Golden Enterprises, Inc.’s (NASDAQ: GLDC) Board of Directors today declared a quarterly dividend of $.03125 per share payable October 26, 2011 to stockholders of record as of October 3, 2011.
Golden Enterprises, Inc. saw an increase in Net Sales from the first quarter of 2011 to the first quarter of 2012 of 4%. Net sales for the first quarter were $33,245,190 compared to $31,956,084 for the same period in the prior year. Despite this increase in sales, increased commodity costs impacted margins resulting in basic and diluted earnings per share decreasing from $.09 to $.06 during the first quarter. Already higher commodity costs were exacerbated by record flooding along the Missouri and Indiana farmlands which created a shortfall in contract potato deliveries. This combined with higher demand for the Company’s product required the purchase of raw materials at higher open market prices.
While we are in a volatile environment for commodities, we see more stability in supply, although at a higher cost, as we look ahead. Management will continue to explore ways to manage these challenges as we satisfy the expectations of our consumers, customers, employees, and shareholders, in producing and selling quality snacks.
The following is a summary of net sales and income information for the thirteen weeks ended September 2, 2011 and August 27, 2010:
|THIRTEEN WEEKS ENDED|
|September 02,||August 27,|
|Income before income taxes||$||1,118,827||$||1,733,339|
|Basic and diluted earnings per share||$||.06||$||.09|
|Basic weighted shares outstanding||11,734,632||11,739,775|
|Diluted weighted shares outstanding||11,734,632||11,739,775|
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