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Roundy’s, Inc. Reports Third Quarter 2012 Financial Results

(2) Represents the weighted average diluted common shares outstanding for the full year, consisting of 38.6 million shares in the first quarter, 45.0 million shares in the second and third quarters and 44.9 million shares in the fourth quarter.

Conference Call

The Company will host a conference call and audio webcast today, November 8, 2012 at 4:30 p.m. ET (3:30 p.m. CT) to discuss financial results for the third quarter fiscal 2012. To access the conference call, participants should dial 888-790-3727; passcode is 5627188. Participants are encouraged to dial in to the conference call ten minutes prior to the scheduled start time. The call will be also broadcast live over the Internet and accessible through the Investor Relations section of the Company’s website at www.roundys.com, where it will be archived and accessible through November 22, 2012. A telephone replay will be available through November 22, 2012 by calling 866-360-7719 to access the playback.

About Roundy’s

Roundy’s is a leading grocer in the Midwest with nearly $4.0 billion in sales and more than 18,000 employees. Founded in Milwaukee in 1872, Roundy’s operates 161 retail grocery stores and 98 pharmacies under the Pick ’n Save, Rainbow, Copps, Metro Market and Mariano’s retail banners in Wisconsin, Minnesota and Illinois.

Non-GAAP Financial Measures

This press release presents Adjusted Net Income and Adjusted EBITDA, which are non-GAAP financial measures within the meaning of applicable SEC rules and regulations, as defined under “Consolidated Statements of Comprehensive Income.” For a reconciliation of Adjusted Net Income and Adjusted EBITDA to net income under generally accepted accounting principles and for a discussion of the reasons why the Company believes that these non-GAAP financial measures provide information that is useful to investors see the tables following “Consolidated Statements of Comprehensive Income.”

Forward-Looking Statements

This release contains forward-looking statements about the Company’s future performance, which are based on Management’s assumptions and beliefs in light of the information currently available to it. The Company assumes no obligation to update the information contained herein. These forward-looking statements are subject to uncertainties and other factors that could cause actual results to differ materially from such statements including, but not limited to: competitive practices and pricing in the food industry generally and particularly in the Company’s principal markets; employee relationships and the terms of future collective bargaining agreements; the costs and other effects of legal and administrative cases and proceedings; the nature and extent of continued consolidation in the food industry; changes in the financial markets which may affect the cost of capital and our ability to access capital; supply or quality control problems with vendors; and changes in economic conditions which affect the buying patterns of customers. Additional factors that could cause actual results to differ materially from such statements are discussed in the Company’s periodic reports and filings with the Securities and Exchange Commission.

 
Roundy's, Inc.
Consolidated Statements of Comprehensive Income
(In thousands, except per share data)
(Unaudited)
 
  Thirteen Weeks Ended   Thirty-nine Weeks Ended
October 1,   September 29, October 1,   September 29,
2011 2012 2011 2012
Net Sales $ 976,881 $ 973,595 $ 2,873,262 $ 2,908,682
 
Costs and Expenses:
Cost of sales 713,699 722,432 2,090,086 2,133,065
Operating and administrative 224,455 225,907 663,808 676,022
Interest:
Interest expense, net 17,279 11,597 51,939 37,257
Amortization of deferred financing costs 847 574 2,632 1,840
Loss on debt extinguishment   -   -   -   13,304
  956,280   960,510   2,808,465   2,861,488
 
Income before Income Taxes 20,601 13,085 64,797 47,194
 
Provision for Income Taxes   8,240   5,152   25,919   18,079
 
Net Income $ 12,361 $ 7,933 $ 38,878 $ 29,115
 
Net earnings per common share:
Basic $ 0.41 $ 0.18 $ 1.28 $ 0.68
Diluted $ 0.41 $ 0.18 $ 1.28 $ 0.68
 
Weighted average number of common shares outstanding:
Basic 27,345 44,824 27,345 42,455
Diluted 30,395 44,976 30,395 42,884
 
Dividends declared per share $ - $ 0.23 $ - $ 0.46
 
Comprehensive Income $ 12,600 $ 8,603 $ 39,594 $ 31,126
 

Adjusted Net Income

The following is a summary of the calculation of Adjusted Net Income for the thirteen and thirty-nine weeks ended October 1, 2011 and September 29, 2012, respectively (in thousands):

 
  Thirteen Weeks Ended   Thirty-nine Weeks Ended
October 1,   September 29, October 1,   September 29,
2011 2012   2011 2012
Net Income $ 12,361 $ 7,933 $ 38,878 $ 29,115
Loss on debt extinguishment, net of tax - - - 8,049
Executive recruiting fees and relocation expenses, net of tax - 293 - 293
Severance to former executives, net of tax - 547 - 547
One-time IPO expenses, net of tax   -   -   -   314
 
Adjusted Net Income $ 12,361 $ 8,773 $ 38,878 $ 38,318
 
Net earnings per common share (adjusted):
 
Basic $ 0.41 $ 0.20 $ 1.28 $ 0.90
Diluted $ 0.41 $ 0.20 $ 1.28 $ 0.89
 

The Company presents Adjusted Net Income, a non-GAAP measure, to provide investors with a view of operating performance excluding significant and non-recurring items.

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