tomcatgreenman0
14 years ago
Wilc is a Fundamental buy, according to Vector Vest,
VectorVest Stock Analysis of G Willi-Food as of 1/12/2010
This report has five major sections.
Capital Appreciation Analysis
Dividend Analysis
Price-Volume Data
Sales / Market Capitalization Information
Summary
The ticker symbol for G Willi-Food is WILC. WILC is traded on the NASDAQ - (O)
Business: G Willi-Food, (WILC) G. Willi-Food International, Ltd., together with its subsidiaries, engages in the design, import, export, marketing, and distribution of various food products in Israel and internationally. The company offers approximately 200 preserved food products, including canned vegetables and pickles, canned fish, and canned fruits; and approximately 400 non-preserved food products, such as edible oils, and dairy and dairy substitute products, as well as dried fruit, nuts, and beans. It also provides other products, including instant noodle soups, coffee creamers, lemon juice, halva, Turkish delight, cookies, vinegar, sweet pastry and crackers, sauces, corn flour, pastes, rice, rice sticks, pasta, spaghetti and noodles, breakfast cereals, corn flakes, instant coffee, rusks, coconut milk, and ouzo. The company purchases food products primarily from suppliers located in Israel; China, India, the Philippines, and Thailand in the Far East; Hungary, Poland, and Bulgaria in the eastern Europe; Argentina, Ecuador, and Costa Rica in South America; the United States; the Netherlands, Belgium, Germany, Sweden, Denmark, and France in the western and northern Europe; and Spain, Portugal, Italy, Turkey, Greece, and Cyprus in the southern Europe. It markets and sells its products to retail supermarket chains, private supermarket chains, mini-markets, wholesalers, manufactures, and institutional customers, as well as to the customers in the Palestinian Authority. The company markets its products under the ‘Willi-Food’ brand name; and chilled and frozen products under the ‘Gold Frost’ brand name, as well as markets its products under the brand names of manufacturers or under other brand names. The company, formerly known as G. Willi-Food, Ltd., was founded in 1994 and is based in Yavne, Israel. G. Willi Food-International, Ltd. is a subsidiary of Willi-Food Investments, Ltd.
Business Sector: WILC has been assigned to the Retail Business Sector. VectorVest classifies stocks into over 200 Industry Groups and 40 Business Sectors.
Industry Group: WILC has been assigned to the Retail (Food) Industry Group. VectorVest classifies stocks into over 200 Industry Groups and 40 Business Sectors.
Capital Appreciation Analysis Back to top
Value: Value is a measure of a stock's current worth. WILC has a current Value of $12.65 per share. Therefore, it is undervalued compared to its Price of $6.50 per share. Value is computed from forecasted earnings per share, forecasted earnings growth, profitability, interest, and inflation rates. Value increases when earnings, earnings growth rate and profitability increase, and when interest and inflation rates decrease. VectorVest advocates the purchase of undervalued stocks. At some point in time, a stock's Price and Value always will converge.
RV (Relative Value): RV is an indicator of long-term price appreciation potential. WILC has an RV of 1.62, which is excellent on a scale of 0.00 to 2.00. This indicator is far superior to a simple comparison of Price and Value because it is computed from an analysis of projected price appreciation three years out, AAA Corporate Bond Rates, and risk. RV solves the riddle of whether it is preferable to buy High growth, High P/E stocks, or Low growth, Low P/E stocks. VectorVest favors the purchase of stocks with RV ratings above 1.00.
RS (Relative Safety): RS is an indicator of risk. WILC has an RS rating of 0.65, which is poor on a scale of 0.00 to 2.00. RS is computed from an analysis of the consistency and predictability of a company's financial performance, debt to equity ratio, sales volume, business longevity, price volatility and other factors. A stock with an RS rating greater than 1.00 is safer and more predictable than the average stock in the VectorVest database. VectorVest favors the purchase of stocks of companies with consistent, predictable financial performance.
RT (Relative Timing): RT is a fast, smart, accurate indicator of a stock's price trend. WILC has a Relative Timing rating of 1.45, which is excellent on a scale of 0.00 to 2.00. RT is computed from an analysis of the direction, magnitude, and dynamics of a stock's price movements over one day, one week, one quarter and one year time periods. Once a stock's price has established a strong trend, it is expected to continue in that trend for the short-term. If a trend dissipates, RT will gravitate toward 1.00. RT will explode from bottoms, dive from tops, and reflect changes in price momentum. VectorVest favors the purchase of stocks with RT ratings above 1.00.
VST (VST-Vector): VST is the master indicator for ranking every stock in the VectorVest database. WILC has a VST rating of 1.30, which is very good on a scale of 0.00 to 2.00. VST is computed from the square root of a weighted sum of the squares of RV, RS, and RT. Stocks with the highest VST ratings have the best combinations of Value, Safety and Timing. These are the stocks to own for above average, long-term capital appreciation. VectorVest advocates the purchase of safe, undervalued stocks rising in price.
Recommendation (REC): VectorVest gives a Buy, Sell, Hold recommendation on every stock, every day. WILC has a Buy recommendation. REC reflects the cumulative effect of all the VectorVest parameters working together. These parameters are designed to help investors buy safe, undervalued stocks rising in price. They also help investors avoid or sell risky, overvalued stocks falling in price. VectorVest recommends that investors buy high VST-Vector, Buy-rated stocks in rising markets.
Stop (Stop-Price): Stop is an indicator of when to sell a long position or cover a short position. WILC has a Stop of $5.75 per share. This is $0.75 below WILC's current closing Price. A stock's Stop is computed from a 13 week moving average of its closing prices, and is fine-tuned according to the stock's fundamentals. High RV, high RS stocks have lower Stops, and low RV, low RS stocks have higher Stops. In the VectorVest system, a stock gets a 'B' or 'H' recommendation if its Price is above its Stop and an 'S' recommendation if its Price is below its Stop.
GRT (Earnings Growth Rate): GRT reflects a company's one to three year forecasted earnings growth rate in percent per year. WILC has a forecasted Earnings Growth Rate of 32.00%, which VectorVest considers to be excellent. GRT is computed from historical, current and forecasted earnings data. It is updated each week for every stock in the VectorVest database. GRT often foretells a stock's future price trend. If a stock's GRT trend is upward, the stock's price will likely rise. If GRT is trending downward, the stock's Price will probably fall. VectorVest favors the purchase of stocks whose GRT is rising and is greater than the sum of current inflation and interest rates, as shown weekly in our investment climate report.
EPS (Earnings per Share): EPS stands for leading 12 months Earnings Per Share. WILC has a forecasted EPS of $0.52 per share. VectorVest determines this forecast from a combination of recent earnings performance and traditional fiscal and/or calendar year earnings forecasts.
P/E (Price to Earnings Ratio): P/E is a popular measure of stock valuation which shows the dollars required to buy one dollar of earnings. WILC has a P/E of 12.50. This ratio may be deemed to be high or low depending upon your frame of reference. The average P/E of all the stocks in the VectorVest database is 59.01. P/E is computed daily using the formula: P/E = Price/EPS.
EY (Earnings Yield): EY reflects earnings per share as a percent of Price. EY is related to P/E via the formula, EY = 100 / (P/E), and may be used in place of P/E as a measure of valuation. EY has the advantages that it is always determinate and can reflect negative earnings. WILC has an EY of 8.00 percent. This is above the current average of 1.70% for all the stocks in the VectorVest database. EY equals 100 x (EPS/Price).
GPE (Growth to P/E Ratio): GPE is another popular measure of stock valuation. It compares earnings growth rate to P/E ratio. WILC has a GPE rating of 2.57. High growth stocks are believed to be able to justify high P/E ratios. A stock is commonly considered to be undervalued when GPE is greater than 1.00 and overvalued when GPE is below 1.00. Unfortunately, this rule of thumb does not take into account the effect of interest rates on P/E ratios. The operative GPE ratio of 1.00 is valid when and only when interest rates equal 10%. With long-term interest rates currently at 4.34%, the operative GPE ratio is 0.19. Therefore, WILC may be considered to be undervalued.
Dividend Analysis Back to top
DIV (Dividend): VectorVest reports annual, regular, cash dividends as indicated by the most recent payments. Special distributions, one-time payments, stock dividends, etc., are not generally included in DIV. WILC does not pay a dividend.
DY (Dividend Yield): DY reflects dividend per share as a percent of Price. WILC does not pay a dividend, so it does not have a Dividend Yield rating. . DY equals 100 x (DIV/Price). It is useful to compare DY with EY. If DY is not significantly lower than EY, the dividend payment may be in jeopardy.
DS (Dividend Safety): DS is an indicator of the assurance that regular cash dividends will be declared and paid at current or at higher rates for the foreseeable future. WILC does not pay a dividend, so it does not have a Dividend Safety rating . Stocks with DS values above 75 typically have RS values well above 1.00 and EY levels that are much higher than DY.
DG (Dividend Growth Rate): Dividend Growth is a subtle yet important indicator of a company's financial performance. It also provides some insight into the board's outlook on the company's ability to increase earnings. WILC does not pay a dividend, so it does not have a Dividend Growth rating .
YSG (YSG-Vector): YSG is an indicator which combines DS, DY and DG into a single value, and allows direct comparison of all dividend-paying stocks in the database. WILC does not pay a dividend, so it does not have a YSG rating . Stocks with the highest YSG values have the best combinations of Dividend Yield, Safety and Growth. These are the stocks to buy for above average current income and long-term growth.
Price-Volume Data Back to top
Price: WILC closed on 1/12/2010 at $6.50 per share
Open: WILC opened trading at a price of $6.37 per share on 1/12/2010.
High: WILC traded at a High price of $6.50 per share on 1/12/2010.
Low: WILC traded at a Low price of $6.22 per share on 1/12/2010
Close: WILC closed trading at price $6.50 per share on 1/12/2010. (Close is also called Price in the VectorVest system)
Range: Range reflects the difference between the High and Low prices for the day. WILC traded with a range of $0.28 per share on 1/12/2010.
$Change: WILC closed up 0.14 from the prior day's closing Price.
%PRC: WILC's Price changed 2.12% from the prior day's closing price.
Volume: WILC traded 19,806 shares on 1/12/2010.
AvgVol: AvgVol is the 50 day moving average of daily volume as computed by VectorVest. WILC has an AvgVol of 23,572 shares traded per day.
%Vol: %Vol reflects the percent change in today's trading volume as compared to the AvgVol. %Vol equals ((Volume - AvgVol) / AvgVol ) * 100. WILC had a %Vol of -15.98% on 1/12/2010
CI (Comfort Index): CI is an indicator which reflects a stock's ability to resist severe and/or lengthy price declines. WILC has a CI rating of 1.79, which is excellent on a scale of 0.00 to 2.00. CI is quite different from RS in that it is based solely upon a stock's long-term price history. VectorVest advocates the purchase of high CI stocks.
Sales / Market Capitalization Information Back to top
Sales: WILC has annual sales of $79,000,000.00
Sales Growth: Sales Growth is the Sales Growth Rate in percent over the last 12 months. WILC has a Sales Growth of -1.00% per year. This is very poor. Sales Growth is updated each week for every stock. It is often useful to compare Sales Growth to Earnings Growth to gain an insight into a company's operations.
Sales Per Share (SPS): WILC has annual sales of $7.75 per share. SPS can be used as a measure of valuation when comparing stocks within an Industry Group.
Price to Sales Ratio (P/S): WILC has a P/S of 0.84. This ratio is also used as a measure of valuation. Here, too, it is useful when comparing stocks within an Industry Group.
Shares: WILC has 10,000,000.00 shares of stock outstanding.
Market Capitalization: WILC has a Market Capitalization of $66,000,000.00. Market Capitalization is calculated by multiplying price times shares outstanding.
Summary Back to top
WILC is undervalued compared to its Price of $6.50 per share, has below average safety, and is currently rated a Buy.
The basic strategy of VectorVest is to buy Low risk, High reward stocks. We suggest that Prudent investors buy enough High Relative Value, High Relative Safety stocks to keep the overall RV and RS ratings of their portfolios above 1.00. As you do this, you'll find that your risk will go down and your investment performance will improve.
midastouch017
18 years ago
G. Willi-Food Reports 376% Increase in Operating Income, 155% Increase in Income Before Taxes and 117% Net Income Growth for Q2 2006 Over Q2 2005
Wednesday August 16, 10:00 am ET
YAVNE, Israel, August 16 /PRNewswire-FirstCall/ -- G. Willi-Food International Ltd. (NASDAQ: WILC - News; the "Company" or "Willi Food"), one of Israel's largest food importers and a single-source supplier of one of the world's most extensive range of quality kosher food products, today announced its unaudited financial results for the quarter and six months ended June 30, 2006.
Second Quarter 2006 Financial Highlights
- 11% increase in revenues over second quarter 2005
- 376% increase in operating income over second quarter 2005
- 155% increase in income before taxes over second quarter 2005
- 117% increase in net income over second quarter 2005
The Company's revenues for the second quarter of 2006 increased 11% to NIS 43.2 million (US $9.7 million) compared to revenues of NIS 39.0 million (US $8.8 million) in the second quarter of 2005. Gross profits increased 6% to NIS 11.4 million (US $2.6 million) compared to gross profits of NIS 10.8 million (US $2.4 million) in the second quarter of 2005.
Mr. Zwi Williger, President and COO of Willi-Food commented, "We are very excited about our strong results for the second quarter and first half of 2006. We were able to achieve revenue growth through successfully launching new items into our product line, as well as increasing sales of existing products to new and existing customers. We expect to launch additional new product lines in the second half of 2006. Our strong financial results for the first six months of 2006 demonstrate Willi-Food's ability to capitalize on the growing interest of consumers in the kosher market."
Mr Williger noted that the Company has to date seen revenue growth in the third quarter, which is in part due to increased consumption relating to the recent conflict in Israel. He also remarked that Willi Food has donated more than NIS 150,000 (US $34,000) worth of food products as aid to those affected in the northern region of Israel.
Second quarter operating income increased 376% to NIS 3.8 million (US $0.9 million) compared to operating income of NIS 0.8 million (US $0.2 million) in the second quarter of 2005.
Second quarter 2006 income before taxes increased 155% to NIS 4.6 million (US $1.0 million) compared to an income before taxes of NIS 1.8 million (US $0.4 million) recorded in the second quarter of 2005. Net income for second quarter increased 117% to NIS 2.6 million (US $0.6 million), or NIS 0.31 (US $0.07) per share compared to a net income of NIS 1.2 million (US $0.3 million), or NIS 0.14 (US $0.03) per share, recorded in the second quarter of 2005.
Six-Month Results
The Company's revenues for the six months ended June 30, 2006 increased 23% to NIS 97.7 million (US $22.0 million) compared to revenues of NIS 79.5 million (US $17.9 million) in the first half of 2005. Gross profits for the period increased 35% to NIS 25.8 million (US $5.8 million) compared to gross profits of NIS 19.2 million (US $4.3 million) in the six months ended June 30, 2005. First half gross margins improved to 26.4% compared to gross margins of 24.1% in the same period in 2005.
Operating income for the first half of 2006 increased 157% to NIS 8.3 million (US $1.9 million) from NIS 3.2 million (US $0.7 million) reported in the comparable period of last year. 2006 first half operating income includes NIS 1.9 million (US $0.4 million) of expense that was recorded during the period for an advertising campaign and promotional activities to promote Willi-Food's brand name and products compared to NIS 0.4 million (US $0.1 million) in the first half of 2005 for promotional activities during that period. In addition, 2006 first half operating income includes a NIS 1.9 million (US $0.4 million) one-time general and administrative expense due to a management bonus attributed to an unrealized capital gain resulting from the commencement of the trading of shares of the Company's majority-owned subsidiary, Gold Frost Ltd., on London's AIM market on March 9, 2006.
First half 2006 income before taxes increased 520% to NIS 28.8 million (US $6.5 million) compared to an income before taxes of NIS 4.6 million (US $1.0 million) recorded in the first half of 2005. Net income for the first half of 2006 increased 724% to NIS 25.3 million (US $5.7 million), or NIS 2.94 (US $0.66) per share compared to a net income of NIS 3.1 million (US $0.7 million), or NIS 0.36 (US $0.08) per share, recorded in the first half of 2005. Net income for first half of 2006 includes NIS 17.8 million (US $4.0 million) as a net one-time unrealized capital gain due to the public listing of the shares of Gold Frost Ltd.
"The fundamentals of our business are strong," concluded Mr. Williger. "Our innovative approach to the rapidly expanding kosher food market continues to drive revenue and margin growth. In addition, we are executing our strategic plan to expand internationally. We look forward to the remainder of the year."
G. WILLI FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, December 31, June 30, December 31,
2 0 0 6 2 0 0 5 2 0 0 6 2 0 0 5 (1)
(1)
NIS US dollars
I n t h o u s a n d s
ASSETS
Current assets
Cash and cash equivalents 66,452 30,431 14,967 6,854
Marketable securities 6,518 3,229 1,468 727
Trade receivables 49,125 48,396 11,063 10,900
Receivables and other 5,300 7,673 1,194 1,728
current assets
Inventories 18,708 30,798 4,214 6,937
Total current assets 146,103 120,527 32,906 27,146
Property and equipment, 24,542 16,657 5,527 3,752
net
Other assets, net 90 90 20 20
170,735 137,274 38,453 30,918
LIABILITIES AND
SHAREHOLDERS'
EQUITY
Current liabilities
Payables:
Trade payables 18,050 19,938 4,065 4,491
Related parties 3,463 2,193 780 494
Other and accrued 7,702 12,973 1,735 2,922
expenses
Total current liabilities 29,215 35,104 6,580 7,907
Long term liabilities
Accrued severance pay 299 299 67 67
Minority interest 14,023 - 3,158 -
Shareholders' equity
Ordinary shares NIS 0.10
par value
(authorized - 50,000,000
shares, issued and
outstanding - 8,615,000
shares)
948 948 213 213
Additional paid-in 20,258 20,258 4,563 4,563
capital
Retained earnings 105,992 80,665 23,872 18,168
127,198 101,871 28,648 22,944
170,735 137,274 38,453 30,918
(1) Convenience translation into U.S. dollars.
G. WILLI FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Six months Three months Six months
ended June 30, ended June 30,
2 0 0 6 2 0 0 5 2 0 0 6 2 0 0 5 2 0 0 6 2 0 0 5
(1) (1)
NIS US dollars
I n t h o u s a n d s (except per share and share
data)
Sales 97,745 79,469 43,200 38,972 22,015 17,898
Cost of sales 71,910 60,294 31,783 28,187 16,196 13,579
Gross profit 25,835 19,175 11,417 10,785 5,819 4,319
Selling 9,866 7,099 4,711 3,541
expenses 2,222 1,599
General and
administrative 7,709 8,867 2,885 6,441 1,736 1,997
expenses
Total
operating
expenses 17,575 15,966 7,596 9,982 3,958 3,596
Operating 8,260 3,209 3,821 803 1,861 723
income
Financial 1,380 1,396 767 963 311 314
income, net
Other income 19,113 35 - 35 4,305 8
Income before
taxes
on income 28,753 4,640 4,588 1,801 6,477 1,045
Taxes on 2,687 1,568 1,218 585 605 353
income
Income after
taxes
on income 26,066 3,072 3,370 1,216 5,872 692
Minority 735 - 735 - 166 -
interest
Net income 25,331 3,072 2,635 1,216 5,706 692
Earnings per
share data:
Earnings per
share:
Basic 2.94 0.36 0.31 0.14 0.66 0.08
Diluted 2.90 0.36 0.30 0.14 0.65 0.08
Shares used in
computing
basic and
diluted
earnings 8,615,000 8,615,000 8,615,000 8,615,000 8,615,000 8,615,000
per
ordinary
share:
(1) Convenience translation into U.S. dollars.
About G. Willi-Food International, Ltd.
G. Willi-Food International Ltd. is one of Israel's largest food importers and a single-source supplier of one of the world's most extensive ranges of quality kosher food products. It currently imports, markets and distributes more than 400 food products manufactured by some 100 top-tier suppliers throughout the world to more than 1,000 customers. The Company excels in identifying changing tastes in its markets and sourcing high-quality kosher products to address them. For more information, please visit the Company's website at www.willi-food.co.il.
Except for historical information contained herein, the matters set forth in this press release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, competition, changing economic conditions and other risk factors detailed in the Company's SEC filings.
NOTE A: Convenience Translation to Dollars
The convenience translation of New Israeli Shekels (NIS) into U.S. dollars was made at the rate of exchange prevailing on June 30, 2006: U.S. $1.00 equals NIS 4.44. The translation was made solely for the convenience of the reader.
http://biz.yahoo.com/prnews/060816/ukw008.html?.v=76
midastouch017
18 years ago
Kosher 101
Which animals are kosher? How must kosher food be prepared? And why keep kosher in the first place?
Rabbi Shraga Simmons
Anyone who's been to Jewish population centers has probably enjoyed kosher hot dogs, kosher falafel, or kosher delicatessen. So what's behind all this delicious food? The Hebrew word "kosher" literally means "prepared." Foods that are permitted by the Torah and prepared according to Jewish law are kosher.
Kosher species
Animals: The Torah (Leviticus 11:3) lists the characteristics of permitted animals as those with fully split hooves, who also chew their cud (ruminants). Kosher animals are always mammals and herbivores. The kosher animals commonly eaten today are the cow, goat and sheep - and sometimes deer and buffalo.
Birds: The Torah enumerates 24 forbidden species of birds, and the Talmud explains that, among other signs, all birds of prey (vulture, hawk, eagle) are forbidden. In practice today, we eat only those birds for which there is an established tradition that the bird is kosher - e.g. chicken, turkey, duck and goose. As for "kosher eggs," they must come from a species of kosher bird.
Fish: The Torah (Leviticus 11:9) teaches that a kosher fish must possess both fins and scales. Even if the fish has only one scale or one fin, it is permitted. Tuna, for example, have very few scales, yet is kosher. Other popular kosher fish are bass, carp, cod, flounder, halibut, herring, mackerel, trout and salmon. Crustaceans (such as lobster and crab) and other shellfish are not kosher, because they lack scales. Further, all mammals are not kosher.
Insects: Many are surprised to discover that four species of grasshoppers are kosher (Leviticus 11:22). However, all other insects are not kosher. One might think that this has little practical application to our modern eating habits. But in truth, many leafy vegetables often contain insects and must be carefully examined before they can be eaten. Some fruits like raspberries and strawberries are also problematic.
Kosher slaughtering
Shechita: Besides being from a kosher species, kosher meat requires that the animal/bird be slaughtered in the manner prescribed by the Torah. In this procedure, a trained kosher slaughterer severs the trachea and esophagus of the animal with a special razor-sharp knife. This also severs the jugular vein, causing instantaneous death with no pain to the animal.
Bedika: After the animal/bird has been properly slaughtered, its internal organs are inspected for any physiological abnormalities that may render the animal non-kosher. The lungs, in particular, must be examined to determine that there are no adhesions which may be indicative of a puncture in the lungs.
Nikkur: Animals contain many veins and fats that are forbidden by the Torah and must be removed. The procedure of removal is called "Nikkur," and it is quite complex. In practice today, the hind quarter of most kosher animals is simply removed and sold as non-kosher meat.
Salting: The Torah forbids eating of the blood of an animal or bird (Leviticus 7:26); fish do not have this requirement. Thus in order to extract the blood, the entire surface of meat must be covered with coarse salt. It is then left for an hour on an inclined or perforated surface to allow the blood to flow down freely. The meat is then thoroughly washed to remove all salt. Meat must be koshered within 72 hours after slaughter so as not to permit the blood to congeal.
Additional prohibitions
Meat and Milk: The Torah forbids eating meat and milk in combination, and even forbids the act of cooking them together. As a safeguard, the Sages disallow the eating of meat and dairy products at the same meal, or preparing them with the same utensils. Therefore, a kosher kitchen must have two separate sets of pots, pans, plates and silverware - one for meat/poultry and the other for dairy foods.
One must wait up to six hours after eating meat products before eating dairy products. However, meat may be eaten following dairy products (with the exception of hard cheese, which also requires a six-hour interval). Prior to eating meat after dairy, one must eat a solid food and the mouth must be rinsed.
Limb of Live Animal: The Torah (Deut. 12:23) prohibits eating a limb that was removed from an animal before it was killed.
Chalav Yisrael: A Rabbinic law requires that there be supervision during the milking process to ensure that the milk comes from a kosher animal. In the United States, many people rely on the Department of Agriculture's regulations and controls as sufficiently stringent to fulfill the rabbinic requirement for supervision. Many people, however, do not rely on this, and will only eat dairy products that are designated as Chalav Yisrael (literally, "Jewish milk").
Bishul Akum: Bishul Akum is a Hebrew term meaning, "cooked by a non-Jew." As a rabbinic safeguard against assimilation, certain foods cooked by a non-Jew are considered not kosher. The basic rule is that any cooked food which: could not have been eaten raw, and is important enough to be served at a fancy meal table, may not be eaten if cooked by a non-Jew. If a Jew assists with lighting the fire or the cooking, the food may be eaten even if it was cooked by a non-Jew.
Why keep kosher?
Spirituality: The Torah teaches that non-kosher food has a negative effect on a Jewish soul. The soul is like an antenna that picks up waves of spiritual energy. Eating non-kosher food damages the capacity of the soul to "connect spiritually." This damage can be repaired once a person starts eating kosher again.
Self Growth: If a person can be disciplined in what and when he eats, it follows that he can be disciplined in other areas of life as well. Kashrut requires that one must wait between milk and meat, and we may not eat certain animals or combinations of foods. All of this instills self-discipline, and enables us to elevate our spiritual side, by making conscious choices over animal urges.
Health Reasons: With its extra supervision, kosher food is perceived as being healthier and cleaner. After slaughter, animals are checked for abscesses in their lungs or other health problems. Blood - a medium for the growth of bacteria - is drained. Shellfish, mollusks, lobsters and crabs have spread typhoid and are a source for urticara (a neurotic skin affliction). Milk and meat digest at an unequal rate and are difficult for the body. And of course, pigs can carry trichinosis.
Moral Lessons: We are taught not to be cruel - even to animals. A mother and her young are forbidden to be slaughtered on the same day, and of course we "don't boil a kid (goat) in its mother's milk." We must not remove the limb of an animal while it is still alive (a common practice, prior to refrigeration). When we slaughter an animal, it must be done with the least possible pain. And we are reminded not to be vicious, by the prohibition to eat vicious birds of prey.
Tradition: One of the keys to making a Jewish home "Jewish" is the observance of keeping kosher. When we keep kosher in the home, our attachment to Judaism and the sacrifices that we make become ingrained on our children's minds forever. And with food so often the focus of social events, keeping kosher provides a built-in hedge against assimilation. For many, the bridge between past and future is the spiritual aroma of a kosher kitchen.
http://www.ynetnews.com/articles/0,7340,L-3276518,00.html
Dubi
midastouch017
18 years ago
G. Willi-Food Reports Highest Quarterly Revenues in Company History for First Quarter of 2006
Tuesday May 9, 8:03 am ET
Significant YOY Gains in Revenues, Gross, Operating and Net Profits
YAVNE, Israel, May 9 /PRNewswire-FirstCall/ --
First Quarter 2006 Financial Highlights
- 34.7% increase in sales over first quarter of 2005
- 71.8% increase in gross profit versus first quarter of 2005
- 163.9% increase in operating income, excluding G&A expense related to one-time unrealized capital gain, compared to same quarter last year
- 164.1% increase in net income, excluding the effect of one-time unrealized capital gain, compared to same quarter last year
G. Willi-Food International Ltd. (NASDAQ: WILC - News; the "Company" or "Willi Food"), one of Israel's largest food importers and a single-source supplier of one of the world's most extensive range of quality kosher food products, today announced its unaudited financial results for the quarter ended March 31, 2006.
The Company's revenues for the first quarter of 2006 increased 34.7% to NIS 54.5 million (US $11.7 million) compared to revenues of NIS 40.5 million (US $8.7 million) in the first quarter of 2005. The Company's gross profits for the first quarter of 2006 increased 71.8% to NIS 14.4 million (US$3.1 million) compared to gross profits of NIS 8.4 million (US $1.8 million) in the first quarter of 2005. 2006 first quarter gross margins of the Company improved to 26.4% compared to gross margins of 20.7% in the same period in 2005.
Mr. Zwi Williger, President and COO of Willi-Food commented, "We are very excited about our strong results for first quarter of 2006. With sales increases in all of our business segments, we were able to achieve the highest quarterly revenues and gross profit in the Company's history. Our domestic market drove revenue gains for the quarter, and we anticipate growth in the export market as well."
The Company's operating income for the first quarter of 2006 increased 84.5% to NIS 4.4 million (US $0.9 million) from NIS 2.4 million (US $0.5 million) reported in the comparable quarter of last year. 2006 first quarter operating income includes the effect of a one-time NIS 1.3 million (US $0.3 million) expense that was recorded during the quarter for an advertising campaign to promote Willi-Food's brand name and products whose effect will continue throughout the year, as well as a NIS 1.9 million (US $0.4 million) one-time general and administrative expense due to a management bonus attributed to an unrealized capital gain resulting from the commencement of the trading of shares of the Company's majority-owned subsidiary, Gold Frost Ltd., on London's AIM market on March 9, 2006. Excluding the effect of the management bonus attributed to the unrealized capital gain, the Company's operating income for the first quarter of 2006 was NIS 6.3 million (US $1.3 million), a 163.9% increase over operating income reported in the first quarter of 2005.
The Company's first quarter 2006 net income was NIS 22.7 million (US $4.9 million), or NIS 2.63 (US $0.56) per share compared to a net income of NIS 1.9 million (US $0.4 million), or NIS 0.22 (US $0.05) per share, recorded in the first quarter of 2005. Net income for first quarter of 2006 includes a one-time unrealized capital gain due to the public listing of the shares of Gold Frost, Ltd. Excluding the effect of the unrealized capital gain, the Company's net income from operations for the first quarter of 2006 was NIS 4.9 million (US $1.1 million), a 164.1% increase over net income reported in the first quarter of 2005.
Mr. Williger continued, "The broad based strength of our business enabled us to deliver record results, both on the top and bottom lines. Moreover, we are able to differentiate our company through our success at becoming a high margin business in a low margin industry."
Furthermore, Mr. Williger added, "With these positive quarterly results, coupled with being debt free and cash positive, we believe that we are in a strong financial position to achieve our goal of expanding our foothold in the lucrative U.S. and European food markets. At present, we are in the process of identifying possible U.S. and European distributors and are optimistic about the outcomes."
About G. Willi-Food International, Ltd.
G. Willi-Food International Ltd. is one of Israel's largest food importers and a single-source supplier of one of the world's most extensive ranges of quality kosher food products. It currently imports, markets and distributes more than 400 food products manufactured by some 100 top-tier suppliers throughout the world to more than 1,000 customers. The Company excels in identifying changing tastes in its markets and sourcing high-quality kosher products to address them. For more information, please visit the Company's website at www.willi-food.co.il.
Except for historical information contained herein, the matters set forth in this press release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, competition, changing economic conditions and other risk factors detailed in the Company's SEC filings.
NOTE A: Convenience Translation to Dollars
The convenience translation of New Israeli Shekels (NIS) into U.S. dollars was made at the rate of exchange prevailing on March 31, 2006: U.S. $1.00 equals NIS 4.665. The translation was made solely for the convenience of the reader.
http://biz.yahoo.com/prnews/060509/uktu006.html?.v=61
Dubi
midastouch017
18 years ago
G. Willi-Food Reports Fiscal Year 2005 Results
Sunday March 26, 11:32 am ET
2006 Focus on Domestic and International Growth Successful Spin-off of Gold Frost Subsidiary
YAVNE, Israel, March 26 /PRNewswire-FirstCall/ -- G. Willi-Food International Ltd. (NASDAQ: WILC - News; the "Company" or "Willi Food") today announced its financial results for the year ended December 31, 2005.
The Company's 2005 gross revenues were NIS 166.3 million (US$36.1 million) compared to gross revenues of NIS 171.0 million (US$37.1 million) in 2004. The Company's 2005 gross margins were 22.9% compared to gross margins of 23.8% in 2004. Net income of the Company for 2005 was NIS 7.7 million (US$1.7 million), or NIS 0.9 (US $0.19) per share, reflecting a one-time reserve of NIS 3.5 million taken during the second quarter of 2005. This reserve was related to the Company's estimated exposure to the collapse of Clubmarket Marketing Chains, Ltd., Israel's third largest supermarket chain, which filed for bankruptcy in late 2005. Net income of the Company for 2004 was NIS 11.2 million.
Mr. Zvi Williger, and COO of Willi-Food commented, "2005 was a challenging year for Willi-Food. Despite the write off attributed to Clubmarket's bankruptcy in our second quarter of 2005, Willi Food managed to increase its revenues by 2% and 14% for the third and fourth quarters of 2005, respectively, as compared with the Company's performance in the corresponding quarters of 2004. Willi Food is debt free and cash positive and is positioned to grow our market share both domestically and internationally."
"Our strategy is to capitalize on the recovery of the Israeli food market, while pursuing international expansion," continued Mr. Williger. "We will continue to pursue the best opportunities to launch Willi-Food into the lucrative U.S. and European food markets."
On March 9, 2006, shares of the Company's majority-owned subsidiary, Gold Frost Ltd., began trading on London's AIM market. As a result of this transaction, Willi Food has an unrealized capital gain of approximately $4.2 million. Mr. Williger stated, "We believe Gold Frost's listing demonstrates the value we have created for our shareholders. We are executing our strategy of international expansion and remain committed to increasing shareholder value."
About G. Willi-Food International Ltd.
G. Willi-Food International Ltd. is one of Israel's largest food importers and a single-source supplier of one of the world's most extensive ranges of quality kosher food products. It currently imports, markets and distributes more than 400 food products manufactured by some 100 top-tier suppliers throughout the world to more than 1,000 customers. The Company excels in identifying changing tastes in its markets and sourcing high-quality kosher products to address them.
Except for historical information contained herein, the matters set forth in this press release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, competition, changing economic conditions and other risk factors detailed in the Company's SEC filings.
Note: Convenience Translation to Dollars
The convenience translation of New Israeli Shekels (NIS) into U.S. dollars was made at the rate of exchange prevailing on December 31, 2005: U.S. $1.00 equals NIS 4.603. The translation was made solely for the convenience of the reader.
G. WILLI-FOOD INTERNATIONAL LTD.
CONSOLIDATED BALANCE SHEETS
December 31,
2 0 0 5 2 0 0 4 2 0 0 5 (*)
NIS US dollars
(in thousands)
ASSETS
Current assets
Cash and cash equivalents 30,431 55,831 6,611
Marketable securities 3,229 1,694 701
Trade accounts receivable 48,396 40,887 10,514
Receivables and other 7,673 1,211 1,667
current assets
Inventories 30,798 27,139 6,691
Total current assets 120,527 126,762 26,184
Fixed assets
Cost 23,343 8,590 4,929
Less: accumulated 6,686 5,554 1,310
depreciation and
amortization
16,657 3,036 3,619
Other assets, net 90 63 20
137,274 129,861 29,823
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term bank borrowings - 2,489 -
Trade accounts payable 19,937 19,066 4,331
Due to related parties 2,193 2,557 477
Payables and other current 12,973 6,664 2,818
liabilities
Total current liabilities 35,103 30,776 7,626
Long-term liabilities
Accrued severance pay, net 299 185 65
Commitments and contingent
liabilities
Shareholders' equity
Share capital:
Ordinary shares NIS 0.10 par
value
(authorized - 50,000,000
shares, issued
and outstanding - 8,615,000 1,503 1,502 327
shares
Additional paid-in capital 19,704 19,704 4,281
Declared Dividend (4,754) - (1,033)
Retained earnings 85,419 77,694 18,557
101,872 98,900 22,132
137,274 129,861 29,823
(*) Convenience translation into U.S. dollars
G. WILLI-FOOD INTERNATIONAL LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
Year ended December 31,
2 0 0 5 2 0 0 4 2 0 0 3 2 0 0 5 (*)
NIS US dollars
(in thousands, except for share data)
Sales 166,282 170,982 137,385 36,125
Cost of sales 128,215 130,292 110,160 27,855
Gross profit 38,067 40,690 27,225 8,270
Operating expenses:
Sales and marketing 15,771 15,632 11,662 3,426
General and administrative 10,044 9,134 8,335 2,182
Bad debts-Clubmarket 3,500 - - 761
Total operating expenses 29,315 24,766 19,997 6,369
Operating income 8,752 15,924 7,228 1,901
Financing income (expenses), 2,501 1,121 4,336 543
net
Other income , net 35 34 101 8
Pre-tax income 11,288 17,079 11,665 2,452
Income taxes 3,563 5,886 2,889 774
Net income 7,725 11,193 8,776 1,678
Earnings per share (EPS)
Basic 0.9 1.3 1.05 0.19
Fully diluted 0.9 1.3 1.05 0.19
Shares used in computation
of basic EPS 8,615,000 8,600,000 8,555,000 8,615,000
Shares used in computing
fully diluted EPS 8,615,000 8,600,000 8,555,000 8,615,000
(*) Convenience translation into U.S. dollars
http://biz.yahoo.com/prnews/060326/uksu004.html?.v=5
Dubi
midastouch017
18 years ago
Say cheese, says Danish dairy giant
12.3.06 | 09:01 By Ayala Tsoref
Ever heard of Arla Foods?
The company has yet to attain brand-name recognition in Israel's dairy market, but that will change if its Middle East regional director, Jan E. Pedersen, gets his way.
"The year 2006 will bring the breakthrough in the Israeli cheese market," Pedersen told TheMarker last week.
Arla Foods produces dairy products including milk, cheeses, yogurts, and butter, under dozens of brand names. It sells to more than 20 countries.
The company is actually one of the largest dairy concerns in Europe. Here, it distributes its products through G. Willi-Food International.
Until recently, its lone product on local shelves was Lurpak spreadable butter. (Ah, you say, you've seen that.) A few weeks ago the company introduced its first cheese brand, Fetina, which is also the first to bear the name Arla.
Pedersen knows the local dairy market. In recent years he has been in negotiations with two major dairy producers, Tnuva and Tara.
"Several years ago we spoke with Tnuva about the possibility of cooperating in the Israeli market, before they signed a deal with Yoplait," he explained. "We quickly understood that we and Tnuva were not a good match.
"The goal of Tnuva's managers is to maximize the dairy producer's profits. If Tnuva were representing Arla, it would first of all worry about Tnuva's products, and afterward ours."
So Arla decided to link up with an expressly small distributor, Willi-Food.
Arla also talked with Tara, after its recent acquisition by the Central Bottling Company (Coca-Cola Israel). "I met with the Tara CEO several times. Tara underwent a revolution, both in the manner its management works and regarding their decision to downsize the number of brands and to focus on a smaller product portfolio. They are less diffuse today than they were two years ago, and they have started to put together a clear product profile. I had pleasant conversations with him. We seriously considered making them Arla's dairy products producer and marketer in Israel, alongside Willi-Food." The CEO of Willi-Food is Zvi Williger.
Why didn't the partnership with Tara pan out?
"It simply didn't happen. As far as I know, they are on the verge of signing an agreement with Emmy" - a major Swiss dairy - "As of today, our contacts with them have ceased."
What did you learn about the Israeli market in the work you did before the negotiations with Tara?
"We know the Israeli market well. We started studying the country five years ago when Israel signed a trade agreement with the European Union. It's an important market for us to be in, even though it is small population wise. Israelis are wonderful consumers of dairy products. They spend a lot of money buying dairy products, yogurts, cheeses."
Why did you decide to extend your contract with Willi-Food and not to continue looking for a larger partner to produce for you in Israel?
"Our strategy in a country the size of Israel is to be in the center of the agenda of the local company marketing and distributing us. Currently, Arla's products are at the center of Willi-Food's business, and after we expand more, we'll turn into the most dominant brands of Willi-Food's portfolio."
Arla faces two main problems. First, the shelf life of its imported cheeses is shorter than those of cheeses produced in Israel. Second, Israeli consumers don't recognize its brand name.
"We'll enter the white and yellow cheese market this year under the Arla brand. We'll invest in television advertising. As we made Lurpak the second biggest player with a 15 percent market share, our quality cheeses will grow at the expense of the Israeli players. Our goal is to be one of the three largest players in the quality cheese market."
According to Pedersen, Arla won't be marketing yogurts in Israel. "Their shelf life won't allow us to send them at a quality that would compete with the yogurt products they have in Israel."
Pedersen is referring to the market in which mainly Gad Dairies operates, with its salty cheeses, feta, and cream cheeses.
"Kashrut was the reason that held up our entry into the Israeli market, but it's a matter whose solution draws near. We'll invest more in marketing and advertising this year so Israelis will come to recognize our brand. It's likely to take not a year or two but more, but we're patient."
Arla, being a Danish company, currently has to deal with the Arab boycott in the wake of the caricature of the Prophet Mohammed published last year in a Danish paper. "We feel a sharp decline in sales in some Middle East countries," said Pedersen. "Arla heads are lobbying the Danish government to reach an agreement a quickly as possible. We feel like an innocent victim of a conflict unrelated to Arla," he bemoaned.
What are you doing to solve the problem of declining Middle East sales? "I am visiting different countries, mainly in the Arab states, and talking with our distributors, explaining things to them. But, it doesn't help. As long as the solution doesn't come from the government, the problem won't be solved."
Arla's position as an international dairy allows it to also deal with different trends in the world. "The organic products trend is really strengthening in the milk market," he related. "Lately, we released a product in Denmark that is branded according to the geographic region in which the cow producing the milk grew up. It's like mineral water - the place where the cow was raised and the way in which it was raised have become relevant to sales of the brand."
http://www.haaretz.com/hasen/spages/693088.html
Dubi
midastouch017
18 years ago
G. Willi-Food Reports Results for Q3 2005 and Declares a Cash Dividend of US$ 0.12 Per Share
Monday November 21, 5:01 am ET
Net Profit Up 52% With 26.5% Gross Margins
YAVNE, Israel, November 21 /PRNewswire-FirstCall/ -- G. Willi-Food International Ltd. (NASDAQ: WILCF - News; the "Company") today announced financial results for the third quarter and nine months ended September 30, 2005, and declares a cash dividend of US$ 0.12 per share.
Financial Results
Revenues for the quarter ended September 30, 2005 increased by 2% to NIS 41.2 million (US$ 9.0 million) from NIS 40.5 million in the third quarter of 2004. Gross margins for the quarter ended September 30, 2005 were 26.5% compared to 21.8% in the third quarter of 2004. Net income for the quarter ended September 30, 2005 was NIS 3.6 million (US$ 0.8 million), or NIS 0.41($ 0.09) per share, an increase of 52% compared to NIS 2.3 million in the third quarter of 2004.
Revenues for the first nine months of 2005 were NIS 120.7 million (US$ 26.2 million) compared to NIS 130.8 million in the parallel period of 2004. Gross margins for the nine months ended September 30, 2005 were 25.0% compared to 22.8% in the first nine months of 2004. Net income for the first nine months of 2005 was NIS 6.6 million (US$ 1.4 million), or NIS 0.77 (US$ 0.17) per share, reflecting a one-time reserve of NIS 4.0 million taken during the second quarter of 2005. This reserve was taken with respect to the Company's estimated exposure to the collapse of Clubmarket Marketing Chains, Ltd. ("Clubmarket"), Israel's third largest supermarket chain. Net income for the first nine months of 2004 was NIS 8.1 million.
Cash dividend
On November 21, 2005, the Board of Director of the Company declared a cash dividend of US$ 0.12 per share payable to its shareholders of record as of January 11, 2006. The cash dividend will be paid at January 25, 2006.
Comments of Management
Mr. Zvi Williger, President and COO of the Company, commented, "We are pleased to deliver a moderate increase in sales for the third quarter with a significant increase in gross margins, operating margins and net margins, translating into a 52% rise in our profit for the quarter. This reflects the market's strong response to the new, higher-margin products that we have been introducing into the Israeli market, together with the contribution of our ongoing efficiency efforts. To drive our future growth, we are expanding our institutional sales effort and continue adding new items to our unique selection of food products. In parallel, we continue to seek out the right channels for our launch into the high-potential U.S. and European food markets.
The Board of Directors of the Company has elected to declare the Company's first-ever cash dividend, of approximately 4% of its share price, in light of the strong financial results for the Company for the three months and nine months ended September 30, 2005."
G. Willi-Food International is one of Israel's largest food importers and a single-source supplier of one of the world's most extensive ranges of quality kosher food products. It currently imports, markets and distributes more than 400 food products manufactured by some 100 top-tier suppliers throughout the world to more than 1,000 customers. The Company excels in identifying changing tastes in its markets and sourcing high-quality kosher products to address them.
Except for historical information contained herein, the matters set forth in this press release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, competition, changing economic conditions and other risk factors detailed in the Company's SEC filings.
NOTE A: Convenience Translation to Dollars
The convenience translation of New Israeli Shekels (NIS) into U.S. dollars was made at the rate of exchange prevailing at September 30, 2005: U.S. $1.00 equals NIS 4.598. The translation was made solely for the convenience of the reader.
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30 December 31, September 30 December 31,
2005 2004 2005(*) 2004(*)
NIS US dollars
In thousands
ASSETS
Current assets
Cash and cash equivalents 41,065 55,831 8,931 12,142
Marketable securities 2,708 1,694 589 368
Trade receivables 41,056 40,887 8,930 8,893
Receivables and other 8,384 1,211 263
current assets 1,823
Inventories 22,144 27,139 4,816 5,902
Total current assets 115,357 126,762 25,089 27,568
Property and equipment, net 15,644 3,036 3,402 660
Other assets, net 86 63 19 14
131,087 129,861 28,510 28,242
LIABILITIES AND
SHAREHOLDERS'
EQUITY
Current liabilities
Payables:
Short term bank credit and 2 2,489 542
other -
Trade payables 14,000 19,066 3,045 4,147
Related parties 1,844 2,557 401 556
Other and accrued expenses 9,419 6,664 2,048 1,449
Total current liabilities 25,265 30,776 5,494 6,694
Long term liabilities
Accrued severance pay 286 185 63 40
Shareholders' equity
Ordinary shares NIS 0.10 par
value
(authorized - 50,000,000
shares,
Issued and outstanding -
8,615,000
shares 1,503 1,502 327 326
Additional paid-in capital 19,704 19,704 4,285 4,285
Retained earnings 84,329 77,694 18,342 16,897
105,536 98,900 22,954 21,508
131,087 129,861 28,511 28,242
(*) Convenience translation into U.S. dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Nine months Three months Nine months Three months
ended September 30 ended September 30
2005 2004 2005 2004 2005(*) 2005(*)
NIS US dollars
In thousands (except per share and share data)
Sales 120,654 130,789 41,184 40,476 26,241 8,957
Cost of sales 90,577 101,006 30,283 31,654 19,699 6,586
Gross profit 30,077 29,783 10,901 8,822 6,542 2,371
Selling
expenses 10,899 11,532 3,800 2,946 2,370 826
General and
administrative
expenses 7,431 6,997 2,564 2,350 1,616 558
Bad 4,000 -
debts-Clubmarket - - 870 -
Total operating
expenses 22,330 18,529 6,364 5,296 4,856 1,384
Operating income 7,747 11,254 4,537 3,526 1,686 987
Financial 2,137 902 741 208
income, net 465 161
Other income 35 34 - - 8 -
Income before
taxes
on income 9,919 12,190 5,278 3,734 2,159 1,148
Taxes on income 3,283 4,124 1,715 1,390 714 373
Net income 6,636 8,066 3,563 2,344 1,445 775
Earnings per
share data:
Earnings per
share:
Basic 0.77 0.94 0.41 0.27 0.17 0.09
Diluted 0.77 0.94 0.41 0.27 0.17 0.09
Shares used in
computing
basic and
diluted earnings
per ordinary 8,615,000 8,595,000 8,615,000 8,615,000 8,615,000 8,615,000
share:
(*) Convenience translation into U.S. dollars .
Contact:
Gil Hochboim, CFO
+972-8-932-2233
gil@willi-food.co.il
--------------------------------------------------------------------------------
Source: G. Willi-Food International Ltd
http://biz.yahoo.com/prnews/051121/ukm004.html?.v=36
Dubi
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