Letter of Preferability from Deloitte & Touche LLP to The Pantry, Inc. Regarding Accounting Principle Change
Deloitte & Touche LLP sent this letter to The Pantry, Inc. confirming that, based on information provided, the company's change in the date of its annual impairment test for goodwill and intangible assets is to a preferable accounting principle. The letter clarifies that Deloitte & Touche has not audited financial statements after September 26, 2002, and does not express an opinion on the company's financial position or results after that date.
Exhibit 10.3
May 7, 2003
The Pantry, Inc.
1801 Douglas Drive
Sanford, North Carolina 27331
Dear Sirs/Madams:
At your request, we have read the description included in your Quarterly Report on Form 10-Q to the Securities and Exchange Commission for the quarter ended March 27, 2003, of the facts relating to the change in the date of the annual impairment test under Statement of Financial Accounting Standards No. 142, Goodwill and Other Intangible Assets. We believe, on the basis of the facts so set forth and other information furnished to us by appropriate officials of the Company, that the accounting change described in your Form 10-Q is to an alternative accounting principle that is preferable under the circumstances.
We have not audited any consolidated financial statements of The Pantry, Inc. and its consolidated subsidiaries as of any date or for any period subsequent to September 26, 2002. Therefore, we are unable to express, and we do not express, an opinion on the facts set forth in the above-mentioned Form 10-Q, on the related information furnished to us by officials of the Company, or on the financial position, results of operations, or cash flows of The Pantry, Inc. and its consolidated subsidiaries as of any date or for any period subsequent to September 26, 2002.
Yours truly,
| /s/ DELOITTE & TOUCHE LLP |
| Deloitte & Touche LLP |
