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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Golden Enterprises Announces Quarterly And Annual Results

Golden Enterprises, Inc.’s (NASDAQ: GLDC) basic and diluted income for the thirteen weeks ended June 3, 2011 were $.09 compared to $.13 for the thirteen weeks ended May 28, 2010 on net sales of $34,095,509 versus $33,048,972, an increase of 3%.

For the 53 weeks ended June 3, 2011, net income was $.26 per share compared to $.36 per share in the 52 weeks ended May 28, 2010. Net income last year included gains from the sale of the Company’s airplane and certain properties. Net sales were $131.0 million for the 53 weeks ended June 3, 2011 compared with $128.4 million for the 52 weeks ended May 28, 2010, an increase of 2%. As previously reported, this year included an extra week of sales and costs compared to last year. Without the 53 rd week this year, net sales would have remained consistent with the prior year.

Gross margins increased $1.1 million for the 53 weeks ended June 3, 2011 compared to the 52 week period ended May 28, 2010 due primarily to the extra week of sales. As a percentage of sales, cost of sales and gross margin were even compared to last year.

Selling, general and administrative expenses for the 53 weeks ended June 3, 2011 rose $1.9 million or 3.4% compared to last year. This increase can be attributed to substantial increases in energy prices, increased marketing efforts to raise brand awareness, and other expenses related to increasing sales.

The following is a summary of net sales and income information.

   

Three Months Ended

   

Twelve Months Ended

 

Thirteen Weeks Ended

    53 Weeks Ended     52 Weeks Ended

 

June 3, 2011

    May 28, 2010     June 3, 2011     May 28, 2010
   
Net Sales $ 34,095,509 $ 33,048,972 $ 131,047,850 $ 128,441,457
 
Income before income taxes 1,833,340 2,527,681 5,109,267 6,823,454
Income taxes   855,347   1,056,767   2,094,499   2 ,614,416
Net income $ 977,993 $ 1,470,914 $ 3,014,768 $ 4,209,038
 

Basic and diluted income per share

$

0.09

$

0.13

$

0.26

$

0.36

 

Basic weighted shares outstanding

  11,734,632   11,746,632   11,735,893   11,746,632
 

Diluted weighted shares outstanding

  11,734,632   11,746,632   11,735,893   11,746,632
 

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 .

Copyright Business Wire 2010

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 17,079.57 -42.44 -0.25%
S&P 500 1,996.74 -3.38 -0.17%
NASDAQ 4,557.6950 -11.9260 -0.26%

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