Total Company Sales Increased 3.5%
Adjusted EBITDA1 of $31.9
million and Adjusted EPS2 of $0.66 are in line with
Company’s Expectations
Nash Finch Company (NASDAQ: NAFC), one of the leading food
distribution companies in the United States, today announced
financial results for the sixteen weeks (third quarter) ended
October 5, 2013.
Financial Results
Total Company sales for the third quarter 2013 were $1.56
billion compared to $1.51 billion in the prior-year quarter, an
increase of 3.5%. The increase was primarily attributable to sales
to new customers in our Food Distribution segment. The increase in
Food Distribution sales was partially offset by a reduction in
Military segment sales resulting from the impacts of sequestration
and the government shutdown which occurred during our third
quarter. The closure of commissaries caused by the government
sequestration and shutdown reduced Military segment sales by
approximately $60.2 million in the third quarter.
Adjusted Consolidated EBITDA1 was $31.9 million or 2.0% of sales
in the third quarter of 2013 as compared to $43.7 million or 2.9%
of sales in the third quarter of 2012. Consolidated EBITDA3 was
adjusted to exclude the impact of significant items of $0.4 million
and $4.0 million in the third quarters of 2013 and 2012,
respectively. Including the impact of significant items,
Consolidated EBITDA for the third quarter 2013 was $31.5 million or
2.0% of sales as compared to $39.7 million or 2.6% of sales in the
prior year quarter. The year over year comparison was negatively
impacted by $8.6 million due to the reversal of year-to-date
incentive compensation accruals that occurred in the third quarter
of 2012.
"We continued to experience solid sales performance across all
of our business segments in the third quarter. Excluding the impact
of the government sequestration and shutdown, our total company
sales growth would have been over 7%”, said Alec Covington,
President and CEO of Nash Finch. “The third quarter Consolidated
EBITDA and EPS comparisons to the prior year came in right where we
expected; the comparisons were negatively skewed by the reversal of
year-to-date incentive compensation accruals last year.”
Adjusted Net Earnings4 were $8.7 million or $0.66 per diluted
share in the third quarter 2013 as compared to $18.0 million or
$1.38 per diluted share in the third quarter 2012. Net earnings
were adjusted to exclude the impact of significant items totaling
$2.7 million or $0.20 per diluted share in 2013 and $3.3 million or
$0.26 per diluted share in 2012. Including the impact of
significant items, our reported net earnings for the third quarter
of 2013 were $6.0 million or $0.46 per diluted share as compared to
$14.6 million or $1.12 per diluted share in 2012.
The following table identifies the significant items affecting
our Consolidated EBITDA, net earnings and diluted earnings per
share for the third quarter 2013 and prior year results:
(dollars in millions except per share amounts)
3rd
Quarter Fiscal 2013 2012
2013 2012 Significant items
Transaction costs related to acquisitions $ -
(0.6 ) - (1.9 ) Restructuring costs (0.2 ) - (1.3 ) - Military
distribution center conversion and transition costs - (3.4 ) - (4.8
) Casualty insurance claim losses - - (2.1 ) - Retail store closing
costs (0.2 ) - (0.2 ) - Gain on early termination of supply
agreement - - 2.6
-
Significant charges impacting
Consolidated EBITDA $ (0.4 ) (4.0
) (1.0 ) (6.7 ) LIFO
charges 1.3 (1.4 ) 2.3 (2.0 ) Gain on acquisition of business - - -
6.6 Merger related costs (2.5 ) - (2.8 ) - Military distribution
center non-cash pre-opening expense - - - (0.1 )
Losses due to government shutdown and
sequestration
(2.8 ) - (2.8 ) - Goodwill impairment -
- - (132.0 )
Total
significant charges impacting earnings before tax $
(4.4 ) (5.4 ) (4.3 )
(134.2 ) Income tax on significant net charges 1.7
2.1 1.7 3.5 Tax on goodwill impairment and acquisition gain
- - -
32.6
Total significant charges impacting net
earnings $ (2.7 )
(3.3 ) (2.6 )
(98.1 ) Diluted earnings per share
impact from significant items (0.20 ) (0.26 ) (0.20 ) (7.55 )
Diluted earnings per share, as reported 0.46
1.12 1.30 (5.01 )
Diluted earnings per share, as adjusted $ 0.66
1.38 1.50 2.54
Consolidated EBITDA, as reported 31.5 39.7 76.4 88.7
Consolidated EBITDA impact from significant items (0.4 )
(4.0 ) (1.0 ) (6.7 )
Consolidated EBITDA, as adjusted $ 31.9
$ 43.7 $ 77.4
$ 95.4
Military Distribution
Results
(dollars in millions)
3rd Quarter %
Change Fiscal % Change 2013
2012 2013
2012 Net Sales $ 665.5 712.1 (6.5%)
1,735.1 1,772.6 (2.1%) Segment EBITDA3 10.5 13.7 (22.8%)
25.5 38.9 (34.4%) Percentage of Sales 1.6% 1.9% 1.5% 2.2%
The Military segment net sales decreased 6.5% to $665.5 million
in the third quarter compared to the prior year. The Military
segment EBITDA was $10.5 million or 1.6% of sales in the third
quarter 2013 as compared to $13.7 million or 1.9% of sales in the
third quarter 2012. The decrease in Military sales was due to the
effects of the government sequestration and shutdown which directly
impacted the operation of the military commissaries. The decrease
in third quarter EBITDA relative to 2012 was partially due to the
reversal of year-to-date incentive compensation accruals in the
third quarter of 2012.
“Excluding the $60 million sales impact from the government shut
down and sequestration, our third quarter Military sales would have
been above the prior year by approximately 1.9%,” said Covington.
“We are pleased that the commissaries are all back open for
business and delivering the important commissary benefit upon which
our military heroes and their families have come to rely. We look
forward to being able to serve even more of our military heroes and
their families once our perishable and frozen addition at our
Landover facility is open early next year. The combination of the
expanded operations in Landover and leveraging our world-wide
military distribution network should lead to additional growth in
the military segment."
Food Distribution & Retail
Results
(dollars in millions)
3rd Quarter %
Change Fiscal % Change 2013
2012 2013
2012 Sales Food Distribution $
656.4 556.8 17.9% 1,528.8 1,431.2 6.8% Retail 241.6
242.2 (0.3%) 598.5 481.4 24.3% Total $
898.0 799.0 12.4% 2,127.3 1,912.6
11.2% Segment EBITDA3 Food Distribution $ 12.8 14.8 (13.3%)
28.0 30.7 (8.8%) Retail 8.1 11.3 (28.1%)
22.9 19.2 19.3% Total $ 20.9 26.1
(19.7%) 50.9 49.9 2.0%
Percentage of Sales Food Distribution 2.0% 2.7% 1.8% 2.1% Retail
3.4% 4.7% 3.8% 4.0% Total 2.3%
3.3% 2.4% 2.6%
The combined Food Distribution and Retail segment sales
increased 12.4% to $898.0 million in the third quarter of 2013 as
compared to the prior year period. The increase in Food
Distribution sales was primarily attributable to shipments to new
customers.
The combined Food Distribution and Retail segment EBITDA was
$20.9 million or 2.3% of sales in the third quarter 2013 as
compared to $26.1 million or 3.3% of sales in the third quarter
2012. The decrease in third quarter EBITDA relative to 2012 was
entirely due to the reversal of year-to-date incentive compensation
accruals in the third quarter of 2012.
“I am extremely pleased with the sales performance of the Food
Distribution and Retail segments during the third quarter,” said
Covington. “We continue to look for creative ways to expand our
portfolio of business and to work with new and existing retailers
in the growth of their businesses. We also added two new stores to
our Retail store base during the third quarter with the acquisition
of two very successful stores from existing customers.”
Liquidity
Total debt at the end of the third quarter 2013 was $400.9
million as compared to $433.0 million at the end of the second
quarter 2013. The Company continues to focus on effectively
managing its balance sheet and is currently in compliance with all
of its debt covenants. The Total Debt Leverage Ratio5 as of the end
of the third quarter 2013 was 4.05. Availability on the Company’s
revolving credit facility at the end of the quarter was $248.0
million.
Merger Update
On July 22, 2013, the Company announced that it had entered into
a definitive merger agreement under which Nash Finch Company and
Spartan Stores, Inc. will combine in an all-stock merger valued at
approximately $1.3 billion, including existing net debt at each
company. A special meeting of shareholders is scheduled for
November 18, 2013. Upon closing, each share of the Company’s common
stock will be converted into 1.2 shares of Spartan Stores common
stock. Spartan Stores shareholders will own approximately 57.7% of
the equity of the combined company and Nash Finch shareholders will
own approximately 42.3% of the Company’s common stock
1 References to Adjusted EBITDA or Adjusted Consolidated EBITDA
are defined as EBITDA adjusted for any significant items.
2 Adjusted EPS is defined as earnings per share adjusted for any
significant items.
3 References to EBITDA, Consolidated EBITDA, and segment EBITDA
are calculated as earnings (loss) before interest, income tax,
depreciation and amortization, adjusted to exclude extraordinary
gains or losses, gains or losses from sales of assets other than
inventory in the ordinary course of business, and non-cash charges
(such as LIFO, asset impairments, closed store lease costs and
share-based compensation) and other items that management does not
utilize in assessing operating performance, less cash payments made
during the current period on non-cash charges recorded in prior
periods. Consolidated EBITDA should not be considered an
alternative measure of our net income (loss), operating
performance, cash flows or liquidity. Consolidated EBITDA is
provided as additional information as a key metric used to
determine payout pursuant to our Short-Term and Long-Term Incentive
Plans. The Company also believes investors find the information
useful because it reflects the resources available for strategic
investments including, for example, capital needs of the business,
strategic acquisitions and debt service.
4 Adjusted Net Earnings is defined as net earnings adjusted for
any significant items.
5 Total Debt Leverage Ratio is defined as total debt (current
portion of long-term debt and capital leases, long-term debt and
capitalized lease obligations) divided by the trailing four
quarters Consolidated EBITDA.
A conference call to review the third quarter 2013 results is
scheduled at 9:00 a.m. CT (10:00 a.m. ET) on November 12, 2013.
Interested participants can listen to the conference call over the
Internet by logging onto the “Investor Relations” portion of Nash
Finch's website at http://www.nashfinch.com. A replay of the
webcast will be available and the transcript of the call will be
archived on the “Investor Relations” portion of Nash Finch's
website under the heading “Audio Archives.” A copy of this press
release and the other financial and statistical information about
the periods to be discussed in the conference call will be
available at the time of the call on the “Investor Relations”
portion of the Nash Finch website under the caption “Press
Releases.”
Nash-Finch is a Fortune 500 company and the largest food
distributor serving military commissaries and exchanges in the
United States. Nash-Finch's core businesses include distributing
food to military commissaries and retailers located in 44 states,
the District of Columbia, Europe, Cuba, Puerto Rico, the Azores,
Bahrain and Egypt. The Company also owns and operates a base of
retail stores, primarily supermarkets under the Family Fresh
Market®, Econofoods®, Family Thrift Center®, No Frills®, Bag 'n
Save®, AVANZA®, and Sun Mart® trade names. Further information is
available on the Company's website, www.nashfinch.com.
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Such statements relate to trends and events that
may affect our future financial position and operating results. Any
statement contained in this release that is not statements of
historical fact may be deemed forward-looking statements. For
example, words such as “may,” “will,” “should,” “likely,” “expect,”
“anticipate,” “estimate,” “believe,” “intend, ” “potential” or
“plan,” or comparable terminology, are intended to identify
forward-looking statements. Such statements are based upon current
expectations, estimates and assumptions, and entail various risks
and uncertainties that could cause actual results to differ
materially from those expressed in such forward-looking statements.
Important factors known to us that could cause or contribute to
material differences include, but are not limited to, the
following:
- the effect of traditional and
alternative competition on our food distribution, military and
retail businesses;
- general sensitivity to economic
conditions, including the uncertainty related to the current state
of the economy in the U.S. and worldwide economic slowdown;
disruptions to the credit and financial markets in the
U.S. and worldwide; changes in market interest rates;
continued volatility in energy prices and food commodities;
- macroeconomic and geopolitical events
affecting commerce generally;
- changes in consumer buying and spending
patterns including a shift to non-traditional retail channels;
- our ability to identify and execute
plans to expand our food distribution, military and retail
operations;
- possible changes in the military
commissary system, including those stemming from the redeployment
of forces, congressional action, changes in funding levels or the
effect of mandated reductions or sequestration of government
expenditures;
- our ability to identify and execute
plans to improve the competitive position of our retail
operations;
- the success or failure of strategic
plans, new business ventures or initiatives;
- our ability to successfully integrate
and manage current or future businesses we acquire, including the
ability to manage credit risks and retain the customers of those
operations;
- changes in credit risk from financial
accommodations extended to new or existing customers;
- significant changes in the nature of
vendor promotional programs and the allocation of funds among the
programs;
- limitations on financial and operating
flexibility due to debt levels and debt instrument covenants and
ability to access capital to support capital spending and growth
opportunities;
- legal, governmental, legislative or
administrative proceedings, disputes, or actions that result in
adverse outcomes;
- our ability to identify and remediate
any material weakness in our internal controls that could affect
our ability to detect and prevent fraud, expose us to litigation,
or prepare financial statements and reports in a timely
manner;
- changes in accounting standards;
- technology failures that may have a
material adverse effect on our business;
- severe weather and natural disasters
that may impact our supply chain;
- unionization of a significant portion
of our workforce;
- costs related to a multi-employer
pension plan which has liabilities in excess of plan assets;
- changes in health care, pension and
wage costs and labor relations issues;
- product liability claims, including
claims concerning food and prepared food products;
- changes in food safety regulations and
other regulations applicable to the products we sell;
- threats or potential threats to
security;
- unanticipated problems with product
procurement; and
- maintaining our reputation and
corporate image.
A more detailed discussion of many of these factors, as well as
other factors that could affect the Company’s results, is contained
in the Company’s periodic reports filed with the SEC. You should
carefully consider each of these factors and all of the other
information in this release. We believe that all forward-looking
statements are based upon reasonable assumptions when made.
However, we caution that it is impossible to predict actual results
or outcomes and that accordingly you should not place undue
reliance on these statements. Forward-looking statements speak only
as of the date when made and we undertake no obligation to revise
or update these statements in light of subsequent events or
developments. Actual results and outcomes may differ materially
from anticipated results or outcomes discussed in forward-looking
statements. You are advised, however, to consult any future
disclosures we make on related subjects in future reports to the
Securities and Exchange Commission (SEC).
NASH FINCH COMPANY AND SUBSIDIARIES
Consolidated Statements of Income (Loss) (In
thousands, except per share amounts) Forty Forty
Sixteen Weeks Ended Weeks Ended Weeks Ended October 5
October 6 October 5 October 6 2013 2012 2013 2012 Sales $
1,563,428 1,511,090 3,862,421 3,685,177 Cost of sales 1,436,044
1,383,445 3,542,619 3,388,015 Gross
profit 127,384 127,645 319,802 297,162 Gross profit margin
8.1%
8.4%
8.3%
8.1%
Other costs and expenses: Selling, general and
administrative 100,146 84,692 247,480 205,904 Gain on acquisition
of a business - - - (6,639 ) Goodwill impairment - - - 131,991
Depreciation and amortization 11,910 11,924 29,480 28,510 Interest
expense 5,614 8,074 15,571 18,672 Total
other costs and expenses 117,670 104,690 292,531
378,438 Earnings (loss) before income taxes
9,714 22,955 27,271 (81,276 ) Income tax expense (benefit)
3,691 8,351 10,259 (16,366 ) Net earnings
(loss) $ 6,023 14,604 17,012 (64,910 )
Net earnings (loss) per share: Basic $ 0.46 1.13 1.31 (5.01 )
Diluted $ 0.46 1.12 1.30 (5.01 ) Declared dividends per
common share $ 0.18 0.18 0.54 0.54
Weighted average number of common shares
outstanding and common equivalent shares outstanding:
Basic 12,992 12,962 12,996 12,963 Diluted 13,132 13,040 13,093
12,963
NASH FINCH COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets (In thousands, except
per share amounts)
Assets
October 5, 2013 December 29, 2012 Current assets: Cash $ 1,203
1,291 Accounts and notes receivable, net 227,379 239,925
Inventories 436,140 362,526 Prepaid expenses and other 14,198
18,569 Deferred tax assets 4,378 3,724 Total current
assets 683,298 626,035 Notes receivable, net 27,544 21,360
Property, plant and equipment: 752,935 738,857 Less
accumulated depreciation and amortization (456,825 ) (436,572 ) Net
property, plant and equipment 296,110 302,285 Goodwill
28,590 22,877 Customer contracts and relationships, net 5,863 6,649
Investment in direct financing leases 1,796 1,923 Deferred tax
asset, net 31,246 2,780 Other assets 19,237 19,708
Total assets $ 1,093,684 1,003,617
Liabilities and
Stockholders' Equity
Current liabilities: Current maturities of long-term debt and
capital lease obligations $ 4,550 2,265 Accounts payable 274,255
247,392 Accrued expenses 63,606 52,326 Income taxes payable 7,661
429 Total current liabilities 350,072 302,412
Long-term debt 383,015 356,251 Capital lease obligations 13,328
14,807 Other liabilities 38,956 33,758 Commitments and
contingencies - - Stockholders' equity: Preferred stock - no par
value. Authorized 500 shares; none issued - - Common stock of $1.66
2/3 par value Authorized 50,000 shares; 13,815 and 13,799 shares
issued, respectively 23,026 22,998 Additional paid-in capital
114,762 113,641 Common stock held in trust (1,317 ) (1,295 )
Deferred compensation obligations 1,317 1,295 Accumulated other
comprehensive loss (15,705 ) (15,705 ) Retained earnings 237,091
227,161 Treasury stock at cost; 1,500 and 1,525 shares,
respectively (50,861 ) (51,706 ) Total stockholders' equity 308,313
296,389 Total liabilities and stockholders' equity $
1,093,684 1,003,617
NASH FINCH COMPANY AND
SUBSIDIARIES Consolidated Statements of Cash
Flows (In thousands) 40 Weeks Ended
October 5 October 6 2013 2012 Operating activities: Net earnings
(loss) $ 17,012 (64,910 ) Adjustments to reconcile net earnings
(loss) to net cash provided by operating activities: Gain on
acquisition of a business - (6,639 ) Depreciation and amortization
29,480 28,510 Amortization of deferred financing costs 844 962
Non-cash convertible debt interest 1,363 4,736 Rebateable loans
1,964 3,111 Provision for (recovery of) bad debts 487 (274 )
Provision for (recovery of) lease reserves 327 (33 ) Deferred
income tax benefit (29,119 ) (32,783 ) Gain on sale of property,
plant and equipment (111 ) (1,506 ) LIFO charge (credit) (2,265 )
2,040 Asset impairments - 62 Impairments of goodwill - 131,991
Share-based compensation expense (reversal of) 1,887 (1,295 )
Deferred compensation 908 984 Other (149 ) (187 ) Changes in
operating assets and liabilities, net of effects of acquisitions:
Accounts and notes receivable 11,579 (10,541 ) Inventories (70,487
) (70,609 ) Prepaid expenses (3,512 ) (1,051 ) Accounts payable
11,984 33,450 Accrued expenses 11,707 (14,182 ) Income taxes
payable 15,146 6,975 Other assets and liabilities 3,203
(3,542 ) Net cash provided by operating activities 2,248
5,269 Investing activities: Proceeds from sale of
assets 589 8,690 Additions to property, plant and equipment (19,485
) (23,736 ) Businesses acquired, net of cash (7,040 ) (78,259 )
Loans to customers (12,983 ) (8,715 ) Payments from customers on
loans 5,450 7,765 Corporate-owned life insurance, net (972 ) (837 )
Other - (151 ) Net cash used in investing activities (34,441
) (95,243 ) Financing activities: Proceeds from revolving debt
139,457 69,800 Dividends paid (6,637 ) (6,607 ) Proceeds from
long-term debt 39,533 18,702 Payments of long-term debt (151,365 )
(1,260 ) Payments of capitalized lease obligations (1,418 ) (1,924
) Increase in outstanding checks 13,126 13,204 Payments of deferred
financing costs (253 ) (211 ) Tax benefit from share-based
compensation - 66 Other (338 ) (1,373 ) Net cash provided by
financing activities 32,105 90,397 Net increase
(decrease) in cash (88 ) 423 Cash at beginning of year $ 1,291
773 Cash at end of period 1,203 1,196
NASH FINCH COMPANY AND SUBSIDIARIES
Supplemental Data (Unaudited) October 5 October 6
Other Data (In
thousands)
2013 2012 Total debt $ 400,893 388,880 Stockholders' equity
$ 308,313 329,709 Capitalization $ 709,206 718,589 Debt to total
capitalization
56.5%
54.1%
Non-GAAP Data Consolidated EBITDA (a) $ 98,955
122,154 Leverage ratio - trailing 4 qtrs. (debt to consolidated
EBITDA) (b) 4.05x 3.18x Comparable GAAP Data Debt to
earnings before income taxes (b) (30.49 ) (5.67 ) (a)
Consolidated EBITDA, as defined in our
credit agreement, is earnings before interest, income tax,
depreciation and amortization, adjusted to exclude extraordinary
gains or losses, gains or losses from sales of assets other than
inventory in the ordinary course of business, and non-cash charges
(such as LIFO, asset impairments, closed store lease costs and
share-based compensation) and other items that management does not
utilize in assessing operating performance, less cash payments made
during the current period on non-cash charges recorded in prior
periods. Consolidated EBITDA should not be considered an
alternative measure of our net income, amount of Consolidated
operating performance, cash flows or liquidity. The EBITDA is
provided as a metric used to determine payout of performance units
pursuant to our Long-Term Incentive Plan.
(b)
Leverage ratio is defined as the Company's
total debt at October 5, 2013 and October 6, 2012, divided by
Consolidated EBITDA for the respective four trailing quarters. The
most comparable GAAP ratio is debt at the same date divided by
earnings from continuing operations before income taxes for the
respective four trailing quarters.
Derivation of
Consolidated EBITDA; Segment Consolidated EBITDA and Segment Profit
(in thousands)
FY
2013 2012 2013 2013 2013 Rolling Qtr 4 Qtr 1 Qtr 2 Qtr 3 4
Qtrs Earnings before income taxes $ (40,418 ) 2,966 14,591
9,714 (13,147 ) Add/(deduct)
LIFO charge
1,285 (187 ) (827 ) (1,251 ) (980 )
Depreciation and amortization
9,324 8,800 8,770 11,910 38,804
Interest expense
6,272 6,009 3,948 5,614 21,843
Merger costs
- 302 2,475 2,777
Goodwill impairment
34,639 - - - 34,639
Closed store lease costs
193 - 246 81 520
Asset impairment
13,066 - 13,066
Net loss (gain) on sale of real estate and
other assets
(16 ) 80 (123 ) (68 ) (127 )
Stock compensation expense (reversal
of)
(1,151 ) 499 663 725 736
Losses associated with government
shutdown/sequestration
- - 2,759 2,759
Subsequent cash payments on non-cash
charges
(610 ) (472 ) (361 ) (492 ) (1,935 ) Total Consolidated EBITDA $
22,584 17,695 27,209 31,467 98,955
2012 2013 2013 2013 Rolling Segment
Consolidated EBITDA Qtr 4 Qtr 1 Qtr 2 Qtr 3 4 Qtrs Military $ 8,783
7,909 7,037 10,542 34,271 Food Distribution 6,159 3,216 12,006
12,802 34,183 Retail 7,642 6,570 8,166 8,123
30,501 $ 22,584 17,695 27,209
31,467 98,955 2012 2013 2013 2013
Rolling Segment profit Qtr 4 Qtr 1 Qtr 2 Qtr 3 4 Qtrs Military $
3,953 4,717 3,942 3,063 15,675 Food Distribution (8,691 ) 147 9,048
8,032 8,536 Retail 3,834 2,784 4,137 2,264 13,019 Unallocated:
Interest
(4,875 ) (4,682 ) (2,536 ) (3,645 ) (15,738 )
Goodwill Impairment
(34,639 ) - - - (34,639 ) $ (40,418 ) 2,966
14,591 9,714 (13,147 )
FY
2012 2011 2012 2012 2012 Rolling Qtr 4 Qtr 1 Qtr 2 Qtr 3 4
Qtrs Earnings before income taxes $ 12,707 9,069 (113,300 ) 22,955
(68,569 ) Add/(deduct)
LIFO charge
4,503 181 420 1,438 6,542
Depreciation and amortization
8,016 8,204 8,382 11,924 36,526
Interest expense
7,066 5,138 5,460 8,074 25,738
Goodwill impairment
- - 131,991 - 131,991
Gain on the acquisition of a business
- - (6,639 ) - (6,639 )
Closed store lease costs
124 - (33 ) - 91
Asset impairment
191 62 - - 253
Net loss (gain) on sale of real estate and
other assets
41 (476 ) 89 (1,119 ) (1,465 )
Stock compensation
1,137 1,094 546 (2,935 ) (158 )
Subsequent cash payments on non-cash
charges
(369 ) (442 ) (729 ) (616 ) (2,156 ) Total Consolidated EBITDA $
33,416 22,830 26,187 39,721 122,154
2011 2012 2012 2012 Rolling Segment Consolidated
EBITDA Qtr 4 Qtr 1 Qtr 2 Qtr 3 4 Qtrs Military $ 17,061 13,400
11,797 13,661 55,919 Food Distribution 10,747 6,539 9,419 14,764
41,469 Retail 5,608 2,891 4,971 11,296
24,766 $ 33,416 22,830 26,187 39,721
122,154 2011 2012 2012 2012 Rolling Segment
profit Qtr 4 Qtr 1 Qtr 2 Qtr 3 4 Qtrs Military $ 12,314 10,474
8,570 10,322 41,680 Food Distribution 4,014 2,338 5,517 11,191
23,060 Retail 2,668 661 2,390 7,725 13,444 Unallocated:
Interest
(6,289 ) (4,404 ) (4,425 ) (6,283 ) (21,401 )
Gain on the acquisition of a business
- - 6,639 - 6,639
Goodwill impairment
- - (131,991 ) - (131,991 ) $ 12,707
9,069 (113,300 ) 22,955 (68,569 )
Nash Finch CompanyBob Dimond, Executive VP & CFO,
952-844-1060
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