SYRACUSE, N.Y. -- Penn Traffic Co. here said last week same-store sales turned positive for the 13-week third quarter ended Oct. 30 -- the first positive comps in more than three years.
e company said was due to the sale or closure of 50 stores since the middle of last year.
The company also said operating cash flow -- earnings before interest, taxes, depreciation and amortization -- jumped 56.4% to $25.2 million for the quarter, compared with $16.1 million a year ago. For the 39 weeks, operating cash flow fell 11.7% to $65.6 million, compared with $74.3 million a year earlier.
Penn Traffic said it had a net loss of $27.1 million for the quarter, or $1.34 per share, and net income of $433.8 million for the year to date. The loss for the quarter included a non-cash charge of $28.6 million for amortization of excess reorganization value related to the company's financial restructuring and an unusual item of $1.9 million associated with an early-retirement program. Excluding the special charges, the company said it would have had net income for the quarter of $1.5 million, or 13 cents per share.
This quarter was the company's first full 13-week period since it emerged from bankruptcy reorganization June 26.
