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TheStreet Open House

Roundy’s, Inc. Reports Fourth Quarter And Full Year 2012 Financial Results

Conference Call

The Company will host a conference call and audio webcast today, February 28, 2013 at 4:30 p.m. ET (3:30 p.m. CT) to discuss financial results for the fourth 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 March 14, 2013. A telephone replay will be available through March 14, 2013 by calling (888) 296-6945 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 160 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, Adjusted Net Earnings Per Common Share 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 below under “Reconciliation of Non-GAAP Amounts.”

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 Income
(In thousands, except per share data)
     
Thirteen Weeks Ended Fifty-two Weeks Ended
December 31, 2011 December 29, 2012 December 31, 2011 December 29, 2012
(Unaudited) (Unaudited) (Unaudited)
 
Net Sales $ 968,722 $ 981,855 $ 3,841,984 $ 3,890,537
 
Costs and Expenses:
Cost of sales 714,623 722,320 2,804,709 2,855,385
Operating and administrative 223,054 232,278 886,862 908,300
Goodwill impairment charge - 120,800 - 120,800
Interest:
Interest expense, net 16,916 11,568 68,855 48,825
Amortization of deferred financing costs 837 573 3,469 2,413
Loss on debt extinguishment   -   -     -   13,304  
  955,430   1,087,539     3,763,895   3,949,027  
 
Income (loss) before Income Taxes 13,292 (105,684 ) 78,089 (58,490 )
 
Provision (benefit) for Income Taxes   4,122   (7,320 )   30,041   10,759  
 
Net Income (loss) $ 9,170 $ (98,364 ) $ 48,048 $ (69,249 )
 
 
 
Net earnings (loss) per common share:
Basic $ 0.30 $ (2.19 ) $ 1.58 $ (1.61 )
Diluted $ 0.30 $ (2.19 ) $ 1.58 $ (1.61 )
 
Weighted average number of
common shares outstanding:
Basic 27,260 44,824 27,324 43,047
Diluted 30,310 44,824 30,374 43,047
 
Dividends declared per share $ - $ 0.12 $ - $ 0.58
 

Reconciliation of Non-GAAP Amounts

Adjusted Net Income and Adjusted Net Earnings Per Common Share

The following is a summary of the calculation of Adjusted Net Income and Adjusted Net Earnings Per Common Share for the thirteen and fifty-two weeks ended December 31, 2011 and December 29, 2012, respectively (in thousands):

     
Thirteen Weeks Ended Fifty-two Weeks Ended

December 31, 2011

December 29, 2012

December 31, 2011

December 29, 2012

Net Income (loss) $ 9,170 $ (98,364 ) $ 48,048 $ (69,249 )
Loss on debt extinguishment, net of tax - - - 8,049
Goodwill impairment charge, net of tax - 106,400 - 106,400
Executive recruiting fees and relocation expenses, net of tax - - - 293
Severance to former executives, net of tax - - - 547
Pension withdrawal charge, net of tax - 608 - 608
One-time IPO expenses, net of tax   -   -     -   314  
 
Adjusted Net Income $ 9,170 $ 8,644   $ 48,048 $ 46,962  
 
Net earnings (loss) per common share (as reported):
Basic $ 0.30 $ (2.19 ) $ 1.58 $ (1.61 )
Diluted $ 0.30 $ (2.19 ) $ 1.58 $ (1.61 )
 
Adjustments per common share, diluted:
Loss on debt extinguishment, net of tax $ - $ - $ - $ 0.18
Goodwill impairment charge, net of tax - 2.37 - 2.44
Executive recruiting fees and relocation expenses, net of tax - - - 0.01
Severance to former executives, net of tax - - - 0.01
Pension withdrawal charge, net of tax - 0.01 - 0.01
One-time IPO expenses, net of tax - - - 0.01
 
Adjusted net earnings per common share: (1)
Basic $ 0.30 $ 0.19 $ 1.58 $ 1.09
Diluted (2) $ 0.30 $ 0.19 $ 1.58 $ 1.08
 

(1) Amounts in table may not foot due to rounding. (2) The weighted average number of diluted common shares outstanding used to calculate adjusted diluted earnings per share for the fifty-two weeks ended December 29, 2012 includes 578,000 shares which were excluded from the weighted average number of diluted common shares outstanding used to calculate diluted loss per common share, as shares were anti-dilutive.

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

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