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    Winn-Dixie Delays Filing Annual Report

    JACKSONVILLE, Fla. -- Winn-Dixie Stores, Inc. is delaying filing its annual report because of the time and attention devoted to its Chapter 11 filing and soliciting its creditors for approval of its bankruptcy plan, the retailer revealed yesterday in a filing with the U.S. Securities and Exchange Commission.

    JACKSONVILLE, Fla. -- Winn-Dixie Stores, Inc. is delaying filing its annual report because of the time and attention devoted to its Chapter 11 filing and soliciting its creditors for approval of its bankruptcy plan, the retailer revealed yesterday in a filing with the U.S. Securities and Exchange Commission.

    Winn-Dixie said its annual report, which will be filed on or before Sept. 26, is expected to reflect a net loss of approximately $350 million for fiscal 2006, compared to a net loss of about $833 million for fiscal 2005.

    The earnings are expected to include impairment charges of $15.6 million, compared with $158.4 million in the prior fiscal year, as well as a restructuring gains net of $7.7 million, compared with a restructuring charges net of $82.7 million in the prior fiscal year. The net loss is expected to include a net gain from reorganization items of $251.6 million for fiscal 2006, vs. $148.3 million for fiscal 2005, which includes primarily noncash gains related to lease rejections.

    "In preparing our annual financial statements, we discovered that we had not utilized certain carrybacks in fiscal 2005 that are expected to result in aggregate tax benefits to us of approximately $11.5 million," Winn-Dixie said in the filing. "Additionally, we have reached a tentative settlement agreement with the IRS on the amounts assessed for the 2000-2002 tax years. We are working on appropriate adjustments to reflect the carrybacks and settlement adjustments in our financial statements. We are also completing the reclassification of discontinued operations within the consolidated statements of operations, due to the exit during fiscal 2006 of approximately 350 stores and four distribution centers as well as the pending sale of our ownership interest in Bahamas Supermarkets, Ltd. in June 2006."

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