Golden Enterprises Announces Quarterly Results

Jan 07, 2016, 11:50 ET from Golden Enterprises Inc.

BIRMINGHAM, Ala., Jan. 7, 2016 /PRNewswire/ -- Golden Enterprises Inc.'s (Nasdaq: GLDC) Board of Directors today declared a quarterly dividend of $.03375 per share payable January 27, 2016 to stockholders of record on January 18, 2016.

Golden Enterprises Inc.'s total revenues for the second quarter ending November 27, 2015 was $32 million compared to $32 million last year.  Net income increased $558,824, $.05 compared to $.00, an increase of $.05 EPS.  Selling, general, and administrative expenses decreased $364,016 compared to the same period last year.  Favorable fuel cost, reduction in cost associated with our fleet, and efficiencies from our ERP System contributed to the reduction in SG&A.

Operating income increased $893,478 during the second quarter 2016 compared to the same period last year.  Significant improvements in margins contributed to the increase in operating income.  

For the twenty-six weeks ended November 27, 2015, net income per share was $.13 per share compared to $.07 per share in the twenty-six weeks ending November 28, 2014.  Total revenues year-to-date were $66 million compared to $66 million last year.

The following is a summary of net sales and income information for the thirteen weeks and twenty-six weeks ended November 27, 2015 and November 28, 2014.



Thirteen Weeks Ended


Twenty-Six Weeks Ended




November 27,


November 28,


November 27,


November 28,




2015


2014


2015


2014


Net sales

$

31,998,047

$

32,029,326

$

65,730,188

$

66,154,362












Income before income taxes


986,656


88,996


2,435,291


1,306,781


Income taxes


387,105


48,269


946,142


498,828


Net income

$

599,551

$

40,727

$

1,489,149

$

807,953






















Basic and diluted earnings per share

$

0.05

$

0.00

$

0.13

$

0.07












Basic and diluted weighted shares outstanding


11,291,757


11,732,632


11,291,757


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.

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SOURCE Golden Enterprises Inc.