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 in connection with a new debt offering. The profits — which came after an income-tax benefit of $13.34 million and adjustments related to the value of the acquisition of Penn Traffic — reversed a year-ago loss of $2.94 million, the company said. The operating loss for the first quarter of the current year was $2.88 ...

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