Golden Enterprises Announces Quarterly and Annual Results
July 17 2014 - 12:05PM
Business Wire
Golden Enterprises, Inc.’s (NASDAQ: GLDC) Board of Directors
today declared a quarterly dividend of $.03125 per share payable
August 6, 2014 to stockholders of record on July 28, 2014.
Golden Enterprises, Inc.’s basic and diluted income for the
thirteen weeks ended May 30, 2014 were $.06 net income compared to
$.04 loss for the thirteen weeks ended May 31, 2013 on net sales of
$35,127,812 versus $35,811,403.
For the 52 weeks ended May 30, 2014, net income was $.08 per
share compared to $ .10 per share in the 52 weeks ended May 31,
2013. This year’s net income included a onetime restructuring
charge of $1 million dollars. The restructuring charges occurred in
the third quarter and negatively impacted net income $.05 per
share. This restructure charge was done in anticipation of improved
operational efficiencies from the implementation of the
Infor/Lawson ERP System.
Selling, general and administrative expenses for the 52 weeks
ended May 30, 2014 decreased $837,213 compared to the prior year.
This decrease was due in part to operational improvements from the
restructure and efficiencies gained from our investment in our new
ERP system.
The following is a summary of net sales and income
information.
Three Months Ended
Twelve Months Ended
Thirteen Weeks Ended
52 Weeks Ended 52 Weeks Ended May 30, 2014
May 31, 2013 May 30, 2014
May 31, 2013 Net Sales $
35,127,812 $ 35,811,403 $ 135,896,895 $ 137,344,716 Income
before income taxes
1,013,261
(743,139 ) 1,593,888 2,176,555 Income taxes
328,303 (292,395 )
672,059 1,042,518 Net
income 684,958 (450,744 ) 921,829 1,134,037
Basic diluted income per share
$
0.06
$
( 0.04
)
$
0.08
$
0.10
Basic weighted shares outstanding
11,732,632 11,732,632
11,732,632
11,733,489
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
Golden Enterprises, Inc. (MM) (NASDAQ:GLDC)
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