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| Pantry, Inc. The |
| P.O. Box 1410 1801 Douglas Drive, Sanford, NC 27331 * (919) 774-6700 |
| Business Description | The company is a leading convenience store operator in the southeastern United States and the third largest independently operated convenience store chain in the country. |
| Offering Information Company has | |||
| Trading As | PTRY (NASNTL) | Industry | Retail (SIC 5411) |
| Type of Stock Offered | Common Shares | Filing Date | 03/11/1999 |
| Domestic Shares Offered | 6,250,000 | Offer Date | 06/08/1999 |
| Foreign Shares Offered | 0 | Filing Range | $13.00 - $15.00 |
| Company Shares | 6,250,000 | Offer Price | $13.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.910 |
| Gross Proceeds | $81,250,000 | Selling | $0.520 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 18,111,478 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Merrill Lynch & Co. | Lead Manager | (212) 449-4600 |
| Banc of America Securities LLC | Co-manager | (415) 627-2100 |
| Goldman, Sachs & Co. | Co-manager | (212) 902-5959 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 3 Months Ending | ||||||
| Figures in U.S. millions except per share data | 09/26/1996 | 09/25/1997 | 09/24/1998 | 12/25/1997 | 12/24/1998 | ||
| Revenues | - | - | 384.807 | 427,393.000 | 984.884 | 195.171 | 315.607 |
| Income from Oper. | - | - | 1.874 | 10.771 | 31.843 | 4.877 | 10.493 |
| Net Income | - | - | -8.114 | -0.975 | -3.325 | -6.889 | 1.605 |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | - | - | 110,966.85 | -99.770 | 61.71 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | 0.49 | 0.00 | 3.23 | 3.32 | 2.50 |
| Net Profit Margin (%) | - | - | - | - | - | 0.51 | - |
| Cash Flow - Oper. | 48.03 | -0.93 | -3.51 | ||||
| Cash Flow - Inv. | -286.49 | -139.10 | -34.51 | ||||
| Cash Flow - Fin. | 269.52 | 168.51 | 18.68 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/24/1998 | Financial Ratios | ||||
| Total Assets | 568.56 | Current Assets | 89.84 | Current Ratio | 0.83 |
| Total Liab. | 527.82 | Current Liab. | 107.96 | Debt Ratio | 92.83% |
| Total Equity | 40.75 | Working Cap. | -18.12 | Debt to Equity Ratio | 12.95 |
| Cash | 15.07 | Return on Assets | 0.28% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to repay debt and to redeem outstanding preferred stock and pay accrued dividends. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Riordan & McKinzie |
| Bank's Law Firm | Fried, Frank, Harris, Shriver & Jacobson |
| Registrar/Transfer Agent | First Union National Bank North Carolina |
| Auditor | Deloitte & Touche |
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