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Fleming takes fourth quarter charge

This article was originally published in The Rose Sheet

Executive Summary

Distributor Fleming Companies records $19.8 mil. pre-tax charge in fourth quarter related to Kmart bankruptcy reorganization, company says. Charge "represents reserves against Fleming's total $37.8 mil. in pre-petition receivables from Kmart and against certain slow-moving Kmart-related inventory," Fleming adds, noting it intends to pursue collection of all money it is owed through bankruptcy court. Distribution segment sales increased 31% in the quarter on a 12-week comparable basis, and earnings before interest, taxes, depreciation and amortization were up 20% to $137.9 mil. Fleming is exclusive foods and consumable goods distributor to Kmart and distributes for Procter & Gamble and Dial among others. Kmart filed for bankruptcy in January (1"The Rose Sheet" Jan. 28, 2002, p. 7)...

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