Exhibit 99.1


For Immediate Release                                                                                                                                                                                                     Contact: Mark Bierley
December 14, 2010                                                                                                                                                                                              (919) 774-6700
 
THE PANTRY ANNOUNCES FOURTH QUARTER
AND FISCAL 2010 FINANCIAL RESULTS

Cary, North Carolina, December 14, 2010 - The Pantry, Inc. (NASDAQ: PTRY), the leading independently operated convenience store chain in the southeastern U.S., today announced financial results for its fiscal fourth quarter and year ended September 30, 2010.  The quarter and year included 14 and 53 weeks, respectively, one more week than the comparable periods in fiscal 2009.

Fourth Quarter Summary:
 
·  
Net income was $8.5 million or $0.38 per diluted share, including charges of approximately $3 million after-tax.  This compares to $12.5 million or $0.56 per diluted share in last year’s fourth quarter.  Excluding the charges, fourth quarter fiscal 2010 net income was $11.3 million or $0.50 per diluted share (see reconciliation below).
 
·  
Adjusted EBITDA was $66.2 million, compared to $70.8 million a year ago.
 
·  
Comparable store merchandise revenue increased 5.7%.
 
·  
Merchandise gross margin improved to 34.4% from 34.0% in last year’s fourth quarter and from 34.2% in the third quarter fiscal 2010.
 
·  
Fuel gross profit was $61.9 million, compared to $76.4 million a year ago.

Fiscal Year 2010 Summary:
 
·  
Net loss was $165.6 million or $7.42 per basic share, compared to net income of $54.1 million or $2.42 per diluted share in fiscal 2009.  Excluding the goodwill impairment and other charges, net income for fiscal year 2010 was $27.4 million or $1.22 per diluted share (see reconciliation below).
 
·  
Adjusted EBITDA was $237.6 million, compared to $281.3 million in fiscal 2009.
 
·  
Comparable store merchandise revenue increased 5.6%.
 
·  
Merchandise gross margin was 33.8% compared to 35.4% in fiscal 2009.  This decrease in margin was driven entirely by the full year impact of higher tobacco excise taxes.
 
·  
Fuel gross profit was $264.7 million, compared to $311.3 million a year ago.
 
·  
Net cash provided by operating activities was $155 million compared to $169 million in fiscal 2009.
 
 
 
 

The following information was filed by Pantry Inc (PTRY) on Tuesday, December 14, 2010 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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