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Spartan Stores Announces Third Quarter Fiscal 2013 Financial Results

The Company believes that Adjusted earnings from continuing operations provide a meaningful representation of its operating performance for the Company. The Company considers Adjusted earnings from continuing operations as an additional way to measure operating performance on an ongoing basis. Adjusted earnings from continuing operations is meant to reflect the ongoing operating performance of all of its retail stores and wholesale operations; consequently, it excludes the impact of items that could be considered “non-operating” or “non-core” in nature, and also excludes the contributions of activities classified as discontinued operations. Because Adjusted earnings from continuing operations is a performance measure that management uses to allocate resources, assess performance against its peers and evaluate overall performance, the Company believes it provides useful information for investors. In addition, securities analysts, fund managers and other shareholders and stakeholders that communicate with the Company request its operating financial results in Adjusted earnings from continuing operations format.

Adjusted earnings from continuing operations is not a measure of performance under accounting principles generally accepted in the United States of America, and should not be considered as a substitute for net earnings, cash flows from operating activities and other income or cash flow statement data. The Company’s definition of Adjusted earnings from continuing operations may not be identical to similarly titled measures reported by other companies.

(In thousands)
Third Quarter Year-to-Date

January 5,2013


December 31,2011

January 5,2013


December 31,2011

Net earnings $ 3,400 $ 4,977 $ 19,708 $ 21,258
Discontinued operations 72 11 195 135
Income taxes 1,620 2,764 10,352 13,794
Interest expense, net 4,163 5,237 10,335 11,771
Debt extinguishment 2,285 2,285
Non-operating expense 7 3 (667 ) 11
Operating earnings 11,547 12,992 42,208 46,969
Depreciation and amortization 12,024 11,416 29,499 28,191
LIFO (income) expense (396) 1,134 984 2,661
Restructuring and asset impairment costs - (2 ) 356 (137 )
Other unusual items 396 - 396 1,194
Non-cash stock compensation and other charges 1,487 448 3,249 2,808
Adjusted EBITDA $ 25,058 $ 25,988 $ 76,692 $ 81,686
Reconciliation of operating earnings to adjusted EBITDA by segment:
Operating earnings $ 2,054 $ 2,129 $ 14,044 $ 19,940
Depreciation and amortization 9,358 8,806 22,902 21,692
LIFO expense 216 785 1,064 1,749
Restructuring and asset impairment costs - (2 ) 356 (100 )
Other unusual items 396 396
Non-cash stock compensation and other charges 557 (155 ) 2,014 982
Adjusted EBITDA $ 12,581 $ 11,563 $ 40,776 $ 44,263
Operating earnings $ 9,493 $ 10,863 $ 28,164 $ 27,029
Depreciation and amortization 2,666 2,610 6,597 6,499
LIFO expense (612) 349 (80) 912
Restructuring and asset impairment costs - - - (37 )
Other unusual items - - - 1,194
Non-cash stock compensation and other charges 930 603 1,235     1,826  
Adjusted EBITDA $ 12,477 $ 14,425 $ 35,916 $ 37,423

Notes: Consolidated Adjusted EBITDA is a non-GAAP operating financial measure that the Company defines as net earnings from continuing operations plus depreciation and amortization, and other non-cash items including imputed interest, deferred (stock) compensation, the LIFO provision, as well as adjustments for items that do not reflect the ongoing operating activities of the Company and costs associated with the closing of operational locations, interest expense and the provision for income taxes to the extent deducted in the computation of Net Earnings.

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