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Prepared and filed by St Ives Financial
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<p align="center"><b><font face="serif" size="4">SECURITIES AND EXCHANGE
COMMISSION</font></b><br>
<font size="2" face="serif"><b>Washington, D.C. 20549</b></font></p>
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<p align="center"><b><font face="serif" size="4">FORM 8-K</font></b></p>
<p align="center"><font size="2" face="serif"><b>Current Report</b></font><br>
<font size="2" face="serif"><b>Pursuant to Section 13 or 15(d) of the</b></font><br>
<font size="2" face="serif"><b>Securities Exchange Act of 1934</b></font></p>
<p align="center"><font size="2" face="serif"><b>January 9, 2007</b></font><br>
<font size="2" face="serif"><b>Date of Report (Date of earliest event reported)</b></font></p>
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<p align="center"><b><font face="serif" size="4">THE GREAT ATLANTIC &amp; PACIFIC</font></b><br>
<b><font face="serif" size="4">TEA COMPANY, INC.</font></b><br>
<font size="2" face="serif"><b>(Exact name of registrant as specified in its charter<font face="serif" size="1">)</font></b></font></p>
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<td width="33%"><font size="2" face="serif"><b>Maryland</b></font></td>
<td width="33%"><font size="2" face="serif"><b>1-4141</b></font></td>
<td width="29%"><font size="2" face="serif"><b>13-1890974</b></font></td>
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<td><font size="2" face="serif"><b>(State or other jurisdiction of</b></font><br><font size="2" face="serif"><b>incorporation or organization)</b></font></td>
<td><font size="2" face="serif"><b>(Commission file number)</b></font></td>
<td><font size="2" face="serif"><b>(I.R.S. Employer</b></font><br><font size="2" face="serif"><b>Identification No.)</b></font></td>
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<p align="center"><font size="2" face="serif"><b>Two Paragon Drive</b></font><br>
<font size="2" face="serif"><b>Montvale, New Jersey 07645</b></font><br>
<font size="2" face="serif"><b>(Address of principal executive offices)</b></font></p>
<p align="center"><font size="2" face="serif"><b>(201) 573&#150;9700</b></font><br>
<font size="2" face="serif"><b>(Registrant&#146;s telephone number, including area code)</b></font></p>
<p align="center"><font size="2" face="serif"><b>Not Applicable</b></font><br>
<font size="2" face="serif"><b>(Former name or former address, if changed since last report)</b></font></p>
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<p align="left"><font size="2" face="serif">Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </font></p>
<p align="left"><font size="2" face="serif" align="left"><img src="emptybox.gif" width="12" height="12">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425) </font></p>
<p align="left"><font size="2" face="serif" align="left"><img src="emptybox.gif" width="12" height="12">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12) </font></p>
<p align="left"><font size="2" face="serif" align="left"><img src="emptybox.gif" width="12" height="12">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d- 2(b)) </font></p>
<p align="left"><font size="2" face="serif" align="left"><img src="emptybox.gif" width="12" height="12">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </font></p>
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<p align="left"><font size="2" face="serif"><b>Item 2.02 Regulation FD Disclosure</b></font></p>
<p align="left"><font size="2" face="serif">On January 9, 2007, The Great Atlantic &amp; Pacific Tea Company, Inc. issued a press release announcing its unaudited fiscal 2006 third quarter and year to date results for the 12 and 40 weeks ended December 2, 2006.  A copy of the press release is attached as Exhibit 99.1 to this Current Report.</font></p>
<p align="left"><font size="2" face="serif">In accordance with General Instruction B.2 of Form 8-K, the information furnished in this Item 2.02 shall not be deemed &#147;filed&#148; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.</font></p>
<p align="left"><font size="2" face="serif">To supplement the consolidated financial results as determined in accordance with generally accepted accounting principles (&#147;GAAP&#148;), the press release presents non-GAAP financial measures for &#147;EBITDA.&#148; EBITDA is defined as earnings before interest, taxes, depreciation, amortization, minority interest, equity in earnings of Metro, Inc., discontinued operations and the gain on the sale of A&amp;P Canada.  Ongoing, operating EBITDA is defined as EBITDA adjusted for items the Company considers non-operating in nature that management excludes when evaluating the results of the U.S. ongoing business.  The Company believes the presentation of these measures is relevant and useful for investors because it allows investors to view
results in a manner similar to the method used by the Company&#146;s management and makes it easier to compare the Company&#146;s results with other companies that have different financing and capital structures or tax rates. In addition, these measures are also among the primary measures used externally by the Company&#146;s investors, analysts and peers in its industry for purposes of valuation and comparing the results of the Company to other companies in its industry. Ongoing, operating EBITDA is reconciled to Net Cash provided by Operating Activities on Schedule 4 of this release.</font></p>
<p align="left"><font size="2" face="serif"><b>Item 9.01 Financial Statements
      and Exhibits</b></font></p>
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    <td colspan="2"><font size="2" face="serif">&nbsp;(c). Exhibits.</font></td>
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    <td><font size="2" face="serif">Exhibit 99.1</font></td>
    <td><font size="2" face="serif">Press
Release of The Great Atlantic &amp; Pacific Tea Company, Inc., dated &nbsp;January
9, 2007.</font></td>
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    <td>&nbsp;</td>
    <td width="12%">&nbsp;</td>
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<p align="center"><font size="2" face="serif"><b>SIGNATURES</b></font></p>
<p align="left"><font size="2" face="serif">Pursuant to the requirements of the
    Securities Exchange Act of 1934, the registrant has duly caused this report
    to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
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    <td colspan="2"><font size="2" face="serif"><b>THE&nbsp;GREAT&nbsp;ATLANTIC&nbsp;&amp;&nbsp;PACIFIC&nbsp;TEA&nbsp;COMPANY,&nbsp;INC.</b></font></td>
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    <td width="6%">&nbsp;</td>
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    <td>&nbsp;</td>
    <td><font size="2" face="serif">By:</font></td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td><font size="2" face="serif">Name:</font></td>
    <td align="center"><font size="2" face="serif">Brenda Galgano</font></td>
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    <td><font size="2" face="serif">Title:</font></td>
    <td align="center"><font size="2" face="serif">Senior Vice President </font><br>
    <font size="2" face="serif"> And Chief Financial Officer</font></td>
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    <td><font size="2" face="serif">Dated: January 9, 2007</font></td>
    <td>&nbsp;</td>
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<p align="center"><font size="2" face="serif"><b>EXHIBIT INDEX</b></font></p>
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    <td width="12%"><font size="2" face="serif"><b><u>Exhibit No</u>.</b></font></td>
    <td><font size="2" face="serif"><b><u>Description</u></b></font></td>
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    <td><font size="2" face="serif" align="left"><b>99.1</b></font></td>
    <td><font size="2" face="serif" align="left"> <b>Press Release dated January
    9, 2007.</b></font></td>
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<p align="left"><font size="2" face="serif" align="left">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p align="center"><font size=2 face="serif"><b>The Great Atlantic &amp; Pacific
    Tea Company, Inc.

<br>
Schedule 1 - GAAP Earnings for the 12 and 40 weeks ended December 2, 2006 and
December 3, 2005 <br>
(Unaudited) <br>
(In thousands, except share amounts and store data)</b></font></p>
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    <td width="44%" align="left">&nbsp;</td>
    <td width="1%" align="center"><font size="2">&nbsp;</font></td>
    <td align="center"><b><font size=1 face="serif">12 Weeks Ended</font></b></td>
    <td align="center">&nbsp;</td>
    <td width="1%" align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td align="center"><b><font size=1 face="serif">40 Weeks Ended</font></b></td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td width="2%">&nbsp;</td>
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    <td align="left">&nbsp;</td>
    <td width="1%"><font size="2">&nbsp;</font></td>
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    </td>
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    <td align="left">&nbsp;</td>
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    </td>
    <td align="left">&nbsp;</td>
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    </td>
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    <td align="left">&nbsp;</td>
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    </td>
    <td>&nbsp;</td>
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    <td align="left">&nbsp;</td>
    <td width="1%" align="center"><font size="2">&nbsp;</font></td>
    <td align="center"><b><font size=1 face="serif">December 2, 2006</font></b></td>
    <td width="2%" align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="center"><b><font size=1 face="serif">December 3, 2005</font></b></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="center"><b><font size=1 face="serif">December 2, 2006</font></b></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="1%" align="left">&nbsp;</td>
    <td align="center"><b><font size=1 face="serif">December 3, 2005</font></b></td>
    <td>&nbsp;</td>
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    <td align="left">&nbsp;</td>
    <td width="1%"><font size="2">&nbsp;</font></td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
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    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td>&nbsp;</td>
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    <td align="left">&nbsp;</td>
    <td width="1%" align="center"><font size="2">&nbsp;</font></td>
    <td align="center">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
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    <td align="left"><font size=1 face="serif">Sales</font></td>
    <td width="1%" align="left"><font size="1">$</font></td>
    <td align="right"><font size=1 face="serif">1,543,004</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="1">$</font></td>
    <td align="right"><font size=1 face="serif">1,580,942</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="1">$</font></td>
    <td align="right"><font size=1 face="serif">5,242,149</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="1">$</font></td>
    <td align="right"><font size=1 face="serif">7,132,824</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
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    <td align="left"><font size=1 face="serif">Cost of merchandise sold</font></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=1 face="serif">(1,078,439</font></td>
    <td align="left"><font size=1 face="serif">)</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">(1,116,399</font></td>
    <td align="left"><font size=1 face="serif">)</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">(3,658,042</font></td>
    <td align="left"><font size=1 face="serif">)</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">(5,113,659</font></td>
    <td><font size=1 face="serif">)</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="1%"><font size="2">&nbsp;</font></td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td>&nbsp;</td>
  </tr>
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    <td align="left"><div style="margin-left: 6%; text-indent: -3%"><font size="1"><font face="serif">Gross
    margin</font></font></div></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=1 face="serif">464,565</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">464,543</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">1,584,107</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">2,019,165</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size=1 face="serif">Store operating, general and administrative
        expense</font></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=1 face="serif">(463,413</font></td>
    <td align="left"><font size=1 face="serif">)</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">(546,100</font></td>
    <td align="left"><font size=1 face="serif">)</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">(1,591,162</font></td>
    <td align="left"><font size=1 face="serif">)</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">(2,283,928</font></td>
    <td><font size="1">&nbsp;</font><font size=1 face="serif">)</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="1%"><font size="2">&nbsp;</font></td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><div style="margin-left: 6%; text-indent: -3%"><font size="1"><font face="serif">Income
    (loss) from operations</font></font></div></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=1 face="serif">1,152</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">(81,557)</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">(7,055)</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">(264,763)</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size=1 face="serif">(Loss) gain on sale of Canadian
        operations</font></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=1 face="serif">(599</font></td>
    <td align="left"><font size=1 face="serif">)</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">(6,083</font></td>
    <td align="left"><font size=1 face="serif">)</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">(890</font></td>
    <td align="left"><font size=1 face="serif">)</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">912,468</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size=1 face="serif">Interest expense</font></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=1 face="serif">(17,171</font></td>
    <td align="left"><font size=1 face="serif">)</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">(15,398</font></td>
    <td align="left"><font size=1 face="serif">)</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">(56,221</font></td>
    <td align="left"><font size=1 face="serif">)</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">(76,783</font></td>
    <td><font size=1 face="serif">)</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size=1 face="serif">Interest income</font></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=1 face="serif">1,845</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">4,803</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">8,472</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">9,146</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td height="13" align="left"><font size=1 face="serif">Minority interest
        in earnings of consolidated franchisees</font></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">(1,131</font></td>
    <td><font size=1 face="serif">)</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size=1 face="serif">Equity in earnings of Metro, Inc.</font></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=1 face="serif">11,023</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">3,397</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">30,840</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">3,397</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="1%"><font size="2">&nbsp;</font></td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><div style="margin-left: 6%; text-indent: -3%"><font face="serif"><font size="1">(Loss)
    income from continuing operations before income taxes</font></font><font size="1">&nbsp;</font></div></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=1 face="serif">(3,750</font></td>
    <td align="left"><font size=1 face="serif">)</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">(94,838</font></td>
    <td align="left"><font size=1 face="serif">)</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">(24,854</font></td>
    <td align="left"><font size=1 face="serif">)</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">582,334</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size=1 face="serif">Benefit from (provision for) income
        taxes</font></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=1 face="serif">43,702</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">21,279</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">58,584</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">(152,885</font></td>
    <td><font size=1 face="serif">)</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="1%"><font size="2">&nbsp;</font></td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><div style="margin-left: 6%; text-indent: -3%"><font face="serif"><font size="1">Income
    (loss) from continuing operations</font></font></div></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=1 face="serif">39,952</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">(73,559</font></td>
    <td align="left"><font size=1 face="serif">)</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">33,730</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">429,449</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size=1 face="serif">Discontinued operations:</font></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><div style="margin-left: 6%; text-indent: -3%"><font size="1"><font face="serif">Income
            from operations of discontinued businesses,</font> &nbsp;<font face="serif">net
    of tax</font></font></div></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=1 face="serif">755</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">1,972</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">357</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">1,704</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><div style="margin-left: 6%; text-indent: -3%"><font size="1"><font face="serif">Gain
    on disposal of discontinued businesses, net of tax</font></font></div></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">577</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">577</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="1%"><font size="2">&nbsp;</font></td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><div style="margin-left: 6%; text-indent: -3%"><font size="1"><font face="serif">Income
    from discontinued operations</font></font></div></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=1 face="serif">755</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">2,549</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">357</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">2,281</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="1%"><font size="2">&nbsp;</font></td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size=1 face="serif">Net income (loss)</font></td>
    <td width="1%" align="left"><font size="1">$</font></td>
    <td align="right"><font size=1 face="serif">40,707</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="1">$</font></td>
    <td align="right"><font size=1 face="serif">(71,010</font></td>
    <td align="left"><font size=1 face="serif">)</font></td>
    <td align="left"><font size="1">$</font></td>
    <td align="right"><font size=1 face="serif">34,087</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="1">$</font></td>
    <td align="right"><font size=1 face="serif">431,730</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="1%"><font size="2">&nbsp;</font></td>
    <td><hr noshade size=2>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=2>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=2>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=2>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size=1 face="serif">Net income (loss) per share -
        basic:</font></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><div style="margin-left: 6%; text-indent: -3%"><font size="1"><font face="serif">Continuing
    operations</font></font></div></td>
    <td width="1%" align="right"><font size="1">$</font><font size="2">&nbsp;</font></td>
    <td align="right"><font size=1 face="serif">0.96</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="1">$</font></td>
    <td align="right"><font size=1 face="serif">(1.80)</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="1">$</font></td>
    <td align="right"><font size=1 face="serif">0.81</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="1">$</font></td>
    <td align="right"><font size=1 face="serif">10.71</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><div style="margin-left: 6%; text-indent: -3%"><font size="1"><font face="serif">Discontinued
    operations</font></font></div></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=1 face="serif">0.02</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">0.06</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">0.01</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">0.06</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="1%"><font size="2">&nbsp;</font></td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size=1 face="serif">Net income (loss) per share -
        basic</font></td>
    <td width="1%" align="right"><font size="1">$</font><font size="2">&nbsp;</font></td>
    <td align="right"><font size=1 face="serif">0.98</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="1">$</font></td>
    <td align="right"><font size=1 face="serif">(1.74)</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="1">$</font></td>
    <td align="right"><font size=1 face="serif">0.82</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="1">$</font></td>
    <td align="right"><font size=1 face="serif">10.77</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="1%"><font size="2">&nbsp;</font></td>
    <td><hr noshade size=2>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=2>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=2>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=2>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size="1">&nbsp;</font></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size="1">&nbsp;</font></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size=1 face="serif">Net income (loss) per share -
        diluted:</font></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size="1"><b>&nbsp;&nbsp;&nbsp;</b><font face="serif">Continuing
            operations</font></font></td>
    <td width="1%" align="right"><font size="1">$</font><font size="2">&nbsp;</font></td>
    <td align="right"><font size=1 face="serif">0.95</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="1">$</font></td>
    <td align="right"><font size=1 face="serif">(1.80</font></td>
    <td align="left"><font size=1 face="serif">)</font></td>
    <td align="left"><font size="1">$</font></td>
    <td align="right"><font size=1 face="serif">0.80</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="1">$</font></td>
    <td align="right"><font size=1 face="serif">10.56</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size="1"><b>&nbsp;&nbsp;</b>&nbsp;<font face="serif">Discontinued
            operations</font></font></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=1 face="serif">0.02</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">0.06</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">0.01</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">0.06</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="1%"><font size="2">&nbsp;</font></td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size=1 face="serif">Net income (loss) per share -
        diluted</font></td>
    <td width="1%" align="right"><font size="1">$</font><font size="2">&nbsp;</font></td>
    <td align="right"><font size=1 face="serif">0.97</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="1">$</font></td>
    <td align="right"><font size=1 face="serif">(1.74</font></td>
    <td align="left"><font size=1 face="serif">)</font></td>
    <td align="left"><font size="1">$</font></td>
    <td align="right"><font size=1 face="serif">0.81</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="1">$</font></td>
    <td align="right"><font size=1 face="serif">10.62</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="1%"><font size="2">&nbsp;</font></td>
    <td><hr noshade size=2>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=2>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=2>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=2>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size="1">&nbsp;</font></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size=1 face="serif">Weighted average common shares
        outstanding - basic</font></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=1 face="serif">41,499,554</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">40,997,714</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">41,403,346</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">40,075,391</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="1%"><font size="2">&nbsp;</font></td>
    <td><hr noshade size=2>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=2>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=2>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=2>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size=1 face="serif">Weighted average common shares
        outstanding - diluted</font></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=1 face="serif">42,020,446</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">40,997,714</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">41,904,766</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">40,634,565</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="1%"><font size="2">&nbsp;</font></td>
    <td><hr noshade size=2>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=2>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=2>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=2>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size="1">&nbsp;</font></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size=1 face="serif">Gross margin rate</font></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=1 face="serif">30.11</font></td>
    <td align="left"><font size=1 face="serif">%</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">29.38</font></td>
    <td align="left"><font size=1 face="serif">%</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">30.22</font></td>
    <td align="left"><font size=1 face="serif">%</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">28.31</font></td>
    <td align="left"><font size=1 face="serif">%</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size=1 face="serif">Store operating, general and administrative
        expense rate</font></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=1 face="serif">30.03</font></td>
    <td align="left"><font size=1 face="serif">%</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">34.54</font></td>
    <td align="left"><font size=1 face="serif">%</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">30.35</font></td>
    <td align="left"><font size=1 face="serif">%</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">32.02</font></td>
    <td align="left"><font size=1 face="serif">%</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size="1">&nbsp;</font></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&nbsp;</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size=1 face="serif">United States depreciation and
        amortization</font></td>
    <td width="1%" align="left"><font size="1">$</font><font size="2">&nbsp;</font></td>
    <td align="right"><font size=1 face="serif">40,556</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="1">$</font></td>
    <td align="right"><font size=1 face="serif">46,274</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="1">$</font></td>
    <td align="right"><font size=1 face="serif">135,775</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="1">$</font></td>
    <td align="right"><font size=1 face="serif">153,100</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size=1 face="serif">Canada depreciation and amortization</font></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="1">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">10,942</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="1%"><font size="2">&nbsp;</font></td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=1>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size=1 face="serif">Total A&amp;P depreciation and
        amortization</font></td>
    <td width="1%" align="left"><font size="1">$</font><font size="2">&nbsp;</font></td>
    <td align="right"><font size=1 face="serif">40,556</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="1">$</font></td>
    <td align="right"><font size=1 face="serif">46,274</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="1">$</font></td>
    <td align="right"><font size=1 face="serif">135,775</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="1">$</font></td>
    <td align="right"><font size=1 face="serif">164,042</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="1%"><font size="2">&nbsp;</font></td>
    <td><hr noshade size=2>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=2>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=2>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=2>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size=1 face="serif">The Number of stores operated at
        end of quarter</font></td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size=1 face="serif">410</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">407</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">410</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size=1 face="serif">407</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="1%"><font size="2">&nbsp;</font></td>
    <td><hr noshade size=2>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=2>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=2>
    </td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td><hr noshade size=2>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td width="1%" align="right"><font size="2">&nbsp;</font></td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>

<p>&nbsp;</p>
<hr noshade align="center" width="100%" size=2>

<page>
<!--$$/page=-->
<p align="center">
  <font size=2 face="serif"><b>The Great Atlantic &amp; Pacific Tea Company,
  Inc.</b></font><b><font size="2">
</font></b><br>
<b><font size="2">
<font face="serif">Schedule 2 - Condensed Balance Sheet Data <br>
(Unaudited) <br>
(In
millions, except per share and store data)</font>
</font></b></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
<tr>
   <td>&nbsp;</td>
   <td width="1%">&nbsp;</td>
   <td width="15%" align="center"><b><font size=1 face="serif">December 2, 2006</font></b></td>
   <td width="5%" align="center">&nbsp;</td>
   <td width="1%" align="center">&nbsp;</td>
   <td width="15%" align="center"><b><font size=1 face="serif">February 25, 2006</font></b></td>
   <td width="2%">&nbsp;</td>
</tr>
<tr>
  <td><font size="2">&nbsp;</font></td>
  <td colspan=2><hr noshade size=1>
  </td>
  <td><hr noshade size=1>
  </td>
  <td colspan=2><hr noshade size=1>
  </td>
  <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td width="15%">&nbsp;</td>
   <td width="5%">&nbsp;</td>
   <td>&nbsp;</td>
   <td width="15%">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=2 face="serif">Cash and short-term investments</font></td>
   <td><font size=2 face="serif">$</font></td>
   <td align="right"><font size=2 face="serif">93</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size=2 face="serif">$</font></td>
   <td align="right"><font size=2 face="serif">230</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size=2 face="serif">Other current assets</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size=2 face="serif">753</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size=2 face="serif">980</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
  <td><font size="2">&nbsp;</font></td>
  <td colspan=2><hr noshade size=1>
  </td>
  <td>&nbsp;  </td>
  <td colspan=2><hr noshade size=1>
  </td>
  <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><div style="margin-left: 6%; text-indent: -3%"><font size="2"><font face="serif">Total
    current assets</font></font></div></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size=2 face="serif">846</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td colspan=2 align="right"><font size=2 face="serif">1,210</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size=2 face="serif">Property-net</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size=2 face="serif">949</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size=2 face="serif">898</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size=2 face="serif">Equity investment in Metro, Inc.</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size=2 face="serif">367</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size=2 face="serif">339</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size=2 face="serif">Other assets</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size=2 face="serif">55</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size=2 face="serif">52</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
  <td><font size="2">&nbsp;</font></td>
  <td colspan=2><hr noshade size=1>
  </td>
  <td>&nbsp;  </td>
  <td colspan=2><hr noshade size=1>
  </td>
  <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><div style="margin-left: 6%; text-indent: -3%"><font size=2 face="serif">Total assets    &nbsp;</font></div> </td>
   <td><font size=2 face="serif">$</font></td>
   <td align="right"><font size=2 face="serif">2,217</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size=2 face="serif">$</font></td>
   <td align="right"><font size=2 face="serif">2,499</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
  <td><font size="2">&nbsp;</font></td>
  <td colspan=2><hr noshade size=2>
  </td>
  <td>&nbsp;</td>
  <td colspan=2><hr noshade size=2>
  </td>
  <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size=2 face="serif">Total current liabilities</font></td>
   <td><font size=2 face="serif">$</font></td>
   <td align="right"><font size=2 face="serif">568</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size=2 face="serif">$</font></td>
   <td align="right"><font size=2 face="serif">610</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
  <td><font size=2 face="serif">Total non-current liabilities</font></td>
  <td><font size="2">&nbsp;</font></td>
  <td align="right"><font size=2 face="serif">1,227</font></td>
  <td><font size="2">&nbsp;</font></td>
  <td><font size="2">&nbsp;</font></td>
  <td align="right"><font size=2 face="serif">1,217</font></td>
  <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size=2 face="serif">Stockholders' equity</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size=2 face="serif">422</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size=2 face="serif">672</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size="2">&nbsp;</font></td>
   <td colspan=2><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td colspan=2><hr noshade size=1></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><div style="margin-left: 6%; text-indent: -3%"><font size="2">&nbsp;<font face="serif">Total
    liabilities and stockholders' equity</font></font></div></td>
   <td><font size=2 face="serif">$</font></td>
   <td align="right"><font size=2 face="serif">2,217</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size=2 face="serif">$</font></td>
   <td align="right"><font size=2 face="serif">2,499</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
  <td><font size="2">&nbsp;</font></td>
  <td colspan=2><hr noshade size=2>
  </td>
  <td>&nbsp;</td>
  <td colspan=2><hr noshade size=2>
  </td>
  <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size=2 face="serif"><u>Other Statistical Data</u></font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size=2 face="serif">Total Debt and Capital Leases</font></td>
   <td><font size=2 face="serif">$</font></td>
   <td align="right"><font size=2 face="serif">407</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size=2 face="serif">$</font></td>
   <td align="right"><font size=2 face="serif">282</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size=2 face="serif">Total Long Term Real Estate Liabilities</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size=2 face="serif">301</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size=2 face="serif">297</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size=2 face="serif">Temporary Investments and Marketable Securities</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size=2 face="serif">(92</font></td>
   <td><font size=2 face="serif">)</font></td>
   <td colspan=2 align="right"><font size=2 face="serif">(465</font></td>
   <td><font size=2 face="serif">)</font></td>
</tr>
<tr>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><hr noshade size=1></td>
   <td><font size="2">&nbsp;</font></td>
   <td colspan=2><hr noshade size=1></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><div style="margin-left: 6%; text-indent: -3%"><font size="2"><font face="serif">Net
    Debt</font></font></div></td>
   <td><font size=2 face="serif">$</font></td>
   <td align="right"><font size=2 face="serif">616</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size=2 face="serif">$</font></td>
   <td align="right"><font size=2 face="serif">114</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
  <td><font size=2 face="serif">Total Retail Square Footage (in thousands)</font></td>
  <td><font size="2">&nbsp;</font></td>
  <td align="right"><font size=2 face="serif">16,737</font></td>
  <td><font size="2">&nbsp;</font></td>
  <td><font size="2">&nbsp;</font></td>
  <td align="right"><font size=2 face="serif">16,509</font></td>
  <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size=2 face="serif">Book Value Per Share</font></td>
   <td><font size=2 face="serif">$</font></td>
   <td align="right"><font size=2 face="serif">10.17</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size=2 face="serif">$</font></td>
   <td align="right"><font size=2 face="serif">16.32</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="center"><b><font size=1 face="serif">For the 40</font></b></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="center"><b><font size=1 face="serif">For the 40</font></b></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="center"><b><font size=1 face="serif">weeks ended</font></b></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="center"><b><font size=1 face="serif">weeks ended</font></b></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="center"><b><font size=1 face="serif">December 2, 2006</font></b></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="center"><b><font size=1 face="serif">December 3, 2005</font></b></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><hr noshade size=1></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><hr noshade size=1></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td align="right"><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr>
   <td><font size=2 face="serif">Capital Expenditures</font></td>
   <td><font size=2 face="serif">$</font></td>
   <td align="right"><font size=2 face="serif">184</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size=2 face="serif">$</font></td>
   <td align="right"><font size=2 face="serif">135</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
</table>

<p>&nbsp;</p>
<hr noshade align="center" width="100%" size=2>

<page>

<!--$$/page=-->
<p align="center">
  <font size=2 face="serif"><b>The Great Atlantic &amp; Pacific Tea Company,
  Inc.</b></font><font size="2"><b>  <br>
  <font face="serif">Schedule 3 - Reconciliation of GAAP (Loss) Income from Operations to Adjusted (Loss) Income from Operations <br>
for the 12 and 40 weeks ended December 2, 2006 and December 3, 2005 <br>
(Unaudited)<br>
(In thousands, except share
amounts and store data)</font>
  </b></font> </p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
<tr>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td colspan=4 align="center"><b><font size=1 face="serif">12 Weeks Ended</font></b></td>
   <td align="center">&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td colspan=4 align="center"><b><font size=1 face="serif">40 Weeks Ended</font></b></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td colspan=4><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td colspan=4><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td width="1%" align="left">&nbsp;</td>
   <td width="9%" align="center"><b><font size=1 face="serif">December 2,</font></b></td>
   <td width="2%" align="center">&nbsp;</td>
   <td width="1%" align="left">&nbsp;</td>
   <td width="9%" align="center"><b><font size=1 face="serif">December 3,</font></b></td>
   <td width="2%" align="center">&nbsp;</td>
   <td width="1%" align="left">&nbsp;</td>
   <td width="9%" align="center"><b><font size=1 face="serif">December 2,</font></b></td>
   <td width="2%" align="center">&nbsp;</td>
   <td width="1%" align="left">&nbsp;</td>
   <td width="9%" align="center"><b><font size=1 face="serif">December 3,</font></b></td>
   <td width="2%">&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="center"><b><font size=1 face="serif">2006</font></b></td>
   <td align="center">&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="center"><b><font size=1 face="serif">2005</font></b></td>
   <td align="center">&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="center"><b><font size=1 face="serif">2006</font></b></td>
   <td align="center">&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="center"><b><font size=1 face="serif">2005</font></b></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><font size=1 face="serif">As reported income (loss) from operations</font></td>
   <td align="left"><font size=1 face="serif">$</font></td>
   <td align="right"><font size=1 face="serif">1,152</font></td>
   <td>&nbsp;</td>
   <td align="left"><font size=1 face="serif">$</font></td>
   <td align="right"><font size=1 face="serif">(81,557</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td align="left"><font size=1 face="serif">$</font></td>
   <td align="right"><font size=1 face="serif">(7,055</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td align="left"><font size=1 face="serif">$</font></td>
   <td align="right"><font size=1 face="serif">(264,763</font></td>
   <td align="left"><font size=1 face="serif">)</font></td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=1></td>
   <td><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=1></td>
   <td><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><font size=1 face="serif">Adjustments:</font></td>
   <td align="left">&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><div style="margin-left: 6%; text-indent: -3%"><font size=1 face="serif">Midwest
    exit costs</font></div></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">4</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">18,781</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">77</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">104,896</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><div style="margin-left: 6%; text-indent: -3%"><font size=1 face="serif">Net
         restructuring costs, primarily related to the sale of the U.S.</font> <font size=1 face="serif">distribution
    operations to C&amp;S</font></div></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">172</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">14,812</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">3,245</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">89,407</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><div style="margin-left: 6%; text-indent: -3%"><font size=1 face="serif">Labor
    buyout costs</font></div></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">230</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">4,474</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><div style="margin-left: 6%; text-indent: -3%"><font size=1 face="serif">Real
    estate related activity</font></div></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">(13,008)</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">3,688</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">(15,262)</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">(22,273)</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><div style="margin-left: 6%; text-indent: -3%"><font size=1 face="serif">Long-lived
    asset impairment</font></div></td>
   <td align="left">&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">8,116</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">17,728</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><div style="margin-left: 6%; text-indent: -3%"><font size=1 face="serif">Early
    extinguishment of debt and write-off of deferred financing fees</font></div></td>
   <td align="left">&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">3,113</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">32,570</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><div style="margin-left: 6%; text-indent: -3%"><font size=1 face="serif">Impact
    of Hurricane Katrina</font></div></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">(4,348</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">13,217</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">(4,348</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">18,167</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><div style="margin-left: 6%; text-indent: -3%"><font size=1 face="serif">VISA/Mastercard
    lawsuit settlement</font></div></td>
   <td align="left">&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">(1,547</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td align="left">&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">(1,547</font></td>
   <td><font size=1 face="serif">)</font></td>
</tr>
<tr valign="bottom">
   <td><div style="margin-left: 6%; text-indent: -3%"><font size=1 face="serif">Canadian
    dollar hedge</font></div></td>
   <td align="left">&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">15,446</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><div style="margin-left: 6%; text-indent: -3%"><font size=1 face="serif">Canada
    income from operations</font></div></td>
   <td align="left">&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">(57,224)</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td>&nbsp;</td>
  <td align="left"><hr noshade size=1>
  </td>
  <td align="right"><hr noshade size=1>
  </td>
  <td>&nbsp;</td>
  <td align="left"><hr noshade size=1>
  </td>
  <td align="right"><hr noshade size=1>
  </td>
  <td>&nbsp;</td>
  <td align="left"><hr noshade size=1>
  </td>
  <td align="right"><hr noshade size=1>
  </td>
  <td>&nbsp;</td>
  <td align="left"><hr noshade size=1>
  </td>
  <td align="right"><hr noshade size=1>
  </td>
  <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><div style="margin-left: 9%; text-indent: -3%"></div>     <font size=1 face="serif">Total adjustments</font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">(16,950</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">60,180</font></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">(11,814</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td align="left">&nbsp;</td>
   <td align="right"><font size=1 face="serif">197,170</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><font size=1 face="serif">Adjusted United States loss from operations</font></td>
   <td align="left"><font size=1 face="serif">$</font></td>
   <td align="right"><font size=1 face="serif">(15,798</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td align="left"><font size=1 face="serif">$</font></td>
   <td align="right"><font size=1 face="serif">(21,377</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td align="left"><font size=1 face="serif">$</font></td>
   <td align="right"><font size=1 face="serif">(18,869</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td align="left"><font size=1 face="serif">$</font></td>
   <td align="right"><font size=1 face="serif">(67,593</font></td>
   <td><font size=1 face="serif">)</font></td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td align="left">&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><font size=1 face="serif">As reported United States depreciation and amortization</font></td>
   <td align="left"><font size=1 face="serif">$</font></td>
   <td align="right"><font size=1 face="serif">40,556</font></td>
   <td>&nbsp;</td>
   <td align="left"><font size=1 face="serif">$</font></td>
   <td align="right"><font size=1 face="serif">46,274</font></td>
   <td>&nbsp;</td>
   <td align="left"><font size=1 face="serif">$</font></td>
   <td align="right"><font size=1 face="serif">135,775</font></td>
   <td>&nbsp;</td>
   <td align="left"><font size=1 face="serif">$</font></td>
   <td align="right"><font size=1 face="serif">153,100</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td align="left"><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<hr noshade align="center" width="100%" size=2>

<page>

<!--$$/page=-->
<p align="center">
<font size=1 face="serif"><b><font size="2">The Great Atlantic &amp; Pacific
Tea Company, Inc.</font></b></font><font size="2"><b>
</b></font><br>
<font size="2"><b>
<font face="serif">Schedule 4 - Reconciliation of GAAP Net Cash (Used In) Provided By Operating Activities to Adjusted EBITDA<br>
for the 12 and 40 weeks ended December 2, 2006 and December 3, 2005<br>
(Unaudited)<br>
(In thousands, except share
amounts and store data)</font>
</b></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td colspan=4 align="center"><b><font size=1 face="serif">12 Weeks Ended</font></b></td>
   <td align="center">&nbsp;</td>
   <td align="center">&nbsp;</td>
   <td colspan=4 align="center"><b><font size=1 face="serif">40 Weeks Ended</font></b></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td colspan=4><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td colspan=4><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td width="1%">&nbsp;</td>
   <td width="10%" align="center"><b><font size=1 face="serif">December 2,</font></b></td>
   <td width="2%" align="center">&nbsp;</td>
   <td width="1%" align="center">&nbsp;</td>
   <td width="10%" align="center"><b><font size=1 face="serif">December 3,</font></b></td>
   <td width="2%" align="center">&nbsp;</td>
   <td width="1%" align="center">&nbsp;</td>
   <td width="10%" align="center"><b><font size=1 face="serif">December 2,</font></b></td>
   <td width="2%" align="center">&nbsp;</td>
   <td width="1%" align="center">&nbsp;</td>
   <td width="10%" align="center"><b><font size=1 face="serif">December 3,</font></b></td>
   <td width="2%">&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="center"><b><font size=1 face="serif">2006</font></b></td>
   <td align="center">&nbsp;</td>
   <td align="center">&nbsp;</td>
   <td align="center"><b><font size=1 face="serif">2005</font></b></td>
   <td align="center">&nbsp;</td>
   <td align="center">&nbsp;</td>
   <td align="center"><b><font size=1 face="serif">2006</font></b></td>
   <td align="center">&nbsp;</td>
   <td align="center">&nbsp;</td>
   <td align="center"><b><font size=1 face="serif">2005</font></b></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=1 face="serif">Net cash used in operating activities</font></td>
   <td><font size=1 face="serif">$</font></td>
   <td width="10%" align="right"><font size=1 face="serif">(59,730</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td><font size=1 face="serif">$</font></td>
   <td width="10%" align="right"><font size=1 face="serif">(97,581</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td><font size=1 face="serif">$</font></td>
   <td width="10%" align="right"><font size=1 face="serif">(42,864)</font></td>
   <td>&nbsp;</td>
   <td><font size=1 face="serif">$</font></td>
   <td width="10%" align="right"><font size=1 face="serif">(157,462</font></td>
   <td><font size=1 face="serif">)</font></td>
</tr>
<tr>
   <td><font size=1 face="serif">Adjustments to calculate EBITDA:</font></td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=1 face="serif">Net interest expense</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">15,326</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">10,595</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">47,749</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">67,637</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=1 face="serif">Asset disposition initiatives</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">1,201</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(17,388</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(3,719</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(163,108</font></td>
   <td><font size=1 face="serif">)</font></td>
</tr>
<tr>
   <td><font size=1 face="serif">Long lived asset impairment charges</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(845</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(17,966</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(3,410</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(29,108</font></td>
   <td><font size=1 face="serif">)</font></td>
</tr>
<tr>
   <td><font size=1 face="serif">Loss on extinguishment of debt</font></td>
   <td>&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(28,623</font></td>
   <td><font size=1 face="serif">)</font></td>
</tr>
<tr>
   <td><font size=1 face="serif">Loss on derivatives</font></td>
   <td>&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(15,446</font></td>
   <td><font size=1 face="serif">)</font></td>
</tr>
<tr>
   <td><font size=1 face="serif">Gain (loss) on disposal of owned property</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">12,413</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(1,591</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">23,238</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">25,836</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=1 face="serif">(Benefit from) provision for income taxes</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(43,702</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(21,279</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(58,584</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">152,885</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=1 face="serif">Decrease (increase) in income tax reserve</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">44,276</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">17,585</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">61,545</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(119,643</font></td>
   <td><font size=1 face="serif">)</font></td>
</tr>
<tr>
   <td><font size=1 face="serif">Other share based awards</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(808</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(2,043</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(6,652</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(6,970</font></td>
   <td><font size=1 face="serif">)</font></td>
</tr>
<tr>
   <td><font size=1 face="serif">Proceeds from dividends from Metro, Inc.</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(1,659</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(1,549</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(5,067</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(3,061)</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=1 face="serif"><u>Working capital changes</u></font></td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=1 face="serif">Accounts receivable</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">19,635</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(2,333</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(49,780</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">25,770</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=1 face="serif">Inventories</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">37,662</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(4,743</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">32,401</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(33,432</font></td>
   <td><font size=1 face="serif">)</font></td>
</tr>
<tr>
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=1 face="serif">Prepaid expenses and other current assets</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">4,695</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">8,394</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">16,486</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">15,890</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=1 face="serif">Accounts payable</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(8,313</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">15,297</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">10,221</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">89,717</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=1 face="serif">Accrued salaries, wages, benefits and taxes</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">15,166</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">31,693</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">30,508</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">36,152</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=1 face="serif">Other accruals</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">7,300</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">44,158</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">57,063</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(8,558</font></td>
   <td><font size=1 face="serif">)</font></td>
</tr>
<tr>
   <td><font size=1 face="serif">Other assets</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">86</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">117</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">2,897</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">44</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=1 face="serif">Other non-current liabilities</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">949</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">4,127</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">20,381</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">59,721</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=1 face="serif">Other, net</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(1,944</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(776</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(3,693</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(8,962</font></td>
   <td><font size=1 face="serif">)</font></td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=1 face="serif">Total A&amp;P EBITDA</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">41,708</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(35,283</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">128,720</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(100,721</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td><font size=1 face="serif">Adjustments:</font></td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=1 face="serif">Midwest exit costs</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">4</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">18,781</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">77</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">104,896</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=1 face="serif">Net restructuring costs, primarily related to the sale of the U.S.</font></td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=1 face="serif">distribution operations to C&amp;S</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">172</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">14,812</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">3,245</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">89,407</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=1 face="serif">Labor buyout costs</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">230</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">4,474</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=1 face="serif">Real estate related activity</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(13,008</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">3,688</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(15,262</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(22,273</font></td>
   <td><font size=1 face="serif">)</font></td>
</tr>
<tr>
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=1 face="serif">Long-lived asset impairment</font></td>
   <td>&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">8,116</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">17,728</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=1 face="serif">Early extinguishment of debt and write-off of deferred financing fees</font></td>
   <td>&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">3,113</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">32,570</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=1 face="serif">Impact of Hurricane Katrina</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(4,348</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">13,217</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(4,348</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">18,167</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=1 face="serif">VISA/Mastercard lawsuit settlement</font></td>
   <td>&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(1,547</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(1,547</font></td>
   <td><font size=1 face="serif">)</font></td>
</tr>
<tr>
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=1 face="serif">Canadian dollar hedge</font></td>
   <td>&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">15,446</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=1 face="serif">Canada EBITDA</font></td>
   <td>&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&#151;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(68,166</font></td>
   <td><font size=1 face="serif">)</font></td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=1 face="serif">Total adjustments</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(16,950</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">60,180</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">(11,814</font></td>
   <td><font size=1 face="serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=1 face="serif">186,228</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;&nbsp;&nbsp;<font size=1 face="serif">Adjusted United States ongoing operating EBITDA</font></td>
   <td><font size=1 face="serif">$</font></td>
   <td align="right"><font size=1 face="serif">24,758</font></td>
   <td>&nbsp;</td>
   <td><font size=1 face="serif">$</font></td>
   <td align="right"><font size=1 face="serif">24,897</font></td>
   <td>&nbsp;</td>
   <td><font size=1 face="serif">$</font></td>
   <td align="right"><font size=1 face="serif">116,906</font></td>
   <td>&nbsp;</td>
   <td><font size=1 face="serif">$</font></td>
   <td align="right"><font size=1 face="serif">85,507</font></td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td><hr noshade size=2></td>
   <td align="right"><hr noshade size=2></td>
   <td>&nbsp;</td>
   <td><hr noshade size=2></td>
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   <td>&nbsp;</td>
   <td><hr noshade size=2></td>
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   <td>&nbsp;</td>
   <td><hr noshade size=2></td>
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   <td>&nbsp;</td>
</tr>
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{"company-data": {"conformed-name": "GREAT ATLANTIC & PACIFIC TEA CO INC", "cik": "0000043300", "assigned-sic": "5411", "irs-number": "131890974", "state-of-incorporation": "MD", "fiscal-year-end": "0225"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-04141", "film-number": "07519137"}, "business-address": {"street1": "2 PARAGON DR", "city": "MONTVALE", "state": "NJ", "zip": "07645", "phone": "2015739700"}, "mail-address": {"street1": "2 PARAGON DRIVE", "city": "MONTVALE", "state": "NJ", "zip": "07645"}}
Prepared and filed by St Ives Financial
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
January 9, 2007
Date of Report (Date of earliest event reported)
THE GREAT ATLANTIC & PACIFIC
TEA COMPANY, INC.
(Exact name of registrant as specified in its charter
)
Maryland
1-4141
13-1890974
(State or other jurisdiction of
incorporation or organization)
(Commission file number)
(I.R.S. Employer
Identification No.)
Two Paragon Drive
Montvale, New Jersey 07645
(Address of principal executive offices)
(201) 573–9700
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d- 2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Back to Contents
Item 2.02 Regulation FD Disclosure
On January 9, 2007, The Great Atlantic & Pacific Tea Company, Inc. issued a press release announcing its unaudited fiscal 2006 third quarter and year to date results for the 12 and 40 weeks ended December 2, 2006.  A copy of the press release is attached as Exhibit 99.1 to this Current Report.
In accordance with General Instruction B.2 of Form 8-K, the information furnished in this Item 2.02 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
To supplement the consolidated financial results as determined in accordance with generally accepted accounting principles ("GAAP"), the press release presents non-GAAP financial measures for "EBITDA." EBITDA is defined as earnings before interest, taxes, depreciation, amortization, minority interest, equity in earnings of Metro, Inc., discontinued operations and the gain on the sale of A&P Canada.  Ongoing, operating EBITDA is defined as EBITDA adjusted for items the Company considers non-operating in nature that management excludes when evaluating the results of the U.S. ongoing business.  The Company believes the presentation of these measures is relevant and useful for investors because it allows investors to view
results in a manner similar to the method used by the Company's management and makes it easier to compare the Company's results with other companies that have different financing and capital structures or tax rates. In addition, these measures are also among the primary measures used externally by the Company's investors, analysts and peers in its industry for purposes of valuation and comparing the results of the Company to other companies in its industry. Ongoing, operating EBITDA is reconciled to Net Cash provided by Operating Activities on Schedule 4 of this release.
Item 9.01 Financial Statements
      and Exhibits
(c). Exhibits.
Exhibit 99.1
Press
Release of The Great Atlantic & Pacific Tea Company, Inc., dated  January
9, 2007.
Back to Content
SIGNATURES
Pursuant to the requirements of the
    Securities Exchange Act of 1934, the registrant has duly caused this report
    to be signed on its behalf by the undersigned hereunto duly authorized.
THE GREAT ATLANTIC & PACIFIC TEA COMPANY, INC.
By:
Name:
Brenda Galgano
Title:
Senior Vice President
And Chief Financial Officer
Dated: January 9, 2007
Back to Contents
EXHIBIT INDEX
Exhibit No
.
Description
99.1
Press Release dated January
    9, 2007.
The Great Atlantic & Pacific
    Tea Company, Inc.
Schedule 1 - GAAP Earnings for the 12 and 40 weeks ended December 2, 2006 and
December 3, 2005
(Unaudited)
(In thousands, except share amounts and store data)
12 Weeks Ended
40 Weeks Ended
December 2, 2006
December 3, 2005
December 2, 2006
December 3, 2005
Sales
$
1,543,004
$
1,580,942
$
5,242,149
$
7,132,824
Cost of merchandise sold
(1,078,439
)
(1,116,399
)
(3,658,042
)
(5,113,659
)
Gross
    margin
464,565
464,543
1,584,107
2,019,165
Store operating, general and administrative
        expense
(463,413
)
(546,100
)
(1,591,162
)
(2,283,928
)
Income
    (loss) from operations
1,152
(81,557)
(7,055)
(264,763)
(Loss) gain on sale of Canadian
        operations
(599
)
(6,083
)
(890
)
912,468
Interest expense
(17,171
)
(15,398
)
(56,221
)
(76,783
)
Interest income
1,845
4,803
8,472
9,146
Minority interest
        in earnings of consolidated franchisees
—
—
—
(1,131
)
Equity in earnings of Metro, Inc.
11,023
3,397
30,840
3,397
(Loss)
    income from continuing operations before income taxes
(3,750
)
(94,838
)
(24,854
)
582,334
Benefit from (provision for) income
        taxes
43,702
21,279
58,584
(152,885
)
Income
    (loss) from continuing operations
39,952
(73,559
)
33,730
429,449
Discontinued operations:
Income
            from operations of discontinued businesses,
net
    of tax
755
1,972
357
1,704
Gain
    on disposal of discontinued businesses, net of tax
—
577
—
577
Income
    from discontinued operations
755
2,549
357
2,281
Net income (loss)
$
40,707
$
(71,010
)
$
34,087
$
431,730
Net income (loss) per share -
        basic:
Continuing
    operations
$
0.96
$
(1.80)
$
0.81
$
10.71
Discontinued
    operations
0.02
0.06
0.01
0.06
Net income (loss) per share -
        basic
$
0.98
$
(1.74)
$
0.82
$
10.77
Net income (loss) per share -
        diluted:
Continuing
            operations
$
0.95
$
(1.80
)
$
0.80
$
10.56
Discontinued
            operations
0.02
0.06
0.01
0.06
Net income (loss) per share -
        diluted
$
0.97
$
(1.74
)
$
0.81
$
10.62
Weighted average common shares
        outstanding - basic
41,499,554
40,997,714
41,403,346
40,075,391
Weighted average common shares
        outstanding - diluted
42,020,446
40,997,714
41,904,766
40,634,565
Gross margin rate
30.11
%
29.38
%
30.22
%
28.31
%
Store operating, general and administrative
        expense rate
30.03
%
34.54
%
30.35
%
32.02
%
United States depreciation and
        amortization
$
40,556
$
46,274
$
135,775
$
153,100
Canada depreciation and amortization
—
—
—
10,942
Total A&P depreciation and
        amortization
$
40,556
$
46,274
$
135,775
$
164,042
The Number of stores operated at
        end of quarter
410
407
410
407
The Great Atlantic & Pacific Tea Company,
  Inc.
Schedule 2 - Condensed Balance Sheet Data
(Unaudited)
(In
millions, except per share and store data)
December 2, 2006
February 25, 2006
Cash and short-term investments
$
93
$
230
Other current assets
753
980
Total
    current assets
846
1,210
Property-net
949
898
Equity investment in Metro, Inc.
367
339
Other assets
55
52
Total assets
$
2,217
$
2,499
Total current liabilities
$
568
$
610
Total non-current liabilities
1,227
1,217
Stockholders' equity
422
672
Total
    liabilities and stockholders' equity
$
2,217
$
2,499
Other Statistical Data
Total Debt and Capital Leases
$
407
$
282
Total Long Term Real Estate Liabilities
301
297
Temporary Investments and Marketable Securities
(92
)
(465
)
Net
    Debt
$
616
$
114
Total Retail Square Footage (in thousands)
16,737
16,509
Book Value Per Share
$
10.17
$
16.32
For the 40
For the 40
weeks ended
weeks ended
December 2, 2006
December 3, 2005
Capital Expenditures
$
184
$
135
The Great Atlantic & Pacific Tea Company,
  Inc.
Schedule 3 - Reconciliation of GAAP (Loss) Income from Operations to Adjusted (Loss) Income from Operations
for the 12 and 40 weeks ended December 2, 2006 and December 3, 2005
(Unaudited)
(In thousands, except share
amounts and store data)
12 Weeks Ended
40 Weeks Ended
December 2,
December 3,
December 2,
December 3,
2006
2005
2006
2005
As reported income (loss) from operations
$
1,152
$
(81,557
)
$
(7,055
)
$
(264,763
)
Adjustments:
Midwest
    exit costs
4
18,781
77
104,896
Net
         restructuring costs, primarily related to the sale of the U.S.
distribution
    operations to C&S
172
14,812
3,245
89,407
Labor
    buyout costs
230
—
4,474
—
Real
    estate related activity
(13,008)
3,688
(15,262)
(22,273)
Long-lived
    asset impairment
—
8,116
—
17,728
Early
    extinguishment of debt and write-off of deferred financing fees
—
3,113
—
32,570
Impact
    of Hurricane Katrina
(4,348
)
13,217
(4,348
)
18,167
VISA/Mastercard
    lawsuit settlement
—
(1,547
)
—
(1,547
)
Canadian
    dollar hedge
—
—
—
15,446
Canada
    income from operations
—
—
—
(57,224)
Total adjustments
(16,950
)
60,180
(11,814
)
197,170
Adjusted United States loss from operations
$
(15,798
)
$
(21,377
)
$
(18,869
)
$
(67,593
)
As reported United States depreciation and amortization
$
40,556
$
46,274
$
135,775
$
153,100
The Great Atlantic & Pacific
Tea Company, Inc.
Schedule 4 - Reconciliation of GAAP Net Cash (Used In) Provided By Operating Activities to Adjusted EBITDA
for the 12 and 40 weeks ended December 2, 2006 and December 3, 2005
(Unaudited)
(In thousands, except share
amounts and store data)
12 Weeks Ended
40 Weeks Ended
December 2,
December 3,
December 2,
December 3,
2006
2005
2006
2005
Net cash used in operating activities
$
(59,730
)
$
(97,581
)
$
(42,864)
$
(157,462
)
Adjustments to calculate EBITDA:
Net interest expense
15,326
10,595
47,749
67,637
Asset disposition initiatives
1,201
(17,388
)
(3,719
)
(163,108
)
Long lived asset impairment charges
(845
)
(17,966
)
(3,410
)
(29,108
)
Loss on extinguishment of debt
—
—
—
(28,623
)
Loss on derivatives
—
—
—
(15,446
)
Gain (loss) on disposal of owned property
12,413
(1,591
)
23,238
25,836
(Benefit from) provision for income taxes
(43,702
)
(21,279
)
(58,584
)
152,885
Decrease (increase) in income tax reserve
44,276
17,585
61,545
(119,643
)
Other share based awards
(808
)
(2,043
)
(6,652
)
(6,970
)
Proceeds from dividends from Metro, Inc.
(1,659
)
(1,549
)
(5,067
)
(3,061)
Working capital changes
Accounts receivable
19,635
(2,333
)
(49,780
)
25,770
Inventories
37,662
(4,743
)
32,401
(33,432
)
Prepaid expenses and other current assets
4,695
8,394
16,486
15,890
Accounts payable
(8,313
)
15,297
10,221
89,717
Accrued salaries, wages, benefits and taxes
15,166
31,693
30,508
36,152
Other accruals
7,300
44,158
57,063
(8,558
)
Other assets
86
117
2,897
44
Other non-current liabilities
949
4,127
20,381
59,721
Other, net
(1,944
)
(776
)
(3,693
)
(8,962
)
Total A&P EBITDA
41,708
(35,283
)
128,720
(100,721
Adjustments:
Midwest exit costs
4
18,781
77
104,896
Net restructuring costs, primarily related to the sale of the U.S.
distribution operations to C&S
172
14,812
3,245
89,407
Labor buyout costs
230
—
4,474
—
Real estate related activity
(13,008
)
3,688
(15,262
)
(22,273
)
Long-lived asset impairment
—
8,116
—
17,728
Early extinguishment of debt and write-off of deferred financing fees
—
3,113
—
32,570
Impact of Hurricane Katrina
(4,348
)
13,217
(4,348
)
18,167
VISA/Mastercard lawsuit settlement
—
(1,547
)
—
(1,547
)
Canadian dollar hedge
—
—
—
15,446
Canada EBITDA
—
—
—
(68,166
)
Total adjustments
(16,950
)
60,180
(11,814
)
186,228
Adjusted United States ongoing operating EBITDA
$
24,758
$
24,897
$
116,906
$
85,507