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Ingles Markets Inc (IMKTA) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, September 25, 2021

Ingles Markets Inc

CIK: 50493 Ticker: IMKTA
Exhibit 99.1

Ingles Markets, Incorporated Reports Results for Fourth Quarter and Fiscal Year 2021

ASHEVILLE, N.C.--(BUSINESS WIRE)--November 24, 2021--Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported increased sales and net income for the three and twelve months ended September 25, 2021.

The coronavirus (COVID-19) pandemic was declared a national emergency on March 13, 2020. The pandemic has had a significant impact on the Company’s operations since then. At this time the Company cannot predict the impact of the pandemic on future periods.

Robert P. Ingle II, Chairman of the Board, stated, “We had a successful year amidst ongoing difficulties caused by COVID-19. During this past year, we are thankful for our associates who continued to provide customers with needed products and services.”

Fourth Quarter Results

Net sales totaled $1.34 billion for the quarter ended September 25, 2021, an increase of 11.6% compared with $1.20 billion for the quarter ended September 26, 2020.

Gross profit for the fourth quarter of fiscal 2021 totaled $341.3 million, or 25.6% of sales. Gross profit for the fourth quarter of fiscal 2020 was $324.5 million, or 27.1% of sales.

Operating and administrative expenses for the September 2021 quarter totaled $248.9 million compared with $236.8 million for the September 2020 quarter. Most of the increase was due to higher personnel costs incurred to support higher sales and additional safety measures related to the pandemic.

Interest expense totaled $6.2 million for the fourth quarter of fiscal 2021 compared with $8.7 million for the fourth quarter of fiscal 2020. Total debt at the end of fiscal 2021 was $589.5 million compared with $605.5 million at the end of fiscal 2020. Interest expense declined as the Company continues to reduce debt and has refinanced debt at lower rates over the past twelve months.

Net income totaled $71.7 million for the September 2021 quarter compared with $57.9 million for the September 2020 quarter. Basic and diluted earnings per share for Class A Common Stock were $3.86 and $3.78, respectively, for the quarter ended September 25, 2021, compared with $2.94 and $2.86, respectively, for the quarter ended September 26, 2020. Basic and diluted earnings per share for Class B Common Stock were each $3.51 for the quarter ended September 25, 2021, and $2.67 for the quarter ended September 26, 2020.


The following information was filed by Ingles Markets Inc (IMKTA) on Wednesday, November 24, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ingles Markets Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

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Inside Ingles Markets Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Income And Other Comprehensive Income
Cash Flow Information
Cash Flow Information (Supplemental Disclosure Of Cash Flow Information) (Details)
Cash Flow Information (Tables)
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Earnings Per Common Share
Earnings Per Common Share (Reconciliation Of Numerators And Denominators Of Basic And Diluted Earnings Per Share) (Details)
Earnings Per Common Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Narrative) (Details)
Fair Values Of Financial Instruments
Fair Values Of Financial Instruments (Carrying Amount And Fair Value Of Debt, Interest Rate Swap And Non-Qualified Plan Assetst) (Details)
Fair Values Of Financial Instruments (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Schedule Of Current And Deferred Income Tax Expense (Benefit)) (Details)
Income Taxes (Schedule Of Deferred Income Tax Liabilities And Assets) (Details)
Income Taxes (Schedule Of Income Tax Expense Reconciliation) (Details)
Income Taxes (Tables)
Leases And Rental Expense
Leases And Rental Expense (Maturities Of Operating Lease Liabilities) (Details)
Leases And Rental Expense (Narrative) (Details)
Leases And Rental Expense (Tables)
Long-Term Debt
Long-Term Debt (Narrative) (Details)
Long-Term Debt (Schedule Of Components Of Interest Costs) (Details)
Long-Term Debt (Schedule Of Long-Term Debt And Short-Term Loans) (Details)
Long-Term Debt (Schedule Of Maturities Of Long-Term Debt) (Details)
Long-Term Debt (Schedule Of Redemption Prices Of Senior Notes) (Details)
Long-Term Debt (Tables)
Property And Equipment
Property And Equipment (Schedule Of Property And Equipment) (Details)
Property And Equipment (Tables)
Property Held For Lease And Rental Income
Property Held For Lease And Rental Income (Narrative) (Details)
Property Held For Lease And Rental Income (Schedule Of Minimum Future Rental Income On Non-Cancelable Operating Leases) (Details)
Property Held For Lease And Rental Income (Schedule Of Owned Properties Under Operating Leases By Major Classes) (Details)
Property Held For Lease And Rental Income (Schedule Of Rental Income) (Details)
Property Held For Lease And Rental Income (Tables)
Related Party Transactions
Related Party Transactions (Narrative) (Details)
Segment Information
Segment Information (Narrative) (Details)
Segment Information (Operations By Lines Of Business) (Details)
Segment Information (Tables)
Stockholder's Equity (Narrative) (Details)
Stockholders' Equity
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policy)
Supplementary Balance Sheet Information
Supplementary Balance Sheet Information (Accrued Expenses And Current Portion Of Other Long-Term Liabilities) (Details)
Supplementary Balance Sheet Information (Narrative) (Details)
Supplementary Balance Sheet Information (Schedule Of Other Long-Term Liabilities) (Details)
Supplementary Balance Sheet Information (Tables)

Material Contracts, Statements, Certifications & more

Ingles Markets Inc provided additional information to their SEC Filing as exhibits

Ticker: IMKTA
CIK: 50493
Form Type: 10-K Annual Report
Accession Number: 0000050493-21-000017
Submitted to the SEC: Wed Nov 24 2021 4:16:47 PM EST
Accepted by the SEC: Wed Nov 24 2021
Period: Saturday, September 25, 2021
Industry: Retail Grocery Stores

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