DALLAS, Dec. 19 /PRNewswire/ -- Fleming Companies, Inc. (NYSE: FLM)
reaffirmed today its earnings guidance of $.61 to $.65 per share for the
fourth quarter of 2001, $2.50 for 2002, and $3.30 for 2003.
"We remain extremely confident in our prospects for near- and long-term
growth," said Mark Hansen, chairman of the board and chief executive officer
of Fleming. "We continue to experience an active book of new business
opportunities that will fuel our growth and provide rapid diversification of
our existing customer base."
Additionally, Fleming said it believes that several institutional
investors purchased on Tuesday 3.4 million shares of its stock formerly held
by The Yucaipa Companies, a private Los Angeles-based investment firm.
Commenting on the stock transaction, Ron Burkle, Yucaipa's managing general
partner, said, "Yucaipa purchased the stock of Fleming in early 2001. The
Fleming stock has risen nearly 50% in less than a year, a significant return
that meets our targeted financial objectives. I continue to have the highest
regard for Fleming, its management and strategies that have distinguished the
company from its competitors. Business with non-traditional customers,
including both Kmart and Target, will drive Fleming's performance. As the
only 50-state distributor, Fleming is positioned for explosive growth both
today and in the future."
Fleming is the industry leader in distribution and has a growing presence
in value retailing. Fleming's primary business is buying and selling
merchandise. The company serves approximately 3,000 supermarkets, 6,800
convenience stores, and more than 2,000 supercenters, discount, limited
assortment, drug, specialty, and other stores across the United States. To
learn more about Fleming, visit our Web site at http://www.fleming.com .
Safe-Harbor Statement
This release includes forward-looking statements that (a) project or offer
guidance regarding earnings, revenues, or other financial results, (b) depend
on future events for their accuracy, or (c) rely upon projections and
assumptions which may prove to be inaccurate. These forward-looking statements
and the company's business and prospects are subject to a number of factors
that could cause actual results to differ materially, including: adverse
effects of the changing industry environment and increased competition; sales
declines and loss of customers; the ability to achieve the expected synergies
and anticipated cost savings from the Kmart alliance; unanticipated transition
and start-up costs related to the Kmart alliance; the ability to obtain
capital or obtain it on acceptable terms; unanticipated problems with product
procurement; exposure to litigation and other contingent losses; the inability
to integrate acquired companies and to achieve operating improvements at those
companies; increases in labor costs and disruptions in labor relations with
union bargaining units representing the company's employees; and negative
effects of the company's substantial indebtedness and the limitations imposed
by restrictive covenants contained in the company's debt instruments. These
and other risk factors are described in the company's Securities and Exchange
Commission reports, including but not limited to the company's Form 10-K. The
company undertakes no obligation to update forward-looking statements to
reflect developments or information obtained after the date hereof.
CONTACTS:
(Media) Shane Boyd 972.906.8824
(Media) Randy Hatcher 972.906.8823
(Investors-Equity) Meredith Anderson 972.906.8592
(Investors-Debt) Matt Hildreth 972.906.8126
SOURCE Fleming
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Related links:
http://www.fleming.com
Company News On-Call:
http://www.prnewswire.com/comp/901697.html
CONTACT:
media, Shane Boyd, +1-972-906-8824, or Randy
Hatcher, +1-972-906-8823, or investors-equity, Meredith Anderson,
+1-972-906-8592, or investors-debt, Matt Hildreth,
+1-972-906-8126, all of Fleming
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