This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Weis Markets Cap Ex Budget Increases 7 Percent To $110 Million

Stocks in this article: WMK

SUNBURY, Pa., April 28, 2011 /PRNewswire/ -- Weis Markets (NYSE: WMK) Vice Chairman Jonathan H. Weis today said his company would increase its 2011 Capital Expenditure budget by 7 percent to $110 million.

At the Company's annual shareholder meeting held in Sunbury, Mr. Weis briefed shareholders on the Company's current plans and its 2010 results.  The current budget includes 14 major remodels, two additions and three new/replacement stores.  The Company is currently building a replacement unit near Reading, a new unit near Easton and a replacement unit near State College.

"We've significantly increased the pace and tempo of our growth," said Mr. Weis.  "Over the past two years, we've averaged 15 major projects -- triple what we were doing a couple of years ago -- and our cap ex budget has increased by nearly 35% during this period.  We continue to reinvest in our stores, information technology systems and human capital at an unprecedented rate."

At the meeting, David J. Hepfinger, Weis Markets President and CEO updated shareholders on results for 2010 and its increased first quarter earnings.

"This marks our ninth consecutive quarter of strong operating results," said Mr. Hepfinger.  "Over the past two years, our earnings have increased 28% and our rate of sales is up 18%."

Mr. Hepfinger also said the Company would continue to increase its technology investments, which totals $25 million in recent years.

"While we will continue to make major investments in our store base, our growth will be based on more than just bricks and mortar," said Mr. Hepfinger.  "Effective Information technology systems are essential to our growth and success.  We are determined to give our associates the tools and analytics they need to do better serve the needs of our business and our customers."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs