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ALCO Stores, Inc. Reports Operating Results For First Half Of Fiscal 2013

Stocks in this article: ALCS

ABILENE, Kan., Sept. 6, 2012 (GLOBE NEWSWIRE) -- ALCO Stores, Inc. (Nasdaq:ALCS), which specializes in providing a superior selection of essential products for everyday life in small-town America, today announced operating results for its second quarter ended July 29, 2012.

Net sales from continuing operations, excluding fuel, for the second quarter of fiscal 2013 increased 1.0% to $119.8 million, compared to the second quarter of fiscal 2012. Same-store sales, excluding fuel, decreased 1.9%. Net sales from continuing operations, excluding fuel, for the 26 weeks ended July 29, 2012, increased 2.5% to $235.1 million, compared to the same period of the prior year. Same-store sales, excluding fuel, decreased 0.2%.

Net earnings for the second quarter of fiscal 2013 were $2.0 million, or $0.52 per diluted share, compared to net earnings of $2.3 million, or $0.60 per diluted share, for the second quarter of fiscal 2012. Net earnings for the 26 weeks ended July 29, 2012, were $0.7 million, or $0.18 per diluted share, compared to net earnings of $0.8 million, or $0.20 per diluted share, for the same period of the prior year.

Earnings from continuing operations, net of tax, for the second quarter of fiscal 2013 were $2.1 million, or $0.55 per diluted share, compared to $2.3 million, or $0.60 per diluted share, for the second quarter of fiscal 2012. Earnings from continuing operations, net of tax, for the 26 weeks ended July 29, 2012, were $1.0 million, or $0.26 per diluted share, compared to $0.8 million, or $0.21 per diluted share, for the same period of the prior year. Both net earnings and earnings from continuing operations for the second quarter and first half of fiscal 2012 included a one-time, non-cash after-tax charge of approximately $0.3 million, or $0.08 per share. This charge was the result of accelerated recognition of certain deferred financing fees from the Company's previous revolving credit agreement. During the second quarter of fiscal 2012, the Company entered into a new revolving credit agreement with Wells Fargo Bank, National Association and Wells Capital Finance, LLC.

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