Golden Enterprises Announces Quarterly Results
April 09 2015 - 11:05AM
Business Wire
Golden Enterprises, Inc.’s Board of Directors today declared a
quarterly dividend of $.03125 per share payable April 29, 2015 to
stockholders of record on April 20, 2015.
Golden Enterprises, Inc.’s basic income per share for the
thirteen weeks ending February 27, 2015 were a gain of $.02 per
share compared to ($.05) loss for the thirteen weeks ending
February 28, 2014. The prior year quarter loss was attributed to
restructuring charges related to voluntary retirement packages
given to qualified employees. Net income this year was $272,523
compared to ($560,853) last year, an increase of $833,376.
Net sales for the quarter were $31.5 million vs. $32.1 million,
a decrease of 2%. Net Sales year to date were $97.7 million this
year, vs. $100.8 million, last year, a decrease of 3%. While we
have experienced a decline in net sales for the quarter, Golden
Enterprises continued to see SG&A savings in fuel and salaries
costs to offset the decline. The Company continues to focus on
profitable revenues through the Golden Flake manufacturing products
portfolio.
For the thirty-nine weeks ending February 27, 2015, basic income
per share was $.09 per share compared to $.02 per share for the
thirty-nine weeks ending February 28, 2014. Earnings year to date
are $1,080,476 this year vs. $236,871 last year.
During Q3 2015, Golden Enterprises, upon unanimous approval of
the Board of Directors, repurchased 440,875 shares of treasury
stock. This transaction was reported by Golden Enterprises by a
Form 8-K filed on February 3, 2015.
The following is a summary of net sales and income information
for the thirteen weeks and thirty-nine weeks ended February 27,
2015 and February 28, 2014.
Thirteen
Weeks Ended Thirty-Nine Weeks Ended February
27, February 28, February 27,
February 28, 2015
2014 2015 2014
Net sales $ 31,521,659 $ 32,140,922 $ 97,676,021 $
100,769,083 Income before income taxes 668,815 (906,628 )
1,975,596 580,627 Income taxes
396,292
(345,775 )
895,120
343,756 Net (loss)/income $ 272,523 $ (560,853
) $ 1,080,476 $ 236,871 Basic income per share $ 0.02
$ (0.05 ) $ 0.09 $ 0.02
Net (loss) income w/o Restructure
Costs
$ 272,523 $ 75,875 $ 1,080,476 $ 873,599
Basic income per share w/o Restructure
Costs
$ 0.02 $ 0 .01 $ 0.09 $ 0.07
Basic weighted shares outstanding
11,451,635
11,732,632
11,638,966
11,732,632
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.
Golden Enterprises, Inc.Patty Townsend, 205-458-7132
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