Exhibit 99.1

 

For Immediate Release   Contact: Frank Paci
November 15, 2007
  (919) 774-6700

THE PANTRY ANNOUNCES FOURTH QUARTER

AND FISCAL 2007 FINANCIAL RESULTS

Sanford, North Carolina, November 15, 2007—The Pantry, Inc. (NASDAQ: PTRY), the leading independently operated convenience store chain in the southeastern U.S., today announced financial results for its fourth fiscal quarter and year ended September 27, 2007.

Total revenues for the fourth quarter were approximately $2.0 billion, a 19.9% increase from last year’s fourth quarter. Net income was $5.6 million, or $0.25 per share on a diluted basis, compared with $26.7 million, or $1.17 per share, a year ago. Results for the fourth quarter of fiscal 2007 included a one-time after-tax charge of $1.8 million related to the Company’s organizational restructuring.

For the full fiscal year, total revenues were approximately $6.9 billion, a 15.9% increase from fiscal 2006. Net income for the year was $26.7 million, or $1.17 per share, compared with $89.2 million, or $3.88 per share, in fiscal 2006. EBITDA for the year was $214.0 million, compared with $278.9 million in fiscal 2006.

“Our strong revenue growth for both the quarter and the year primarily reflects the continued successful execution of our regional acquisition strategy,” said Peter J. Sodini, Chairman and Chief Executive Officer of The Pantry. “While we again delivered solid gains in our merchandise operations, net income declined significantly, primarily due to difficult year-over-year comparisons with unusually high gasoline margins in the fiscal 2006 periods.”

Merchandise revenues for the fourth quarter were up 16.3% overall and 2.8% on a comparable store basis. The merchandise gross margin was 37.0%, unchanged from the corresponding period last year. Total merchandise gross profits for the quarter were $160.9 million, a 16.1% increase from a year ago.

 

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The following information was filed by Pantry Inc (PTRY) on Thursday, November 15, 2007 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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