NASH FINCH COMPANY AND SUBSIDIARIES

Consolidated Balance Sheets

(In thousands, except per share amounts)

Assets

March 24, 2012

December 31, 2011

Current assets:

Cash and cash equivalents

$

700

773

Accounts and notes receivable, net

246,603

243,763

Inventories

322,386

308,621

Prepaid expenses and other

15,859

17,329

Deferred tax assets

6,157

6,896

Total current assets

591,705

577,382

Notes receivable, net

23,442

23,221

Property, plant and equipment:

688,060

686,794

Less accumulated depreciation and amortization

(418,486)

(413,695)

Net property, plant and equipment

269,574

273,099

Goodwill

171,092

170,941

Customer contracts and relationships, net

14,863

15,399

Investment in direct financing leases

2,603

2,677

Other assets

11,240

11,049

Total assets

$

1,084,519

1,073,768

Liabilities and Stockholders' Equity

Current liabilities:

Current maturities of long-term debt and capital lease obligations

$

2,533

2,932

Accounts payable

234,898

234,722

Accrued expenses

49,199

61,459

Total current liabilities

286,630

299,113

Long-term debt

298,146

278,546

Capital lease obligations

15,358

15,905

Deferred tax liability, net

41,002

40,671

Other liabilities

35,657

34,910

Commitments and contingencies

-

-

Stockholders' equity:

Preferred stock - no par value.

Authorized 500 shares; none issued

-

-

Common stock of $1.66 2/3 par value

Authorized 50,000 shares; 13,751 and 13,727 shares issued, respectively

22,918

22,878

Additional paid-in capital

118,191

118,222

Common stock held in trust

(1,254)

(1,254)

Deferred compensation obligations

1,254

1,254

Accumulated other comprehensive loss

(14,707)

(14,707)

Retained earnings

333,564

330,470

Treasury stock at cost; 1,541 shares

(52,240)

(52,240)

Total stockholders' equity

407,726

404,623

Total liabilities and stockholders' equity

$

1,084,519

1,073,768