NEW YORK -- Sloan's Supermarkets here reported sales of $45 million in the fiscal year ended Feb. 27.
iod after Sloan's acquired 11 supermarkets in March 1993 and became engaged exclusively in food retailing.
Sloan's was created from a nonsupermarket company whose operating divisions were previously dormant. For that reason, comparisons to 1993 results are not meaningful, John Catsimatidis, chairman, said.
Income for the year also was impacted by the timing of certain income recognition items, said Mark Kassner, chief financial officer. As a result, Sloan's plans to reverse two items in an amended filing with the Securities and Exchange Commission.
One item involves income of $500,000 received from vendors under space allocation agreements, of which about $190,000 had been recognized during the second quarter. Instead, Kassner said Sloan's intends to recognize the $500,000 during the next eight quarters.
The other item involves approximately $143,000 in noncash charges related to certain operating leases. Because of these adjustments, Kassner said Sloan's determined it had a loss of approximately $30,000 for the second quarter of last year, rather than net income of $213,661, as had been reported.
In the company's fourth quarter, Kassner said Sloan's reported a loss of $193,300 from continuing operations, due primarily to expenses associated with the reopening of six remodeled stores.
