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Sysco Reports Diluted EPS Of $0.47 ($0.50 After Adjusting For Certain Items) For The Fourth Quarter And $1.67 ($1.78 After Adjusting For Certain Items) For Fiscal Year 2013

HOUSTON, Aug. 12, 2013 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE:SYY) today announced financial results for its 13-week fourth fiscal quarter, and its 52-week fiscal year ended June 29, 2013.

Fourth Quarter Fiscal 2013 Highlights

  • Sales were $11.6 billion, an increase of 5.0% from $11.0 billion in the fourth quarter of fiscal 2012.
  • Operating income was $460 million, a decrease of 10.8%, compared to $515 million in last year's fourth quarter.
  • Diluted earnings per share (EPS) were $0.47, which was 11.3% lower compared to $0.53 in last year's fourth quarter.
  • After adjusting for certain items, which mainly related to restructuring charges, adjusted 1 diluted EPS was $0.50. After further adjusting for business transformation expenses, to reflect the performance of the company's underlying business, adjusted diluted EPS was $0.59, compared to $0.63 in the prior year period.

Fiscal 2013 Highlights

  • Sales were $44.4 billion, an increase of 4.8% from $42.4 billion in fiscal 2012.
  • Operating income was $1.7 billion, a decrease of 12.3%, compared to the prior year.
  • Diluted EPS was $1.67, which was 12.1% lower compared to $1.90 in the prior year.
  • After adjusting for certain items, which mainly related to a multi-employer pension plan (MEPP) withdrawal and restructuring charges, adjusted diluted EPS was $1.78. After further adjusting for business transformation expenses to reflect the performance of the company's underlying business, adjusted diluted EPS was $2.14, compared to $2.15 in the prior year.
  • Cash flow from operations increased 7.6% to $1.5 billion in fiscal 2013 and free cash flow increased 62% to $1.0 billion.

1 See Non-GAAP Reconciliations below for more information.

"Fiscal year 2013 was a year of transition for Sysco where we made good progress on our multi-year business transformation initiatives. With that said, our financial results announced this morning fell short of our expectations as weak restaurant traffic continued to challenge many of our customers," said Bill DeLaney, Sysco's president and chief executive officer. "While overall sales grew acceptably by about 5 percent for both the fourth quarter and full fiscal year and our cost per case metrics improved as the year progressed, we were unable to grow our gross profit at planned levels due in part to ongoing competitive pressures and a shift in customer mix. Looking forward to fiscal 2014, our earnings performance trends should gradually improve as we realize more of the benefits of our business transformation initiatives and further leverage the capabilities of both our strengthened senior management team and our 48,000 customer focused associates."

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