EX-99.1 3 dex991.htm SUPPLEMENTAL INFORMATION TO PRESS RELEASE Supplemental Information to Press Release

Exhibit 99.1

 

SAFEWAY INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

(Dollars in millions, except per share amounts )

(Unaudited)

 

The following table provides a reconciliation of adjusted income before taxes, adjusted income after taxes and adjusted earnings per share to the most comparable GAAP financial measures. A prior version of this table was included in the Company’s press release dated February 12, 2004 and included as an exhibit to a Form 8-K which was furnished on February 12, 2004. The table below is being included here to correct the earnings per share amounts for the 2003 fiscal year for “Dominick’s impairment charges and reversal of tax benefit” ($1.05), “Randall’s impairment charges” ($1.00) and “Adjusted income per share” ($2.01).

 

TABLE 1: RECONCILIATION OF GAAP NET LOSS TO ADJUSTED INCOME

 

     Fourth Quarter 2003
     Full Year 2003
  
     Before
taxes
     After
taxes
     Per share
     Before
taxes
    After
taxes
     Per share
  

(Loss) income, as reported

    $ (458.0 )   $ (695.9 )   $ (1.57 )   $ 141.1    $ (169.8 )   $ (0.38 )

Estimated strike impact

      167.5       102.9       0.23       167.5      102.9       0.23  

Dominick’s impairment charges and reversal of tax benefit

      215.6       390.9       0.88       592.8      466.8       1.05  

Randall’s impairment charges

      447.7       447.7       1.01       447.7      447.7       1.00  

Miscellaneous investments write-off

      10.6       6.5       0.01       10.6      6.5       0.01  

Inventory adjustments

      71.0       43.5       0.10       71.0      43.5       0.10  
    
 
 
 
  
 

Adjusted income

    $ 454.4     $ 295.6     $ 0.66     $ 1,430.7    $ 897.6     $ 2.01  
    
 
 
 
  
 

 

TABLE 2: RECONCILIATION OF GAAP CASH FLOW MEASURE TO FREE CASH FLOW

 

     Full Year  
     2003
  

Net cash flow from operating activities

    $ 1,609.6  

Net cash flow used by investing activites

      (795.0 )
    

Free cash flow

    $ 814.6  
    

Free cash flow

    $ 814.6  

Estimated strike impact on net income

      102.9  
    

Free cash flow excluding estimated strike impact**

    $ 917.5  
    

 

** Assumes negative impact of strike on net income approximates negative impact on free cash flow.

 

TABLE 3: SAME STORE SALES

     Full Year  
     2003
  

Excluding Strike-Impacted Stores and Dominick’s

       

Identical-store sales

    0.1 %

Comparable-store sales

    0.6 %

Excluding Strike-Impacted Stores

       

Identical-store sales

    (0.5 %)

Comparable-store sales

    (0.1 %)