ANCHORAGE, Alaska -- Carr Gottstein Foods here reported an earnings drop of 59.4% to $3.7 million for the year ended Dec. 31 and a net loss for the quarter of $1.7 million due to two extraordinary items and pretax charges of $3.7 million.
r the year and 4.1% for the quarter at the smaller Eagle Quality Centers.
Operating cash flow, excluding the $2.2-million charge for the uncompleted sale/leaseback, rose 4.6% for the year to $47.4 million, or 7.9% of sales,and declined 9.8% for the quarter to $11 million, or 7.3% of sales.
During the fourth quarter, the company said, it accelerated its corporate backstage re-engineering program called Fusion, with the installation of a new financial system. It said it expects to complete installation of a new buying system by the end of the first quarter.
Carr Gottstein Foods operates 39 stores in Alaska, plus a full-line food warehouse and distribution center and a freight company.