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Pantry Inc. (PTRY) filed Quarterly Report for the period ended 2011-12-29.
Pantry Inc. has a market cap of $270 million; its shares were traded at around $11.99 with a P/E ratio of 11.4. Pantry Inc. had an annual average earning growth of 5.3% over the past 10 years.
This is the annual revenues and earnings per share of PTRY over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of PTRY.
Highlight of Business Operations:
share, in the first quarter of fiscal 2011. Adjusted EBITDA for the first quarter was $43.8 million, an increase of $11.7 million, or 36.5% from the first quarter of fiscal 2011. Our merchandise comparable store sales increased 2.0% compared to a merchandise comparable store sales decline of 0.8% in the fourth quarter of fiscal 2011.The increase in fuel gross profit is primarily attributable to a 1.8 cent increase in retail gross profit per gallon to 12.2 cents for the first quarter of fiscal 2012 from 10.4 cents in the first quarter of fiscal 2011 partially offset by the fuel gallon decline. We compute gross profit exclusive of depreciation and allocation of store operating and general and administrative expenses and inclusive of credit card processing fees and cost of repairs and maintenance on fuel equipment. These fees totaled 6.4 cents per retail gallon and 5.6 cents per retail gallon for the three months ended December 29, 2011 and December 30, 2010, respectively.
Cash Flows from Operations. Due to the nature of our business, substantially all sales are for cash and cash provided by operations is our primary source of liquidity. We rely primarily on cash provided by operating activities, supplemented as necessary from time to time by borrowings under our revolving credit facility and lease finance transactions to finance our operations, pay principal and interest on our debt and fund capital expenditures. We had no borrowings under our revolving credit facility during the first three months of fiscal 2012. Our working capital as of December 29, 2011 was $55.1 million. Changes in working capital represented a use of cash of approximately $18.8 million in the first three months of fiscal 2012 compared to $30.5 million in the first three months of fiscal 2011. We historically realize a use of cash due to changes in working capital in the first quarter of our fiscal year due to annual payments related to our annual incentive plans, property taxes, and capital expenditure activity. Cash provided by operating activities increased to $6.7 million for the first quarter of fiscal 2012 compared to $1.8 million for the first quarter of fiscal 2011. The increase in cash flow from operations is primarily due to the $12.6 million increase in income from operations from the first quarter of fiscal 2011. We had $150.7 million of cash and cash equivalents on hand at December 29, 2011.
Long Term Liquidity. We believe that anticipated cash flows from operations, funds available from our existing revolving credit facility, cash on hand and vendor reimbursements will provide sufficient funds to finance our operations for the next 12 months. As of December 29, 2011, we had approximately $123.6 million in available borrowing capacity under our revolving credit facility, approximately $58.6 million of which was available for issuances of letters of credit. Changes in our operating plans, lower than anticipated sales, increased expenses, additional acquisitions or other events may cause us to need to seek additional debt or equity financing in future periods. There can be no guarantee that financing will be available on acceptable terms or at all. Additional equity financing could be dilutive to the holders of our common stock, and additional debt financing, if available, could impose greater cash payment obligations and more covenants and operating restrictions.
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