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NashFinch Company Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 15, 2012 06:05AM

NashFinch Company (NAFC) filed Quarterly Report for the period ended 2012-10-06. Nash-finch Company has a market cap of $229.9 million; its shares were traded at around $18.77 with a P/E ratio of 5.6 and P/S ratio of 0.1. The dividend yield of Nash-finch Company stocks is 3.8%. Nash-finch Company had an annual average earning growth of 9.3% over the past 5 years.



Highlight of Business Operations:

Total Company sales increased 1.7% during the third quarter of 2012 as compared to the prior year quarter. The acquisition of eighteen No Frills® supermarkets during the third quarter of 2012 and the acquisition of twelve Bag ‘N Save® supermarkets during the second quarter of 2012 resulted in a $104.3 million increase in Retail segment sales, partially offset by a $57.1 million decrease in Food Distribution segment sales due to the sales to those former Food Distribution customers now being reported in the Retail segment. After adjusting for the effect of these acquisitions and other factors impacting comparability of sales, total Company comparable sales declined 1.4% during the third quarter of 2012.

Military segment sales decreased 0.2% during the third quarter of 2012 as compared to the prior year quarter. During the third quarter of 2012, a larger portion of Military sales were made on a consignment basis, which are included in our reported sales on a net basis. The year-over-year increase in consignment sales was $5.6 million in the third quarter of 2012. Including the impact of consignment sales, comparable Military sales increased 0.5% in the third quarter of 2012 as compared to the prior year quarter. Overseas sales increased by 6.9%, while domestic sales decreased by 1.8% as compared to the prior year quarter.

Military segment sales decreased 0.8% during year-to-date 2012 as compared to the prior year period. During year-to-date 2012, a larger portion of Military sales were made on a consignment basis, which are included in our reported sales on a net basis. The year-over-year increase in consignment sales was $8.2 million during year-to-date 2012. Including the impact of consignment sales, comparable Military sales decreased 0.3% during year-to-date 2012 as compared to the prior year period. Overseas sales decreased by 0.6%, while domestic sales decreased by 0.8% as compared to the prior year period.

During the third quarter of 2012, we recorded net earnings of $14.6 million or $1.12 per diluted share as compared to net earnings of $10.1 million, or $0.77 per diluted share, during the third quarter of 2011. During year-to-date 2012, we recorded a net loss of $64.9 million or $5.01 per diluted share as compared to net earnings of $27.6 million, or $2.12 per diluted share, during year-to-date 2011. Net earnings in the periods presented in this report were affected by the items included in the discussion above.

Cash provided by operating activities decreased by $49.6 million during year-to-date 2012 as compared to the prior year. Inventories increased $70.6 million during year-to-date 2012, as compared to an increase in inventory of $21.0 million in the prior year period, which contributed $49.6 million to the year-over-year decrease in cash provided by operating activities. Also contributing to this decrease was a $19.9 million year-over-year decrease in net cash earnings and a $11.5 million year-over-year decrease in accrued expenses. This was partially offset by a $27.2 million year-over-year reduction in cash used related to our accounts and notes receivable.

Read the The complete Report



Stocks Discussed: NAFC,
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