Ended¹¹. Ended³ April 22, 2017 December 31, 2016 January 2, 2016 January 3, 2015 December 28, 2013
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1 , Inc. Reconciliation of GAAP to Non-GAAP Measures* (000's omitted, except per share data) Reconciliation of Net Income to EBITDA and Adjusted EBITDA ²³ ¹⁷ ¹¹ ⁶ ³ Net Income $ 60,418 $ 163,776 $ 189,191 $ 175,739 $ 230,894 Income tax expense 34,659 85, ,840 92,315 91,479 Interest expense (income), net 5,048 14,353 4,848 7,341 12,860 Depreciation and amortization 47, , , , ,491 EBITDA 147, , , , ,724 Gain on divestiture (28,875) Lease terminations (1,279) Project Centennial consulting costs 15, Pension settlement loss - 6,646-15,387 - Manufacturing facility closure costs and acquisition costs - - 6, Acquisition costs, net of Beefsteak break-up fee ,776 Adjusted EBITDA $ 132,815 $ 446,782 $ 440,748 $ 429,044 $ 421,429 Reconciliation of Gross Margin Excluding Depreciation and Amortization to Gross Margin Sales $ 1,187,649 $ 3,926,885 $ 3,778,505 $ 3,748,973 $ 3,732,616 Materials, supplies, labor and other production costs (exclusive of depreciation and amortization) 607,941 2,026,367 1,963,153 1,950,633 1,972,221 Gross Margin excluding depreciation and amortization 579,708 1,900,518 1,815,352 1,798,340 1,760,395 Less depreciation and amortization for production activities 26,031 86,160 87,278 87,846 80,969 Gross Margin $ 553,677 $ 1,814,358 $ 1,728,074 $ 1,710,494 $ 1,679,426 Depreciation and amortization for production activities $ 26,031 $ 86,160 $ 87,278 $ 87,846 $ 80,969 Depreciation and amortization for selling, distribution and administrative activities 21,157 54,709 44,897 41,115 37,522 Total depreciation and amortization $ 47,188 $ 140,869 $ 132,175 $ 128,961 $ 118,491 Reconciliation of Selling, Distribution and Administrative Expenses ("SDA Expenses") to Adjusted SDA Expenses ²⁴ ¹⁸ ¹⁶ ⁷ ¹ Selling, distribution and administrative expenses $ 461,270 $ 1,464,236 $ 1,381,527 $ 1,368,289 $ 1,356,742 Lease terminations 1, Project Centennial consulting costs (15,406) Legal settlement (250) (10,500) Manufacturing facility closure costs and acquisition costs - - ($6,217) - - Effect of tortilla facility divestiture ,817 - Acquisition costs, net of Beefsteak break-up fee (17,776) Adjusted selling, distribution and administrative expenses $ 446,893 $ 1,453,736 $ 1,375,310 $ 1,370,106 $ 1,338,966
2 Reconciliation of Net Income Per Diluted Common Share to Adjusted Net Income Per Diluted Common Share ²⁵ ¹⁹ ¹³ ⁸ ⁴ Net income per diluted common share $ 0.29 $ 0.78 $ 0.89 $ 0.82 $ 1.09 Gain on divestiture (0.09) Lease terminations Project Centennial consulting costs Asset impairment Legal settlement Pension settlement/debt extinquishment/legal settlement Manufacturing facility closure costs and acquisition costs Bargain purchase gain (0.24) Acquisition costs, net of Beefsteak break-up fee Adjusted net income per diluted common share $ 0.25 $ 0.91 $ 0.92 $ 0.90 $ 0.91 Reconciliation of Operating Income (EBIT) to Adjusted EBIT ²⁶ ¹⁷ ¹¹ ⁶ ³ Operating Income (EBIT) $ 100,125 $ 263,890 $ 297,879 $ 275,395 $ 335,233 Gain on divestiture (28,875) Lease terminations Project Centennial consulting costs 15, Pension settlement loss - 6,646-15,387 - Manufacturing facility closure costs and acquisition costs - - 6, Acquisition costs, net of Beefsteak break-up fee ,776 Adjusted EBIT $ 87,471 $ 305,913 $ 308,573 $ 300,083 $ 302,938 Reconciliation of Operating Income (EBIT)-DSD Segment to Adjusted EBIT-DSD Segment ²⁷ ²⁰ ¹⁴ ⁹ ² Operating Income (EBIT)-DSD $ 87,394 $ 260,495 $ 302,361 $ 284,231 $ 347,114 Lease terminations Manufacturing facility closure costs Gain on acquisition (50,071) Adjusted EBIT-DSD Segment $ 88,209 $ 295,872 $ 306,868 $ 293,532 $ 297,043
3 Reconciliation of Income Tax Expense to Adjusted Income Tax Expense ²⁸ ²¹ ¹⁵ ¹⁰ ⁵ Income Tax Expense $ 34,659 $ 85,761 $ 103,840 $ 92,315 $ 91,479 Tax Impact of: Gain on divestiture (11,117) Lease terminations Project Centennial consulting costs 5, Asset impairment - 9,578 1,333 3,157 - Pension settlement loss - 2,559-5,477 - Legal Settlement 96 4,042 Manufacturing facility closure costs and acquisition costs - - 1, Tortilla facility divestiture gain, net of closure costs (308) - Acquisition costs, net of Beefsteak break-up fee ,311 Loss on extinguishment of debt Adjusted Income Tax Expense $ 29,787 $ 102,672 $ 107,015 $ 100,641 $ 97,790 Reconciliation of Net Income to Adjusted Net Income ²⁵ ¹⁹ ¹³ ⁸ ⁴ Net Income $ 60,418 $ 163,776 $ 189,191 $ 175,739 $ 230,894 Gain on divestiture (17,758) Lease terminations Project Centennial consulting costs 9, Asset impairment - 15,299 2,438 7,151 - Pension settlement loss - 4,087-9,910 - Legal settlement 154 6, Tortilla facility divestiture gain, net of closure costs (699) - Manufacturing facility closure costs and acquisition costs - - 5, Acquisition costs, net of Beefsteak break-up fee ,465 Loss on extinguishment of debt - 1, Adjusted Net Income $ 52,636 $ 190,788 $ 196,710 $ 192,101 $ 192,288 Reconciliation of Operating Income (EBIT) to EBITDA-DSD Segment** ²⁹ ²⁰ ¹⁴ Operating Income (EBIT)-DSD Segment $ 87,394 $ 260,495 $ 302,361 Lease terminations Asset impairment - 24,877 3,771 Legal settlement ,500 - Manufacturing facility closure costs Adjusted EBIT 88, , ,868 Depreciation and Amortization 41, , ,801 Depreciation on lease terminations (1,844) - - EBITDA-DSD Segment $ 127,427 $ 415,881 $ 422,669
4 Reconciliation of Operating Income (EBIT) to EBITDA-Warehouse Segment** ³⁰ Operating Income (EBIT)-Warehouse Segment $ 44,695 $ 58,465 $ 55,266 Gain on divestiture (28,875) - - Adjusted EBIT 15,820 58,465 55,266 Depreciation and Amortization 6,311 20,138 16,734 EBITDA-Warehouse Segment $ 22,131 $ 78,603 $ 72,000 Reconciliation of Operating Income (EBIT) to EBITDA-Corporate** ³¹ ²² ¹⁶ Operating Income (EBIT)-Corporate $ (31,964) $ (55,070) $ (59,748) Project Centennial consulting costs 15, Pension Settlement Loss - 6,646 - Acquisition costs - - $ 6,187 Adjusted EBIT (16,558) (48,424) (53,561) Depreciation and Amortization (185) 722 (360) EBITDA-Corporate $ (16,743) $ (47,702) $ (53,921) * Fiscal 2016, 2015, 2013 and 2012 were 52 week years. Fiscal 2014 was a 53 week year. During the fourth quarter of Fiscal 2014, the company revised net sales for each preceding quarter and the full year. Historically, certain immaterial discounts had been recorded as an expense to selling, distribution and administrative expenses. Those discounts are now recorded as contra revenue. See Note 3, Financial Statement Revisions, in our Annual Report on Form 10-K for the year ended January 3, 2015 for details of these revisions. ** For fiscal years 2013 through 2014, Non-GAAP financial information was not presented for EBITDA by segment. 1. Includes the impact of acquisition-related costs, net of Beefsteak break-up fee ($18.7 million less $0.9 million) 2. Includes the impact of bargain purchase gain ($50.1 million) 3. Includes the impact of bargain purchase gain ($50.1 million) and acquisition-related costs, net of Beefsteak break-up fee ($18.7 million less $0.9 million) 4. Includes the impact of bargain purchase gain ($50.1 million) and acquisition-related costs, net of Beefsteak break-up fee ($11.5 million, net of tax) 5. Tax impact of Beefsteak break-up fee ($6.3 million) 6. Includes the impact of asset impairment loss ($10.3 million), pension settlement loss ($15.4 million) and tortilla facility divestiture gain, net of costs ($1.0 million) 7. Includes the impact of tortilla facility divestiture-related gains ($1.8 million) 8. Includes the impact of asset impairment loss ($7.1 million, net of tax), pension settlement loss ($9.9 million, net of tax), and tortilla facility divestiture gain, net of costs ($0.7 million gain, net of tax) 9. Includes the impact of asset impairment loss ($10.3 million) and tortilla facility divestirue gain, net of costs ($1.0 million) 10. Tax impact of asset impairment loss ($3.2 million), pension settlement loss ($5.5 million) and tortilla facility divestiture gain, net of costs ($0.3 million) 11. Includes the impact of asset impairment loss ($3.8 million), acquisition-related costs ($6.2 million) and the closing of a manufacturing facility ($0.7 million) 12. Includes the impact of acquisition-related costs ($6.2 million) and the closing of a manufacturing facility 13. Includes the impact of acquisition-related costs ($4.6 million, net of tax), asset impairment loss ($2.4 million, net of tax) and the closing of a manufacturing facility ($0.5 million, net of tax) 14. Includes the impact of asset impairment loss ($3.8 million) and the closing of a manufacturing facility ($0.7 million) 15. Tax impact of asset impairment loss (1.3 million), acquisition-related costs ($1.6 million) and the closing of a manifacturing facility ($0.2 million) 16. Includes the impact of acquisition-related costs ($6.2 million) 17. Includes the impact of asset impairment ($24.9 million), pension settlement loss ($6.6 million) and legal settlement ($10.5 million) 18. Includes the impact of legal settlement ($10.5 million) 19. Includes the impact of asset impairment loss ($15.3 million, net of tax), legal settlement ($6.5 million, net of tax), pension settlement loss ($4.1 million, net of tax) and loss on extinguishment of debt ($1.2 million, net of tax) 20. Includes the impact of asset impairment loss ($24.9 million) and legal settlement ($10.5 million) 21. Tax impact of asset impairment ($9.6 million), pension settlement loss ($2.6 million), legal settlement ($4.0 million) and loss on extinguishment of debt ($0.7 million) 22. Includes the impact of pension settlement loss ($6.6 million) 23. Includes the impact of gain on sale of divestiture ($28.9 million), gain on lease terminations ($1.3 million), Project Centennial consulting costs ($15.4 million) and legal settlement ($0.25 million) 24. Includes the impact of gain on lease terminations ($1.3 million) Project Centennial consulting costs ($15.4 million) and legal settlement ($0.25 million) 25. Includes the impact of gain on sale of divestiture ($17.8 million, net of tax), loss on lease terminations ($0.4 million, net of tax and depreciation), Project Centennial consulting costs ($9.5 million, net of tax) and legal settlement ($0.15 million, net of tax) 26. Includes the impact of gain on sale of divestiture ($28.9 million), loss on lease terminations ($0.6 million), Project Centennial consulting costs ($15.4 million) and legal settlement ($0.25 million) 27. Includes the impact of loss on lease terminations ($0.6 million) and legal settlement ($0.25 million) 28. Tax impact of gain on sale of divestiture ($11.1 million), loss on lease terminations ($0.2 million), Project Centennial consulting costs ($5.9 million) and legal settlement ($0.1 million)
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