Nash Finch Reports Third Quarter 2009 Results

http://www.businesswire.com/news/home/20091112005229/en

Sales Increased 15.3% Driven by Military Segment Acquisition; Consolidated
EBITDA1 up 4.6%
MINNEAPOLIS--(Business Wire)--
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 10, 2009.

Financial Results

Total company sales for the third quarter 2009 were $1.633 billion compared to
$1.416 billion in the prior-year quarter, an increase of 15.3%. Excluding the
impact of the sales increase of $229.2 million attributable to the acquisition
of three military distribution centers on January 31, 2009, sales decreased by
0.9% versus last year primarily due to price deflation. Sales for the first
forty weeks of 2009 were $3.990 billion compared to $3.445 billion in the
prior-year period, an increase of 15.8%. Excluding the impact of the sales
increase of $508.4 million attributable to the acquisition of the three military
distribution centers on January 31, 2009, total company sales increased 1.1%
year-to-date.

Net earnings for the third quarter 2009 were $21.9 million, or $1.64 per diluted
share, as compared to net earnings of $7.7 million, or $0.58 per diluted share,
in the prior year quarter. Net earnings for the first forty weeks of 2009 were
$45.9 million, or $3.44 per diluted share, as compared to net earnings of $27.7
million, or $2.10 per diluted share, in the same prior-year period.

Net earnings for both years were affected by several significant items which are
presented in the table below. Net earnings for the third quarter and
year-to-date 2009 benefited from significant items totaling $6.3 million and
$10.9 million, or $0.47 and $0.82 per diluted share, respectively, which
primarily resulted from the non-cash settlement agreement with Roundy`s
Supermarkets, Inc. announced on September 14, 2009. Net earnings for the third
quarter and year-to-date 2008 were negatively affected by significant items
totaling, $5.9 million and $5.1 million, or $0.45 and $0.39 per diluted share,
respectively, primarily due to high inflation in 2008 resulting in significant
non-cash LIFO charges. In contrast, price deflation has resulted in modest LIFO
credits to be realized in 2009.

Consolidated EBITDA for the third quarter 2009 increased 4.6% to $46.0 million,
or 2.8% of sales, as compared to $44.0 million, or 3.1% of sales, for the prior
year quarter. The decrease in Consolidated EBITDA as a percent of sales was
largely attributable to growth in our military segment which operates at a lower
rate than the Company`s historical average Consolidated EBITDA margin and
partially due to having higher than normal inflationary gains in our inventories
last year. These impacts were partially offset by overhead expense reductions.
For the first forty weeks of 2009, Consolidated EBITDA was $108.9 million, or
2.7% of sales, compared to $108.2 million, or 3.1% of sales, in the prior-year
period. Consolidated EBITDA is a non-GAAP financial measure that is reconciled
to the most directly comparable GAAP financial results in the attached financial
statements.

The following table identifies the significant net credits (charges) affecting
our Consolidated EBITDA, net earnings and diluted earnings per share for the
third quarter and year-to-date 2009 and prior year results:

3rd Quarter 3rd Quarter YTD YTD
(dollars in millions except per share amounts) 2009 2008 2009 2008
Significant credits (charges)
Reduction in customer bad debt reserves $ - - - 1.8
Gain on sale of intangible - 0.4 - 0.6
Lease buyout payment - - - (1.4 )
Acquisition and integration costs (0.9 ) - (2.3 ) -
Pre-opening and start-up costs of new and remodeled stores - - (0.7 ) -
Other - (0.1 ) (0.5 ) (0.8 )
Significant net credits (charges) impacting Consolidated EBITDA (0.9 ) 0.3 (3.5 ) 0.2

Gain on acquisition of a business - - 6.7 -
Gain on litigation settlement 7.6 - 7.6 -
Prior year LIFO above current year rate - (8.8 ) - (12.6 )
Increase in share based compensation expense - - (1.4 ) -
Net reduction (increase) in lease reserves (0.4 ) (0.5 ) (1.7 ) 2.1
Asset impairments and lease costs on closed retail stores (0.8 ) (0.7 ) (1.7 ) (1.0 )
Write-off of deferred financing charges - - - (1.0 )
Other - - - 0.2
Total significant net credits (charges) impacting earnings before tax 5.5 (9.7 ) 6.0 (12.1 )
Income tax on significant net credits (charges) 0.8 3.8 0.6 4.7
Income tax effect on gain on acquisition of a business - - 2.7 -
Reversal of previously recorded income tax reserves and refunds - - 1.6 2.3
Total significant net credits (charges) impacting net earnings $ 6.3 (5.9 ) $ 10.9 (5.1 )
Diluted earnings per share impact $ 0.47 (0.45 ) $ 0.82 (0.39 )

"In light of having to maneuver through a very challenging economic environment,
I am pleased with our third quarter performance", said Alec Covington, President
and CEO of Nash Finch Company. "After excluding the litigation settlement gain
and the other significant items identified, our results were generally in line
with our expectations with both Consolidated EBITDA and EPS coming in ahead of
last year. Our food distribution segment experienced a decrease in
year-over-year sales primarily due to significant price deflation in our
inventories which was passed in the form of lower prices to our independent
customers. In contrast, our military and retail segments posted very solid
results. We were also successful in controlling and reducing SG&A expenses."

Food Distribution Results

(dollars in millions) 3rd Quarter 3rd Quarter % YTD YTD %
2009 2008 Change 2009 2008 Change
Sales $ 818.2 839.9 (2.6 %) 2,040.0 2,034.1 0.3 %
Segment EBITDA1 $ 30.0 32.8 (8.7 %) 74.3 83.1 (10.6 %)
Percentage of Sales 3.7 % 3.9 % 3.6 % 4.1 %

The decrease in the third quarter 2009 food distribution segment sales versus
the comparable 2008 period was primarily attributable to a decrease in
comparable sales to existing customers, partially offset by new account gains.
The increase in the year-to-date 2009 food distribution segment sales versus the
comparable 2008 period was primarily attributable to new account gains.

The unfavorable variance in the food distribution segment EBITDA as compared to
last year was largely due to high inflation in our inventories in 2008 which
resulted in a higher than normal prior year gross margin performance. In
addition, deflationary pressures caused by declines in commodity prices in the
current year have negatively impacted gross margin performance.

Military Distribution Results

(dollars in millions) 3rd Quarter 3rd Quarter % YTD YTD %
2009 2008 Change 2009 2008 Change
Sales $ 637.1 390.2 63.3 % 1,508.3 956.6 57.7 %
Segment EBITDA1 $ 17.0 15.7 8.6 % 42.6 38.5 10.6 %
Percentage of Sales 2.7 % 4.0 % 2.8 % 4.0 %

The military segment sales increase in the third quarter is reflective of the
impact of the acquisition of three military distribution centers on January 31,
2009, and the continued positive organic growth of the pre-existing business.
Adjusting for the sales impact of these three distribution centers of $229.2
million, military sales increased 4.5% in the third quarter due to strong sales
to commissaries, both domestically and overseas. The military segment sales
increase in year-to-date 2009 is reflective of the impact of the acquisition of
three military distribution centers on January 31, 2009. Adjusting for the sales
impact of these three distribution centers of $508.4 million, military sales
increased 4.5% year-to-date.

The military segment EBITDA increased by 8.6% and 10.6% in the third quarter and
year-to-date 2009, respectively, compared to the prior year. The military EBITDA
margin as a percentage of sales was 2.7% and 2.8% in the third quarter and
year-to-date 2009, respectively, as compared to 4.0% in the prior year periods
and includes acquisition and integration costs of approximately $0.9 million and
$2.3 million, or 0.1% and 0.2% of sales, respectively. The military segment
EBITDA margin was also negatively impacted by approximately 1.0% of sales in the
third quarter and year-to-date 2009, respectively, as compared to 2008 due to
the three newly acquired distribution centers which operate at a lower EBITDA
margin than the rest of our military business.

"We continue to make progress on converting these three facilities onto our
standard suite of military systems and processes, which will improve
efficiencies and productivity," said Mr. Covington. "The final GSC warehouse is
scheduled to be fully integrated in the first quarter of 2010."

Retail Results

(dollars in millions) 3rd Quarter 3rd Quarter % YTD YTD %
2009 2008 Change 2009 2008 Change
Sales $ 178.0 186.2 (4.4 %) 441.9 454.3 (2.7 %)
Segment EBITDA1 $ 9.3 9.4 (2.0 %) 21.8 23.1 (5.8 %)
Percentage of Sales 5.2 % 5.0 % 4.9 % 5.1 %

The retail segment sales decline in third quarter and year-to-date 2009 is
primarily attributable to same store sales declines of 3.3% and 2.3% during the
third quarter and year-to-date 2009, respectively. In addition, sales were also
impacted by the closure of four retail stores and the opening of one store since
the end of the second quarter 2008.

The retail segment EBITDA in the third quarter 2009 was relatively flat to last
year and the decrease in the retail segment EBITDA for year-to-date 2009 as
compared to the prior year was primarily due to pre-opening and start-up costs
that were incurred relating to one new and one remodeled store totaling $0.7
million in 2009 and gains on sales of assets of $0.6 million in 2008.

Summary

"We are committed to maintaining a strong balance sheet and are focused on
improving working capital, debt reduction and prudent cost containment in this
challenging economy", said Mr. Covington. "As we look towards the rest of the
year and into 2010, we remain committed to our strategic initiatives which are
centered on adding new food distribution customers, improving the efficiency of
our food distribution and military supply chain networks and making our
warehouse operations more productive."

Liquidity

Total debt decreased by $5.4 million during the third quarter 2009 to $333.4
million. Total debt to capital was 46% at the end of the quarter. The Company
continues to focus on effectively managing its balance sheet and is currently in
compliance with all of its debt covenants. The debt leverage ratio as of the end
of the third quarter 2009 was 2.31x and availability on the Company`s revolving
credit facility at the end of the quarter was $153.1 million.

Share Repurchase

On November 10, 2009, our Board of Directors approved a share repurchase program
authorizing the Company to spend up to $25.0 million to purchase shares of the
Company`s common stock. The program will take effect as soon as administratively
practicable, but no earlier than November 16, 2009, and will continue until
December 31, 2010.

Financial Target Progress

Substantial improvement on most financial targets has been achieved since the
targets were announced as part of the Company`s strategic plan in November 2006.
In particular, from Fiscal 2006 to the third quarter 2009, Consolidated EBITDA
margin improved from 2.2% to 2.7% of sales and the debt leverage ratio has
improved from 3.11x to 2.31x. The ratio of free cash flow to net assets metric
is still one of the strongest in the industry, currently at 8.6% after excluding
the impact of strategic projects. The organic revenue growth metric has
benefited from the initiatives associated with our strategic plan. The following
table charts the Company`s progress towards its long-term financial targets that
are anticipated to be attained through successful execution of our strategic
plan.

Financial Targets Long-term YTD Fiscal Fiscal Fiscal Fiscal
Target 2009 2008 2007 2006
Organic Revenue Growth 2.0 % 0.8 % 3.1 % (2.1 %) (2.9 %)
Consolidated EBITDA Margin 4.0 % 2.7 % 3.1 % 2.8 % 2.2 %
Trailing Four Quarter Free Cash Flow2 / Net Assets 7.6 % 12.0 % 9.2 % 8.7 %
Trailing Four Quarter Free Cash Flow(2) / Net Assets
Excluding Impact of Strategic Projects 10.0 % 8.6 % 14.0 % 9.7 % 8.7 %
Total Leverage Ratio (Total Debt / Trailing Four
Quarter Consolidated EBITDA) 2.5 - 3.0 x 2.31 x 1.75 x 2.20 x 3.11 x

2 Defined as cash provided from operations less capital expenditures for property, plant & equipment during the trailing four quarters.

A conference call to review the third quarter 2009 results is scheduled for
10:00 a.m. CDT (11:00 a.m. EDT) on November 12, 2009. 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 Company is a Fortune 500 company and one of the leading food
distribution companies in the United States. Nash Finch`s core business, food
distribution, serves independent retailers and military commissaries in 36
states, the District of Columbia, Europe, Cuba, Puerto Rico, the Azores and
Egypt. The Company also owns and operates a base of retail stores, primarily
supermarkets under the Econofoods, Family Thrift Center, AVANZA, Family Fresh
Market and Sun Mart trade names. Further information is available on the
Company's website at 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 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;
recent 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;
* 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 and funding levels;
* 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;
* legal, governmental, legislative or administrative proceedings, disputes, or
actions that result in adverse outcomes;
* failure of our internal control over financial reporting;
* 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;
* changes in health care, pension and wage costs and labor relations issues;
* costs related to multi-employer pension plan;
* product liability claims, including claims concerning food and prepared food
products;
* threats or potential threats to security; and
* unanticipated problems with product procurement.

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).

1 Consolidated EBITDA, and segment EBITDA is calculated as 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),
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, 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.

NASH FINCH COMPANY AND SUBSIDIARIES
Consolidated Statements of Income
(In thousands, except per share amounts)

Sixteen Forty
Weeks Ended Weeks Ended
October 10 October 4 October 10 October 4
2009 2008 2009 2008

Sales $ 1,633,304 1,416,308 3,990,218 3,445,052
Cost of sales 1,504,350 1,294,143 3,667,116 3,135,985
Gross profit 128,954 122,165 323,102 309,067

Other costs and expenses:
Selling, general and administrative 84,716 89,937 222,055 216,109
Gain on acquisition of a business - - (6,682 ) -
Gain on litigation settlement (7,630 ) - (7,630 ) -
Depreciation and amortization 12,592 11,643 31,299 29,378
Interest expense 7,621 7,556 18,765 20,432
Total other costs and expenses 97,299 109,136 257,807 265,919

Earnings before income taxes 31,655 13,029 65,295 43,148

Income tax expense 9,728 5,344 19,410 15,415
Net earnings $ 21,927 7,685 45,885 27,733

Net earnings per share:

Basic $ 1.68 0.60 3.53 2.15
Diluted $ 1.64 0.58 3.44 2.10

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 13,021 12,839 12,998 12,893
Diluted 13,377 13,174 13,344 13,176

NASH FINCH COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except per share amounts)

Assets 10/10/2009 01/03/2009
Current assets:
Cash and cash equivalents $ 860 824
Accounts and notes receivable, net 284,746 185,943
Inventories 337,122 261,491
Prepaid expenses and other 12,349 13,909
Deferred tax assets 6,785 5,784
Total current assets 641,862 467,951

Notes receivable, net 24,524 28,353

Property, plant and equipment: 627,275 590,894
Less accumulated depreciation and amortization (415,566 ) (392,807 )
Net property, plant and equipment 211,709 198,087

Goodwill 217,516 218,414
Customer contracts and relationships, net 22,101 24,762
Investment in direct financing leases 3,232 3,388
Other assets 13,453 11,591
Total assets $ 1,134,397 952,546

Liabilities and Stockholders' Equity
Current liabilities:
Current maturities of long-term debt and capitalized lease obligations $ 4,375 4,032
Accounts payable 279,836 220,610
Accrued expenses 59,131 73,087
Total current liabilities 343,342 297,729

Long-term debt 306,763 222,774
Capitalized lease obligations 22,275 25,252
Deferred tax liability, net 26,268 22,232
Other liabilities 40,071 35,539
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, issued 13,673 and 13,665 shares respectively 22,790 22,776
Additional paid-in capital 105,143 98,048
Common stock held in trust (2,317 ) (2,243 )
Deferred compensation obligations 2,317 2,243
Accumulated other comprehensive income (10,575 ) (10,876 )
Retained earnings 307,306 268,562
Treasury stock at cost, 832 and 848 shares, respectively (28,986 ) (29,490 )
Total stockholders' equity 395,678 349,020
Total liabilities and stockholders' equity $ 1,134,397 952,546

NASH FINCH COMPANY AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands)

Forty
Weeks Ended
October 10 October 4
2009 2008
Operating activities:
Net earnings $ 45,885 27,733
Adjustments to reconcile net earnings to net cash
provided by operating activities:

Gain on acquisition of a business (6,682) -
Gain on litigation settlement (7,630) -
Depreciation and amortization 31,299 29,378
Amortization of deferred financing costs 1,357 1,867
Non-cash convertible debt interest 3,753 3,458
Amortization of rebateable loans 3,133 2,154
Provision for bad debts 1,070 (525)
Provision for lease reserves 1,492 (1,515)
Deferred income tax expense (1,237) 9,702
LIFO charge (732) 11,892
Asset impairments 1,738 1,490
Share-based compensation 7,421 6,978
Deferred compensation 990 222
Other (130) (995)
Changes in operating assets and liabilities:
Accounts and notes receivable (38,921) (7,031)
Inventories (32,838) (73,369)
Prepaid expenses 824 2,757
Accounts payable 23,294 37,992
Accrued expenses (14,529) (6,161)
Income taxes payable 946 7,447
Other assets and liabilities 1,795 (2,305)
Net cash provided by operating activities 22,298 51,169

Investing activities:
Disposal of property, plant and equipment 507 361
Additions to property, plant and equipment (12,563) (17,716)
Business acquired, net of cash (78,056) (6,566)
Loans to customers (2,225) (17,579)
Payments from customers on loans 3,411 1,059
Other (154) (202)
Net cash used in investing activities (89,080) (40,643)
Financing activities:
Proceeds of revolving debt 80,500 128,800
Dividends paid (6,929) (6,922)
Proceeds from exercise of stock options 196 329
Proceeds from employee stock purchase plan - 238
Purchase of Common Stock - (14,348)
Payments of long-term debt (248) (118,940)
Payments of capitalized lease obligations (2,649) (2,903)
Increase (decrease) in book overdraft (1,346) 6,742
Payments of deferred financing costs (2,706) (3,573)
Net cash provided (used) by financing activities 66,818 (10,577)
Net increase (decrease) in cash and cash equivalents 36 (51)
Cash and cash equivalents:
Beginning of year 824 862
End of period $ 860 811

NASH FINCH COMPANY AND SUBSIDIARIES
Supplemental Data (Unaudited)

October 10 October 4
Other Data (In thousands) 2009 2008

Total debt $ 333,413 293,415
Stockholders' equity $ 395,678 349,047
Capitalization $ 729,091 642,462
Debt to total capitalization 45.7 % 45.7 %

Non-GAAP Data
Consolidated EBITDA - rolling 4 quarters (a) $ 144,372 138,448
Leverage ratio - rolling 4 quarters. (debt to consolidated EBITDA) (b) 2.31 2.12

Comparable GAAP Data
Debt to earnings before income taxes (b) 4.39 5.38

(a) Consolidated EBITDA is calculated as 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), 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, 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.

(b) Leverage ratio is defined as the Company's total debt at
October 10, 2009 and October 4, 2008, divided by
Consolidated EBITDA for the respective rolling four
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 quarters.

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

FY 2009
2008 2009 2009 2009 Rolling
Qtr 4 Qtr 1 Qtr 2 Qtr 3 4 Qtrs

Earnings from continuing operations
before income taxes $ 10,643 17,526 16,114 31,655 75,938
Add/(deduct)
LIFO 7,849 - (287 ) (445 ) 7,117
Depreciation and amortization 9,051 9,335 9,372 12,592 40,350
Interest expense 6,034 5,304 5,840 7,621 24,799
Gain on litigation settlement - - - (7,630 ) (7,630 )
Gains on sale of real estate - - - (54 ) (54 )
Closed store lease costs (317 ) 1,066 - 425 1,174
Asset Impairment 1,065 - 898 840 2,803
Stock Compensation 1,814 3,307 2,408 1,706 9,235
Gain on acquisition of a business - (6,682 ) - - (6,682 )
Subsequent cash payments on non-cash charges (635 ) (617 ) (714 ) (712 ) (2,678 )
Total Consolidated EBITDA $ 35,504 29,239 33,631 45,998 144,372

2008 2009 2009 2009 Rolling
Segment Consolidated EBITDA Qtr 4 Qtr 1 Qtr 2 Qtr 3 4 Qtrs
Food Distribution $ 26,568 20,930 23,432 29,964 100,894
Military 12,698 13,099 12,432 17,027 55,256
Retail 8,291 5,734 6,775 9,252 30,052
Unallocated Corporate Overhead (12,053 ) (10,524 ) (9,008 ) (10,245 ) (41,830 )
$ 35,504 29,239 33,631 45,998 144,372

2008 2009 2009 2009 Rolling
Segment profit Qtr 4 Qtr 1 Qtr 2 Qtr 3 4 Qtrs
Food Distribution $ 24,422 18,832 21,371 27,302 91,927
Military 12,200 12,036 11,098 15,183 50,517
Retail 5,692 3,328 4,297 5,882 19,199
Unallocated Corporate Overhead (31,671 ) (16,670 ) (20,652 ) (16,712 ) (85,705 )
$ 10,643 17,526 16,114 31,655 75,938

FY 2008

2007 2008 2008 2008 Rolling
Qtr 4 Qtr 1 Qtr 2 Qtr 3 4 Qtrs
Earnings from continuing operations
before income taxes $ 11,416 16,281 13,838 13,029 54,564
Add/(deduct)
LIFO 2,399 1,134 2,397 8,360 14,290
Depreciation and amortization 8,997 9,032 8,703 11,643 38,375
Interest expense 6,447 6,117 6,759 7,556 26,879
Closed store lease costs - (2,094 ) 99 480 (1,515 )
Asset Impairment 87 395 401 694 1,577
Stock Compensation 3,614 1,943 2,022 3,013 10,592
Gains on sale of real estate (1,720 ) - - - (1,720 )
Subsequent cash payments on non-cash charges (1,011 ) (2,184 ) (612 ) (787 ) (4,594 )
Total Consolidated EBITDA $ 30,229 30,624 33,607 43,988 138,448

2007 2008 2008 2008 Rolling
Segment Consolidated EBITDA Qtr 4 Qtr 1 Qtr 2 Qtr 3 4 Qtrs
Food Distribution $ 26,143 25,270 24,975 32,814 109,202
Military 10,545 11,234 11,554 15,678 49,011
Retail 4,000 6,645 7,003 9,443 27,091
Unallocated Corporate Overhead (10,459 ) (12,525 ) (9,925 ) (13,947 ) (46,856 )
$ 30,229 30,624 33,607 43,988 138,448

2007 2008 2008 2008 Rolling
Segment profit Qtr 4 Qtr 1 Qtr 2 Qtr 3 4 Qtrs
Food Distribution $ 23,796 22,940 22,885 30,028 99,649
Military 10,067 10,762 11,091 15,072 46,992
Retail 1,902 4,543 4,774 6,326 17,545
Unallocated Corporate Overhead (24,349 ) (21,964 ) (24,912 ) (38,397 ) (109,622 )
$ 11,416 16,281 13,838 13,029 54,564

Nash Finch Company
Bob Dimond, 952-844-1060

Copyright Business Wire 2009