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    Pathmark's Q1 Loss Widens on Impact of Planned Merger, Retirement Program

    CARTERET, N.J. -- Citing the effects of pre-tax expenses of $5.2 million related to its proposed merger with the Great Atlantic & Pacific Tea Co., and a pre-tax charge of $4.2 million resulting from a voluntary retirement incentive program, Pathmark Stores, Inc. yesterday said lost $8.5 million, or 16 cents per share, for its first quarter of fiscal 2007 ended May 5, compared to $5.4 million, or 10 cents for the period last year.

    CARTERET, N.J. -- Citing the effects of pre-tax expenses of $5.2 million related to its proposed merger with the Great Atlantic & Pacific Tea Co., and a pre-tax charge of $4.2 million resulting from a voluntary retirement incentive program, Pathmark Stores, Inc. yesterday said lost $8.5 million, or 16 cents per share, for its first quarter of fiscal 2007 ended May 5, compared to $5.4 million, or 10 cents for the period last year.

    Sales in the quarter were $999 million, an increase of 0.1 percent from the $998.5 million reported in the year-ago period, said the chain, based here.

    Same-store sales for the quarter declined 0.3 percent.

    Adjusted EBITDA in the first quarter was $40.4 million, a rise of $8.6 million from $31.8 million last year, which the company attributed to its merchandising and expense control initiatives, as well as the favorable resolution of a vendor dispute resulting in the reversal of a $3.2 million charge accrued in the fourth quarter of fiscal 2006.

    Capital expenditures came to $14.7 million during the quarter, vs. $12.1 million last year, and are expected to be about $80 million during fiscal 2007. The grocer said it plans to complete 13 store renovations during fiscal 2007.

    Pathmark operates 141 supermarkets primarily in the New York-New Jersey and Philadelphia metro areas.

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