NAFC Nash-Finch Company (MM)

Total Company Sales Increased 3.5%

Adjusted EBITDA1 of $31.9 million and Adjusted EPS2 of $0.66 are in line with Company’s Expectations

Nash Finch Company (NASDAQ: NAFC), one of the leading food distribution companies in the United States, today announced financial results for the sixteen weeks (third quarter) ended October 5, 2013.

Financial Results

Total Company sales for the third quarter 2013 were $1.56 billion compared to $1.51 billion in the prior-year quarter, an increase of 3.5%. The increase was primarily attributable to sales to new customers in our Food Distribution segment. The increase in Food Distribution sales was partially offset by a reduction in Military segment sales resulting from the impacts of sequestration and the government shutdown which occurred during our third quarter. The closure of commissaries caused by the government sequestration and shutdown reduced Military segment sales by approximately $60.2 million in the third quarter.

Adjusted Consolidated EBITDA1 was $31.9 million or 2.0% of sales in the third quarter of 2013 as compared to $43.7 million or 2.9% of sales in the third quarter of 2012. Consolidated EBITDA3 was adjusted to exclude the impact of significant items of $0.4 million and $4.0 million in the third quarters of 2013 and 2012, respectively. Including the impact of significant items, Consolidated EBITDA for the third quarter 2013 was $31.5 million or 2.0% of sales as compared to $39.7 million or 2.6% of sales in the prior year quarter. The year over year comparison was negatively impacted by $8.6 million due to the reversal of year-to-date incentive compensation accruals that occurred in the third quarter of 2012.

"We continued to experience solid sales performance across all of our business segments in the third quarter. Excluding the impact of the government sequestration and shutdown, our total company sales growth would have been over 7%”, said Alec Covington, President and CEO of Nash Finch. “The third quarter Consolidated EBITDA and EPS comparisons to the prior year came in right where we expected; the comparisons were negatively skewed by the reversal of year-to-date incentive compensation accruals last year.”

Adjusted Net Earnings4 were $8.7 million or $0.66 per diluted share in the third quarter 2013 as compared to $18.0 million or $1.38 per diluted share in the third quarter 2012. Net earnings were adjusted to exclude the impact of significant items totaling $2.7 million or $0.20 per diluted share in 2013 and $3.3 million or $0.26 per diluted share in 2012. Including the impact of significant items, our reported net earnings for the third quarter of 2013 were $6.0 million or $0.46 per diluted share as compared to $14.6 million or $1.12 per diluted share in 2012.

The following table identifies the significant items affecting our Consolidated EBITDA, net earnings and diluted earnings per share for the third quarter 2013 and prior year results:

(dollars in millions except per share amounts)   3rd Quarter   Fiscal 2013   2012   2013   2012 Significant items       Transaction costs related to acquisitions $ - (0.6 ) - (1.9 ) Restructuring costs (0.2 ) - (1.3 ) - Military distribution center conversion and transition costs - (3.4 ) - (4.8 ) Casualty insurance claim losses - - (2.1 ) - Retail store closing costs (0.2 ) - (0.2 ) - Gain on early termination of supply agreement   -       -       2.6       -   Significant charges impacting Consolidated EBITDA $ (0.4 ) (4.0 ) (1.0 ) (6.7 )   LIFO charges 1.3 (1.4 ) 2.3 (2.0 ) Gain on acquisition of business - - - 6.6 Merger related costs (2.5 ) - (2.8 ) - Military distribution center non-cash pre-opening expense - - - (0.1 )

Losses due to government shutdown and sequestration

(2.8 ) - (2.8 ) - Goodwill impairment   -       -       -       (132.0 ) Total significant charges impacting earnings before tax $ (4.4 ) (5.4 ) (4.3 ) (134.2 ) Income tax on significant net charges 1.7 2.1 1.7 3.5 Tax on goodwill impairment and acquisition gain   -       -       -       32.6   Total significant charges impacting net earnings $ (2.7 )     (3.3 )     (2.6 )     (98.1 )   Diluted earnings per share impact from significant items (0.20 ) (0.26 ) (0.20 ) (7.55 ) Diluted earnings per share, as reported   0.46       1.12       1.30       (5.01 ) Diluted earnings per share, as adjusted $ 0.66       1.38       1.50       2.54     Consolidated EBITDA, as reported 31.5 39.7 76.4 88.7 Consolidated EBITDA impact from significant items   (0.4 )     (4.0 )     (1.0 )     (6.7 ) Consolidated EBITDA, as adjusted $ 31.9     $ 43.7     $ 77.4     $ 95.4    

Military Distribution Results

(dollars in millions)   3rd Quarter   % Change   Fiscal   % Change 2013   2012       2013   2012     Net Sales $ 665.5   712.1 (6.5%) 1,735.1   1,772.6 (2.1%) Segment EBITDA3 10.5 13.7 (22.8%) 25.5 38.9 (34.4%) Percentage of Sales 1.6% 1.9% 1.5% 2.2%  

The Military segment net sales decreased 6.5% to $665.5 million in the third quarter compared to the prior year. The Military segment EBITDA was $10.5 million or 1.6% of sales in the third quarter 2013 as compared to $13.7 million or 1.9% of sales in the third quarter 2012. The decrease in Military sales was due to the effects of the government sequestration and shutdown which directly impacted the operation of the military commissaries. The decrease in third quarter EBITDA relative to 2012 was partially due to the reversal of year-to-date incentive compensation accruals in the third quarter of 2012.

“Excluding the $60 million sales impact from the government shut down and sequestration, our third quarter Military sales would have been above the prior year by approximately 1.9%,” said Covington. “We are pleased that the commissaries are all back open for business and delivering the important commissary benefit upon which our military heroes and their families have come to rely. We look forward to being able to serve even more of our military heroes and their families once our perishable and frozen addition at our Landover facility is open early next year. The combination of the expanded operations in Landover and leveraging our world-wide military distribution network should lead to additional growth in the military segment."

Food Distribution & Retail Results

(dollars in millions)   3rd Quarter   % Change   Fiscal   % Change 2013   2012       2013   2012     Sales     Food Distribution $ 656.4 556.8 17.9% 1,528.8 1,431.2 6.8% Retail   241.6   242.2   (0.3%)   598.5   481.4   24.3% Total $ 898.0   799.0   12.4%   2,127.3   1,912.6   11.2% Segment EBITDA3 Food Distribution $ 12.8 14.8 (13.3%) 28.0 30.7 (8.8%) Retail   8.1   11.3   (28.1%)   22.9   19.2   19.3% Total $ 20.9   26.1   (19.7%)   50.9   49.9   2.0%   Percentage of Sales Food Distribution 2.0% 2.7% 1.8% 2.1% Retail   3.4%   4.7% 3.8%   4.0% Total   2.3%   3.3% 2.4%   2.6%  

The combined Food Distribution and Retail segment sales increased 12.4% to $898.0 million in the third quarter of 2013 as compared to the prior year period. The increase in Food Distribution sales was primarily attributable to shipments to new customers.

The combined Food Distribution and Retail segment EBITDA was $20.9 million or 2.3% of sales in the third quarter 2013 as compared to $26.1 million or 3.3% of sales in the third quarter 2012. The decrease in third quarter EBITDA relative to 2012 was entirely due to the reversal of year-to-date incentive compensation accruals in the third quarter of 2012.

“I am extremely pleased with the sales performance of the Food Distribution and Retail segments during the third quarter,” said Covington. “We continue to look for creative ways to expand our portfolio of business and to work with new and existing retailers in the growth of their businesses. We also added two new stores to our Retail store base during the third quarter with the acquisition of two very successful stores from existing customers.”

Liquidity

Total debt at the end of the third quarter 2013 was $400.9 million as compared to $433.0 million at the end of the second quarter 2013. The Company continues to focus on effectively managing its balance sheet and is currently in compliance with all of its debt covenants. The Total Debt Leverage Ratio5 as of the end of the third quarter 2013 was 4.05. Availability on the Company’s revolving credit facility at the end of the quarter was $248.0 million.

Merger Update

On July 22, 2013, the Company announced that it had entered into a definitive merger agreement under which Nash Finch Company and Spartan Stores, Inc. will combine in an all-stock merger valued at approximately $1.3 billion, including existing net debt at each company. A special meeting of shareholders is scheduled for November 18, 2013. Upon closing, each share of the Company’s common stock will be converted into 1.2 shares of Spartan Stores common stock. Spartan Stores shareholders will own approximately 57.7% of the equity of the combined company and Nash Finch shareholders will own approximately 42.3% of the Company’s common stock

1 References to Adjusted EBITDA or Adjusted Consolidated EBITDA are defined as EBITDA adjusted for any significant items.

2 Adjusted EPS is defined as earnings per share adjusted for any significant items.

3 References to EBITDA, Consolidated EBITDA, and segment EBITDA are calculated as earnings (loss) before interest, income tax, depreciation and amortization, adjusted to exclude extraordinary gains or losses, gains or losses from sales of assets other than inventory in the ordinary course of business, and non-cash charges (such as LIFO, asset impairments, closed store lease costs and share-based compensation) and other items that management does not utilize in assessing operating performance, less cash payments made during the current period on non-cash charges recorded in prior periods. Consolidated EBITDA should not be considered an alternative measure of our net income (loss), operating performance, cash flows or liquidity. Consolidated EBITDA is provided as additional information as a key metric used to determine payout pursuant to our Short-Term and Long-Term Incentive Plans. The Company also believes investors find the information useful because it reflects the resources available for strategic investments including, for example, capital needs of the business, strategic acquisitions and debt service.

4 Adjusted Net Earnings is defined as net earnings adjusted for any significant items.

5 Total Debt Leverage Ratio is defined as total debt (current portion of long-term debt and capital leases, long-term debt and capitalized lease obligations) divided by the trailing four quarters Consolidated EBITDA.

A conference call to review the third quarter 2013 results is scheduled at 9:00 a.m. CT (10:00 a.m. ET) on November 12, 2013. Interested participants can listen to the conference call over the Internet by logging onto the “Investor Relations” portion of Nash Finch's website at http://www.nashfinch.com. A replay of the webcast will be available and the transcript of the call will be archived on the “Investor Relations” portion of Nash Finch's website under the heading “Audio Archives.” A copy of this press release and the other financial and statistical information about the periods to be discussed in the conference call will be available at the time of the call on the “Investor Relations” portion of the Nash Finch website under the caption “Press Releases.”

Nash-Finch is a Fortune 500 company and the largest food distributor serving military commissaries and exchanges in the United States. Nash-Finch's core businesses include distributing food to military commissaries and retailers located in 44 states, the District of Columbia, Europe, Cuba, Puerto Rico, the Azores, Bahrain and Egypt. The Company also owns and operates a base of retail stores, primarily supermarkets under the Family Fresh Market®, Econofoods®, Family Thrift Center®, No Frills®, Bag 'n Save®, AVANZA®, and Sun Mart® trade names. Further information is available on the Company's website, www.nashfinch.com.

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements relate to trends and events that may affect our future financial position and operating results. Any statement contained in this release that is not statements of historical fact may be deemed forward-looking statements. For example, words such as “may,” “will,” “should,” “likely,” “expect,” “anticipate,” “estimate,” “believe,” “intend, ” “potential” or “plan,” or comparable terminology, are intended to identify forward-looking statements. Such statements are based upon current expectations, estimates and assumptions, and entail various risks and uncertainties that could cause actual results to differ materially from those expressed in such forward-looking statements. Important factors known to us that could cause or contribute to material differences include, but are not limited to, the following:

• the effect of traditional and alternative competition on our food distribution, military and retail businesses;
• general sensitivity to economic conditions, including the uncertainty related to the current state of the economy in the U.S. and worldwide economic slowdown; disruptions to the credit and financial markets in the U.S. and worldwide; changes in market interest rates; continued volatility in energy prices and food commodities;
• macroeconomic and geopolitical events affecting commerce generally;
• changes in consumer buying and spending patterns including a shift to non-traditional retail channels;
• our ability to identify and execute plans to expand our food distribution, military and retail operations;
• possible changes in the military commissary system, including those stemming from the redeployment of forces, congressional action, changes in funding levels or the effect of mandated reductions or sequestration of government expenditures;
• our ability to identify and execute plans to improve the competitive position of our retail operations;
• the success or failure of strategic plans, new business ventures or initiatives;
• our ability to successfully integrate and manage current or future businesses we acquire, including the ability to manage credit risks and retain the customers of those operations;
• changes in credit risk from financial accommodations extended to new or existing customers;
• significant changes in the nature of vendor promotional programs and the allocation of funds among the programs;
• limitations on financial and operating flexibility due to debt levels and debt instrument covenants and ability to access capital to support capital spending and growth opportunities;
• legal, governmental, legislative or administrative proceedings, disputes, or actions that result in adverse outcomes;
• our ability to identify and remediate any material weakness in our internal controls that could affect our ability to detect and prevent fraud, expose us to litigation, or prepare financial statements and reports in a timely manner;
• changes in accounting standards;
• technology failures that may have a material adverse effect on our business;
• severe weather and natural disasters that may impact our supply chain;
• unionization of a significant portion of our workforce;
• costs related to a multi-employer pension plan which has liabilities in excess of plan assets;
• changes in health care, pension and wage costs and labor relations issues;
• product liability claims, including claims concerning food and prepared food products;
• changes in food safety regulations and other regulations applicable to the products we sell;
• threats or potential threats to security;
• unanticipated problems with product procurement; and
• maintaining our reputation and corporate image.

A more detailed discussion of many of these factors, as well as other factors that could affect the Company’s results, is contained in the Company’s periodic reports filed with the SEC. You should carefully consider each of these factors and all of the other information in this release. We believe that all forward-looking statements are based upon reasonable assumptions when made. However, we caution that it is impossible to predict actual results or outcomes and that accordingly you should not place undue reliance on these statements. Forward-looking statements speak only as of the date when made and we undertake no obligation to revise or update these statements in light of subsequent events or developments. Actual results and outcomes may differ materially from anticipated results or outcomes discussed in forward-looking statements. You are advised, however, to consult any future disclosures we make on related subjects in future reports to the Securities and Exchange Commission (SEC).

NASH FINCH COMPANY AND SUBSIDIARIES         Consolidated Statements of Income (Loss) (In thousands, except per share amounts)     Forty Forty Sixteen Weeks Ended Weeks Ended   Weeks Ended October 5 October 6 October 5 October 6 2013 2012 2013 2012   Sales $ 1,563,428 1,511,090 3,862,421 3,685,177 Cost of sales 1,436,044   1,383,445   3,542,619   3,388,015   Gross profit 127,384 127,645 319,802 297,162 Gross profit margin

8.1%

 

8.4%

 

8.3%

 

8.1%

 

  Other costs and expenses: Selling, general and administrative 100,146 84,692 247,480 205,904 Gain on acquisition of a business - - - (6,639 ) Goodwill impairment - - - 131,991 Depreciation and amortization 11,910 11,924 29,480 28,510 Interest expense 5,614   8,074   15,571   18,672   Total other costs and expenses 117,670   104,690   292,531   378,438     Earnings (loss) before income taxes 9,714 22,955 27,271 (81,276 )   Income tax expense (benefit) 3,691   8,351   10,259   (16,366 ) Net earnings (loss) $ 6,023   14,604   17,012   (64,910 )   Net earnings (loss) per share: Basic $ 0.46 1.13 1.31 (5.01 ) Diluted $ 0.46 1.12 1.30 (5.01 )   Declared dividends per common share $ 0.18 0.18 0.54 0.54  

Weighted average number of common shares outstanding and common equivalent shares outstanding:

Basic 12,992 12,962 12,996 12,963 Diluted 13,132 13,040 13,093 12,963   NASH FINCH COMPANY AND SUBSIDIARIES     Consolidated Balance Sheets (In thousands, except per share amounts)      

Assets

October 5, 2013 December 29, 2012 Current assets: Cash $ 1,203 1,291 Accounts and notes receivable, net 227,379 239,925 Inventories 436,140 362,526 Prepaid expenses and other 14,198 18,569 Deferred tax assets 4,378   3,724   Total current assets 683,298 626,035   Notes receivable, net 27,544 21,360   Property, plant and equipment: 752,935 738,857 Less accumulated depreciation and amortization (456,825 ) (436,572 ) Net property, plant and equipment 296,110 302,285   Goodwill 28,590 22,877 Customer contracts and relationships, net 5,863 6,649 Investment in direct financing leases 1,796 1,923 Deferred tax asset, net 31,246 2,780 Other assets 19,237   19,708   Total assets $ 1,093,684   1,003,617    

Liabilities and Stockholders' Equity

Current liabilities: Current maturities of long-term debt and capital lease obligations $ 4,550 2,265 Accounts payable 274,255 247,392 Accrued expenses 63,606 52,326 Income taxes payable 7,661   429   Total current liabilities 350,072 302,412   Long-term debt 383,015 356,251 Capital lease obligations 13,328 14,807 Other liabilities 38,956 33,758 Commitments and contingencies - - Stockholders' equity: Preferred stock - no par value. Authorized 500 shares; none issued - - Common stock of $1.66 2/3 par value Authorized 50,000 shares; 13,815 and 13,799 shares issued, respectively 23,026 22,998 Additional paid-in capital 114,762 113,641 Common stock held in trust (1,317 ) (1,295 ) Deferred compensation obligations 1,317 1,295 Accumulated other comprehensive loss (15,705 ) (15,705 ) Retained earnings 237,091 227,161 Treasury stock at cost; 1,500 and 1,525 shares, respectively (50,861 ) (51,706 ) Total stockholders' equity 308,313   296,389   Total liabilities and stockholders' equity $ 1,093,684   1,003,617     NASH FINCH COMPANY AND SUBSIDIARIES     Consolidated Statements of Cash Flows (In thousands)       40 Weeks Ended October 5 October 6 2013 2012 Operating activities: Net earnings (loss) $ 17,012 (64,910 ) Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Gain on acquisition of a business - (6,639 ) Depreciation and amortization 29,480 28,510 Amortization of deferred financing costs 844 962 Non-cash convertible debt interest 1,363 4,736 Rebateable loans 1,964 3,111 Provision for (recovery of) bad debts 487 (274 ) Provision for (recovery of) lease reserves 327 (33 ) Deferred income tax benefit (29,119 ) (32,783 ) Gain on sale of property, plant and equipment (111 ) (1,506 ) LIFO charge (credit) (2,265 ) 2,040 Asset impairments - 62 Impairments of goodwill - 131,991 Share-based compensation expense (reversal of) 1,887 (1,295 ) Deferred compensation 908 984 Other (149 ) (187 ) Changes in operating assets and liabilities, net of effects of acquisitions: Accounts and notes receivable 11,579 (10,541 ) Inventories (70,487 ) (70,609 ) Prepaid expenses (3,512 ) (1,051 ) Accounts payable 11,984 33,450 Accrued expenses 11,707 (14,182 ) Income taxes payable 15,146 6,975 Other assets and liabilities 3,203   (3,542 ) Net cash provided by operating activities 2,248   5,269     Investing activities: Proceeds from sale of assets 589 8,690 Additions to property, plant and equipment (19,485 ) (23,736 ) Businesses acquired, net of cash (7,040 ) (78,259 ) Loans to customers (12,983 ) (8,715 ) Payments from customers on loans 5,450 7,765 Corporate-owned life insurance, net (972 ) (837 ) Other -   (151 ) Net cash used in investing activities (34,441 ) (95,243 ) Financing activities: Proceeds from revolving debt 139,457 69,800 Dividends paid (6,637 ) (6,607 ) Proceeds from long-term debt 39,533 18,702 Payments of long-term debt (151,365 ) (1,260 ) Payments of capitalized lease obligations (1,418 ) (1,924 ) Increase in outstanding checks 13,126 13,204 Payments of deferred financing costs (253 ) (211 ) Tax benefit from share-based compensation - 66 Other (338 ) (1,373 ) Net cash provided by financing activities 32,105   90,397   Net increase (decrease) in cash (88 ) 423 Cash at beginning of year $ 1,291   773   Cash at end of period 1,203   1,196     NASH FINCH COMPANY AND SUBSIDIARIES     Supplemental Data (Unaudited)   October 5 October 6

Other Data (In thousands)

2013 2012   Total debt $ 400,893 388,880 Stockholders' equity $ 308,313 329,709 Capitalization $ 709,206 718,589 Debt to total capitalization

56.5%

 

54.1%

 

    Non-GAAP Data Consolidated EBITDA (a) $ 98,955 122,154 Leverage ratio - trailing 4 qtrs. (debt to consolidated EBITDA) (b) 4.05x 3.18x     Comparable GAAP Data Debt to earnings before income taxes (b) (30.49 ) (5.67 )   (a)  

Consolidated EBITDA, as defined in our credit agreement, is earnings before interest, income tax, depreciation and amortization, adjusted to exclude extraordinary gains or losses, gains or losses from sales of assets other than inventory in the ordinary course of business, and non-cash charges (such as LIFO, asset impairments, closed store lease costs and share-based compensation) and other items that management does not utilize in assessing operating performance, less cash payments made during the current period on non-cash charges recorded in prior periods. Consolidated EBITDA should not be considered an alternative measure of our net income, amount of Consolidated operating performance, cash flows or liquidity. The EBITDA is provided as a metric used to determine payout of performance units pursuant to our Long-Term Incentive Plan.

  (b)

Leverage ratio is defined as the Company's total debt at October 5, 2013 and October 6, 2012, divided by Consolidated EBITDA for the respective four trailing quarters. The most comparable GAAP ratio is debt at the same date divided by earnings from continuing operations before income taxes for the respective four trailing quarters.

 

Derivation of Consolidated EBITDA; Segment Consolidated EBITDA and Segment Profit (in thousands)

                FY 2013 2012 2013 2013 2013 Rolling Qtr 4 Qtr 1 Qtr 2 Qtr 3 4 Qtrs   Earnings before income taxes $ (40,418 ) 2,966 14,591 9,714 (13,147 ) Add/(deduct)

 

LIFO charge

1,285 (187 ) (827 ) (1,251 ) (980 )

 

Depreciation and amortization

9,324 8,800 8,770 11,910 38,804

 

Interest expense

6,272 6,009 3,948 5,614 21,843

 

Merger costs

- 302 2,475 2,777

 

Goodwill impairment

34,639 - - - 34,639

 

Closed store lease costs

193 - 246 81 520

 

Asset impairment

13,066 - 13,066

 

Net loss (gain) on sale of real estate and other assets

(16 ) 80 (123 ) (68 ) (127 )

 

Stock compensation expense (reversal of)

(1,151 ) 499 663 725 736

 

Losses associated with government shutdown/sequestration

- - 2,759 2,759

 

Subsequent cash payments on non-cash charges

(610 ) (472 ) (361 ) (492 ) (1,935 ) Total Consolidated EBITDA $ 22,584   17,695   27,209   31,467   98,955       2012 2013 2013 2013 Rolling Segment Consolidated EBITDA Qtr 4 Qtr 1 Qtr 2 Qtr 3 4 Qtrs Military $ 8,783 7,909 7,037 10,542 34,271 Food Distribution 6,159 3,216 12,006 12,802 34,183 Retail 7,642   6,570   8,166   8,123   30,501   $ 22,584   17,695   27,209   31,467   98,955       2012 2013 2013 2013 Rolling Segment profit Qtr 4 Qtr 1 Qtr 2 Qtr 3 4 Qtrs Military $ 3,953 4,717 3,942 3,063 15,675 Food Distribution (8,691 ) 147 9,048 8,032 8,536 Retail 3,834 2,784 4,137 2,264 13,019 Unallocated:

 

Interest

(4,875 ) (4,682 ) (2,536 ) (3,645 ) (15,738 )

 

Goodwill Impairment

(34,639 ) -   -   -   (34,639 ) $ (40,418 ) 2,966   14,591   9,714   (13,147 )     FY 2012 2011 2012 2012 2012 Rolling Qtr 4 Qtr 1 Qtr 2 Qtr 3 4 Qtrs Earnings before income taxes $ 12,707 9,069 (113,300 ) 22,955 (68,569 ) Add/(deduct)

 

LIFO charge

4,503 181 420 1,438 6,542

 

Depreciation and amortization

8,016 8,204 8,382 11,924 36,526

 

Interest expense

7,066 5,138 5,460 8,074 25,738

 

Goodwill impairment

- - 131,991 - 131,991

 

Gain on the acquisition of a business

- - (6,639 ) - (6,639 )

 

Closed store lease costs

124 - (33 ) - 91

 

Asset impairment

191 62 - - 253

 

Net loss (gain) on sale of real estate and other assets

41 (476 ) 89 (1,119 ) (1,465 )

 

Stock compensation

1,137 1,094 546 (2,935 ) (158 )

 

Subsequent cash payments on non-cash charges

(369 ) (442 ) (729 ) (616 ) (2,156 ) Total Consolidated EBITDA $ 33,416   22,830   26,187   39,721   122,154     2011 2012 2012 2012 Rolling Segment Consolidated EBITDA Qtr 4 Qtr 1 Qtr 2 Qtr 3 4 Qtrs Military $ 17,061 13,400 11,797 13,661 55,919 Food Distribution 10,747 6,539 9,419 14,764 41,469 Retail 5,608   2,891   4,971   11,296   24,766   $ 33,416   22,830   26,187   39,721   122,154     2011 2012 2012 2012 Rolling Segment profit Qtr 4 Qtr 1 Qtr 2 Qtr 3 4 Qtrs Military $ 12,314 10,474 8,570 10,322 41,680 Food Distribution 4,014 2,338 5,517 11,191 23,060 Retail 2,668 661 2,390 7,725 13,444 Unallocated:

 

Interest

(6,289 ) (4,404 ) (4,425 ) (6,283 ) (21,401 )

 

Gain on the acquisition of a business

- - 6,639 - 6,639

 

Goodwill impairment

-   -   (131,991 ) -   (131,991 ) $ 12,707   9,069   (113,300 ) 22,955   (68,569 )

Nash Finch CompanyBob Dimond, Executive VP & CFO, 952-844-1060