Contact:	Randall Oliver (media)
[LOGO]		(323) 869-7607
		randall.oliver@smartandfinal.com
		Richard Phegley (investors)
		(323) 869-7779
		rick.phegley@smartandfinal.com

SMART & FINAL ANNOUNCES SECOND QUARTER 2003 RESULTS

AND UPDATES STATUS OF FLORIDA OPERATIONS DIVESTITURE

· Second Quarter Western U.S. Same Stores Sales Increase 3.7 Percent

· Net Cash From Operating Activities Doubled Year-to-Date

· Negotiations Continue for Sale of Florida Operations

· $68 Million After-Tax in Special Charges Recorded in Quarter

LOS ANGELES, July 23, 2003 – Smart & Final Inc. (NYSE – SMF) today reported second quarter 2003 results and reported that it is proceeding as previously announced with the divestiture of its Florida foodservice direct delivery and stores operations.

Smart & Final indicated that it recorded $68.0 million net of tax in special charges in the second quarter, including $40.2 million related to the estimated loss on sale of the company’s Florida foodservice and stores businesses, $11.5 million in restructuring charges related to the northern California foodservice operation, and $16.3 million in other charges including the cumulative effect of accounting change for financial statement consolidation of the company’s synthetic lease facility. As reviewed below, the special charges are not expected to have a material effect on company cash flow.

Primarily due to the charges, the company reported a net loss of $69.2 million, or $2.31 per diluted share, for the twelve-week quarter ended June 15, 2003. Second quarter 2002 net income was $2.1 million, or $0.07 per diluted share.

Ross Roeder, Smart & Final chairman and chief executive officer, commented “The charges recorded in the second quarter result from our commitment to improve return on investment and allocate capital to profitable growth opportunities. By divesting our Florida operations, Smart & Final will be better able to focus resources on our continuing western U.S. operations, which year-to-date represented 86 percent of our total company sales and all of our operating earnings.”

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Smart & Final Inc. Second Quarter 2003

Prior to the charges, pretax income in the company’s western U.S. stores grew by 18 percent to $13.6 million for the second quarter, compared to $11.5 million in the second quarter 2002. The company’s northern California foodservice operations recorded a pretax loss of $7.2 million for the second quarter including $4.4 million in expenses detailed below, compared to a pretax loss of $2.7 million in the second quarter 2002.

Roeder added, “Our core western U.S. store performance in the second quarter was very strong, with pretax income increasing by 18 percent versus the prior year quarter on a 3.7 percent increase in year-to-year comparable store sales. Both our Smart & Final and Cash & Carry store formats posted solid sales and margins and generated significant operating cash flow increases over prior year periods. On an operating basis overall, our Stores segment pretax income as a percentage of sales increased to 3.5 percent as compared to the prior year quarter of 3.1 percent. For the first half of 2003, net cash provided by operating activities for the company more than doubled to $43.5 million, compared to $20.8 million in the first half of 2002. We’re continuing our store expansion plans with both new units and remodeling activity planned throughout 2003 and we have invested approximately $10 million in the first two quarters of 2003 in support of these programs.”

One store was relocated during the 2003 second quarter, in Rancho Palos Verdes, Calif. At the end of the second quarter, excluding the Florida stores, the company operated 228 stores compared with 223 stores at the end of the 2002 second quarter.

The company’s western U.S. store operations and northern California foodservice direct delivery business are presented as continuing operations in the company’s statement of operations. Total continuing operations sales for the second quarter 2003 increased 4.8 percent to $431.6 million as compared to $411.7 million for the second quarter of 2002. Stores sales increased 5.1 percent to $392.7 million, with comparable store sales up 3.7 percent year-to-year for the quarter. The northern California foodservice distribution sales increased 1.6 percent to $38.9 million in the quarter.

Total continuing operations gross margin increased to $66.8 million for the quarter. Stores gross margin, as a percentage of sales, increased to 17.0 percent for the second quarter 2003 compared to 15.6 percent for the second quarter 2002.

The northern California foodservice distribution gross margin, as a percentage of sales, decreased to 0.1 percent for the second quarter 2003 compared to 5.3 percent for the second quarter of 2002. The northern California foodservice distribution gross margin was adversely affected in the second quarter of 2003 as a result of recording approximately $2.2 million of valuation charges related to inventory and vendor receivables.

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Smart & Final Inc. Second Quarter 2003

In the second quarter 2003, the company adopted the provisions of Emerging Issues Task Force (“EITF”) Issue No. 02-16, “Accounting by a Customer (Including a Reseller) for Cash Consideration Received from a Vendor.” This guidance requires that vendor allowances be treated as a reduction of inventory costs unless specifically identified as a reimbursement of costs to advertise the vendor’s products or payment for other services. The effects of adoption of EITF 02-16 are presented within the financial statements for continuing operations. As a result of the implementation of the provisions of EITF 02-16, the company has changed the classification of certain vendor allowances, that previously were recorded as a reduction of operating and administrative expenses when received, to classification of a reduction in cost of sales. Approximately $2.9 million of such vendor allowances were recorded as a reduction of cost of sales in the second quarter of 2003, which represented approximately 0.7 percent of Stores sales which contributed to the increase in Stores gross margin, as a percentage of sales, as compared to the prior year period. In the second quarter 2003 the effect on pretax income from adoption of EITF 02-16 was immaterial.

Operating and administrative expenses from total company continuing operations increased to $63.1 million for the quarter as compared to $51.8 million for the prior year quarter. Stores operating and administrative expenses, as a percentage of sales, increased to 13.5 percent for the second quarter of 2003 compared to 12.5 percent for the second quarter of 2002. The re-classification of $2.9 million of certain vendor allowances resulting from the adoption of EITF 02-16, contributed approximately 0.7 percent to the increase in Stores operating and administrative expenses as a percentage of sales while the remaining 0.3 percent increase was primarily due to increased fringe benefit costs.

The northern California foodservice distribution operating and administrative expenses, as a percentage of sales, increased to 18.6 percent for the quarter as compared to 12.3 percent for the prior year quarter. The operating and administrative expenses of the northern California foodservice distribution business for the second quarter of 2003 were adversely affected as a result of recording approximately $2.2 million of expenses, primarily related to sales tax liability and bad debt expense.

Also in the second quarter of 2003, the company recorded $37.5 million of pretax charges related to restructuring initiatives of the company’s northern California foodservice distribution business, litigation reserves and financing costs. The financial statement presentation of these charges is as a single line item, before tax, captioned “restructuring and other charges”. The company implemented restructuring activities with respect to the northern California foodservice distribution business in the second quarter, including transition of distribution for northern California Smart & Final format stores from the Stockton, Calif. facility to the company’s principal stores distribution facility in Commerce,

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Smart & Final Inc. Second Quarter 2003

Calif., and the exit of national account and cruise line business sales segments. As a result, a $19.1 million pretax restructuring charge was recorded consisting primarily of impairment charges related to goodwill and property, plant and equipment, lease termination costs, severance and other costs. The company recorded other charges of $18.4 million pretax in the Corporate segment related to litigation reserves and financing costs.

Pretax loss from continuing operations for the second quarter of 2003 was $36.5 million compared to pretax income of $5.7 million for the prior year second quarter. Within continuing operations, Stores pretax income increased to $13.6 million in the quarter as compared to $11.5 million for the second quarter of 2002. The northern California foodservice distribution pretax loss increased to $26.3 million in the quarter as compared to a pretax loss of $2.7 million for the second quarter of 2002. The $26.3 million pretax loss in the second quarter 2003 includes the $19.1 million of restructuring charges and $4.4 million of charges related to inventory and vendor receivable valuation, sales tax liability and bad debt expense, as detailed above.

The company has also elected early adoption, effective as of the end of the 2003 second quarter, of Financial Accounting Standards Board Interpretation No. 46 “Consolidation of Variable Interest Entities” which requires the consolidation by the company of a real estate synthetic lease facility not previously consolidated. As a result the company recorded a $5.3 million charge net of tax and reflected on its balance sheet the underlying land and buildings and related debt obligations of the synthetic lease facility. The debt obligation recorded is approximately $87 million. The financial statement presentation of the adoption of FASB Interpretation No. 46 is a single line item captioned “cumulative effect of accounting change.”

Smart & Final previously announced that it is in negotiations with Gordon Food Service (“GFS”) to sell the company’s Florida operations, with the transaction expected to close later in 2003. The company anticipates entering into a definitive agreement with GFS regarding the Florida operations during the third quarter.

Discontinued operations in Florida are presented as a single line item net of tax, captioned “discontinued operations”, comprised of the loss from operating activities and estimated loss on sale and divestiture. The second quarter 2003 results from discontinued operations were a loss of $41.7 million net of tax. Of this amount, $40.2 million net of tax reflects the estimated loss on sale and divestiture. The company anticipates that charges of an additional $6 million after-tax will be recorded in the balance of 2003, associated with lease termination costs and severance costs related to the Florida stores business.

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Smart & Final Inc. Second Quarter 2003

The company has obligations under a revolving credit facility and the synthetic lease facility that are subject to certain financial ratio covenants. Following the recording of the special charges the company was not in compliance with certain of these covenants at the end of the second quarter 2003 and by operation of the covenants the company would not be in compliance for a 12 month period thereafter. As a result, the company’s obligations under the revolving credit facility and the synthetic lease facility have been classified as current liabilities in the company’s balance sheet as of June 15, 2003. The company has received waivers of default effective as of June 15, 2003 and intends to negotiate amendment of certain covenants to achieve compliance in future periods.

At the end of the second quarter 2003 the company reported balance sheet cash of $39.5 million and had approximately $14 million in available liquidity under the revolving credit agreement.

The company expects that because of the substantial non-cash nature of the total of $68 million after-tax charges taken in the second quarter 2003, when combined with the additional charges to be recorded in the balance of 2003 and the proceeds from the GFS transaction and other asset sales, will result in a combined immaterial net effect on cash flow.

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Smart & Final Inc. Second Quarter 2003

Founded in 1871 in downtown Los Angeles, Smart & Final Inc. operates 228 non-membership warehouse stores for food and foodservice supplies in California, Oregon, Washington, Arizona, Nevada, Idaho and northern Mexico at the end of the 2003 second quarter. The company also operates a foodservice distribution business in northern California. As of the end of the second quarter the company has classified as held for sale the Florida foodservice distribution business and the 14 Florida Smart & Final stores. For more information, visit the company’s website at www.smartandfinal.com.

Forward-Looking and Cautionary Statements

This Smart & Final press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and other expressions of management’s belief or opinion which reflect its current understanding or belief with respect to such matters. Such statements are subject to certain risks and uncertainties, including known and unknown factors as included in the company’s periodic filings with the Securities and Exchange Commission that could cause actual results to differ materially and adversely from those projected. All of these forward-looking statements are based on estimates and assumptions made by management of the company, which although believed to be reasonable, are inherently uncertain and difficult to predict; therefore, undue reliance should not be placed upon such statements. There can be no assurance that the company will not incur new or additional unforeseen costs in connection with the ongoing conduct of its business, and there can be no assurance that the proposed transaction with GFS will occur. Accordingly, any forward-looking statements included herein do not purport to be predictions of future events or circumstances and may not be realized. Except as specifically set forth herein, the company undertakes no obligation to update any such forward-looking or other statement.

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Smart & Final Inc. Second Quarter 2003

STANDARD PRESS RELEASE CALL INFO

A telephone conference call with Smart & Final’s senior management will be held on Thursday, July 24, 2003 at 8:00 a.m. Pacific Daylight Time. The conference call is available in a listen-only mode through www.CCBN.com. Replays of the conference call will also be available.

SMART & FINAL INC.

STATEMENTS OF OPERATIONS BY SEGMENT

(dollars in thousands)

	Twelve Weeks Ended June 15, 2003
	Stores			Foodservice			Corporate			Total
	(Unaudited)
Sales	$	392,664		$	38,901		$	—		$	431,565
Cost of sales, buying and occupancy		325,880			38,870			—			364,750
Gross margin		66,784			31			—			66,815
Operating and administrative expenses		53,183			7,237			2,664			63,084
Restructuring and other charges		—			19,119			18,400			37,519
Income (loss) from operations		13,601			(26,325	)		(21,064	)		(33,788	)
Interest expense, net		—			—			2,697			2,697
Income (loss) from continuing operations before income taxes		13,601			(26,325	)		(23,761	)		(36,485	)
Income taxes		—			—			(14,201	)		(14,201	)
Equity earnings in unconsolidated subsidiary		—			—			(64	)		(64	)
Income (loss) from continuing operations		13,601			(26,325	)		(9,496	)		(22,220	)
Discontinued operations, net of tax		(13,982	)		(35,243	)		7,514			(41,711	)
Loss before cumulative effect of accounting change		(381	)		(61,568	)		(1,982	)		(63,931	)
Cumulative effect of accounting change (variable interest entity, net of tax of $3,534)		—			—			(5,301	)		(5,301	)
Net loss	$	(381	)	$	(61,568	)	$	(7,283	)	$	(69,232	)

	Twelve Weeks Ended June 16, 2002
	Stores			Foodservice			Corporate			Total
	(Unaudited)
Sales	$	373,477		$	38,270		$	—		$	411,747
Cost of sales, buying and occupancy		315,276			36,233			—			351,509
Gross margin		58,201			2,037			—			60,238
Operating and administrative expenses		46,672			4,709			369			51,750
Income (loss) from operations		11,529			(2,672	)		(369	)		8,488
Interest expense, net		—			—			2,821			2,821
Income (loss) from continuing operations before income taxes		11,529			(2,672	)		(3,190	)		5,667
Income taxes		—			—			2,150			2,150
Equity earnings in unconsolidated subsidiary		—			—			(273	)		(273	)
Income (loss) from continuing operations		11,529			(2,672	)		(5,067	)		3,790
Discontinued operations, net of tax		(2,269	)		(443	)		984			(1,728	)
Net income (loss)	$	9,260		$	(3,115	)	$	(4,083	)	$	2,062

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SMART & FINAL INC.

STATEMENTS OF OPERATIONS BY SEGMENT

(dollars in thousands)

	Twenty-four Weeks Ended June 15, 2003
	Stores			Foodservice			Corporate			Total
	(Unaudited)
Sales	$	747,301		$	76,099		$	—		$	823,400
Cost of sales, buying and occupancy		622,843			73,847			—			696,690
Gross margin		124,458			2,252			—			126,710
Operating and administrative expenses		102,044			12,253			4,202			118,499
Restructuring and other charges		—			19,119			18,400			37,519
Income (loss) from operations		22,414			(29,120	)		(22,602	)		(29,308	)
Interest expense, net		—			—			5,450			5,450
Income (loss) from continuing operations before income taxes		22,414			(29,120	)		(28,052	)		(34,758	)
Income taxes		—			—			(13,544	)		(13,544	)
Equity earnings in unconsolidated subsidiary		—			—			(75	)		(75	)
Income (loss) from continuing operations		22,414			(29,120	)		(14,433	)		(21,139	)
Discontinued operations, net of tax		(15,718	)		(34,956	)		8,045			(42,629	)
Income (loss) before cumulative effect of accounting change		6,696			(64,076	)		(6,388	)		(63,768	)
Cumulative effect of accounting change (variable interest entity, net of tax of $3,534)		—			—			(5,301	)		(5,301	)
Net income (loss)	$	6,696		$	(64,076	)	$	(11,689	)	$	(69,069	)

	Twenty-four Weeks Ended June 16, 2002
	Stores			Foodservice			Corporate			Total
	(Unaudited)
Sales	$	709,555		$	75,699		$	—		$	785,254
Cost of sales, buying and occupancy		600,888			71,117			—			672,005
Gross margin		108,667			4,582			—			113,249
Operating and administrative expenses		87,976			9,874			1,684			99,534
Income (loss) from operations		20,691			(5,292	)		(1,684	)		13,715
Interest expense, net		—			—			5,652			5,652
Income (loss) from continuing operations before income taxes		20,691			(5,292	)		(7,336	)		8,063
Income taxes		—			—			3,144			3,144
Equity earnings in unconsolidated subsidiary		—			—			(193	)		(193	)
Income (loss) from continuing operations		20,691			(5,292	)		(10,287	)		5,112
Discontinued operations, net of tax		(4,288	)		487			1,338			(2,463	)
Net income (loss)	$	16,403		$	(4,805	)	$	(8,949	)	$	2,649

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SMART & FINAL INC.

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except share amounts)

	June 15, 2003			December 29, 2002
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	39,475		$	23,453
Trade notes and accounts receivable, less allowance for doubtful accounts of $2,241 in 2003 and $1,764 in 2002		34,293			38,311
Inventories		133,803			141,255
Prepaid expenses and other current assets		8,870			9,549
Deferred tax asset		12,992			13,162
Assets of discontinued operations		48,633			97,751
Total current assets		278,066			323,481
Property, plant and equipment:
Land		70,854			32,207
Buildings and improvements		72,840			29,499
Leasehold improvements		113,262			117,459
Fixtures and equipment		188,484			190,005
		445,440			369,170
Less – Accumulated depreciation and amortization		181,419			168,084
Net property, plant and equipment		264,021			201,086
Assets under capital leases, net of accumulated amortization of $9,122 in 2003 and $9,416 in 2002		4,563			4,280
Goodwill, net of accumulated amortization of $3,455 in 2003 and $4,619 in 2002		34,775			40,695
Deferred tax asset		34,145			8,963
Other assets		46,720			42,554
Total assets	$	662,290		$	621,059
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt and capital leases	$	189,416		$	136,725
Accounts payable		84,331			79,178
Accrued salaries and wages		12,216			10,171
Other accrued liabilities		71,368			40,541
Notes payable to affiliate		20,100			—
Liabilities of discontinued operations		17,152			21,244
Total current liabilities		394,583			287,859
Long-term liabilities:
Obligations under capital leases		5,389			5,314
Other long-term liabilities		18,586			17,557
Workers’ compensation reserve, postretirement and postemployment benefits		40,668			38,794
Total long-term liabilities		64,643			61,665
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $1 par value (authorized 10,000,000 shares; no shares issued)		—			—
Common stock, $0.01 par value (authorized 100,000,000 shares; 29,923,820 shares issued and outstanding in 2003 and 29,443,198 in 2002)		299			294
Additional paid-in capital		207,367			206,926
Notes receivable for common stock		(100	)		(100	)
Accumulated other comprehensive loss		(11,635	)		(11,787	)
Retained earnings		7,133			76,202
Total stockholders’ equity		203,064			271,535
Total liabilities and stockholders’ equity	$	662,290		$	621,059

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SMART & FINAL INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(dollars in thousands, except per share amounts)

	Twelve Weeks Ended						Twenty-four Weeks Ended
	June 15,			June 16,			June 15,			June 16,
	2003			2002			2003			2002
	(Unaudited)
Sales	$	431,565		$	411,747		$	823,400		$	785,254
Cost of sales, buying and occupancy		364,750			351,509			696,690			672,005
Gross margin		66,815			60,238			126,710			113,249
Operating and administrative expenses		63,084			51,750			118,499			99,534
Restructuring and other charges		37,519			—			37,519			—
(Loss) income from operations		(33,788	)		8,488			(29,308	)		13,715
Interest expense, net		2,697			2,821			5,450			5,652
(Loss) income from continuing operations before income taxes		(36,485	)		5,667			(34,758	)		8,063
Income taxes		(14,201	)		2,150			(13,544	)		3,144
Equity earnings in unconsolidated subsidiary		(64	)		(273	)		(75	)		(193	)
(Loss) income from continuing operations		(22,220	)		3,790			(21,139	)		5,112
Discontinued operations, net of tax		(41,711	)		(1,728	)		(42,629	)		(2,463	)
(Loss) income before cumulative effect of accounting change		(63,931	)		2,062			(63,768	)		2,649
Cumulative effect of accounting change (variable interest entity, net of tax of $3,534)		(5,301	)		—			(5,301	)		—
Net (loss) income	$	(69,232	)	$	2,062		$	(69,069	)	$	2,649
(Loss) earnings per common share
(Loss) earnings per common share from continuing operations	$	(0.74	)	$	0.13		$	(0.71	)	$	0.17
(Loss) earnings per common share from discontinued operations		(1.39	)		(0.06	)		(1.43	)		(0.08	)
Cumulative effect of accounting change per common share		(0.18	)		—			(0.18	)		—
(Loss) earnings per common share	$	(2.31	)	$	0.07		$	(2.32	)	$	0.09
Weighted average common shares		29,909,973			29,394,841			29,819,103			29,394,656
(Loss) earnings per common share, assuming dilution
(Loss) earnings per common share, assuming dilution, from continuing operations	$	(0.74	)	$	0.13		$	(0.71	)	$	0.17
(Loss) earnings per common share, assuming dilution, from discontinued operations		(1.39	)		(0.06	)		(1.43	)		(0.08	)
Cumulative effect of accounting change per common share, assuming dilution		(0.18	)		—			(0.18	)		—
(Loss) earnings per common share, assuming dilution	$	(2.31	)	$	0.07		$	(2.32	)	$	0.09
Weighted average common shares and common share equivalents		29,909,973			29,582,465			29,819,103			29,631,574

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SMART & FINAL INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

AS A PERCENTAGE OF SALES

	Twelve Weeks Ended				Twenty-four Weeks Ended
	June 15,		June 16,		June 15,		June 16,
	2003		2002		2003		2002
	(Unaudited)
Sales	100.0	%	100.0	%	100.0	%	100.0	%
Cost of sales, buying and occupancy	84.5		85.4		84.6		85.6
Gross margin	15.5		14.6		15.4		14.4
Operating and administrative expenses	14.6		12.6		14.4		12.7
Restructuring and other charges	8.7		—		4.6		—
(Loss) income from operations	(7.8	)	2.1		(3.6	)	1.7
Interest expense, net	0.6		0.7		0.7		0.7
(Loss) income from continuing operations before income taxes	(8.5	)	1.4		(4.2	)	1.0
Income taxes	(3.3	)	0.5		(1.6	)	0.4
Equity earnings in unconsolidated subsidiary	—		(0.1	)	—		—
(Loss) income from continuing operations	(5.1	)	0.9		(2.6	)	0.7
Discontinued operations, net of tax	(9.7	)	(0.4	)	(5.2	)	(0.3	)
(Loss) income before cumulative effect of accounting change	(14.8	)	0.5		(7.7	)	0.3
Cumulative effect of accounting change (variable interest entity, net of tax of $3,534)	(1.2	)	—		(0.6	)	—
Net (loss) income	(16.0	)%	0.5	%	(8.4	)%	0.3	%

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SMART & FINAL INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in thousands)

	Twenty-four Weeks Ended
	June 15, 2003			June 16, 2003
	(Unaudited)
Cash Flows from Operating Activities:
Net (loss) income	$	(69,069	)	$	2,649
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Gain on disposal of property, plant and equipment		(904	)		(1,163	)
Depreciation and amortization		16,626			16,380
Deferred tax benefit		162			16
Amortization of deferred financing costs		1,293			795
Equity earnings in unconsolidated subsidiary		(75	)		(193	)
Asset impairment charges, net of tax		7,339			—
Non-cash restructuring and other charges, net of tax		15,180			—
Loss on sale of Florida operations, net of tax		40,160			—
Cumulative effect of accounting change, net of tax		5,301			—
Decrease (increase) in:
Trade notes and accounts receivable		8,305			9,461
Inventories		11,332			8,521
Prepaid expenses and other assets		(203	)		(1,164	)
Increase (decrease) in:
Accounts payable		2,919			(9,484	)
Accrued salaries and wages		2,037			(2,654	)
Other accrued liabilities		3,126			(2,305	)
Net cash provided by operating activities		43,529			20,859
Cash Flows from Investing Activities:
Acquisition of property, plant and equipment		(10,363	)		(23,031	)
Proceeds from disposal of property, plant and equipment		2,758			4,121
Other		(4,777	)		(3,470	)
Net cash used in investing activities		(12,382	)		(22,380	)
Cash Flows from Financing Activities:
Payments on bank line of credit		(16,678	)		(8,000	)
Borrowings on bank line of credit		7,500			20,000
Payments on notes payable		(5,947	)		(6,438	)
Proceeds from issuance of common stock, net of costs		—			11
Net cash (used in) provided by financing activities		(15,125	)		5,573
Increase in cash and cash equivalents		16,022			4,052
Cash and cash equivalents at beginning of the period		23,453			23,016
Cash and cash equivalents at end of the period	$	39,475		$	27,068

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