Exhibit 99.1
| | NEWS
RELEASE |
NASH FINCH REPORTS FIRST QUARTER 2005 RESULTS
Net Income Increases 49%
Revenue Growth Continues in Food Distribution and Military
Strategic Acquisition Integration Underway
MINNEAPOLIS (April 21, 2005) — Nash Finch Company (Nasdaq: NAFC), a leading national food distributor, today announced that earnings for the first quarter of 2005 were $7.0 million, or $0.54 per diluted share, as compared to $4.7 million, or $0.38 per diluted share for the first quarter last year, an increase of 49 percent. Total sales for the quarter rose to $882.2 million versus $879.5 million in the prior-year quarter. Sales growth in the food distribution and military segments more than offset the revenue impact of closing the Company’s underperforming retail stores at the end of the second quarter 2004. “We are pleased with the results of our quarter which are in line with our expectations and represent increases in profitability across all segments of our business,” said Ron Marshall, Chief Executive Officer. “Moreover we completed the acquisition of the distribution centers in Lima and Westville shortly after the close of the first quarter and integration efforts are proceeding according to plan.”
Food Distribution Results
Food distribution segment sales for the first quarter of 2005 improved to $450.4 million versus $431.1 million in the prior-year quarter, an increase of 4.5 percent. Sales improvements were principally the result of new account gains and same store sales increases by many of our customers. Food distribution segment profits increased to $15.6 million, or 3.5 percent of sales, versus $14.5 million, or 3.4 percent of sales, in the first quarter of 2004.
Military Distribution Results
Military segment sales were $263.5 million compared to $253.7 million for the first quarter of 2004, an increase of 3.9 percent. The sales growth was the result of increased customer traffic
in both domestic and overseas commissaries. Segment profits were $8.9 million, or 3.4 percent of sales, versus $8.2 million, or 3.2 percent of sales, for the year-ago period.
Retail Results
Corporate retail sales were $168.3 million in the first quarter versus $194.6 million in the prior-year quarter. Retail segment profits were $5.6 million, or 3.3 percent of sales, for the first quarter of 2005 as compared to $2.8 million, or 1.4 percent of sales, in the prior-year period. Same-store sales decreased 0.6 percent for the first quarter of 2005 relative to the first quarter of 2004. Both the relatively flat same store sales figure and the profit margin represent significant improvement over the prior year. These improvements are the result of more effective promotional spending in the 2005 quarter relative to the same quarter one year ago, the decision to close a number of underperforming stores in fiscal 2004 and the timing of the Easter holiday in 2005 versus 2004. The Company’s total store count at the end of the first quarter was 84 compared to 106 at the end of the first quarter last year.
Food Distribution Acquisition
On March 31, 2005 the Company announced it had completed the purchase from Roundy’s Inc. of the net assets, including customer contracts, of the wholesale food distribution divisions in Westville, Indiana, and Lima, Ohio, and two retail stores in Ironton and Van Wert, Ohio, for approximately $225 million.
The Westville and Lima Divisions represent approximately $1.0 billion in annual food distribution sales, servicing approximately 500 stores principally in Indiana, Illinois, Ohio and Michigan. The Company expects the acquisition will be immediately accretive to earnings. Depending on the purchase accounting allocations and related amortization, operating profits, defined as sales less cost of sales and selling, general and administrative expense, are expected to increase by $31 to $33 million during the first twelve months following the acquisition, net of implementation costs of approximately $3 million. This estimate includes a portion of the annual synergies expected to be realized over several years. No facility closures are expected given the strategic fit of these distribution centers into the Nash Finch network.
“The acquisition is a key element of our Food Distribution strategy,” said Ron Marshall. “We gain successful customers with a proven track record within their market areas as well as the
opportunity to expand marketing and merchandising programs across our network. We are committed to helping our customers compete in an ever changing marketplace.”
The acquisition was financed through the private placement of senior subordinated convertible notes that was completed on March 15, 2005 as well as borrowings under the Company’s bank credit facility. The convertible offering represented $150.1 million in aggregate gross proceeds (or $322.0 million aggregate principal amount at maturity) of notes due 2035. The Company granted the initial purchasers a 30-day option to purchase up to an additional 10% of the aggregate principal amount at maturity of the notes. This option was not exercised.
Cash interest at the rate of 3.50% per year is payable semi-annually on the issue price of the notes until March 15, 2013. After that date, cash interest will not be payable and original issue discount for non-tax purposes will accrue on the notes at a daily rate of 3.50% per year beginning on March 15, 2013 until the maturity date of the notes. On the maturity date of the notes, a holder will receive $1,000 per note.
The notes will be convertible at the option of the holder, only upon the occurrence of certain events, at an initial conversion price of $50.05 per share, representing a 36.50% premium over the last reported sale price of our common stock on March 9, 2005, which was $36.67. Upon conversion, the Company will pay the holder the conversion value in cash up to the accreted principal amount of the note and the excess conversion value, if any, in cash, Nash Finch common stock or both, at the option of the Company.
The Company may redeem all or a portion of the notes for cash at any time on or after the eighth anniversary of the issuance of the notes. Holders may require the Company to purchase for cash all or a portion of the notes on the 8th, 10th, 15th, 20th and 25th anniversaries of the issuance of the notes. In addition, upon specified change in control events, each holder will have the option, subject to certain limitations, to require the Company to purchase for cash all or any portion of such holder’s notes.
Outlook
The Company is reaffirming its earnings guidance range of between $3.40 and $3.55 in diluted earnings per share for fiscal 2005 before the accretive effect of the acquisition discussed above. This range compares to fiscal 2004 earnings from continuing operations of $14.9 million,
or $1.18 per diluted share. Fiscal 2004 results included several events, listed on the schedule attached to this release, which had a net unfavorable impact of $24.0 million, or $1.89 per diluted share, the largest of which was a special charge of $21.0 million, or $1.66 per diluted share, involving primarily non-cash costs associated with the disposition of 21 retail stores.
A conference call to review first quarter results is scheduled for 10 a.m. (CT) on April 21, 2005. 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 Internet broadcast 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, with nearly $4 billion in fiscal 2004 sales. In March, 2005, the Company acquired two distribution centers representing an additional nearly $1 billion in annual food distribution sales. Nash Finch Company’s core business, food distribution, serves independent retailers and military commissaries in 28 states, the District of Columbia, Europe, Cuba, Puerto Rico, Iceland, the Azores and Honduras. The Company also owns and operates a base of over 80 retail stores, principally supermarkets under the Econofoods, Family Thrift Center and Sun Mart trade names. Nash Finch employs nearly 10,000 associates and is publicly traded on the NASDAQ under the symbol “NAFC.” Further information is available on the Company’s website at www.nashfinch.com.
The statements in this release that refer to anticipated financial results, plans and developments are forward-looking statements based on current expectations and assumptions, and entail risks and uncertainties that could cause actual results to differ materially from those expressed in such forward-looking statements. Important factors that could cause material differences include the Company’s ability to successfully integrate into its business the distribution centers acquired and to retain the customers of those distribution centers; the effect of competition on the Company’s distribution and retail businesses; the Company’s ability to successfully execute plans to improve retail operations and to expand wholesale operations; general economic conditions; credit risk from financial accommodations extended to customers; the success or failure of new business ventures and initiatives; changes in consumer spending and buying patterns; risks entailed by expansion, affiliations and acquisitions; limitations on financial and operating flexibility due to debt levels and debt instrument covenants; possible changes to the military commissary system; and other cautionary factors discussed in the Company’s periodic reports filed with the SEC. The Company does not undertake to update
forward-looking statements to reflect future events or circumstances, but investors are advised to consult future disclosures involving these topics in our periodic reports filed with the SEC.
# # #
Contact: LeAnne M. Stewart, 952-844-1060
NASH FINCH COMPANY AND SUBSIDIARIES
Consolidated Statements of Income (unaudited)
(In thousands, except per share amounts)
| | Twelve
Weeks Ended | |
| | March 26,
2005 | | March 27,
2004 | |
| | | | | |
Sales | | $ | 882,238 | | 879,454 | |
| | | | | |
Cost and expenses: | | | | | |
Cost of sales | | 790,806 | | 781,607 | |
Selling, general and administrative | | 67,933 | | 73,429 | |
Depreciation and amortization | | 8,374 | | 10,156 | |
Interest expense | | 3,764 | | 6,505 | |
Total cost and expenses | | 870,877 | | 871,697 | |
| | | | | |
Earnings before income taxes | | 11,361 | | 7,757 | |
| | | | | |
Income tax expense | | 4,386 | | 3,025 | |
| | | | | |
Net earnings | | $ | 6,975 | | 4,732 | |
| | | | | |
Net earnings per share: | | | | | |
Basic earnings per share: | | $ | 0.55 | | 0.39 | |
| | | | | |
Diluted earnings per share: | | $ | 0.54 | | 0.38 | |
| | | | | |
Cash dividends per common share | | $ | 0.135 | | 0.135 | |
| | | | | |
Weighted average number of common shares outstanding and common equivalent shares outstanding: | | | | | |
Basic | | 12,687 | | 12,276 | |
Diluted | | 13,014 | | 12,445 | |
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NASH FINCH COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except per share amounts)
| | March 26,
2005 | | January 1,
2005 | | March 27,
2004 | |
| | (unaudited) | | | | (unaudited) | |
Assets | | | | | | | |
Current assets: | | | | | | | |
Cash and cash equivalents | | $ | 160,397 | | 5,029 | | 9,069 | |
Accounts and notes receivable, net | | 151,882 | | 157,397 | | 148,208 | |
Inventories | | 229,434 | | 213,343 | | 242,512 | |
Prepaid expenses | | 18,635 | | 15,524 | | 13,529 | |
Deferred tax assets | | 8,283 | | 9,294 | | 5,850 | |
Total current assets | | 568,631 | | 400,587 | | 419,168 | |
| | | | | | | |
Investments in marketable securities | | 681 | | 1,661 | | 20 | |
Notes receivable, net | | 25,213 | | 26,554 | | 32,901 | |
| | | | | | | |
Property, plant and equipment: | | | | | | | |
Land | | 21,289 | | 21,289 | | 24,000 | |
Buildings and improvements | | 155,534 | | 155,906 | | 160,735 | |
Furniture, fixtures and equipment | | 300,839 | | 300,432 | | 323,488 | |
Leasehold improvements | | 71,198 | | 71,907 | | 87,141 | |
Construction in progress | | 1,198 | | 1,784 | | 461 | |
Assets under capitalized leases | | 40,171 | | 40,171 | | 41,570 | |
| | 590,229 | | 591,489 | | 637,395 | |
Less accumulated depreciation and amortization | | (382,372 | ) | (377,820 | ) | (384,109 | ) |
Net property, plant and equipment | | 207,857 | | 213,669 | | 253,286 | |
| | | | | | | |
Goodwill | | 147,435 | | 147,435 | | 149,792 | |
Investment in direct financing leases | | 10,650 | | 10,876 | | 13,148 | |
Deferred tax asset, net | | 3,159 | | 2,560 | | — | |
Other assets | | 18,172 | | 12,286 | | 13,182 | |
Total assets | | $ | 981,798 | | 815,628 | | 881,497 | |
| | | | | | | |
Liabilities and Stockholders’ Equity | | | | | | | |
Current liabilities: | | | | | | | |
Outstanding checks | | $ | 10,145 | | 11,344 | | 6,152 | |
Current maturities of long-term debt and capitalized lease obligations | | 5,444 | | 5,440 | | 5,371 | |
Accounts payable | | 196,079 | | 180,359 | | 171,956 | |
Accrued expenses | | 74,945 | | 72,200 | | 80,669 | |
Income taxes payable | | 13,127 | | 10,819 | | 10,405 | |
Total current liabilities | | 299,740 | | 280,162 | | 274,553 | |
| | | | | | | |
Long-term debt | | 339,033 | | 199,243 | | 281,600 | |
Capitalized lease obligations | | 39,664 | | 40,360 | | 43,959 | |
Deferred tax liability, net | | — | | — | | 7,524 | |
Other liabilities | | 21,263 | | 21,935 | | 11,287 | |
Commitments and contingencies | | — | | — | | — | |
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 12,693, 12,657 and 12,314 shares, respectively | | 21,155 | | 21,096 | | 20,524 | |
Additional paid-in capital | | 35,787 | | 34,848 | | 30,026 | |
Restricted stock | | (179 | ) | (224 | ) | (400 | ) |
Common stock held in trust | | (1,652 | ) | (1,652 | ) | — | |
Deferred compensation obligations | | 1,652 | | 1,652 | | — | |
Accumulated other comprehensive income | | (3,399 | ) | (5,262 | ) | (5,678 | ) |
Retained earnings | | 228,940 | | 223,676 | | 218,500 | |
| | 282,304 | | 274,134 | | 262,972 | |
Less cost of 11, 11 and 21 shares of common stock in treasury, respectively | | (206 | ) | (206 | ) | (398 | ) |
Total stockholders’ equity | | 282,098 | | 273,928 | | 262,574 | |
| | | | | | | |
Total liabilities and stockholders’ equity | | $ | 981,798 | | 815,628 | | 881,497 | |
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NASH FINCH COMPANY AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| | Twelve
Weeks Ended | |
| | March 26,
2005 | | March 27,
2004 | |
Operating activities: | | | | | |
Net earnings | | $ | 6,975 | | 4,732 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | |
Depreciation and amortization | | 8,374 | | 10,156 | |
Amortization of deferred financing costs | | 173 | | 259 | |
Amortization of rebatable loans | | 476 | | 714 | |
Provision for bad debts | | 577 | | 780 | |
Deferred income tax expense | | 412 | | 1,042 | |
Gain on sale of property, plant and equipment | | (162 | ) | (469 | ) |
LIFO charge | | 577 | | 392 | |
Asset impairments | | 458 | | — | |
Other | | 523 | | 199 | |
Changes in operating assets and liabilities, net of effects of acquisitions | | | | | |
Accounts and notes receivable | | 5,586 | | (2,579 | ) |
Inventories | | (16,667 | ) | (6,615 | ) |
Prepaid expenses | | (3,111 | ) | 1,607 | |
Accounts payable | | 15,721 | | 5,214 | |
Accrued expenses | | 4,608 | | 2,193 | |
Income taxes payable | | 2,307 | | (209 | ) |
Other assets and liabilities | | (1,527 | ) | (238 | ) |
Net cash provided by operating activities | | 25,300 | | 17,178 | |
| | | | | |
Investing activities: | | | | | |
Disposal of property, plant and equipment | | 272 | | 1,937 | |
Additions to property, plant and equipment | | (2,826 | ) | (2,958 | ) |
Loans to customers | | (367 | ) | (2,513 | ) |
Payments from customers on loans | | 808 | | 580 | |
Purchase of marketable securities | | (1,182 | ) | — | |
Sale of marketable securities | | 2,020 | | — | |
Corporate owned life insurance, net | | (1,102 | ) | — | |
Other | | 143 | | — | |
Net cash used in investing activities | | (2,234 | ) | (2,954 | ) |
| | | | | |
Financing activities: | | | | | |
Payments of revolving debt | | (10,000 | ) | — | |
Dividends paid | | (1,712 | ) | (1,649 | ) |
Proceeds from exercise of stock options | | 480 | | 1,509 | |
Proceeds from employee stock purchase plan | �� | 296 | | 357 | |
Proceeds from long-term debt | | 150,087 | | — | |
Payments of long-term debt | | (384 | ) | (343 | ) |
Payments of capitalized lease obligations | | (605 | ) | (588 | ) |
Decrease in outstanding checks | | (1,199 | ) | (17,198 | ) |
Payments of deferred finance costs | | (4,661 | ) | — | |
| | | | | |
Net cash provided (used) by financing activities | | 132,302 | | (17,912 | ) |
Net increase (decrease) in cash | | 155,368 | | (3,688 | ) |
Cash at beginning of period | | 5,029 | | 12,757 | |
Cash at end of period | | $ | 160,397 | | 9,069 | |
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NASH FINCH COMPANY AND SUBSIDIARIES
Supplemental Data (Unaudited)
| | Twelve
Weeks Ended
March 26,
2005 | | Twelve
Weeks Ended
March 27,
2004 | |
Other Data (In thousands) | | | | | |
| | | | | |
Cash from operations | | $ | 25,300 | | 17,178 | |
Debt to total capitalization | | 58 | % | 56 | % |
Total debt | | $ | 384,141 | | 330,930 | |
Capital spending | | $ | 2,826 | | 2,958 | |
Capitalization | | $ | 666,239 | | 593,504 | |
Stockholders’ equity | | $ | 282,098 | | 262,574 | |
Working Capital Ratio (a) | | 2.23 | | 3.51 | |
| | | | | |
Non-GAAP Data | | | | | |
Consolidated EBITDA (b) | | $ | 23,337 | | 24,034 | |
Interest Coverage Ratio - trailing 4 qtrs. (Consolidated EBITDA to interest expense) (c) | | 5.53 | | 4.12 | |
Leverage Ratio - trailing 4 qtrs. (debt to Consolidated EBITDA) (d) | | 3.03 | | 2.72 | |
Senior Secured Leverage Ratio (e) | | 1.38 | | — | |
| | | | | |
Comparable GAAP Data | | | | | |
Earnings before income taxes to interest expense (c) | | 0.99 | | 1.84 | |
Debt to earnings before income taxes (d) | | 16.85 | | 6.09 | |
Senior secured debt to earnings before income taxes (e) | | 7.67 | | — | |
| | | | | |
| | Required Ratio | | Actual Ratio | |
Debt Covenants | | | | | |
Interest Coverage Ratio | | 3.50 (minimum | ) | 5.53 | |
Leverage Ratio | | 3.50 (maximum | ) | 3.03 | |
Senior Secured Leverage Ratio | | 2.75 (maximum | ) | 1.38 | |
Working Capital Ratio | | 1.50 (minimum | ) | 2.23 | |
(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 the new 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 and closed store lease costs), 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 March 26, 2005 and March 27, 2004, respectively. The most comparable GAAP ratio is earnings before income taxes divided by interest expense for the same periods.
(d) Leverage Ratio is defined as the Company’s end of period debt at March 26, 2005 and March 27, 2004, divided by Consolidated EBITDA for the respective four trailing quarters. The most comparable GAAP ratio is debt at the same dates divided by earnings before income taxes for the respective four trailing quarters.
(e) Senior Secured Leverage Ratio is defined as total senior secured debt at March 26, 2005 divided by Consolidated EBITDA for the trailing four quarters. The most comparable GAAP ratio is earnings before income taxes divided by interest expense for the same periods. The Senior Secured Leverage Ratio is a new covenant under the credit facility entered in the fourth quarter of fiscal 2004. Comparative data as of March 27, 2004 is not presented because this was not a covenant under the prior credit facility.
9
Reconciliation of Consolidated EBITDA (in thousands)
Consolidated EBITDA is derived from the Company’s earnings before income taxes as follows:
| | 2004
Qtr 2 | | 2004
Qtr 3 | | 2004
Qtr 4 | | 2005
Qtr 1 | | Rolling
4 Qtr | |
| | | | | | | | | | | |
Earnings before income taxes | | (25,639 | ) | 22,620 | | 14,461 | | 11,361 | | 22,803 | |
Add/(deduct) | | | | | | | | | | | |
Interest expense | | 6,487 | | 7,799 | | 5,007 | | 3,764 | | 23,057 | |
Depreciation and amortization | | 9,800 | | 11,615 | | 8,670 | | 8,374 | | 38,459 | |
LIFO | | 783 | | 1,043 | | 1,307 | | 577 | | 3,710 | |
Closed store lease costs | | 1,146 | | 643 | | 3,211 | | 178 | | 5,178 | |
Asset Impairments | | — | | — | | 853 | | 458 | | 1,311 | |
Gains on sale of real estate | | (14 | ) | (3,317 | ) | (2,173 | ) | — | | (5,504 | ) |
Subsequent cash payments on non-cash charges | | (625 | ) | (1,633 | ) | (693 | ) | (1,375 | ) | (4,326 | ) |
Extinguishment of debt | | — | | — | | 7,204 | | — | | 7,204 | |
Special charges | | 36,494 | | — | | (1,715 | ) | — | | 34,779 | |
Total Consolidated EBITDA | | 28,432 | | 38,770 | | 36,132 | | 23,337 | | 126,671 | |
| | | | | | | | | | | |
| | Qtr 2 | | Qtr 3 | | Qtr 4 | | Qtr 1 | | Rolling
4 Qtr | |
Consolidated EBITDA by Segment | | | | | | | | | | | |
Food Distribution | | 19,650 | | 25,151 | | 20,643 | | 17,450 | | 82,894 | |
Military | | 8,988 | | 11,340 | | 9,029 | | 9,315 | | 38,672 | |
Retail | | 7,414 | | 14,515 | | 12,678 | | 8,286 | | 42,893 | |
Unallocated Corporate Overhead | | (7,620 | ) | (12,236 | ) | (6,218 | ) | (11,714 | ) | (37,788 | ) |
| | 28,432 | | 38,770 | | 36,132 | | 23,337 | | 126,671 | |
| | | | | | | | | | | |
| | 2003
Qtr 2 | | 2003
Qtr 3 | | 2003
Qtr 4 | | 2004
Qtr 1 | | Rolling
4 Qtr | |
| | | | | | | | | | | |
Earnings before income taxes | | 11,910 | | 14,105 | | 20,572 | | 7,757 | | 54,344 | |
Add/(deduct) | | | | | | | | | | | |
Interest expense | | 7,035 | | 9,011 | | 7,032 | | 6,505 | | 29,583 | |
Depreciation and amortization | | 9,642 | | 13,098 | | 10,232 | | 10,156 | | 43,128 | |
LIFO | | 400 | | 41 | | (1,961 | ) | 392 | | (1,128 | ) |
Closed store lease costs | | 32 | | 583 | | 187 | | (129 | ) | 673 | |
Asset Impairments | | — | | 1,725 | | 591 | | — | | 2,316 | |
Gains on sale of real estate | | (126 | ) | (218 | ) | (338 | ) | (82 | ) | (764 | ) |
Subsequent cash payments on non-cash charges | | (508 | ) | (602 | ) | (598 | ) | (565 | ) | (2,273 | ) |
Curtailment of post retirement health care plan | | — | | — | | (4,004 | ) | — | | (4,004 | ) |
Total Consolidated EBITDA | | 28,385 | | 37,743 | | 31,713 | | 24,034 | | 121,875 | |
| | | | | | | | | | | |
| | Qtr 2 | | Qtr 3 | | Qtr 4 | | Qtr 1 | | Rolling
4 Qtr | |
Consolidated EBITDA by Segment | | | | | | | | | | | |
Food Distribution | | 16,288 | | 24,440 | | 18,615 | | 16,441 | | 75,784 | |
Military | | 7,046 | | 9,736 | | 8,992 | | 8,579 | | 34,353 | |
Retail | | 13,110 | | 13,099 | | 9,851 | | 6,743 | | 42,803 | |
Unallocated Corporate Overhead | | (8,059 | ) | (9,532 | ) | (5,745 | ) | (7,729 | ) | (31,065 | ) |
| | 28,385 | | 37,743 | | 31,713 | | 24,034 | | 121,875 | |
| | | | | | | | | | | |
Impact on actual results for fiscal year 2004 (In thousands, except per share amounts) | | | |
| | | | | | | | | | | |
| | Fifty-Two Weeks Ended
January 1, 2005 | | | | | | | |
| | $ | | EPS | | | | | | | |
Net earnings from continuing operations as reported | | 14,877 | | 1.18 | | | | | | | |
| | | | | | | | | | | |
Items referenced in the press release | | | | | | | | | | | |
Call premium for early redemption of Senior Subordinated Notes (Q4 2004) | | 2,819 | | 0.22 | | | | | | | |
Write-off of unamortized finance costs and original issuance discount on credit facility and senior subordinated notes (Q4 2004) | | 1,525 | | 0.12 | | | | | | | |
Change in estimate of special charge from store dispositions (Q4 2004) | | (1,312 | ) | (0.10 | ) | | | | | | |
Special charges from store dispositions (Q2 2004) | | 22,262 | | 1.76 | | | | | | | |
Store closure cost reflected in operations (Q2 2004) | | 2,009 | | 0.16 | | | | | | | |
Reduction in income tax expense (Q4 2004, Q3 2004) | | (3,300 | ) | (0.27 | ) | | | | | | |
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