Golden Enterprises Announces Quarterly Results

Business Wire

BIRMINGHAM, Ala.--(BUSINESS WIRE)--

Golden Enterprises, Inc.’s (GLDC) Board of Directors today declared a quarterly dividend of $.03125 per share payable October 30, 2013 to stockholders of record as of October 7, 2013.

Golden Enterprises, Inc. saw an increase in Net sales from the first quarter of 2013 to the first quarter of 2014 of 1%. Net sales for the first quarter were $35,141,838 compared to $34,683,455 for the same period in the prior year. Operating income increased $227,195 or 19% compared to the first quarter ended August 31, 2012. The Company was able to generate these positive results from improved margins and positive sales trends, despite rising selling, general and administrative expenses.

The following is a summary of net sales and income information for the thirteen weeks ended August 30, 2013 and August 31, 2012:

   
  THIRTEEN WEEKS ENDED
August 30,     August 31,
  2013       2012
Net sales $ 35,141,838 $ 34,683,455
 
Income before income taxes $ 1,379,049 $ 1,174,302
Income taxes 607,521 504,166
 
Net income $ 771,528 $ 670,136
 
Basic and diluted earnings per share $ .07 $ .06
 
Basic weighted shares outstanding 11,732,632 11,734,632
 
Diluted weighted shares outstanding 11,732,632 11,734,632
 

This News Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those forward-looking statements. Factors that may cause actual results to differ materially include price competition, industry consolidation, raw material costs and effectiveness of sales and marketing activities, as described in the Company’s filings with the Securities and Exchange Commission.

Contact:
Golden Enterprises, Inc.
Patty Townsend, 205-458-7132
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