Pathmark Announces First Quarter 2006 Results
01 Juni 2006 - 1:37PM
Business Wire
Pathmark Stores, Inc. (Nasdaq: PTMK) today reported unaudited
results for its first quarter ended April 29, 2006. Sales for the
first quarter of fiscal 2006 were $998.5 million, a decrease of
0.4% from $1,002.5 million in the prior year's first quarter.
Same-store sales decreased 0.1% in the first quarter of fiscal
2006. The Company reported a net loss of $5.4 million, or $0.10 per
diluted share, in the first quarter of fiscal 2006 compared to a
net loss of $2.1 million, or $0.07 per diluted share, in the prior
year's first quarter. The results for the first quarter of fiscal
2006 included a pretax expense of $2.1 million, or $0.02 per
diluted share, related to non-cash stock-based compensation. The
results for the first quarter of fiscal 2005 included pretax
expenses of $0.9 million, or $0.02 per diluted share, related to
the Company's review of strategic alternatives. Excluding these
items, the net loss in the first quarter of fiscal 2006 would have
been $4.2 million, or $0.08 per diluted share, while the net loss
in the first quarter of fiscal 2005 would have been $1.6 million,
or $0.05 per diluted share. Adjusted EBITDA in the first quarter of
fiscal 2006 was $32.4 million, as compared to $35.5 million last
year. Adjusted EBITDA is reconciled to the net loss in Table C.
John Standley, Chief Executive Officer, said, "We are making
progress with our operating initiatives. Our first quarter results
improved markedly from the third and fourth quarters of 2005. Our
merchandising, expense control and logistics initiatives have put
us on track towards becoming a profitable company." Capital
expenditures during the first quarter of fiscal 2006 were $12.1
million. Total capital expenditures for fiscal 2006 are expected to
be approximately $70 million. The Company expects to complete 16
store renovations during fiscal 2006. Pathmark will conduct a
conference call at 2:00 p.m. Eastern Daylight Time (EDT) today. The
call may be accessed via a simultaneous webcast by visiting
www.calleci.com. A replay of the call will be available for 14 days
after the completion of the call at 1-877-519-4471, Pass Code
7379465. This press release and other financial and statistical
information to be presented on the conference call will be
accessible on the web by going to www.pathmark.com, 'Investor
Relations', then clicking on 'Press Releases'. Pathmark Stores,
Inc. is a regional supermarket currently operating 141 supermarkets
primarily in the New York - New Jersey and Philadelphia
metropolitan areas. Except for historical information contained
herein, the matters discussed in this release and the accompanying
discussions on the earnings conference call are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements relate to, among other things,
operating costs, stock-based compensation expense, earnings
estimates, adjusted EBITDA, sales, same-store sales and capital
expenditures and are indicated by words or phrases such as
"anticipates", "believes", "expects", "forecasts", "guidance",
"intends", "may", "ongoing", "plans", "projects", "will" and
similar words and phrases. By their nature, such forward-looking
statements are subject to risks, uncertainties and other factors
that could cause actual results to differ materially from future
results expressed or implied by such forward-looking statements.
These statements are based on management's assumptions and beliefs
in the light of information currently available to it and assume no
significant changes in general economic trends, consumer confidence
or other risk factors that may affect the forward-looking
statements. The Company expressly disclaims any current intention
to update the information contained herein. Factors that may affect
results include changes in business and economic conditions
generally and in the Company's operating areas, the competitive
environment in which the Company operates and other risks detailed
from time to time in the Company's reports and filings available
from the Securities and Exchange Commission. You should not place
undue reliance on forward-looking statements, which speak only as
of the date they are made. -0- *T Table A Pathmark Stores, Inc.
Operating Results (Unaudited) (in millions, except per share data)
Consolidated Statements of Operations 13 Weeks Ended
--------------------- April 29, April 30, 2006 2005 ----------
---------- Sales $ 998.5 $ 1,002.5 Cost of goods sold (709.0)
(717.5) ---------- ---------- Gross profit 289.5 285.0 Selling,
general and administrative expenses (259.8) (250.9) Depreciation
and amortization (23.0) (22.2) ---------- ---------- Operating
earnings 6.7 11.9 Interest expense (15.5) (16.3) ----------
---------- Loss before income taxes (8.8) (4.4) Income tax benefit
3.4 2.3 ---------- ---------- Net loss $ (5.4) $ (2.1) ==========
========== Weighted average number of shares outstanding - basic
and diluted 52.0 30.1 ========== ========== Net loss per share -
basic and diluted $ (0.10) $ (0.07) ========== ==========
Supplemental Operating Results Data 13 Weeks Ended
--------------------- April 29, April 30, 2006 2005 ----------
---------- Adjusted EBITDA $ 32.4 $ 35.5 ========== ==========
Capital expenditures $ 12.1 $ 6.7 ========== ========== Gross
profit (% of sales) 29.0% 28.4% ========== ========== Selling,
general and administrative expenses (% of sales) 26.0% 25.0%
========== ========== LIFO charge (% of sales) 0.1% 0.1% ==========
========== Non-cash stock-based compensation expense (% of sales)
0.2% -% ========== ========== Adjusted EBITDA (% of sales) 3.3%
3.5% ========== ========== Net loss (% of sales) (0.5)% (0.2)%
========== ========== Table B Pathmark Stores, Inc. Consolidated
Balance Sheets (Unaudited) (in millions) April 29, January 28, 2006
2006 ----------- ----------- ASSETS Current assets Cash and cash
equivalents $ 68.0 $ 73.4 Marketable securities -- 4.0 Accounts
receivable, net 23.2 21.1 Merchandise inventories 186.3 180.6 Due
from suppliers 64.4 69.6 Other current assets 28.6 23.9 -----------
----------- Total current assets 370.5 372.6 Property and
equipment, net 541.0 552.3 Goodwill 144.7 144.7 Other noncurrent
assets 184.6 185.0 ----------- ----------- Total assets $ 1,240.8 $
1,254.6 =========== =========== LIABILITIES AND STOCKHOLDERS'
EQUITY Current liabilities Accounts payable $ 109.1 $ 100.2 Current
maturities of debt 1.3 2.1 Current portion of capital lease
obligations 10.1 11.1 Accrued expenses and other current
liabilities 163.6 167.1 ----------- ----------- Total current
liabilities 284.1 280.5 Long-term debt 423.6 423.8 Long-term
capital lease obligations 166.3 168.5 Deferred income taxes 58.0
62.3 Other noncurrent liabilities 140.8 148.2 -----------
----------- Total liabilities 1,072.8 1,083.3 Stockholders' equity
168.0 171.3 ----------- ----------- Total liabilities and
stockholders' equity $ 1,240.8 $ 1,254.6 =========== ===========
Capitalization April 29, January 28, 2006 2006 -----------
----------- Debt $ 424.9 $ 425.9 Capital lease obligations 176.4
179.6 ----------- ----------- Total debt and capital lease
obligations 601.3 605.5 Stockholders' equity 168.0 171.3
----------- ----------- Total capitalization $ 769.3 $ 776.8
=========== =========== Table C Pathmark Stores, Inc.
Reconciliation of GAAP Net Loss to Adjusted EBITDA (Unaudited)
(Dollars in millions) 13 Weeks Ended --------------------- April
29, April 30, 2006 2005 ---------- ---------- Net loss $ (5.4) $
(2.1) Adjustments to calculate EBITDA: Interest expense, net 15.5
16.3 Income tax benefit (3.4) (2.3) Depreciation and amortization
23.0 22.2 Non-cash stock-based compensation expense 2.1 -- LIFO
charge 0.6 0.5 Strategic alternative expense -- 0.9 ----------
---------- Adjusted EBITDA (a) $ 32.4 $ 35.5 ========== ==========
------------------ (a) Adjusted EBITDA represents net loss,
excluding interest expense, the impact of taxes, depreciation and
amortization, non-cash stock-based compensation expense, LIFO
adjustments and strategic alternatives expense. We believe that our
investors find Adjusted EBITDA to be a useful analytical tool for
measuring our performance and for comparing that performance with
the performance of other companies in our industry having different
capital structures. Adjusted EBITDA is a non-GAAP measure and
should not be considered in isolation from, and is not intended to
represent an alternative measure of, operating results or of cash
flows from operating activities, as determined in accordance with
GAAP. Our measurement of Adjusted EBITDA may not be comparable to
similarly titled measures reported by other companies. *T
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