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The Pantry Announces Fourth Quarter And Fiscal 2011 Financial Results

The Pantry, Inc. (NASDAQ: PTRY), the leading independently operated convenience store chain in the southeastern U.S., today announced financial results for its fiscal fourth quarter and year ended September 29, 2011. The fiscal 2010 quarter and year amounts presented included 14 and 53 weeks, respectively, one more week than the comparable periods of fiscal 2011.

Fourth Quarter Summary:

  • Net income was $3.3 million or $0.15 per share. This compares to net income of $8.5 million or $0.38 per share in last year’s fourth quarter. Excluding the impact of impairment charges, net income for the fourth quarter of fiscal 2011 was $8.4 million or $0.37 per share, compared to earnings per share of $0.43 in the prior year period (see reconciliation below).
  • Adjusted EBITDA was $64.4 million, compared to $66.8 million a year ago. Adjusted EBITDA was $61.9 million in the prior year period, excluding the estimated impact of the 14 th week.
  • Comparable store merchandise revenue decreased 0.8%.
  • Merchandise gross margin was 33.8%, compared to 34.4% a year ago.
  • Fuel gross profit was $64.4 million, compared to $61.9 million a year ago. Fuel gross profit was $58.1 million in the prior year period, excluding the estimated impact of the 14 th week.

Fiscal Year 2011 Summary:

  • Net income was $9.8 million or $0.44 per diluted share. This compares to a net loss of $165.6 million or $7.42 per share last year. Excluding the impact of impairment charges and loss on extinguishment of debt, net income for fiscal 2011 was $17.5 million or $0.78 per share, compared to earnings per share of $0.97 in the prior year (see reconciliation below).
  • Adjusted EBITDA was $231.7 million, compared to $239.8 million in fiscal 2010. Adjusted EBITDA was $234.9 million in the prior year period, excluding the estimated impact of the 53 rd week.
  • Comparable store merchandise revenue increased 0.2%.
  • Merchandise gross margin was 33.9% compared to 33.8% in fiscal 2010.
  • Fuel gross profit was $257.1 million, compared to $264.7 million a year ago. Fuel gross profit was $260.8 in the prior year period, excluding the estimated impact of the 53 rd week.
  • Net cash provided by operating activities was $178.7 million compared to $154.8 million in fiscal 2010.
  • Long-term debt, net of cash, was $533.4 million at the end of the fourth quarter, decreasing $25.3 million from the end of fiscal 2010. As a result of our cash flow performance in fiscal 2011, we are required to make a prepayment of $27.6 million to our senior lenders during the first quarter of fiscal 2012.

Interim Chief Executive Officer Edwin J. Holman said, “We delivered $64.4 million of Adjusted EBITDA in the fourth quarter of fiscal 2011, an estimated $2.5 million increase on a comparable week basis, however, actions are needed to improve our comparable store sales performance. Accordingly, fiscal 2012 represents an important transitional period for the Company, as we focus on a pricing strategy that is intended to improve merchandise sales growth and align our gasoline volume with industry trends. We are encouraged by the $231.7 million of Adjusted EBITDA and $178.7 million of net cash from operations in fiscal 2011, which allows us the flexibility to manage for the longer term.”

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