ISTANBUL, April 27, 2011 /PRNewswire/ --
First-Quarter 2011 Highlights:
- Revenues were TL 382.9 million;
- Gross profits were TL 33.3 million;
- Net income was TL 6.0 million; and
- Operating income was TL 10.9 million.
Bizim Toptan Satis Magazalari A.S. (ISE: BIZIM.TI) ("Bizim Toptan"), a leading cash and carry wholesaler with a national footprint of 111 stores throughout Turkey, reported its results for its First Quarter, ended March 31, 2011.
First Quarter of 2011 Results
Total revenue for the first quarter, ended March 31, 2011 increased by 23.2%, or TL 72.0 million to TL 382.9 million from TL 310.9 million in the first quarter of 2010. Net income for the first quarter of fiscal 2011 was TL 6.0 million, or TL 0.15 per share, absent one-off expense in the first quarter, net profit would have increased to TL 7.5 million, or 0.19 per share, compared to net income of TL 8.3 million, or TL 0.21 per share in the first quarter of 2010. Overall the Company's top-line growth was 23.2%, with 28.2% in main categories and 9.8% attributable to tobacco sales. Bizim Toptan's strong top-line growth is driven by growth in existing stores and the opening of new stores during 2011. Like-for-like growth was 17.0% in the first quarter 2011, with 21.0% in main categories and 7.0% in tobacco.
Bizim Toptan's gross profit was TL 33.3 million in the first quarter of 2011 compared to the same period of 2010 when gross profit was TL 30.0 million. Gross margins during the first quarter was 8.7% compared to the same period in 2010 when gross margins were 9.7%. Gross margins during the first quarter of 2011 stabilized to normalized levels when compared to first quarter of 2010, when margins widened due to sales of tobacco in anticipation of higher price increases which took effect during the first quarter of 2010.
Operating income during the first quarter 2011 TL 10.9 million compared to TL 12.9 million recorded during the first quarter of 2010. Operating income was impacted by expenses related to the Company's recently completed Initial Public Offering in early February. Absent the impact of the special items discussed above and the tobacco price increase on first quarter 2010, EBITDA margin would have been 3.8% in the current quarter.
The Company's net cash from operations at the end of the first quarter 2011 was TL 37.4 million compared to TL 33.3 million as of December 31, 2010, with almost no financial debt.
During the first quarter of 2011, an additional 2 stores were opened, increasing the Company's total number of stores to 111. Stores opened during the first quarter were located in high-growth potential locations such as Manisa and Antalya Regions.
Mr. Recep Ozalp, general manager of Bizim Toptan stated, "We are extremely proud of the continued growth in our underlying business. Bizim Toptan continues to focus on its core strengths which provides a solid foundation for our strong and consistent results. The Turkish economy continues to experience tremendous growth and Bizim Toptan is well-positioned to capitalize on these opportunities. We have the right relationships in place, a dedicated workforce and the flexibility to react and scale quickly to opportunities as they arise."
About Bizim Toptan
Incorporated in 2001 and headquartered in Istanbul, Bizim Toptan Satis Magazalari A.S.(Bizim Toptan) is a leading cash and carry wholesaler in Turkey. Bizim Toptan operates one of the largest networks with a national footprint of 111 stores, located in 54 out of 81 major cities throughout Turkey. The Company sells branded food products, non-alcoholic beverages, tobacco, household chemicals and personal hygiene products to a diverse mix of customers which include: wholesalers, traders/distributor wholesalers, "bakkals," local markets, supermarkets, specialized retailers, corporate institutions, and HORECA (hotels, restaurants and cafes) customers among others. The Company's product offering consists of approximately, 2,900 products or stock keeping units ("SKUs"), nationwide and can be grouped as branded products and private label products. Bizim Toptan is traded on the Istanbul Stock Exchange under the ticker BIZIM TI (Bloomberg) and BIZIM.IS (Reuters). For more information on Bizim Toptan, please visit us at www.bizimtoptan.com
Forward Looking Statements
Any statements set forth herein that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements.
Forward-looking statements can be recognized by the use of words such as "expects," "plans," "will," "could", "estimates," "projects," "intends," or words of similar meaning. Such forward-looking statements speak only as of the date of this press release, and are not guarantees of future performance. Such forward-looking statements involve risks and uncertainties that may cause actual results, performance or financial condition to materially differ from those expressed or implied in the forward-looking statements as a result of various factors and assumptions.
The Company undertakes no obligation to revise forward-looking statements to reflect events or circumstances after the date of this press release. Potential risks and uncertainties including changes in applicable regulations, and other information detailed from time to time in the Company's filings and future filings with the Istanbul Stock Exchange or the Turkish Capital Markets Board. Accordingly, although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.
SOURCE Bizim Toptan