Delaware | 333-168065 | 26-1252536 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
6363 Main Street Williamsville, New York |
14221 |
|
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition |
Item 9.01 | Financial Statements and Exhibits |
99.1 | Press release of Tops Holding Corporation dated June 6, 2011. |
Date: June 6, 2011 |
TOPS HOLDING CORPORATION |
|||
By: | /s/ Frank Curci | |||
Frank Curci | ||||
President and Chief Executive Officer |
99.1 | Press Release dated June 6, 2011. |
![]() |
NEWS RELEASE |
For more information contact: |
Rick Mills, SVP & Chief Financial Officer |
Phone: (716) 635-5000 |
Email: wmills@topsmarkets.com |
FOR IMMEDIATE RELEASE |
| Total inside sales (supermarket excluding gasoline) grew 5.6% to $658.9 million in the first quarter of fiscal 2011, driven by same store sales growth and the benefit of four additional weeks of operations from the acquired Penn Traffic supermarkets | ||
| Same store sales increased 3.6% as the Companys sales and marketing programs drive traffic into stores | ||
| EBITDA increased 10.3% to $37.9 million in fiscal 2011 first quarter | ||
| Cash from operations of $22.3 million generated in fiscal 2011 first quarter |
- MORE -
Inside sales: |
||||||||
Increase in same store sales |
$ | 21,053 | 3.2 | % | ||||
Increase from incremental stores |
13,873 | 2.1 | % | |||||
Gasoline sales: |
||||||||
Pricing increase |
9,603 | 1.4 | % | |||||
Volume increase |
7,715 | 1.2 | % | |||||
TOTAL |
$ | 52,244 | 7.9 | % |
- MORE -
(1), (2) | See Non-GAAP Financial Measures for a discussion of EBITDA and Adjusted EBITDA and the attached table for a reconciliation to GAAP. |
- MORE -
- MORE -
16-week periods ended | ||||||||
April 23, 2011 | April 24, 2010 | |||||||
Net sales |
$ | 717,259 | $ | 665,015 | ||||
Cost of goods sold |
(500,744 | ) | (458,168 | ) | ||||
Distribution costs |
(14,163 | ) | (13,088 | ) | ||||
Gross profit |
202,352 | 193,759 | ||||||
Operating expenses: |
||||||||
Wages, salaries and benefits |
(98,982 | ) | (94,279 | ) | ||||
Selling and general expenses |
(33,383 | ) | (31,763 | ) | ||||
Administrative expenses (inclusive of stock-based
compensation expense of $348 and $244) |
(25,483 | ) | (39,979 | ) | ||||
Rent expense, net |
(5,903 | ) | (5,837 | ) | ||||
Depreciation and amortization |
(15,041 | ) | (18,730 | ) | ||||
Advertising |
(5,990 | ) | (6,053 | ) | ||||
Total operating expenses |
184,782 | (196,641 | ) | |||||
Operating income (loss) |
17,570 | (2,882 | ) | |||||
Bargain purchase |
| 15,681 | ||||||
Loss on debt extinguishment |
| (1,008 | ) | |||||
Interest expense, net |
(19,291 | ) | (18,410 | ) | ||||
Loss before income taxes |
(1,721 | ) | (6,619 | ) | ||||
Income tax (expense) benefit |
(367 | ) | 9,913 | |||||
Net (loss) income |
$ | (2,088 | ) | $ | 3,294 | |||
- MORE -
April 23, 2011 | January 1, 2011 | |||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 24,712 | $ | 17,419 | ||||
Accounts receivable, net |
56,880 | 57,044 | ||||||
Inventory, net |
118,703 | 117,328 | ||||||
Prepaid expenses and other current assets |
15,229 | 14,093 | ||||||
Assets held for sale |
| 650 | ||||||
Income taxes refundable |
186 | 200 | ||||||
Current deferred tax assets |
2,265 | 2,265 | ||||||
Total current assets |
217,975 | 208,999 | ||||||
Property and equipment, net |
376,005 | 378,575 | ||||||
Intangible assets, net |
76,343 | 79,072 | ||||||
Other assets |
12,959 | 13,705 | ||||||
Total assets |
$ | 683,282 | $ | 680,351 | ||||
Liabilities and Shareholders Deficit |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 113,065 | $ | 93,311 | ||||
Accrued expenses and other current liabilities |
61,324 | 79,123 | ||||||
Current portion of capital lease obligations |
11,649 | 11,095 | ||||||
Current portion of long-term debt |
407 | 402 | ||||||
Total current liabilities |
186,445 | 183,931 | ||||||
Capital lease obligations |
168,488 | 172,216 | ||||||
Long-term debt |
370,250 | 365,262 | ||||||
Other long-term liabilities |
21,649 | 21,099 | ||||||
Non-current deferred tax liabilities |
3,701 | 3,354 | ||||||
Total liabilities |
750,533 | 745,862 | ||||||
Shareholders deficit: |
||||||||
Common shares ($0.001 par value; 300,000 authorized shares,
144,776 issued & outstanding) |
| | ||||||
Paid-in capital |
(2,320 | ) | (2,668 | ) | ||||
Accumulated deficit |
(64,595 | ) | (62,507 | ) | ||||
Accumulated other comprehensive loss, net of tax |
(336 | ) | (336 | ) | ||||
Total shareholders deficit |
(67,251 | ) | (65,511 | ) | ||||
Total liabilities and shareholders deficit |
$ | 683,282 | $ | 680,351 | ||||
- MORE -
16-week periods ended | ||||||||
April 23, 2011 | April 24, 2011 | |||||||
Cash flows provided by (used in) operating activities: |
||||||||
Net (loss) income |
$ | (2,088 | ) | $ | 3,294 | |||
Adjustments to reconcile net (loss) income to net cash provided by
(used in) operating activities: |
||||||||
Depreciation and amortization |
20,318 | 22,567 | ||||||
Amortization of deferred financing costs |
803 | 679 | ||||||
LIFO inventory valuation adjustments |
(663 | ) | (1,106 | ) | ||||
Stock-based compensation expense |
348 | 244 | ||||||
Deferred income taxes |
347 | (10,288 | ) | |||||
Bargain purchase |
| (15,681 | ) | |||||
Loss on debt extinguishment |
| 1,008 | ||||||
Other |
115 | 314 | ||||||
Changes in operating assets and liabilities: |
||||||||
Decrease (increase) in accounts receivable |
164 | (1,364 | ) | |||||
Increase in
inventory, net |
(712 | ) | (1,028 | ) | ||||
Increase in prepaid expenses and other current assets |
(1,136 | ) | (601 | ) | ||||
Decrease in income taxes refundable |
14 | | ||||||
Increase in accounts payable |
20,044 | 1,428 | ||||||
Decrease in accrued expenses and other current liabilities |
(15,776 | ) | (3,463 | ) | ||||
Increase in other long-term liabilities |
525 | 411 | ||||||
Net cash provided by (used in) operating activities |
22,303 | (3,586 | ) | |||||
Cash flows used in investing activities: |
||||||||
Cash paid for property and equipment |
(16,954 | ) | (8,779 | ) | ||||
Proceeds from sale of assets |
650 | 14,919 | ||||||
Acquisition of Penn Traffic assets |
| (85,023 | ) | |||||
Net cash used in investing activities |
(16,304 | ) | (78,883 | ) | ||||
Cash flows provided by financing activities: |
||||||||
Borrowings on ABL Facility |
220,800 | 58,100 | ||||||
Repayments on ABL Facility |
(215,800 | ) | (72,100 | ) | ||||
Principal payments on capital leases |
(3,233 | ) | (2,670 | ) | ||||
Proceeds from long-term debt borrowings |
| 112,125 | ||||||
Repayments of long-term debt borrowings |
(126 | ) | (36,113 | ) | ||||
Change in bank overdraft position |
(290 | ) | 323 | |||||
Deferred financing costs incurred |
(57 | ) | (4,782 | ) | ||||
Proceeds from issuance of common stock |
| 30,000 | ||||||
Net cash provided by financing activities |
1,294 | 84,883 | ||||||
Net increase in cash and cash equivalents |
7,293 | 2,414 | ||||||
Cash and cash equivalentsbeginning of period |
17,419 | 19,722 | ||||||
Cash and cash equivalentsend of period |
$ | 24,712 | $ | 22,136 | ||||
- MORE -
16-week periods ended | ||||||||
April 23, 2011 | April 24, 2010 | |||||||
Net (loss) income |
$ | (2,088 | ) | $ | 3,294 | |||
Depreciation and amortization |
20,318 | 22,567 | ||||||
Interest expense |
19,291 | 18,410 | ||||||
Income tax expense (benefit) |
367 | (9,913 | ) | |||||
EBITDA |
37,888 | 34,358 | ||||||
Adjustments to EBITDA: |
||||||||
LIFO inventory valuation adjustments (a) |
(663 | ) | (1,106 | ) | ||||
Stock-based compensation expense (b) |
542 | 452 | ||||||
FTC review costs (c) |
276 | 2,064 | ||||||
Bargain purchase (d) |
| (15,681 | ) | |||||
One-time Penn Traffic integration costs (e) |
| 10,872 | ||||||
One-time Penn Traffic acquisition costs (f) |
| 4,431 | ||||||
Excess IT costs (g) |
| 1,946 | ||||||
Loss on debt extinguishment (h) |
| 1,008 | ||||||
Sold/closed stores EBITDA (i) |
| (157 | ) | |||||
Other one-time expenses (j) |
719 | 245 | ||||||
Total adjustments to EBITDA |
874 | 4,074 | ||||||
Adjusted EBITDA |
$ | 38,762 | $ | 38,432 | ||||
(a) | Eliminates the non-cash impact of last-in, first-out (LIFO) accounting, which represents the difference between certain inventories valued under the first-in, first-out (FIFO) inventory method and the LIFO inventory method. | |
(b) | Non-cash compensation costs related to stock option grants. | |
(c) | One-time legal and professional fees incurred in connection with the FTCs review of the acquired Penn Traffic supermarkets. | |
(d) | Represents the excess of net assets acquired over the $85.0 million purchase price of Penn Traffic. | |
(e) | Transition expenses associated with integrating the acquired Penn Traffic supermarkets, including excess administrative costs while operating the former Penn Traffic corporate office and warehouse, training costs, consulting services and other one-time expenses. | |
(f) | One-time legal and professional fees incurred in connection with the Penn Traffic acquisition. | |
(g) | Effective July 24, 2010, Tops amended its existing IT outsourcing agreement with HP Enterprise Services, LLC, which will result in an elimination of annual excess IT costs of $8.1 million. | |
(h) | Write-off of deferred financing fees associated with early repayments of the Companys credit facilities. | |
(i) | Represents EBITDA of the 24 acquired Penn Traffic supermarkets that have been sold or closed. | |
(j) | Other one-time non-recurring items. |
- END -
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