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Nasdaq:NAFC
Nash
Finch Company is a Fortune 500 company and one of the leading food distribution
companies in the United States. Nash Finch's core business, food distribution,
serves independent retailers and military commissaries in 31 states, the
District of Columbia, Europe, Cuba, Puerto Rico, Iceland, the Azores and
Honduras. The Company also owns and operates a base of retail stores, primarily
supermarkets under the Econofoods(R), Family Thrift Center(R) and Sun Mart(R)
trade names.
http://www.nashfinch.com
Nash
Finch Reports FirstQuarter 2010 Results
MINNEAPOLIS,
Apr 30, 2010 (BUSINESS WIRE) --Nash Finch Company (NASDAQ: NAFC), one of
the leading food distribution companies in the United States, today announced
financial results for the twelve weeks (first quarter) ended March 27,
2010.
Financial
Results
Total
company sales for the first quarter 2010 were $1.18 billion compared to
$1.14 billion in the prior-year quarter, an increase of 3.5%. Excluding
the impact of the sales increase of $59.4 million attributable to the acquisition
of three military distribution centers on January 31, 2009, total company
sales decreased 1.8% relative to last year.
Consolidated
EBITDA1 for the first quarter 2010 was $28.5 million, or 2.4% of sales,
as compared to $29.2 million, or 2.6% of sales, for the prior year quarter.
Consolidated EBITDA is a non-GAAP financial measure that is reconciled
to the most directly comparable GAAP financial results in the attached
financial statements.
Net
earnings for the first quarter 2010 were $7.9 million, or $0.59 per diluted
share, as compared to net earnings of $14.4 million, or $1.08 per diluted
share, in the prior year quarter. Net earnings for the first quarter 2010
and 2009 were affected by significant items totaling ($0.2) million and
$6.9 million, or ($0.02) and $0.51 per diluted share, respectively and
is detailed in the table below.
"The
first quarter results were in-line with our expectations as the trends
in price deflation and consumer shopping patterns continued to impact top
line sales in the food distribution and retail industry," said Alec Covington,
President and CEO of Nash Finch. "As I mentioned in the fourth quarter
press release, we believe these economic headwinds will continue this year.
As a result, we are implementing strategic initiatives to increase our
supply chain efficiency and reduce our overhead and administrative expenses.
We continue to have a strong balance sheet with plenty of liquidity."
Nash-Finch
Board Announces Quarterly Dividend
MINNEAPOLIS,
Mar 02, 2010 (BUSINESS WIRE) -- Nash-Finch Company (Nasdaq: NAFC), a Minneapolis-based
food distributor, announced today that its board of directors has declared
a regular quarterly cash dividend of 18 cents per share of common stock.
The dividend is payable March 26, 2010, to shareholders of record at the
close of business on March 12, 2010. It is the Company's 334th consecutive
quarterly cash dividend. There are 12,807,022 shares of common stock outstanding.
Nash
Finch Reports Fourth Quarter and Fiscal 2008 Results
Comparable
Fourth Quarter Sales Increased 5.3%
MINNEAPOLIS--(BUSINESS
WIRE)--Mar. 12, 2009-- Nash Finch Company (NASDAQ: NAFC), one of the leading
food distribution companies in the United States, today announced financial
results for the 53 weeks (fiscal 2008) ended January 3, 2009.
Financial
Results
Sales
for fiscal 2008 were a record $4.704 billion compared to $4.533 billion
in the prior-year, an increase of 3.8%. Excluding the extra sales from
the 53rd week in fiscal 2008 of $77.1 million and the impact of the sales
decrease attributable to a large customer who transitioned to another supplier
in mid-2007 of $72.8 million, total company sales for fiscal 2008 were
up 3.7%. Sales for the 13 week fourth quarter 2008 were $1.203 billion
compared to $1.069 billion in the 12 week prior-year quarter, an increase
of 12.5%. Excluding the extra sales from the 53rd week, the comparable
fourth quarter 2008 sales would have been $1.126 billion, or up 5.3%.
Net
earnings for fiscal 2008 were $36.2 million, or $2.75 per diluted share,
as compared to net earnings of $38.8 million, or $2.84 per diluted share,
in fiscal 2007. Net earnings for fiscal 2008 were negatively affected by
significant items, which are presented in a table below, totaling $6.1
million (net of tax), or $0.46 per diluted share, while net earnings for
fiscal 2007 benefited by significant items totaling $4.3 million, or $0.31
per diluted share.
Net
earnings for the fourth quarter 2008 were $6.2 million, or $0.47 per diluted
share, as compared to net earnings of $8.5 million, or $0.62 per diluted
share, in the prior year quarter. Net earnings for the fourth quarter 2008
were negatively impacted by significant items presented below, totaling
$3.5 million, or $0.26 per diluted share, while earnings for the fourth
quarter 2007 were negatively affected by significant items totaling $0.2
million, or $0.01 per diluted share.
Consolidated
EBITDA1 for fiscal 2008 increased 11.6% to a record $143.7 million, or
3.1% of sales, as compared to $128.8 million, or 2.8% of sales, for the
prior year period. For the fourth quarter 2008, Consolidated EBITDA increased
17.5% to $35.5 million, or 3.0% of sales, compared to $30.2 million, or
2.8% of sales, in the same prior-year period. Consolidated EBITDA is a
non-GAAP financial measure that is reconciled to the most directly comparable
GAAP financial results in the attached financial statements.
“I
am pleased with our Company’s fourth quarter sales and EBITDA performance
as we strengthened our financial position during one of the most difficult
business environments in history. Each of our business units achieved positive
sales and EBITDA performance over the prior year, resulting in a strong
second half and full year for 2008,” said Alec Covington, President and
CEO of Nash Finch. “Our sales of $4.7 billion and EBITDA of $143.7 million
are new Company records and confirm we are on the right path implementing
our strategies. I want to personally thank our associates throughout the
organization for their dedicated efforts, without which we would not have
posted these results.”
Nash
Finch Board Announces Quarterly Dividend
MINNEAPOLIS--(BUSINESS
WIRE)--Mar. 10, 2009-- Nash-Finch Company (Nasdaq: NAFC), a Minneapolis-based
food distributor, announced today that its board of directors has declared
a regular quarterly cash dividend of 18 cents per share of common stock.
The dividend is payable April 3, 2009 to shareholders of record at the
close of business on March 20, 2009. It is the Company’s 330th consecutive
quarterly cash dividend. There are 12,817,780 shares of common stock outstanding.
Nash
Finch Seeks in Excess of $18 Million in Damages from Roundy's Supermarkets,
Inc.
MINNEAPOLIS--(BUSINESS
WIRE)--Feb. 19, 2008--Nash Finch Company (Nasdaq: NAFC), a leading national
food distributor, announced today that the efforts of Nash Finch and Roundy's
Supermarkets, Inc ("Roundy's) to resolve their disputes concerning Nash
Finch's 2005 acquisition of Roundy's Lima, Ohio and Westville, Indiana
distribution centers have failed, and the matter has proceeded to litigation
in the United States District Court for the Eastern District of Wisconsin.
Roundy's filed a breach of contract suit on February 11, 2008, claiming
Nash Finch violated the terms of the Asset Purchase Agreement by not paying
approximately $7.9 million as a purchase price adjustment. Nash Finch today
answered the complaint, denying any additional monies were due to Roundy's,
and asserted counterclaims against Roundy's for, among other things, breach
of contract, misrepresentation and breach of the implied covenant of good
faith and fair dealing. Nash Finch is seeking damages in its counterclaims
in excess of $18 million.
Nash
Finch Reports First Quarter 2007 Results And Announces Customer Transition
MINNEAPOLIS--(BUSINESS
WIRE)--April 25, 2007--Nash Finch Company (NASDAQ:NAFC), one of the leading
food distribution companies in the United States, today announced financial
results for the first quarter ended March 24, 2007 and the transition of
a customer to a new supplier.
Financial
Results
Total
company sales for the first quarter 2007 were $1.032 billion, a decline
of 0.2%, compared to $1.035 billion in the first quarter 2006. The slight
sales decline is attributable to the 2006 closure of underperforming retail
stores and customer attrition in the food distribution segment, offset
by stronger sales in the military segment. This marks improvement relative
to the fourth quarter 2006 sales decline which was a reduction of 2.1%
compared to the previous years fourth quarter.
Net
earnings for the first quarter of 2007 were $5.3 million, or $0.39 per
diluted share, as compared to net earnings of $3.9 million, or $0.29 per
diluted share, in the prior year quarter.
Consolidated
EBITDA(1) for the first quarter 2007 was $25.2 million, or 2.4% of sales,
compared to $24.0 million, or 2.3% of sales, for the first quarter 2006.
Consolidated EBITDA is a non-GAAP financial measure that is reconciled
to the most directly comparable GAAP financial results in the attached
financial statements.
"I
am pleased with the improvement in our EBITDA margins during the quarter,"
said Alec Covington, President and CEO of Nash Finch. "This is a result
of hard work on the part of our employees who are dedicated to achieving
the Company's goals."
Nash
Finch Announces First Quarter Conference Call
MINNEAPOLIS--(BUSINESS
WIRE)--April 16, 2007--Nash Finch Company (Nasdaq:NAFC), a leading national
food distributor, announced today that it will host a teleconference on
Thursday, April 26, 2007, at 10 a.m. CT (11 a.m. ET) during which Alec
Covington, Nash Finch President and CEO, will discuss the Company's first
quarter financial results. Investors can access an Internet broadcast of
this teleconference at the Nash Finch website, www.nashfinch.com. Internet
broadcast participants will be able to listen to the call live, but will
be unable to ask questions.
The
replay of the Internet broadcast will be available on the Nash Finch website
starting at 1 p.m. CT (2 p.m. ET) on April 26, 2007. An audio replay of
the teleconference will be available via telephone at 1-888-203-1112 with
the passcode of 9234931. The audio replay will be available starting at
1 p.m. CT (2 p.m. ET) on April 26 through May 3, 2007. A copy of the Company's
press release announcing its earnings and providing other financial and
statistical information to be presented at the teleconference will be available
at the "Investor Relations" portion of the Company's website, under the
heading "Press Releases."
Nash
Finch Reports Fourth Quarter and Fiscal 2006 Results
MINNEAPOLIS--(BUSINESS
WIRE)--March 1, 2007--Nash Finch Company (NASDAQ:NAFC), one of the leading
food distribution companies in the United States, today announced financial
results for the fourth quarter and year ended December 30, 2006.
Financial
Results
Sales
for fiscal 2006 were $4.632 billion compared to $4.556 billion in fiscal
2005. The increase in sales primarily reflects the Company's acquisition
of food distribution divisions located in Lima, Ohio and Westville, Indiana
effective March 31, 2005 and stronger sales in the military segment, partially
offset by a decline in the retail segment sales associated with the closing
of underperforming stores.
Sales
for the fourth quarter of 2006 were $1.099 billion as compared to $1.123
billion in the prior year quarter. The sales decline is attributable to
the closing of underperforming retail stores, slower growth in new accounts
and customer attrition in the food distribution segment; partially offset
by stronger sales in the military segment.
For
fiscal 2006, the Company's net loss was $23.0 million, or $1.72 per diluted
share, as compared to net earnings of $41.3 million, or $3.13 per diluted
share, for fiscal 2005. Fiscal 2006 earnings were negatively impacted by
pre-tax charges totaling $63.7 million, or $3.62 per diluted share. This
compares to fiscal 2005 pre-tax charges of $3.9 million, or $0.18 per diluted
share. The details of these charges for the full year and fourth quarter
together with a comparison to similar charges in the prior year are depicted
in the following table.
For
the fourth quarter of 2006, the Company's net loss was $26.4 million, or
$1.96 per diluted share, as compared to net earnings of $13.5 million,
or $1.01 per diluted share, in the prior year quarter. Earnings for the
fourth quarter of 2006 were negatively impacted by pre-tax charges totaling
$38.9 million, or $2.49 per diluted share. Earnings for the fourth quarter
of 2005 were negatively impacted by pre-tax charges totaling $3.8 million,
or $0.17 per diluted share.
Consolidated
EBITDA(1) for fiscal 2006 was $102.7 million, or 2.2% of sales, compared
to $132.7 million, or 2.9% of sales, for fiscal 2005. In the fourth quarter
2006, Consolidated EBITDA was $23.9 million, or 2.2% of sales, compared
to $32.7 million, or 2.9% of sales, in the prior year quarter. Consolidated
EBITDA is a non-GAAP financial measure that is reconciled to the most directly
comparable GAAP financial results in the attached financial statements.
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