VERNON, Calif. -- Smart & Final here posted a fourth-quarter loss of $12 million and said that Robert Emmons, chairman, has resumed his earlier role as chief executive officer.
of president and chief
operating officer. Emmons was president and CEO of Smart & Final from 1984 through 1993, a period in which sales increased from $278.4 million to $837.2 million, and earnings increased at an annual compounded growth rate of more than 20%, the company said.
The company also announced a corporate restructuring under which it will be organized into three geographic operating units: Florida, northern California and southern California. Fourth-quarter results include increases in reserves and a special charge of $8.9 million before taxes, or 23 cents per diluted share, related to the closure of two Florida stores, a corporate restructuring and a writeoff for software.
The net loss for the quarter was 54 cents per diluted share, compared with earnings of 27 cents per diluted share in the year-ago fourth quarter. Earnings for the fiscal year ended Jan. 4 were $6.6 million, or 29 cents per diluted share, compared with earnings of $24.3 million, or $1.15 per diluted share, in fiscal 1996. Year-to-year earnings per diluted share reflect new shares issued in 1996. Fourth-quarter sales were $368.6 million, an increase of 20.3% over the prior-year period. For fiscal 1997, sales were $1.45 billion, up 11.6%. Same-store sales increased 1.1% in the fourth quarter and were up 2.0% for the full year.
4th-QUARTER RESULTS
Qtr Ended 1/4/98 12/29/96
Sales $368.6 million $306.4 million
Change + 20.3%
Same-store + 1.1%
Net Income ($12 million) $5.8 million
Inc/Share (54 cents) 27 cents
53 Weeks 1997 1996
Sales $1.45 billion $1.30 billion
Change + 11.6%
Same-store + 2.0%
Net Income $6.6 million $24.3 million
Change - 72.7%
Inc/Share 29 cents $1.15
Year-to-year earnings per diluted share reflect the 1,625,000 new shares issued in connection with the acquisition of real estate properties late in 1996.
