Business
Empire Company Reports Fiscal 2015 Fourth Quarter and Full Year Results and Announces Dividend Increase of 11.1%
STELLARTON, NS , June 24, 2015 /CNW/ - Empire Company Limited ("Empi...
About this update from Empire Co Ltd Class A
[{"type":"text","content":"\n\n\n\n\n\n\n\nSTELLARTON, NS, June 24, 2015 /CNW/ - Empire Company Limited (\"Empire\" or the \"Company\") (TSX: EMP.A) today announced financial results for its fourth quarter and full year ended May 2, 2015. In the fourth quarter, the Company recorded adjusted net earnings from continuing operations, net of non-controlling interest, of $138.7 million ($1.50 per diluted share) compared to $132.1 million ($1.43 per diluted share) in the fourth quarter last year, a 5.0 percent increase. \n\nFourth Quarter Highlights \n\n\nSales of $5,770.5 million, down $173.8 million or 2.9 percent. The decline was primarily the result of retail store divestitures, store closures associated with the network rationalization and the decline in oil prices impacting fuel sales in the food retailing segment. \nSobeys' same-store sales (1) excluding fuel sales increased 2.1 percent. Including fuel sales, same-store sales increased 0.8 percent. \nEBITDA (1) of $236.6 million compared to $147.4 million last year, up $89.2 million or 60.5 percent. \nAdjusted EBITDA (1) of $340.9 million compared to $321.4 million last year, up $19.5 million or 6.1 percent. \nNet earnings from continuing operations, net of non-controlling interest, of $55.4 million compared to $1.5 million last year, an increase of $53.9 million. \nAdjusted net earnings from continuing operations (1), net of non-controlling interest, of $138.7 million compared to $132.1 million last year, a 5.0 percent increase. \nAdjusted EPS (2) from continuing operations (fully diluted) of $1.50 compared to $1.43 last year, a 4.9 percent increase. \nFree cash flow (1) generation of $584.8 million compared to $626.1 million last year. \nFunded debt to total capital (1) ratio of 27.7 percent versus 38.0 percent at May 3, 2014. \nDeclared dividend of $0.30 per share, up 11.1 percent, the 20th consecutive year of increase. \nRecommended a three-for-one share split, subject to shareholder approval at the Annual General Meeting on September 10, 2015.\n\n\n\n________________\n\n\n\n(1)\n\n\nSee \"Non-GAAP Financial Measures\" section of this news release. \n\n\n\n(2)\n\n\nEarnings per share (\"EPS\").\n\nAdjusted net earnings from continuing operations, net of non-controlling interest, for the 52 weeks ended May 2, 2015 were $518.9 million ($5.62 per diluted share) compared to $391.4 million ($4.8...