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NashFinch Company (NAFC) filed Quarterly Report for the period ended 2011-10-08.
Nashfinch Company has a market cap of $321.6 million; its shares were traded at around $26.5 with a P/E ratio of 7.1 and P/S ratio of 0.1. The dividend yield of Nashfinch Company stocks is 2.7%. 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:
Military segment sales increased 1.4% during the third quarter 2011 as compared to the prior year. However, a larger portion of military sales were performed on consignment during the third quarter 2011, which are not included in our reported net sales. The year-over-year increase in gross consignment sales was approximately $3.4 million during the third quarter 2011. Including the impact of consignment sales, comparable military sales increased 1.9% during the third quarter 2011 as compared to the prior year. Domestic sales increased 0.1% while overseas sales increased 7.9% as compared to the comparable prior year quarter.Military segment sales increased 1.2% during year-to-date 2011 as compared to the prior year. However, a larger portion of military sales were performed on consignment during year-to-date 2011, which are not included in our reported net sales. The year-over-year increase in gross consignment sales was approximately $11.7 million during year-to-date 2011. Including the impact of consignment sales, comparable military sales increased 1.8% during year-to-date 2011 as compared to the prior year. Domestic sales increased 0.4% while overseas sales increased 5.1% as compared to the comparable prior year-to-date period.
Consolidated gross profit was 8.0% of sales for both year-to-date 2011 and year-to-date 2010. Our overall gross profit was negatively affected by 0.3% of sales during year-to-date 2011 due to non-cash LIFO charges which do not impact Consolidated EBITDA. The LIFO charge for year-to-date 2011 was approximately $9.7 million compared to a credit of approximately $0.1 million in year-to-date 2010. Our overall gross profit margin was also negatively affected by 0.2% of sales during year-to-date 2011 due to a sales mix shift between our business segments between the years. This was due to a higher percentage of 2011 sales occurring in the military segment which has a lower gross profit margin than the retail and food distribution segments. Excluding the impacts of LIFO and the sales mix shift, our overall gross profit margin improved by 0.5% compared to the prior year-to-date period as a result of gains achieved from initiatives that focused on better management of inventories.
Consolidated SG&A was 5.4% of sales for both the third quarter 2011 and third quarter 2010. Consolidated SG&A during the third quarter 2011 included approximately $2.0 million of unusual professional fees and $0.9 million of restructuring costs related to the centralization of overhead functions. Consolidated SG&A for year-to-date 2011 was 5.5% of sales, and was relatively flat in comparison to 5.4% of sales during year-to-date 2010. Consolidated SG&A for year-to-date 2011 included approximately $2.0 million of unusual professional fees and $1.4 million of restructuring costs related to the centralization of overhead functions. In addition, year-to-date SG&A was impacted by conversion and transition costs associated with our Military distribution centers of approximately $1.6 million and $1.7 million in 2011 and 2010, respectively.
Net earnings were $10.1 million, or $0.77 per diluted share, during the third quarter 2011 as compared to net earnings of $15.3 million, or $1.18 per diluted share, during the third quarter 2010. Net earnings for year-to-date 2011 were $27.6 million, or $2.12 per diluted share, as compared to net earnings of $34.0 million, or $2.57 per diluted share, during year-to-date 2010. Net earnings in the periods presented in this report were affected by the events included in the discussion above. The primary differences in earnings per share (net of tax) between years were due to higher non-cash LIFO expense which negatively impacted third quarter 2011 net earnings by $4.3 million, or $0.33 per diluted share, as compared to $0.2 million, or $0.01 per diluted share, in the third quarter 2010, as well as unusual professional fees which negatively impacted third quarter 2011 net earnings by $1.2 million, or $0.09 per diluted share, and restructuring costs related to the centralization of overhead functions which negatively impacted third quarter 2011 net earnings by $0.5 million, or $0.04 per diluted share. The non-cash LIFO expense negatively impacted year-to-date 2011 net earnings by $5.9 million, or $0.45 per diluted share, as compared to no significant impact in year-to-date 2010. Also negatively impacting year-to-date 2011 net earnings were unusual professional fees which negatively impacted year-to-date 2011 net earnings by $1.2 million, or $0.09 per diluted share, and restructuring costs related to the centralization of overhead functions which negatively impacted year-to-date 2011 net earnings by $0.8 million, or $0.07 per diluted share.
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