This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs