They were just under my revenue guess of $30mil, but blew away my .02 eps guesstimate <g>. I missed the property sales in my estimates.
Golden Enterprises Announces Quarterly Results
Thursday January 8, 2009, 12:36 pm EST
Yahoo! Buzz Print Related:Golden Enterprises Inc.
BIRMINGHAM, Ala.--(BUSINESS WIRE)--Golden Enterprises, Inc.’s (NASDAQ: GLDC - News) Board of Directors today declared a quarterly dividend of $.03125 per share payable January 28, 2009 to stockholders of record on January 16, 2009.
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{"s" : "gldc","k" : "c10,l10,p20,t10","o" : "","j" : ""} Golden Enterprises, Inc.’s basic and diluted income per share for the thirteen weeks ended November 28, 2008 was $.06 compared to $.02 for the thirteen weeks ended November 30, 2007. Net sales for the quarter were $29,155,330, up 6% or $1,650,571 compared to the same period last year. In addition to increasing operating income by 16% during the second quarter of 2009, the Company gained $782,712 from the sale of surplus warehouse properties at Marietta, Georgia and Nashville, Tennessee.
For the twenty-six weeks ended November 28, 2008, total net sales were $59,006,018, up 6% compared to $55,898,987 last year. The basic and diluted income per share was $.09 compared to $.09 last year. Earnings for the twenty-six weeks ended continued to be pressured by raw material costs and higher than anticipated energy costs. The Company successfully implemented product price increases during the twenty-six weeks ended November 28, 2008, while maintaining a strong increase in net sales.
The Company moves into 2009 with optimism as energy costs decline and price increases help offset higher raw material costs. Golden Flake should continue to show growth in net sales as consumers seek out those comfort foods that the entire family can enjoy as they deal with economic uncertainty.
The following is a summary of net sales and income information for the thirteen weeks and twenty-six weeks ended November 28, 2008 and November 30, 2007.
Thirteen Weeks Ended Twenty-Six Weeks Ended
November 28, November 30, November 28, November 30,
2008 2007 2008 2007
Net sales $ 29,155,330 $ 27,504,759 $ 59,006,018 $ 55,898,987
Income before income taxes 1,125,764 343,540 1,706,587 1,678,577
Income taxes 427,646 148,215 654,003 640,879
Net income $ 698,118 $ 195,325 $ 1,052,584 $ 1,037,698
Basic and diluted income per share
$ 0.06 $ 0.02 $ 0.09 $ 0.09
Basic weighted shares outstanding
11,757,956 11,825,742 11,770,671 11,830,515
Diluted weighted shares outstanding
11,757,956 11,825,742 11,770,671 11,830,515
This News Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those forward-looking statements. Factors that may cause actual results to differ materially include price competition, industry consolidation, raw material costs and effectiveness of sales and marketing activities, as described in the Company’s filings with the Securities and Exchange Commission.
Contact:
Golden Enterprises, Inc.
Patty Townsend, 205-458-7132
