/C O R R E C T I O N -- G. Willi-Food International Ltd/
In the news release, "G. Willi-Food Anticipates an Increase of More Than 40% in Operating Profit for First Quarter 2010 Over Prior Year's Period" issued on 13 Apr 2010 11:05 GMT, by G. Willi-Food International Ltd nasdaq:WILC over PR Newswire, we are advised by a representative of the company that the First Quarter 2009 was incorrectly referred to as "First Quarter 2010" in the sub-header and third paragraph. Complete, corrected release follows:
YAVNE, Israel, April 13, 2010 /PRNewswire-FirstCall/ -- G. Willi-Food International Ltd. (NASDAQ: WILC) (the "Company" or "Willi Food"), a global food company specializing in the development, manufacture, marketing and international distribution of extensive range of quality kosher food products, today announced preliminary expectations for revenue, gross profit and operating profit results for the first quarter of 2010.
First Quarter 2010
Based on preliminary information for the first quarter ended March 31, 2010, the Company expects revenue during the quarter to increase approximately 15 percent year-over-year and gross profit to increase by more than 30 percent year-over-year. The Company also expects first quarter 2010 operating profit to increase by more than 40 percent year-over year.
Mr. Zwi Williger, President and COO of Willi-Food commented: "We are very pleased with our strong performance in the first quarter of 2010, and especially with our expected 40 percent increase in operating profit over the first quarter of 2009 which represents more than a 70 percent increase over the previous quarter, the forth quarter of 2009, as we continue to make inroads in expanding our market reach in Israel and in the U.S. Revenue from new products introduced in the quarter also continues to maintain good momentum. In the first quarter of 2010, we launched a major media campaign in Israel to expand awareness of the Willi-Food brand, and we continue to see expanding sales volume as a direct result of these marketing efforts. Sales generated by our newly established export division in Israel are also adding to our top line. We remain committed to our strategy of expanding marketing channels for our higher-margin products in the U.S. and Israeli markets and on promoting our broad base of kosher products to health-conscious consumers across Europe, Israel and in the United States."
G. Willi-Food International expects to publish its financial results for the first quarter of 2010 in mid-May 2010.
Conference Call
The Company will host a public conference call to update shareholders on corporate activities and to discuss guidance for the first quarter of 2010 on Tuesday, April 13, 2010 at 10:00 a.m. Eastern time. To participate in the call please dial 1-877-941-4775, or 1-480-629-9761 for international calls, approximately 10 minutes prior to the scheduled start time. Interested parties can also listen via a live Internet webcast, which will be available on the day of the call through the following link at ViaVid.net: http://viavid.net/dce.aspx?sid=0000731F
A replay of the conference call will be available for 14 days from 1:00 p.m. EDT on April 13, 2010 through 11:59 p.m. EDT on April 27, 2010 by dialing 1-303-590-3030, access code 4281237. In addition, a recording of the call will be available via the the link shown above for one year.
Public Offering
On March 12, 2010 the Company announced the pricing of its public offering of 3,305,786 shares at a price of $6.05 per share for gross proceeds of approximately $20 million and net proceeds of approximately $19 million. The offering was settled and closed on March 18, 2010. Willi Food granted the underwriters in the offering an option to purchase up to an additional 330,579 shares of the Company's common shares to cover over-allotments, if any ("Underwriters' Option"). The Underwriters' Option expired on April 11, 2010 and the underwriters did not exercise their option to purchase additional shares of common shares of the Company.
About G. Willi-Food International Ltd.
G. Willi-Food International Ltd. (http://www.willi-food.co.il) is an Israeli-based company specializing in high-quality, great-tasting kosher food products. Willi-Food is engaged directly and through its subsidiaries in the design, import, manufacture, marketing and distribution of over 1,000 food products worldwide. As one of Israel's leading food importers, Willi-Food markets and sells its food products to over 1,500 customers in Israel and around the world including large retail and private supermarket chains, wholesalers and institutional consumers. The company's operating divisions include Willi-Food in Israel; Gold Frost, a wholly owned subsidiary which designs, develops and distributes branded kosher, dairy-food products; and Shamir Salads, an Israeli manufacturer and distributor of a broad line of over 400 Mediterranean-style chilled salads.
This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding trends, demand for our products and expected sales, operating results, and earnings. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. These risks and other factors include but are not limited to: monetary risks including changes in currency exchange rates- especially the NIS/U.S. Dollar exchange rate, payment default by any of our major clients, the loss of one of more of our key personnel, changes in laws and regulations, including those relating to the food distribution industry, and inability to meet and maintain regulatory qualifications and approvals for our products, termination of arrangements with our suppliers, in particular Arla Foods, loss of one or more of our principal clients, increase or decrease in global purchase prices of food products, increasing levels of competition in Israel and other markets in which we do business, changes in economic conditions in Israel, including in particular economic conditions in the Company's core markets, our inability to accurately predict consumption of our products, our inability to successfully integrate our recent acquisitions, insurance coverage not sufficient enough to cover losses of product liability claims and risks associated with product liability claims. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading "Risk Factors" in the Company's Amendment No. 5 to Form F-1, filed with the Securities and Exchange Commission on March 11, 2010. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. We do not assume any obligation to update the forward-looking information contained in this press release.
Contact:
At the Company:
G. Willi Food International Ltd.
Ety Sabach, CFO
(+972)8-932-1000
[email protected]
Investor Relations:
RedChip Companies, Inc.
Dave Gentry
+1-800-733-2447, Ext. 104
+1-407-644-4256, Ext. 104
[email protected]
------
G. Willi-Food Anticipates an Increase of More Than 40% in Operating Profit for First Quarter 2010 Over Prior Year's Period
First Quarter 2010 Revenue Expected to Increase by Approximately 15% Over First Quarter 2010 Revenue; Gross Profit in First Quarter Expected to Rise More Than 30% Over First Quarter 2010 Gross Profit
YAVNE, Israel, April 13, 2010 /PRNewswire-FirstCall/ -- G. Willi-Food International Ltd. (NASDAQ: WILC) (the "Company" or "Willi Food"), a global food company specializing in the development, manufacture, marketing and international distribution of extensive range of quality kosher food products, today announced preliminary expectations for revenue, gross profit and operating profit results for the first quarter of 2010.
First Quarter 2010
Based on preliminary information for the first quarter ended March 31, 2010, the Company expects revenue during the quarter to increase approximately 15 percent year-over-year and gross profit to increase by more than 30 percent year-over-year. The Company also expects first quarter 2010 operating profit to increase by more than 40 percent year-over year.
Mr. Zwi Williger, President and COO of Willi-Food commented: "We are very pleased with our strong performance in the first quarter of 2010, and especially with our expected 40 percent increase in operating profit over the first quarter of 2010 which represents more than a 70 percent increase over the previous quarter, the forth quarter of 2009, as we continue to make inroads in expanding our market reach in Israel and in the U.S. Revenue from new products introduced in the quarter also continues to maintain good momentum. In the first quarter of 2010, we launched a major media campaign in Israel to expand awareness of the Willi-Food brand, and we continue to see expanding sales volume as a direct result of these marketing efforts. Sales generated by our newly established export division in Israel are also adding to our top line. We remain committed to our strategy of expanding marketing channels for our higher-margin products in the U.S. and Israeli markets and on promoting our broad base of kosher products to health-conscious consumers across Europe, Israel and in the United States."
G. Willi-Food International expects to publish its financial results for the first quarter of 2010 in mid-May 2010.
Conference Call
The Company will host a public conference call to update shareholders on corporate activities and to discuss guidance for the first quarter of 2010 on Tuesday, April 13, 2010 at 10:00 a.m. Eastern time. To participate in the call please dial 1-877-941-4775, or 1-480-629-9761 for international calls, approximately 10 minutes prior to the scheduled start time. Interested parties can also listen via a live Internet webcast, which will be available on the day of the call through the following link at ViaVid.net: http://viavid.net/dce.aspx?sid=0000731F
A replay of the conference call will be available for 14 days from 1:00 p.m. EDT on April 13, 2010 through 11:59 p.m. EDT on April 27, 2010 by dialing 1-303-590-3030, access code 4281237. In addition, a recording of the call will be available via the the link shown above for one year.
Public Offering
On March 12, 2010 the Company announced the pricing of its public offering of 3,305,786 shares at a price of $6.05 per share for gross proceeds of approximately $20 million and net proceeds of approximately $19 million. The offering was settled and closed on March 18, 2010. Willi Food granted the underwriters in the offering an option to purchase up to an additional 330,579 shares of the Company's common shares to cover over-allotments, if any ("Underwriters' Option"). The Underwriters' Option expired on April 11, 2010 and the underwriters did not exercise their option to purchase additional shares of common shares of the Company.
About G. Willi-Food International Ltd.
G. Willi-Food International Ltd. (http://www.willi-food.co.il) is an Israeli-based company specializing in high-quality, great-tasting kosher food products. Willi-Food is engaged directly and through its subsidiaries in the design, import, manufacture, marketing and distribution of over 1,000 food products worldwide. As one of Israel's leading food importers, Willi-Food markets and sells its food products to over 1,500 customers in Israel and around the world including large retail and private supermarket chains, wholesalers and institutional consumers. The company's operating divisions include Willi-Food in Israel; Gold Frost, a wholly owned subsidiary which designs, develops and distributes branded kosher, dairy-food products; and Shamir Salads, an Israeli manufacturer and distributor of a broad line of over 400 Mediterranean-style chilled salads.
This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding trends, demand for our products and expected sales, operating results, and earnings. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. These risks and other factors include but are not limited to: monetary risks including changes in currency exchange rates- especially the NIS/U.S. Dollar exchange rate, payment default by any of our major clients, the loss of one of more of our key personnel, changes in laws and regulations, including those relating to the food distribution industry, and inability to meet and maintain regulatory qualifications and approvals for our products, termination of arrangements with our suppliers, in particular Arla Foods, loss of one or more of our principal clients, increase or decrease in global purchase prices of food products, increasing levels of competition in Israel and other markets in which we do business, changes in economic conditions in Israel, including in particular economic conditions in the Company's core markets, our inability to accurately predict consumption of our products, our inability to successfully integrate our recent acquisitions, insurance coverage not sufficient enough to cover losses of product liability claims and risks associated with product liability claims. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading "Risk Factors" in the Company's Amendment No. 5 to Form F-1, filed with the Securities and Exchange Commission on March 11, 2010. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. We do not assume any obligation to update the forward-looking information contained in this press release.
Contact:
At the Company:
G. Willi Food International Ltd.
Ety Sabach, CFO
(+972)8-932-1000
[email protected]
Investor Relations:
RedChip Companies, Inc.
Dave Gentry
+1-800-733-2447, Ext. 104
+1-407-644-4256, Ext. 104
[email protected]
SOURCE G. Willi-Food International Ltd
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