BLACK MOUNTAIN, N.C. -- Ingles Markets here reported strong gains for the three-month and six-month periods ended March 29 -- but results were negatively affected by the company's decision to redeem all of its outstanding convertible subordinated debentures earlier this year.
an costs and redemption premium associated with the early extinguishment of this debt (net of the income tax benefit) was $600,000, the company said.
Extraordinary items aside, the company said sales for the second quarter rose 3.3% to $376.1 million compared with $364.2 million a year ago. Net income was $5.3 million, compared with $4.4 million for the same period in 1996. Earnings per share were 24 cents for the quarter, compared with 23 cents a year ago.
Sales for the six months ended March 29 were $757.3 million, an increase of 5% over $721.6 million for the same period in 1996. Net income was $10.4 million, or 50 cents per share, an increase of 13% compared with $9.2 million, or 46 cents per share in 1996.
In the next six months of fiscal 1997, the company will open seven new stores, expand, remodel or replace three older stores and perform minor remodels at 15 other stores.
Qtr Ended 3/29/97 3/30/96
Sales $376.1 million $364.2 million
Change + 3.3%
Net Income $5.3 million $4.4 million
Change + 19%
Inc/Share 24 cents 23 cents
26 Weeks 1997 1996
Sales $757.3 million $721.6 million