Penn Traffic Posts Loss for FY '07

Press enter to search
Close search
Open Menu

Penn Traffic Posts Loss for FY '07

SYRACUSE, N.Y. -- In a filing with the Securities and Exchange Commission this week, the Penn Traffic Co. here reported a net loss of $21.2 million, or $2.50 cents per share, on revenues of $1.31 billion for the 53 weeks ended Feb. 3, 2007.

The grocery chain, which has been battling its way back from financial insolvency in recent years, including two bankruptcies in 1999 and 2003, also posted gross profit of $329.5 million, or 25.2 percent of revenues, for fiscal 2007 and operating losses of $17.7 million.

Additionally, Penn Traffic generated net cash flows from operating activities of $12.6 million during the period. The retailer had $24.7 million in cash and equivalents on hand as of Feb. 3, 2007.

"Penn Traffic's historical annual-report filings are now current, and getting our public-company reporting calendar back on track is an important element of the financial and operational turnaround effort, which this management team is committed to," said Penn Traffic president and c.e.o. Gregory J. Young in a statement. "It's part of getting our operational discipline and business practices to where they need to be, to continue to increase value for our customers and our shareholders."

The grocer is still finalizing outstanding quarterly reports on Form 10-Q for fiscal 2006, 2007, and 2008. Although the company makes no assurances as to when they will be completed, Penn Traffic intends to simultaneously file all three 2006 quarterly reports on Form 10-Q this year, then simultaneously file all 2007 quarterly reports, and lastly file all 2008 quarterly reports together. The company expects to be current in its quarterly and annual SEC-reporting obligations with the timely filing of its Form 10-K for the fiscal year ended Feb. 2, 2008.

Penn Traffic operates 105 supermarkets in Pennsylvania, upstate New York, Vermont, and New Hampshire under the BiLo, P&C, and Quality banners. The company also runs a wholesale food distribution business serving about 120 independent operators and Penny Curtiss, a Syracuse-based commercial bakery.