STELLARTON, NS,
March 13, 2012 /PRNewswire/ - Empire
Company Limited (TSX: EMP.A) today announced financial results for
its third quarter ended February 4,
2012. For the third quarter, the Company recorded net
earnings, net of minority interest, of $80.0
million ($1.17 per share)
compared to $88.9 million
($1.31 per share) in the third
quarter last year. Adjusted earnings in the third quarter were
$72.2 million ($1.06 per share) compared to $68.4 million ($1.01 per share) in the third quarter last
year.
Highlights
- Sales of $3.98 billion, up
$107.8 million or 2.8
percent.
- Sobeys' same-store sales increased 1.2 percent.
- Operating income(1) of $123.2 million versus $140.1 million last year. Operating income last
year included a $28.5 million pre-tax
expense reduction related to an amendment to post-retirement
benefits.
- Net earnings, net of minority interest, of $80.0 million ($1.17 per share) compared to $88.9 million ($1.31 per share) last year. Included in net
earnings for the third quarter last year was $21.3 million associated with an amendment to
post-retirement benefits.
- Adjusted net earnings(2), net of
minority interest, of $72.2 million
($1.06 per share) versus $68.4 million ($1.01 per share) last year.
- Funded debt to total capital ratio of 24.6 percent compared
to 27.5 percent last year.
____________
| (1) |
Certain balances have been reclassified for changes to
comparative figures (see Note 21 to the Company's third quarter
unaudited consolidated financial statements). |
| (2) |
Adjusted net earnings exclude
items which are considered not indicative of underlying business
operating performance.
|
"We are pleased with our third quarter
performance as we continue to grow in both our food retail and real
estate businesses," stated Paul
Sobey, President and CEO. "We continue to grow by working
together organization-wide to improve productivity and lower costs
while driving product and service innovation to enrich our
customers' experience and to ensure our competitive position in an
ever changing retail landscape."
Dividend Declaration
The Board of Directors declared a quarterly
dividend of 22.5 cents per share on
both the Non-Voting Class A shares and the Class B common shares
that will be payable on April 30,
2012 to shareholders of record on April 13, 2012. These dividends are
eligible dividends as defined for the purposes of the Income Tax
Act (Canada) and applicable
provincial legislation and, therefore, qualify for the favourable
tax treatment applicable to such dividends.
With the transition to International Financial
Reporting Standards ("IFRS") effective the first quarter of fiscal
2012, the comparative figures in the financial results table below
for the 13 and 39 weeks ended January 29,
2011 have been restated to conform with IFRS.
CONSOLIDATED FINANCIAL RESULTS
| |
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|
|
|
|
|
|
|
| |
13 Weeks
Ended |
|
($) |
|
39 Weeks
Ended |
|
($) |
| ($ in millions, except per share
amounts) |
Feb. 4,
2012 |
|
Jan. 29, 2011 |
|
Change |
|
Feb.
4, 2012 |
|
Jan. 29, 2011 |
|
Change |
| Sales |
$ |
3,984.8 |
|
$ |
3,877.0 |
|
$ |
107.8 |
|
$ |
12,175.3 |
|
$ |
11,807.0 |
|
$ |
368.3 |
| EBITDA(1) (2) |
|
207.9 |
|
|
226.0 |
|
|
(18.1) |
|
|
652.4 |
|
|
653.2 |
|
|
(0.8) |
| Operating income (1) (2) |
|
123.2 |
|
|
140.1 |
|
|
(16.9) |
|
|
397.9 |
|
|
403.3 |
|
|
(5.4) |
| Net earnings, net of minority interest
(3) |
|
80.0 |
|
|
88.9 |
|
|
(8.9) |
|
|
247.3 |
|
|
318.1 |
|
|
(70.8) |
| Adjusted net earnings, net of minority interest
(4) |
|
72.2 |
|
|
68.4 |
|
|
3.8 |
|
|
231.4 |
|
|
222.8 |
|
|
8.6 |
| EPS fully diluted |
$ |
1.17 |
|
$ |
1.31 |
|
$ |
(0.14) |
|
$ |
3.63 |
|
$ |
4.66 |
|
$ |
(1.03) |
| Adjusted EPS (fully diluted) (4) |
$ |
1.06 |
|
$ |
1.01 |
|
$ |
0.05 |
|
$ |
3.40 |
|
$ |
3.26 |
|
$ |
0.14 |
| (1) |
See Non-GAAP Financial Measures contained in this
news release. |
| (2) |
Certain balances have been reclassified for changes to
comparative figures (see Note 21 to the Company's third quarter
unaudited consolidated financial statements). |
| (3) |
Net earnings, net of minority interest, for the 13 and
39 weeks ended January 29, 2011 includes an amendment to
post-retirement benefits which served to increase net earnings by
$21.3 million. Net earnings, net of minority interest, for the 39
weeks ended January 29, 2011 includes a net gain on the sale of a
27.5 percent ownership interest in Wajax Income Fund ("Wajax") of
$76.2 million. |
| (4) |
Adjusted net earnings and adjusted fully diluted EPS are
earnings measurements that exclude items which are considered not
indicative of underlying business operating
performance. |
Sales
Consolidated sales for the third quarter were
$3.98 billion compared to
$3.88 billion in the third quarter
last year, an increase of $107.8
million or 2.8 percent. Sobeys' sales equalled
$3.94 billion versus $3.83 billion in the third quarter last year, an
increase of $109.2 million or 2.9
percent. Investments and other operations' sales in the third
quarter were $47.6 million versus
$49.0 million in the third quarter
last year, a decrease of $1.4 million
or 2.9 percent.
EBITDA
Consolidated EBITDA in the third quarter was
$207.9 million compared to
$226.0 million in the third quarter
last year. Adjusting EBITDA for items which are considered not
indicative of underlying business operating performance, as
outlined in the table below, resulted in an adjusted EBITDA of
$198.2 million compared to
$198.9 million last year.
| |
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| |
13 Weeks
Ended |
|
39 Weeks
Ended |
| ($ in millions) |
Feb. 4,
2012 |
Jan. 29, 2011 |
|
Feb. 4,
2012 |
Jan. 29, 2011 |
| EBITDA (consolidated)
(1) |
$ |
207.9 |
$ |
226.0 |
|
$ |
652.4 |
$ |
653.2 |
| Adjustments: |
|
|
|
|
|
|
|
|
|
| |
Gain on disposal of assets |
|
(12.0) |
|
(2.1) |
|
|
(17.1) |
|
(19.1) |
| |
Sobeys' distribution and store closure costs |
|
- |
|
6.0 |
|
|
- |
|
27.5 |
| |
Post-retirement benefit amendment |
|
- |
|
(28.5) |
|
|
- |
|
(28.5) |
| |
Sobeys' organizational reset costs |
|
2.3 |
|
- |
|
|
6.4 |
|
- |
| |
Dilution gains |
|
- |
|
(2.5) |
|
|
(10.0) |
|
(3.8) |
| |
|
(9.7) |
|
(27.1) |
|
|
(20.7) |
|
(23.9) |
| Adjusted EBITDA |
$ |
198.2 |
$ |
198.9 |
|
$ |
631.7 |
$ |
629.3 |
| (1) |
Certain balances have been reclassified for changes
to comparative figures (see Note 21 to the Company's third quarter
unaudited consolidated financial statements). |
Operating Income
Consolidated operating income in the third
quarter was $123.2 million, a
decrease of $16.9 million from the
$140.1 million recorded in the third
quarter last year. Adjusting operating income for items which are
considered not indicative of underlying business operating
performance, as outlined in the previous table for EBITDA, resulted
in an adjusted consolidated operating income of $113.5 million compared to $113.0 million in the third quarter last
year.
Net Earnings
Consolidated net earnings, net of minority
interest, in the third quarter equalled $80.0 million compared to $88.9 million in the third quarter last year.
The following table presents Empire's segmented
net earnings, net of minority interest, for the 13 and 39 weeks
ended February 4, 2012 compared to
the 13 and 39 weeks ended January 29,
2011.
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|
|
|
|
|
|
|
| |
13 Weeks Ended |
|
($) |
|
39 Weeks Ended |
|
($) |
| ($ in millions, net of tax) |
Feb. 4,
2012 |
|
Jan. 29, 2011 |
|
Change |
|
Feb. 4,
2012 |
|
Jan. 29, 2011 |
|
Change |
| Food retailing |
$ |
72.9 |
|
$ |
82.8 |
|
$ |
(9.9) |
|
$ |
222.9 |
|
$ |
221.3 |
|
$ |
1.6 |
| Investments and other operations |
|
7.1 |
|
|
6.1 |
|
|
1.0 |
|
|
24.4 |
|
|
96.8 |
(1) |
|
(72.4) |
| Consolidated |
$ |
80.0 |
|
$ |
88.9 |
|
$ |
(8.9) |
|
$ |
247.3 |
|
$ |
318.1 |
|
$ |
(70.8) |
| (1) |
Includes the net gain of $76.2 million from the sale of a
27.5 percent ownership interest in Wajax. |
Adjusted Net Earnings
The table below adjusts reported net earnings
for items which are considered not indicative of underlying
business operating performance. Excluding the impact of the
adjustments noted in the table, Empire recorded adjusted net
earnings, net of minority interest, of $72.2
million ($1.06 per share) for
the 13 weeks ended February 4, 2012
compared to $68.4 million
($1.01 per share) recorded in the
third quarter last year.
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|
|
|
|
| |
13 Weeks
Ended |
|
39 Weeks
Ended |
| ($ in millions, except per share
amounts, net of tax) |
Feb. 4,
2012 |
|
Jan. 29, 2011 |
|
Feb.
4, 2012 |
|
Jan. 29, 2011 |
| Net earnings, net of minority
interest |
$ |
80.0 |
|
$ |
88.9 |
|
$ |
247.3 |
|
$ |
318.1 |
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
| |
Gain on sale of Wajax |
|
- |
|
|
- |
|
|
- |
|
|
(76.2) |
| |
Gain on disposal of assets |
|
(9.3) |
|
|
(1.6) |
|
|
(13.3) |
|
|
(15.0) |
| |
Sobeys' distribution and store closure costs |
|
- |
|
|
4.2 |
|
|
- |
|
|
19.9 |
| |
Post-retirement benefit amendment |
|
- |
|
|
(21.3) |
|
|
- |
|
|
(21.3) |
| |
Sobeys' organizational reset costs |
|
1.5 |
|
|
- |
|
|
4.4 |
|
|
- |
| |
Dilution gains |
|
- |
|
|
(1.8) |
|
|
(7.0) |
|
|
(2.7) |
| |
|
(7.8) |
|
|
(20.5) |
|
|
(15.9) |
|
|
(95.3) |
| Adjusted net earnings, net of minority
interest |
$ |
72.2 |
|
$ |
68.4 |
|
$ |
231.4 |
|
$ |
222.8 |
| Adjusted EPS (fully diluted) |
$ |
1.06 |
|
$ |
1.01 |
|
$ |
3.40 |
|
$ |
3.26 |
With the transition to IFRS, the Company now has two reportable
operating segments:
| 1) |
Food Retailing, which consists of wholly-owned Sobeys
Inc.; and |
| 2) |
Investments and Other Operations, the principal
components of which include investments in Crombie REIT (44.6
percent ownership interest; 40.3 percent fully diluted), an
approximate 40 percent ownership interest in Genstar Development
Partnership and wholly-owned Empire Theatres Limited. |
FOOD RETAILING
The table below provides the food retailing
segment's contribution to Empire's consolidated sales, EBITDA,
operating income, net earnings, net of minority interest and
adjusted net earnings, net of minority interest.
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|
|
|
| |
13 Weeks
Ended |
|
($) |
|
39 Weeks
Ended |
|
($) |
| ($ in millions) |
Feb. 4,
2012 |
|
Jan. 29, 2011 |
|
Change |
|
Feb. 4,
2012 |
|
Jan. 29, 2011 |
|
Change |
| Sales |
$ |
3,937.2 |
|
$ |
3,828.0 |
|
$ |
109.2 |
|
$ |
12,021.3 |
|
$ |
11,653.7 |
|
$ |
367.6 |
| EBITDA (1) |
|
191.0 |
|
|
208.8 |
|
|
(17.8) |
|
|
598.1 |
|
|
600.1 |
|
|
(2.0) |
| Operating income (1) |
|
110.6 |
|
|
127.1 |
|
|
(16.5) |
|
|
355.8 |
|
|
362.1 |
|
|
(6.3) |
| Net earnings, net of minority interest |
|
72.9 |
|
|
82.8 |
|
|
(9.9) |
|
|
222.9 |
|
|
221.3 |
|
|
1.6 |
| Adjusted net earnings, net of minority interest
(2) |
|
65.5 |
|
|
65.4 |
|
|
0.1 |
|
|
213.7 |
|
|
206.2 |
|
|
7.5 |
| (1) |
Certain balances have been reclassified for changes to
comparative figures (see Note 21 to the Company's third quarter
unaudited consolidated financial statements). |
| (2) |
Adjusted net earnings exclude items which are considered not
indicative of underlying business operating performance. |
Sobeys' sales in the third quarter increased
$109.2 million or 2.9 percent to
$3.94 billion compared to
$3.83 billion in the same period last
year. During the third quarter, same-store sales increased 1.2
percent compared to the third quarter last year.
Sobeys recorded gross profit of $947.4 million in the quarter, an increase of
$32.3 million over the third quarter
last year. Gross margin, which is gross profit divided by sales,
increased to 24.1 percent compared to 23.9 percent in the third
quarter last year.
Sobeys contributed EBITDA to Empire in the third
quarter of $191.0 million compared to
$208.8 million last year.
Sobeys' EBITDA last year included a $28.0
million pre-tax expense reduction related to an amendment to
post-retirement benefits. Sobeys also recorded gains on the
disposal of assets in the current quarter of $11.4 million. Adjusting for these and
other items which are considered not indicative of underlying
business operating performance, as outlined in the table below,
resulted in an adjusted EBITDA contribution from Sobeys to Empire
of $181.9 million in the third
quarter compared to a $186.2 million
contribution in the third quarter last year.
| |
|
|
|
|
|
|
|
|
|
| |
13 Weeks Ended |
|
39 Weeks Ended |
| ($ in millions) |
Feb. 4,
2012 |
Jan. 29, 2011 |
|
Feb.
4, 2012 |
Jan. 29, 2011 |
| EBITDA (contributed by Sobeys)
(1) |
$ |
191.0 |
$ |
208.8 |
|
$ |
598.1 |
$ |
600.1 |
| Adjustments: |
|
|
|
|
|
|
|
|
|
| |
Gain on disposal of assets |
|
(11.4) |
|
(0.5) |
|
|
(17.1) |
|
(17.5) |
| |
Sobeys' distribution and store closure costs |
|
- |
|
6.0 |
|
|
- |
|
27.5 |
| |
Post-retirement benefit amendment |
|
- |
|
(28.0) |
|
|
- |
|
(28.0) |
| |
Sobeys' organizational reset costs |
|
2.3 |
|
- |
|
|
6.4 |
|
- |
| |
Dilution gains |
|
- |
|
(0.1) |
|
|
(0.4) |
|
(0.1) |
| |
|
(9.1) |
|
(22.6) |
|
|
(11.1) |
|
(18.1) |
| Adjusted EBITDA |
$ |
181.9 |
$ |
186.2 |
|
$ |
587.0 |
$ |
582.0 |
| (1) |
Certain balances have been reclassified for changes to
comparative figures (see Note 21 to the Company's third quarter
unaudited consolidated financial statements). |
Sobeys' operating income contribution to Empire
in the third quarter was $110.6
million compared to $127.1
million last year. Adjusting Sobeys' operating income
for items which are considered not indicative of underlying
business operating performance, as outlined in the previous table,
resulted in an adjusted operating income contribution of
$101.5 million compared to
$104.5 million in the third quarter
last year.
Sobeys continues to focus on disciplined cost
management initiatives, supply chain and retail productivity
improvements and migration of best practices and planned capital
investments to drive sales and improve margins over time.
Sobeys contributed net earnings, net of minority
interest, to Empire of $72.9 million
in the third quarter ended February 4,
2012 versus $82.8 million in
the third quarter of fiscal 2011. Sobeys contributed adjusted net
earnings, net of minority interest, to Empire of $65.5 million versus $65.4
million in the third quarter last year.
INVESTMENTS AND OTHER OPERATIONS
The table below provides the investments and
other operations segment's contribution to Empire's consolidated
sales, EBITDA, operating income, net earnings, net of minority
interest and adjusted net earnings, net of minority interest.
| |
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|
|
|
|
|
|
|
|
|
|
| |
13 Weeks
Ended |
|
($) |
|
39 Weeks
Ended |
|
($) |
| ($ in millions) |
Feb. 4,
2012 |
|
Jan. 29, 2011 |
|
Change |
|
Feb.
4, 2012 |
|
Jan. 29, 2011 |
|
Change |
| Sales |
$ |
47.6 |
|
$ |
49.0 |
|
$ |
(1.4) |
|
$ |
154.0 |
|
$ |
153.3 |
|
$ |
0.7 |
| EBITDA |
|
16.9 |
|
|
17.2 |
|
|
(0.3) |
|
|
54.3 |
|
|
53.1 |
|
|
1.2 |
| Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Crombie REIT (1) |
|
5.2 |
|
|
4.5 |
|
|
0.7 |
|
|
14.8 |
|
|
13.3 |
|
|
1.5 |
| |
Real estate partnerships (2) |
|
6.4 |
|
|
2.8 |
|
|
3.6 |
|
|
16.8 |
|
|
14.4 |
|
|
2.4 |
| |
Wajax |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
8.6 |
|
|
(8.6) |
| |
Other operations, net of corporate expenses
(3) |
|
1.0 |
|
|
5.7 |
|
|
(4.7) |
|
|
10.5 |
|
|
4.9 |
|
|
5.6 |
| |
|
12.6 |
|
|
13.0 |
|
|
(0.4) |
|
|
42.1 |
|
|
41.2 |
|
|
0.9 |
| Net earnings, net of minority interest
(4) |
|
7.1 |
|
|
6.1 |
|
|
1.0 |
|
|
24.4 |
|
|
96.8 |
|
|
(72.4) |
| Adjusted net earnings, net of minority
interest (5) |
|
6.7 |
|
|
3.0 |
|
|
3.7 |
|
|
17.7 |
|
|
16.6 |
|
|
1.1 |
| (1) |
44.6 percent equity accounted interest in Crombie
REIT (January 29, 2011 - 46.5 percent interest). |
| (2) |
40.7 percent equity accounted interest in Genstar
Development Partnership, 45.9 percent equity accounted interest in
Genstar Development Partnership II, and 42.1 percent equity
accounted interest in each of GDC Investments 4, L.P., GDC
Investments 5, L.P., and GDC Investments 6, L.P. (collectively
referred to as "Genstar"). |
| (3) |
Other operations (net of corporate expenses) operating
income for the 13 weeks ended February 4, 2012 includes a
gain on disposal of assets of $0.6 million (Q3 last year - $1.6
million). Operating income in the third quarter last year
included dilution gains of $2.4 million and $0.5 million associated
with a post-retirement benefit amendment. |
| (4) |
Net earnings, net of minority interest, for the 39 weeks
ended January 29, 2011 includes a net gain on the sale of a 27.5
percent ownership interest in Wajax of $76.2 million. |
| (5) |
Adjusted net earnings exclude items which are
considered not indicative of underlying business operating
performance. |
Investments and other operations' sales,
primarily generated by Empire Theatres, equalled $47.6 million in the third quarter ended
February 4, 2012 versus $49.0 million in the third quarter last year, a
$1.4 million or 2.9 percent
decrease.
Investments and other operations contributed
EBITDA to Empire in third quarter of $16.9
million compared to $17.2
million last year. EBITDA contribution in the third
quarter last year included $2.4
million in dilution gains resulting from a change in the
ownership level in Crombie REIT along with gains on disposal of
assets of $1.6 million.
Adjusting for these and other items which are considered not
indicative of underlying business operating performance, as
outlined in the table below, resulted in adjusted EBITDA from
investments and other operations of $16.3
million compared to $12.7
million last year.
| |
|
|
|
|
|
|
|
|
|
| |
13 Weeks
Ended |
|
39 Weeks
Ended |
| ($ in millions) |
Feb. 4,
2012 |
Jan. 29, 2011 |
|
Feb. 4,
2012 |
Jan. 29, 2011 |
| EBITDA (investments and other
operations) |
$ |
16.9 |
$ |
17.2 |
|
$ |
54.3 |
$ |
53.1 |
| Adjustments: |
|
|
|
|
|
|
|
|
|
| |
Gain on disposal of assets |
|
(0.6) |
|
(1.6) |
|
|
- |
|
(1.6) |
| |
Post-retirement benefit amendment |
|
- |
|
(0.5) |
|
|
- |
|
(0.5) |
| |
Dilution gains |
|
- |
|
(2.4) |
|
|
(9.6) |
|
(3.7) |
| |
|
(0.6) |
|
(4.5) |
|
|
(9.6) |
|
(5.8) |
| Adjusted EBITDA |
$ |
16.3 |
$ |
12.7 |
|
$ |
44.7 |
$ |
47.3 |
Investments and other operations contributed operating income of
$12.6 million compared to
$13.0 million in the third quarter
last year. Equity accounted earnings from the Company's
investment in Crombie REIT increased $0.7
million to $5.2 million in the
third quarter of fiscal 2012 compared to $4.5 million in the third quarter last year, as a
result of higher property revenues and in turn higher property net
operating income. Equity accounted earnings generated from
the Company's real estate partnerships amounted to $6.4 million compared to $2.8 million in the same quarter last year, an
increase of $3.6 million primarily as
a result of higher average selling prices on residential lot
sales. Other operations, net of corporate expenses,
contributed operating income of $1.0
million compared to $5.7
million in the third quarter last year. Operating
income in the third quarter last year included dilution gains of
$2.4 million, gains on the disposal
of assets of $1.6 million and
$0.5 million associated with a
post-retirement benefit amendment.
Adjusting investments and other operations'
operating income for items which are considered not indicative of
underlying business operating performance, as outlined in the
previous table, resulted in an adjusted operating income
contribution of $12.0 million versus
$8.5 million in the third quarter
last year.
Investments and other operations contributed net
earnings of $7.1 million to Empire's
consolidated third quarter fiscal 2012 net earnings, net of
minority interest, compared to a $6.1
million contribution in the third quarter last year.
Adjusted net earnings, net of minority interest, contribution from
investments and other operations was $6.7
million versus $3.0 million in
the third quarter last year.
Forward-Looking
Information
This news release contains forward-looking
information that reflect management's current expectations related
to matters such as future financial performance and operating
results of the Company. Expressions such as "anticipates",
"expects", "believes", "estimates", "could", "may", "plans",
"will", "would", and other similar expressions or the negative of
these terms are generally indicative of forward-looking statements.
Forward-looking statements contained in this press release include
those relating to Sobeys' expectations that it will continue to
focus on disciplined cost management initiatives, supply chain and
retail productivity improvements, and migration of best practices
to continue to fund investments to drive sales and improve margins
over time which could be impacted by the final scope and scale of
these initiatives; and the Company's expectations that cost
productivity, growth and innovation initiatives will continue to
enrich the customers' experience and ensure our competitive
position which may be impacted by economic and competitive
conditions.
By its very nature, forward-looking information
requires the Company to make assumptions and is subject to inherent
risks and uncertainties which give rise to the possibility that the
Company's expectations or objectives will not prove to be
accurate.
These forward-looking statements are subject to
uncertainties and other factors that could cause actual results to
differ materially from such statements. These uncertainties and
risks are discussed in the Company's materials filed with the
Canadian securities regulatory authorities from time to time,
including the Risk Management section of the annual Management's
Discussion and Analysis.
Readers are urged to consider these and other
risks, uncertainties and assumptions carefully in evaluating the
forward-looking information and are cautioned not to place undue
reliance on such forward-looking information. The forward-looking
information in this press release reflects the Company's
expectations as of March 13, 2012 and
is subject to change after this date. The Company does not
undertake to update any forward-looking statements that may be made
from time to time by or on behalf of the Company other than as
required by applicable securities laws.
Non-GAAP Financial Measures
There are measures included in this press
release that do not have a standardized meaning under GAAP and
therefore may not be comparable to similarly titled measures
presented by other publicly traded companies. The Company
includes these measures because it believes certain investors use
these measures as a means of assessing financial performance.
Empire's definition of the non-GAAP terms are as
follows:
- Same-store sales are sales from stores in the same locations in
both reporting periods.
- Gross profit is calculated as sales less cost of sales.
- Operating income or earnings before interest and taxes ("EBIT")
is calculated as net earnings before minority interest, finance
charges (net of finance income) and income taxes.
- Adjusted operating income is operating income excluding items
which are considered not indicative at underlying business
operating performance.
- Earnings before interest, taxes, depreciation and amortization
("EBITDA") is calculated as EBIT plus depreciation and amortization
of intagibles.
- Adjusted EBITDA is EBITDA excluding items which are considered
not indicative of underlying business operating performance.
- Funded debt is all interest bearing debt, which includes bank
loans, bankers' acceptances, long-term debt and debt related to
assets held for sale.
- Total capital is calculated as funded debt plus shareholders'
equity, net of minority interest.
- Adjusted net earnings are net earnings excluding items which
are considered not indicative of underlying business operating
performance.
Conference Call Invitation
The Company will hold an analyst call on
Tuesday, March 13, 2012 beginning at
2:30 p.m. (Eastern Daylight Time)
during which senior management will discuss the Company's financial
results for the third quarter ended February
4, 2012. To join this conference call dial (888)
231-8191 outside of the Toronto
area or (647) 427-7450 from within the Toronto area. You may also listen to a
live audiocast of the conference call by visiting the Company's
website located at www.empireco.ca. Replay will be available
by dialling (855) 859-2056 and entering passcode 56788032 until
midnight March 20, 2012, or on the
Company's website for 90 days following the conference call.
Unaudited Consolidated Financial
Statements
The Company's unaudited consolidated financial
statements for the third quarter of fiscal 2012 ended February 4, 2012 are available at the following
link:
Q3 Fiscal 2012 Unaudited Consolidated Financial
Statements
This information along with the Company's
quarterly and annual Management's Discussion and Analysis can be
accessed through the Investor Centre section of the Company's
website at www.empireco.ca and also on SEDAR at www.sedar.com.
Further information on the transition to IFRS is
included in Note 22 to the Company's third quarter unaudited
consolidated financial statements.
About Empire
Empire Company Limited (TSX: EMP.A) is a
Canadian company headquartered in Stellarton, Nova Scotia. Empire's core
businesses include food retailing and related real estate.
With over $16 billion in annual sales
and approximately $6.5 billion in
assets, Empire and its related companies directly employ
approximately 49,000 people.
Additional financial information relating to
Empire, including the Company's Annual Information Form, can be
found on the Company's website at www.empireco.ca or on SEDAR at
www.sedar.com.
SOURCE EMPIRE COMPANY LIMITED
PDF with caption: "Q3 Fiscal 2012 Unaudited Consolidated
Financial Statements". PDF available at:
http://stream1.newswire.ca/media/2012/03/13/20120313_C2214_DOC_EN_11017.pdf