OKLAHOMA CITY -- Homeland Holding Corp. here said last week sales and operating cash flow inched upward for the year and dipped for the fourth quarter ended Jan. 2
Operating cash flow -- earnings before interest, taxes, depreciation and amortization -- increased 1.2% to $22.9 million.
EBITDA dropped 1.6% to $8.04 million, or 4.8% of sales, compared with $8.2 million, or 4.6% of sales, a year ago.
The company had net losses for the year and fourth quarter; however, excluding amortization of excess reorganization value, the company said net income fell 20.7% to $3.1 million for the year and rose 3.1% to $2.1 million for the quarter.
David B. Clark, president and chief executive officer, Homeland signed a letter of intent in February to purchase nine supermarkets in eastern Oklahoma, an acquisition it expects to complete in the second quarter, which would increase its store base by 13%.
4th-QUARTER RESULTS
Qtr Ended 1/2/99 * 1/3/98 *
Sales $166.5 million $176.7 million
Change - 5.8%
Same-store - 0.1%
Net Income ($2 million) ($2.4 million)
52 Weeks 1998 * 1997 *
Sales $529.6 million $528 million
Change + 0.3%
Same-store - 1.0%
Net Income ($10.59 million) ($10.6 million)
* 1998 had 52 weeks and a 16-week fourth quarter, while 1997 had 53 weeks and a 17-week fourth quarter.
