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The Pantry Announces Fourth Quarter And Fiscal 2012 Financial Results

The Pantry, Inc. (NASDAQ: PTRY), a leading independently operated convenience store chain in the southeastern U.S., today announced financial results for its fiscal fourth quarter and year ended September 27, 2012.

Fourth Quarter Summary:

  • Net loss was $4.8 million or $0.21 per share. This compares to net income of $3.3 million or $0.15 per diluted share in last year’s fourth quarter. Excluding the impact of impairment charges and loss on extinguishment of debt, net loss for the fourth quarter of fiscal 2012 was $2.0 million or $0.09 per share, compared to earnings per share of $0.37 in the prior year (see reconciliation below).
  • Adjusted EBITDA was $52.8 million, compared to $64.4 million a year ago.
  • Fuel gross profit was $44.0 million, compared to $64.4 million a year ago; retail fuel margin per gallon was $0.095 compared to $0.135 a year ago ; comparable store fuel gallons sold decreased 2.6%.
  • Comparable store merchandise revenue increased 3.3%; excluding cigarettes, comparable store merchandise revenue increased 6.1% .
  • Merchandise gross margin was 34.6%, compared to 33.8% a year ago.
  • Store operating and general and administrative expenses were $153.7 million, compared to $157.7 million a year ago.
  • Net cash provided by operating activities was $28.5 million, compared to $71.6 million a year ago .

Fiscal Year 2012 Summary:

  • Net loss was $2.5 million or $0.11 per share. This compares to net income of $9.8 million or $0.44 per diluted share last year. Excluding the impact of impairment charges and loss on extinguishment of debt, net income for fiscal 2012 was $4.7 million or $0.21 per share, compared to earnings per share of $0.78 in the prior year (see reconciliation below).
  • Adjusted EBITDA was $210.1 million, compared to $231.7 million in fiscal 2011.
  • Fuel gross profit was $210.3 million, compared to $257.1 million a year ago; retail fuel margin per gallon was $0.115 compared to $0.135 a year ago; comparable store fuel gallons sold decreased 3.1%.
  • Comparable store merchandise revenue increased 3.3%; excluding cigarettes, comparable store merchandise revenue increased 5.9%.
  • Merchandise gross margin was 33.7% compared to 33.9% in fiscal 2011.
  • Store operating and general and administrative expenses were $610.0 million, compared to $628.5 million a year ago.
  • Net cash provided by operating activities was $144.0 million, compared to $178.7 million in fiscal 2011.
  • Long-term debt was $563.4 million as of September 27, 2012, down $183.8 million since the end of fiscal 2011.

President and Chief Executive Officer Dennis G. Hatchell said, “We generated approximately $53 million of adjusted EBITDA during the fourth fiscal quarter of 2012, which was above the mid-range of our expectations. Our team continued to deliver strong store operating results aided by the 13% foodservice sales growth in comparable stores, which helped offset the challenging fuel cost environment.”

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