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
TheStreet Open House

Ingles Markets, Incorporated Announces Financial Results For Third Quarter And Nine Months Of Fiscal 2013

The comments in this press release contain certain forward-looking statements. Ingles undertakes no obligation to publicly release any revisions to any forward-looking statements contained herein to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. Ingles’ actual results may differ materially from those projected in forward-looking statements made by, or on behalf of, Ingles. Factors that may affect results include changes in business and economic conditions generally in Ingles’ operating area, pricing pressures, increased competitive efforts by others in Ingles’ marketing areas and the availability of financing for capital improvements. A more detailed discussion of these factors may be found in reports filed by the Company with the Securities and Exchange Commission including its 2012 Form 10-K and 2013 Forms 10-Q.

Ingles Markets, Incorporated is a leading supermarket chain with operations in six southeastern states. Headquartered in Asheville, North Carolina, the Company operates 204 supermarkets. In conjunction with its supermarket operations, the Company operates neighborhood shopping centers, most of which contain an Ingles supermarket. The Company also owns a fluid dairy facility that supplies Company supermarkets and unaffiliated customers. The Company's Class A Common Stock is traded on The NASDAQ Stock Market's Global Select Market under the symbol IMKTA. For more information, visit Ingles' website at www.ingles-markets.com.

 
INGLES MARKETS, INCORPORATED
(Amounts in thousands except per share data)
 
Unaudited Financial Highlights
     
Three Months Ended Nine Months Ended
June 29, June 23, June 29, June 23,

2013

2012

2013

2012

 
Net sales $ 931,912 $ 917,756 $ 2,783,342 $ 2,717,661
Gross profit 210,327 205,952 616,544 600,116
Operating and administrative expenses 177,811 172,255 527,636 513,177
Rental income, net 325 515 960 1,310
Gain from sale or disposal of assets 62 515 4,238 680
Income from operations 32,903 34,727 94,106 88,931
Other income, net 778 891 2,082 2,696
Interest expense 16,001 14,896 47,281 44,850
Loss on early extinguishment of debt 43,089 43,089
Income tax expense (benefit) (10,985 ) 7,663 584 16,609
Net income (loss) $ (14,424 ) $ 13,059 $ 5,234 $ 30,168
 
Basic earnings (loss) per common share – Class A $ (0.62 ) $ 0.56 $ 0.23 $ 1.29
Basic earnings (loss) per common share – Class B $ (0.56 ) $ 0.51 $ 0.21 $ 1.18
Diluted earnings (loss) per common share – Class A $ (0.62 ) $ 0.54 $ 0.21 $ 1.24
Diluted earnings (loss) per common share – Class B $ (0.56 ) $ 0.51 $ 0.21 $ 1.18
 
Additional selected information:
Depreciation and amortization expense $ 23,955 $ 22,826 $ 71,083 $ 66,875
Rent expense $ 3,537 $ 3,541 $ 10,927 $ 10,651
 
Condensed Consolidated Balance Sheets (Unaudited)
 
June 29, September 29,

2013

2012

ASSETS
Cash and cash equivalents $ 4,553 $ 4,683
Receivables-net 59,964 61,519
Inventories 334,544 329,615
Other current assets 40,380 30,387
Property and equipment-net 1,198,292 1,197,138
Other assets   21,941   18,767
TOTAL ASSETS $ 1,659,674 $ 1,642,109
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current maturities of long-term debt $ 20,789 $ 49,928

Accounts payable, accrued expenses and current portion of other long-term liabilities

214,403 256,224
Deferred income taxes 85,761 84,120
Long-term debt 913,723 785,240
Other long-term liabilities   26,309   9,183
Total Liabilities 1,260,985 1,184,695
Stockholders' equity   398,689   457,414
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,659,674 $ 1,642,109
 




5 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 17,156.85 +24.88 0.15%
S&P 500 2,001.57 +2.59 0.13%
NASDAQ 4,562.1890 +9.43 0.21%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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