This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

SUPERVALU Announces Third Quarter Fiscal 2013 Results

Stocks in this article: SVU

SUPERVALU INC. and Subsidiaries SUPPLEMENTAL INFORMATION (Unaudited)

Our consolidated financial statements are prepared and presented in accordance with generally accepted accounting principles ("GAAP"). These measures and items identified below are provided as a supplement to our consolidated financial statements and should not be considered an alternative to any GAAP measure of performance or liquidity. The presentation of these financial measures is not intended to be a substitute for or be superior to any financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. Certain adjustments to our GAAP financial measures reflected below exclude certain items, specifically store closure charges, asset impairments, severance charges, and gains on sales, that are occasionally recurring in nature and may be reflected in our financial results for the foreseeable future. These measurements and items may be different from non-GAAP financial measures used by other companies. All measurements are provided as a reconciliation from a GAAP measurement. Management believes the measurements and items identified below are important measures of business performance that provide investors with useful supplemental information. The items below should be reviewed in conjunction with SUPERVALU, INC's financial results reported in accordance with GAAP.

TABLE 1: THIRD QUARTER FISCAL 2013 RECONCILIATION OF NET EARNINGS TO ADJUSTED NET EARNINGS

     
Fiscal Quarter Ended December 1, 2012
Diluted
Earnings Per
(in millions, except per share data) Before Tax After Tax Share
 
Net earnings $ 31 $ 16 $ 0.08
Adjustments:
Store closure impairment charges 30 19 0.09
Severance costs 1 - -
Gain on sale of surplus property (7 ) (4 ) (0.02 )

Cash settlement received from credit card companies

(41 ) (26 ) (0.12 )
     
Net earnings after adjustments $ 14   $ 5   $ 0.03  
 
 

TABLE 2: THIRD QUARTER FISCAL 2013 YEAR-TO-DATE RECONCILIATION OF NET LOSS TO ADJUSTED NET EARNINGS

 
Fiscal Year-to-Date Ended December 1, 2012
Diluted
Earnings Per
(in millions, except per share data) Before Tax After Tax Share
 
Net loss $ (97 ) $ (54 ) $ (0.26 )
Adjustments:
Intangible asset impairment charges 74 45 0.21
Store closure impairment charges, net of gain 72 43 0.21
Long-lived asset impairment charges 38 23 0.11
Unamortized financing cost charge 22 14 0.06
Labor buy-out and severance costs 8 5 0.03
Gain on sale of surplus property (7 ) (4 ) (0.02 )

Cash settlement received from credit card companies

(41 ) (26 ) (0.12 )
     
Net earnings after adjustments $ 69   $ 46   $ 0.22  
 

   

TABLE 3: RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA FOR 52 WEEKS ENDED DECEMBER 1, 2012 AND DECEMBER 3, 2011

 
 
52 Weeks Ended
(in millions) December 1, 2012 December 3, 2011
 
Net loss $ (478 ) $ (521 )
Adjustments:
Goodwill and intangible asset impairment charges 599 937
Store closure and other impairment charges, net of gain (1) 72 (9 )
Gain on sale of surplus property (7 ) -
Unamortized financing cost charge 22 -
Cash received on settlement from credit card companies (41 ) -
Long-lived asset impairment charges 38 -
Labor buy-out, severance, and pension withdrawal 28 22
Depreciation and amortization 883 892
Interest expense (2) 515 513
Income tax benefit (41 ) (99 )
   
Adjusted EBITDA $ 1,590   $ 1,735  
 
 
(1) Store closure and other impairment charges, net of gain includes a gain on the sale of assets in conjunction with the announced store closures of $13 for the 52 weeks ended December 1, 2012 and a gain on the sale of Total Logistics Control of $62 for the 52 weeks ended December 3, 2011.
 
(2) Interest expense for the 52 weeks ended December 1, 2012 is exclusive of the unamortized financing cost impairment charge, which is reported in Unamortized financing cost charge above.




5 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,614.81 +215.14 1.31%
S&P 500 1,941.28 +37.27 1.96%
NASDAQ 4,419.4780 +103.4040 2.40%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs