- Net income was $5.9 million or $0.26 per diluted share. This compares to net income of $14.8 million or $0.65 per diluted share in last year's third quarter. Excluding the impact of impairment charges, net income for the third quarter of fiscal 2013 was $6.4 million, or $0.28 per diluted share, compared to net income of $15.9 million, or $0.70 per diluted share, in the prior year (see reconciliation below).
- Adjusted EBITDA was $65.3 million, down from $74.7 million a year ago.
- Fuel gross profit was $53.8 million, compared to $67.1 million a year ago as retail fuel margin per gallon decreased to $0.123 from $0.146 in the prior year quarter. Comparable store fuel gallons sold decreased 4.4%.
- Comparable store merchandise revenue increased 1.3% and increased 3.3% excluding cigarettes.
- Merchandise gross margin was 33.8% compared to 33.5% a year ago.
- Store operating and general and administrative expenses were $149.4 million compared to $152.1 million a year ago.
- Our effective tax rate for the third quarter of fiscal 2013 was 54.9% compared to 36.5% in the third quarter of fiscal 2012 due to actual and anticipated levels of pre-tax profit. We now anticipate a full-year 2013 effective tax rate of 32.6% compared to 54.1% in 2012.
The Pantry Announces Third Quarter Fiscal 2013 Results
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