Performance Food 1Q profit falls on takeover-related costs

Food distributor Performance Food Group on Monday said first-quarter profit fell 41 percent, due to expenses related to its pending takeover.

Quarterly profit fell 41 percent to $4.1 million, or 12 cents per share from $6.9 million, or 20 cents per share, in the same quarter last year. Excluding costs related to closing its location in Magee, Miss., and costs related to its pending acquisition, net income was 25 cents per share.

Revenue rose 9 percent to $1.67 billion from $1.53 billion.

Analysts polled by Thomson Financial predicted a profit of 21 cents per share on revenue of $1.66 billion.

Analyst estimates typically exclude one-time items.

In January, Richmond, Va.-based Performance Food agreed to be acquired for about $1.3 billion by an affiliate of private equity firm Blackstone Group and Wellspring Capital Management, a private investment company.

If shareholders approve the deal, Performance Food will be combined with Vistar Corp., a foodservice distributor that Blackstone and Wellspring Capital control.

Shareholders are expected to vote on May 14 and the deal is expected to close in the second quarter.

Shares of Performance Food Group rose 24 cents to close at $33.90.