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The Pantry Announces First Quarter Fiscal 2013 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 first quarter ended December 27, 2012.

First Quarter Summary:
  • Net loss was $3.1 million or $0.14 per share. This compares to a net loss of $2.9 million or $0.13 per share in last year’s first quarter. Excluding the impact of impairment charges, net loss for the first quarter of fiscal 2013 improved to $1.7 million or $0.08 per share, compared to net loss per share of $0.11 in the prior year (see reconciliation below).
  • Adjusted EBITDA increased $5.1 million to $48.9 million, compared to $43.8 million a year ago.
  • Fuel gross profit was $49.2 million, compared to $55.9 million a year ago; retail fuel margin per gallon was $0.114 compared to $0.122 a year ago; comparable store fuel gallons sold decreased 4.8%.
  • Comparable store merchandise revenue increased 2.2%; excluding cigarettes, comparable store merchandise revenue increased 4.6% .
  • Merchandise gross margin was 34.3%, compared to 33.2% a year ago.
  • Store operating and general and administrative expenses were $147.2 million, compared to $154.4 million a year ago.
  • Net cash provided by operating activities was $17.0 million, an increase of $10.3 million over the prior year quarter.
  • Long-term debt was reduced by $60.8 million in the first quarter of Fiscal 2013 and has now been reduced by $200.4 million since December 2011. The Company believes its liquidity position will allow it to continue to execute its core strategic initiatives given the $24.4 million in cash on hand and $129.9 million in available capacity under its revolving credit facilities as of December 27, 2012.

President and Chief Executive Officer Dennis G. Hatchell said, “We improved adjusted EBITDA to $49 million in the first fiscal quarter of 2013, which is an increase of 12% from the same quarter a year ago. This improvement over the prior year quarter is a reflection of our team's continued focus on improving merchandise sales and margins and controlling expenses. This was achieved despite lower fuel volume and margins compared to the same period a year ago.”

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