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Fairway Group Holdings Corp. Reports Fourth Quarter And Full Year Fiscal 2013 Results

Stocks in this article: FWM

Adjusted EBITDA for fiscal 2013 increased 32% to $47.4 million, inclusive of $5 million in business interruption insurance, from $35.8 million in fiscal 2012. As a percentage of sales, the adjusted EBITDA margin improved 72 basis points to 7.2% in fiscal 2013 from 6.4% in the prior year. On a pro forma basis to include the estimated lost sales from the Red Hook, Brooklyn location, the adjusted EBITDA margin improved 45 basis points to 6.9% in fiscal 2013 from 6.4% in the prior year. 1

 EBITDA Reconciliation ($ in millions, % of net sales)
   FY 2012   FY 2013 
Net loss ($11.9) -2.2% ($62.9) -9.5%
Reconciliation to EBITDA:        
(+) Store depreciation & amortization   13.5 2.4%  17.6 2.7%
(+) Corporate depreciation & amortization   5.7 1.0%  4.5 0.7%
(+) Management fees  2.6 0.5%  3.5 0.5%
(+) Non-recurring expenses   4.1 0.7%  12.5 1.9%
(+) Equity compensation charge   0.4 0.1%  0.1 0.0%
(+) Store opening costs   12.7 2.3%  19.0 2.9%
(+) Pre-opening advertising  --  0.0%  3.2 0.5%
(+) Interest expense, net   16.9 3.0%  24.0 3.6%
(+) Income tax (benefit) expense  (8.3) -1.5%  25.8 3.9%
Adjusted EBITDA $35.8 6.4% $47.4 7.2%
Note: In the fiscal year ended April 1, 2012, pre-opening advertising is included in store opening costs.

Other Operating Items

Gross profit for fiscal 2013 increased 16% to $215.9 million from $186.1 million in fiscal 2012. Excluding the Red Hook, Brooklyn store in both periods for the full fiscal year, gross profit increased 23% over the prior year. The Company's gross profit margin was 32.6% in fiscal 2013 versus 33.5% in the prior year. The decrease in gross profit margin reflects changes to the composition of the Company's store mix and increased store occupancy costs.

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