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08-02-2011 13:00:00

The Pantry Announces First Quarter Fiscal 2011 Financial Results

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The Pantry, Inc. (NASDAQ: PTRY), the leading independently-operated

convenience store chain in the southeastern U.S., today announced

financial results for its fiscal first quarter ended December 30, 2010.

First Quarter Summary:

  • Net loss was $12.2 million or $0.54 per diluted share.

    This compares to a net loss of $26.1 million or $1.17 per diluted

    share in last year’s first quarter. Excluding the impact of impairment

    and other charges the net loss for the first quarter of fiscal 2010

    was $5.8 million or $0.26 per share.

  • Adjusted EBITDA was $31.3 million, compared to $40.3

    million a year ago

  • Comparable store merchandise revenue

    increased 1.3%

  • Merchandise gross margin improved to 33.5% from 32.6% in

    last year’s first quarter

  • Fuel gross profit was $50.7 million, compared to $57.0

    million a year ago

  • Completed the 47-store Presto acquisition, using $47.6

    million in cash.

President and Chief Executive Officer Terrance M. Marks said, “Adjusted

EBITDA was below our expectations for the quarter, driven by soft

merchandise comparable store sales growth and low fuel margins.

Merchandise sales performance was particularly weak in the latter half

of December, which we believe was primarily driven by the severe winter

weather that affected the Southeast. On a positive note, the sales

performance in our Fresh stores continues to exceed expectations. We

completed the Charlotte store conversion process on schedule in December

and are moving quickly to our next markets.”

Comparable store merchandise sales in the first quarter increased 1.3%

and 1.7% excluding cigarettes. Total merchandise gross profit for the

quarter was $140.5 million, an increase of 3.1% from the first quarter a

year ago.

Comparable store retail gallons sold in the first quarter decreased

5.2%. Retail fuel revenues in the first quarter increased 4.8% to $1.4

billion primarily as a result of the 12% increase in the average retail

price per gallon to $2.81 from $2.52. Fuel gross profit for the first

quarter decreased 10.9% compared to the same period a year ago, due to a

decrease in retail fuel margin per gallon to $0.104 compared to $0.109

and the decrease in retail fuel gallons sold.

Total store operating and general and administrative expenses for the

first quarter increased 4.6% to $160.0 million from the first quarter

last year primarily as a result of strategic investments in advertising

and category management capability to support the Program Fresh

initiative and professional costs associated with the Presto acquisition.

The Company remains comfortable with its liquidity position given the

$132 million in cash on hand and approximately $106 million in available

capacity under its revolving credit facilities as of December 30, 2010.

Fiscal 2011 Outlook

The Company updated the following guidance ranges for its expected

performance (excluding potential acquisitions) in fiscal 2011, which is

a 52-week fiscal year:

 

Year Ending September 29, 2011

Low

 

 

High

 

Merchandise sales (billions)

$

1.80

$

1.84

 

Merchandise gross margin

33.9

%

34.5

%

 

Retail fuel gross profit (millions)

$

236

$

267

 

Retail fuel gallons (billions)

1.98

2.05

 

Retail fuel margin per gallon

$

0.115

$

0.135

 

Total OSG&A (millions)

$

640

$

650

 

Depreciation & amortization (millions)

$

117

$

122

 

Interest expense (millions)

$

82

$

85

 

Capital expenditures (millions)

$

105

$

115

Conference Call

Interested parties are invited to listen to the first quarter earnings

conference call scheduled for Tuesday, February 8, 2011 at 8:30 a.m.

Eastern Time. The call will be broadcast live over the Internet and will

be accessible through either the Investors section of the Company's

website at www.thepantry.com

or www.companyboardroom.com.

An online archive will be available immediately following the call and

will be accessible for 30 days.

Use of Non-GAAP Measures

Adjusted EBITDA

Adjusted EBITDA is defined by the Company as net income before interest

expense, net, gain/loss on extinguishment of debt, income taxes,

impairment charges and depreciation and amortization. Adjusted EBITDA is

not a measure of operating performance or liquidity under accounting

principles generally accepted in the United States of America (“GAAP”)

and should not be considered as a substitute for net income, cash flows

from operating activities or other income or cash flow statement data.

The Company has included information concerning Adjusted EBITDA because

it believes investors find this information useful as a reflection of

the resources available for strategic opportunities including, among

others, to invest in the Company’s business, make strategic acquisitions

and to service debt. Management also uses Adjusted EBITDA to review the

performance of the Company's business directly resulting from its retail

operations and for budgeting and field operations compensation targets.

Net Income/(Loss) and Net Income/(Loss) Per Share Excluding Certain

Items

In addition to net income/(loss) and net income/(loss) per share

presented in accordance with GAAP, the Company has also presented net

income/(loss) and net income/(loss) per share for the three months ended

December 24, 2009 excluding the after-tax impact of non-cash charges

related to impairment and excess depreciation related to remodeling

activity. Management believes that investors find this information

useful as a reflection of the Company’s underlying operating performance

and that this information facilitates comparisons between the Company

and other companies in its industry. Management uses these measures as

part of its preparation of operating plans, budgets and forecasts and in

its assessment of the Company’s historical performance.

Additional Information Regarding Non-GAAP Measures

Any measure that excludes interest expense, gain/loss on extinguishment

of debt, depreciation and amortization, or impairment charges has

material limitations because the Company uses debt and lease financing

in order to finance its operations and acquisitions, uses capital and

intangible assets in its business, and must pay income taxes as a

necessary element of its operations. Due to these limitations, the

Company uses non-GAAP measures in addition to and in conjunction with

results and cash flows presented in accordance with GAAP. The Company

strongly encourages investors to review its consolidated financial

statements and publicly filed reports in their entirety and not to rely

on any single financial measure.

Because non-GAAP financial measures are not standardized, the measures

referenced above, each as defined by the Company, may not be comparable

to similarly titled measures reported by other companies. It therefore

may not be possible to compare the Company's use of these measures with

non-GAAP financial measures having the same or similar names used by

other companies.

About The Pantry

Headquartered in Cary, North Carolina, The Pantry, Inc. is the leading

independently operated convenience store chain in the southeastern

United States and one of the largest independently operated convenience

store chains in the country. As of February 7, 2011, the Company

operated 1,662 stores in thirteen states under select banners, including

Kangaroo Express(R), its primary operating banner. The Pantry's stores

offer a broad selection of merchandise, as well as fuel and other

ancillary services designed to appeal to the convenience needs of its

customers.

Safe Harbor Statement

Statements made by the Company in this press release relating to future

plans, events, or financial performance are "forward-looking statements"

within the meaning of the Private Securities Litigation Reform Act of

1995. These forward-looking statements are based on the Company's

current plans and expectations and involve a number of risks and

uncertainties that could cause actual results and events to vary

materially from the results and events anticipated or implied by such

forward-looking statements. Any number of factors could affect actual

results and events, including, without limitation: the ability of the

Company to take advantage of expected synergies in connection with

acquisitions; the actual operating results of stores acquired; the

Company's ability to enhance its operating performance through its

in-store initiatives; the ability of the Company to identify, acquire

and integrate acquisitions into its operations; fluctuations in domestic

and global petroleum and fuel markets; realizing expected benefits from

the Company's fuel supply agreements; changes in the competitive

landscape of the convenience store industry, including fuel stations and

other non-traditional retailers located in the Company's markets; the

effect of national and regional economic conditions on the convenience

store industry and the Company's markets; the global financial crisis

and uncertainty in global economic conditions; wholesale cost increases

of, and tax increases on, tobacco products; the effect of regional

weather conditions and climate change on customer traffic and spending;

legal, technological, political and scientific developments regarding

climate change; financial difficulties of suppliers, including the

Company's principal suppliers of fuel and merchandise, and their ability

to continue to supply its stores; the Company's financial leverage and

debt covenants; environmental risks associated with selling petroleum

products; and governmental laws and regulations, including those

relating to the environment. These and other risk factors are discussed

in the Company's Annual Report on Form 10-K and in its other filings

with the Securities and Exchange Commission. In addition, the

forward-looking statements included in this press release are based on

the Company's estimates and plans as of February 7, 2011. While the

Company may elect to update these forward-looking statements at some

point in the future, it specifically disclaims any obligation to do so.

The Pantry, Inc.

Unaudited Consolidated Statements of Operations and Selected

Financial Data

(In thousands, except per share and per gallon amounts, margin data

and store count)

 

 

 

Quarter Ended

December 30,

2010

 

December 24,

2009

(13 weeks)

(13 weeks)

Revenues:

Merchandise

$

419,865

$

417,572

Fuel

 

1,383,941

 

1,318,826

Total revenues

1,803,806

1,736,398

 

Costs and operating expenses:

Merchandise cost of goods sold

279,316

281,284

Fuel cost of goods sold

1,333,192

1,261,838

Store operating

131,884

130,849

General and administrative

28,131

22,104

Impairment charges

---

32,637

Depreciation and amortization

 

28,831

 

28,969

Total costs and operating expenses

1,801,354

1,757,681

 

Income (loss) from operations

2,452

(21,283)

 

Interest expense, net

Interest on lease finance obligations

10,477

10,597

Interest expense – all other, net

 

10,479

 

11,158

Total interest expense, net

 

20,956

 

21,755

 

Loss before income taxes

(18,504)

(43,038)

 

Income tax benefit

 

6,307

 

16,969

 

Net loss

$

(12,197)

$

(26,069)

 

Earnings per share:

Net loss per diluted share

$

(0.54)

$

(1.17)

Diluted shares outstanding

22,404

22,279

 

Selected financial data:

Adjusted EBITDA

$

31,283

$

40,323

Payments made for lease finance obligations

11,953

11,952

Merchandise gross profit

$

140,549

$

136,288

Merchandise margin

33.5%

32.6%

Retail fuel data:

Gallons

487,141

518,144

Margin per gallon (1)

$

0.104

$

0.109

Retail price per gallon

$

2.81

$

2.52

Total fuel gross profit

$

50,749

$

56,988

 

Comparable store data:

Merchandise sales %

1.3%

5.2%

Fuel gallons %

-5.2%

0.8%

 

Number of stores:

End of period

1,669

1,658

Weighted-average store count

1,644

1,668

 

(1) Fuel margin per gallon represents fuel revenue less cost of

product and expenses associated with credit card processing

fees and repairs and maintenance on fuel equipment. Fuel margin

per gallon as presented may not be comparable to

similarly titled measures reported by other companies.

The Pantry, Inc.

Unaudited Condensed Consolidated Balance Sheets

(In thousands)

 

December 30, 2010

 

 

September 30, 2010

 

ASSETS

Cash and cash equivalents

$

132,253

$

200,637

Receivables, net

107,788

92,118

Inventories

144,973

130,949

Other current assets

 

42,721

 

33,316

Total current assets

 

427,735

 

457,020

 

Property and equipment, net

1,024,595

1,005,152

Goodwill

430,361

403,193

Other noncurrent assets

 

33,624

 

31,085

Total assets

$

1,916,315

$

1,896,450

LIABILITIES AND SHAREHOLDERS' EQUITY

Current maturities of long-term debt

$

8,360

$

6,321

Current maturities of lease finance obligations

7,029

7,024

Accounts payable

159,494

144,358

Other accrued liabilities

 

107,897

 

114,031

Total current liabilities

 

282,780

 

271,734

 

Long-term debt

752,236

753,020

Lease finance obligations

450,843

450,312

Deferred income taxes

59,404

38,388

Deferred vendor rebates

10,047

10,212

Other noncurrent liabilities

63,512

64,675

Total shareholders’ equity

 

297,493

 

308,109

Total liabilities and shareholders’ equity

$

1,916,315

$

1,896,450

The Pantry, Inc.

Reconciliation of Non-GAAP Financial Measures

(In thousands)

 

Quarter Ended

December 30, 2010

 

 

December 24, 2009

 

Adjusted EBITDA

$

31,283

$

40,323

Impairment charges

---

(32,637)

Interest expense, net

(20,956)

(21,755)

Depreciation and amortization

(28,831)

(28,969)

Income tax benefit

 

6,307

 

16,969

Net loss

$

(12,197)

$

(26,069)

 

Adjusted EBITDA

$

31,283

$

40,323

Interest expense, net

(20,956)

(21,755)

Income tax benefit

6,307

16,969

Stock-based compensation expense

707

873

Changes in operating assets and liabilities

(30,458)

(10,920)

Provision (benefit) for deferred income taxes

12,882

(6,633)

Other

 

2,034

 

2,673

Net cash provided by operating activities

$

1,799

$

21,530

 

Additions to property and equipment, net

$

(21,252)

$

(9,080)

Acquisitions of businesses, net

 

(47,564)

 

10

Net cash used in investing activities

$

(68,816)

$

(9,070)

 

Net cash used in financing activities

$

(1,367)

$

(2,823)

 

Quarter Ended

December 24, 2009

 

 

Pre Tax

After Tax

EPS

 

Loss, as reported

$

(43,038

)

$

(26,069

)

$

(1.17

)

Impairment charges

32,637

19,954

0.90

Remodeling charges

 

483

 

 

295

 

 

0.01

 

Loss, as adjusted

$

(9,918

)

$

(5,820

)

$

(0.26

)

The Pantry, Inc.

Mark Bierley, 919-774-6700

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