Businessweek

Core-Mark Holding Company, Inc. reported consolidated unaudited earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net sales of $2,145.7 million compared with $2,100.7 million for the same period last year. Income from operations was $5.1 million compared with $6.1 million for the same period last year. Income before income taxes was $4.1 million compared with $5.7 million for the same period last year. Net income was $2.6 million or $0.22 diluted per share compared with $3.6 million or $0.31 diluted per share for the same period last year. Diluted adjusted EPS was $0.36 compared with $0.39 for the same period last year. Adjusted EBITDA was $15.9 million compared to $16.7 million a year ago. Net cash provided by operating activities was $60.3 million against $91.7 million a year ago. Additions to property and equipment, net was $1.7 million against $5.5 million a year ago. The company expects annual net sales in 2013 to be between $9.8 billion and $10.0 billion, a 10% to 12% increase compared to 2012. This expected growth is driven by incremental sales from recent acquisition of J.T. Davenport, market share gains including recently announced contract with Turkey Hill and additional penetration into existing stores, leveraging vendor consolidation and focused marketing initiatives. Adjusted EBITDA for 2013 is expected to be between $112 million and $115 million, an 11% to 14% increase over 2012 which includes some start-up and conversion costs associated with the recent acquisition. Diluted earnings per share for the full year are expected to be between $3.10 and $3.25 or between $3.90 and $4.05 excluding the impact of LIFO expense. Capital expenditures for 2013 are expected to approach $30 million, which will be utilized for expansion projects and maintenance investments. The company is still guiding to a 40% tax rate for the full year. The company is still forecasting free cash flow for the year to be between $55 million and $60 million, an increase of over 10% compared to 2012, depending on any unusual year and activities.

Core-Mark Holding Company, Inc. announced the signing of a three year distribution agreement with Turkey Hill, operates 268 convenience stores across Pennsylvania, Ohio and Indiana including the new store in Marysville, Ohio.

Core-Mark Holding Company, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.19 per common share. The dividend is payable on June 17, 2013 to shareholders of record as of the close of business on May 24, 2013.

True Drinks, Inc. announced an agreement with Core-Mark. Core-Mark services traditional convenience retailers, grocers, mass merchandisers, drug, liquor and specialty stores, and other stores that carry consumer packaged goods.

Core-Mark Holding Company, Inc., Annual General Meeting, May 24, 2013., at 10:00 Pacific Daylight. Location: Marriott San Mateo. Agenda: To consider the election of nine directors; to approve executive compensation; and to consider ratification of the appointment of Deloitte & Touche LLP as Core-Mark’s independent registered public accounting firm for the fiscal year ending December 31, 2013; and to consider the transaction of such other business that may properly come before the Annual Meeting.