CARY, N.C., July 30, 2014 (GLOBE NEWSWIRE) -- The Pantry, Inc. (Nasdaq:PTRY), a leading independently operated convenience store chain in the southeastern U.S., today announced financial results for its fiscal third quarter ended June 26, 2014. Third Quarter Summary:
- Net income was $14.0 million or $0.61 per diluted share. This compares to net income of $5.9 million or $0.26 per diluted share in last year's third quarter. Excluding the impact of impairment charges, net income for the third quarter of fiscal 2014 was $14.7 million, or $0.64 per diluted share, compared to net income of $6.4 million, or $0.28 per diluted share, in the prior year (see reconciliation below).
- Adjusted EBITDA was $71.2 million, up from $65.3 million a year ago (see reconciliation below).
- Comparable store merchandise revenue increased 2.3%.
- Merchandise gross margin improved to 33.9% from 33.8%.
- Fuel gross profit increased to $54.9 million from $53.8 million a year ago as retail fuel margin per gallon increased to $0.129 from $0.123 in the prior year quarter. Comparable store fuel gallons sold declined 2.3%.
- Store operating and general and administrative expenses were $148.0 million compared to $149.4 million a year ago. Favorable adjustments to our self-insurance reserves for workers compensation and general liability were $4.3 million this year, $1.7 million less than the adjustment in the third quarter of fiscal 2013.
- The effective tax rate for the third quarter of fiscal 2014 was 34.8% compared to 54.9% in the third quarter of fiscal 2013.
- Store portfolio activity during the third quarter of fiscal 2014 included rebuilding one store (replacing an older store with a new, large-format store), adding four new QSRs and closing seven stores.