G. Willi-Food Reports Net Income of US$ 2.3 Million for Fourth Quarter 2010
YAVNE, Israel, March 21, 2011 /PRNewswire-FirstCall/ --
- 2010 Q4 Sales 14.2% Over 2009 Q4 Sales;
- 2010 Q4 Operating Income up 28.7% Over 2009 Q4 Operating Income
G. Willi-Food International Ltd. (NASDAQ: WILC) (the "Company" or "Willi-Food"), a global company specializing in the development, manufacturing, marketing and international distribution of kosher foods, today announced its audited financial results for the fourth quarter and the fiscal year ending December 31, 2010.
Fourth Quarter Fiscal 2010 Highlights
- Sales increased 14.2% over fourth quarter of 2009 to NIS 91.1 million (US$ 25.7 million)
- Gross profit of NIS 25.4 million (US$ 7.1 million), or 27.9% of sales
- Operating income increased 28.7% over fourth quarter of 2009 to NIS 7.9 million (US$ 2.2 million), or 8.7% of sales
- Income from continuing operations increased 26.1% over fourth quarter of 2009 to NIS 8.1 million (US$ 2.3 million), or 8.9% of sales
- Net income increased 1.2% over fourth quarter of 2009 to NIS 8.1 million (US$ 2.3 million), or 8.9% of sales
- Cash and securities balance of NIS 181.5 million (US$ 51.1 million) as of December 31, 2010
Year End Fiscal 2010 Highlights
- Sales increased 14.8% year-over-year to NIS 348.4 million (US$ 98.2 million), the highest annual sales in the history of the Company
- Gross profit for 2010 increased 20.1% year-over-year to NIS 100.8 million (US$ 28.4 million)
- Gross margin improved to 28.9% compared to 27.6% in 2009, the highest annual gross margin in the history of the Company
- Non-GAAP operating income increased 20.2% year-over-year to NIS 33.6 million (US$ 9.5 million), or 9.6% of sales
- Non-GAAP income from continuing operations increased 20.4% year-over-year to NIS 29.3 million (US$ 8.3 million), or 8.4% of sales
- Non-GAAP net income increased 14.7% year-over-year to NIS 30.2 million (US$ 8.5 million), or 8.7% of sales
Willi-Food's operating divisions include Willi-Food, a distributor of a broad variety of kosher foods; its wholly owned Gold Frost - a designer, developer and distributor of branded kosher dairy food products, and Shamir Salads - an Israeli distributor and manufacturer of Mediterranean style salads.
Fourth Quarter Fiscal 2010 Summary
Sales for the fourth quarter of 2010 increased by 14.2% to NIS 91.1 million (US$ 25.7 million) compared to sales of NIS 79.8 million (US$ 22.5 million) in the fourth quarter of 2009. The growth in sales in the fourth quarter was primarily due to the introduction of new products and the impact of a national media campaign that increased awareness of the Willi-Food brand throughout Israel and increased sales and promotional activities.
Gross profit for the fourth quarter of 2010 increased by 4.8% to NIS 25.4 million (US$ 7.1 million) compared to gross profit of NIS 24.2 million (US$ 6.8 million) in the fourth quarter of 2009. Fourth quarter gross margin was 27.9% compared to gross margin of 30.3% for the same period in 2009. The Company is mitigating the effects of worldwide inflation in agricultural commodities and dairy products by working closely with suppliers to anticipate adverse price trends, building inventory accordingly and raising prices to its customers.
Willi-Food's operating income for the fourth quarter of 2010 increased 28.7% to NIS 7.9 million (US$ 2.2 million) over the fourth quarter of 2009. Selling expenses decreased by 2.3% from the comparable quarter of 2009. Selling expenses as a percentage of sales decreased in the fourth quarter of 2010 to 13.5% compared to 15.7% in the fourth quarter of 2009 primarily due to aggressive expense reduction initiatives. General and administrative expenses decreased by 5.7% from the comparable quarter of 2009. General and administrative expenses as a percentage of sales decreased in the fourth quarter of 2010 to 5.7% from 6.9% in the fourth quarter of 2009.
Willi-Food's income before taxes for the fourth quarter of 2010 increased 42.0% to NIS 9.8 million (US$ 2.8 million) over the fourth quarter of 2009. Income from continuing operations for the fourth quarter of 2010 increased 26.1% to NIS 8.1 million (US$ 2.3 million) over the fourth quarter of 2009.
Willi-Food's net income in the fourth quarter of 2010 increased 1.2% to NIS 8.1 million (US$ 2.3 million) from NIS 8.0 million (US$ (2.2 million) recorded in the fourth quarter of 2009. Willi-Food's net income related to Company Shareholders in the fourth quarter of 2010 was NIS 7.4 million (US$ 2.1 million), or NIS 0.55 (US$ 0.15) per share, compared to NIS 7.8 million (US$ 2.2 million), or NIS 0.76 (US$ 0.21) per share, recorded in the fourth quarter of 2009.
Willi-Food generated NIS 4.7 million (US $1.3 million), or NIS 0.35 (US $0.10) per share from continuing operating activities in the fourth quarter of 2010 compared to net cash used in continuing operating activities of NIS 9.3 million (US$ 2.6 million), or NIS 0.72 (US$ 0.20) per share, recorded in the fourth quarter of 2009.
Willi-Food ended the fourth quarter of 2010 with NIS 181.5 million in cash and securities (US$ 51.1 million) and NIS 2.9 million (US$ 0.8 million) in short-term debt (51% of the debt of Shamir Salads). Willi-Food's shareholders' equity at the end of 2010 was NIS 306.9 million (US$ 86.5 million).
Fiscal 2010 Summary
Sales for fiscal 2010 increased 14.8% to NIS 348.4 million (US$ 98.2 million) compared to sales of NIS 303.5 million (US$ 85.5 million) in fiscal 2009. Gross profit for fiscal 2009 increased by 20.1% to NIS 100.8 million (US$ 28.4 million) compared to gross profit of NIS 83.9 million (US$ 23.6 million) in fiscal 2009. Gross margin in 2009 improved to 28.9% compared to gross margin of 27.6% in 2009 - the highest annual gross margin in the history of Willi-Food.
All following non-GAAP calculations exclude an unrealized one-time capital gain resulting from the completion of a tender offer for Gold Frost's shares that was recorded as "Other income" in the third quarter of 2009 in the amount of NIS 5.2 million (US$ 1.5 million) (the "Capital Gain"). Non-GAAP operating income for fiscal 2010 increased 20.2% to NIS 33.6 million (US$ 9.5 million) over fiscal 2009. On a GAAP basis (without excluding the Capital Gain), operating income for fiscal 2010 increased 1.2% from NIS 33.2 million (US$ 9.3 million) recorded in fiscal 2009.
Non-GAAP net income for fiscal 2010 increased 14.7% to NIS 30.2 million (US$ 8.5 million) over fiscal 2009. Non-GAAP net income attributable to Company Shareholders for fiscal 2010 increased 11.9% to NIS 28.2 million (US$ 7.9 million), or NIS 2.2 (US$ 0.62) per share, compared to NIS 25.1 million (US$ 7.1 million), or NIS 2.4 (US$ 0.69) per share, recorded in fiscal 2009.
On a GAAP basis, net income fiscal 2010 decreased 4.3% from NIS 31.5 million (US$ 8.9 million) recorded in fiscal 2009. GAAP net income attributable to Company Shareholders for fiscal 2010 decreased 7.4% from NIS 30.4 million (US$ 8.6 million), or NIS 3.0 (US$ 0.83) per share, recorded in fiscal 2009.
Outlook
Mr. Zwi Williger, President and COO of Willi-Food commented: "Fiscal 2010 was a very strong year for Willi Food. For six consecutive quarters, we have grown sales and gross profits while controlling SG&A expense growth. Fourth quarter operating income grew nearly 30%, despite the well-known pressures in commodity costs being felt around the world. Throughout 2010 we introduced great-tasting, higher margin food products, which we develop together with our suppliers. For instance, we recently introduced two new lines of kosher Swiss premium products: our 'KAMBLY' fine biscuit and cookie products, and a new line of fine chocolate bar products. These lines build upon categories that we introduced only a few months ago, such as 'GELATO' kosher Italian ice-cream products, and other chilled desserts.
"Looking forward, we are confident that we can deliver sales and profit growth in 2011. We believe that momentum will continue to build in recently introduced products, and several new product line introductions can further boost sales. The first quarter of 2011 is off to a good start, and the shift of Passover to the second quarter will help drive sales in that period. We are understandably cautious regarding ongoing global commodity price inflation, but are well-positioned to limit any impacts. We will sustain our flexible purchasing strategy, and are highly focused on reducing production costs and SG&A expenses."
"We believe that we can continue to benefit from a multi-channel approach and broad kosher product base that addresses a trend toward more health-conscious food choices. We intend to expand our reach to retail and wholesale markets in the U.S., and have previously discussed the potential for a distribution acquisition in the United States. In addition, several other strategic options are under active evaluation."
Conference Call
The Company will host a conference call to discuss results on Monday, March 21, 2011 at 11:00 AM Eastern time. Interested parties may participate in the conference call by dialing 1-877-941-2321 (US), or 1-480-629-9714 (International), 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:
http://viavid.net/dce.aspx?sid=000082CE
A replay of the conference call will be available for 14 days from 2:00 PM EST on March 21, 2011 through 11:59 PM EST on April 4, 2011 by dialing 1-877-870-5176 (US), or 1-858-384-5517 (International), access code 4423592. In addition, a recording of the call will be available via the the link shown above for one year.
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 December 31, 2010, U.S. $1.00 equals NIS 3.549. The translation was made solely for the convenience of the reader.
NOTE B: IFRS
The Company's consolidated financial results for the three-month and fiscal year ended December 31, 2010 are presented in accordance with International Financial Reporting Standards ("IFRS").
NOTE C: Discontinued Operations
Discontinued operations are measured and presented in accordance with the provisions of IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations".
The results of discontinued operations are presented in the income statement in a separate item below income from continuing operations. The comparative income (loss) from discontinued operations has been re-casted to include those operations classified as discontinued in the current period.
NOTE D: Use of Non-GAAP Measures
This press release provides financial measures for operating income, income from continuing operations, net income, net income attributable to Company Shareholders and basic earnings per share, which exclude an unrealized one-time capital gain resulting from the completion of a tender offer for Gold Frost's shares that was recorded as "Other income" in the third quarter of 2009 in the amount of NIS 5.4 million (US$ 1.5 million) and is therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the performance of the Company because it reflects the operational results and enhances management's and investors' ability to evaluate the Company's operating margin and income, income from continuing operations, net income, net income attributable to Company Shareholders and basic earnings per share. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and, therefore, felt it important to make these non-GAAP adjustments available to investors. A reconciliation of each GAAP to non-GAAP financial measure discussed in this press release is contained in the accompanying financial tables.
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GAAP segment results for fiscal 2010 and 2009 (in NIS thousands):
% of % of
2010 Sales 2009 Sales
Operating expenses 67,218 19.3% 50,719 16.7%
Operating income 33,568 9.6% 33,172 10.9%
Income before taxes on 37,810 10.9% 34,643 11.4%
income
Income from continuing 29,327 8.4% 29,600 9.8%
operations
Net income 30,157 8.7% 31,528 10.4%
Attribute to:
Owners of the Company 28,177 8.1% 30,436 10.0%
Non-controlling interest 1,980 0.6% 1,092 0.4%
Earnings per share:
Basic earnings per share 2.18 2.96
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Non-GAAP segment results for fiscal 2010 and 2009 (in NIS thousands):
% of % of
2010 Sales 2009 Sales
Operating expenses 67,218 19.3% 55,964 18.4%
Operating income 33,568 9.6% 27,927 9.2%
Income before taxes on 37,810 10.9% 29,398 9.7%
income
Income from continuing 29,327 8.4% 24,355 8.0%
operations
Net income 30,157 8.7% 26,283 8.7%
Attribute to:
Owners of the Company 28,177 8.1% 25,191 8.3%
Non-controlling interest 1,980 0.6% 1,092 0.4%
Earnings per share:
Basic earnings per share 2.18 2.44
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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 Annual Report on Form 20-F for the year ended December 31, 2009, filed with the Securities and Exchange Commission on June 28, 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.
{FINANCIAL TABLES TO FOLLOW}
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31,
2010 2009 2010(*)
NIS US Dollars
(in thousands)
ASSETS
Current assets
Cash and cash equivalents 113,631 87,104 32,018
Financial assets carried at fair value 67,890 11,356 19,083
through profit or loss
Trade receivables 85,902 77,752 24,202
Other receivables 2,307 1,990 697
Inventories 37,614 44,810 10,599
Total current assets 307,344 223,012 86,599
Non-current assets
Property, plant and equipment 71,350 67,120 20,105
Less -accumulated depreciation 20,512 17,542 5,780
50,838 49,578 14,325
Long term receivables - 760 -
Prepaid expenses 2,405 2,384 678
Goodwill 1,936 1,936 546
Intangible assets, net 4,067 4,674 1,146
Deferred taxes 694 375 195
Total non-current assets 59,940 59,707 16,890
TOTAL ASSETS 367,284 282,719 103,489
EQUITY AND LIABILITIES
Current liabilities
Short-term bank credit 5,780 10,372 1,629
Trade payables 32,959 49,382 9,285
Accruals 268 145 76
Current tax liabilities 5,910 2,801 1,665
Other payables and accrued expenses 10,326 8,976 2,910
Employees Benefits 3,057 2,977 862
Total current liabilities 58,300 74,653 16,427
Non-current liabilities
Long-term bank loans 309 97 87
Deferred taxes 522 445 147
Employees Benefits 1,281 1,044 361
Total non-current liabilities 2,112 1,586 595
Shareholders' equity
Share capital NIS 0.10 par value
(authorized - 50,000,000 shares, issued and
outstanding - 13,573,679 shares at December
31, 2010; 10,267,893 shares at December 31,
2009)
1,444 1,113 407
Additional paid in capital 128,863 59,056 36,310
Capital fund 247 247 70
Foreign currency translation reserve 736 639 207
Retained earnings 170,060 141,883 47,917
Non-controlling interest 5,522 3,542 1,556
306,872 206,480 86,467
TOTAL EQUITY AND LIABILITIES 367,284 282,719 103,489
(*) Convenience Translation into U.S.
Dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Year ended December 31,
2010 2009 2008 2010(*)
NIS US Dollars
In thousands (except per share and share data)
Sales 348,358 303,460 289,068 98,156
Cost of sales 247,572 219,569 228,839 69,758
Gross profit 100,786 83,891 60,229 28,398
Selling expenses 45,048 35,598 31,800 12,693
General and 22,217 20,451
administrative expenses 16,863 6,260
Other (income) expenses (47) (5,330) 1,846 (13)
Total operating 67,218 50,719
expenses 50,509 18,940
Operating income 33,568 33,172 9,720 9,458
Finance income 5,543 2,744 (4,167) 1,562
Finance expense 1,301 1,273 673 368
Finance income 4,242 1,471
(expense), net (4,840) 1,194
Income before taxes on 37,810 34,643
income 4,880 10,652
Taxes on income 8,483 5,043 1,117 2,390
Income from continuing 29,327 29,600
operations 3,763 8,262
Income (loss) from 830 1,928
discontinued operations (3,496) 234
Net income 30,157 31,528 267 8,496
Attributable to:
Owners of the Company 28,177 30,436 (786) 7,939
Non-controlling 1,980 1,092
interest 1,053 557
Net income 30,157 31,528 267 8,496
Earnings (loss) per
share
Basic from continuing 2.12 2.81
operations 0.30 0.60
Basic from discontinued 0.06 0.15
operations (0.38) 0.02
Basic earnings (loss) 2.18 2.96
per share (0.08) 0.62
Diluted from continuing 2.12 2.81
operations 0.30 0.60
Diluted from 0.06 0.15
discontinued operations (0.38) 0.02
Diluted earnings (loss) 2.18 2.96
per share (0.08) 0.62
Shares used in
computation of basic
EPS 12,876,294 10,267,893 10,267,893 12,876,294
Shares used in
computation of diluted
EPS 12,876,294 10,267,893 10,267,893 12,876,294
(*) Convenience translation into U.S. Dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY
(NIS in thousands)
Foreign
Additional currency
Share paid in translation
capital capital Capital fund reserve
Balance - January 1, 2009 1,113 59,056 247 369
Profit for the year - - - -
Currency translation
differences - - - 39
Total comprehensive
income for the year 408
Purchase of
non-controlling interest - - - -
Dividend paid to
non-controlling interests - - - -
Disposal of subsidiary - - - 231
Balance - December 31,
2009 1,113 59,056 247 639
Profit for the year - - - -
Currency translation
differences - - - 97
Total comprehensive
income for the year 736
Public offering 331 69,807 - -
Balance - December 31,
2010 1,444 128,863 247 736
Table continues.
Attributable
to
owners of Non-controlling Total
Retained the parent interest shareholders'
earnings equity
Balance -
January 1, 2009 111,447 172,232 13,350 185,582
Profit for the
year 30,436 30,436 1,092 31,528
Currency
translation
differences - 39 13 52
Total
comprehensive
income for the
year 141,883 202,707 14,455 217,162
Purchase of
non-controlling
interest - - (7,559) (7,559)
Dividend paid to
non-controlling
interests - - (101) (101)
Disposal of
subsidiary - 231 (3,253) (3,022)
Balance -
December 31,
2009 141,883 202,938 3,542 206,480
Profit for the
year 28,177 28,177 1,980 30,157
Currency
translation
differences - 97 - 97
Total
comprehensive
income for the
year 170,060 231,212 5,522 236,734
Public offering - 70,138 - 70,138
Balance -
December 31,
2010 170,060 301,350 5,522 306,872
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
Year ended December 31,
2010 2009 2008 2010 (*)
NIS US Dollars
(in thousands)
Cash flows - operating activities
Profit from continuing operations 29,327 29,600 3,763 8,262
Adjustments to reconcile net income
to net cash from continuing
operating activities (Appendix) (8,890) (14,803) 11,790 (2,504)
Net cash from continuing operating
activities 20,437 14,797 15,553 5,758
Net cash from (used in) discontinued (21) 2,876
operating activities 3,346 (6)
Cash flows - investing activities
Acquisition of property plant and (6,206) (1,839)
equipment (3,109) (1,749)
Proceeds from sale of property plant 717 276
and Equipment 165 202
Additions to intangible assets - - (300) -
Additions to prepaid expenses, net (1,077) (1,086) (1,579) (303)
Long term deposit, net 14 (7) (44) 4
Proceeds from realization (purchase)
of marketable securities, net (53,234) 663 16,714 (15,000)
Purchase of additional shares in - (2,314)
subsidiary (9,250) -
Disposal of subsidiary - 2,185 - -
Purchase of subsidiaries - - (5,664) -
Net cash used in continuing (59,786) (2,122)
investing activities (3,067) (16,846)
Net cash used in discontinued - (30)
investing activities (36) -
Cash flows - financing activities
Proceeds of Public offering, net 70,248 - - 19,794
Deferred expenses related to Public - (110)
Offering - -
Short-term bank credit, net (3,609) (3,362) (1,797) (1,017)
Repayment of loans (1,016) (1,601) (1,369) (286)
Proceeds of loans 1,200 487 6,803 338
Net cash from (used in) continuing 66,823 (4,586)
financing activities 3,637 18,829
Net cash used in discontinued
financing activities (926) (2,566) (2,312) (261)
Increase in cash and cash 26,527 8,369
equivalents 17,121 7,474
Cash and cash equivalents at the
beginning of the financial year 87,104 78,749 61,649 24,544
Net foreign exchange difference on
cash and cash equivalents from
discontinued activities - (14) (21) -
Cash and cash equivalents of the end
of the financial year 113,631 87,104 78,749 32,018
(*) Convenience Translation into U.S. Dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
APPENDIX TO CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
Adjustments to reconcile net income to net cash from operating activities
Year ended December 31,
2010 2009 2008 2010 (*)
NIS US Dollars
(in thousands)
Revaluation of loans from banks and
others (11) 32 106 (3)
Deferred income taxes 1,343 739 (505) 378
Capital Gain on purchase of
additional shares in subsidiary - (5,245) - -
Unrealized loss (gain) on marketable
securities (3,300) (2,652) 5,186 (930)
Depreciation and amortization 5,815 5,777 5,022 1,638
Capital gain on disposal of property
plant and equipment (47) (85) (85) (13)
Employees benefit, net 237 50 545 67
Change in value of warrants to issue
shares - (5) (1,035) -
Changes in assets and liabilities:
Increase in trade receivables and
other receivables (8,470) (7,196) (4,665) (2,385)
Decrease (Increase) in inventories 7,196 (10,986) (3,789) 2,028
Decrease in long term receivables 760 103 - 214
Increase (Decrease) in trade and
other payables, and other current
liabilities (12,413) 4,665 11,010 (3,498)
(8,890) (14,803) 11,790 (2,504)
(*) Convenience Translation into U.S. Dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
NON-GAAP FINANCIALS MEASURES AND RECONCILIATION
Year ended Year ended December
December 31 31
2010 2009 2010 2009
NIS US Dollars (*)
In thousands
GAAP Operating income 33,568 33,172 9,458 9,347
Other income - capital
gain - tender offer - (5,245) - (1,478)
Non-GAAP Operating
income 33,568 27,927 9,458 7,869
GAAP Income before taxes 34,643
on income 37,810 10,654 9,761
Other income - capital
gain - tender offer - (5,245) - (1,478)
Non-GAAP Income before
taxes on income 37,810 29,398 10,654 8,283
GAAP Income from
continuing operations 29,327 29,600 8,263 8,340
Other income - capital
gain - tender offer - (5,245) - (1,478)
Non-GAAP Income from
continuing operations 29,327 24,355 8,263 6,862
GAAP Net income 30,157 31,528 8,496 8,884
Other income - capital
gain - tender offer - (5,245) - (1,478)
Non-GAAP Net income 30,157 26,283 8,496 7,406
(*) Convenience translation into U.S. dollars.
This information is intended to be reviewed in conjunction with the Company's filings with the Securities and Exchange Commission.
Company Contact:
G. Willi Food International Ltd.
Baruch Shusel, CFO
(+972) 8-932-1000
[email protected]
SOURCE G Willi Food International
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