Business
Empire Company Reports Fiscal 2014 Fourth Quarter and Full Year Results
STELLARTON, NS , June 26, 2014 /CNW/ - Empire Company Limited ("Empire" or the "Company"...
About this update from Empire Co Ltd Class A
[{"type":"text","content":"\n\n\nSTELLARTON, NS, June 26, 2014 /CNW/ - Empire Company Limited (\"Empire\"\n or the \"Company\") (TSX: EMP.A) today announced financial results for\n its fourth quarter and full year ended May 3, 2014.  In the fourth\n quarter, the Company recorded adjusted net earnings from continuing\n operations, net of non-controlling interest, of $131.3 million ($1.42\n per diluted share) compared to $95.7 million ($1.40 per diluted share)\n in the fourth quarter last year.\n\n\nFourth Quarter Highlights \n\n\n\nSales of $5.94 billion, up $1.68 billion or 39.5 percent (up 2.2 percent\n excluding the impact of the Canada Safeway acquisition). Sobeys'\n same-store sales increased 0.2 percent. \n\n\nAdjusted EBITDA (1) of $318.7 million compared to $230.1 million last year, up $88.6\n million or 38.5 percent.  \n\n\nAdjusted net earnings from continuing operations (1), net of non-controlling interest, of $131.3 million ($1.42 per diluted\n share) compared to $95.7 million ($1.40 per diluted share) last year. \n\n\nFree cash flow (1) generation of $626.1 million compared to $187.5 million last year.\n\n\nFunded debt to total capital (1) ratio of 38.0 percent versus 40.6 percent last quarter.\n\n\nDeclared dividend of $0.27 per share, up 3.8 percent, the 19th consecutive year of increase.\n\n\nSobeys initiates retail store network rationalization - records\n restructuring costs of $169.8 million. \n\n\nNet earnings from continuing operations, net of non-controlling\n interest, of $1.5 million ($0.02 per diluted share) compared to $102.5\n million ($1.51 per diluted share) last year.\n\n\n\n_____________\n(1) See \"Non-GAAP Financial Measures\" section of this news release. \n\n\nAdjusted net earnings from continuing operations, net of non-controlling\n interest, for the 52 weeks ended May 3, 2014 were $383.1 million ($4.78\n per diluted share) compared to $356.8 million ($5.24 per diluted share)\n recorded last year.  For the year ended May 3, 2014, Empire had a\n weighted average number of shares outstanding (fully diluted) of 80.2\n million compared to 68.1 million in fiscal 2013.\n\n\nFiscal 2014 Highlights\n\n\n\nSales of $21.0 billion, up $3.59 billion or 20.6 percent (up 2.2 percent\n excluding the impact of the Canada Safeway acquisition). \n\n\nAdjusted EBITDA (1) of $1,043.3 million compared to $898.3 million las...