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="24%"
                align="left"
                valign="bottom"><font size="2"><i>(dollars in
                thousands)</i></font></td>

            <td width="1%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td colspan="13"
                align="center"
                valign="bottom"><font size="3"><b><u>Expected
                Maturity Dates</u></b></font></td>

            <td width="1%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="9%"
                align="center"
                valign="bottom"><font size="2"><b><u>Fair
                Value</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="2"><i>December 27,
                2003</i></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td width="6%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2004</u></b></font></td>

            <td width="1%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="6%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2005</u></b></font></td>

            <td width="1%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="6%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2006</u></b></font></td>

            <td width="1%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="6%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2007</u></b></font></td>

            <td width="1%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="8%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2008</u></b></font></td>

            <td width="1%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="7%"
                align="center"
                valign="bottom"><font size=
                "2"><b><u>Thereafter</u></b></font></td>

            <td width="1%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="7%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>Total</u></b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="2"><b><u>Dec. 27,
                2003</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Rate sensitive
                assets:</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size=
                "3">&nbsp;&nbsp;&nbsp;Fixed interest rate
                securities</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size="3">6,500</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size="3">6,500</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size="3">6,523</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;Average interest
                rate</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">1.31</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">%</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">1.31</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">%</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size=
                "3">&nbsp;&nbsp;&nbsp;Variable interest rate
                securities</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size="3">69,888</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size="3">69,888</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size="3">69,888</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;Average interest
                rate</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">0.96</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">%</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">0.96</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">%</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="2"><i>(dollars in
                thousands)</i></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td colspan="13"
                align="center"
                valign="bottom"><font size="3"><b><u>Expected
                Maturity Dates</u></b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="2"><b><u>Fair
                Value</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="2"><i>December 28,
                2002</i></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>2003</u></b></font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>2004</u></b></font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>2005</u></b></font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>2006</u></b></font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>2007</u></b></font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "2"><b><u>Thereafter</u></b></font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Total</u></b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="2"><b><u>Dec. 28,
                2002</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Rate sensitive
                assets:</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size=
                "3">&nbsp;&nbsp;&nbsp;Fixed interest rate
                securities</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size="3">6,000</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size="3">1,500</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size="3">7,500</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size="3">7,567</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;Average interest
                rate</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">1.98</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">%</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">4.40</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">%</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">2.17</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">%</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size=
                "3">&nbsp;&nbsp;&nbsp;Variable interest rate
                securities</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size="3">25,764</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size="3">25,764</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size="3">25,764</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;Average interest
                rate</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">1.23</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">%</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">1.23</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">%</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>
    </table>

    <p><font size="3"><b>Other Relevant Market
        Risks</b><br clear="left">
    The company's equity securities at December 27, 2003 had a cost
    basis of $3,125,000 and a fair value of $10,684,000. The
    dividend yield realized on these equity investments was 4.70%
    in 2003. The company's equity securities at December 28, 2002
    had a cost basis of $3,125,000 and a fair value of $10,179,000.
    The dividend yield realized on these equity investments was
    4.07% in 2002. Market risk, as it relates to equities owned by
    the company, is discussed within the "Liquidity and Capital
    Resources" section of "Management's Discussion and Analysis of
    Financial Condition and Results of Operations" contained within
    this report.</font></p>

    <p align="center"><font size="3"><b>Page 10 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000"><font size="3">Table of
    Contents</font></a></p>

    <div style="margin-left: 2em">
        <center>
            <font size="3"><b>WEIS MARKETS, INC.</b></font>
        </center>
    </div>

    <p><font size="3"><b><a name="008"></a></b></font></p>

    <p><font size="3"><b>Item
    8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and
    Supplementary Data:</b></font></p>

    <table cellspacing="0"
           cellpadding="0">
        <tr>
            <td width="734"
                align="center"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3"><b>WEIS MARKETS,
                INC.</b></font></td>
        </tr>

        <tr>
            <td align="center"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3"><b>CONSOLIDATED
                BALANCE SHEETS</b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="2"><i>(dollars in
                thousands)</i></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="2"
                  face="Times New Roman"><i>December 27, 2003 and
                  December 28, 2002</i></font></td>
        </tr>
    </table>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="54%"
                align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td width="1%"
                align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td width="18%"
                align="center"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><b><u>2003</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td width="1%"
                align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td width="17%"
                align="center"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><b><u>2002</u></b></font></td>

            <td width="3%"
                align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><b><u>Assets</u></b></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">Current:</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;Cash</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">3,452</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">3,929</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">&nbsp;&nbsp;Marketable securities</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">87,095</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">43,510</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;Accounts receivable</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">34,111</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">30,188</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">&nbsp;&nbsp;Inventories</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">173,552</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">182,832</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;Prepaid expenses</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">3,987</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">3,980</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">&nbsp;&nbsp;Deferred income taxes</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,793</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">&nbsp;
                <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>
            Total current assets</b></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;306,990</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;264,439</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">Property and
                equipment, net</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">414,172</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">428,153</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Goodwill,</font>
                <font size="3"
                  face="Times New Roman">intangible</font>
                  <font size="3">and other assets</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,153</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,107</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;744,315</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;716,699</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><b><u>Liabilities</u></b></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">Current:</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;Accounts payable</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">95,238</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">101,917</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">&nbsp;&nbsp;Accrued expenses</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">20,156</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">15,704</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;Accrued self-insurance</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">17,710</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">16,117</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">&nbsp;&nbsp;Payable to employee benefit
                plans</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">9,626</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">8,950</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;&nbsp;Income
                taxes payable</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">1,955</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">6,112</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">&nbsp;&nbsp;Deferred income taxes</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3"><u>&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                702</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
                current liabilities</b></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;144,685</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;149,502</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">Deferred income
                taxes</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,182</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3"
                  face=
                  "Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,765</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><b><u>Shareholders' Equity</u></b></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">&nbsp;&nbsp;Common
                stock, no par value,</font> <font size=
                "3">100,800,000 shares authorized,</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32,989,507 and
                32,986,337 shares issued, respectively</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">7,971</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">7,882</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;Retained earnings</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">702,961</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">678,294</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">&nbsp;&nbsp;Accumulated other comprehensive
                income</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,428</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,145</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">715,360</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">690,321</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">&nbsp;&nbsp;Treasury stock at cost, 5,849,589
                and 5,792,800 shares, respectively</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;(139,912</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;(137,889</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>
            &nbsp;Total shareholders' equity</b></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;575,448</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;552,432</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;744,315</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;716,699</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td colspan="6"
                align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3"><i>See
                accompanying notes to consolidated financial
                statements.</i></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>
    </table>

    <p align="center">&nbsp;</p>

    <p align="center"><font size="3"><b>Page 11 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000"><font size="3">Table of
    Contents</font></a></p>

    <table cellspacing="0"
           cellpadding="0">
        <tr>
            <td width="720"
                align="center"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3"><b>WEIS MARKETS,
                INC.</b></font></td>
        </tr>

        <tr>
            <td align="center"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3"><b>CONSOLIDATED
                STATEMENTS OF INCOME</b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="2"><i>(dollars in
                thousands, except per share
                amounts)</i></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="2"><i>For the Fiscal
                Years Ended December 27, 2003,</i></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="2"><i>December 28,
                2002 and December 29, 2001</i></font></td>
        </tr>
    </table>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="48%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="3%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="13%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2003</u></b></font></td>

            <td width="4%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="13%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2002</u></b></font></td>

            <td width="3%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="13%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2001</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Net
                sales</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">2,042,499</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">1,999,364</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">1,971,665</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">Cost of sales,
                including warehousing and distribution
                expenses</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;1,505,926</u></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;1,471,479</u></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;1,457,002</u></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;Gross profit on
                sales</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">536,573</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">527,885</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">514,663</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">Operating, general
                and administrative expenses</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465,952</u></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448,478</u></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451,723</u></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;Income from
                operations</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">70,621</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">79,407</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">62,940</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">Investment
                income</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">1,220</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">879</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">9,860</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Other
                income</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"><u>&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,363</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"><u>&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,400</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"><u>&nbsp;&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,047</u></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;Income before provision
                for income taxes</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">88,204</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">94,686</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">81,847</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Provision for
                income taxes</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,628</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,537</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,792</u></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;Net income</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,576</u></font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59,149</u></font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,055</u></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Weighted-average
                shares outstanding</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">27,186,277</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">27,201,170</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">32,298,696</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">Cash dividends per
                share</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Basic and diluted
                earnings per share</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55</font></td>
        </tr>

        <tr>
            <td colspan="7"
                align="left"
                valign="bottom"><font size="3"><i>See accompanying
                notes to consolidated financial
                statements.</i></font></td>
        </tr>
    </table>

    <p align="center">&nbsp;</p>

    <p align="center"><font size="3"><b>Page 12 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000"><font size="3">Table of
    Contents</font></a></p>

    <table cellspacing="0"
           cellpadding="0">
        <tr>
            <td width="720"
                align="center"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3"><b>WEIS MARKETS,
                INC.</b></font></td>
        </tr>

        <tr>
            <td align="center"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3"
                  face="Times New Roman"><b>CONSOLIDATED STATEMENTS
                  OF SHAREHOLDERS' EQUITY</b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="2"><i>(in thousands,
                except shares)</i></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="2"><i>For the Fiscal
                Years Ended December 27, 2003,</i></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="2"><i>December 28,
                2002 and December 29, 2001</i></font></td>
        </tr>
    </table>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="24%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="10%"
                align="right"
                valign="bottom">&nbsp;</td>

            <td width="1%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="7%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="1%"
                align="right"
                valign="bottom">&nbsp;</td>

            <td width="8%"
                align="right"
                valign="bottom">&nbsp;</td>

            <td width="1%"
                align="right"
                valign="bottom">&nbsp;</td>

            <td colspan="2"
                align="center"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><b><u>Accumulated</u></b></font></td>

            <td width="9%"
                align="right"
                valign="bottom">&nbsp;</td>

            <td width="1%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="8%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="2%"
                align="right"
                valign="bottom">&nbsp;</td>

            <td width="11%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="1%"
                align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td colspan="2"
                align="center"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><b><u>Other</u></b></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Total</u></b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td colspan="3"
                align="center"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><b><u>Common</u></b></font>
                  <font size="3"><b><u>Stock</u></b></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><b><u>Retained</u></b></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td colspan="2"
                align="center"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><b><u>Comprehensive</u></b></font></td>

            <td colspan="3"
                align="center"
                valign="bottom"><font size="3"><b><u>Treasury
                Stock</u></b></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Shareholders'</u></b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Shares</u></b></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Amount</u></b></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><b><u>Earnings</u></b></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td colspan="2"
                align="center"
                valign="bottom"><font size="3"
                  face=
                  "Times New Roman"><b><u>Income</u></b></font></td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Shares</u></b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Amount</u></b></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Equity</u></b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman"><b>Balance at December 30,
                  2000</b></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">47,453,979</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font face="Font14860"
                  size="2"><font size="3"
                  face="Times New Roman">$</font></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">7,594</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font face="Font14860"
                  size="2"><font size="3"
                  face="Times New Roman">$</font></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">1,069,986</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font face="Font14860"
                  size="2"><font size="3"
                  face="Times New Roman">$</font></font></td>

            <td width="10%"
                align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">7,284</font></td>

            <td width="1%"
                align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">5,766,122</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font face="Font14860"
                  size="2"><font size="3"
                  face="Times New Roman">$</font></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">(136,978</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font face="Font14860"
                  size="2"><font size="3">)</font> <font size="3"
                  face="Times New Roman">$</font></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">947,886</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font face="Font14860"
                  size="2"><font size="3"
                  face="Times New Roman">Net
                  income</font></font></td>

            <td align="right"
                valign="bottom"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;
                &nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">50,055</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">50,055</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font face="Font14860"
                  size="2"><font size="3"
                  face="Times New Roman">Other comprehensive
                  income, net of tax</font></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">(805</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(805</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font face="Font14860"
                  size="2"><font size="3"
                  face=
                  "Times New Roman">&nbsp;&nbsp;&nbsp;Comprehensive
                  income</font></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49,250</u></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font face="Font14860"
                  size="2"><font size="3"
                  face="Times New Roman">Shares issued for
                  options</font></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">1,300</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">36</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">36</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font face="Font14860"
                  size="2"><font size="3"
                  face="Times New Roman">Shares purchased and
                  cancelled</font></font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">&nbsp;(14,477,242</font></td>

            <td align="left"
                valign="bottom"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">(434,317</font></td>

            <td align="left"
                valign="bottom"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">(434,317</font></td>

            <td align="left"
                valign="bottom"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font face="Font14860"
                  size="2"><font size="3"
                  face="Times New Roman">Treasury stock
                  purchased</font></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">8,708</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">(289</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">(289</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font face="Font14860"
                  size="2"><font size="3"
                  face="Times New Roman">Dividends
                  paid</font></font></td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;(37,202</u></font></td>

            <td align="left"
                valign="bottom"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"><font size="3"><u>&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"><u>&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"><u>&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37,202</u></font></td>

            <td align="left"
                valign="bottom"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman"><b>Balance at December 29,
                  2001</b></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">32,978,037</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">7,630</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">648,522</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">6,479</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">5,774,830</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">(137,267</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">525,364</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font face="Font14860"
                  size="2"><font size="3"
                  face="Times New Roman">Net
                  income</font></font></td>

            <td align="right"
                valign="bottom"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">59,149</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">59,149</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font face="Font14860"
                  size="2"><font size="3"
                  face="Times New Roman">Other comprehensive
                  income, net of tax</font></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">(2,334</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,334</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font face="Font14860"
                  size="2"><font size="3"
                  face=
                  "Times New Roman">&nbsp;&nbsp;&nbsp;Comprehensive
                  income</font></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,815</u></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font face="Font14860"
                  size="2"><font size="3"
                  face="Times New Roman">Shares issued for
                  options</font></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">8,300</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">252</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">252</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font face="Font14860"
                  size="2"><font size="3"
                  face="Times New Roman">Treasury stock
                  purchased</font></font></td>

            <td align="right"
                valign="bottom"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">17,970</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">(622</font></td>

            <td align="left"
                valign="bottom"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"><font size="3">(622</font></td>

            <td align="left"
                valign="bottom"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font face="Font14860"
                  size="2"><font size="3"
                  face="Times New Roman">Dividends
                  paid</font></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;(29,377</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"><u>&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"><u>&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"><u>&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29,377</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3"
                  face="Times New Roman"><b>Balance at December 28,
                  2002</b></font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">32,986,337</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">7,882</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">678,294</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">4,145</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3">5,792,800</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">(137,889</font></td>

            <td align="left"
                valign="bottom"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"><font size="3">552,432</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font face="Font14860"
                  size="2"><font size="3"
                  face="Times New Roman">Net
                  income</font></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">54,576</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">54,576</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font face="Font14860"
                  size="2"><font size="3"
                  face="Times New Roman">Other comprehensive
                  income, net of tax</font></font></td>

            <td align="right"
                valign="bottom"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">283</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283</u></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font face="Font14860"
                  size="2"><font size="3"
                  face=
                  "Times New Roman">&nbsp;&nbsp;&nbsp;Comprehensive
                  income</font></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,859</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font face="Font14860"
                  size="2"><font size="3"
                  face="Times New Roman">Shares issued for
                  options</font></font></td>

            <td align="right"
                valign="bottom"><font size="3">3,170</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">89</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">89</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font face="Font14860"
                  size="2"><font size="3"
                  face="Times New Roman">Treasury stock
                  purchased</font></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">56,789</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">(2,023</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">(2,023</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font face="Font14860"
                  size="2"><font size="3"
                  face="Times New Roman">Dividends
                  paid</font></font></td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;(29,909</u></font></td>

            <td align="left"
                valign="bottom"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"><font size="3"><u>&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"><u>&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3"><u>&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29,909</u></font></td>

            <td align="left"
                valign="bottom"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman"><b>Balance at December 27,
                  2003</b></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;32,989,507</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font face="Font14860"
                  size="2"><font size="3"
                  face="Times New Roman">$</font></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,971</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font face="Font14860"
                  size="2"><font size="3"
                  face="Times New Roman">$</font></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;702,961</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font face="Font14860"
                  size="2"><font size="3"
                  face="Times New Roman">$</font></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,428</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;5,849,589</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font face="Font14860"
                  size="2"><font size="3"
                  face="Times New Roman">$</font></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;(139,912</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font face="Font14860"
                  size="2"><font size="3">)</font> <font size="3"
                  face="Times New Roman">$</font></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;575,448</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td colspan="15"
                align="left"
                valign="bottom"><font size="3"><i>See accompanying
                notes to consolidated financial
                statements.</i></font></td>
        </tr>
    </table>

    <p align="center">&nbsp;</p>

    <p align="center"><font size="3"><b>Page 13 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><font size="3"><a href="#000">Table of
    Contents</a><b><br clear="left"></b></font></p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="100%"
                align="center"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3"><b>WEIS MARKETS,
                INC.</b></font></td>
        </tr>

        <tr>
            <td align="center"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3"
                  face="Times New Roman"><b>CONSOLIDATED STATEMENTS
                  OF CASH FLOWS</b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="2"><i>(dollars in
                thousands)</i></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="2"><i>For the Fiscal
                Years Ended December 27, 2003,</i></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="2"><i>December 28,
                2002 and December 29, 2001</i></font></td>
        </tr>
    </table>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="56%"
                align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td width="1%"
                align="center"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td width="11%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2003</u></b></font></td>

            <td width="3%"
                align="center"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td width="11%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2002</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td width="11%"
                align="center"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><b><u>2001</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"><b>Cash flows from
                operating activities:</b></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">&nbsp;Net
                income</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">54,576</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">59,149</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">50,055</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;Adjustments
                to reconcile net income to</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net cash
                provided by operating activities:</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">&nbsp;&nbsp;&nbsp;Depreciation</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">40,196</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">41,885</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">43,755</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;Amortization</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">6,023</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">5,797</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">7,222</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">&nbsp;&nbsp;&nbsp;(Gain) loss on sale of fixed
                assets</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">122</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">(3,620</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">1,629</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;Gain on sale of marketable
                securities</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">(570</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">&nbsp;&nbsp;&nbsp;Changes in operating assets
                and liabilities:</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">9,280</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">(12,880</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">(1,411</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts
                receivable and prepaid expenses</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">(3,930</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">656</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">(2,923</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes
                recoverable</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">3,395</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">(251</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable
                and other liabilities</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">42</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">9,551</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">14,993</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;
                Income taxes payable</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">(4,157</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">6,112</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income
                taxes</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,721</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,561</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,381</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;&nbsp;Net
                cash provided by operating activities</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105,873</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106,484</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113,880</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"><b>Cash flows from
                investing activities:</b></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">&nbsp;Purchase of
                property and equipment</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">(35,928</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">(46,056</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">(48,046</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;Proceeds
                from the sale of property and equipment</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">4,271</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">14,520</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">86</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">&nbsp;Purchase of
                marketable securities</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">(55,789</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">(21,754</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">(299,064</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;Proceeds
                from maturities of marketable
                securities</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">12,688</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">2,929</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">556,141</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">&nbsp;Proceeds
                from sale of marketable securities</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">123,660</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;(Increase)
                decrease in intangible and other assets</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman"><u>&nbsp;&nbsp;
                  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman"><u>&nbsp;&nbsp;
                  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(702</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"><u>&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                &nbsp;&nbsp;(19</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">&nbsp;Net cash
                provided by (used in) investing
                activities</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3"><u>&nbsp;&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74,507</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51,063</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332,758</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3"><b>Cash flows from
                financing activities:</b></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;Proceeds
                (payments) of long-term debt, net</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">(25,000</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">25,000</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">&nbsp;Proceeds
                from issuance of common stock</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">89</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">252</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">36</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;Dividends
                paid</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">(29,909</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">(29,377</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">(37,202</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">&nbsp;Purchase and
                cancellation of stock</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">(434,317</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;Purchase of
                treasury stock</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                &nbsp;(2,023</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(622</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;
                &nbsp;&nbsp;&nbsp;(289</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">&nbsp;&nbsp;Net
                cash used in financing activities</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31,843</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54,747</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;(446,772</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">Net increase
                (decrease) in cash</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">(477</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">674</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">(134</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Cash at beginning
                of year</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,929</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,255</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,389</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">Cash at end of
                year</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,452</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,929</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,255</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>
    </table>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="100%"
                align="left"
                valign="top"
                bgcolor="#FFFFFF"><font size="3"><i>See
                accompanying notes to consolidated financial
                statements.</i></font></td>
        </tr>
    </table>

    <p align="center">&nbsp;</p>

    <p align="center"><font size="3"><b>Page 14 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000"><font size="3">Table of
    Contents</font></a></p>

    <div style="margin-left: 2em">
        <center>
            <font size="3"><b>WEIS MARKETS, INC.</b></font>
        </center>
    </div>

    <p align="center"><b>Notes to Consolidated Financial
    Statements</b></p>

    <p><font size="3"
          face="Times New Roman"><b>Note 1 Summary of Significant
          Accounting Policies</b></font><font size="3"><br clear=
          "left">
    The following is a summary of the significant accounting
    policies utilized in preparing the company's consolidated
    financial statements:</font></p>

    <p><font size="3"><b>(a) Description of Business<br clear=
    "left"></b>Weis Markets, Inc. is a Pennsylvania business
    corporation formed in 1924. The company is engaged principally
    in the retail sale of food and pet supplies in Pennsylvania and
    surrounding states. There was no material change in the nature
    of the company's business during fiscal 2003.</font></p>

    <p><font size="3"><b>(b) Definition of Fiscal
        Year<br clear="left"></b>The company's fiscal year ends on
        the last Saturday in December. Fiscal 2003, 2002 and 2001
        were comprised of 52 weeks.</font></p>

    <p><font size="3"><b>(c) Principles of
        Consolidation<br clear="left"></b>The consolidated
        financial statements include the accounts of the company
        and its subsidiaries. All significant intercompany accounts
        and transactions have been eliminated in
        consolidation.</font></p>

    <p><font size="3"><b>(d) Marketable Securities<br clear=
    "left"></b>Marketable securities consist of Pennsylvania
    tax-free state and municipal bonds, U.S. Treasury securities,
    U.S. Government federal agency notes, equity securities and
    other short-term investments. By policy, the company invests
    primarily in high-grade marketable securities. The company
    classifies all of its marketable securities as
    available-for-sale.</font></p>

    <p><font size="3">Available-for-sale securities are recorded at
    fair value as determined by quoted market price based on
    national markets. Unrealized holding gains and losses, net of
    the related tax effect, are excluded from earnings and are
    reported as a separate component of shareholders' equity until
    realized. A decline in the fair value below cost that is deemed
    other than temporary results in a charge to earnings and the
    establishment of a new cost basis for the security. Dividend
    and interest income is recognized when earned. Realized gains
    and losses are included in earnings and are derived using the
    specific identification method for determining the cost of
    securities.</font></p>

    <p><font size="3"><b>(e) Accounts Receivable<br clear=
    "left"></b> Accounts receivable are stated net of an allowance
    for uncollectible accounts of $1.5 million and $1.9 million as
    of December 27, 2003 and December 28, 2002, respectively. The
    reserve balance includes amounts due from pharmacy third party
    providers, customer returned checks and customers of the food
    service division sold in fiscal 2000. The company maintains an
    allowance for the amount of receivables deemed to be
    uncollectible and calculates this amount based upon historical
    collection activity adjusted for current conditions.</font></p>

    <p><font size="3"><b>(f) Inventories<br clear=
    "left"></b>Inventories are valued at the lower of cost or
    market, using both the last-in, first-out (LIFO) and average
    cost methods.</font></p>

    <p align="center"><font size="3"><b>Page 15 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000"><font size="3">Table of
    Contents</font></a></p>

    <div style="margin-left: 2em">
        <center>
            <font size="3"><b>WEIS MARKETS, INC.</b></font>
        </center>
    </div>

    <p><font size="3"><b>Note 1 Summary of Significant Accounting
    Policies (continued)</b></font></p>

    <p><font size="3"><b>(g) Property and Equipment<br clear=
    "left"></b>Property and equipment are carried at cost.
    Depreciation is provided on the cost of buildings and
    improvements and equipment principally using accelerated
    methods. Leasehold improvements are amortized over the terms of
    the leases or the useful lives of the assets, whichever is
    shorter.</font></p>

    <p><font size="3">Maintenance and repairs are expensed and
    renewals and betterments are capitalized. When assets are
    retired or otherwise disposed of, the assets and accumulated
    depreciation are removed from the respective accounts and any
    profit or loss on the disposition is credited or charged to
    "Other income."</font></p>

    <p><font size="3"><b>(h) Goodwill and Intangible
    Assets<br clear="left"></b>The company follows Financial
    Accounting Standards Board ("FASB") Statement of Financial
    Accounting Standards No. 142, "Goodwill and Other Intangible
    Assets" ("SFAS 142"), which establishes that intangible assets
    with an indefinite useful life shall not be amortized until
    their useful life is determined to be no longer indefinite and
    should be tested for impairment annually or more frequently if
    events or changes in circumstances indicate that the asset
    might be impaired. SFAS 142 states that goodwill should not be
    amortized but tested for impairment for each reporting unit, on
    an annual basis and between annual tests in certain
    circumstances. Intangible assets with a definite useful life
    are generally amortized over periods ranging from 15 to 20
    years. As of December 27, 2003, the company has no intangible
    assets with indefinite lives.</font></p>

    <p><font size="3"><b>(i) Impairment of Long-Lived
    Assets<br clear="left"></b> The company periodically evaluates
    the period of depreciation or amortization for long-lived
    assets to determine whether current circumstances warrant
    revised estimates of useful lives. The company reviews its
    property and equipment for impairment whenever events or
    changes in circumstances indicate the carrying value of an
    asset may not be recoverable. Recoverability is measured by a
    comparison of the carrying amount to the net undiscounted cash
    flows expected to be generated by the asset. An impairment loss
    would be recorded for the excess of net book value over the
    fair value of the asset impaired. The fair value is estimated
    based on expected discounted future cash flows.</font></p>

    <p><font size="3">With respect to owned property and equipment
    associated with closed stores, the value of the property and
    equipment is adjusted to reflect recoverable values based on
    the company's prior history of disposing of similar assets and
    current economic conditions.</font></p>

    <p><font size="3">The results of impairment tests are subject
    to management's estimates and assumptions of projected cash
    flows and operating results. The company believes that, based
    on current conditions, materially different reported results
    are not likely to result from long-lived asset impairments.
    However, a change in assumptions or market conditions could
    result in a change in estimated future cash flows and the
    likelihood of materially different reported results.</font></p>

    <p><font size="3"><b>(j) Store Closing Costs<br clear=
    "left"></b>The company provides for closed store liabilities
    relating to the estimated post-closing lease liabilities and
    related other exit costs associated with the store closing
    commitments. The closed store liabilities are usually paid over
    the lease terms associated with the closed stores having
    remaining terms ranging from two to seven years. At December
    27, 2003, closed store lease liabilities totaled $2.6 million.
    The company estimates the lease liabilities, net of sublease
    income, using the undiscounted rent payments of closed
    stores.</font></p>

    <p><font size="3"><b>(k) Self-Insurance<br clear="left"></b>The
    company is self-insured for a majority of its workers'
    compensation, general liability, vehicle accident and associate
    medical benefit claims. Self-insurance costs are accrued based
    upon the aggregate of the liability for reported claims and an
    estimated liability for claims incurred but not reported. The
    company is liable for associate health claims up to a lifetime
    aggregate of $1,000,000 per member and for workers'
    compensation claims up to $1,000,000 per claim. Property and
    casualty insurance coverage is maintained with outside carriers
    at deductible or retention levels ranging from $100,000 to
    $500,000.</font></p>

    <p align="center"><font size="3"><b>Page 16 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000"><font size="3">Table of
    Contents</font></a></p>

    <div style="margin-left: 2em">
        <center>
            <font size="3"><b>WEIS MARKETS, INC.</b></font>
        </center>
    </div>

    <p><font size="3"><b>Note 1 Summary of Significant Accounting
    Policies (continued)</b></font></p>

    <p><font size="3"><b>(l) Incentive Plans<br clear=
    "left"></b>The company has elected to follow the intrinsic
    value method of accounting as detailed in the Accounting
    Principles Board's Opinion No. 25, "Accounting for Stock Issued
    to Employees" ("APB 25") and related Interpretations in
    accounting for its associate stock options because the
    alternative fair value accounting provided for under FASB
    Statement of Financial Accounting Standards No. 123,
    "Accounting for Stock-Based Compensation" ("SFAS 123") requires
    use of option valuation models that were not developed for use
    in valuing associate stock options. The effect of applying SFAS
    123's fair value method to the company's stock-based awards
    results in pro forma net income and earnings per share that are
    not materially different from amounts reported.</font></p>

    <p><font size="3"><b>(m) Income Taxes<br clear="left"></b>Under
    the asset and liability method of FASB Statement of Financial
    Accounting Standards No. 109, "Accounting for Income Taxes"
    ("SFAS 109"), deferred tax assets and liabilities are
    recognized for the future tax consequences attributable to
    differences between the financial statement carrying amounts of
    existing assets and liabilities and their respective tax bases.
    Deferred tax assets and liabilities are measured using enacted
    tax rates expected to apply to taxable income in the years in
    which those temporary differences are expected to be recovered
    or settled.</font></p>

    <p><font size="3"><b>(n) Earnings Per Share<br clear=
    "left"></b>Earnings per common share are based on the
    weighted-average number of common shares outstanding. Diluted
    earnings per share are based on the weighted-average number of
    common shares outstanding, plus the incremental shares that
    would have been outstanding upon the assumed exercise of all
    dilutive stock options, subject to antidilution limitations.
    Basic and diluted earnings per share are the same amounts for
    each period presented. For 2003, 2002 and 2001, options to
    purchase 41,111, 96,900 and 110,350, respectively, at per share
    prices ranging from $26.25 to $35.13, were not included in the
    computation of diluted earnings per share because their
    inclusion under the treasury stock method would have been
    antidilutive.</font></p>

    <p><font size="3"><b>(o) Revenue Recognition<br clear=
    "left"></b>Revenue from the sale of products to the company's
    customers is recognized at the point of sale. Discounts
    provided to customers at the point of sale through the Weis
    Club Preferred Shopper loyalty program are recognized as a
    reduction in sales as products are sold. Periodically, the
    company will run a point based sales incentive program that
    rewards customers with future sales discounts. The company
    makes reasonable and reliable estimates of the amount of future
    discounts based upon historical experience and its customer
    data tracking software. Sales are reduced by these estimates
    over the life of the program.</font></p>

    <p><font size="3"><b>(p) Cost of Sales, Including Warehousing
    and Distribution Expenses</b><br clear="left">
    "Cost of sales, including warehousing and distribution
    expenses" consists of direct product costs (net of discounts
    and allowances), warehouse costs, transportation costs and
    manufacturing facility costs.</font></p>

    <p align="center"><font size="3"><b>Page 17 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000"><font size="3">Table of
    Contents</font></a></p>

    <div style="margin-left: 2em">
        <center>
            <font size="3"><b>WEIS MARKETS, INC.</b></font>
        </center>
    </div>

    <p><font size="3"><b>Note 1 Summary of Significant Accounting
    Policies (continued)</b></font></p>

    <p><font size="3"><b>(q) Vendor Allowances<br clear=
    "left"></b>Vendor rebates, credits and promotional allowances
    that relate to the company's buying and merchandising
    activities, including lump-sum payments associated with
    long-term contracts, are recorded as a component of cost of
    sales as they are earned, in accordance with its underlying
    agreement. Off invoice and bill back allowances are used to
    reduce direct product costs upon the receipt of goods. Volume
    incentive discounts are realized as a reduction of cost of
    sales at the time it is deemed probable and reasonably
    estimable that the incentive target will be reached.
    Promotional allowance funds for specific vendor sponsored
    programs are recognized as a reduction of cost of sales as the
    program occurs and the funds are earned per the agreement. Cash
    discounts for prompt payment of invoices are realized in cost
    of sales as invoices are paid. Warehouse and back haul
    allowances provided by suppliers for distributing their product
    through our distribution system are recorded in cost of sales
    as the required performance is completed. Warehouse rack and
    slotting allowances are recorded in cost of sales when new
    items are initially setup in the company's distribution system,
    which is when the related expenses are incurred and performance
    under the agreement is complete. Swell allowances for damaged
    goods are realized in cost of sales as provided by the
    supplier, helping to offset product shrink losses also recorded
    in cost of sales.</font></p>

    <p><font size="3">Vendor allowances recorded as credits in cost
    of sales totaled $44.1 million in 2003, $44.3 million in 2002,
    and $40.7 million in 2001. Vendor paid cooperative advertising
    credits totaled $16.6 million in 2003, $17.7 million in 2002,
    and $18.9 million in 2001. These credits were netted against
    advertising costs within "Operating, general and administrative
    expenses." As of December 27, 2003, the company had accounts
    receivable due from vendors of $2.4 million for earned
    advertising credits and $4.7 million for earned promotional
    discounts. The company had $2.8 million in unearned revenue
    included in accrued liabilities for unearned vendor programs
    under long-term contracts for display and shelf space
    allocation.</font></p>

    <p><font size="3"><b>(r) Operating, General and Administrative
    Expenses<br clear="left"></b>Business operating costs including
    expenses generated from administration and purchasing
    functions, are recorded in "Operating, general and
    administrative expenses" on the Consolidated Statements of
    Income. Business operating costs include items such as wages,
    benefits, utilities, repairs and maintenance, advertising cost
    and credits, rent, insurance, equipment depreciation, leasehold
    amortization and costs for outside provided
    services.</font></p>

    <p><font size="3"><b>(s) Advertising Costs<br clear=
    "left"></b>The company expenses advertising costs as incurred.
    The company recorded advertising expense, before vendor paid
    cooperative advertising credits, of $25.3 million in 2003,
    $23.6 million in 2002, and $26.3 million in 2001 in "Operating,
    general and administrative expenses."</font></p>

    <p><font size="3"><b>(t) Rental Income<br clear="left"></b>The
    company leases or subleases space to tenants in owned, vacated
    and open store facilities. Rental income is recorded when
    earned as a component of "Other income." All leases are
    operating leases, as disclosed in Note 5, and do not contain
    upfront considerations.</font></p>

    <p><font size="3"><b>(u) Use of Estimates<br clear=
    "left"></b>Management of the company has made a number of
    estimates and assumptions relating to the reporting of assets
    and liabilities and the disclosure of contingent assets and
    liabilities to prepare these consolidated financial statements
    in conformity with generally accepted accounting principles.
    Actual results could differ from those estimates.</font></p>

    <p align="center"><font size="3"><b>Page 18 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <div style="margin-left: 2em">
        <font size="3"><a href="#000">Table of Contents</a></font>
    </div>

    <div style="margin-left: 2em">
        <center>
            <font size="3"><b>WEIS MARKETS, INC.</b></font>
        </center>
    </div>

    <p><font size="3"><b>Note 2 Marketable
        Securities</b><br clear="left">
    Marketable securities, as of December 27, 2003 and December 28,
    2002, consisted of:</font></p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="38%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="13%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="2%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="12%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>Gross</u></b></font></td>

            <td width="2%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="12%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>Gross</u></b></font></td>

            <td width="2%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="12%"
                align="center"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Unrealized</u></b></font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Unrealized</u></b></font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="2"><i>(dollars in
                thousands)</i></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Amortized</u></b></font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Holding</u></b></font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Holding</u></b></font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Fair</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="2"><i>December 27,
                2003</i></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Cost</u></b></font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Gains</u></b></font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Losses</u></b></font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Value</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">Available-for-sale:</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size=
                "3">&nbsp;&nbsp;&nbsp;Pennsylvania state and
                municipal bonds</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size="3">6,514</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size="3">9</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">---&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size="3">6,523</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;Equity securities</font></td>

            <td align="left"
                valign="bottom"bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"bgcolor="#EFEFEF"><font size="3">3,125</font></td>

            <td align="left"
                valign="bottom"bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"bgcolor="#EFEFEF"><font size="3">7,559</font></td>

            <td align="left"
                valign="bottom"bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"bgcolor="#EFEFEF"><font size="3">10,684</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                ><font size=
                "3">&nbsp;&nbsp;&nbsp;Other short-term
                investments</font></td>

            <td align="left"
                valign="bottom"
                >&nbsp;</td>

            <td align="right"
                valign="bottom"
                ><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69,888</u></font></td>

            <td align="left"
                valign="bottom"
                >&nbsp;</td>

            <td align="right"
                valign="bottom"
                ><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="left"
                valign="bottom"
                >&nbsp;</td>

            <td align="right"
                valign="bottom"
                ><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="left"
                valign="bottom"
                >&nbsp;</td>

            <td align="right"
                valign="bottom"
                ><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69,888</u></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79,527</u></font></td>

            <td align="right"
                valign="bottom"bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,568</u></font></td>

            <td align="right"
                valign="bottom"bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;
                &nbsp;&nbsp;</u></font></td>

            <td align="right"
                valign="bottom"bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87,095</u></font></td>
        </tr>
    </table>

    &nbsp;

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="38%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="13%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="2%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="12%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>Gross</u></b></font></td>

            <td width="2%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="12%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>Gross</u></b></font></td>

            <td width="2%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="12%"
                align="center"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Unrealized</u></b></font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Unrealized</u></b></font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="2"><i>(dollars in
                thousands)</i></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Amortized</u></b></font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Holding</u></b></font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Holding</u></b></font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Fair</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="2"><i>December 28,
                2002</i></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Cost</u></b></font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Gains</u></b></font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Losses</u></b></font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Value</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">Available-for-sale:</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size=
                "3">&nbsp;&nbsp;&nbsp;Pennsylvania state and
                municipal bonds</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size="3">6,514</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size="3">26</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3">---&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size="3">6,540</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;U.S. Treasury
                securities</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">1,023</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">4</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">1,027</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size=
                "3">&nbsp;&nbsp;&nbsp;Equity securities</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">3,125</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">7,064</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">10</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">10,179</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;Other short-term
                investments</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,764</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,764</u></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36,426</u></font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,094</u></font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10</u></font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43,510</u></font></td>
        </tr>
    </table>

    <p><font size="3">Maturities of marketable securities
    classified as available-for-sale at December 27, 2003, were as
    follows:</font></p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="61%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="16%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>Amortized</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="16%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>Fair</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size=
                "3"><i>(</i></font><font size="2"><i>dollars in
                thousands)</i></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Cost</u></b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Value</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">Available-for-sale:</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size=
                "3">&nbsp;&nbsp;&nbsp;Due within one
                year</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size="3">76,402</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size="3">76,411</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;Equity securities</font></td>

            <td align="left"
                valign="bottom"bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,125</u></font></td>

            <td align="left"
                valign="bottom"bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,684</u></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                >&nbsp;</td>

            <td align="right"
                valign="bottom"
                ><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                ><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79,527</u></font></td>

            <td align="right"
                valign="bottom"
                ><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                ><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87,095</u></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">See additional
                disclosures regarding marketable securities in
                Notes 1(d) and 13.</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>
    </table>

    <p align="center"><font size="3"><b>Page 19 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <div style="margin-left: 2em">
        <font size="3">Table of Contents</font>
    </div>

    <div style="margin-left: 2em">
        <center>
            <font size="3"><b>WEIS MARKETS, INC.</b></font>
        </center>
    </div>

    <p><font size="3"><b>Note 3 Inventories</b><br clear="left">
    Merchandise inventories, as of December 27, 2003 and December
    28, 2002, were valued as follows:</font></p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="61%"
                align="left"
                valign="bottom"><font size=
                "3"><i>(</i></font><font size="2"><i>dollars in
                thousands)</i></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="16%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2003</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="16%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2002</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">LIFO</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">139,577</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">145,138</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">Average
                cost</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,975</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,694</u></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;173,552</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;182,832</u></font></td>
        </tr>
    </table>

    <p><font size="3">If all inventories were valued on the average
    cost method, which approximates current cost, total inventories
    would have been $39,259,000 and $39,006,000 higher than as
    reported on the above methods as of December 27, 2003 and
    December 28, 2002, respectively.</font></p>

    <p><font size="3">Although management believes the use of the
    LIFO method for valuing certain inventories represents the most
    appropriate matching of costs and revenues in the company's
    circumstances, the following summary of net income and per
    share amounts based on the use of the average cost method for
    valuing all inventories is presented for comparative
    purposes.</font></p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="61%"
                align="left"
                valign="bottom"><font size="2"><i>(dollars in
                thousands, except per share
                amounts)</i></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="10%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2003</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="10%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2002</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="10%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2001</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Net
                income</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">54,724</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">57,975</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">48,947</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">Basic and diluted
                earnings per share</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size="3">2.01</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size="3">2.13</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size="3">1.52</font></td>
        </tr>
    </table>

    <p><font size="3"><b>Note 4 Property and
        Equipment</b><br clear="left">
    Property and equipment, as of December 27, 2003 and December
    28, 2002, consisted of:</font></p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="53%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="19%"
                align="center"
                valign="bottom"><font size="3"><b><u>Useful
                Life</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="11%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="11%"
                align="center"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="2"><i>(dollars in
                thousands)</i></font></td>

            <td align="center"
                valign="bottom"><font size="3"><b><u>(in
                years)</u></b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>2003</u></b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>2002</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Land</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">64,669</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">64,209</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">Buildings and
                improvements</font></td>

            <td align="center"
                valign="bottom"><font size="3">10-60</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">338,526</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">335,224</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">Equipment</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;3-12</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">495,867</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">478,570</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">Leasehold
                improvements</font></td>

            <td align="center"
                valign="bottom"><font size=
                "3">&nbsp;&nbsp;5-20</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99,819</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99,690</u></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;Total, at cost</font></td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">998,881</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">977,693</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">Less accumulated
                depreciation and amortization</font></td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;584,709</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;549,540</u></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="center"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;414,172</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;428,153</u></font></td>
        </tr>
    </table>

    <p align="center"><font size="3"><b>Page 20 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000"><font size="3">Table of
    Contents</font></a></p>

    <div style="margin-left: 2em">
        <center>
            <font size="3"><b>WEIS MARKETS, INC.</b></font>
        </center>
    </div>

    <p><font size="3"><b>Note 5 Lease Commitments</b><br clear=
    "left">
    At December 27, 2003, the company leased approximately 58% of
    its open store facilities under operating leases that expire at
    various dates up to 2024. These leases generally provide for
    fixed annual rentals; however, several provide for minimum
    annual rentals plus contingent rentals as a percentage of
    annual sales and a number of leases require the company to pay
    for all or a portion of insurance, real estate taxes, water and
    sewer rentals, and repairs, the cost of which is charged to the
    related expense category rather than being accounted for as
    rent expense. Most of the leases contain multiple renewal
    options, under which the company may extend the lease terms
    from 5 to 20 years. Rents on operating leases, including
    agreements with step rents, are charged to expense on a
    straight-line basis over the minimum lease term. The company
    does not have any leases that include capital improvement
    funding or other lease concessions.</font></p>

    <p><font size="3">Rent expense and income on all leases
    consisted of:</font></p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="50%"
                align="left"
                valign="bottom"><font size="2"><i>(dollars in
                thousands)</i></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="8%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2003</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="8%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2002</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="8%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2001</u></b></font></td>

            <td width="16%"
                align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Minimum annual
                rentals</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">28,453</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">29,291</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">29,706</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">Contingent
                rentals</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">262</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">274</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">219</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Lease and sublease
                income</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;(8,053</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;(7,708</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;(7,575</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;20,662</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;21,857</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;22,350</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>
    </table>

    <p><font size="3">The following is a schedule by years of
    future minimum rental payments required under operating leases
    and total minimum sublease and lease rental income to be
    received that have initial or remaining non-cancelable lease
    terms in excess of one year as of December 27, 2003.</font></p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="63%"
                align="left"
                valign="bottom"><font size="3"><i>(dollars in
                thousands)</i></font></td>

            <td width="1%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="12%"
                align="center"
                valign="bottom"><font size=
                "3"><b>Leases</b></font></td>

            <td width="1%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="18%"
                align="center"
                valign="bottom"><font size=
                "3"><b>Subleases</b></font></td>

            <td width="1%"
                align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">
                <p align="left"><font size="3">2004</font></p>
            </td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">26,545</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;&nbsp;&nbsp;$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">(6,545</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="right"
                valign="bottom">
                <p align="left"><font size="3">2005</font></p>
            </td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">24,550</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">(5,009</font></td>

            <td align="left"
                valign="bottom"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">
                <p align="left"><font size="3">2006</font></p>
            </td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">22,282</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">(3,950</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">2007</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">19,653</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">(2,896</font></td>

            <td align="left"
                valign="bottom"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">2008</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">18,768</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">(1,975</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">Thereafter</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122,321</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;
                &nbsp;(3,160</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234,119</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">&nbsp;&nbsp;&nbsp;$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                (23,535</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>
        </tr>
    </table>

    <p><font size="3">The company has $2,490,000 accrued for future
    minimum rental payments due on previously closed stores,
    reduced by the estimated sublease income to be received. The
    future minimum rental payments required under operating leases
    and estimated sublease income for these locations are included
    in the above schedule.</font></p>

    <p align="center">&nbsp;</p>

    <p align="center"><font size="3"><b>Page 21 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000"><font size="3">Table of
    Contents</font></a></p>

    <div style="margin-left: 2em">
        <center>
            <font size="3"><b><!---->
            WEIS MARKETS, INC.</b></font>
        </center>
    </div>

    <p><font size="3"><b>Note 6 Retirement Plans</b><br clear=
    "left">
    The company has a contributory retirement savings plan (401(k))
    covering substantially all full-time associates, a
    noncontributory profit-sharing plan covering eligible
    associates, a noncontributory associate stock bonus plan
    covering eligible associates and two supplemental retirement
    plans covering certain officers of the company. An eligible
    associate as defined in the Weis Markets, Inc. Profit Sharing
    Plan and the Weis Markets, Inc. Employee Stock Bonus Plan
    includes certain salaried associates, store management and
    administrative support personnel. The company's policy is to
    fund 401(k), profit-sharing and stock bonus costs as accrued,
    but not supplemental retirement costs. Contributions to the
    401(k) plan, the profit-sharing plan and the stock bonus plan
    are made at the sole discretion of the company.</font></p>

    <p><font size="3">Retirement plan costs amounted to:</font></p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="61%"
                align="left"
                valign="bottom"><font size="2"><i>(dollars in
                thousands)</i></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="10%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2003</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="10%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2002</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="10%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2001</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Retirement savings
                plan</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">992</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">987</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">955</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">Profit-sharing
                plan</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">852</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">850</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">850</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Employee stock
                bonus plan</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">40</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">40</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">40</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">Supplemental
                retirement plans</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303</u></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,513</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,277</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,148</u></font></td>
        </tr>
    </table>

    <p><font size="3">The company maintains a non-qualified
    supplemental retirement plan for the payment of specific
    amounts of annual retirement benefits to certain officers or
    their beneficiaries over an actuarially computed normal life
    expectancy. The benefits are determined through actuarial
    calculations dependent on the age of the recipient, using an
    assumed discount rate of 7.5%.</font></p>

    <p><font size="3">The net periodic defined benefit obligation
    is computed as follows:</font></p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="68%"
                align="left"
                valign="bottom"><font size="2"><i>(dollars in
                thousands)</i></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="11%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2003</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="11%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2002</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">Benefit obligation at
                  beginning of year</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">5,638</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">5,599</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3"
                  face="Times New Roman">Interest cost</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">402</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">389</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3"
                  face="Times New Roman">Benefit
                  payments</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">(283</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">(415</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3"
                  face="Times New Roman">Actuarial gain</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,798</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,638</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>
    </table>

    <p><font size="3">The company also maintains a second
    non-qualified supplemental retirement plan for certain of its
    associates. This plan is designed to provide retirement
    benefits and salary deferral opportunities because of the
    limitations imposed by the Internal Revenue Code and the
    Regulations implemented by the Internal Revenue Service.
    Participants in this plan are excluded from participation in
    the Profit Sharing and Employee Stock Bonus plans. The Board of
    Directors annually determines the amount of the allocation to
    the plan at its sole discretion. The allocation among the
    various plan participants is made in relationship to their
    compensation, years of service and job performance. Plan
    participants are 100% vested in their accounts after seven
    years of service with the company. Benefits are distributed
    among participants upon reaching the applicable retirement age.
    Substantial risk of benefit forfeiture does exist for
    participants in this plan. The actuarial present value of
    accumulated benefits amounted to $2,616,000 and $2,138,000 at
    December 27, 2003 and December 28, 2002,
    respectively.</font></p>

    <p><font size="3">The company has no other post-retirement
    benefit plans.</font></p>

    <p align="center"><font size="3"><b>Page 22 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000"><font size="3">Table of
    Contents</font></a></p>

    <div style="margin-left: 2em">
        <center>
            <font size="3"><b>WEIS MARKETS, INC.</b></font>
        </center>
    </div>

    <p><font size="3"><b>Note 7 Incentive Plans<br clear="left">
    (a) Stock Option Plan</b><br clear="left">
    The company has an incentive stock option plan for officers and
    other key associates under which 185,480 shares of common stock
    are reserved for issuance at December 27, 2003. Under the terms
    of the plan, option prices are 100% of the "fair market value"
    of the shares on the date granted. Options granted are
    immediately exercisable and expire ten years after date of
    grant.</font></p>

    <p><font size="3">Changes during the three years ended December
    27, 2003, in options outstanding under the plan were as
    follows:</font></p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="61%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="15%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>Weighted-Average</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="15%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>Shares</u></b></font></td>

            <td width="1%"
                align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="3"><b><u>Exercise
                Price</u></b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="3"><b><u>Under
                Option</u></b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Balance, December
                30, 2000</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$34.70</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">116,520</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">$32.72</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">5,750</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercised</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$27.81</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">(1,300</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forfeited</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">$35.40</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(950</u></font></td>

            <td align="left"
                valign="bottom"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Balance, December
                29, 2001</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$34.68</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">120,020</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$35.73</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">750</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercised</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$30.40</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">(8,300</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forfeited</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$35.93</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,200</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Balance, December
                28, 2002</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$34.99</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;111,270</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercised</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$27.99</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,170</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Balance, December
                27, 2003</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$35.20</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;108,100</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>
    </table>

    <p><font size="3">Exercise prices for options outstanding as of
    December 27, 2003 ranged from $26.50 to $37.94. The
    weighted-average remaining contractual life of those options is
    five years. As of December 27, 2003, all options are
    exercisable.</font></p>

    <p><font size="3"><b>(b) Company Appreciation
        Plan</b><br clear="left">
    Under the company appreciation plan, officers and other
    associates are awarded rights equivalent to shares of company
    common stock. At the maturity date, usually one year after the
    date of award, the value of any appreciation from the original
    date of issue is paid in cash to the participants.</font></p>

    <p><font size="3">During 2003, 2002 and 2001, the company
    awarded 0, 13,500 and 20,100 rights, respectively, under the
    plan. Earnings were charged $0 in 2003, $37,000 in 2002, and
    credited $188,000 in 2001 for appropriate changes to the
    accrued expense for this plan.</font></p>

    <p align="center"><font size="3"><b>Page 23 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000"><font size="3">Table of
    Contents</font></a></p>

    <div style="margin-left: 2em">
        <center>
            <font size="3"><b>WEIS MARKETS, INC.</b></font>
        </center>
    </div>

    <p><font size="3"><b>Note 8 Long-Term Debt</b><br clear="left">
    In October 2002, the company entered into a three-year
    unsecured Revolving Credit Agreement (the "Credit Agreement")
    in the amount of $100 million to provide funds for general
    corporate purposes including working capital and letters of
    credit. The Credit Agreement requires the maintenance of
    affirmative and negative covenants, which among other things
    restrict stock purchases, capital expenditures, and asset
    dispositions. The covenants include the preservation of a
    minimum consolidated net worth and a fixed charge coverage
    ratio. Borrowings under the Credit Agreement bear interest at a
    Base-Rate Option or Euro-Rate Option at the discretion of the
    company. The Base-Rate is the greater of Prime Rate or 0.50%
    plus the Federal Funds Effective Rate. The Euro-Rate is based
    upon the London interbank market plus an Applicable Margin. The
    Applicable Margin equals 0.625% plus a Usage Fee of 0.125% when
    borrowings exceed 33% of the aggregate committed amounts, or
    0.25% when borrowings exceed 67% of the aggregate committed
    amounts, or 0% in all other cases. The company also pays a
    commitment fee equal to 0.15% per annum on the unused portion
    of the Credit Agreement. At December 27, 2003, the company had
    no cash borrowings but had outstanding letters of credit of
    approximately $21 million under the Credit Agreement. The
    letters of credit typically act as a guarantee of payment to
    certain third parties in accordance with specified terms and
    conditions.</font></p>

    <p><font size="3">The company entered into an unsecured $60
    million bridge credit agreement on May 7, 2001, to provide
    funds for general corporate purposes. The availability under
    the bridge credit agreement was reduced to $45 million on
    November 15, 2001, $30 million on March 29, 2002, $25 million
    on May 31, 2002, and cancelled on August 30, 2002. The
    weighted-average interest rate for funds borrowed via the
    bridge credit agreement was 2.9% and 3.0% in 2002 and 2001,
    respectively.</font></p>

    <p align="center"><font size="3"><b>Page 24 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000"><font size="3">Table of
    Contents</font></a></p>

    <div style="margin-left: 2em">
        <center>
            <font size="3"><b>WEIS MARKETS, INC.</b></font>
        </center>
    </div>

    <p><font size="3"><b>Note 9 Income Taxes</b><br clear="left">
    The provision (benefit) for income taxes consists
    of:</font></p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="61%"
                align="left"
                valign="bottom"><font size="3"><i>(dollars in
                thousands)</i></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="10%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2003</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="10%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2002</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="10%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2001</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">Current:</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size=
                "3">&nbsp;&nbsp;&nbsp;Federal</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size="3">28,387</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size="3">34,665</font></td>

            <td align="right"
                valign="bottom"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"><font size="3">26,637</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;State</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">1,520</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">4,433</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">3,773</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">Deferred:</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;Federal</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">3,141</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">(2,150</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">1,005</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size=
                "3">&nbsp;&nbsp;&nbsp;State</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580</u></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,411</u></font></td>

            <td align="left"
                valign="bottom"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377</u></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,628</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,537</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;31,792</u></font></td>
        </tr>
    </table>

    <p><font size="3">The reconciliation of income taxes computed
    at the federal statutory rate (35% in 2003, 2002 and 2001) to
    the provision for income taxes is:</font></p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="61%"
                align="left"
                valign="bottom"><font size="2"><i>(dollars in
                thousands)</i></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="9%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2003</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="9%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2002</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="9%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2001</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Income taxes at
                federal statutory rate</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">30,871</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">33,140</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">28,646</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">State income taxes,
                net of federal income tax benefit</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">1,366</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">1,964</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">2,697</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Other</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                1,391</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">&nbsp;&nbsp;&nbsp;Provision for income taxes
                (effective tax rate 38.1%, 37.5% and
                38.8%,<br clear="left">
             &nbsp;&nbsp;&nbsp;&nbsp;respectively)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,628</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,537</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;31,792</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>
    </table>

    <p><font size="3">Cash paid for income taxes was $31,123,000,
    $29,960,000 and $30,051,000 in 2003, 2002 and 2001,
    respectively.</font></p>

    <p><font size="3">The tax effects of temporary differences that
    give rise to deferred tax assets and deferred tax liabilities
    at December 27, 2003 and December 28, 2002, are:</font></p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="54%"
                align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="2"><i>(dollars in
                thousands)</i></font></td>

            <td width="1%"
                align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td width="18%"
                align="center"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><b><u>2003</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td width="1%"
                align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td width="17%"
                align="center"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><b><u>2002</u></b></font></td>

            <td width="3%"
                align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Deferred tax
                assets:</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">&nbsp;&nbsp;&nbsp;Accounts
                receivable</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">122</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">517</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;Compensated
                absences</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">474</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">511</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">&nbsp;&nbsp;&nbsp;Employee benefit
                plans</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">10,193</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">6,060</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;General liability
                insurance</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">1,618</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">1,584</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">&nbsp;&nbsp;&nbsp;Nondeductible accruals and
                other</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,772</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,200</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
                deferred tax assets</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,179</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,872</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">Deferred tax
                liabilities:</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;Inventories</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">(7,246</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">(7,635</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">&nbsp;&nbsp;&nbsp;Unrealized gain on marketable
                securities</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">(3,140</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">(2,939</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;Depreciation</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24,182</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14,765</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
                deferred tax liabilities</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34,568</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25,339</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;Net deferred tax
                liability</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19,389</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15,467</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">Current deferred
                asset (liability) - net</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">4,793</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">(702</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Noncurrent
                deferred liability - net</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24,182</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14,765</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">&nbsp;&nbsp;&nbsp;Net deferred tax
                liability</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19,389</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15,467</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>
        </tr>
    </table>

    <p align="center"><font size="3"><b>Page 25 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000"><font size="3">Table of
    Contents</font></a></p>

    <div style="margin-left: 2em">
        <center>
            <font size="3"><b>WEIS MARKETS, INC.</b></font>
        </center>
    </div>

    <p><font size="3"><b>Note 10 Comprehensive
        Income</b><br clear="left"></font></p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="61%"
                align="left"
                valign="bottom"><font size="2"><i>(dollars in
                thousands)</i></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="9%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2003</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="9%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2002</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="9%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2001</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Net
                income</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">54,576</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">59,149</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">50,055</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">Other comprehensive
                income by component, net of tax:</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">&nbsp;&nbsp;&nbsp;Unrealized holding gains
                (losses) arising during period (Net of deferred
                taxes of $201, $1,655 and $335, respectively)</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">283</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">(2,334</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">(471</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3">&nbsp;&nbsp;&nbsp;Reclassification adjustment
                for gains included in net income (Net of deferred
                taxes of $0, $0 and $236, respectively)</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(334</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Other
                comprehensive income, net of tax</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                &nbsp;&nbsp;283</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,334</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(805</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">)</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">Comprehensive
                income</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,859</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,815</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;49,250</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>
    </table>

    <p><font size="3"><b>Note 11 Goodwill and Intangible
    Assets</b><br clear="left">
    The effect of goodwill amortization on net income and earnings
    per share for 2003, 2002 and 2001, is as follows:</font></p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="61%"
                align="left"
                valign="bottom"><font size="2"><i>(dollars in
                thousands, except per share
                amounts)</i></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="9%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2003</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="9%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2002</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="9%"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>2001</u></b></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Net
                income</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">54,576</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">59,149</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">50,055</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">Add: Goodwill
                amortization, net of tax</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;
                &nbsp;&nbsp;1,618</u></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Adjusted net
                income</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,576</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59,149</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51,673</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">Basic and diluted
                earnings per share</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">2.01</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">2.17</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">1.55</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Add: Goodwill
                amortization, net of tax</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.05</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">Adjusted basic and
                diluted earnings per share</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17</u></font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#FFFFFF"><font size=
                "3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60</u></font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#FFFFFF">&nbsp;</td>
        </tr>
    </table>

    <p><font size="3">The company adopted FASB Statement of
    Financial Accounting Standards No. 142, "Goodwill and Other
    Intangible Assets" ("SFAS 142") effective for fiscal years
    beginning December 30, 2001. Under these new rules, goodwill
    and intangible assets deemed to have indefinite lives are no
    longer amortized but are subjected to annual impairment tests.
    As of December 27, 2003, the company has no intangible assets
    with indefinite lives.</font></p>

    <p><font size="3"><b>Note 12 Summary of Quarterly Results
    (Unaudited)</b><br clear="left">
    Quarterly financial data for 2003 and 2002 are as
    follows:</font></p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="38%"
                align="left"
                valign="bottom"><font size="2"><i>(dollars in
                thousands,</i></font></td>

            <td colspan="8"
                align="center"
                valign="bottom"><font size="3"><b><u>Thirteen Weeks
                Ended</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="2"><i>except per share
                amounts)</i></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="13%"
                align="center"
                valign="bottom"><font size="3"><b><u>Mar. 29,
                2003</u></b></font></td>

            <td width="2%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="12%"
                align="center"
                valign="bottom"><font size="3"><b><u>June 28
                2003</u></b></font></td>

            <td width="2%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="12%"
                align="center"
                valign="bottom"><font size="3"><b><u>Sep. 27,
                2003</u></b></font></td>

            <td width="2%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="12%"
                align="center"
                valign="bottom"><font size="3"><b><u>Dec. 27,
                2003</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Net
                sales</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">509,071</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">507,981</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">504,690</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">520,757</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">Gross profit on
                sales</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">133,129</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">134,446</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">133,391</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">135,607</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Net
                income</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">15,784</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">13,779</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">10,864</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">14,149</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">Basic and diluted
                earnings per share</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">.58</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">.51</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">.40</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">.52</font></td>
        </tr>
    </table>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="38%"
                align="left"
                valign="bottom"><font size="2">
                &nbsp;</font></td>

            <td colspan="8"
                align="center"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="2">
                &nbsp;</font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="13%"
                align="center"
                valign="bottom"><font size="3"><b><u>Mar. 30,
                2002</u></b></font></td>

            <td width="2%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="12%"
                align="center"
                valign="bottom"><font size="3"><b><u>June 29,
                2002</u></b></font></td>

            <td width="2%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="12%"
                align="center"
                valign="bottom"><font size="3"><b><u>Sep. 28,
                2002</u></b></font></td>

            <td width="2%"
                align="center"
                valign="bottom">&nbsp;</td>

            <td width="12%"
                align="center"
                valign="bottom"><font size="3"><b><u>Dec. 28,
                2002</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Net
                sales</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">504,423</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">491,865</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">495,891</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">507,185</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">Gross profit on
                sales</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">131,683</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">131,718</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">132,071</font></td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">132,413</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Net
                income</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">14,776</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">13,553</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">14,846</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">15,974</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">Basic and diluted
                earnings per share</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">.54</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">.50</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">.55</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom"><font size="3">.58</font></td>
        </tr>
    </table>

    <p align="center"><font size="3"><b>Page 26 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000"><font size="3">Table of
    Contents</font></a></p>

    <div style="margin-left: 2em">
        <center>
            <font size="3"><b>WEIS MARKETS, INC.</b></font>
        </center>
    </div>

    <p><font size="3"><b>Note 13 Fair Value
    Information</b><br clear="left">
    The carrying amounts for cash, accounts receivable and accounts
    payable approximate fair value because of the short maturities
    of these instruments. The fair values of the company's
    marketable securities, as disclosed in Note 2, are based on
    quoted market prices.</font></p>

    <p><font size="3"><b>Note 14 Contingencies<br clear=
    "left"></b>The company is involved in various legal actions
    arising out of the normal course of business. In the opinion of
    management, the ultimate disposition of these matters will not
    have a material adverse effect on the company's consolidated
    financial position, results of operations or
    liquidity.</font></p>

    <p align="center"><font size="3"><b>Page 27 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000"><font size="3">Table of
    Contents</font></a></p>

    <div style="margin-left: 2em">
        <center>
            <font size="3"><b>WEIS MARKETS, INC.</b></font>
        </center>
    </div>

    <p align="center"><b>Report of Independent Auditors</b></p>

    <p><font size="3">The Board of Directors and
    Shareholders<br clear="left">
    Weis Markets, Inc.<br clear="left">
    Sunbury, Pennsylvania</font></p>

    <p><font size="3">We have audited the accompanying consolidated
    balance sheets of Weis Markets, Inc. as of December 27, 2003
    and December 28, 2002, and the related consolidated statements
    of income, shareholders' equity and cash flows for each of the
    three years in the period ended December 27, 2003. Our audits
    also included the financial statement schedule listed in the
    Index at Item 15a. These financial statements and schedule are
    the responsibility of the company's management. Our
    responsibility is to express an opinion on these financial
    statements and schedule based on our audits.</font></p>

    <p><font size="3">We conducted our audits in accordance with
    auditing standards generally accepted in the United States.
    Those standards require that we plan and perform the audit to
    obtain reasonable assurance about whether the financial
    statements are free of material misstatement. An audit includes
    examining, on a test basis, evidence supporting the amounts and
    disclosures in the financial statements. An audit also includes
    assessing the accounting principles used and significant
    estimates made by management, as well as evaluating the overall
    financial statement presentation. We believe that our audits
    provide a reasonable basis for our opinion.</font></p>

    <p><font size="3">In our opinion, the financial
    statements referred to above present fairly, in all material
    respects, the consolidated financial position of Weis Markets,
    Inc. at December 27, 2003 and December 28, 2002, and the
    consolidated results of its operations and its cash flows for
    each of the three years in the period ended December 27, 2003,
    in conformity with accounting principles generally accepted in
    the United States. Also, in our opinion, the related financial
    statement schedule, when considered in relation to the basic
    financial statements taken as a whole, presents fairly in all
    material respects the information set forth therein.</font></p>

    <p align="right"><font size=
          "3">&nbsp;&nbsp;</font><font size="3"
          face="New York"><img src="ey6d1853.jpg"
         align="bottom"
         border="0"
         width="167"
         height="47"
         target="_top"></font></p>

    <p><font size="3">Harrisburg, PA<br clear="left">
    January 27, 2004</font></p>

    <p align="center"><font size="3"><b>Page 28 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000"><font size="3">Table of
    Contents</font></a></p>

    <div style="margin-left: 2em">
        <center>
            <font size="3"><b>WEIS MARKETS, INC.</b></font>
        </center>
    </div>

    <p><font size="3"><b><a name="009">Item
    9.</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in and
    Disagreements With Accountants on Accounting and Financial
    Disclosure:</b></font></p>

    <p><font size="3">None.</font></p>

    <p align="center"><font size="3"><b>Page 29 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000"><font size="3">Table of
    Contents</font></a></p>

    <div style="margin-left: 2em">
        <center>
            <font size="3"><b>WEIS MARKETS, INC.</b></font>
        </center>
    </div>

    <p align="center">&nbsp;</p>

    <p align="center"><font size="3"><b><a name="03">PART
    III</a></b></font></p>

    <p align="center">&nbsp;</p>

    <p><font size="3"><b><a name="010">Item
    10.&nbsp;</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors and
    Executive Officers of the Registrant:</b></font></p>

    <p><font size="3">"Election of Directors" on pages 5 and 6 and
    "Audit Committee Financial Expert" on page 7 of the Weis
    Markets, Inc. definitive proxy statement dated March 5, 2004 is
    incorporated herein by reference.</font></p>

    <p><font size="3">Officers not listed on pages 5 and 6 in the
    Weis Markets, Inc. definitive proxy statement dated March 5,
    2004:</font></p>

    <p><font size="3"><u>Steven W. Michaelson</u> Mr. Michaelson
    was previously employed by Wegmans Food Markets, Inc.
    Rochester, NY, as Senior Vice President of Marketing from 1994
    to 2002. In 2002, he was a founder and co-owner of T.M.
    Branding, a consulting firm. The company has employed Mr.
    Michaelson as Senior Vice President Merchandising and Marketing
    since September 2002.</font></p>

    <p><font size="3"><u>Edward W. Rakoskie, Jr.</u> The company
    has employed Mr. Rakoskie since 1962 in various operational
    positions. Mr. Rakoskie served as Vice President Store
    Operations from 1995 through 1997 and was promoted to Vice
    President of Operations in 1998.</font></p>

    <p><font size="3">The Company has adopted a "Code of Business
    Conduct and Ethics" that applies to all of its directors,
    officers and employees. Separately, the Company also adopted a
    "Code of Ethics for CEO and CFO" specific to its chief
    executive officer, chief financial officer, controller and any
    person performing similar functions. The Company has made both
    documents available on its corporate governance website at
    http://weismarkets.com/governance_info.php.</font></p>

    <p><font size="3"><b><a name="011">Item
    11.&nbsp;</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
    Compensation:</b></font></p>

    <p><font size="3">"Committees of the Board and Meeting
    Attendance," "Compensation Committee Interlocks and Insider
    Participation," "Summary Compensation Table," "Aggregated
    Option/SAR Exercises in Last Fiscal Year and Fiscal Year-End
    Option/SAR Values," "Board Compensation Committee Report on
    Executive Compensation," and "Retirement Plans" on pages 6
    through 11 of the Weis Markets, Inc. definitive proxy statement
    dated March 5, 2004 are incorporated herein by
    reference.</font></p>

    <p><font size="3"><b><a name="012">Item
    12.</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security Ownership
    of Certain Beneficial Owners and Management:</b></font></p>

    <p><font size="3">"Outstanding Voting Securities and Voting
    Rights" on page 4 of the Weis Markets, Inc. definitive
    proxy statement dated March 5, 2004 is incorporated herein by
    reference.</font></p>

    <p><font size="3"><b><a name="013">Item
    13.&nbsp;</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
    Relationships and Related Transactions:</b></font></p>

    <p><font size="3">Other Arrangements: Central Properties, Inc.,
    a Pennsylvania corporation ("Central Properties"), owns the
    land under a company store and an adjacent parking lot in
    Lebanon, Pennsylvania. Central Properties leased these
    properties to the company for $87,131 in fiscal 2003. The
    stockholders of Central Properties include Michael M. Apfelbaum
    and certain of his family members, Jonathan H. Weis and Robert
    F. Weis, each of whom is a director of the company.</font></p>

    <p><font size="3"
          face="Times New Roman"><b><a name="014">Item 14.</a>
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Accountant
          Fees and Services:</b></font></p>

    <p><font size="3">"Ratification Of Appointment Of Independent
    Auditors" on page 11 of the Weis Markets, Inc.
    definitive proxy statement dated March 5, 2004 is incorporated
    herein by reference.</font></p>

    <p align="center"><font size="3"><b>Page 30 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000"><font size="3">Table of
    Contents</font></a></p>

    <div style="margin-left: 2em">
        <center>
            <font size="3"><b>WEIS MARKETS, INC.</b></font>
        </center>
    </div>

    <p align="center"><font size="3"><b><a name="04"></a><a name=
    "3">PART IV</b></a></font></p>

    <p><font size="3"><b><a name="015">Item
    15.&nbsp;</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits, Financial
    Statements, Schedules and Reports on Form 8-K:</b></font></p>

    <p><font size="3">(a)&nbsp;&nbsp;See Part II Item 8 "Financial
    Statements and Supplementary Data" contained within this
    document.</font></p>

    <p><font size="3">Financial statement schedules required to be
    filed by Item 8 of this form, and by Item 15(d)
    below:</font></p>

    <p><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;Schedule II -
    Valuation and Qualifying Accounts</font></p>

    <p><font size="3">All other schedules for which provision is
    made in the applicable accounting regulation of the Securities
    and Exchange Commission are not required under the related
    instructions or are inapplicable and therefore have been
    omitted.</font></p>

    <p><font size="3">(b)&nbsp;&nbsp;Reports on Form 8-K - One Form
    8-K, Item 12, was filed on October 17, 2003, to announce the
    third quarter results of the company.</font></p>

    <p><font size="3">(c)&nbsp;&nbsp;A listing of exhibits filed or
    incorporated by reference is as follows:</font></p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="26%"
                align="left"
                valign="bottom"><font size="3"><b><u>Exhibit
                No.</u></b></font></td>

            <td width="73%"
                align="left"
                valign="bottom"><font size=
                "3"><b><u>Exhibits</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">3-A</font></td>

            <td align="left"
                valign="bottom"><font size="3">Articles of
                Incorporation</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">3-B</font></td>

            <td align="left"
                valign="bottom"><font size="3">By-Laws</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">10-A</font></td>

            <td align="left"
                valign="bottom"><font size="3">Profit Sharing
                Plan</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">10-B</font></td>

            <td align="left"
                valign="bottom"><font size="3">Stock Bonus
                Plan</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">10-C</font></td>

            <td align="left"
                valign="bottom"><font size="3">Company Appreciation
                Plan</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">10-D</font></td>

            <td align="left"
                valign="bottom"><font size="3">Stock Option
                Plan</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">10-E</font></td>

            <td align="left"
                valign="bottom"><font size="3">Supplemental
                Employee Retirement Plan</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">10-F</font></td>

            <td align="left"
                valign="bottom"><font size="3">Executive Employment
                Contract - CEO</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">10-G</font></td>

            <td align="left"
                valign="bottom"><font size="3">Executive Employment
                Contract - CFO</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">10-H</font></td>

            <td align="left"
                valign="bottom"><font size="3">Revolving Credit
                Agreement</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">21</font></td>

            <td align="left"
                valign="bottom"><font size="3">Subsidiaries of the
                Registrant</font></td>
        </tr>

        <tr>
            <td align="right"
                valign="bottom">
                <p align="left"><font size="3">31.1</font></p>
            </td>

            <td align="left"
                valign="bottom"><font size="3">Rule 13a-14(a)
                Certification- CEO</font></td>
        </tr>

        <tr>
            <td align="right"
                valign="bottom">
                <p align="left"><font size="3">31.2</font></p>
            </td>

            <td align="left"
                valign="bottom"><font size="3">Rule 13a-14(a)
                Certification- CFO</font></td>
        </tr>

        <tr>
            <td align="right"
                valign="bottom">
                <p align="left"><font size="3">32</font></p>
            </td>

            <td align="left"
                valign="bottom"><font size="3">Certification
                Pursuant to 18 U.S.C. Section 1350</font></td>
        </tr>
    </table>

    <p><font size="3">Exhibits 10-A, 10-B, 10-G and 10-H have been
    filed as exhibits under Part IV, Item 15(c) in Form 10-K for
    the fiscal year ended December 28, 2002 and are incorporated
    herein by reference.</font></p>

    <p><font size="3">Exhibit 3-A has been filed as exhibit 4.1 in
    Form S-8 on September 13, 2002 and is incorporated herein by
    reference.</font></p>

    <p><font size="3">Exhibit 10-D has been filed on Form S-8 on
    September 13, 2002 and is incorporated herein by
    reference.</font></p>

    <p><font size="3">Exhibits 3-B, 10-C, 10-E and 10-F have been
    filed as exhibits under Part IV, Item 14(c) in Form 10-K for
    the fiscal year ended December 29, 2001 and are incorporated
    herein by reference.</font></p>

    <p><font size="3">The foregoing exhibits are available upon
    request from the Secretary of the company at a fee of $10.00
    per copy.</font></p>

    <p align="center"><font size="3"><b>Page 31 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>
    <hr>
    <a href="#000"><font size="1"><font size="3">Table of
    Contents</font></font></a>

    <div style="margin-left: 2em">
        <center>
            <font size="3"><b>WEIS MARKETS, INC.</b></font>
        </center>
    </div>


    <p><font size="3"><b><a name="0151"></a><a name="16">Item
    15d.</a> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule II -
    Valuation and Qualifying Accounts:</b></font></p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td colspan="11"
                align="center"
                valign="bottom">
                <div style="margin-left: 2em">
                    <center>
                        <font size="3"><b>SCHEDULE II - VALUATION
                        AND QUALIFYING ACCOUNTS</b></font>
                    </center>
                </div>
            </td>
        </tr>

        <tr>
            <td colspan="11"
                align="center"
                valign="bottom">
                <div style="margin-left: 2em">
                    <center>
                        <font size="3"><b>WEIS MARKETS,
                        INC.</b></font>
                    </center>
                </div>
            </td>
        </tr>

        <tr>
            <td colspan="11"
                align="center"
                valign="bottom"><font size="2"><i>(dollars in
                thousands)</i></font></td>
        </tr>

        <tr>
            <td width="32%"
                align="center"
                valign="bottom"><font size="3"><u>COL.
                A</u></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="11%"
                align="center"
                valign="bottom"><font size="3"><u>COL.
                B</u></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td colspan="3"
                align="center"
                valign="bottom"><font size="3"><u>COL.
                C</u></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="11%"
                align="center"
                valign="bottom"><font size="3"><u>COL.
                D</u></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="11%"
                align="center"
                valign="bottom"><font size="3"><u>COL.
                E</u></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td colspan="3"
                align="center"
                valign="bottom"><font size=
                "3"><b><u>Additions</u></b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="3"><b>Balance
                at</b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td width="11%"
                align="center"
                valign="bottom"><font size="3"><b>Charged
                to</b></font></td>

            <td width="2%"
                align="left"
                valign="bottom">&nbsp;</td>

            <td width="11%"
                align="center"
                valign="bottom"><font size="3"><b>Charged
                to</b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="3"><b>Balance
                at</b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b>Beginning</b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="3"><b>Costs
                and</b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b>Accounts</b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b>Deductions</b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="3"><b>End
                of</b></font></td>
        </tr>

        <tr>
            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Description</u></b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="3"><b><u>of
                Period</u></b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Expenses</u></b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Describe</u></b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size="3"><b><u>Describe
                (1)</u></b></font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="center"
                valign="bottom"><font size=
                "3"><b><u>Period</u></b></font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Year ended
                December 27, 2003:</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">Deducted from asset
                accounts:</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Allowance for
                uncollectible accounts</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">1,878</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">2,164</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">2,544</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">1,498</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Year ended
                December 28, 2002:</font></td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">Deducted from asset
                accounts:</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">Allowance for
                uncollectible accounts</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">2,254</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">863</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">1,239</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"
                bgcolor="#EFEFEF"><font size="3">1,878</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="right"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"bgcolor="#EFEFEF"><font size="3">Year ended December
                29, 2001:</font></td>

            <td align="left"
                valign="bottom"bgcolor="#EFEFEF">&nbsp;</td>

            <td align="right"
                valign="bottom"bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"bgcolor="#EFEFEF">&nbsp;</td>

            <td align="left"
                valign="bottom"bgcolor="#EFEFEF">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"><font size="3">Deducted from asset
                accounts:</font></td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom"bgcolor="#EFEFEF"><font size="3">Allowance for
                uncollectible accounts</font></td>

            <td align="right"
                valign="bottom"bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"bgcolor="#EFEFEF"><font size="3">2,380</font></td>

            <td align="right"
                valign="bottom"bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"bgcolor="#EFEFEF"><font size="3">1,513</font></td>

            <td align="right"
                valign="bottom"bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"bgcolor="#EFEFEF"><font size=
                "3">---&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

            <td align="right"
                valign="bottom"bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"bgcolor="#EFEFEF"><font size="3">1,639</font></td>

            <td align="right"
                valign="bottom"bgcolor="#EFEFEF"><font size="3">$</font></td>

            <td align="right"
                valign="bottom"bgcolor="#EFEFEF"><font size="3">2,254</font></td>
        </tr>

        <tr>
            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>

            <td align="left"
                valign="bottom">&nbsp;</td>
        </tr>

        <tr>
            <td colspan="11"
                align="left"
                valign="bottom"><font size="2">(1) Deductions are
                uncollectible accounts written off, net of
                recoveries.</font></td>
        </tr>
    </table>

    <p align="center"><font size="3"><b>Page 32 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000"><font size="3">Table of
    Contents</font></a></p>

    <div style="margin-left: 2em">
        <center>
            <font size="3"><b>WEIS MARKETS, INC.</b></font>
        </center>
    </div>

    <p align="center"><font size="3"><b><a name=
    "05">SIGNATURES</a></b></font></p>

    <p><font size="3">&nbsp;</font></p>

    <p><font size="3">&nbsp;Pursuant to the requirements of Section
    13 or 15(d) of the Securities Exchange Act of 1934, the
    Registrant has duly caused this report to be signed on its
    behalf by the undersigned, thereunto duly
    authorized.</font></p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="16%"
                align="left"
                valign="top">&nbsp;</td>

            <td width="26%"
                align="left"
                valign="top">&nbsp;</td>

            <td width="34%"
                align="center"
                valign="top"><font size="3"><u>WEIS MARKETS,
                INC.</u></font></td>

            <td width="22%"
                align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size=
                "3">(Registrant)</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top"><font size=
                "3">Date&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/05/2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3"><u>/S/Norman S.
                Rich</u></font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3">Norman S.
                Rich</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3">President / Chief
                Executive Officer</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3">and
                Director</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>
    </table>

    <p><font size="3">Pursuant to the requirements of the
    Securities Exchange Act of 1934, this report has been signed
    below by the following persons on behalf of the Registrant and
    in the capacities and on the dates indicated.</font></p>

    <p align="center">&nbsp;</p>

    <table cellspacing="0"
           cellpadding="0"
           width="100%">
        <tr>
            <td width="16%"
                align="left"
                valign="top"><font size=
                "3">Date&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/05/2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td width="26%"
                align="left"
                valign="top">&nbsp;</td>

            <td width="34%"
                align="center"
                valign="top"><font size="3"><u>/S/Robert F.
                Weis</u></font></td>

            <td width="22%"
                align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3">Robert F.
                Weis</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3">Chairman of the Board
                of Directors</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top"><font size=
                "3">Date&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/05/2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3"><u>/S/Jonathan H.
                Weis</u></font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3">Jonathan H.
                Weis</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3">Vice Chairman and
                Secretary</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3">and
                Director</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top"><font size=
                "3">Date&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/05/2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3"><u>/S/Norman S.
                Rich</u></font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3">Norman S.
                Rich</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3">President / Chief
                Executive Officer</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3">and
                Director</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top"><font size=
                "3">Date&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/05/2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3"><u>/S/William R.
                Mills</u></font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3">William R.
                Mills</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3">Senior Vice
                President&nbsp;and Treasurer /</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3">Chief Financial Officer
                / Chief Accounting Officer</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3">and
                Director</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top"><font size=
                "3">Date&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/05/2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3"><u>/S/Richard E.
                Shulman</u></font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3">Richard E.
                Shulman</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3">Director</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top"><font size=
                "3">Date&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/05/2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3"><u>/S/Michael M.
                Apfelbaum</u></font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3">Michael M.
                Apfelbaum</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3">Director</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top"><font size=
                "3">Date&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/05/2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3"><u>/S/Steven C.
                Smith</u></font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3">Steven C.
                Smith</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="center"
                valign="top"><font size="3">Director</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>
    </table>

    <p align="center">&nbsp;</p>

    <p align="center"><font size="3"><b>Page 33 of 33 (Form
    10-K)</b></font> <!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000"><font size="3">Table of
    Contents</font></a></p>

    <p align="right"><font size="3"><b><a name="21">EXHIBIT
    21</a></b></font></p>

    <p align="center"><font size="3"><b>WEIS MARKETS,
    INC.</b></font></p>

    <p align="center"><font size="3"><b>SUBSIDIARIES OF THE
    REGISTRANT</b></font></p>

    <p align="center">&nbsp;</p>

    <table cellspacing="0"
           cellpadding="5"
           width="100%">
        <tr>
            <td width="55%"
                align="left"
                valign="top">&nbsp;</td>

            <td width="17%"
                align="center"
                valign="top"><font size="3"><u>State of
                Incorporation</u></font></td>

            <td width="15%"
                align="center"
                valign="top"><font size="3"><u>Percent Owned</u>
                <u>by Registrant</u></font></td>

            <td width="12%"
                align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top"><font size="3">Albany Public Markets,
                Inc.</font></td>

            <td align="center"
                valign="top"><font size="3">New York</font></td>

            <td align="center"
                valign="top"><font size="3">100%</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top"><font size="3">Dutch Valley Food
                Company, Inc.</font></td>

            <td align="center"
                valign="top"><font size=
                "3">Pennsylvania</font></td>

            <td align="center"
                valign="top"><font size="3">100%</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top"><font size="3">King's Supermarkets,
                Inc.</font></td>

            <td align="center"
                valign="top"><font size=
                "3">Pennsylvania</font></td>

            <td align="center"
                valign="top"><font size="3">100%</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top"><font size="3">Martin's Farm Market,
                Inc.</font></td>

            <td align="center"
                valign="top"><font size=
                "3">Pennsylvania</font></td>

            <td align="center"
                valign="top"><font size="3">100%</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top"><font size="3">Shamrock Wholesale
                Distributors, Inc.</font></td>

            <td align="center"
                valign="top"><font size=
                "3">Pennsylvania</font></td>

            <td align="center"
                valign="top"><font size="3">100%</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top"><font size="3">SuperPetz,
                LLC</font></td>

            <td align="center"
                valign="top"><font size=
                "3">Pennsylvania</font></td>

            <td align="center"
                valign="top"><font size="3">100%</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top"><font size="3">Weis Transportation,
                Inc.</font></td>

            <td align="center"
                valign="top"><font size=
                "3">Pennsylvania</font></td>

            <td align="center"
                valign="top"><font size="3">100%</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top"><font size="3">WMK Financing,
                Inc.</font></td>

            <td align="center"
                valign="top"><font size="3">Delaware</font></td>

            <td align="center"
                valign="top"><font size="3">100%</font></td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>

            <td align="left"
                valign="top">&nbsp;</td>
        </tr>

        <tr>
            <td colspan="4"
                align="left"
                valign="top"><font size="3">The consolidated
                financial statements include the accounts of the
                company and its subsidiaries.</font></td>
        </tr>
    </table> <!-- PAGEBREAK -->
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000">Table of Contents</a></p>

    <p align="right"><font size="3"><b>EXHIBIT 31.1</b></font></p>

    <p align="center"><font size="3"><b>WEIS MARKETS,
        INC.<br clear="left"></b></font></p>

    <p align="center"><font size="3"><b><a name=
    "311">CERTIFICATION- CEO</a></b></font></p>

    <p><font size="3">I, Norman S. Rich, President/CEO of Weis
    Markets, Inc., certify that:<br clear="left"></font></p>

    <p><font size="3">1.&nbsp;&nbsp;I have reviewed this annual
    report on Form 10-K of Weis Markets, Inc.;<br clear=
    "left"></font></p>

    <p><font size="3">2.&nbsp;&nbsp;Based on my knowledge, this
    report does not contain any untrue statement of a material fact
    or omit<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to state a material fact
    necessary to make the statements made, in light of the
    circumstances under which such<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;statements were made, not
    misleading with respect to the periods covered by this annual
    report;<br clear="left"></font></p>

    <p><font size="3">3.&nbsp;&nbsp;Based on my knowledge, the
    financial statements, and other financial information included
    in this report,<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp; fairly present in all material
    respects the financial condition, results of operations and
    cash flows of the<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;registrant as of, and for, the
    periods presented in this report;<br clear="left"></font></p>

    <p><font size="3">4.&nbsp;&nbsp;The registrant's other
    certifying officer and I are responsible for establishing and
    maintaining disclosure<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;controls and procedures (as
    defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the
    registrant and have:<br clear="left"></font></p>

    <p><font size=
    "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;designed
    such disclosure controls and procedures, or caused such
    disclosure controls and procedures to<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;be
    designed under our supervision, to ensure that material
    information relating to the&nbsp;registrant,
        including<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;its
    consolidated subsidiaries, is made known to us by others within
    those entities,&nbsp;particularly during the<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    period in which this annual report is being
        prepared;<br clear="left">
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;evaluated
    the effectiveness of the registrant's disclosure controls and
    procedures and presented in this<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    report our conclusions about the effectiveness of the
    disclosure controls and procedures, as of the end<br clear=
    "left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    of the period covered by this report based on such evaluation;
    and<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)&nbsp;&nbsp;disclosed
    in this report any change in the registrant's internal control
    over financial reporting that occurred<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    during the registrant's most recent fiscal quarter (the
    registrant's fourth fiscal quarter in the case of
        an<br clear="left">
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;annual
    report) that has materially affected, or is reasonably likely
    to materially affect, the registrant's<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;internal
    control over financial reporting; and<br clear=
    "left"></font></p>

    <p><font size="3">5.&nbsp;&nbsp;The registrant's other
    certifying officer and I have disclosed, based on our most
    recent evaluation of internal<br clear="left">
     control over financial reporting, to the registrant's auditors
    and the audit committee of registrant's board<br clear="left">
     of directors (or persons performing the equivalent
    functions):<br clear="left"></font></p>

    <p><font size=
    "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;all
    significant deficiencies and material weaknesses in the design
    or operation of internal controls over<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    financial reporting which are reasonably likely to adversely
    affect the registrant's ability to record,
        process,<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    summarize and report financial information; and<br clear=
    "left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;any
    fraud, whether or not material, that involves management or
    other employees who have a significant<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    role in the registrant's internal control over financial
    reporting.<br clear="left"></font></p>

    <p><font size="3">Date:</font> <font size="3"
          face="Times New Roman">March 5, 2004</font><font size=
          "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>
    &nbsp;&nbsp;/S/ Norman S. Rich</u><br clear="left">

    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norman
    S. Rich</font>

    <font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President/CEO</font></p>

    <p align="center">&nbsp;</p>

    <p align="center">&nbsp;</p>

    <p align="center">&nbsp;</p><!-- PAGEBREAK -->
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000">Table of Contents</a></p>

    <p align="right"><font size="3"><b>EXHIBIT 31.2</b></font></p>

    <p align="center"><font size="3"><b>WEIS MARKETS,
        INC.<br clear="left"></b></font></p>

    <p align="center"><font size="3"><b><a name=
    "312">CERTIFICATION- CFO</a></b></font></p>

    <p><font size="3">I, William R. Mills, Senior Vice President
    and Treasurer/CFO of Weis Markets, Inc., certify
        that:<br clear="left"></font></p>

    <p><font size="3">1.&nbsp;&nbsp;I have reviewed this annual
    report on Form 10-K of Weis Markets, Inc.;<br clear=
    "left"></font></p>

    <p><font size="3">2.&nbsp;&nbsp;Based on my knowledge, this
    report does not contain any untrue statement of a material fact
    or omit<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to state a material fact
    necessary to make the statements made, in light of the
    circumstances under which such<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;statements were made, not
    misleading with respect to the periods covered by this annual
    report;<br clear="left"></font></p>

    <p><font size="3">3.&nbsp;&nbsp;Based on my knowledge, the
    financial statements, and other financial information included
    in this report,<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp; fairly present in all material
    respects the financial condition, results of operations and
    cash flows of the<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;registrant as of, and for, the
    periods presented in this report;<br clear="left"></font></p>

    <p><font size="3">4.&nbsp;&nbsp;The registrant's other
    certifying officer and I are responsible for establishing and
    maintaining disclosure<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;controls and procedures (as
    defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the
    registrant and have:<br clear="left"></font></p>

    <p><font size=
    "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;designed
    such disclosure controls and procedures, or caused such
    disclosure controls and procedures to<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;be
    designed under our supervision, to ensure that material
    information relating to the&nbsp;registrant,
        including<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;its
    consolidated subsidiaries, is made known to us by others within
    those entities,&nbsp;particularly during the<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    period in which this annual report is being
        prepared;<br clear="left">
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;evaluated
    the effectiveness of the registrant's disclosure controls and
    procedures and presented in this<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    report our conclusions about the effectiveness of the
    disclosure controls and procedures, as of the end<br clear=
    "left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    of the period covered by this report based on such evaluation;
    and<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)&nbsp;&nbsp;disclosed
    in this report any change in the registrant's internal control
    over financial reporting that occurred<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    during the registrant's most recent fiscal quarter (the
    registrant's fourth fiscal quarter in the case of
        an<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;annual
    report) that has materially affected, or is reasonably likely
    to materially affect, the registrant's<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;internal
    control over financial reporting; and<br clear=
    "left"></font></p>

    <p><font size="3">5.&nbsp;&nbsp;The registrant's other
    certifying officer and I have disclosed, based on our most
    recent evaluation of internal<br clear="left">
     control over financial reporting, to the registrant's auditors
    and the audit committee of registrant's board<br clear="left">
     of directors (or persons performing the equivalent
    functions):<br clear="left"></font></p>

    <p><font size=
    "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;all
    significant deficiencies and material weaknesses in the design
    or operation of internal controls over<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    financial reporting which are reasonably likely to adversely
    affect the registrant's ability to record,
        process,<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    summarize and report financial information; and<br clear=
    "left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;any
    fraud, whether or not material, that involves management or
    other employees who have a significant<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;role
    in the registrant's internal control over financial
    reporting.<br clear="left"></font></p>

    <p><font size="3">Date:</font> <font size="3"
          face="Times New Roman">March 5, 2004</font><font size=
          "3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>
    &nbsp;&nbsp;/S/ William R. Mills</u><br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William
    R. Mills<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior
    Vice President<br clear="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
    Treasurer/CFO<br clear="left"></font></p>

    <p align="center">&nbsp;</p>

    <p align="center">&nbsp;</p><!-- PAGEBREAK -->
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>

    <p><a href="#000">Table of Contents</a></p>

    <p align="right"><font size="3"><b><a name="32">EXHIBIT 32
    </a></b></font></p>

    <p align="center"><font size="3"><b>WEIS MARKETS,
    INC.</b></font></p>

    <p align="center"><font size="3"><b>CERTIFICATION PURSUANT
    TO<br clear="left">
    18 U.S.C. SECTION 1350,<br clear="left">
    AS ADOPTED PURSUANT TO<br clear="left">
    SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</b></font></p>

    <p><font size="3">In connection with the Annual Report of Weis
    Markets, Inc. (the "company") on Form 10-K for the year ending
    December 27, 2003, as filed with the Securities and Exchange
    Commission on the date hereof (the "Report"), We, Norman S.
    Rich, President / Chief Executive Officer, and William R.
    Mills, Senior Vice President and Treasurer / Chief Financial
    Officer, of the company, certify, pursuant to and for purposes
    of 18 U.S.C. Section 1350, as adopted pursuant to Section 906
    of the Sarbanes-Oxley Act of 2002, that:</font></p>

    <p><font size="3">(1) The Report fully complies with the
    requirements of Section 13(a) or 15(d) of the Securities
    Exchange Act of 1934; and</font></p>

    <p><font size="3">(2) The information contained in the Report
    fairly presents, in all material respects, the financial
    condition and results of operations of the company.</font></p>

    <p><font size="3"><u>/S/ Norman S. Rich<br clear=
    "left"></u>Norman S. Rich<br clear="left">
    President / CEO<br clear="left"></font><font size="3"
          face="Times New Roman">03/05/2004</font></p>

    <p><font size="3"><u>/S/ William R. Mills<br clear=
    "left"></u>William R. Mills<br clear="left">
    Senior Vice President and Treasurer / CFO<br clear="left">
    03/05/2004</font></p>

    <p><font size="3">A signed original of this written statement
    required by Section 906 has been provided to Weis Markets, Inc.
    and will be retained by Weis Markets, Inc. and furnished to the
    Securities and Exchange Commission or its staff upon
    request.</font></p>

    <p align="center">&nbsp;</p>

    <p><!-- PAGEBREAK -->
    </p>
    <hr noshade>

    <h5 align="left"
        style="page-break-before:always"></h5>
</body>
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