The Pantry Revises 2008 Predictions

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The Pantry Revises 2008 Predictions

SANFORD, N.C. -- The Pantry Inc., operator of more than 1,600 convenience stores in the southeastern U.S., corrected its previously released 2008 projected earnings to incorporate revised interest expenses, The Associated Press reported.

As a result, the company's fiscal 2008 earnings guidance was raised. The company now expects to earn between $64.5 million and $71.5 million, the report stated. Analysts polled by Thomson Financial expect earnings of $3.11 million for fiscal 2008.

The company maintains that its earnings before interest, taxes, depreciation and amortization (EBITDA) will range between $304 to $316 million, respectively, excluding future acquisitions, for fiscal 2008.

CSNews Online reported earlier this week that the company's preliminary financial results for the third fiscal quarter ending June 28, include lower earnings due to lower gasoline margins and pricing pressure.

The company expects earnings per share for the full fiscal year to range between $1.65 and $1.80 -- a drop from the previous guidance range. The company EBITDA is estimated to range from $234 million to $240 million.

The Pantry's final third quarter results will be released on Aug. 2.