MAUMEE, Ohio -- Seaway Food Town here said sales increased 2% for the second quarter ended March 1 to $155.9 million, from $152.8 million a year ago.
plit in a bid to increase investor awareness of the company and make Seaway stock more attractive to a broader investor audience.
Net income for the quarter was up 26.2%, to $1.85 million, or 84 cents per share, from $1.46 million, or 66 cents per share, a year ago.
Sales in stores that were in operation for the second quarter of both fiscal 1996 and 1997 were flat, the company said.
Seaway closed the quarter with 43 supermarkets (including 26 Food Town Plus combination stores) and 24 deep-discount drug stores under The Pharm banner located in Ohio and Michigan.
For the 26-week first half of fiscal 1997, Seaway reported sales of $303.8 million, up 2.3% from $297 million for the same period last year. Net income for the half rose 48.3% to $2.8 million, or $1.29 a share, from $1.9 million, or 87 cents per share a year ago.
Earnings before interest, taxes, depreciation, amortization and last-in, first-out charges/credits for the second quarter were $7.8 million, or 5.02% of sales, compared with $7.1 million, or 4.63% of sales, last year. For the half, EBITDA was $13.9 million, or 4.59% of sales, compared with $12.2 million, or 4.11% of sales, in the year-ago period.
