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Thursday, November 12, 2009
Nash Finch 3rd-qtr Net Jumps; $25 Mln Buyback Set
By Robert Daniel
MarketWatch Pulse
TEL AVIV -- Nash Finch Co., the Minneapolis food distributor, reported that third-quarter net income nearly tripled on 15% higher sales, and it said it would buy back as much as $25 million in stock. Earnings reached $21.9 million, or $1.64 a share, from $7.7 million, or 58 cents, in the year-earlier quarter. The per-share results reflect special items netting to a gain of 47 cents in the current period and a loss of 45 cents a year earlier. Sales rose to $1.63 billion from $1.42 billion. Adjusted for a January acquisition, sales fell 0.9%. Nash Finch said in Thursday statements that the buyback authorization would be in effect through 2010.
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