WILLIAMSVILLE, N.Y. — Tops Friendly Markets here posted net income of $11.96 million in the 16-week first quarter that ended April 24, the company said in a federal filing made this week in connection with a debt offering. The profits — which came after an income-tax benefit of $13.34 million and gains recognized on the value of the acquired Penn Traffic stores — reversed a year-ago loss of $2.94 million, the company said. The operating loss for the first quarter of the current year was ...

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