Nash Finch Files Financial Reports, Gains Some Kmart Distribution Business
MINNEAPOLIS - Nash Finch Co. filed financial reports with the Securities and Exchange Commission (SEC) Thursday, meeting Nasdaq-imposed deadlines.
The Edina, Minn.-based grocery wholesaler and retailer delayed filing financial reports last year in a move tied to the departure of accounting firms and an SEC accounting inquiry. The delays put the company's stock in jeopardy of delisting.
The company filed financial reports for fiscal 2002 and third quarter 2002, and will discuss the firm's performance in a May 23 conference call. It said it will file first-quarter results soon.
For the year ended Dec. 28, 2002, it had operating profit of $30.6 million, or $2.59 per share, offset by a charge of $7 million for the effect of a change in accounting principle.
In related news, Nash Finch recently signed on to supply grocery products for 20 to 25 of the remaining 60 Kmart grocery supercenters. The stores were formerly served by Fleming Cos., which recently filed for Chapter 11 bankruptcy.
U.S. Bancorp Piper Jaffray analyst Eric Larson said the deal could add up to $150 million in additional sales and up to 25 cents in earnings in the coming year for Nash Finch.
Larson added that his firm believes Nash Finch has made several "Mom and Pop" grocery store additions as well, also coming from Fleming.
Nash Finch will not have to add any incremental distribution centers as the 20-25 Kmart stores fall within Nash Finch's geographic reach, Larson said.
The Edina, Minn.-based grocery wholesaler and retailer delayed filing financial reports last year in a move tied to the departure of accounting firms and an SEC accounting inquiry. The delays put the company's stock in jeopardy of delisting.
The company filed financial reports for fiscal 2002 and third quarter 2002, and will discuss the firm's performance in a May 23 conference call. It said it will file first-quarter results soon.
For the year ended Dec. 28, 2002, it had operating profit of $30.6 million, or $2.59 per share, offset by a charge of $7 million for the effect of a change in accounting principle.
In related news, Nash Finch recently signed on to supply grocery products for 20 to 25 of the remaining 60 Kmart grocery supercenters. The stores were formerly served by Fleming Cos., which recently filed for Chapter 11 bankruptcy.
U.S. Bancorp Piper Jaffray analyst Eric Larson said the deal could add up to $150 million in additional sales and up to 25 cents in earnings in the coming year for Nash Finch.
Larson added that his firm believes Nash Finch has made several "Mom and Pop" grocery store additions as well, also coming from Fleming.
Nash Finch will not have to add any incremental distribution centers as the 20-25 Kmart stores fall within Nash Finch's geographic reach, Larson said.