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 98 th 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV