Penn Traffic Reports 2.3% Same Store Sales Increase for Third Quarter

SYRACUSE, N.Y. - The Penn Traffic Company today announced earnings for the third quarter (the 13-week period ended Nov. 3, 2001). Adjusted EBITDA was $24.5 million, an increase of 13.0 percent over the prior year's adjusted $21.7 million level.

Adjusted net income was $2.3 million or $0.12 per share compared to $0.3 million or $0.01 per share in the prior year. Revenues increased approximately 2.3 percent to $598.8 million vs. $585.4 million the prior year. Same store sales increased 2.3 percent from the comparable prior year period.

"We are very pleased with our strong financial performance in the third quarter and the first nine months of this fiscal year," said Joseph V. Fisher, Penn Traffic's president and CEO. "We believe that the company's continuing positive momentum is a direct result of the efforts of our management and associates in implementing our business plan and improving our operations."

Fisher reviewed the key components of Penn Traffic's business plan, including marketing and merchandising programs such as the company's Wild Card customer loyalty program, programs to reduce costs including inventory shrink expense, distribution costs and administrative expenses, and investment of a significant portion of these cost savings in increased promotions to drive further sales increases

The Penn Traffic Company operates 219 supermarkets in Ohio, West Virginia, Pennsylvania, upstate New York, Vermont and New Hampshire under the "Big Bear," "Big Bear Plus," "Bi-Lo," "P&C" and "Quality" trade names. Penn Traffic also operates wholesale food distribution businesses serving 86 licensed franchises and 69 independent operators.
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