Performance Food 8-K Performance Food Group Reports Net Eps of $1.45 for 2007

Exhibit 99.1

12500 West Creek Parkway
Richmond, VA 23238
Phone (804) 484-7700
FAX (804) 484-7701

NEWS RELEASE

FOR MORE INFORMATION:
Media Contact:	Investor Contacts:
Cheryl Moore	John Austin	Jeff Fender
Director, Corporate Communications	SVP and CFO	VP and Treasurer
(804) 484-6273	(804) 484-7753	(804) 484-6231

PERFORMANCE FOOD GROUP REPORTS NET EPS OF $1.45 FOR 2007

• Street sales for 2007 increased 9% over 2006

• Net earnings from continuing operations for 2007 increased 19% over 2006

• Net EPS increased 18% to $1.45 per share diluted for 2007

RICHMOND, Va. (Feb. 26, 2008)— Performance Food Group Company (Nasdaq/NGS:PFGC) announced results today for the fourth quarter and fiscal year ended December 29, 2007.

“Performance Food Group’s fourth quarter and 2007 year-end results reflect the continued progress that our Company has made in our core initiatives despite challenging economic conditions. With the skills, hard work and dedication of our associates, PFG is driving positive results throughout our business,” commented Steve Spinner, president and chief executive officer of Performance Food Group.

Fourth Quarter Financial Highlights:

• Consolidated net sales in the fourth quarter were approximately $1.6 billion, an increase of 10.3% compared to the prior year's fourth quarter. Inflation was approximately 6% for the quarter.

• Net earnings from continuing operations in the fourth quarter amounted to approximately $15.1 million. Net earnings include the impact of pre-tax stock compensation expense of approximately $1.8 million, or $1.1 million after tax, for the quarter, compared to pre-tax stock compensation expense of approximately $1.3 million, or $793,000 after tax, in the prior year's fourth quarter.

• Net earnings per share from continuing operations in the fourth quarter increased 16.2% to $0.43 per share diluted, compared to $0.37 per share diluted in the prior year's fourth quarter.

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Performance Food Group Reports Fourth Quarter and Full Year 2007 Earnings
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Year to Date Financial Highlights

• Consolidated net sales for the full year 2007 were approximately $6.3 billion, an increase of 8.2% from the prior year period. Inflation was approximately 5% for the year.

• Net earnings from continuing operations for the full year increased 19.2% to approximately $51.1 million, compared to approximately $42.9 million in the prior year. Net earnings for the year include the impact of pre-tax stock compensation expense of approximately $6.6 million, or $4.1 million after tax, compared to prior year pre-tax stock compensation expense of approximately $4.9 million, or $3.1 million after tax, in 2006.

• Net earnings per share from continuing operations for the full year 2007 increased approximately 17.9% to $1.45 per share diluted, compared to $1.23 per share diluted in 2006. Results for the year included $0.06 per share diluted related to certain tax and insurance benefits previously disclosed and recognized in the third quarter, compared to $0.01 per share diluted for the 2006 year.

“In our customized segment, sales increased 10.1% in the fourth quarter and 6.3% for the full year as compared to the same periods in the prior year,” added Mr. Spinner. “Our overall annual sales growth was driven primarily by growth with existing customers. The increase in the fourth quarter is also partially due to the rollout of approximately $200 million in annualized new business with O’Charley’s,^®Inc., which had a positive impact of approximately $36 million on our fourth quarter sales. Inflation was approximately 4% and 2% for the quarter and the full year, respectively.

“Overall broadline net sales increased 10.4% in the fourth quarter and 9.5% for the full year compared to the prior year quarter and period. Broadline operating results continue to be driven by increased sales to our higher margin street customers, which grew 6.3% in the quarter and 9.1% for the full year as compared to the prior year quarter and period. Inflation was approximately 7% for both the quarter and full year. During the year, we made significant investments in our broadline infrastructure which included opening a replacement facility in Springfield, Ma., an expansion in St. Louis, Mo., and in early 2008, we have opened a replacement facility in Cairo, Ga.”

Mr. Spinner concluded, “PFG delivered solid results in 2007, despite rapidly increasing food price inflation, growing concerns about the economy and slower industry growth. Our balance sheet remains strong and we continue to make investments in technology and build the infrastructure to efficiently support our growth. Based on the current economic environment and our current business trends, we expect adjusted net earnings per share for the 2008 full year, excluding the previously announced facility closing costs, to be in the range of $1.53 to $1.65 per share diluted, and unadjusted net earnings per share of $1.39 to $1.49 per share diluted.”

On January 18, 2008, Performance Food Group announced that it had entered into an agreement and plan of merger by and among Performance Food Group Company and VISTAR Corporation, a portfolio company of The Blackstone Group and Wellspring

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Capital Management LLC. Pursuant to the terms of the agreement, among other matters, a subsidiary of VISTAR Corporation will be merged with and into Performance Food Group and shareholders of Performance Food Group, as of the effective time of the merger, will be entitled to receive $34.50 per share in cash, (less any applicable withholding tax requirements), without interest, for each share of PFG common stock.

Consummation of the merger is subject to receipt of shareholder approval and the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as well as satisfaction of other customary closing conditions, and is expected to be completed by the end of the second quarter of 2008. Earnings guidance provided by the Company for 2008 excludes any impact of the proposed merger.

Performance Food Group markets and distributes more than 68,000 national and private label food and food-related products to over 41,000 restaurants, hotels, cafeterias, schools, healthcare facilities and other institutions. For more information on Performance Food Group, visitwww.pfgc.com.

IMPORTANT ADDITIONAL INFORMATION WILL BE FILED WITH THE SEC

In connection with the proposed merger, Performance Food Group Company will file a definitive proxy statement with the Securities and Exchange Commission. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND THE PARTIES THERETO. Investors and security holders may obtain a free copy of the proxy statement (when available) and other documents filed by Performance Food Group Company at the Securities and Exchange Commission’s Web site at http://www.sec.gov. The proxy statement and such other documents may also be obtained for free from Performance Food Group Company by directing such request to Performance Food Group Company, 12500 West Creek Parkway, Richmond, VA 23238 Attention: Investor Relations.

PARTICIPANTS IN THE SOLICITATION

Performance Food Group Company and its directors, executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies from its shareholders in connection with the proposed merger. Information concerning the interests of Performance Food Group Company’s participants in the solicitation, which may be different than those of Performance Food Group Company’s shareholders generally, is set forth in Performance Food Group Company’s proxy statements and Annual Reports on Form 10-K, previously filed with the Securities and Exchange Commission, and will be set forth in the definitive proxy statement relating to the merger when it becomes available.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements made herein are forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties and are based on current expectations and management’s estimates; actual results may differ materially. The risks and uncertainties which could impact these statements include, but are not limited to, Performance Food Group Company’s sensitivity to general economic conditions, including the current economic environment, changes in disposable income levels and consumer spending trends; increased fuel costs; Performance Food Group Company’s ability to close its Magee, Mississippi distribution facility within its cost estimates and the potential that customers of that facility may not remain customers of Performance Food Group Company; Performance Food Group Company’s sensitivity to inflationary pressures; Performance Food Group Company’s ability to achieve projected operational efficiencies and increase sales, particularly higher margin street sales; the risk to Performance Food Group Company from severe weather disturbances that are beyond Performance Food Group Company’s control; Performance Food Group Company’s ability to

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add new customers, particularly in its customized segment; the relatively low margins and economic sensitivity of the foodservice business; Performance Food Group Company’s reliance on major customers; the ability to identify and successfully complete acquisitions of other foodservice distributors; management’s allocation of capital and the timing of capital expenditures; Performance Food Group Company’s ability to successfully develop, produce and market new products, management of Performance Food Group Company’s planned growth and continued development of technological investments; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, including a termination that under circumstances could require Performance Food Group Company to pay a $40.0 million or $20.0 million termination fee to VISTAR; the outcome of any legal proceedings that have been or may be instituted against Performance Food Group Company and others relating to the merger agreement; the failure of the merger to close for any reason, including the inability to complete the merger due to the failure to obtain shareholder approval or the failure to satisfy other conditions to consummation of the merger or the failure to obtain the necessary debt financing arrangements set forth in commitment letters received in connection with the merger, and the risk that any failure of the merger to close may adversely affect our business and the price of Performance Food Group Company’s common stock; risks that the proposed transaction diverts management’s attention and disrupts current plans and operations, and potential difficulties in employee retention as a result of the merger; the effect of the announcement of the merger and actions taken in anticipation of the merger on Performance Food Group Company’s business relationships, operating results and business generally; and the amount of the costs, fees, expenses and charges related to the merger all as detailed from time to time in the reports filed by Performance Food Group Company with the Securities and Exchange Commission. Many of the factors that will determine the outcome of the subject matter of this press release are beyond Performance Food Group Company’s ability to control or predict. Performance Food Group Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

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Performance Food Group Reports Fourth Quarter and Full Year 2007 Earnings
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Performance Food Group Company
Condensed Consolidated Income Statements (Unaudited)
December 29, 2007
(In thousands, except net earnings per common share)

	Three Months Ended										Twelve Months Ended
	Dec. 29, 2007					Dec. 30, 2006					Dec. 29, 2007					Dec. 30, 2006
Net sales	$	1,631,607		100.0	%	$	1,479,447		100.0	%	$	6,304,892		100.0	%	$	5,826,732		100.0	%
Cost of goods sold		1,416,908		86.8	%		1,279,622		86.5	%		5,480,346		86.9	%		5,052,097		86.7	%
Gross profit from continuing operations		214,699		13.2	%		199,825		13.5	%		824,546		13.1	%		774,635		13.3	%
Operating expenses		188,612		11.6	%		177,078		12.0	%		737,378		11.7	%		699,525		12.0	%
Operating profit from continuing operations		26,087		1.6	%		22,747		1.5	%		87,168		1.4	%		75,110		1.3	%
Other income (expense):
Interest income		631					484					3,307					2,164
Interest expense		(528	)				(614	)				(2,148	)				(1,732	)
Loss on sale of receivables		(2,023	)				(1,949	)				(7,735	)				(7,351	)
Other, net		873					77					1,009					351
Other expense, net		(1,047	)	-0.1	%		(2,002	)	-0.1	%		(5,567	)	-0.1	%		(6,568	)	-0.1	%
Earnings before income taxes from continuing operations		25,040		1.5	%		20,745		1.4	%		81,601		1.3	%		68,542		1.2	%
Income taxes		9,949		0.6	%		7,862		0.5	%		30,474		0.5	%		25,642		0.5	%
Earnings from continuing operations, net of tax		15,091		0.9	%		12,883		0.9	%		51,127		0.8	%		42,900		0.7	%
(Loss) gain on sale of fresh-cut segment, net of tax		(32	)				36					(271	)				(114	)
Net earnings	$	15,059				$	12,919				$	50,856				$	42,786
Weighted average common shares outstanding:
Basic		34,858					34,428					34,745					34,348
Diluted		35,174					34,735					35,156					34,769
Earnings per common share:
Basic earnings (loss) per common share:
Continuing operations	$	0.43				$	0.37				$	1.46				$	1.25
Discontinued operations		—					—					—					—
Net earnings	$	0.43				$	0.38				$	1.46				$	1.25
Diluted earnings (loss) per common share:
Continuing operations	$	0.43				$	0.37				$	1.45				$	1.23
Discontinued operations		—					—					—					—
Net earnings	$	0.43				$	0.37				$	1.45				$	1.23

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Performance Food Group Company

Condensed Consolidated Balance Sheets (Unaudited)

December 29, 2007

(In thousands)

	Dec. 29, 2007		Dec. 30, 2006
Assets
Cash and cash equivalents	$	87,711	$	75,087
Accounts and notes receivable, net, including retained interest in securitized receivables	256,306			226,668
Inventories		329,686		308,901
Other current assets		33,645		34,809
Total current assets		707,348		645,465
Property, plant and equipment, net		324,653		291,947
Goodwill, net		356,509		356,509
Other intangible assets, net		44,238		47,575
Other assets		19,292		18,279
Total assets	$	1,452,040	$	1,359,775
Liabilities and Shareholders’ Equity
Checks in excess of deposits	$	96,633	$	88,023
Trade accounts payable		275,580		272,041
Current installments of long-term debt		64		583
Other current liabilities		147,063		144,073
Total current liabilities		519,340		504,720
Long-term debt and other long-term liabilites, excluding current installments		13,059		11,664
Deferred income taxes		58,947		48,582
Shareholders’ equity		860,694		794,809
Total liabilities and shareholders’ equity	$	1,452,040	$	1,359,775

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Performance Food Group Company

2007 Compared to 2006
Fourth Quarter
Segment Disclosure

							Corporate &			Total Continuing
2007	Broadline			Customized			Intersegment			Operations
Fourth Quarter
Net external sales	$	973,555		$	658,052		$	—		$	1,631,607
Intersegment sales		272			97			(369	)		—
Total sales		973,827			658,149			(369	)		1,631,607
Operating profit		25,479			8,301			(7,693	)		26,087
Operating profit margin		2.62	%		1.26	%		—			1.60	%
Interest (income) expense		3,391			1,057			(4,551	)		(103	)
Loss (gain) on sale of receivables		2,448			799			(1,224	)		2,023
Depreciation		4,979			1,781			59			6,819
Amortization		720			—			—			720
Capital expenditures		18,529			3,869			29			22,427

							Corporate &			Total Continuing
2006	Broadline			Customized			Intersegment			Operations
Fourth Quarter
Net external sales	$	881,741		$	597,706		$	—		$	1,479,447
Intersegment sales		129			45			(174	)		—
Total sales		881,870			597,751			(174	)		1,479,447
Operating profit		21,735			7,847			(6,835	)		22,747
Operating profit margin		2.46	%		1.31	%		—			1.54	%
Interest expense (income)		(1,422	)		1,409			143			130
Loss (gain) on sale of receivables		1,949			734			(734	)		1,949
Depreciation		5,129			1,585			67			6,781
Amortization		789			—			—			789
Capital expenditures		17,596			1,516			77			19,189

     Total assets by reportable segment and a reconciliation to the condensed consolidated balance sheets were as follows:

	Dec. 29, 2007		Dec. 30, 2006
Broadline	$	943,460	$	901,752
Customized		289,450		261,975
Corporate & Intersegment		219,130		196,048
Total Assets	$	1,452,040	$	1,359,775

Note: 2006 segment disclosure has been restated to conform with the current year presentation to include interest income.

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Performance Food Group Company

2007 Compared to 2006
Twelve Months YTD
Segment Disclosure

							Corporate &			Total Continuing
2007	Broadline			Customized			Intersegment			Operations
Twelve Months YTD
Net external sales	$	3,809,367		$	2,495,525		$	—		$	6,304,892
Intersegment sales		1,203			247			(1,450	)		—
Total sales		3,810,570			2,495,772			(1,450	)		6,304,892
Operating profit		82,700			33,551			(29,083	)		87,168
Operating profit margin		2.17	%		1.34	%		—			1.38	%
Interest expense (income)		7,708			4,766			(13,633	)		(1,159	)
Loss (gain) on sale of receivables		10,777			3,213			(6,255	)		7,735
Depreciation		19,575			6,850			254			26,679
Amortization		3,009			—			—			3,009
Capital expenditures		61,206			13,603			122			74,931

							Corporate &			Total Continuing
2006	Broadline			Customized			Intersegment			Operations
Twelve Months YTD
Net external sales	$	3,478,206		$	2,348,526		$	—		$	5,826,732
Intersegment sales		527			212			(739	)		—
Total sales		3,478,733			2,348,738			(739	)		5,826,732
Operating profit		71,619			30,736			(27,245	)		75,110
Operating profit margin		2.06	%		1.31	%		—			1.29	%
Interest expense (income)		15,394			5,864			(21,690	)		(432	)
Loss (gain) on sale of receivables		9,937			3,038			(5,624	)		7,351
Depreciation		18,969			6,294			294			25,557
Amortization		3,312			—			—			3,312
Capital expenditures		48,206			5,172			310			53,688

     Total assets by reportable segment and a reconciliation to the condensed consolidated balance sheets were as follows:

	Dec. 29, 2007		Dec. 30, 2006
Broadline	$	943,460	$	901,752
Customized		289,450		261,975
Corporate & Intersegment		219,130		196,048
Total Assets	$	1,452,040	$	1,359,775

Note: 2006 segment disclosure has been restated to conform with the current year presentation to include interest income.

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Performance Food Group Company
Non-GAAP Reconciliation

Adjusted EPS for Impact of Facility Closure

	Low			High
Projected net earnings per diluted share	$	1.39		$	1.49
Projected per share diluted impact of one time costs(1)	$	0.14	(2)	$	0.16	(3)
Projected adjusted net earnings per share diluted	$	1.53		$	1.65

(1)	Calculated using an estimated full year 2008 tax rate of 39% and an estimated full year 2008 weighted average shares outstanding diluted of 35.8 million
(2)	Assuming charge of $8 million in pre-tax costs
(3)	Assuming charge of $10 million in pre-tax costs

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