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 Announces Financial Results For Third Quarter And Nine Months Of Fiscal 2013

Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported increased sales for the three and nine month periods ended June 29, 2013, compared with the same periods of the previous year. Third quarter 2013 net sales rose to $931.9 million, compared with $917.8 million for the previous year. For the first nine months of fiscal 2013, net sales rose 2.4% to $2.78 billion.

In June 2013, the Company repaid $575 million of senior notes due 2017 priced at 9.5% and other borrowings with the proceeds of $700 million of senior notes due 2023 priced at 5.75%. Prepayment penalties and other costs associated with the repaid debt resulted in a $43.1 million charge to pretax earnings during the June 2013 quarter. Because of this charge, the net loss for the third quarter of fiscal 2013 totaled $14.4 million compared with net income of $13.1 million for the third quarter of fiscal 2012. For the nine months ended June 2013 and June 2012, net income totaled $5.2 million and $30.2 million, respectively. The decreased interest rate on the new senior notes is expected to provide the Company substantial interest savings in future years.

Robert P. Ingle II, Chief Executive Officer, stated, “We continued to grow sales and improve our store base during this most recent quarter. The refinancing we accomplished in June secured favorable financing for the Company for many years to come.”

Third Quarter Results

Net sales rose 1.5% to $931.9 million for the three months ended June 29, 2013, compared with $917.8 million for the three months ended June 23, 2012. Ingles operated 204 stores at June 29, 2013, and 203 stores at June 23, 2012. Retail square footage was approximately 11.1 million at June 29, 2013, and 11.0 million at June 23, 2012. Excluding gasoline and the effect of Easter sales in last year’s June quarter, grocery segment comparable store sales increased 1.4%. The number of customer transactions, average transaction size and gasoline gallons sold all were higher for the June 2013 quarter compared with the June 2012 quarter.

1 of 6

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 17,051.73 -48.45 -0.28%
S&P 500 1,973.63 -4.59 -0.23%
NASDAQ 4,424.7040 -7.4420 -0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

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