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Ingles Scores Positive Comps

ASHVILLE, NC-The good news was delayed because the grocer needed to restate its income.

By Dees Stribling | Updated on February 15, 2005

ASHVILLE, NC-Ingles Markets Inc., which has completed the process of restating its income for fiscal 2004 (ended Sept. 25, 2004) and other years, reports that during the fourth quarter of that year comp-store sales were up 8.2% compared with the same period in 2003, and for the entire year, comps were up 7.3% over 2003. Net income in fiscal 2004 was $28.8 million, or $1.22 per share, the highest in company history, and a 69% increase over its net income of $17 million for fiscal 2003.

The restatements resulted in an increase in earnings of $0.7 million for fiscal 2004 (through the third quarter), a slight increase in earnings of $24,000 in fiscal 2003, and a reduction in earnings of $2.2 million in 2002. Cumulatively through the beginning of fiscal 2003, the decrease in earnings resulting from the restatements totaled about $7 million. According to Ingles, there was no cash flow impact from the restatements.

Previously, NASDAQ had notified Ingles that it was subject to potential delisting due to its failure to file a timely 10-K for fiscal ’04. Representatives of the company attended a hearing with the NASDAQ’s Listing Qualifications Panel on January 27, asking for an extension in filing its 10-K, and also an extension in filing its 10-Q quarterly report for the first quarter of fiscal 2005 (ended December 25, 2004). The panel has not yet ruled on the matter and the company’s stock continues to trade on NASDAQ.

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