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Ingles Markets Inc (IMKTA) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 27, 2020

Ingles Markets Inc

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CIK: 1660734 Ticker: IMKTA
 
 Exhibit 99.1


Ingles Markets, Incorporated Reports Results for Third Quarter And Nine Months of Fiscal 2020

ASHEVILLE, N.C.--(BUSINESS WIRE)--August 6, 2020--Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported increased sales and net income for the three and nine months ended June 27, 2020.

The coronavirus (COVID-19) pandemic was declared a national emergency on March 13, 2020. 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 are proud to provide service to our customers during such a disruptive time. This is made possible by the dedication of our associates, who continue to maintain store conditions at the highest level.”

Third Quarter Results

Net sales totaled $1.19 billion for the three months ended June 27, 2020, an increase of 12.0% compared with $1.06 billion for the three months ended June 29, 2019.

Gross profit for the June 2020 quarter totaled $324.7 million, or 27.3% of sales. Gross profit for the June 2019 quarter was $258.9 million, or 24.4% of sales.

Operating and administrative expenses for the June 2020 quarter totaled $234.6 million, compared with $216.5 million for the June 2019 quarter. Most of the increase was due to higher personnel costs incurred to support additional safety measures related to the pandemic, including a second appreciation bonus payment to full and part-time associates.

Interest expense totaled $9.7 million for the three-month period ended June 27, 2020, and $11.7 million for the three-month period ended June 29, 2019. Total debt at the end of June 2020 was $819.3 million, compared with $854.7 million at the end of June 2019. The Company continues to reduce debt and has refinanced debt at lower rates over the past twelve months.

Net income totaled $62.8 million for the three-month period ended June 27, 2020, compared with $23.5 million for the three-month period ended June 29, 2019. Basic and diluted earnings per share for Class A Common Stock were $3.18 and $3.10, respectively, for the quarter ended June 27, 2020, compared with $1.19 and $1.16, respectively, for the quarter ended June 29, 2019. Basic and diluted earnings per share for Class B Common Stock were each $2.89 for the quarter ended June 27, 2020, and $1.08 for the quarter ended June 29, 2019.

The following information was filed by Ingles Markets Inc (IMKTA) on Thursday, August 6, 2020 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-Q Quarterly 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 2020 10-K Annual Report includes:

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Inside Ingles Markets Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Changes In Stockholders' Equity
Condensed Consolidated Statements Of Income And Other Comprehensive Income
Accrued Expenses And Current Portion Of Other Long-Term Liabilities
Accrued Expenses And Current Portion Of Other Long-Term Liabilities (Accrued Expenses And Current Portion Of Other Long-Term Liabilities) (Details)
Accrued Expenses And Current Portion Of Other Long-Term Liabilities (Narrative) (Details)
Accrued Expenses And Current Portion Of Other Long-Term Liabilities (Tables)
Allowance For Doubtful Accounts
Allowance For Doubtful Accounts (Narrative) (Details)
Basis Of Preparation
Commitments And Contingencies
Dividends
Dividends (Narrative) (Details)
Earnings Per Common Share
Earnings Per Common Share (Narrative) (Details)
Earnings Per Common Share (Reconciliation Of Numerators And Denominators Of Basic And Diluted Earnings Per Share) (Details)
Earnings Per Common Share (Tables)
Fair Values Of Financial Instruments
Fair Values Of Financial Instruments (Carrying Amount And Fair Value Of Debt, Interest Rate Swap And Non-Qualified Plan Assets) (Details)
Fair Values Of Financial Instruments (Tables)
Income Taxes
Leases
Leases (Future Minimum Lease Payments Prior To Adoption Of Asu 2016-02) (Details)
Leases (Future Minimum Operating Lease Receipts Prior To Adoption Of Asu 2016-02) (Details)
Leases (Future Minimum Operating Lease Receipts) (Details)
Leases (Maturities Of Operating Lease Liabilities) (Details)
Leases (Narrative) (Details)
Leases (Schedule Of Rental Income) (Details)
Leases (Tables)
Long-Term Debt
Long-Term Debt (Narrative) (Details)
Long-Term Debt (Schedule Of Redemption Prices Of Senior Notes) (Details)
Long-Term Debt (Tables)
New Accounting Pronouncements
New Accounting Pronouncements (Narrative) (Details)
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)

Material Contracts, Statements, Certifications & more

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

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: IMKTA
CIK: 50493
Form Type: 10-Q Quarterly Report
Accession Number: 0000050493-20-000015
Submitted to the SEC: Thu Aug 06 2020 4:08:47 PM EST
Accepted by the SEC: Thu Aug 06 2020
Period: Saturday, June 27, 2020
Industry: Retail Grocery Stores

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