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The Pantry Announces Fourth Quarter And Fiscal 2012 Financial Results

Mr. Hatchell continued by saying, “For fiscal 2012, our comparable store merchandise sales were up 3.3%, up 5.9% excluding cigarettes, and we achieved our objective of bringing our fuel gallon volume more in line with industry trends. We are pleased to have completed a successful refinancing in August and to have reduced debt $184 million in fiscal 2012. As a result of the refinancing, we have addressed all of the company’s significant near term debt maturities. We are also excited that Joe Venezia has joined us as Senior Vice President of Operations to focus on growing sales and improving store operations.”

The Company believes its liquidity position will allow it to continue to execute its core strategic initiatives given the $89.2 million in cash on hand and $116.6 million in available capacity under its revolving credit facilities as of September 27, 2012.

Fiscal 2013 Outlook

The Company announced the following guidance ranges for its expected performance in fiscal 2013, which is a 52-week fiscal year:

               
      Q1 FY12     Q1 FY13 Guidance     FY12     FY13 Guidance
     

Actual

   

Low

 

High

   

Actual

   

Low

 

High

                                 
Merchandise sales ($B) (1)     $0.428     $0.423   $0.433     $1.81     $1.83   $1.87
                                 
Merchandise gross margin     33.2%     33.7%   34.2%     33.7%     33.7%   34.2%
                                 
Retail fuel gallons (B) (1)     0.455     0.422   0.432     1.81     1.71   1.77
                                 
Retail fuel margin per gallon     $0.122     $0.107   $0.127     $0.115     $0.115   $0.125
                                 
Store operating and general and administrative expenses ($M)     $154     $148   $152     $610     $613   $625
                                 
Depreciation & amortization ($M)     $27     $29   $30     $120     $115   $120
                                 
Interest expense ($M) (2)     $21     $23   $24     $84     $89   $92
                                 
Capital expenditures, net ($M)     $22     $17   $20     $55     $80   $95
                                 
(1)Fiscal 2013 guidance assumes closure of 35 – 40 stores                          
(2)Excludes loss on extinguishment of debt                          
   

Conference Call

Interested parties are invited to listen to the fourth quarter earnings conference call scheduled for Tuesday, December 11, 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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