Weis Markets Announces $102.8 Million Cap Ex Budget for 2010
SUNBURY, Pa., April 29 /PRNewswire-FirstCall/ -- Weis Markets, Inc. (NYSE: WMK) Vice Chairman Jonathan H. Weis today said his company increased its 2010 Capital Expenditure budget to $102.8 million, a 27% increase compared to 2009.
Mr. Weis said the majority of this budget would be invested in the company's store base. The company plans 27 projects in 2010 including two to three new stores, two expansions, 17 major remodels and six remodels.
Mr. Weis made the announcement at the company's annual meeting of shareholders where he and Company President and CEO David J. Hepfinger reviewed the company's results and updated shareholders on its plans for the coming year.
"For our company and our organization, 2009 was a year of growth and considerable progress," said Mr. Weis. "At a time of deep recession and the highest sustained unemployment rate in our country since the Great Depression, we had a strong year."
Mr. Hepfinger said the company's operating income increased 43% in 2009 compared to the previous year. He noted the company has achieved six consecutive quarters of strong solid operating results through the first quarter of 2010.
Mr. Hepfinger also said the company's cap ex budget includes an increased investment in its Information Technology infrastructure.
"We have significantly increased our IT investments over the past two years," said Mr. Hepfinger. "Our success as a company will depend on our ability to develop and incorporate rigorous analytics that give us better insight into our business and helps us increase our sales and profits."
About Weis Markets
Founded in 1912, Weis Markets will mark its 98th year of operation in May. It currently operates 164 stores in its home state of Pennsylvania and in Maryland, New York, New Jersey and West Virginia. For more information about Weis Markets, Inc., please visit www.weismarkets.com.
SOURCE Weis Markets Inc.
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