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NashFinch Company (NAFC) filed Quarterly Report for the period ended 2011-07-21.
Nashfinch Company has a market cap of $457.3 million; its shares were traded at around $37.76 with a P/E ratio of 10.3 and P/S ratio of 0.1. The dividend yield of Nashfinch Company stocks is 1.8%. Nashfinch Company had an annual average earning growth of 6.1% over the past 5 years.
This is the annual revenues and earnings per share of NAFC over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of NAFC.
Highlight of Business Operations:
Depreciation and amortization expense was $8.4 million for the second quarter 2011 as compared to $8.2 million during the comparable prior year period. Depreciation and amortization expense for our military segment was approximately $1.0 million higher during the second quarter 2011 as compared to the prior year, which is the result of expansion activities associated with that business. The increase in military depreciation and amortization was partially offset by a decline of $0.3 million in our food distribution segment and a $0.5 million decline in the retail segment.
Depreciation and amortization expense was $17.0 million for year-to-date 2011 as compared to $16.8 million during the comparable prior year period. Depreciation and amortization expense for our military segment was approximately $2.0 million higher during year-to-date 2011 as compared to the prior year, which is the result of expansion activities associated with that business. The increase in military depreciation and amortization was partially offset by a decline of $0.8 million in our food distribution segment and a $1.0 million decline in the retail segment.
Interest expense was $5.4 million for both the second quarters of 2011 and 2010. Average borrowing levels increased from $335.4 million during the second quarter 2010 to $350.5 million during the second quarter 2011. The effective interest rate was 4.1% for the second quarter 2011 as compared to 4.5% for the second quarter 2010.
Interest expense was $10.8 million for year-to-date 2011 compared to $10.6 million during the comparable prior year period. Average borrowing levels increased from $325.2 million during year-to-date 2010 to $356.6 million during year-to-date 2011. The effective interest rate was 4.1% for year-to-date 2011 as compared to 4.6% during year-to-date 2010. Certain components of our interest expense are excluded from the calculation of our effective interest rate as the costs are not directly attributable to our long-term borrowing rates.
The calculation of our effective interest rate excludes non-cash interest required to be recognized on our senior subordinated convertible notes under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 470-20 – Debt-Debt with Conversion and Other Options (“ASC 470-20”). Non-cash interest expense recognized under ASC 470-20 was $1.3 million and $1.2 million during the second quarters of 2011 and 2010, respectively. Non-cash interest expense recognized under ASC 470-20 was $2.6 million and $2.4 million during the year-to-date periods of 2011 and 2010, respectively. Additionally, the calculation of our average borrowing levels includes the unamortized equity component of our senior subordinated convertible notes that is required to be recognized under ASC 470-20. The inclusion of the unamortized equity component brings the basis in our senior subordinated convertible notes to $150.1 million for purposes of calculating our average borrowing levels, or their aggregate issue price, on which we are required to pay semi-annual cash interest at a rate of 3.50% until March 15, 2013.
Net earnings were $10.1 million, or $0.77 per diluted share, during the second quarter 2011 as compared to net earnings of $10.7 million, or $0.81 per diluted share, during the second quarter 2010. Net earnings for year-to-date 2011 were $17.5 million, or $1.35 per diluted share, as compared to net earnings of $18.7 million, or $1.40 per diluted share, during year-to-date 2010. Net earnings in the periods presented in this report were affecte
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