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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Ingles Markets, Incorporated Reports 48th Year Of Record Sales, Plus Growth In Sales And Net Income For Fourth Quarter And Fiscal Year 2012

Gross profit for the fourth quarter of fiscal 2012 rose to $220.0 million, an increase of $17.6 million, compared with the fourth quarter of fiscal 2011. Gross profit as a percentage of sales was 22.2% for the fourth quarter of fiscal 2012 compared with 22.4% for the fourth quarter of fiscal 2011. Grocery segment gross margins, excluding gasoline, were 26.1% for both the current-year quarter and for the fourth quarter of fiscal 2011.

Operating and administrative expenses for the September 2012 quarter totaled $185.2 million. Operating and administrative expenses as a percentage of sales were 18.7% for the fourth quarter of fiscal 2012, compared with 19.0% for the fourth quarter of fiscal 2011. The largest line item increase was personnel costs related to the opening of the new 839,000 square foot distribution center in June 2012. Ingles operated 203 stores and 11.0 million square feet of store space at the end of fiscal 2012 and at the end of fiscal 2011. The Company’s store improvement capital projects this year did not result in increased square footage, but improved merchandising, convenience and the range of products offered to our customers.

Net rental income, other income and losses on asset disposals declined to $1.0 million in the fourth quarter of fiscal 2012, compared with $1.4 million for the 2011 fourth fiscal quarter, primarily due to lower net rental income and sales of waste plastic and packaging compared with the prior year.

Interest expense totaled $15.2 million for the fourth quarter of fiscal 2012, compared with $15.1 million for the fourth quarter of fiscal 2011. Total debt was $835.2 million at the end of fiscal 2012 compared with $855.1 million at the end of fiscal 2011.

The Company’s effective tax rate was 35.5% for the fourth quarter of fiscal 2012, compared with 33.5% for the fourth quarter of fiscal 2011. The rate increase is primarily due to a decrease in tax credits in fiscal 2012 compared with the prior fiscal year.

2 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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