PENN TRAFFIC IS OPTIMISTIC ON POST-RESTRUCTURING FLOW

SYRACUSE, N.Y. -- Penn Traffic Co. here said last week it believes it is well positioned to achieve positive same-store sales and solid operating cash flow in fiscal 2001 following release of results for the year and fourth quarter ended Jan. 29..2 million, or 4.6% of sales. The company pointed out that revenues were impacted by the closure of about 22 stores following its restructuring during the

SYRACUSE, N.Y. -- Penn Traffic Co. here said last week it believes it is well positioned to achieve positive same-store sales and solid operating cash flow in fiscal 2001 following release of results for the year and fourth quarter ended Jan. 29.

.2 million, or 4.6% of sales. The company pointed out that revenues were impacted by the closure of about 22 stores following its restructuring during the just-ended fiscal year.

For the 13-week fourth quarter, sales fell 9.4% to $625.7 million and same-store sales dropped 0.7%, while the company reported a net loss and a rise in EBITDA of 25.4% to $31.5 million, or 5% of sales.

Joseph V. Fisher, president and chief executive officer, said PennTraffic was pleased with its fourth-quarter financial performance, "notwithstanding slightly negative same-store sales."

He added, "We are well positioned to achieve positive same-store sales and solid EBITDA growth in fiscal 2001."