Business
Empire Company Reports First Quarter Results
STELLARTON, NS , Sept. 12, 2013 /CNW/ - Empire Company Limited ("Empire" or the "Company")...
About this update from Empire Co Ltd Class A
[{"type":"text","content":"\n\n\nSTELLARTON, NS, Sept. 12, 2013 /CNW/ - Empire Company Limited (\"Empire\"\n or the \"Company\") (TSX: EMP.A) today announced financial results for\n its first quarter ended August 3, 2013.  In the first quarter, the\n Company recorded adjusted net earnings from continuing operations, net\n of non-controlling interest, of $89.7 million ($1.32 per diluted share)\n compared to $102.6 million ($1.51 per diluted share) in the first\n quarter last year.\n\n\nFirst Quarter Highlights \n\n\n\nSales of $4.61 billion, up $100.3 million or 2.2 percent. \n\n\nSobeys' same-store sales decreased 0.1 percent. \n\n\nAdjusted EBITDA (1) of $232.4 million versus $253.2 million last year.  \n\n\nAdjusted net earnings from continuing operations (1), net of non-controlling interest, of $89.7 million ($1.32 per diluted\n share) versus $102.6 million ($1.51 per diluted share) last year. \n\n\nFunded debt to total capital ratio of 19.9 percent compared to 21.5\n percent last year. \n\n\nFree cash flow reported by Sobeys of $49.7 million.\n\n\n\n__________________\n\n\n(1) Excludes items which are considered not indicative of underlying\n business operating performance. \n\n\nPaul D. Sobey, President and CEO of Empire Company Limited stated: \"Our\n first quarter net earnings performance was below expectation,\n reflecting a highly competitive and promotional food retail operating\n environment, the discontinued operations of Empire Theatres and\n additional expenses associated with the acquisition of Canada Safeway.\n\n\n\"Despite a challenging market environment we are confident in the future\n growth of the Company and remain well positioned to grow earnings and\n build shareholder value, including the opportunity for profitable\n growth as a result of the acquisition of Canada Safeway.  Going\n forward, we will continue to execute on our strategic priorities and\n growth initiatives to drive sales and strengthen the business, and are\n committed to reducing costs and increasing efficiencies across the\n business.\"\n\n\nDividend Declaration \n\n\nThe Board of Directors declared a quarterly dividend of 26.0 cents per\n share on both the Non-Voting Class A shares and the Class B common\n shares that will be payable on October 31, 2013 to shareholders of\n record on October 15, 2013.  These dividends are eligible dividends as\...