UPDATE 1-Abertis H1 net rises on stable traffic, telecoms

MADRID, July 29 (Reuters) – Spanish tollway operator Abertis (ABE.MC) said net profit rose 5.1 percent in the first half from a year ago, driven by stable traffic figures and strength in its telecoms division.

Net profit rose to 335 million euros ($436 million), beating forecasts for 326.8 million in a Reuters poll.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 6.6 percent to 1.177 billion euros, also beating forecasts for 1.169 billion.

Traffic on Abertis motorways fell 0.7 percent in the first half from a year ago, while it telecoms division posted a 19 percent increase in operating profit.

Abertis’ shareholders are currently immersed in a 25 billion euro leveraged buyout of the firm, with news on whether the financing for the deal has been sealed expected in the next few days. ($1=.7684 Euro) (Reporting by Judy MacInnes; editing by Jon Loades-Carter)

UPDATE 1-Kemira Q2 profit tops consensus, 2010 EBIT to rise

HELSINKI, July 29 (Reuters) – Finnish chemicals firm Kemira (KRA1V.HE) reported higher second-quarter profit due to stronger demand across all its units, and predicted full-year earnings would rise year on year.

“Customer demand is getting stronger. Operating profit from continuing operations, excluding non-recurring items, is expected to grow notably from last year,” the firm said in a statement on Thursday.

April-to-June underlying operating profit rose 38 percent versus a year ago to 40.5 million euros ($52.7 million), at the top end of forecasts in a Reuters poll of analysts. Revenues rose 12 percent to 545 million, trumping all expectations.

“The recovery in demand which started at the end of the first quarter also continued in the second quarter,” said Kemira, a supplier of chemicals to the paper, oil and water industries. ($1=.7684 Euro) (Editing by Jon Loades-Carter)

UPDATE 1-Gas Natural cautious on 2014 outlook after H1

MADRID, July 27 (Reuters) – Spanish power utility Gas Natural (GAS.MC) issued a cautious strategic outlook to 2010-2014 on Tuesday and plans to focus on cutting debt, after first-half results missed forecasts.

The company expects EBITDA growth to slow to 2012 from the double-digit first-half rise and wants to cut its debt to 15-16 billion euros in 2012 from 18.2 billion euros at the end of the first half.

Gas Natural said it would attempt to extract further value from its Fenosa unit, acquired in 2008, to fuel net profit to 1.5 billion euros in 2012 and about 2 billion in 2014, compared with 1.1 billion euros in 2009.

In Gas Natural’s first strategic plan since the company acquired Fenosa in 2008, the company said it had already achieved 98 percent of the 550 million euros of savings it targeted with Fenosa.

Gas Natural posted a 48 percent surge in first-half earnings before interest, taxes, depreciations and amortizations to 2.381 million euros, boosted by the full consolidation of Fenosa in April 2009, although this missed estimates by analysts for 2.40 billion euros.

Net profit rose 37 percent to 853 million euros, supported by the sale of gas generation and distribution assets but also missed forecasts for 917 million euros from a Reuters poll of seven analysts.

Strong electricity generation and Latin American activities offset weakness at Gas Natural’s gas and deregulated business to contribute to modest 3.8 percent pro-forma growth in first half EBITDA, which factors in the Fenosa acquisition.

(Reporting by Jonathan Gleave; editing by Simon Jessop)

UPDATE 1-Horizon Lines Q2 profit beats Wall Street

July 23 (Reuters) – Container shipping company Horizon Lines Inc’s (HRZ.N) quarterly profit handily beat analysts’ estimates, helped by better results from its Alaska tradelane, terminal services and logistics.

For the full year, however, Horizon expects adjusted EBITDA performance to be in the range of 2009 results.

For the second quarter, net income was $3.7 million, or 12 cents a share, compared with net loss of $31.1 million, or $1.02 a share, last year.

Excluding certain items, the company earned 15 cents a share.

Revenue rose 10 percent to $305.6 million.

Analysts on average were expecting the company to post earnings of 9 cents a share, excluding items, on revenue of $308 million, according to Thomson Reuters I/B/E/S.

Shares of the company closed at $4.06 Thursday on the New York Stock Exchange. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Don Sebastian)

UPDATE 1-United Bankshares Q2 profit beats Street view

July 23 (Reuters) – United Bankshares Inc (UBSI.O) posted a better-than-expected quarterly profit, helped by a 72 percent drop in provision for credit losses.

For the second quarter, the bank posted net income of $17.9 million, or 41 cents a share, compared with $8.2 million, or 19 cents a share, a year ago.

Analysts on average were expecting the company to report earnings of 40 cents a share, according to Thomson Reuters I/B/E/S.

Provision for credit losses decreased to $6.4 million from $23.2 million in the year-ago quarter. The second quarter of 2009 included a credit loss provision of $17.6 million for fraudulent loans made to a commercial customer.

Net interest income decreased to 3 percent to $60.2 million.

Net charge-offs fell to $5.4 million from $21.4 million.

Shares of the company closed at $24.83 on Thursday on Nasdaq. (Reporting by Rachel Chitra in Bangalore; Editing by Anne Pallivathuckal)

Nash Finch Reports Second Quarter 2010 Results

MINNEAPOLIS–(Business Wire)–
Nash Finch Company (NASDAQ: NAFC), one of the leading food distribution
companies in the United States, today announced financial results for the twelve
weeks (second quarter) ended June 19, 2010.

Financial Results

Total Company sales for the second quarter 2010 were $1.15 billion compared to
$1.22 billion in the prior-year quarter, a decrease of 5.1%. Sales for the first
twenty-four weeks of 2010 were $2.33 billion compared to $2.36 billion in the
prior-year period, a decrease of 1.0%. Excluding the impact of the
non-comparable sales increase of $59.4 million attributable to the acquisition
of the three military distribution centers on January 31, 2009 and the sales
decrease attributable to the previously announced transition of a portion of a
food distribution customer buying group to another supplier, total Company sales
decreased by 3.8% in the second quarter and 2.8% year-to-date.

Consolidated EBITDA1 for the second quarter 2010 was $31.9 million, or 2.8% of
sales, as compared to $33.6 million, or 2.8% of sales, for the
prior-year-quarter. For the first twenty-four weeks of 2010, Consolidated EBITDA
was $60.5 million, or 2.6% of sales, compared to $62.9 million, or 2.7% of
sales, in the prior-year period. Consolidated EBITDA is a non-GAAP financial
measure that is reconciled to the most directly comparable GAAP financial
results in the attached financial statements.

Net earnings for the second quarter 2010 were $10.7 million, or $0.81 per
diluted share, as compared to net earnings of $9.5 million, or $0.72 per diluted
share, in the prior year quarter. Net earnings for the first twenty-four weeks
of 2010 were $18.7 million, or $1.40 per diluted share, as compared to net
earnings of $24.0 million, or $1.80 per diluted share, in the same prior-year
period. Net earnings for both years were impacted by several significant items
which are presented in the table below.

“Although the negative sales trend that manifested in the third quarter 2009
continued into the first half of 2010 in the food distribution and retail
industry, our results reflect several major accomplishments, which include
maintaining total Company year-over-year EBITDA as a percentage of sales,
reducing debt, investing in strategic initiatives and share repurchases, and
controlling expenses and capital expenditures,” said Alec Covington, President
and CEO of Nash Finch. “We continue to have a solid balance sheet and have
significant availability in our credit facility which provides us flexibility to
capitalize on attractive growth opportunities should they present themselves.”

The Company recently announced the closing of its Bridgeport, Michigan
distribution center, which is scheduled to be completed in the third quarter.
“The transition is proceeding smoothly and we anticipate that the full
transition will be completed by the end of the third quarter,” said Covington.

The following table identifies the significant items affecting our Consolidated
EBITDA, net earnings and diluted earnings per share for the second quarter and
year-to-date 2010 and prior year results:

2nd Quarter YTD
(dollars in millions except per share amounts) 2010 2009 2010 2009
Significant credits (charges)
Distribution center closing costs $ (1.2 ) – (1.2 ) –
Retail stores opening & closing costs – (0.6 ) – (0.8 )
Acquisition, integration and start-up costs (0.3 ) (0.8 ) (0.6 ) (1.4 )
Tax consulting fees – – – (0.5 )
Significant charges impacting Consolidated EBITDA (1.5 ) (1.4 ) (1.8 ) (2.7 )

Gain on acquisition of a business – – – 6.7
Net increase in lease reserves – – – (1.2 )
Impairments – (0.9 ) – (0.9 )
Total significant net credits (charges) impacting earnings before tax (1.5 ) (2.3 ) (1.8 ) 1.9
Income tax on significant net credits (charges) 0.6 0.9 0.8 (0.8 )
Income tax effect on gain on acquisition of a business – – – 2.7
Reversal of previously recorded income tax reserves and refunds – – – 1.6
Total significant net credits (charges) impacting net earnings (0.9 ) (1.4 ) (1.0 ) 5.4
Diluted earnings per share impact $ (0.07 ) (0.10 ) (0.08 ) 0.41

Military Distribution Results

2nd Quarter % YTD %
(dollars in millions) 2010 2009 Change 2010 2009 Change
Sales $ 456.6 461.0 (1.0%) 934.6 871.3 7.3 %
Segment EBITDA1 $ 13.4 11.2 18.9% 27.0 23.2 16.4 %
Percentage of Sales 2.9% 2.4% 2.9% 2.7%

The military segment sales in the second quarter decreased 1.0% and were
reflective of weaker domestic sales, partially offset by an increase in overseas
sales. The military segment sales increased 7.3% in year-to-date 2010 reflecting
the impact of the acquisition of three military distribution centers on January
31, 2009. After adjusting for the non-comparable sales impact of these three
distribution centers of $59.4 million, military sales increased 0.5%
year-to-date.

The military segment EBITDA increased by 18.9% and 16.4% in the second quarter
and year-to-date 2010, respectively, compared to the prior year. The military
EBITDA as a percentage of sales was 2.9% in the second quarter and year-to-date
2010, respectively, as compared to 2.4% and 2.7% in the prior year.

“Our military division continues to perform despite the tough economic times,”
said Covington. “I am pleased with the significant increase in our military
division EBITDA which primarily resulted from the operating improvements
implemented across the acquired distribution centers. We are on track to open
our new Columbus, Georgia distribution center by the end of the third quarter
which will provide significant transportation savings and allow for long-term
strategic growth opportunities.”

Food Distribution & Retail Results

2nd Quarter % YTD %
(dollars in millions) 2010 2009 Change 2010 2009 Change
Sales
Food Distribution $ 574.2 619.8 (7.4 %) 1,158.0 1,221.9 (5.2 %)
Retail 123.8 135.8 (8.8 %) 241.7 263.8 (8.4 %)
Total $ 698.0 755.6 (7.6 %) 1,399.7 1,485.7 (5.8 %)
Segment EBITDA1
Food Distribution $ 13.7 17.0 (19.5 %) 24.9 30.2 (17.6 %)
Retail 4.9 5.4 (9.3 %) 8.6 9.5 (9.2 %)
Total $ 18.6 22.4 (17.0 %) 33.5 39.7 (15.7 %)
Percentage of Sales
Food Distribution 2.4% 2.7% 2.1 % 2.5 %
Retail 4.0% 4.0% 3.6 % 3.6 %
Total 2.7% 3.0% 2.4 % 2.7 %

The combined food distribution and retail segment sales decrease in the second
quarter and year-to-date periods compared to the 2009 periods was 7.6% and 5.8%,
respectively. The decrease in sales was negatively impacted by the previously
announced transition of a portion of a customer buying group to another supplier
during the second quarter 2010. However, after adjusting to exclude this sales
impact of $16.2 million, sales declined 5.6% for the second quarter and 4.7%
year-to-date which is primarily the result of a decrease in comparable sales to
existing customers driven by deflation in certain product categories. Retail
same store sales declined 4.3% as compared to the prior year quarter and 4.0% in
the year-to-date comparison. In addition, we have closed four retail stores
since the beginning of the second quarter 2009.

The food distribution and retail segment EBITDA decreased by 17.1% and 15.7% in
the second quarter and year-to-date 2010, respectively, compared to the same
period last year. Food distribution and retail segment EBITDA as a percentage of
sales was 2.7% and 2.4% in the second quarter and year-to-date 2010,
respectively, as compared to 3.0% and 2.7% in the prior year.

Financial Target Progress

Improvements on our key financial targets have been achieved since the targets
were announced as part of the Company`s strategic plan in November 2006. In
particular, Consolidated EBITDA margin improved from 2.2% to 2.8% of sales and
the debt leverage ratio has improved from 3.11x to 2.14x from Fiscal 2006 to the
second quarter 2010. The ratio of free cash flow to net assets has increased
from 8.7% in Fiscal 2006 to 10.0% in the second quarter 2010. Finally, the
organic revenue growth metric has been negatively impacted by the current state
of the economy, but should improve when consumer confidence begins to recover.

The following table charts the Company`s progress towards its long-term
financial targets that are anticipated to be attained through successful
execution of the strategic plan.

Financial Targets Long-term 2nd Quarter Fiscal Fiscal Fiscal Fiscal
Target 2010 2009 2008 2007 2006
Organic Revenue Growth 2.0% (3.8%) (0.6%) 3.1% (2.1%) (2.9%)
Consolidated EBITDA Margin 4.0% 2.8% 2.7% 3.1% 2.8% 2.2%
Trailing Four Quarter Free Cash Flow2 / Net Assets 10.0% 10.0% 10.6% 12.0% 9.2% 8.7%
Total Leverage Ratio (Total Debt / Trailing Four 2.5 – 3.0 x 2.14x 2.02x 1.75x 2.20x 3.11x
Quarter Consolidated EBITDA)

2 Defined as cash provided from operations less capital expenditures for
property, plant & equipment during the trailing four quarters divided by the
average net assets for the current period and prior year comparable period
(total assets less current liabilities plus current portion of long-term debt
and capital leases).

Liquidity

Total debt at the end of the second quarter of 2010 was $294.1 million, a
reduction of $44.7 million as compared to $338.8 million at the end of the
second quarter of 2009. The Company continues to focus on effectively managing
its balance sheet and is currently in compliance with all of its debt covenants.
The debt leverage ratio as of the end of the second quarter 2010 was 2.14x.
Availability on the Company`s revolving credit facility at the end of the
quarter was $193.1 million.

Share Repurchase Program

As previously announced, our Board of Directors approved a share repurchase
program authorizing the Company to spend up to $25.0 million to purchase shares
of the Company`s common stock. The program took effect on November 16, 2009 and
will continue until December 31, 2010. During the second quarter 2010 we
repurchased a total of 182,802 shares for $6.5 million, at an average price per
share of $35.62. Since the program`s inception, we have repurchased a total of
472,432 shares for $16.3 million, at an average price per share of $34.57.

A conference call to review the second quarter 2010 results is scheduled for at
8:30 a.m. CT (9:30 a.m. ET) on July 22, 2010. Interested participants can listen
to the conference call over the Internet by logging onto the “Investor
Relations” portion of Nash Finch’s website at http://www.nashfinch.com. A replay
of the webcast will be available and the transcript of the call will be archived
on the “Investor Relations” portion of Nash Finch’s website under the heading
“Audio Archives.” A copy of this press release and the other financial and
statistical information about the periods to be discussed in the conference call
will be available at the time of the call on the “Investor Relations” portion of
the Nash Finch website under the caption “Press Releases.”

Nash Finch Company is a Fortune 500 company and one of the leading food
distribution companies in the United States. Nash Finch`s core business, food
distribution, serves independent retailers and military commissaries in 36
states, the District of Columbia, Europe, Cuba, Puerto Rico, the Azores and
Egypt. The Company also owns and operates a base of retail stores, primarily
supermarkets under the Econofoods, Family Thrift Center, AVANZA, Family Fresh
Market and Sun Mart trade names. Further information is available on the
Company’s website at www.nashfinch.com.

This release contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended.Such statements relate to trends and events
that may affect our future financial position and operating results.Any
statement contained in this release that is not statements of historical fact
may be deemed forward-looking statements. For example, words such as “may,”
“will,” “should,” “likely,” “expect,” “anticipate,” “estimate,” “believe,”
“intend, ” “potential” or “plan,” or comparable terminology, are intended to
identify forward-looking statements.Such statements are based upon current
expectations, estimates and assumptions, and entail various risks and
uncertainties that could cause actual results to differ materially from those
expressed in such forward-looking statements.Important factors known to us that
could cause or contribute to material differences include, but are not limited
to, the following:

* the effect of competition on our food distribution, military and retail
businesses;
* general sensitivity to economic conditions, including the uncertainty related
to the current state of the economy in the U.S. and worldwide economic slowdown;
continued disruptions to the credit and financial markets in the U.S. and
worldwide; changes in market interest rates; continued volatility in energy
prices and food commodities;
* macroeconomic and geopolitical events affecting commerce generally;
* changes in consumer buying and spending patterns;
* our ability to identify and execute plans to expand our food distribution,
military and retail operations;
* possible changes in the military commissary system, including those stemming
from the redeployment of forces, congressional action and funding levels;
* our ability to identify and execute plans to improve the competitive position
of our retail operations;
* the success or failure of strategic plans, new business ventures or
initiatives;
* our ability to successfully integrate and manage current or future businesses
we acquire, including the ability to manage credit risks and retain the
customers of those operations;
* changes in credit risk from financial accommodations extended to new or
existing customers;
* significant changes in the nature of vendor promotional programs and the
allocation of funds among the programs;
* limitations on financial and operating flexibility due to debt levels and debt
instrument covenants;
* legal, governmental, legislative or administrative proceedings, disputes, or
actions that result in adverse outcomes;
* failure of our internal control over financial reporting;
* changes in accounting standards;
* technology failures that may have a material adverse effect on our business;
* severe weather and natural disasters that may impact our supply chain;
* unionization of a significant portion of our workforce;
* costs related to multi-employer pension plan which has liabilities in excess
of plan assets;
* changes in health care, pension and wage costs and labor relations issues;
* product liability claims, including claims concerning food and prepared food
products;
* threats or potential threats to security; and
* unanticipated problems with product procurement.

A more detailed discussion of many of these factors, as well as other factors
that could affect the Company`s results, is contained in the Company`s periodic
reports filed with the SEC.You should carefully consider each of these factors
and all of the other information in this release.We believe that all
forward-looking statements are based upon reasonable assumptions when
made.However, we caution that it is impossible to predict actual results or
outcomes and that accordingly you should not place undue reliance on these
statements.Forward-looking statements speak only as of the date when made and we
undertake no obligation to revise or update these statements in light of
subsequent events or developments.Actual results and outcomes may differ
materially from anticipated results or outcomes discussed in forward-looking
statements. You are advised, however, to consult any future disclosures we make
on related subjects in future reports to the Securities and Exchange Commission
(SEC).

1 Consolidated EBITDA and segment EBITDA is calculated as earnings before
interest, income tax, depreciation and amortization, adjusted to exclude
extraordinary gains or losses, gains or losses from sales of assets other than
inventory in the ordinary course of business, and non-cash charges (such as
LIFO, asset impairments, closed store lease costs and share-based compensation),
less cash payments made during the current period on non-cash charges recorded
in prior periods. Consolidated EBITDA should not be considered an alternative
measure of our net income, operating performance, cash flows or liquidity.
Consolidated EBITDA is provided as additional information as a key metric used
to determine payout pursuant to our Short-Term and Long-Term Incentive Plans.

NASH FINCH COMPANY AND SUBSIDIARIES
Consolidated Statements of Income
(In thousands, except per share amounts)

Twelve Twenty Four
Weeks Ended Weeks Ended
June 19 June 20 June 19 June 20
2010 2009 2010 2009

Sales $ 1,154,617 1,216,594 $ 2,334,310 2,356,914
Cost of sales 1,060,280 1,117,565 2,148,153 2,162,766
Gross profit 94,337 99,029 186,157 194,148

Other costs and expenses:
Selling, general and administrative 62,835 67,703 127,482 137,339
Gain on acquisition of a business – – – (6,682 )
Depreciation and amortization 8,170 9,372 16,755 18,707
Interest expense 5,366 5,840 10,624 11,144
Total other costs and expenses 76,371 82,915 154,861 160,508

Earnings before income taxes 17,966 16,114 31,296 33,640

Income tax expense 7,252 6,576 12,641 9,682
Net earnings $ 10,714 9,538 $ 18,655 23,958

Net earnings per share:

Basic $ 0.83 0.73 1.43 1.85
Diluted $ 0.81 0.72 1.40 1.80

Declared dividends per common share $ 0.18 0.18 $ 0.36 0.36

Weighted average number of common shares
outstanding and common equivalent shares outstanding:
Basic 12,904 13,005 13,015 12,985
Diluted 13,263 13,321 13,352 13,326

NASH FINCH COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except per share amounts)

Assets June 19, 2010 January 2, 2010
Current assets:
Cash and cash equivalents $ 765 830
Accounts and notes receivable, net 231,778 250,767
Inventories 312,935 285,443
Prepaid expenses and other 14,587 11,410
Deferred tax assets 9,249 9,366
Total current assets 569,314 557,816

Notes receivable, net 21,869 23,343

Property, plant and equipment: 634,610 637,167
Less accumulated depreciation and amortization (423,467 ) (422,529 )
Net property, plant and equipment 211,143 214,638

Goodwill 166,545 166,545
Customer contracts and relationships, net 19,698 21,062
Investment in direct financing leases 3,083 3,185
Other assets 11,804 12,947
Total assets $ 1,003,456 999,536

Liabilities and Stockholders’ Equity
Current liabilities:
Current maturities of long-term debt and capitalized lease obligations $ 3,517 4,438
Accounts payable 234,103 240,483
Accrued expenses 59,613 60,524
Income taxes payable – 3,064
Total current liabilities 297,233 308,509

Long-term debt 270,352 257,590
Capitalized lease obligations 20,228 21,442
Deferred tax liability, net 19,378 19,323
Other liabilities 43,657 42,113
Commitments and contingencies – –
Stockholders’ equity:
Preferred stock – no par value.
Authorized 500 shares; none issued – –
Common stock of $1.66 2/3 par value
Authorized 50,000 shares, issued 13,675 and 13,675 shares respectively 22,792 22,792
Additional paid-in capital 109,109 106,705
Common stock held in trust (2,367 ) (2,342 )
Deferred compensation obligations 2,367 2,342
Accumulated other comprehensive income (10,569 ) (10,756 )
Retained earnings 275,801 261,821
Treasury stock at cost, 1,282 and 863 shares, respectively (44,525 ) (30,003 )
Total stockholders’ equity 352,608 350,559
Total liabilities and stockholders’ equity $ 1,003,456 999,536

NASH FINCH COMPANY AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands)

Twenty-Four
Weeks Ended
June 19 June 20
2010 2009
Operating activities:
Net earnings $ 18,655 23,958
Adjustments to reconcile net earnings to net cash provided
by operating activities:
Gain on acquisition of a business – (6,682 )
Depreciation and amortization 16,755 18,707
Amortization of deferred financing costs 846 794
Non-cash convertible debt interest 2,413 2,231
Amortization of rebateable loans 2,531 2,519
Provision for bad debts 433 869
Provision for (reversal of) lease reserves (434 ) 1,066
Deferred income tax expense 174 586
(Gain) loss on sale of real estate and other (229 ) 134
LIFO credit (362 ) (287 )
Asset impairments 818 898
Share-based compensation 3,462 5,715
Deferred compensation 463 548
Other (387 ) (74 )
Changes in operating assets and liabilities, net of effects of
acquisition
Accounts and notes receivable 17,099 (14,561 )
Inventories (27,130 ) (11,081 )
Prepaid expenses 157 734
Accounts payable (12,992 ) (2,701 )
Accrued expenses (804 ) (12,442 )
Income taxes payable (6,398 ) (1,467 )
Other assets and liabilities 2,609 1,327
Net cash provided by operating activities 17,679 10,791
Investing activities:
Disposal of property, plant and equipment 347 107
Additions to property, plant and equipment (10,369 ) (5,555 )
Business acquired, net of cash – (78,056 )
Loans to customers (600 ) (2,125 )
Payments from customers on loans 1,102 1,798
Corporate owned life insurance, net (297 ) (235 )
Other – 629
Net cash used in investing activities (9,817 ) (83,437 )
Financing activities:
Proceeds from revolving debt 10,600 86,300
Dividends paid (4,549 ) (4,617 )
Proceeds from exercise of stock options – 196
Repurchase of common stock (15,191 ) –
Payments of long-term debt (233 ) (220 )
Payments of capitalized lease obligations (1,839 ) (1,600 )
Increase (decrease) in book overdraft 3,285 (4,682 )
Payments of deferred financing costs – (2,706 )
Net cash provided (used) by financing activities (7,927 ) 72,671
Net increase (decrease) in cash and cash equivalents (65 ) 25
Cash and cash equivalents:
Beginning of year 830 824
End of period $ 765 849

NASH FINCH COMPANY AND SUBSIDIARIES
Supplemental Data (Unaudited)

June 19 June 20
Other Data (In thousands) 2010 2009

Total debt $ 294,097 $ 338,769
Stockholders’ equity $ 352,608 $ 374,334
Capitalization $ 646,705 713,103
Debt to total capitalization 45.5 % 47.5 %

Non-GAAP Data
Consolidated EBITDA – trailing 4 qtrs. (a) $ 137,718 142,362
Leverage ratio – trailing 4 qtrs. (debt to consolidated EBITDA) (b) 2.14 2.38

Comparable GAAP Data
Debt to earnings before income taxes (b) 13.74 5.91

(a) Consolidated EBITDA is calculated as earnings before interest, income tax, depreciation and amortization, adjusted to exclude extraordinary gains or losses, gains or
losses from sales of assets other than inventory in the normal course of business, and non-cash charges (such as LIFO, assets impairments, closed store lease costs and
share-based compensation), less cash payments made during the current period on non-cash charges recorded in prior periods. Consolidated EBITDA should not be considered
an alternative measure of our net income, operating performance, cash flows or liquidity. Consolidated EBITDA is provided as additional information as a key metric used
to determine payout pursuant to our Short-Term and Long-Term Incentive Plans.

(b) Leverage ratio is defined as the Company’s total debt at June 19, 2010 and June 20, 2009, divided by Consolidated EBITDA for the respective four trailing quarters. The
most comparable GAAP ratio is debt at the same date divided by earnings from continuing operations before income taxes for the respective four quarters.

Derivation of Consolidated EBITDA; Segment Consolidated EBITDA; and Segment Profit (in thousands)

FY2010
2009 2009 2010 2010 Trailing
Qtr 3 Qtr 4 Qtr 1 Qtr 2 4 Qtrs

Earnings (loss) from continuing operations before income taxes $ 31,655 (41,545 ) 13,330 17,966 21,406
Add/(deduct)
LIFO (445 ) (2,301 ) (40 ) (321 ) (3,107 )
Depreciation and amortization 12,592 9,304 8,585 8,170 38,651
Interest expense 7,621 5,607 5,258 5,366 23,852
Special charge – 6,020 – – 6,020
Goodwill impairment – 50,927 – – 50,927
Gain on litigation settlement (7,630 ) – – – (7,630 )
Closed store lease costs 425 1,644 – (434 ) 1,635
Asset impairment 840 722 517 301 2,380
Stock compensation 1,706 1,663 1,605 1,857 6,831
Gains on sale of real estate (54 ) – – – (54 )
Subsequent cash payments on non-cash charges (712 ) (772 ) (740 ) (969 ) (3,193 )
Total Consolidated EBITDA $ 45,998 31,269 28,515 31,936 137,718

2009 2009 2010 2010 Trailing
Segment Consolidated EBITDA Qtr 3 Qtr 4 Qtr 1 Qtr 2 4 Qtrs
Military $ 15,731 12,031 13,615 13,364 54,741
Food Distribution 22,461 15,455 11,227 13,634 62,777
Retail 7,806 3,783 3,673 4,938 20,200
$ 45,998 31,269 28,515 31,936 137,718

2009 2009 2010 2010 Trailing
Segment profit Qtr 3 Qtr 4 Qtr 1 Qtr 2 4 Qtrs
Military $ 13,448 10,146 11,816 11,519 46,929
Food Distribution 15,181 11,495 5,799 8,581 41,056
Retail 1,937 (1,449 ) 227 2,389 3,104
Unallocated
Interest (6,541 ) (4,790 ) (4,512 ) (4,523 ) (20,366 )
Gain on litigation 7,630 – – – 7,630
Special charge – (6,020 ) – – (6,020 )
Goodwill impairment – (50,927 ) – – (50,927 )
$ 31,655 (41,545 ) 13,330 17,966 21,406

FY2009
2008 2008 2009 2009 Trailing
Qtr 3 Qtr 4 Qtr 1 Qtr 2 4 Qtrs
Earnings from continuing operations before income taxes $ 13,029 10,643 17,526 16,114 57,312
Add/(deduct)
LIFO 8,360 7,849 – (287 ) 15,922
Depreciation and amortization 11,643 9,051 9,335 9,372 39,401
Interest expense 7,556 6,034 5,304 5,840 24,734
Gain on acquisition of a business – – (6,682 ) – (6,682 )
Closed store lease costs 480 (317 ) 1,066 – 1,229
Asset impairment 694 1,065 – 898 2,657
Stock compensation 3,013 1,814 3,307 2,408 10,542
Subsequent cash payments on non-cash charges (787 ) (635 ) (617 ) (714 ) (2,753 )
Total Consolidated EBITDA $ 43,988 35,504 29,239 33,631 142,362

2008 2008 2009 2009 Trailing
Segment Consolidated EBITDA Qtr 3 Qtr 4 Qtr 1 Qtr 2 4 Qtrs
Military $ 14,279 11,484 11,948 11,239 48,950
Food Distribution 21,487 17,412 13,257 16,946 69,102
Retail 8,222 6,608 4,034 5,446 24,310
$ 43,988 35,504 29,239 33,631 142,362

2008 2008 2009 2009 Trailing
Segment profit Qtr 3 Qtr 4 Qtr 1 Qtr 2 4 Qtrs
Military $ 11,783 9,242 9,905 9,421 40,351
Food Distribution 5,869 5,155 5,982 10,508 27,514
Retail 1,916 1,450 (470 ) 1,209 4,105
Unallocated
Interest (6,539 ) (5,204 ) (4,573 ) (5,024 ) (21,340 )
Gain on acquisition – – 6,682 – 6,682
$ 13,029 10,643 17,526 16,114 57,312

Nash Finch Company
Bob Dimond, 952-844-1060
Executive Vice President & CFO

Copyright Business Wire 2010

Seoul shares rise on earnings expectations

Foreign investors were sellers of a net 24 billion won worth
of stocks.

Advancers outnumbered decliners 437 to 342 and 93 issues
ended flat.

Trading volume was 302 million shares worth 4.8 trillion won,
compared with 277.7 million shares worth 4.5 trillion won in the
previous session.

The KOSPI 200 Sept futures index KSc1 ended up 0.90 points
at 226.50, and the KOSPI 200 spot index .KS200 rose 0.52 points
to 225.84.

The junior Kosdaq market .KQ11 ended 0.25 percent higher at
499.72.

Move on day +0.28 percent

12-month high 1,757.76 26 APRIL 2010

12-month low 1,447.11 20 JULY 2009

Change on yr +3.21 percent

All-time high 2,085.45 1 NOV 2007

All-time low 93.10 6 JAN 1981

Seoul shares rise on earnings hope;Hyundai Motor up

July 20 (Reuters) – Seoul shares rose 0.3 percent Tuesday on expectations that major exporters such as Hyundai Motor (005380.KS) would report robust earnings.

The Korea Composite Stock Price Index (KOSPI) gained 0.28 percent to 1,736.77 points.

(Reporting by Jungyoun Park; Editing by Jonathan Hopfner)

Husqvarna Q2 operating earnings just beats fcasts

July 20 (Reuters) – Garden and construction tool maker Husqvarna (HUSQb.ST) posted second-quarter operating earnings just above forecasts on Tuesday and said it expected higher shipments in the third quarter from a year ago.

The company reported an operating profit of 1.3 billion Swedish crowns ($176.9 million) versus a year-ago 1.1 billion and a mean forecast of 1.2 billion in a Reuters poll of analysts.

Handelsbanken Q2 op profit just misses forecast

July 20 (Reuters) – Sweden’s Handelsbanken (SHBa.ST) reported a slightly worse-than-expected operating profit in the second quarter on Tuesday though loan losses came in lower than forecast.

Handelsbanken said operating profit was 3.5 billion crowns ($476.2 million) in the second quarter against a forecast for earnings of 3.6 billion in a Reuters poll.

That compared with 3.4 billion a year earlier.

The bank’s net interest income of 5.1 billion crowns also missed a forecast for 5.3 billion seen in the Reuters poll.

TeliaSonera Q2 in line, sees continued sales growth

July 20 (Reuters) – TeliaSonera (TLSN.ST) reported second-quarter core profit in line with market forecasts on Tuesday and said sales growth in local currencies in 2010 as a whole would match the pace achieved in the first half of the year.

The Nordic region’s biggest telecom operator, said earnings before interest, tax, depreciation and amortisation and excluding one-offs was 9.2 billion Swedish crowns ($1.25 billion), in line with forecasts. [ID:nLDE66I12A]

Sales were 27.0 billion crowns versus a forecast of 26.9 billion.

Storebrand ASA: 1H 2010: Good operations – instability in the financial markets impacts quarter’s result

Group result of NOK 239 million for the first half of 2010 and minus NOK 39
million for 2Q
· Instability in the financial markets produced low level of financial income in
Life and Pensions
· Programme for improving operations ahead of schedule and making positive
contribution to the result
· Increased sales of unit-linked insurance in SPP: new sales increased by 61 per
cent
· Good solvency: solvency margin of 163 per cent for life insurance activities

The Board of Director’s Interim report for first half 2010, 1H 2010 result presentation
and Supplementary Information are attached on http://www.newsweb.no

Storebrand will today host a press and analyst conference in Storebrands head office at
Lysaker, Professor Kohts vei 9, at 1000 CET (in Norwegian). An international conference
call will be hosted at 1400 CET. To participate in the conference call please use link
on http://www.storebrand.no/ir, or call in and register 10 minutes before the
presentation starts. Dial: +47 80080119 (from Norway) or +47 23184501 (from Norway or
abroad).

Full press release:

1H 2010: Good operations – instability in the financial markets impacts quarter’s result

· Group result of NOK 239 million for the first half of 2010 and minus NOK 39
million for 2Q
· Instability in the financial markets produced low level of financial income in
Life and Pensions
· Programme for improving operations ahead of schedule and making positive
contribution to the result
· Increased sales of unit-linked insurance in SPP: new sales increased by 61 per
cent
· Good solvency: solvency margin of 163 per cent for life insurance activities

“In a quarter affected by falls in equity markets, the customers’ return was competitive
and the development of the business areas positive. Improving operations in the Group is
strengthening the quality of the underlying earnings and having a good effect on the
result. The work will continue at full strength,” says CEO Idar Kreutzer.

NOK 3.1 billion to pensions customers
Life and Pensions Norway has allocated NOK 3.1 billion to insurance customers for the
first half of 2010, NOK 336 million of which was profit in excess of the guaranteed
return. The returns in the customer portfolios are competitive, but were negatively
affected by market developments. This meant the result allocated to the owner during the
quarter was charged with the building up of reserves for long life for the first six
months of the year.

The new generation of products without an interest guarantee, defined contribution
pensions and unit-linked, contributed better positive results. In total this produced a
positive result for Life and Pensions Noway in 2Q, despite unstable financial markets
during the period.

The net booked inflow of customer assets to Life and Pensions Noway amounted to NOK 305
million in 2Q and NOK 1.9 billion for the year-to-date. Total new premiums (APE)
amounted to NOK 1.2 billion, NOK 332 million of which came in 2Q.

Strong growth in premiums in SPP
SPP’s sales of unit-linked insurance increased by 61 per cent during the quarter
compared to the same period last year. Total assets increased by NOK 1.5 billion in the
quarter and by NOK 6.1 billion in the first half of 2010. SPP’s result was affected by
negative returns in the equity markets. The market developments made it necessary to
make provisions for a deferred capital contribution, which is charged to the result
allocated to the owner during the quarter. The administration result developed
positively due to the implemented rationalisation measures and a good risk result for
the quarter.

Good new sales in asset management
The volume of net new sales in asset management (external discretionary assets and
mutual funds) was NOK 6.5 billion in 2Q: NOK 5.1 billion in the Norwegian business and
NOK 1.4 billion in the Swedish business. The result in Storebrand Investments developed
positively compared to the same period last year, and was driven by increases in
volume-based income.

Bank’s net interest income improves
Storebrand Bank experienced a positive development compared to the same period last year
due to better net interest income, reduced operating expenses, and lower losses. The
level of losses and defaults in banking is developing well.

Continued growth in P&C
P&C insurance’s result is developing well. The quarter’s result was strengthened by a
good risk result and continued good growth in the business. The combined ratio for the
quarter was 98 per cent. Insurance policy sales in the P&C insurance business remain
good and continued to grow in 2Q. At the close of the period the company had more than
47,500 customers.

Improvements to operations
The Group has established a programme to improve operations associated with the income
and cost sides in which measures and activities are closely monitored. The programme
aims to achieve improvements to operations amounting to NOK 550 million in 2010. The
development in the first half of 2010 was positive and the results from the programme to
improve operations are ahead of schedule. During the period, improvements to operations
of around NOK 270 million were achieved compared to the same period last year. The
improvement is due to cost reducing measures, growth in customer assets, and
income-related measures.

Capital situation
The Storebrand Group was in a sound financial position at the close of the quarter. The
solvency margin of the Storebrand Life Insurance Group (Life and Pensions Norway and
Life and Pensions Sweden) at the close of 2Q was 163 per cent.
The bank’s core (tier 1) capital ratio was 10.4 per cent at the close of the quarter.
.

Lysaker, 15 July 2010

Contact persons:

EVP Corporate Communications Egil Thompson: Mobile (+47) 93 48 00 12
Head of Investor Relations Trond Finn Eriksen: Mobile (+47) 99 16 41 35

Enclosure: The Board’s Interim report first half 2010

The Storebrand Group is a leading actor in the Nordic market for life insurance,
pensions and long-term savings. The Group consists of the following business areas: life
insurance, asset management, banking, and P&C and health insurance.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian
Securities Trading Act)

HUG#1431804

Q2 2010 STB Interim report http://hugin.info/169/R/1431804/378088.pdf
Q2 2010 STB presentation http://hugin.info/169/R/1431804/378089.pdf
Q2 2010 STB Supplementary information http://hugin.info/169/R/1431804/378090.pdf

Seoul shares post 25-mth closing high on techs

July 14 (Reuters) – Seoul shares posted an over two-year closing high on Wednesday as technology issues such as Samsung Electronics (005930.KS) soared on Intel’s positive earnings, but POSCO (005490.KS) retreated on outlook worries.

Foreign investors were buyers of a net 905 billion won ($746.4 million) worth of stocks, their biggest daily purchase since mid-September 2009.

The Korea Composite Stock Price Index (KOSPI) finished up 1.32 percent at 1,758.01 points, its highest close since mid-June 2008.

(Reporting by Jungyoun Park; Editing by Jonathan Hopfner)

Nikkei gives up gains as China worry weighs

July 13 (Reuters) – Japan’s Nikkei edged lower on Tuesday, weighed down as Shanghai shares fell after China said it had no plans to relax tougher property measures anytime soon, though falls were checked by hopes for U.S. earnings later in the day.

China’s key stock index .SSEC fell 1.6 percent after the government said it would continue to rein in speculation in the country’s red-hot property sector, weighing on shares throughout Asia. [ID:nTST000264]

The benchmark Nikkei .N225 shed 0.1 percent or 10.88 points to 9,537.23 after earlier rising nearly 1 percent. The broader Topix fell 0.4 percent to 854.39.

European shares set to rise after Alcoa results

July 13 (Reuters) – European shares were set to rise for the sixth straight day on Tuesday, with sentiment supported by stronger-than-expected quarterly profit from U.S. firm Alcoa (AA.N), which reported earnings after U.S. markets closed.

Financial spreadbetters expected Britain’s FTSE 100 .FTSE to open between 25 and 35 points higher, or up 0.7 percent; Germany’s DAX .GDAXI was seen opening up 11 to 21 points, or up 0.4 percent and France’s CAC 40 .FCHI was expected to open 17 to 18 points higher, or 0.5 percent higher.

The FTSEurofirst 300 .FTEU3 index of leading European shares rose 0.4 percent to close at 1,025.76 points on Monday. (Reporting by Harpreet Bhal)

BRIEF-Thai Airways shares up on Q3 profit hopes

July 12 (Reuters) – Thai Airways International THAI.BK:

* Shares up nearly 6.0 percent to its highest since March 2008 after Kim Eng Securities said in a research note it expected the company’s earnings in the thrid quarter should pick up after a recovery of tourism.

* The company has said its second-quarter revenue should be hit by recent political unrest and the low tourist season.

* At 0530 GMT, Thai Air shares were up 5.0 percent at 31.50 baht, while the main Thai index .SETI was up 0.51 ($1=32.36 Baht) (Reporting by Arada Kultawanich; Editing by Jason Szep)

Taiwan stocks end higher; TSMC, HTC lead gains

TAIPEI, June 6 (Reuters) – Taiwan stocks rose 1.46 percent on
Tuesday as investors chased big tech shares including TSMC
(2330.TW) and HTC (2498.TW) and shipping firms that have brighter
earnings prospects this year.

The main TAIEX share index fell in early trade but
changed course after a rise in Chinese shares to close up 108.52
points at 7,548.48. The rise extended a 2.6 percent rebound in
the past two sessions from a three-week closing low.

Smartphone maker HTC Corp, the market’s most active stock by
turnover, jumped 4.98 percent following upgrades by Yuanta
Research and HSBC on Monday. TSMC shares rose 2.57 percent,
lifting the electronics sector .TELI up 1.23 percent.

The financial sub-index .TFNI gained 1.25 percent.
(US$1=T$32.2)
(Reporting by Baker Li, Editing by Jonathan Standing)

Enel sees OGK-5 EBITDA rising in coming years

July 6 (Reuters) – Russian power producer OGK-5 (OGKE.MM) will likely see EBITDA at 471 million euros ($632 million) in 2011, controlling shareholder Enel (ENEI.MI) said in a presentation on Tuesday.

Italy’s Enel, which has 55.86 percent stake in OGK-5, also forecast that the Russian company’s earnings before interest, tax, depreciation and amortisation would rise to 1.077 billion euros in 2014.

In 2009, OGK-5 has an EBITDA of 7.74 billion roubles ($248 million). [ID:nLDE62E1DF] (Reporting by John Bowker; Writing by Toni Vorobyova; editing by Dmitry Sergeyev)

Chile bank system profit up 53.3 pct in Jan-May

June 30 (Reuters) – Chile’s banking sector profit for the January-May period rose 53.3 percent from a year earlier on greater loans and interest margins, the Banking and Financial Institutions Superintendency said on Wednesday.

Financials

Bank earnings totaled 690.117 billion pesos ($1.297 billion) in the first five months of 2010. However earnings fell 9.3 percent in May compared to April due to lower returns from financial operations, and higher operating costs and provisions.

Santander Chile (SAN.N)(STG.SN), Chile’s largest bank, posted a net profit of 206.676 billion pesos ($388 million) in the period. The superintendency did not provide a year-ago figure.

The country’s No. 2 bank, Banco de Chile CHI.SN, earned 170.163 billion pesos ($320 million) in the five-month period, the superintendency said. ($1=532 pesos at end-May) (Reporting by Antonio de la Jara; Editing by Brad Haynes)

HK shares fall for 2nd straight day, Foxconn down

June 25 (Reuters) – Hong Kong stocks fell for a second straight session on Friday, as shares such as Foxconn (2038.HK) fell on fears that weak consumer spending in the United States could hit earnings.

Financials

The main Hang Seng Index .HSI declined 0.21 percent, or 42.7 points, to 20,690.79, its weakest close this week. The China Enterprise Index .HSCE of top locally listed mainland stocks closed 0.59 percent lower at 11,865.17. (Reporting by Kelvin Soh; Editing by Jacqueline Wong)