Weis Markets Issues First Quarter Results

Apr 24, 2001, 01:00 ET from Weis Markets Inc.

    SUNBURY, Pa., April 24 /PRNewswire Interactive News Release/ -- Weis
 Markets, Inc. (NYSE:   WMK) today said its first quarter sales totaled
 $489,095,000 compared to $519,750,000 for the same period last year when sales
 for its food service division were included in the Company's overall sales.
 The Company sold its food service division on April 7, 2000.  Excluding those
 sales, the Company's sales in the first quarter of last year were
 $488,719,000.
     First quarter net income totaled $17,194,000 or $0.41 per share compared
 to $17,878,000 or $0.43 per share for the same period a year ago, which
 included revenues for the food service division.
     Excluding sales generated from its food service division, the Company
 sales increased 0.08%, identical store sales increased 0.4% and basic and
 diluted earnings per share decreased to $0.41 per share.  The Company
 attributed its flat sales to a slowing economy while its flat income reflected
 the overall competitive environment and increased costs, notably for fuel,
 labor, utilities and a lease buy-out for a closed unit.
     During the first quarter, the Company opened a superstore in Woodstock, MD
 and completed the remodel of a unit located near Wilkes-Barre, PA.
     Founded in 1912, Weis Markets currently operates 164 stores in six states:
 Pennsylvania, Maryland, New Jersey, New York, Virginia, and West Virginia.
     (This news release may contain forward-looking statements that involve
 uncertainties.  A discussion of various important factors that could cause
 results to differ materially from those expressed in such forward-looking
 statements is included in reports filed by the Company with the Securities and
 Exchange Commission (SEC).)
 
                        Weis Markets, Inc. and Subsidiaries
                 COMPARATIVE SUMMARY OF UNAUDITED SALES & EARNINGS
                                First Quarter - 2001
 
                                  13 Week         13 Week
                                Period Ended    Period Ended       Increase
                               March 31, 2001  March 25, 2000     (Decrease)
     Net Sales                  $489,095,000    $519,750,000         -5.9%
     Income Before Taxes          26,857,000      28,245,000         -4.9%
     Provision for Income Taxes    9,663,000      10,367,000         -6.8%
     Net Income                  $17,194,000     $17,878,000         -3.8%
     Weighted Average
     Shares Outstanding           41,692,000      41,704,000       (12,000)
     Basic and Diluted
     Earnings Per Share                $0.41           $0.43        -$0.02
 
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SOURCE Weis Markets Inc.
    SUNBURY, Pa., April 24 /PRNewswire Interactive News Release/ -- Weis
 Markets, Inc. (NYSE:   WMK) today said its first quarter sales totaled
 $489,095,000 compared to $519,750,000 for the same period last year when sales
 for its food service division were included in the Company's overall sales.
 The Company sold its food service division on April 7, 2000.  Excluding those
 sales, the Company's sales in the first quarter of last year were
 $488,719,000.
     First quarter net income totaled $17,194,000 or $0.41 per share compared
 to $17,878,000 or $0.43 per share for the same period a year ago, which
 included revenues for the food service division.
     Excluding sales generated from its food service division, the Company
 sales increased 0.08%, identical store sales increased 0.4% and basic and
 diluted earnings per share decreased to $0.41 per share.  The Company
 attributed its flat sales to a slowing economy while its flat income reflected
 the overall competitive environment and increased costs, notably for fuel,
 labor, utilities and a lease buy-out for a closed unit.
     During the first quarter, the Company opened a superstore in Woodstock, MD
 and completed the remodel of a unit located near Wilkes-Barre, PA.
     Founded in 1912, Weis Markets currently operates 164 stores in six states:
 Pennsylvania, Maryland, New Jersey, New York, Virginia, and West Virginia.
     (This news release may contain forward-looking statements that involve
 uncertainties.  A discussion of various important factors that could cause
 results to differ materially from those expressed in such forward-looking
 statements is included in reports filed by the Company with the Securities and
 Exchange Commission (SEC).)
 
                        Weis Markets, Inc. and Subsidiaries
                 COMPARATIVE SUMMARY OF UNAUDITED SALES & EARNINGS
                                First Quarter - 2001
 
                                  13 Week         13 Week
                                Period Ended    Period Ended       Increase
                               March 31, 2001  March 25, 2000     (Decrease)
     Net Sales                  $489,095,000    $519,750,000         -5.9%
     Income Before Taxes          26,857,000      28,245,000         -4.9%
     Provision for Income Taxes    9,663,000      10,367,000         -6.8%
     Net Income                  $17,194,000     $17,878,000         -3.8%
     Weighted Average
     Shares Outstanding           41,692,000      41,704,000       (12,000)
     Basic and Diluted
     Earnings Per Share                $0.41           $0.43        -$0.02
 
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 SOURCE  Weis Markets Inc.