Nash Finch (NAFC) 8-K Nash Finch Reports 2ndQuarter 2007 Results

Exhibit 99.1

Nash Finch Reports 2^ndQuarter 2007 Results

     MINNEAPOLIS (July 19, 2007) — Nash Finch Company (NASDAQ: NAFC), one of the leading food distribution companies in the United States, today announced financial results for the second quarter ended June 16, 2007.

Financial Results

     Total company sales for the second quarter 2007 were $1.064 billion compared to $1.071 billion in the prior-year quarter. Sales for the first twenty-four weeks of 2007 were $2.096 billion compared to $2.106 billion in the prior-year period. The relatively small sales decline is attributable to the 2006 closure of underperforming retail stores and customer attrition in the food distribution segment, offset by stronger sales in the military segment.

     Net earnings for the second quarter 2007 were $9.6 million, or $0.70 per diluted share, as compared to net earnings of $4.1 million, or $0.31 per diluted share, in the prior year quarter. Net earnings for the first twenty-four weeks of 2007 were $14.9 million, or $1.10 per diluted share, as compared to net earnings of $8.0 million, or $0.60 per diluted share, in the prior-year period. Net earnings for both years were affected by several significant items and are detailed in the table below.

     Consolidated EBITDA¹ for the second quarter 2007 was $33.3 million, or 3.1% of sales, compared to $27.3 million, or 2.6% of sales, for the prior year quarter. For the first twenty-four weeks of 2007, Consolidated EBITDA was $58.5 million, or 2.8% of sales, compared to $51.3 million, or 2.4% of sales, in the prior-year period. Consolidated EBITDA is a non-GAAP financial measure that is reconciled to the most directly comparable GAAP financial results in the attached financial statements.

¹ Consolidated EBITDA, as defined in our credit agreement, and segment EBITDA is calculated as earnings before interest, income tax, depreciation and amortization, adjusted to exclude extraordinary gains or losses, gains or losses from sales of assets other than inventory in the ordinary course of business, and non-cash charges (such as LIFO, asset impairments, closed store lease costs and share-based compensation), less cash payments made during the current period on non-cash charges recorded in prior periods. Consolidated EBITDA should not be considered an alternative measure of our net income, operating performance, cash flows or liquidity. The amount of consolidated EBITDA is provided as additional information relevant to compliance with our debt covenants.

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     “I am very pleased with the improvement in our Consolidated EBITDA during the second quarter,” said Alec Covington, President & CEO of Nash Finch. “Our continued focus in 2007 has been on restoring the disciplines in our business which has resulted in improvements to gross margin, retail same store sales, as well as a reduction in SG&A expenses.”

     The following table identifies the significant pre-tax items affecting our earnings and Consolidated EBITDA for the second quarter and year-to-date 2007 and prior year results:

	2nd Quarter			2nd Quarter			Year-to-date			Year-to-date
(dollars in millions except per share amounts)	2007			2006			2007			2006
Significant items
Increase in allowance for doubtful accounts relating to customer receivables	$	—		$	1.4		$	—		$	1.4
Inventory markdown and closure costs of retail stores		—			0.2			—			0.9
Reversal related to change in vacation policy		—			(0.5	)		—			(1.5	)
Gain on the sale of intangible asset		(0.7	)		—			(0.7	)		—
Significant items impacting Consolidated EBITDA		(0.7	)		1.1			(0.7	)		0.8
Asset impairments and lease costs on closed retail stores	$	0.3		$	0.2		$	0.3		$	1.5
Asset impairments and lease reserve adjustments relating to customers at risk and other lease reserve		0.8			—			0.7			—
Change in estimate of 2004 special charge for locations subsequently sublet and updated assumptions		(1.3	)		—			(1.3	)
Charges due to the bankruptcy of a long-time customer		—			4.1			—			4.1
Significant items impacting pre-tax income	$	(0.9	)	$	5.4		$	(1.0	)	$	6.4
Diluted earnings per share impact	$	(0.04	)	$	0.24		$	(0.05	)	$	0.29

Food Distribution Results

	2nd			2nd
	Quarter			Quarter			%			Year-to-date			Year-to-date			%
(dollars in millions)	2007			2006			Change			2007			2006			Change
Sales	$	633.1		$	639.5			-1.0	%	$	1,247.9		$	1,260.0			-1.0	%
Segment EBITDA1	$	23.7		$	20.1			17.9	%	$	44.4		$	40.4			9.9	%
Percentage of Sales		3.7	%		3.1	%					3.6	%		3.2	%

     The decreases in the second quarter and year-to-date 2007 food distribution segment sales versus the comparable 2006 periods were primarily attributable to the annualized impact of lost customer sales in 2006 that have not yet been fully offset by new account gains achieved. The increase in the food distribution segment EBITDA for the second quarter and year-to-date periods was primarily due to significant improvements realized in gross margin.

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     “By better managing our inventories and vendor relationships we have seen nice improvement in our gross margin results while at the same time providing continued improvements in net cost of goods to our customers,” said Mr. Covington. “This continues to demonstrate how process improvements may favorably affect results and customer satisfaction when a consistent focus is placed on the details in this business”.

Military Distribution Results

	2nd			2nd
	Quarter			Quarter			%			Year-to-date			Year-to-date			%
(dollars in millions)	2007			2006			Change			2007			2006			Change
Sales	$	290.5		$	278.7			4.2	%	$	572.3		$	541.5			5.7	%
Segment EBITDA1	$	10.6		$	10.3			2.9	%	$	20.5		$	19.5			5.1	%
Percentage of Sales		3.6	%		3.7	%					3.6	%		3.6	%

     The military segment sales increases in both the second quarter and year-to-date comparisons continue to reflect strong sales both domestically and overseas. Military segment EBITDA margins as a percent of sales were relatively flat to the prior year.

Retail Results

	2nd			2nd
	Quarter			Quarter			%			Year-to-date			Year-to-date			%
(dollars in millions)	2007			2006			Change			2007			2006			Change
Sales	$	140.5		$	152.6			-7.9	%	$	276.1		$	304.0			-9.2	%
Segment EBITDA1	$	8.9		$	9.0			-1.1	%	$	15.6		$	15.7			-0.6	%
Percentage of Sales		6.3	%		5.9	%					5.7	%		5.2	%

     The retail segment sales decreases in both the second quarter and year-to-date comparisons are attributable to the closure of seven stores since the end of the second quarter 2006. Same store sales increased 0.3% in the second quarter 2007 and are flat year-to-date when compared to the same periods in 2006. The retail segment EBITDA for the quarter and year-to-date periods are relatively flat to the prior year periods.

Liquidity

     During the second quarter and year-to-date periods of 2007, the Company repaid $10.8 million and $25.3 million, respectively, of debt on its senior credit facilities. The Company continues to focus on effectively managing its working capital, reducing indebtedness, improving cash flow, and is currently in compliance with all of its debt covenants. The debt leverage ratio as of the end of the second quarter 2007 was 2.95, an improvement from 3.42 at the end of fiscal 2006. Availability on the Company’s revolving credit facility at the end of the quarter was $95.8 million.

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Financial Target Progress

     The following table charts the Company’s progress towards its long-term financial targets that are anticipated to be attained through successful execution of the strategic plan. Substantial improvement has been achieved in 2007 relative to fiscal 2006 results towards three of the four targets, namely, organic revenue growth, consolidated EBITDA margin and debt leverage ratio. The Company expects to make improvements on the free cash flow to net assets metric as we implement initiatives associated with our strategic plan.

	Long-term			Actual			2nd Quarter			Year-to-date
Financial Objectives	Target			2006			2007			2007
Organic Revenue Growth		2.0	%		-2.9	%		-0.6	%		-0.4	%
Consolidated EBITDA Margin		4.0	%		2.2	%		3.1	%		2.8	%
Trailing Four Quarter Free Cash Flow2 / Net Assets		10.0	%		8.7	%		5.8	%		5.8	%
Debt Leverage Ratio (Total Debt / Trailing Four Quarter Consolidated EBITDA)		2.50	x		3.42	x		2.95	x		2.95	x

² Defined as cash provided from operations less capital expenditures for property, plant & equipment during the trailing four quarters.

*********************************************************

     A conference call to review the second quarter 2007 results is scheduled for 10 a.m. (CT) on July 19, 2007. Interested participants can listen to the conference call over the Internet by logging onto the “Investor Relations” portion of Nash Finch’s website at http://www.nashfinch.com. A replay of the webcast will be available and the transcript of the call will be archived on the “Investor Relations” portion of Nash Finch’s website under the heading “Audio Archives.” A copy of this press release and the other financial and statistical information about the periods to be discussed in the conference call will be available at the time of the call on the “Investor Relations” portion of the Nash Finch website under the caption “Press Releases.”

     Nash Finch Company is a Fortune 500 company and one of the leading food distribution companies in the United States. Nash Finch’s core business, food distribution, serves independent retailers and military commissaries in 31 states, the District of Columbia, Europe, Cuba, Puerto Rico, the Azores and Egypt. The Company also owns and operates a base of retail stores, primarily supermarkets under the Econofoods®, Family Thrift Center® and Sun Mart® trade names. Further information is available on the Company’s website atwww.nashfinch.com.

     This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements relate to trends and events that may affect our future financial position and operating results. Any statement contained in this release that are not statements of historical fact may be deemed forward-looking statements. For example, words such as “may,” “will,” “should,” “likely,” “expect,” “anticipate,” “estimate,” “believe,” “intend, “ “potential” or “plan,” or comparable terminology, are intended to identify forward-looking statements. Such statements are based upon current expectations,

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estimates and assumptions, and entail various risks and uncertainties that could cause actual results to differ materially from those expressed in such forward-looking statements. Important factors known to us that could cause or contribute to material differences include, but are not limited to, the following:

• the success or failure of strategic plans, new business ventures or initiatives;

• the effect of competition on our distribution, military and retail businesses;

• our ability to identify and execute plans to improve the competitive position of our retail operations;

• risks entailed by future acquisitions, including the ability to successfully integrate acquired operations and retain the customers of those operations;

• technology failures which have a material adverse effect on our business;

• changes in credit risk from financial accommodations extended to new or existing customers;

• general sensitivity to economic conditions, including volatility in energy prices, food commodities,and changes in market interest rates;

• our ability to identify and execute plans to expand our food distribution, military and retail operations;

• significant changes in the nature of vendor promotional programs and the allocation of funds among the programs;

• limitations on financial and operating flexibility due to debt levels and debt instrument covenants;

• possible changes in the military commissary system, including those stemming from the redeployment of forces, congressional action and funding levels;

• legal, governmental or administrative proceedings or disputes that result in adverse outcomes, such as adverse determinations or developments with respect to the litigation or SEC inquiry discussed in Part I, Item 3 of our Annual Report on Form 10-K for the fiscal year ended December 30, 2006;

• changes in consumer spending or buying patterns;

• unanticipated problems with product procurement;

• severe weather and natural disasters adversely impacting our supply chain;

• changes in health care, pension and wage costs, and labor relations issues; and

• threats or potential threats to security or food safety.

     A more detailed discussion of many of these factors, as well as other factors that could affect the Company’s results, is contained in the Company’s periodic reports filed with the SEC. You should carefully consider each of these factors and all of the other information in this release. We believe that all forward-looking statements are based upon reasonable assumptions when made. However, we caution that it is impossible to predict actual results or outcomes and that accordingly you should not place undue reliance on these statements. Forward-looking statements speak only as of the date when made and we undertake no obligation to revise or update these statements in light of subsequent events or developments. Actual results and outcomes may differ materially from anticipated results or outcomes discussed in forward-looking statements. You are advised, however, to consult any future disclosures we make on related subjects in future reports to the Securities and Exchange Commission (SEC).

Contact: Bob Dimond, 952-844-1060

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NASH FINCH COMPANY AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)
(In thousands, except per share amounts)

	Twelve						Twenty-Four
	Weeks Ended						Weeks Ended
	June 16,				June 17,		June 16,			June 17,
	2007				2006		2007			2006
Sales	$	1,063,974				1,070,764	$	2,096,217			2,105,523
Cost of sales		967,892				974,249		1,909,414			1,916,589
Gross profit		96,082				96,515		186,803			188,934
Other costs and expenses:
Selling, general and administrative		65,488				73,045		132,047			143,381
Special charges		(1,282	)			—		(1,282	)		—
Depreciation and amortization		8,901				9,617		17,983			19,319
Interest expense		5,671				6,120		11,266			12,187
Total other costs and expenses		78,778				88,782		160,014			174,887
Earnings before income taxes and cumulative effect of a change in accounting principle		17,304				7,733		26,789			14,047
Income tax expense		7,697				3,603		11,894			6,230
Net earnings before cumulative effect of a change in accounting principle		9,607				4,130		14,895			7,817
Cumulative effect of a change in accounting principle, net of income tax expense of $119 in 2006		—				—		—			169
Net earnings	$	9,607				4,130	$	14,895			7,986
Net earnings per share:
Basic earnings per share:
Net earnings before cumulative effect of a change in accounting principle	$	0.71				0.31	$	1.11			0.59
Cumulative effect of change in accounting principle, net of income tax expense		—				—		—			0.01
Net earnings per share	$	0.71				0.31	$	1.11			0.60
				��
Diluted earnings per share:
Net earnings before cumulative effect of a change in accounting principle	$	0.70				0.31	$	1.10			0.59
Cumulative effect of change in accounting principle, net of income tax expense		—				—		—			0.01
Net earnings per share	$	0.70				0.31	$	1.10			0.60
Declared dividends per common share	$	0.180				0.180	$	0.360			0.360
Weighted average number of common shares outstanding and common equivalent shares outstanding:
Basic		13,492				13,366		13,465			13,357
Diluted		13,630				13,377		13,563			13,375

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NASH FINCH COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except per share amounts)

	June 16,			December 30,
	2007			2006
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	1,334			958
Accounts and notes receivable, net		179,327			186,833
Inventories		259,804			241,875
Prepaid expenses and other		13,291			15,445
Deferred tax asset, net		12,660			11,942
Total current assets		466,416			457,053
Notes receivable, net		11,325			13,167
Property, plant and equipment:
Property, plant and equipment		619,448			620,555
Less accumulated depreciation and amortization		(412,397	)		(400,750	)
Net property, plant and equipment		207,051			219,805
Goodwill		215,174			215,174
Customer contracts and relationships, net		30,400			32,141
Investment in direct financing leases		5,241			6,143
Deferred tax asset, net		8,601			—
Other assets		10,514			10,820
Total assets	$	954,722			954,303
Liabilities and Stockholders’ Equity
Current liabilities:
Current maturities of long-term debt and capitalized lease obligations	$	3,858			3,776
Accounts payable		204,527			209,503
Accrued expenses		67,337			64,943
Total current liabilities		275,722			278,222
Long-term debt		288,478			313,985
Capitalized lease obligations		32,224			33,869
Deferred tax liability, net		—			4,214
Other liabilities		50,171			29,633
Stockholders’ equity:
Preferred stock — no par value. Authorized 500 shares; none issued		—			—
Common stock of $1.66 2/3 par value Authorized 50,000 shares, issued 13,480 and 13,409 shares, respectively		22,467			22,348
Additional paid-in capital		57,636			53,697
Common stock held in trust		(2,074	)		(2,051	)
Deferred compensation obligations		2,074			2,051
Accumulated other comprehensive income		(4,782	)		(4,582	)
Retained earnings		233,305			223,416
Common stock in treasury, 21 and 21 shares, respectively		(499	)		(499	)
Total stockholders’ equity		308,127			294,380
Total liabilities and stockholders’ equity	$	954,722			954,303

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NASH FINCH COMPANY AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)

	Twenty-Four
	Weeks Ended
	June 16,			June 17,
	2007			2006
Operating activities:
Net earnings	$	14,895			7,986
Adjustments to reconcile net earnings to net cash provided by operating activities:
Special charges		(1,282	)		—
Depreciation and amortization		17,983			19,319
Amortization of deferred financing costs		377			380
Amortization of rebatable loans		1,446			1,006
Provision for bad debts		873			3,435
Provision for lease reserves		(63	)		1,295
Deferred income tax expense		2,963			1,140
Gain on sale of real estate and other		(319	)		(1,784	)
LIFO charge		1,615			923
Asset impairments		1,141			4,794
Share-based compensation		2,540			447
Cumulative effect of a change in accounting principle		—			(288	)
Deferred compensation		362			(1,307	)
Other		(60	)		(532	)
Changes in operating assets and liabilities:
Accounts and notes receivable		6,856			7,809
Inventories		(19,545	)		21,611
Prepaid expenses		2,630			691
Accounts payable		649			5,739
Accrued expenses		(1,179	)		(4,947	)
Income taxes payable		8,468			(2,152	)
Other assets and liabilities		(283	)		(736	)
Net cash provided by operating activities		40,067			64,829
Investing activities:
Disposal of property, plant and equipment		2,259			5,112
Additions to property, plant and equipment		(5,804	)		(8,460	)
Loans to customers		(433	)		(5,524	)
Payments from customers on loans		755			1,021
Purchase of marketable securities		—			(233	)
Sale of marketable securities		2			920
Corporate owned life insurance, net		(123	)		(208	)
Other		—			(179	)
Net cash used in investing activities		(3,344	)		(7,551	)
Financing activities:
Payments of revolving debt		(25,300	)		(35,600	)
Dividends paid		(4,834	)		(4,798	)
Proceeds from exercise of stock options		1,638			288
Proceeds from employee stock purchase plan		255			253
Payments of long-term debt		(319	)		(653	)
Payments of capitalized lease obligations		(1,451	)		(1,361	)
Decrease in book overdraft		(6,590	)		(6,556	)
Tax benefit from exercise of stock options		254			58
Other		—			267
Net cash used by financing activities		(36,347	)		(48,102	)
Net increase in cash and cash equivalents		376			9,176
Cash and cash equivalents:
Beginning of year		958			1,257
End of period	$	1,334			10,433

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NASH FINCH COMPANY AND SUBSIDIARIES
Supplemental Data (Unaudited)

	Twelve			Twelve			Twenty-Four			Twenty-Four
	Weeks Ended			Weeks Ended			Weeks Ended			Weeks Ended
	June 16,			June 17,			June 16,			June 17,
	2007			2006			2007			2006
Other Data (In thousands)
Total debt	$	324,560		$	374,621		$	324,560		$	374,621
Stockholders’ equity	$	308,127			328,123		$	308,127			328,123
Capitalization	$	632,687			702,744		$	632,687			702,744
Debt to total capitalization		51	%		53	%		51	%		53	%
Working capital ratio (a)		3.24			2.55			3.24			2.55
Non-GAAP Data
Consolidated EBITDA (b)	$	33,275			27,258		$	58,479			51,290
Interest coverage ratio — trailing 4 qtrs. (consolidated EBITDA to interest expense) (c)		4.38			4.87			4.38			4.87
Leverage ratio — trailing 4 qtrs. (debt to consolidated EBITDA) (d)		2.95			2.99			2.95			2.99
Senior secured leverage ratio (senior secured debt to consolidated EBITDA) (e)		1.23			1.44			1.23			1.44
Comparable GAAP Data			��
Earnings before income taxes to interest expense (c)		(0.19	)		2.10			(0.19	)		2.10
Debt to earnings before income taxes (d)		(68.31	)		7.00			(68.31	)		7.00
Senior secured debt to earnings before income taxes (e)		(28.35	)		3.36			(28.35	)		3.36

Debt Covenants	Required Ratio	Actual Ratio
Working capital ratio	1.75 (minimum)		3.24
Interest coverage ratio	3.50 (minimum)		4.38
Senior secured leverage ratio	2.75 (maximum)		1.23
Leverage ratio	3.50 (maximum)		2.95

(a)	Working capital ratio is defined as net trade accounts receivable plus inventory divided by the sum of loans and letters of credit outstanding under our senior secured credit agreement plus certain additional secured debt.
(b)	Consolidated EBITDA, as defined in our credit agreement, is earnings before interest, income tax, depreciation and amortization, adjusted to exclude extraordinary gains or losses, gains or losses from sales of assets other than inventory in the ordinary course of business, and non-cash charges (such as LIFO, asset impairments, closed store lease costs and share-based compensation), less cash payments made during the current period on non-cash charges recorded in prior periods. Consolidated EBITDA should not be considered an alternative measure of our net income, operating performance, cash flows or liquidity. The amount of consolidated EBITDA is provided as additional information relevant to compliance with our debt covenants.
(c)	Interest coverage ratio is defined as the Company’s Consolidated EBITDA divided by interest expense for the four trailing quarters ending June 16, 2007 and June 17, 2006, respectively. The most comparable GAAP ratio is earnings from continuing operations before income taxes divided by interest expense (less deferred financing costs) for the same periods.
(d)	Leverage ratio is defined as the Company’s total debt at June 16, 2007 and June 17, 2006, divided by Consolidated EBITDA for the respective four trailing quarters. The most comparable GAAP ratio is debt at the same date divided by earnings from continuing operations before income taxes for the respective four trailing quarters.
(e)	Senior secured leverage ratio is defined as total senior secured debt at June 16, 2007 and June 17, 2006 divided by Consolidated EBITDA for the respective four trailing quarters. The most comparable GAAP ratio is total senior secured debt at the same date divided by earnings from continuing operations before income taxes for the respective four trailing quarters.

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Derivation of Consolidated EBITDA; Segment Consolidated EBITDA; and Segment Profit (in thousands)

     FY 2007

	2006			2006			2007			2007			Rolling
	Qtr 3			Qtr 4			Qtr 1			Qtr 2			4 Qtr
Earnings (loss) from continuing operations before income taxes	$	(6,287	)		(25,253	)		9,485			17,304			(4,751	)
Add/(deduct)
Interest expense		7,906			6,551			5,595			5,671			25,723
Depreciation and amortization		12,685			9,447			9,082			8,901			40,115
LIFO		1,590			117			808			807			3,322
Lease reserves		4,455			2,675			(888	)		825			7,067
Asset impairments		2,522			4,127			866			275			7,790
Losses (gains) on sale of real estate		25			37			—			(147	)		(85	)
Subsequent cash payments on non-cash charges		(1,862	)		(686	)		(700	)		(663	)		(3,911	)
Goodwill Impairment		—			26,419			—			—			26,419
Share based compensation(b)		233			486			956			1,584			3,259
Special charges		6,253			—			—			(1,282	)		4,971
Total Consolidated EBITDA	$	27,520			23,920			25,204			33,275			109,919

	2006			2006			2007			2007			Rolling
	Qtr 3			Qtr 4			Qtr 1			Qtr 2			4 Qtr
Segment Consolidated EBITDA
Food Distribution	$	26,030			20,234			20,637			23,715			90,616
Military		11,850			9,941			9,892			10,602			42,285
Retail		8,633			6,227			6,784			8,857			30,501
Unallocated Corporate Overhead		(18,993	)		(12,482	)		(12,109	)		(9,899	)		(53,483	)
	$	27,520			23,920			25,204			33,275			109,919

	2006			2006			2007			2007			Rolling
	Qtr 3			Qtr 4			Qtr 1			Qtr 2			4 Qtr
Segment profit
Food Distribution	$	22,689			17,676			18,180			21,343			79,888
Military		11,283			9,485			9,472			10,170			40,410
Retail		5,645			4,296			4,821			6,818			21,580
Unallocated Corporate Overhead		(45,904	)		(56,710	)		(22,988	)		(21,027	)		(146,629	)
	$	(6,287	)		(25,253	)		9,485			17,304			(4,751	)

     FY 2006

	2005			2005			2006			2006			Rolling
	Qtr 3			Qtr 4			Qtr 1			Qtr 2			4 Qtr
Earnings (loss) from continuing operations before income taxes	$	18,100			21,364			6,314			7,733			53,511
Add/(deduct)														—
Interest expense		7,919			6,048			6,067			6,120			26,154
Depreciation and amortization		14,357			10,376			9,702			9,617			44,052
LIFO		(229	)		(452	)		462			461			242
Lease reserves		216			(191	)		902			1,327			2,254
Asset impairments		1,772			851			1,547			3,247			7,417
Losses (gains) on sale of real estate		(556	)		(2,600	)		33			(1,225	)		(4,348	)
Subsequent cash payments on non-cash charges		(752	)		(2,690	)		(808	)		(656	)		(4,906	)
Share based compensation(b)		488			14			(187	)		634			949
Total Consolidated EBITDA	$	41,315			32,720			24,032			27,258			125,325

	2005			2005			2006			2006			Rolling
	Qtr 3			Qtr 4			Qtr 1			Qtr 2			4 Qtr
Segment Consolidated EBITDA aftter reclass of marketing revenues and bad debt expense (a)
Food Distribution	$	30,379			22,962			20,352			20,089			93,782
Military		12,187			9,669			9,173			10,295			41,324
Retail		10,273			10,969			6,743			8,965			36,950
Unallocated Corporate Overhead		(11,524	)		(10,880	)		(12,236	)		(12,091	)		(46,731	)
	$	41,315			32,720			24,032			27,258			125,325

	2005			2005			2006			2006			Rolling
	Qtr 3			Qtr 4			Qtr 1			Qtr 2			4 Qtr
Segment profit after reclass of marketing revenues and bad debt expense (a)
Food Distribution	$	27,112			20,576			17,841			17,584			83,113
Military		11,644			9,259			8,747			11,011			40,661
Retail		6,444			8,284			4,272			6,600			25,600
Unallocated Corporate Overhead		(27,100	)		(16,755	)		(24,546	)		(27,462	)		(95,863	)
	$	18,100			21,364			6,314			7,733			53,511

(a)	Segment information prior to fourth quarter fiscal 2005 reflects a reclassification of marketing revenues and costs from Unallocated Corporate Overhead to the Food Distribution and Retail segments and, for periods prior to fiscal year 2006, a reclassification of bad debt expense from Unallocated Corporate Overhead to Food Distribution
(b)	The calculation of EBITDA has been revised for all periods presented to include an adjustment for noncash share-based compensation.

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Contact:Bob Dimond, 952-844-1060

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