Attached files
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| 8-K - FORM 8-K - GOLDEN ENTERPRISES INC | v444296_8k.htm |
Exhibit 99.1
Golden Enterprises Announces Quarterly and Annual Results
BIRMINGHAM, Ala., July 14, 2016 /PRNewswire/ -- Golden Enterprises, Inc.'s Board of Directors today declared a quarterly dividend of $.03375 per share payable August 3, 2016 to stockholders of record on July 25, 2016.
Golden Enterprises, Inc.'s basic and diluted income per share for the thirteen weeks ended June 3, 2016 was $.08 compared to $.06 for the thirteen weeks ended May 29, 2015. Net sales increased 3% for the fourth quarter and were $34,953,775 compared to $34,048,700 for the same period last year.
For the 53 weeks ended June 3, 2016, basic and diluted income per share was $.28 per share compared to $.15 per share in the 52 weeks ended May 29, 2015. Increased income per share of $.13 this year was achieved through improvements in manufacturing margins, increase in operating income of $1.7 million and reductions in interest expense.
Fiscal year 2016 was a year of strategic growth with increased net sales and reduced commodity prices, which is reflected in the increase of $1.4 million in net income. Your Company is positioned to achieve our mission "Consistently satisfy the expectations of our consumers, customers, employees, & stockholders by producing & selling quality snacks."
The following is a summary of net sales and income information for the thirteen and fifty-three weeks ended June 3, 2016 and the thirteen and fifty-two weeks ended May 29, 2015.
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| Three Months Ended |
| Twelve Months Ended | |||||
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| Thirteen Weeks Ended |
| 53 Weeks Ended | 52 Weeks Ended | ||||
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| June 3, 2016 |
| May 29, 2015 |
| June 3, 2016 |
| May 29, 2015 |
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Net Sales |
| $ 34,953,775 |
| $ 34,048,700 |
| $135,870,580 |
| $131,724,721 |
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Income before income taxes |
| 1,059,556 |
| 1,090,834 |
| 4,694,077 |
| 3,066,430 |
Income taxes |
| 98,357 |
| 397,469 |
| 1,509,274 |
| 1,292,589 |
Net income |
| 961,199 |
| 693,365 |
| 3,184,803 |
| 1,773,841 |
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Basic and diluted income per share |
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$ 0.08 |
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$ 0.06 |
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$ 0.28 |
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$ 0.15 |
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Basic weighted shares |
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outstanding |
| 11,291,757 |
| 11,291,757 |
| 11,291,757 |
| 11,552,164 |
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Diluted weighted shares |
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outstanding |
| 11,348,626 |
| 11,291,757 |
| 11,307,497 |
| 11,552,164 |
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. |
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CONTACT: Patty Townsend, 205-458-7132