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TheStreet Open House

The Pantry Announces Third Quarter Fiscal 2012 Financial Results

Total store operating and general and administrative expenses for the third quarter were $152.1 million, a decrease of $3.3 million from the third quarter last year. This decrease was due to lower store operating expenses driven by reduced insurance costs, as well as the impact of closed retail stores.

The Company had $179.8 million in cash on hand and $126.1 million in available capacity under its revolving credit facilities as of June 28, 2012.

Fiscal 2012 Outlook

The Company’s updated guidance ranges for fiscal 2012 reflect the challenges of the current retail fuel environment. Since the beginning of the fourth quarter, wholesale fuel costs have risen sharply and are expected to adversely affect fuel margins.

    Q4 FY11   Q4 FY12 Guidance     FY11   FY12 Guidance
   

Actual

 

Low

 

High

   

Actual

 

Low

 

High

                           
Merchandise sales ($B)   $0.47     $0.47     $0.48       $1.78     $1.81     $1.83  
                           
Merchandise gross margin   33.8 %   33.6 %   34.4 %     33.9 %   33.4 %   33.7 %
                           
Retail fuel gallons (B)   0.47     0.45     0.46       1.89     1.81     1.82  
                           
Retail fuel margin per gallon   $0.135     $0.08     $0.12       $0.135     $0.111     $0.121  
                           
Store operating and general and

administrative expenses ($M)

 

$158

   

$155

   

$160

     

$629

   

$611

   

$616

 
                           
Depreciation & amortization ($M)   $29     $29     $30       $117     $115     $116  
                           
Interest expense ($M) *   $22     $22     $23       $87     $83     $84  
                           
Capital expenditures, net ($M)   $27     $15     $18       $93     $60     $70  
                           
*Excludes loss on extinguishment of debt                          
             
 

Conference Call

Interested parties are invited to listen to the third quarter earnings conference call scheduled for Tuesday, August 7, 2012 at 8:30 a.m. Eastern Time. The call will be broadcast live over the Internet and will be accessible through either the Investors section of the Company’s website at www.thepantry.com or www.companyboardroom.com. An online archive will be available immediately following the call and will be accessible for 30 days.

Use of Non-GAAP Measures

Adjusted EBITDA

Adjusted EBITDA is defined by the Company as net income (loss) before interest expense, net, gain/loss on extinguishment of debt, income taxes, impairment charges and depreciation and amortization. Adjusted EBITDA is not a measure of operating performance or liquidity under generally accepted accounting principles in the United States of America (“GAAP”) and should not be considered as a substitute for net income, cash flows from operating activities or other income or cash flow statement data. The Company has included information concerning Adjusted EBITDA because it believes investors find this information useful as a reflection of the resources available for strategic opportunities including, among others, to invest in the Company’s business, make strategic acquisitions and to service debt. Management also uses Adjusted EBITDA to review the performance of the Company’s business directly resulting from its retail operations and for budgeting and compensation targets. Adjusted EBITDA does not include impairment of long-lived assets and other charges. The Company excluded the effect of impairment losses because it believes that including them in Adjusted EBITDA is not consistent with reflecting the ongoing performance of its remaining assets. Adjusted EBITDA does not include gain/loss on extinguishment of debt because it represents financing activities and is not indicative of the ongoing performance of the Company’s remaining stores.

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