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TheStreet Open House

The Chefs' Warehouse, Inc. Reports Fourth Quarter And Fiscal Year 2012 Financial Results

Stocks in this article: CHEF

RIDGEFIELD, Conn., Feb. 21, 2013 (GLOBE NEWSWIRE) -- The Chefs' Warehouse, Inc. (Nasdaq:CHEF), a premier distributor of specialty food products in the United States, today reported financial results for its fourth quarter and fiscal year ended December 28, 2012.

Financial highlights for the fourth quarter of 2012 compared to the fourth quarter of 2011:

  • Net sales increased 22.4% to $142.6 million for the fourth quarter of 2012 from $116.5 million for the fourth quarter of 2011. Adjusted for the impacts of Hurricane Sandy and the prior year extra week in 2011, net sales increased approximately 32.5%. 1
  • Earnings per diluted share available to common stockholders was $0.17 for the fourth quarter of 2012 compared to $0.25 for the fourth quarter of 2011.
  • Modified pro forma earnings per diluted share available to common stockholders 1 was $0.24 per diluted share for the fourth quarter of 2012 compared to $0.23 per diluted share for the fourth quarter of 2011.
  • Adjusted EBITDA 1 increased 21.8% to $11.6 million for the fourth quarter of 2012 from $9.5 million for the fourth quarter of 2011.

"We are very pleased with our fourth quarter results, particularly in light of the current economy, the impact of Hurricane Sandy and the extra week in our prior fiscal year," said Chris Pappas, chairman and chief executive officer of The Chefs' Warehouse, Inc. "2012 marked a year of significant growth for our company in the face of a challenging economic environment. We started off 2013 with a bang by adding Queensgate Foodservice to the Chefs' Warehouse family. During the remainder of 2013, we will continue to focus on driving organic growth, strengthening our infrastructure and pursuing additional attractive acquisitions."

Fourth Quarter Fiscal 2012 Results

Net sales for the quarter ended December 28, 2012 increased approximately 22.4% to $142.6 million from $116.5 million for the quarter ended December 30, 2011. Adjusted for the estimated impact of Hurricane Sandy and the extra week in 2011, net sales increased approximately 32.5%. The increase in net sales was the result of the acquisitions of Michael's Finer Meats and Praml earlier in 2012, as well as organic sales growth. These acquisitions accounted for approximately $31.6 million of our sales growth for the quarter. The impact of Hurricane Sandy, while less than initially estimated, negatively impacted net sales by approximately $3.0 million in the quarter. In addition, 2011 included an extra week in our fiscal year, which positively contributed approximately $6.6 million of net sales to the prior year's fourth quarter. Inflation was approximately 1.4% for the quarter.

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