Pathmark Reports Fourth Quarter And Fiscal 1997 Results.CARTERET, N.J.--(BUSINESS WIRE)--March 25, 1998--Pathmark Stores, Inc. reported results for its 1997 fourth quarter and fiscal year ended January 31, 1998.Sales for the fourth quarter of fiscal 1997 were $940.7 million compared to $955.3 million the prior year. For fiscal 1997, sales were $3,695.9 million compared to $3,710.5 million in fiscal 1996. Same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of increased 1.0% and 0.8% in the fourth quarter and the fiscal year, respectively. Operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. (FIFO (First In First Out) A storage method that retrieves the item stored for the longest time. Contrast with LIFO. See traffic engineering methods. FIFO - first-in first-out EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ) for the fourth quarter of fiscal 1997 was $60.1 million compared to $64.9 million in the prior year and for fiscal 1997 was $201.2 million compared to $236.4 million in the prior year. Operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before for the fourth quarter of fiscal 1997 were $41.9 million compared to $22.7 million in the prior year and for fiscal 1997 were $119.3 million compared to $127.1 million in the prior year. The company reported a net loss of $0.8 million in the fourth quarter of fiscal 1997 compared to a net loss of $10.0 million in the prior year and for fiscal 1997 a net loss of $35.7 million compared to a net loss of $20.8 million in the prior year. The comparisons of operating results were impacted by pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern LIFO (Last In-First Out) A queueing method in which the next item to be retrieved is the item most recently placed in the queue. Contrast with FIFO. LIFO - stack credits of $4.6 million in the fourth quarter of fiscal 1997 compared to $3.0 million in the prior year and $5.4 million in fiscal 1997 compared to $1.3 million in the prior year. Current year results also include a $7.5 million extraordinary item representing a net loss on early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt, primarily related to the refinancing Refinancing An extension and/or increase in amount of existing debt. of the company's bank credit agreement. Operating results for the fourth quarter and fiscal year of 1996 included a $9.1 million pretax charge to record reorganization and restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). costs, including early retirement and severance programs, an $8.8 million pretax charge related to unfavorable lease commitments of certain unprofitable stores held for sale in the company's southern region and a $5.4 million pretax charge to write down certain fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → held for sale to their estimated net realizable values Net realizable value (NRV) is a commonly used method of evaluating an asset's worth in the field of inventory accounting. NRV is part of GAAP rules that apply to valuing inventory, so as to not overstate or understate the value of inventory goods. . Fiscal 1996 results also included a $0.9 million extraordinary item representing a net loss on early extinguishment of debt. Ron Marshall, Executive Vice President and Chief Financial Officer, stated, "We are encouraged by our improved same store sales for the fourth quarter which represents four consecutive quarters of same store sales growth." Pathmark Stores, Inc. is a regional supermarket company currently operating 135 supermarkets primarily in the New York-New Jersey and Philadelphia metropolitan areas.
PATHMARK STORES, INC.
(Dollars in Millions)
13 Weeks Ended 52 Weeks Ended
1/31/98 2/1/97 1/31/98 2/1/97
Sales $940.7 $955.3 $3,695.9 $3,710.5
Operating Earnings $41.9 $22.7(b) $119.3 $127.1(b)
Interest Expense (41.3) (40.8) (164.2) (161.4)
Earnings (loss)
before taxes 0.6 (18.1) (44.9) (34.3)
Income tax
(provision) benefit (1.4) 8.1 16.7 14.4
Loss before
extraordinary items (0.8) (10.0) (28.2) (19.9)
Extraordinary Items,
net of tax (a) -- -- (7.5) (0.9)
Net loss $(0.8) $(10.0) $(35.7) $(20.8)
Operating cash flow (c) $60.1 $64.9 $201.2 $236.4
Operating cash flow
(% to sales) 6.4% 6.8% 5.4% 6.4%
Memo: LIFO credit $4.6 $3.0 $5.4 $1.3
(a) Represents net loss on early extinguishment of debt.
(b) Includes a $9.1 million pretax charge to record reorganization
and restructuring costs, including early retirement and severance
programs, an $8.8 million pretax charge related to unfavorable lease
commitments of certain unprofitable stores held for sale in the
company's southern region and a $5.4 million pretax charge to write
down certain fixed assets held for sale to their estimated net
realizable values.
(c) Operating cash flow represents earnings from operations before
interest, income taxes, depreciation, amortization, LIFO, restructuring
charges and unusual transactions.
CONTACT: Pathmark Stores, Inc. Ron Marshall 732/499-3205 |
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