EX-99.1 2 c03613exv99w1.htm EXHIBIT 99.1 Exhibit 99.1
Exhibit 99.1
(NASH FINCH COMPANY LOGO)
Nash Finch Reports Second Quarter 2010 Results
MINNEAPOLIS (July 22, 2010) — Nash Finch Company (NASDAQ: NAFC), one of the leading food distribution companies in the United States, today announced financial results for the twelve weeks (second quarter) ended June 19, 2010.
Financial Results
Total Company sales for the second quarter 2010 were $1.15 billion compared to $1.22 billion in the prior-year quarter, a decrease of 5.1%. Sales for the first twenty-four weeks of 2010 were $2.33 billion compared to $2.36 billion in the prior-year period, a decrease of 1.0%. Excluding the impact of the non-comparable sales increase of $59.4 million attributable to the acquisition of the three military distribution centers on January 31, 2009 and the sales decrease attributable to the previously announced transition of a portion of a food distribution customer buying group to another supplier, total Company sales decreased by 3.8% in the second quarter and 2.8% year-to-date.
Consolidated EBITDA1 for the second quarter 2010 was $31.9 million, or 2.8% of sales, as compared to $33.6 million, or 2.8% of sales, for the prior-year-quarter. For the first twenty-four weeks of 2010, Consolidated EBITDA was $60.5 million, or 2.6% of sales, compared to $62.9 million, or 2.7% of sales, in the 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.
Net earnings for the second quarter 2010 were $10.7 million, or $0.81 per diluted share, as compared to net earnings of $9.5 million, or $0.72 per diluted share, in the prior-year quarter. Net earnings for the first twenty-four weeks of 2010 were $18.7 million, or $1.40 per diluted share, as compared to net earnings of $24.0 million, or $1.80 per diluted share, in the same prior-year period. Net earnings for both years were impacted by several significant items which are presented in the table below.
     
1   Consolidated EBITDA and segment EBITDA is calculated as 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), 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, 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.

 


 

“Although the negative sales trend that manifested in the third quarter 2009 continued into the first half of 2010 in the food distribution and retail industry, our results reflect several major accomplishments, which include maintaining total Company year-over-year EBITDA as a percentage of sales, reducing debt, investing in strategic initiatives and share repurchases, and controlling expenses and capital expenditures,” said Alec Covington, President and CEO of Nash Finch. “We continue to have a solid balance sheet and have significant availability in our credit facility which provides us flexibility to capitalize on attractive growth opportunities should they present themselves.”
The Company recently announced the closing of its Bridgeport, Michigan distribution center, which is scheduled to be completed in the third quarter. “The transition is proceeding smoothly and we anticipate that the full transition will be completed by the end of the third quarter,” said Covington.
The following table identifies the significant items affecting our Consolidated EBITDA, net earnings and diluted earnings per share for the second quarter and year-to-date 2010 and prior year results:
                                 
    2nd Quarter     YTD  
(dollars in millions except per share amounts)   2010     2009     2010     2009  
Significant credits (charges)
                               
Distribution center closing costs
  $ (1.2 )           (1.2 )      
Retail stores opening & closing costs
          (0.6 )           (0.8 )
Acquisition, integration and start-up costs
    (0.3 )     (0.8 )     (0.6 )     (1.4 )
Tax consulting fees
                      (0.5 )
 
                       
Significant charges impacting Consolidated EBITDA
    (1.5 )     (1.4 )     (1.8 )     (2.7 )
 
                       
 
                               
Gain on acquisition of a business
                      6.7  
Net increase in lease reserves
                      (1.2 )
Impairments
          (0.9 )           (0.9 )
 
                       
Total significant net credits (charges) impacting earnings before tax
    (1.5 )     (2.3 )     (1.8 )     1.9  
 
                       
Income tax on significant net credits (charges)
    0.6       0.9       0.8       (0.8 )
Income tax effect on gain on acquisition of a business
                      2.7  
Reversal of previously recorded income tax reserves and refunds
                      1.6  
 
                       
Total significant net credits (charges) impacting net earnings
    (0.9 )     (1.4 )     (1.0 )     5.4  
 
                       
Diluted earnings per share impact
  $ (0.07 )     (0.10 )     (0.08 )     0.41  
Military Distribution Results
                                                 
    2nd Quarter     %     YTD     %  
(dollars in millions)   2010     2009     Change     2010     2009     Change  
Sales
  $ 456.6       461.0       (1.0 %)     934.6       871.3       7.3 %
Segment EBITDA1
  $ 13.4       11.2       18.9 %     27.0       23.2       16.4 %
Percentage of Sales
    2.9 %     2.4 %             2.9 %     2.7 %        
The military segment sales in the second quarter decreased 1.0% and were reflective of weaker domestic sales, partially offset by an increase in overseas sales. The military segment sales increased 7.3% in year-to-date 2010 reflecting the impact of the acquisition of three military distribution centers on January 31, 2009. After adjusting for the non-comparable sales impact of these three distribution centers of $59.4 million, military sales increased 0.5% year-to-date.

 

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The military segment EBITDA increased by 18.9% and 16.4% in the second quarter and year-to-date 2010, respectively, compared to the prior year. The military EBITDA as a percentage of sales was 2.9% in the second quarter and year-to-date 2010, respectively, as compared to 2.4% and 2.7% in the prior year.
“Our military division continues to perform despite the tough economic times,” said Covington. “I am pleased with the significant increase in our military division EBITDA which resulted primarily from the operating improvements implemented across the acquired distribution centers. We are on track to open our new Columbus, Georgia distribution center by the end of the third quarter which will provide significant transportation savings and allow for long-term strategic growth opportunities.”
Food Distribution & Retail Results
                                                 
    2nd Quarter     %     YTD     %  
(dollars in millions)   2010     2009     Change     2010     2009     Change  
Sales
                                               
Food Distribution
  $ 574.2       619.8       (7.4 %)     1,158.0       1,221.9       (5.2 %)
Retail
    123.8       135.8       (8.8 %)     241.7       263.8       (8.4 %)
 
                                   
Total
  $ 698.0       755.6       (7.6 %)     1,399.7       1,485.7       (5.8 %)
 
                                   
 
                                               
Segment EBITDA1
                                               
Food Distribution
  $ 13.7       17.0       (19.5 %)     24.9       30.2       (17.6 %)
Retail
    4.9       5.4       (9.3 %)     8.6       9.5       (9.2 %)
 
                                   
Total
  $ 18.6       22.4       (17.0 %)     33.5       39.7       (15.7 %)
 
                                   
 
                                               
Percentage of Sales
                                               
Food Distribution
    2.4 %     2.7 %             2.1 %     2.5 %        
Retail
    4.0 %     4.0 %             3.6 %     3.6 %        
 
                                       
Total
    2.7 %     3.0 %             2.4 %     2.7 %        
 
                                       
The combined food distribution and retail segment sales decrease in the second quarter and year-to-date periods compared to the 2009 periods was 7.6% and 5.8%, respectively. The decrease in sales was negatively impacted by the previously announced transition of a portion of a customer buying group to another supplier during the second quarter 2010. However, after adjusting to exclude this sales impact of $16.2 million, sales declined 5.6% for the second quarter and 4.7% year-to-date which is primarily the result of a decrease in comparable sales to existing customers driven by deflation in certain product categories. Retail same store sales declined 4.3% as compared to the prior year quarter and 4.0% in the year-to-date comparison. In addition, we have closed four retail stores since the beginning of the second quarter 2009.
The food distribution and retail segment EBITDA decreased by 17.1% and 15.7% in the second quarter and year-to-date 2010, respectively, compared to the same period last year. Food distribution and retail segment EBITDA as a percentage of sales was 2.7% and 2.4% in the second quarter and year-to-date 2010, respectively, as compared to 3.0% and 2.7% in the prior year.

 

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Financial Target Progress
Improvements on our key financial targets have been achieved since the targets were announced as part of the Company’s strategic plan in November 2006. In particular, Consolidated EBITDA margin improved from 2.2% to 2.8% of sales and the debt leverage ratio has improved from 3.11x to 2.14x from Fiscal 2006 to the second quarter 2010. The ratio of free cash flow to net assets has increased from 8.7% in Fiscal 2006 to 10.0% in the second quarter 2010. Finally, the organic revenue growth metric has been negatively impacted by the current state of the economy, but should improve when consumer confidence begins to recover.
The following table charts the Company’s progress towards its long-term financial targets that are anticipated to be attained through successful execution of the strategic plan.
                                                 
    Long-term     2nd Quarter     Fiscal     Fiscal     Fiscal     Fiscal  
Financial Targets   Target     2010     2009     2008     2007     2006  
Organic Revenue Growth
    2.0 %     (3.8 %)     (0.6 %)     3.1 %     (2.1 %)     (2.9 %)
Consolidated EBITDA Margin
    4.0 %     2.8 %     2.7 %     3.1 %     2.8 %     2.2 %
Trailing Four Quarter Free Cash Flow / Net Assets2
    10.0 %     10.0 %     10.6 %     12.0 %     9.2 %     8.7 %
Total Leverage Ratio (Total Debt / Trailing Four Quarter Consolidated EBITDA)
    2.5 - 3.0 x     2.14x       2.02 x     1.75 x     2.20 x     3.11 x
     
2   Defined as cash provided from operations less capital expenditures for property, plant & equipment during the trailing four quarters divided by the average net assets for the current period and prior year comparable period (total assets less current liabilities plus current portion of long-term debt and capital leases).
Liquidity
Total debt at the end of the second quarter of 2010 was $294.1 million, a reduction of $44.7 million as compared to $338.8 million at the end of the second quarter of 2009. The Company continues to focus on effectively managing its balance sheet and is currently in compliance with all of its debt covenants. The debt leverage ratio as of the end of the second quarter 2010 was 2.14x. Availability on the Company’s revolving credit facility at the end of the quarter was $193.1 million.
Share Repurchase Program
As previously announced, our Board of Directors approved a share repurchase program authorizing the Company to spend up to $25.0 million to purchase shares of the Company’s common stock. The program took effect on November 16, 2009 and will continue until December 31, 2010. During the second quarter 2010 we repurchased a total of 182,802 shares for $6.5 million, at an average price per share of $35.62. Since the program’s inception, we have repurchased a total of 472,432 shares for $16.3 million, at an average price per share of $34.57.
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A conference call to review the second quarter 2010 results is scheduled for at 8:30 a.m. CT (9:30 a.m. ET) on July 22, 2010. 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.”

 

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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 36 states, the District of Columbia, Europe, Cuba, Puerto Rico, the Azores and Egypt. The Company also owns and operates a base of retail stores, primarily supermarkets under the Econofoods®, Family Thrift Center®, AVANZA®, Family Fresh Market® and Sun Mart® trade names. Further information is available on the Company’s website at 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 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; continued 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;
  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 and funding levels;
  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;
  legal, governmental, legislative or administrative proceedings, disputes, or actions that result in adverse outcomes;
  failure of our internal control over financial reporting;
  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 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;
  threats or potential threats to security; and
  unanticipated problems with product procurement.
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).
Contact: Bob Dimond, Executive Vice President & CFO, 952-844-1060

 

5


 

NASH FINCH COMPANY AND SUBSIDIARIES
Consolidated Statements of Income
(In thousands, except per share amounts)
                                 
    Twelve     Twenty Four  
    Weeks Ended     Weeks Ended  
    June 19     June 20     June 19     June 20  
    2010     2009     2010     2009  
 
                               
Sales
  $ 1,154,617       1,216,594     $ 2,334,310       2,356,914  
Cost of sales
    1,060,280       1,117,565       2,148,153       2,162,766  
 
                       
Gross profit
    94,337       99,029       186,157       194,148  
 
                               
Other costs and expenses:
                               
Selling, general and administrative
    62,835       67,703       127,482       137,339  
Gain on acquisition of a business
                      (6,682 )
Depreciation and amortization
    8,170       9,372       16,755       18,707  
Interest expense
    5,366       5,840       10,624       11,144  
 
                       
Total other costs and expenses
    76,371       82,915       154,861       160,508  
 
                               
Earnings before income taxes
    17,966       16,114       31,296       33,640  
 
                               
Income tax expense
    7,252       6,576       12,641       9,682  
 
                       
Net earnings
  $ 10,714       9,538     $ 18,655       23,958  
 
                       
 
                               
Net earnings per share:
                               
 
                               
Basic
  $ 0.83       0.73       1.43       1.85  
Diluted
  $ 0.81       0.72       1.40       1.80  
 
                               
Declared dividends per common share
  $ 0.18       0.18     $ 0.36       0.36  
 
                               
Weighted average number of common shares outstanding and common equivalent shares outstanding:
                               
Basic
    12,904       13,005       13,015       12,985  
Diluted
    13,263       13,321       13,352       13,326  

 

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NASH FINCH COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except per share amounts)
                 
    June 19,     January 2,  
    2010     2010  
Assets
               
Current assets:
               
Cash and cash equivalents
  $ 765       830  
Accounts and notes receivable, net
    231,778       250,767  
Inventories
    312,935       285,443  
Prepaid expenses and other
    14,587       11,410  
Deferred tax assets
    9,249       9,366  
 
           
Total current assets
    569,314       557,816  
 
               
Notes receivable, net
    21,869       23,343  
 
               
Property, plant and equipment:
    634,610       637,167  
Less accumulated depreciation and amortization
    (423,467 )     (422,529 )
 
           
Net property, plant and equipment
    211,143       214,638  
 
               
Goodwill
    166,545       166,545  
Customer contracts and relationships, net
    19,698       21,062  
Investment in direct financing leases
    3,083       3,185  
Other assets
    11,804       12,947  
 
           
Total assets
  $ 1,003,456       999,536  
 
           
 
               
Liabilities and Stockholders’ Equity
               
Current liabilities:
               
Current maturities of long-term debt and capitalized lease obligations
  $ 3,517       4,438  
Accounts payable
    234,103       240,483  
Accrued expenses
    59,613       60,524  
Income taxes payable
          3,064  
 
           
Total current liabilities
    297,233       308,509  
 
               
Long-term debt
    270,352       257,590  
Capitalized lease obligations
    20,228       21,442  
Deferred tax liability, net
    19,378       19,323  
Other liabilities
    43,657       42,113  
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, issued 13,675 and 13,675 shares respectively
    22,792       22,792  
Additional paid-in capital
    109,109       106,705  
Common stock held in trust
    (2,367 )     (2,342 )
Deferred compensation obligations
    2,367       2,342  
Accumulated other comprehensive income
    (10,569 )     (10,756 )
Retained earnings
    275,801       261,821  
Treasury stock at cost, 1,282 and 863 shares, respectively
    (44,525 )     (30,003 )
 
           
Total stockholders’ equity
    352,608       350,559  
 
           
Total liabilities and stockholders’ equity
  $ 1,003,456       999,536  
 
           

 

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NASH FINCH COMPANY AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands)
                 
    Twenty-Four  
    Weeks Ended  
    June 19     June 20  
    2010     2009  
Operating activities:
               
Net earnings
  $ 18,655       23,958  
Adjustments to reconcile net earnings to net cash provided by operating activities:
               
Gain on acquisition of a business
          (6,682 )
Depreciation and amortization
    16,755       18,707  
Amortization of deferred financing costs
    846       794  
Non-cash convertible debt interest
    2,413       2,231  
Amortization of rebateable loans
    2,531       2,519  
Provision for bad debts
    433       869  
Provision for (reversal of) lease reserves
    (434 )     1,066  
Deferred income tax expense
    174       586  
(Gain) loss on sale of real estate and other
    (229 )     134  
LIFO credit
    (362 )     (287 )
Asset impairments
    818       898  
Share-based compensation
    3,462       5,715  
Deferred compensation
    463       548  
Other
    (387 )     (74 )
Changes in operating assets and liabilities, net of effects of acquisition
               
Accounts and notes receivable
    17,099       (14,561 )
Inventories
    (27,130 )     (11,081 )
Prepaid expenses
    157       734  
Accounts payable
    (12,992 )     (2,701 )
Accrued expenses
    (804 )     (12,442 )
Income taxes payable
    (6,398 )     (1,467 )
Other assets and liabilities
    2,609       1,327  
 
           
Net cash provided by operating activities
    17,679       10,791  
 
           
Investing activities:
               
Disposal of property, plant and equipment
    347       107  
Additions to property, plant and equipment
    (10,369 )     (5,555 )
Business acquired, net of cash
          (78,056 )
Loans to customers
    (600 )     (2,125 )
Payments from customers on loans
    1,102       1,798  
Corporate owned life insurance, net
    (297 )     (235 )
Other
          629  
 
           
Net cash used in investing activities
    (9,817 )     (83,437 )
 
           
Financing activities:
               
Proceeds from revolving debt
    10,600       86,300  
Dividends paid
    (4,549 )     (4,617 )
Proceeds from exercise of stock options
          196  
Repurchase of common stock
    (15,191 )      
Payments of long-term debt
    (233 )     (220 )
Payments of capitalized lease obligations
    (1,839 )     (1,600 )
Increase (decrease) in book overdraft
    3,285       (4,682 )
Payments of deferred financing costs
          (2,706 )
 
           
Net cash provided (used) by financing activities
    (7,927 )     72,671  
 
           
Net increase (decrease) in cash and cash equivalents
    (65 )     25  
Cash and cash equivalents:
               
Beginning of year
    830       824  
 
           
End of period
  $ 765       849  
 
           

 

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NASH FINCH COMPANY AND SUBSIDIARIES
Supplemental Data (Unaudited)
                 
    June 19     June 20  
Other Data (In thousands)   2010     2009  
 
               
Total debt
  $ 294,097     $ 338,769  
Stockholders’ equity
  $ 352,608     $ 374,334  
Capitalization
  $ 646,705       713,103  
Debt to total capitalization
    45.5 %     47.5 %
 
               
Non-GAAP Data
               
Consolidated EBITDA — trailing 4 qtrs. (a)
  $ 137,718       142,362  
Leverage ratio — trailing 4 qtrs. (debt to consolidated EBITDA) (b)
    2.14       2.38  
 
               
Comparable GAAP Data
               
Debt to earnings before income taxes (b)
    13.74       5.91  
     
(a)   Consolidated EBITDA is calculated as 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 normal course of business, and non-cash charges (such as LIFO, assets impairments, closed store lease costs and share-based compensation), 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, 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.
 
(b)   Leverage ratio is defined as the Company’s total debt at June 19, 2010 and June 20, 2009, 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 quarters.

 

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Derivation of Consolidated EBITDA; Segment Consolidated EBITDA; and Segment Profit (in thousands)
FY 2010
                                         
    2009     2009     2010     2010     Trailing  
    Qtr 3     Qtr 4     Qtr 1     Qtr 2     4 Qtrs  
 
                                       
Earnings (loss) from continuing operations before income taxes
  $ 31,655       (41,545 )     13,330       17,966       21,406  
Add/(deduct)
                                       
LIFO
    (445 )     (2,301 )     (40 )     (321 )     (3,107 )
Depreciation and amortization
    12,592       9,304       8,585       8,170       38,651  
Interest expense
    7,621       5,607       5,258       5,366       23,852  
Special charge
          6,020                   6,020  
Goodwill impairment
          50,927                   50,927  
Gain on litigation settlement
    (7,630 )                       (7,630 )
Closed store lease costs
    425       1,644             (434 )     1,635  
Asset impairment
    840       722       517       301       2,380  
Stock compensation
    1,706       1,663       1,605       1,857       6,831  
Gains on sale of real estate
    (54 )                       (54 )
Subsequent cash payments on non-cash charges
    (712 )     (772 )     (740 )     (969 )     (3,193 )
 
                             
Total Consolidated EBITDA
  $ 45,998       31,269       28,515       31,936       137,718  
 
                             
                                         
    2009     2009     2010     2010     Trailing  
    Qtr 3     Qtr 4     Qtr 1     Qtr 2     4 Qtrs  
Segment Consolidated EBITDA
                                       
Military
  $ 15,731       12,031       13,615       13,364       54,741  
Food Distribution
    22,461       15,455       11,227       13,634       62,777  
Retail
    7,806       3,783       3,673       4,938       20,200  
 
                             
 
  $ 45,998       31,269       28,515       31,936       137,718  
 
                             
                                         
    2009     2009     2010     2010     Trailing  
    Qtr 3     Qtr 4     Qtr 1     Qtr 2     4 Qtrs  
Segment profit
                                       
Military
  $ 13,448       10,146       11,816       11,519       46,929  
Food Distribution
    15,181       11,495       5,799       8,581       41,056  
Retail
    1,937       (1,449 )     227       2,389       3,104  
Unallocated
                                       
Interest
    (6,541 )     (4,790 )     (4,512 )     (4,523 )     (20,366 )
Gain on litigation
    7,630                         7,630  
Special charge
          (6,020 )                 (6,020 )
Goodwill impairment
          (50,927 )                 (50,927 )
 
                             
 
  $ 31,655       (41,545 )     13,330       17,966       21,406  
 
                             

 

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FY 2009
                                         
    2008     2008     2009     2009     Trailing  
    Qtr 3     Qtr 4     Qtr 1     Qtr 2     4 Qtrs  
Earnings from continuing operations before income taxes
  $ 13,029       10,643       17,526       16,114       57,312  
Add/(deduct)
                                       
LIFO
    8,360       7,849             (287 )     15,922  
Depreciation and amortization
    11,643       9,051       9,335       9,372       39,401  
Interest expense
    7,556       6,034       5,304       5,840       24,734  
Gain on acquisition of a business
                (6,682 )           (6,682 )
Closed store lease costs
    480       (317 )     1,066             1,229  
Asset impairment
    694       1,065             898       2,657  
Stock compensation
    3,013       1,814       3,307       2,408       10,542  
Subsequent cash payments on non-cash charges
    (787 )     (635 )     (617 )     (714 )     (2,753 )
 
                             
Total Consolidated EBITDA
  $ 43,988       35,504       29,239       33,631       142,362  
 
                             
                                         
    2008     2008     2009     2009     Trailing  
    Qtr 3     Qtr 4     Qtr 1     Qtr 2     4 Qtrs  
Segment Consolidated EBITDA
                                       
Military
  $ 14,279       11,484       11,948       11,239       48,950  
Food Distribution
    21,487       17,412       13,257       16,946       69,102  
Retail
    8,222       6,608       4,034       5,446       24,310  
 
                             
 
  $ 43,988       35,504       29,239       33,631       142,362  
 
                             
                                         
    2008     2008     2009     2009     Trailing  
    Qtr 3     Qtr 4     Qtr 1     Qtr 2     4 Qtrs  
Segment profit
                                       
Military
  $ 11,783       9,242       9,905       9,421       40,351  
Food Distribution
    5,869       5,155       5,982       10,508       27,514  
Retail
    1,916       1,450       (470 )     1,209       4,105  
Unallocated
                                       
Interest
    (6,539 )     (5,204 )     (4,573 )     (5,024 )     (21,340 )
Gain on acquisition
                6,682             6,682  
 
                             
 
  $ 13,029       10,643       17,526       16,114       57,312  
 
                             

 

11