Improvement over the prior year quarter reflects the team’s continued focus on improving merchandise sales, margins and controlling expenses, notes The Pantry’s CEO.
First Quarter Summary:
Net loss was $3.1 million or $0.14 per share. This compares to a net loss of $2.9 million or $0.13 per share in last year’s first quarter. Excluding the impact of impairment charges, net loss for the first quarter of fiscal 2013 improved to $1.7 million or $0.08 per share, compared to net loss per share of $0.11 in the prior year.
Adjusted EBITDA increased $5.1 million to $48.9 million, compared to $43.8 million a year ago.
Fuel gross profit was $49.2 million, compared to $55.9 million a year ago; retail fuel margin per gallon was $0.114 compared to $0.122 a year ago; comparable store fuel gallons sold decreased 4.8%.
Comparable store merchandise revenue increased 2.2%; excluding cigarettes, comparable store merchandise revenue increased 4.6%.
Merchandise gross margin was 34.3%, compared to 33.2% a year ago. Store operating and general and administrative expenses were $147.2 million, compared to $154.4 million a year ago.
Net cash provided by operating activities was $17.0 million, an increase of $10.3 million over the prior year quarter.
Long-term debt was reduced by $60.8 million in the first quarter of Fiscal 2013 and has now been reduced by $200.4 million since December 2011. The company believes its liquidity position will allow it to continue to execute its core strategic initiatives given the $24.4 million in cash on hand and $129.9 million in available capacity under its revolving credit facilities as of Dec. 27, 2012.
“We improved adjusted EBITDA to $49 million in the first fiscal quarter of 2013, which is an increase of 12% from the same quarter a year ago,” said president and CEO Dennis Hatchell. “This improvement over the prior year quarter is a reflection of our team’s continued focus on improving merchandise sales and margins and controlling expenses. This was achieved despite lower fuel volume and margins compared to the same period a year ago.”
“We are also excited to have Clyde Preslar joining our team as senior vice president and chief financial officer (CFO), he added. Clyde’s 15 years of experience as a public company CFO and his work in the consumer goods space make him a great fit for the Pantry and we are convinced that he will make significant contributions to the Pantry realizing its strategic initiatives.”