Printer Friendly

RICHFOOD ANNOUNCES RECORD FISCAL YEAR AND FOURTH QUARTER EARNINGS

 RICHFOOD ANNOUNCES RECORD FISCAL YEAR AND FOURTH QUARTER EARNINGS
 RICHMOND, Va., June 11 /PRNewswire/ -- Richfood Holdings, Inc. (NASDAQ: RCHF) today announced record net earnings of $13.8 million, or $1.32 per share, for the 53-week 1992 fiscal year ended May 2, 1992, a 46.1 percent increase over net earnings of $9.4 million, or $0.90 per share, in the previous year. Sales for fiscal 1992 were $1.068 billion, a 5.1 percent increase over sales of $1.017 billion in fiscal 1991. On a 52-week comparable basis, fiscal 1992 sales were $1.048 billion, an increase of 3.1 percent over fiscal 1991.
 Donald D. Bennett, president and chief executive officer, commented: "We are extremely pleased with our performance in fiscal 1992. Despite recessionary influences, we were able to increase sales through the addition of new customers, improved purchase concentration with existing customers and the expansion of our IGA program. Serving our retail customers is our number one priority and our focus on their success has proven to be an integral part of our success."
 The company operated at an after tax net-margin of 1.29 percent for fiscal 1992, compared to 0.93 percent in fiscal 1991. Gross margin increased to 7.88 percent in fiscal 1992, up from 7.63 percent in fiscal 1991. Operating and administrative expenses decreased to 5.77 percent of sales in fiscal 1992, down from 5.89 percent of sales in fiscal 1991. Interest expense, net of interest income, decreased from $3.4 million in fiscal 1991 to $1.8 million in fiscal 1992.
 Bennett added: "Our profitability increased significantly in fiscal 1992. Our after tax net-margin of 1.29 percent is one of the highest in the industry. Increases in gross margin in fiscal 1992 are a result of increased consumer purchases of private label merchandise and lower food prices resulting in a lower LIFO charge. Increased productivity and efficiencies in our warehouse and transportation operations have contributed significantly to our operating results. Lower institutional borrowing levels and low market interest rates have led to lower borrowing costs."
 For the 17-week fiscal 1992 fourth quarter, the company reported net earnings of $5.1 million, or $0.49 per share, a 43.9 percent increase over net earnings of $3.5 million, or $0.34 per share, in the fourth quarter of fiscal 1991. Sales for the fourth quarter of fiscal 1992 were $338.9 million, an 11.3 percent increase over sales of $304.5 million in the fourth quarter of fiscal 1991. On a comparable 16-week basis, sales increased 4.7 percent in the fourth quarter of fiscal 1992 over sales of the comparable period of fiscal 1991.
 Richfood Holdings, Inc. is the largest wholesale distributor in its Mid-Atlantic region. The company sells a complete selection of national brand and private label groceries, frozen food, meat, produce, dairy and delicatessen products to approximately 400 customers that operate approximately 650 retail supermarkets in Virginia, Maryland, North Carolina, Delaware, West Virginia and the District of Columbia.
 RICHFOOD HOLDINGS, INC. AND SUBSIDIARIES
 Consolidated Statements of Earnings
 (Dollar amounts in thousands, except per share data)
 Periods ended Fourth quarter Fiscal year
 5/2/92 4/27/91 5/2/92 4/27/91
 (17 Weeks) ( 16 Weeks) (53 Weeks) (52 Weeks)
 Net sales $ 338,864 $ 304,498 $1,068,473 $1,016,722
 Costs and expenses
 Cost of goods sold 311,048 279,211 984,280 939,123
 Operating & admin.
 expenses 20,073 19,095 61,654 59,872
 Interest expense 746 1,037 2,911 3,821
 Interest income (597) (181) (1,115) (459)
 Other income (453) (252) (1,098) (726)
 Earnings before
 income taxes 8,047 5,588 21,841 15,091
 Income tax provision 2,966 2,057 8,070 5,667
 Net earnings $ 5,081 $ 3,531 $13,771 $9,424
 Net earnings per
 common share $ 0.49 $ 0.34 $ 1.32 $ 0.90
 Average common shares
 outstanding 10,442 10,432 10,437 10,432
 -0- 6/11/92
 /CONTACT: June Filingeri or Robert Borchert of Morgen-Walke Associates, 212-986-5900, for Richfood Holdings/
 (RCHF) CO: Richfood Holdings Inc. ST: Virginia IN: FOD SU: ERN


TS -- NY016 -- 9105 06/11/92 09:13 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 11, 1992
Words:706
Previous Article:IMO INDUSTRIES DECLARES REGULAR SECOND QUARTER DIVIDEND
Next Article:BANCTEC ANNOUNCES ACQUISITION OF COMPUTER FIELD SPECIALISTS, INC.
Topics:


Related Articles
Richfood Holdings, Inc. Declares Fourth Quarter Dividend
Richfood Holdings, Inc. Announces Agreement in Principle to Acquire Farm Fresh, Inc.
Richfood Holdings, Inc. Announces Record Second Quarter Net Earnings
Richfood Announces Giant of Carlisle Supply Contract to Lapse.
Richfood Announces First Quarter Results.
SUPERVALU INC. Reports Record Second Quarter Sales and Record Earnings Per Share.
SUPERVALU INC. Reports Record Third Quarter Sales And Record Earnings per Share.
SUPERVALU INC. Reports 31 Percent Increase in Sales and 25 Percent Increase In Net Earnings for Fiscal 2001 First Quarter.
SUPERVALU INC. Reports 29 Percent Increase in Sales and 26 Percent Increase in Net Earnings for Fiscal 2001 Second Quarter.
SUPERVALU Reports Fiscal 2001 Results; Implements Restructuring Program to Set New Platform for Growth.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters