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Ingles Markets, Incorporated Reports Increased Sales And Net Income For First Quarter Fiscal 2013

Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported a 1.6% increase in net sales to $932.8 million for its first fiscal quarter ended December 29, 2012. Net income rose 9.2% to $11.6 million for the December 2012 quarter compared with net income of $10.6 million for the quarter ended December 2011.

Commenting on the results, Chief Executive Officer Robert P. Ingle II said, “We are off to a good start for fiscal 2013, our 50 th year. The holiday season was very competitive for our industry, and we responded well.”

Financial Results

Net sales rose 1.6% to $932.8 million for the quarter ended December 29, 2012, compared with $918.2 million for the quarter ended December 24, 2011. For the comparable December 2012 and 2011 quarters and excluding gasoline sales, grocery segment comparable store sales increased 1.5%, weekly customer visits increased 1.4% and the average transaction amount was essentially unchanged.

Gross profit for the first quarter of fiscal 2013 rose $6.2 million to $207.9 million compared with the first quarter of fiscal 2012. Gross profit as a percentage of sales rose to 22.3% for the first quarter of fiscal 2013 compared with 22.0% for the first quarter of fiscal 2012.

Total operating expenses were $174.8 million for the first quarter of fiscal 2013 compared with $171.8 million for the comparable fiscal 2012 quarter. Operating and administrative expenses as a percentage of sales, excluding gasoline sales and associated operating expenses, were 21.7% and 21.6% for the three months ended December 29, 2012, and December 24, 2011, respectively.

Net rental income, gains/losses on asset disposals, and other income totaled approximately $1.0 million and $1.4 million for the December 2012 and 2011 quarters, respectively. There were no individually significant trends or transactions for either first fiscal quarter.

Interest expense increased $0.6 million for the three-month period ended December 29, 2012, to $15.6 million from $15.0 million for the three-month period ended December 24, 2011. Total debt at December 29, 2012 was $877.0 million compared to $882.5 million at December 24, 2011. Interest on the bonds that funded construction of the new distribution center was capitalized prior to its opening in mid-2012. For the three months ended December 29, 2012, this interest was expensed. The Company currently has lines of credit totaling $175.0 million with $84.8 million borrowed and $9.5 million of unused letters of credit issued at December 29, 2012. The Company believes its financial resources, including these lines of credit and other internal and anticipated external sources of funds, will be sufficient to meet planned capital expenditures, debt service and working capital requirements for the foreseeable future. The Company’s $575 million of senior notes with a yield of 9.5% become callable at a price of 104.438% of par on May 15, 2013.

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