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

Adjusted EBITDA

The following is a summary of the calculation of Adjusted EBITDA for the thirteen and thirty-nine weeks ending 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
Interest expense 17,279 11,597 51,939 37,257
Provision for income taxes 8,240 5,152 25,919 18,079
Depreciation and amortization expense 17,091 15,781 51,515 47,992
LIFO charges 839 250 1,839 1,500
Amortization of deferred financing costs 847 574 2,632 1,840
Non-cash stock compensation expense - 396 - 1,053
Loss on debt extinguishment - - - 13,304
Executive recruiting fees and relocation expenses - 484 - 484
Severance to former executives - 904 - 904
One-time IPO expenses   -   -   -   519
 
Adjusted EBITDA $ 56,657 $ 43,071 $ 172,722 $ 152,047
 

The Company presents Adjusted EBITDA, a non-GAAP measure, to provide investors with a supplemental measure of its operating performance. The Company believes that Adjusted EBITDA is a useful performance measure and is used by the Company to facilitate a comparison of its operating performance on a consistent basis from period-to-period and to provide for a more complete understanding of factors and trends affecting the Company’s business than measures under U.S. generally accepted accounting principles (‘‘GAAP’’) can provide alone. The Company’s board of directors and management also use Adjusted EBITDA as one of the primary methods for planning and forecasting overall expected performance and for evaluating on a quarterly and annual basis actual results against such expectations, and as a performance evaluation metric in determining achievement of certain compensation programs and plans for employees, including its senior executives.

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