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Nash Finch Reports Fourth Quarter And Fiscal Year 2011 Results

Stocks in this article: NAFC

Nash Finch Company (NASDAQ: NAFC), one of the leading food distribution companies in the United States, today announced financial results for the twelve week (fourth quarter) and fifty-two week (fiscal year) periods ended December 31, 2011.

Financial Results

Total company sales for the fourth quarter 2011 were $1.14 billion compared to $1.15 billion in the prior year quarter, a decrease of 0.9%. Excluding the impact of selling or closing seven retail stores, total company fourth quarter comparable sales increased 0.1% relative to the fourth quarter of last year. Total company sales for fiscal year 2011 were $4.81 billion compared to $4.99 billion in fiscal year 2010, a decrease of 3.7%. 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 seven retail stores of $39.1 million, total company fiscal year comparable sales decreased 1.9% relative to last year.

Consolidated EBITDA 3, adjusted to exclude the impact of significant items totaling $1.2 million in both the fourth quarter 2011 and 2010, respectively, increased 0.6% to $34.6 million, or 3.0% of sales in the fourth quarter of 2011 as compared to $34.4 million, or 3.0% of sales in the fourth quarter of 2010. Including the impact of significant items, Consolidated EBITDA for the fourth quarter 2011 increased by 0.6% to $33.4 million, or 2.9% of sales, as compared to $33.2 million, or 2.9% of sales, in the prior year quarter. For fiscal year 2011, Consolidated EBITDA, adjusted to exclude the impact of significant items totaling $6.4 million and $4.5 million in 2011 and 2010, respectively, increased 2.6% to $145.7 million, or 3.0% of sales in 2011, compared to $142.0 million, or 2.8% of sales in 2010. Including the impact of significant items, Consolidated EBITDA for the fiscal year 2011 increased by 1.3% to $139.2 million, or 2.9% of sales, compared to $137.5 million, or 2.8% 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.

“We are pleased that the year over year Consolidated EBITDA, adjusted to exclude significant items, improved even though the economic environment remains difficult,” said Alec Covington, President and CEO of Nash Finch. “These results are consistent with our expectations.”

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