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The Pantry Announces First Quarter Fiscal 2012 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 first quarter ended December 29, 2011.

First Quarter Summary:
  • Net loss was $2.9 million or $0.13 per share. This compares to a net loss of $12.2 million or $0.54 per share in last year’s first quarter. Excluding the impact of impairment charges and loss on extinguishment of debt, the net loss for the first quarter of fiscal 2012 was $2.6 million or $0.11 per share (see reconciliation below).
  • Adjusted EBITDA was $43.8 million, compared to $32.1 million a year ago.
  • Comparable store merchandise revenue increased 2.0%.
  • Merchandise gross margin was 33.2%, compared to 33.5% a year ago.
  • Fuel gross profit was $55.9 million, compared to $50.7 million a year ago.
  • Long-term debt was reduced by $44.1 million in the first quarter of fiscal 2012. Additionally, $33.9 million of the 3% convertible notes were repurchased in the second quarter of fiscal 2012 bringing the year-to-date total reduction to $78.0 million.

Interim Chief Executive Officer Edwin J. Holman said, “We delivered $43.8 million of Adjusted EBITDA in the first quarter of fiscal 2012, an $11.7 million increase compared to the prior year, primarily due to a more favorable fuel pricing environment and lower expenses. As we continue revising our pricing strategy to position the Company for the longer term, we remain focused on improving our sales trends, expense management, and debt reduction.”

Comparable store merchandise sales in the first quarter increased 2.0% in total and 4.4% excluding cigarettes. Total merchandise gross profit for the quarter was $142.2 million, an increase of 1.2% from the first quarter a year ago.

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