ASHEVILLE, N.C. - (May 13, 2004) - Ingles Markets, Incorporated (NASDAQ: IMKTA) today announced that its Board of Directors has declared a cash dividend of $0.165 (sixteen and one-half cents) per share on all its Class A Common Stock and $0.15 (fifteen cents) per share on all its Class B Common Stock. This is an annual rate of $0.66 and $0.60 per share, respectively. Dividends on both the Class A and Class B Common Stock are payable July 7, 2004, to all shareholders of record on June 29, 2004.
Ingles Markets, Incorporated is a leading supermarket chain with operations in six southeastern states. Headquartered in Asheville, North Carolina, the Company operates 196 supermarkets. In conjunction with its supermarket operations, the Company also operates 76 neighborhood shopping centers, all but 16 of which contain an Ingles supermarket. The Company's Class A Common Stock is traded on The Nasdaq Stock Market's National Market under the symbol IMKTA. For more information about the Company, visit Ingles' website at www.ingles-markets.com.