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PENN TRAFFIC REPORTS RECORD FOURTH QUARTER OPERATING INCOME AND CASH FLOW

 JOHNSTOWN, Pa., March 9 /PRNewswire/ -- The Penn Traffic Company (AMEX: PNF) today reported record fourth quarter operating income of $38,278,000, or 8.1 percent above the prior year.
 Cash flow for the quarter also increased to a fourth quarter record $55,832,000, 10.8 percent greater than the prior year's performance. For the 52 weeks ended Jan. 30, 1993, operating income and cash flow increased 8.3 percent and 7.6 percent, respectively, from the comparable period a year ago. For the quarter, cash flow rose to 7.6 percent of sales from 7.3 percent in the year ago period. For the year, cash flow was 7.2 percent of sales compared to 6.8 percent in the prior year.
 Gary D. Hirsch, chairman of the board, stated, "Net income applicable to common shareholders of $4.6 million or $.56 per common share for the fourth quarter compared to a net income of $2.6 million or $.31 per common share for the corresponding period a year ago. This performance continues our substantial bottom-line progress. For the 52 weeks ended Jan. 30, 1993, we achieved net income applicable to common shareholders (excluding extraordinary charge related to debt retirement) of $3.2 million or $.39 per common share."
 Claude Incaudo, president of Penn Traffic, stated, "During the fourth quarter, we opened a new store in Washington Court House, Ohio (42,100 square feet), and a replacement store in Mount Vernon, Ohio (55,400 square feet). We also completed the enlargement of a store in Randolph, N.Y., to 17,300 square feet. At year end, the company had under construction five new and replacement stores and eight major remodels. Most of the projects will be completed within the first two quarters of the new fiscal year."
 Incaudo added, "The company has initiated a comprehensive upgrading of the 23 newly acquired Peter J. Schmitt stores. This upgrading should be substantially complete within the third quarter of the new fiscal year.
 "During this past fiscal year, we completed 16 new or replacement stores and 12 remodels including two conversions of existing stores to our Big Bear Plus format. These projects represent 20 percent of our total supermarket square footage (excluding the former Peter J. Schmitt stores). Including the former Peter J. Schmitt stores, total supermarket square footage grew to 7.9 million square feet in fiscal 1993, an increase of 24 percent over the prior year."
 The Penn Traffic Company is one of the leading food retailers in the United States, operating 217 supermarkets in upstate New York, western Pennsylvania, central Ohio and northern West Virginia, under the names of P&C Foods, Quality Markets, Riverside Markets, Bi-Lo Foods, Big Bear and Big Bear Plus. Additionally, the company operates wholesale food distribution businesses serving 133 licensed franchisees and 127 independent operators and a discount general merchandise business with 17 stores. Grand Union, in which Penn Traffic holds an indirect 17.8 percent equity interest, operates supermarkets under the Grand Union trade name in the eastern United States.
 THE PENN TRAFFIC COMPANY
 Fourth Quarter Earnings Report(A)
 Unaudited
 Period 13 Weeks 13 Weeks 52 Weeks 52 Weeks
 Ended 1/30/93 2/1/92 1/30/93 2/1/92
 Net sales(B) $735,906 $694,264 $2,787,566 $2,729,537
 Operating cash
 flow (EBITDA)(C) 55,832 50,380 199,883 185,845
 Operating income 38,278 35,395 130,657 120,674
 Net income(loss)
 before extraord.
 item & preferred
 dividends 4,871 2,892 4,196 (4,272)
 Extraord. charge (net
 of tax benefit)(D) -- (33) (10,823) (3,718)
 Preferred dividends (230) (303) (968) (2,768)
 Net income(loss)
 applicable to common
 stock 4,641 2,556 (7,595) (10,758)
 Primary:
 Income(loss) per common
 share:
 Income(loss) before
 extraord. item
 (after preferred
 dividends)(E) $0.56 $0.31 $0.39 $(1.03)
 Extraord. item -- -- $(1.31) $(0.54)
 Net income(loss) $0.56 $0.31 $(0.92) $(1.57)
 Average number of
 common shares
 outstanding(E) 8,258,113 8,258,113 8,258,113 6,847,201
 (A) In thousands of dollars, except for per share data and average common of shares outstanding.
 (B) "Same store sales" for the company's supermarkets increased .4 percent during the fourth quarter and remained constant for the 52 weeks.
 (C) EBITDA or operating cash flow is earnings before interest, depreciation, amortization, LIFO provision, extraordinary charge and taxes.
 (D) The $10,823,000 extraordinary charge (net of $6,946,000 income tax benefit) and the $3,718,000 extraordinary charge (net of $2,341,000 income tax benefit) for the 52 weeks ended Jan. 30, 1993, and Feb. 1, 1992, respectively, resulted from the retirement of certain indebtedness at prices higher than face value and the write-off of related deferred financing costs.
 (E) Fully diluted net income per share is not presented for the 52 weeks ended Jan. 30, 1993, and the 13 weeks ended Jan. 30, 1993, and Feb. 1, 1992, respectively, since the reduction from primary net income per share is less than 3 percent. The company's outstanding options are excluded from the calculation of income (loss) per common share for the 52 weeks ended Feb. 1, 1992, due to the antidilutive effect.
 THE PENN TRAFFIC COMPANY
 Consolidating Statement of Operations(A)
 13 Weeks Ended Jan. 30, 1993
 Unaudited
 Period 13 Wks 13 Wks
 Ended 1/30/93 2/1/92
 RDQ P&C Big Elims. Consolidated
 Bear
 Sales & revenues:
 Net sales &
 service
 fees(B) $225,827 $230,920 $289,771 $(10,612) $735,906 $694,264
 Other
 revenues 2,310 6,013 3,755 -- 12,078 10,883
 Total
 revenues 228,137 236,933 293,526 (10,612) 747,984 705,147
 Cost & oper.
 expenses:
 Cost of
 sales
 (including
 buying &
 occupancy
 costs) 184,494 188,908 223,804 (10,612) 586,594 553,412
 Selling & admin.
 expenses 32,576 37,376 53,093 67 123,112 116,340
 Operating
 income 11,067 10,649 16,629 (67) 38,278 35,395
 Interest
 expense 7,575 10,379 10,992 -- 28,946 28,902
 Income(loss)
 before income
 taxes and
 extraord.
 item 3,492 270 5,637 (67) 9,332 6,493
 Provision for
 income
 taxes 1,769 755 1,937 -- 4,461 3,601
 Income(loss)
 before
 extraord.
 item 1,723 (485) 3,700 (67) 4,871 2,892
 Extraord.
 charge (net of
 tax
 benefit)(C) -- -- -- -- -- (33)
 Net income
 (loss) 1,723 (485) 3,700 (67) 4,871 2,859
 Preferred
 dividends -- -- (303) 73 (230) (303)
 Net income(loss)
 applicable to
 common
 stock 1,723 (485) 3,397 6 4,641 2,556
 Supplemental
 data:
 EBITDA(D) 15,986 16,595 23,251 -- 55,832 50,380
 Depreciation
 & amort. 5,135 5,919 7,359 67 18,480 16,349
 LIFO
 provision (216) 27 (737) -- (926) (1,364)
 (A) In thousands of dollars.
 (B) "Same store sales" for RDQ and Big Bear supermarkets increased .8 percent and .9 percent, respectively, during the fourth quarter. "Same store sales" for P&C supermarkets decreased .6 percent during the fourth quarter.
 (C) The $33,000 extraordinary charge (net of $21,000 income tax benefit) for the 13 weeks ended Feb. 1, 1992, resulted from the retirement of certain indebtedness at prices higher than face value and the write-off of related deferred financing costs.
 (D) EBITDA or operating cash flow is earnings before interest, depreciation, amortization, LIFO provision, extraordinary charge and taxes.
 THE PENN TRAFFIC COMPANY
 Consolidating Statement of Operations(A)
 52 Weeks Ended Jan. 30, 1993
 Unaudited
 Period 52 wks 52 wks
 Ended 1/30/93 2/1/92
 RDQ P&C Big Elims. Consolidated
 Bear
 Sales & revenues:
 Net sales &
 service
 fees(B) $824,323 $915,307 $1,077,284 $(29,348)$2,787,566$2,729,537
 Other
 revenues 10,989 24,104 10,290 -- 45,383 42,567
 Total
 revs. 835,312 939,411 1,087,574 (29,348) 2,832,949 2,772,104
 Cost & oper.
 expenses:
 Cost of
 sales
 (including
 buying &
 occupancy
 costs) 673,683 749,556 836,602 (29,348) 2,230,493 2,195,773
 Selling &
 admin.
 exp. 120,604 149,860 201,173 162 471,799 455,657
 Operating
 income 41,025 39,995 49,799 (162) 130,657 120,674
 Interest
 expense 28,026 40,702 47,086 -- 115,814 116,782
 Income(loss)
 before
 income taxes
 and extraord.
 item 12,999 (707) 2,713 (162) 14,843 3,892
 Provision
 for income
 taxes 5,714 2,198 2,735 -- 10,647 8,164
 Income(loss)
 before extraord.
 item 7,285 (2,905) (22) (162) 4,196 (4,272)
 Extraord. charge
 (net of tax
 benefit)
 (C) (8,499) -- (2,324) -- (10,823) (3,718)
 Net loss (1,214) (2,905) (2,346) (162) (6,627) (7,990)
 preferred
 dividends -- -- (1,214) 246 (968) (2,768)
 Net(loss)
 income
 applicable to
 common
 stock (1,214) (2,905) (3,560) 84 (7,595) (10,758)
 Supplemental data:
 EBITDA
 (D) 58,409 63,368 78,006 100 199,883 185,845
 Deprec. and
 amort. 17,600 23,040 27,845 262 68,747 63,554
 LIFO
 provision (216) 333 362 -- 479 1,617
 (A) In thousands of dollars.
 (B) "Same store sales" for Big Bear supermarkets increased 1.5 percent for the 52 weeks. "Same store sales" for RDQ and P&C supermarkets decreased .8 percent and 1.6 percent, respectively, for the 52 weeks.
 (C) The $10,823,000 extraordinary charge (net of $6,946,000 income tax benefit) and the $3,718,000 extraordinary charge (net of $2,341,000 income tax benefit) for the 52 weeks ended Jan. 30, 1993, and Feb. 1, 1992, respectively, resulted from the retirement of certain indebtedness at prices higher than face value and the write-off of related deferred financing costs.
 (D) EBITDA or operating cash flow is earnings before interest, depreciation, amortization, LIFO provision, extraordinary charge and taxes.
 -0- 3/9/93
 /CONTACT: Gary D. Hirsch, chairman of the board, 212-370-0040, or Claude J. Incaudo, president and CEO, 315-453-0382, both of Penn Traffic/
 (PNF)


CO: The Penn Traffic Company ST: Pennsylvania IN: REA SU: ERN

CD-KC -- PG006 -- 4597 03/09/93 15:04 EST
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Date:Mar 9, 1993
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