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

Adjusted EBITDA

The following is a summary of the calculation of Adjusted EBITDA for the thirteen and fifty-two weeks ending 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 )
Interest expense 16,916 11,568 68,855 48,825
Provision (benefit) for income taxes 4,122 (7,320 ) 30,041 10,759
Depreciation and amortization expense 17,964 18,144 69,480 66,136
LIFO charges 2,423 (157 ) 4,262 1,343
Amortization of deferred financing costs 837 573 3,469 2,413
Non-cash stock compensation expense - 378 - 1,431
Loss on debt extinguishment - - - 13,304
Goodwill impairment charge - 120,800 - 120,800
Executive recruiting fees and relocation expenses - - - 484
Severance to former executives - - - 904
Pension withdrawal charge - 1,006 - 1,006
One-time IPO expenses   -   -     -   519  
 
Adjusted EBITDA $ 51,432 $ 46,628   $ 224,155 $ 198,675  

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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