United Natural Foods: Second Quarter 2009 results

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Second Quarter Highlights

- Net sales increased 2.0% to $847.6 million compared to second quarter 2008

- Net sales increased 4.5%, excluding the impact of UNFI Specialty

- Net income totaled $13.6 million

United Natural Foods, Inc. reported net sales for the second quarter of fiscal 2009, ended January 31, 2009, of $847.6 million, an increase of $16.9 million, or 2.0%, from net sales of $830.7 million recorded in the second quarter of fiscal 2008. Excluding the impact in both periods of the UNFI Specialty division, which the company acquired in the second quarter of fiscal 2008, net sales increased by approximately $34.0 million, or 4.5%, to $792.2 million.

"Our results in the second quarter demonstrate that UNFI is well positioned to navigate through a challenging environment. Lower fuel costs, expense control and continuing integration of our Specialty business helped us deliver an increase of over 50% in net earnings" said Steven Spinner, President and Chief Executive Officer. "While our sales growth moderated in comparison to the prior quarter, our growth excluding UNFI Specialty was 4.5%, highlighting a continued demand for our products."

Net income was $13.6 million, or $0.32 per diluted share, for the second quarter of fiscal 2009 compared with net income for the second quarter of fiscal 2008 of $9.1 million, or $0.21 per diluted share. UNFI Specialty negatively impacted operating income by approximately $0.5 million, or $0.01 per diluted share, during the second quarter of fiscal 2009. Excluding the effect of UNFI Specialty, net income for the quarter ended January 31, 2009 would have been $14.2 million, or $0.33 per diluted share.

Gross margin was 19.1% for the second quarter of fiscal 2009, which represents a 50 basis point improvement from gross margin of 18.6% for the second quarter of fiscal 2008. This improvement was due primarily to the higher gross margin associated with the UNFI Specialty division and higher fuel surcharge revenues due to the higher average trailing diesel prices compared to the comparable quarter ended January 26, 2008. The fuel surcharge served to partially offset higher diesel fuel costs in operating expenses.

Operating expenses as a percentage of net sales decreased by 0.2% during the second quarter of fiscal 2009 to 16.1% of net sales, or $136.2 million. Operating expenses were positively impacted by expense control programs across all UNFI divisions, which were partially offset by $2.6 million in labor, severance and other nonrecurring expenses primarily related to the Company's relocation from its New Oxford, Pennsylvania facility to a new facility in York, Pennsylvania, and from its first quarter 2009 relocation from its Fontana, California facility to its facility in Moreno Valley, California. Operating expenses increased by $1.1 million, or 0.8% in the second quarter of fiscal 2009, compared to the quarter ended January 26, 2008, in which the Company incurred operating expenses of $135.1 million, or 16.3% of net sales.

In the quarter ended January 31, 2009, the Company recorded share-based compensation expense of $1.6 million in accordance with Statement of Financial Accounting Standard No. 123R, Share-Based Payment, which was $0.2 million higher than the share-based compensation expense recorded in the same period in fiscal 2008.

"We successfully completed the relocation of our distribution facility in New Oxford, Pennsylvania to a new facility in York, Pennsylvania during the second week of January 2009," said Mr. Spinner. "With our York facility up and running, we are now positioned to blend our specialty business in this region into the facility during our fiscal third quarter, which will result in our first fully integrated facility, serving customers throughout the mid-Atlantic region."

Mr. Spinner added, "During the quarter, UNFI's new facility in Ridgefield, Washington became the first US refrigerated distribution center to receive Gold LEED® certification. We are proud of this achievement, as part of our ongoing commitment to the environment and our belief that UNFI can make investments in sustainability while delivering returns for our shareholders."

Updates Fiscal 2009 Guidance

The Company is revising net sales guidance for fiscal year 2009, ending August 1, 2009, to $3.45 billion to $3.50 billion, which represents a 2.5% to 4.0% increase in total net sales over fiscal 2008, or 4.5% to 6.0% after adjusting for the 53rd week in fiscal 2008. Previously, the Company had projected net sales in the range of $3.63 billion to $3.70 billion.

In addition, the Company is revising its guidance on earnings per share for fiscal 2009 to a range of $1.28 to $1.36 per diluted share. The Company had previously announced earnings per share guidance of $1.30 to $1.38 per diluted share for fiscal 2009. The Company's updated guidance reflects the impact of lower than projected sales growth, uncertainty surrounding the impact of the recent peanut recall on sales for the remainder of fiscal 2009 and potential unreimbursed product losses associated with the peanut recall.

Finally, the Company is revising its anticipated fiscal 2009 capital expenditures guidance to a range of approximately $40 to $45 million. Previously, the Company had expected capital expenditures to be $57 to $62 million.

The Company's guidance is based on a number of assumptions, many of which are outside the Company's control. If any of these assumptions vary, the Company's guidance may change. There can be no assurance that the Company will achieve these results.

Conference Call & Webcast

The Company's second quarter 2009 conference call and audio webcast will be held at 11:00 a.m. EST on February 24, 2009. The conference call dial-in number is (303) 262-2053. An audio webcast of the conference call will be available to the public, on a listen-only basis, via the Internet at www.fulldisclosure.com or at the Investors section of the Company's website at www.unfi.com. The online archive of the webcast will be available on the Company's website for 30 days.

About United Natural Foods

United Natural Foods, Inc. (www.unfi.com) carries and distributes more than 60,000 products to more than 17,000 customers nationwide. The Company serves a wide variety of retail formats including conventional supermarket chains, natural product superstores, independent retail operators and the food service channel. United Natural Foods, Inc. was ranked by Forbes in 2005 as one of the "Best Managed Companies in America," ranked by Fortune in 2006 and 2007 as one of its "Most Admired Companies," ranked by Business Ethics as one of its "100 Best Corporate Citizens for 2006" and winner of the Supermarket News 2008 Sustainability Excellence Award.

Financial Tables Follow

For more information on United Natural Foods, Inc., visit the Company's website at www.unfi.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding the Company's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, including but not limited to general business conditions, the impact of competition and our dependence on principal customers, see "Risk Factors" in the Company's quarterly report on Form 10-Q filed with the Commission on December 10, 2008, and its other filings under the Securities Exchange Act of 1934, as amended. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The Company is not undertaking to update any information in the foregoing reports until the effective date of its future reports required by applicable laws. Any projections of future results of operations are based on a number of assumptions, many of which are outside the Company's control and should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. The Company may from time to time update these publicly announced projections, but it is not obligated to do so.

                                UNITED NATURAL FOODS, INC.
                      CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
                           (In thousands, except per share data)

                               Three months ended         Six months ended
                            January 31,  January 26,  January 31,  January 26,
                               2009         2008         2009          2008

    Net sales                $847,635     $830,656    $1,711,871   $1,567,045
    Cost of sales             685,570      675,984     1,382,217    1,276,902

         Gross profit         162,065      154,672       329,654      290,143

    Operating expenses        136,212      135,100       278,755      246,366
         Total operating
          expenses            136,212      135,100       278,755      246,366

         Operating income      25,853       19,572        50,899       43,777

    Other expense (income):
         Interest expense       3,200        5,059         6,611        7,950
         Interest income          (92)        (153)         (343)        (332)
         Other, net               196            6           147           75
            Total other expense 3,304        4,912         6,415        7,693

            Income before income
             taxes             22,549       14,660        44,484       36,084

    Provision for income taxes  8,929        5,561        17,616       13,423

         Net income           $13,620       $9,099       $26,868      $22,661

    Basic per share data:
       Net income               $0.32        $0.21         $0.63        $0.53

       Weighted average basic
        shares of common
        stock                  42,821       42,676        42,803       42,645

    Diluted per share data:
       Net income               $0.32        $0.21         $0.63        $0.53

       Weighted average diluted
        shares of common
        stock                  42,910       42,884        42,931       42,860



                             UNITED NATURAL FOODS, INC.
                      CONSOLIDATED BALANCE SHEETS (Unaudited)
                       (In thousands, except per share data)

                                              January 31,       August 2,
                                                 2009             2008
    ASSETS
    Current assets:
      Cash and cash equivalents                 $24,636         $25,333
      Accounts receivable, net                  193,128         179,063
      Notes receivable, trade, net                1,260           1,412
      Inventories                               406,594         394,364
      Prepaid expenses and other current
       assets                                    17,042          13,307
      Deferred income taxes                      14,221          14,221
       Total current assets                     656,881         627,700

    Property and equipment, net                 239,334         234,115

    Other assets:
      Goodwill                                  166,471         170,609
      Notes receivable, trade, net                2,388           2,349
      Intangible assets, net                     40,199          33,689
      Other                                      18,655          16,021
    Total assets                             $1,123,928      $1,084,483

    LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities:
      Notes payable                            $297,000        $288,050
      Accounts payable                          151,457         160,418
      Accrued expenses and other current
       liabilities                               69,627          63,308
      Current portion of long-term debt           4,951           5,027
       Total current liabilities                523,035         516,803

    Long-term debt, excluding current portion    56,486          58,485
    Deferred income taxes                        10,437           9,058
    Other long-term liabilities                  24,513          20,087
       Total liabilities                        614,471         604,433

    Stockholders' equity:
    Preferred stock, $0.01 par value,
      authorized 5,000 shares at January 31,
      2009 and August 2, 2008; none issued
      and outstanding                                 -               -
    Common stock, $0.01 par value, authorized
      100,000 shares; 43,168 issued and 42,939
      outstanding shares at January 31, 2009;
      43,100 issued and 42,871 outstanding shares
      at August 2, 2008                             432             431
     Additional paid-in capital                 172,832         169,238
     Unallocated shares of Employee Stock
      Ownership Plan                               (958)         (1,040)
     Treasury stock                              (6,092)         (6,092)
     Accumulated other comprehensive loss        (1,891)           (753)
     Retained earnings                          345,134         318,266
      Total stockholders' equity                509,457         480,050

    Total liabilities and stockholders'
     equity                                  $1,123,928      $1,084,483



                             UNITED NATURAL FOODS, INC.
                  CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
                                 (In thousands)

                                                 Six months ended
                                            January 31,     January 26,
                                               2009            2008

    CASH FLOWS FROM OPERATING ACTIVITIES:
    Net income                                  $26,868        $22,661
    Adjustments to reconcile net income to
     net cash used in operating activities:
      Depreciation and amortization              13,288         10,160
      Share-based compensation                    3,312          2,387
      Provision for doubtful accounts             1,776          1,286
      Loss on disposals of property and equipment    68              8
      Gain on forgiveness of loan                     -           (157)
    Changes in assets and liabilities,
     net of acquisitions:
      Accounts receivable                       (15,102)       (13,565)
      Inventories                                (9,666)       (57,392)
      Prepaid expenses and other assets          (3,392)        (5,727)
      Notes receivable, trade                       113           (265)
      Accounts payable                           (9,078)        (2,729)
      Accrued expenses and other current
       liabilities                                8,370          4,371
       Net cash provided by (used in)
        operating activities                     16,557        (38,962)

    CASH FLOWS FROM INVESTING ACTIVITIES:
    Capital expenditures                        (17,012)       (21,466)
    Purchases of acquired businesses, net
     of cash acquired                            (4,301)      (107,235)
    Proceeds from disposals of property
     and equipment                                    -            165
       Net cash used in investing activities    (21,313)      (128,536)

    CASH FLOWS FROM FINANCING ACTIVITIES:
    Net borrowings under note payable             8,950        177,009
    Payments on life insurance policy loans      (3,072)             -
    Repayments of long-term debt                 (2,075)        (6,411)
    Proceeds from exercise of stock options         150            810
    Tax benefit from exercises of stock options     133            161
    (Decrease) increase in bank overdraft           (27)         4,102
       Net cash provided by financing activities  4,059        175,671

    NET (DECREASE) INCREASE IN CASH AND
     CASH EQUIVALENTS                              (697)         8,173
    Cash and cash equivalents at beginning of
     Period                                      25,333         17,010
    Cash and cash equivalents at end of period  $24,636        $25,183

    Supplemental disclosures of cash flow
     information:
    Cash paid during the period for:
      Interest, net of amounts capitalized       $6,216         $7,146
      Federal and state income taxes, net
       of refunds                               $17,621        $15,862


Source: United Natural Foods, Inc.
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