Penn Traffic Reports $3.8 Million Loss for FY 2006

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Penn Traffic Reports $3.8 Million Loss for FY 2006

SYRACUSE, N.Y. -- The Penn Traffic Co. yesterday posted a net loss of $3.8 million, or 45 cents per share, on revenues of $1.02 billion for the 41 weeks ended Jan. 28, 2006. Gross profit was $260.9 million, or 25.7 percent of revenues, and operating income was $4.6 million, or 0.5 percent of revenues, for the period, the chain said.

The retailer generated net cash flow from operating activities of $4.7 million during the period, and had $12.4 million in cash on hand as of Jan. 28, 2006.

"The new senior management team, assembled over the last 12 months, is committed to making our historic quarterly and annual reports current as quickly as practical," noted Penn Traffic president and c.e.o. Robert Panasuk. "Today’s filing is a good step in that direction, and we expect to complete these efforts in the months ahead. At the same time, we’re actively implementing our tactical initiatives to improve Penn Traffic’s profitability and asset efficiency, while enhancing customer service and store operations."

On Friday, in compliance with the provisions of its working capital credit facility agreements, the grocer filed its annual report on Form 10-K for the fiscal year ended Jan. 28, 2006 with the Securities and Exchange Commission. The includes audited financial statements for the 41-week period starting with the company’s April 2005 emergence from Chapter 11 bankruptcy protection.

Penn Traffic is readying outstanding quarterly reports on Form 10-Q for fiscal 2006, 2007, and 2008, in addition to its Form 10-K for fiscal 2007. The company anticipates filing its 2007 Form 10-K later this year, and meeting its quarterly and annual SEC-reporting obligations in a timely manner.

Penn Traffic operates 106 supermarkets in Pennsylvania, upstate New York, Vermont, and New Hampshire under the BiLo, P&C, and Quality banners. The company also operates a wholesale food distribution business serving about 120 independent operators and Penny Curtiss, a Syracuse-based commercial bakery.