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Pathmark Stores Inc. reports results for its second quarter and six-month period ended August 4, 2001. Sales for the second quarter of fiscal 2001 were $997.7 million, up 7.3% from the $929.6 million in the prior year second quarter.
For the six-month period, sales were $1,974.9 million in fiscal 2001, up 6.8% from the $1,848.8 million in the prior year six-month period. Same store sales increased 3.5% in the second quarter and 3.3% in the six-month period.
Net earnings for the second quarter of fiscal 2001 were $5.2 million or $0.17 per diluted share; in the prior year's second quarter, there was a net loss of $18.7 million or $0.62 per diluted share. Net earnings for the six-months of fiscal 2001 were $10.2 million or $0.33 per diluted share; in the prior year's six-month period, there was a net loss of $34.8 million or $1.16 per diluted share. Interest expense in the second quarter of fiscal 2001 was $16.2 million compared to $45.7 million in the prior year's second quarter and for the six-months of fiscal 2001 was $33.8 million compared to $87.8 million in the prior year's six-month period. Operating cash flow (EBITDA-FIFO) for the second quarter of fiscal 2001 was $45.3 million compared to $47.3 million in the prior year's second quarter and for the six-month period of fiscal 2001 was $90.5 million compared to $93.0 million in the prior year's six-month period.
Jim Donald, Chairman, President and CEO said, "The second quarter reflects encouraging results from our initial rebuilding programs. We were particularly pleased with our positive sales momentum, which was derived from strong same store increases and good performance from our new stores. Operating cash flow results continue to be on target."
Capital expenditures for the second quarter and six-month period were $15.9 million and $46.5 million, respectively. Thus far this year, the Company has opened five new stores, closed two stores and completed nine major renovations. The Company expects to open up to four additional new stores (including one replacement store) and complete up to 26 major renovations during the remainder of the fiscal year.