Nash Finch Reports Third Quarter 2011 Results
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 8, 2011.
Total company sales for the third quarter 2011 were $1.47 billion compared to $1.51 billion in the prior year quarter, a decrease of 2.6%. Excluding the impact of selling or closing eight retail stores, total company third quarter comparable sales decreased 1.6% relative to last year. Sales for the first forty weeks of 2011 were $3.67 billion compared to $3.85 billion in the prior year period, a decrease of 4.5%. Excluding the impact of the sales decrease of $53.2 million attributable to the previously announced transition of a portion of a food distribution buying group to another supplier during 2010 and the effect of selling or closing eight retail stores, total company year-to-date comparable sales decreased 2.5% relative to last year.
Consolidated EBITDA 3, adjusted to exclude the impact of significant items totaling $3.3 million and $1.5 million in the third quarter 2011 and 2010, respectively, increased 1.4% to $45.9 million, or 3.1% of sales in 2011 as compared to $45.3 million, or 3.0% of sales in 2010. Including the impact of significant items, Consolidated EBITDA for the third quarter 2011 decreased by 2.7% to $42.6 million, or 2.9% of sales, as compared to $43.8 million, or 2.9% of sales, in the prior year quarter. For the first forty weeks of 2011, Consolidated EBITDA, adjusted to exclude the impact of significant items totaling $5.3 million and $3.3 million in 2011 and 2010, respectively, increased 3.2% to $111.1 million, or 3.0% of sales in 2011, compared to $107.6 million, or 2.8% of sales in 2010. Including the impact of significant items, Consolidated EBITDA for the third quarter year-to-date 2011 increased by 1.5% to $105.8 million, or 2.9% of sales, compared to $104.2 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.“The year-over-year increases in Consolidated EBITDA results and net earnings, adjusted to exclude significant items, for the third quarter and year-to-date periods were consistent with our expectations,” said Alec Covington, President and CEO of Nash Finch. “We continue to focus on operational improvements and initiatives aimed at growing sales as we and our customers weather this prolonged economic recovery. Despite the challenging times, we have maintained our solid balance sheet and continue to look for growth opportunities.”
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