Ingles' Profits Down, Comps Up

Ingles Markets here said last week that costs associated with a new bond issue hurt the company's third-quarter profits, although the company posted gains in same-store sales, excluding gasoline. For the three-month period that ended June 27, net income totaled $4.7 million, vs. $16 million in the year-ago quarter. The results included $10.2 million of prepayment penalties and loan-cost

ASHEVILLE, N.C. — Ingles Markets here said last week that costs associated with a new bond issue hurt the company's third-quarter profits, although the company posted gains in same-store sales, excluding gasoline.

For the three-month period that ended June 27, net income totaled $4.7 million, vs. $16 million in the year-ago quarter. The results included $10.2 million of prepayment penalties and loan-cost write-offs related to the issuance of $575 million in bonds in May.

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