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Arden Group, Inc. Announces Third Quarter Earnings

Stocks in this article: ARDNA

Arden Group, Inc. (Nasdaq:ARDNA) today released its sales and income figures for the third quarter ended October 1, 2011.

Arden Group, Inc. is the parent company of Gelson’s Markets which operates 18 full-service supermarkets in Southern California carrying both perishable and grocery products.


Thirteen Weeks Ended

Thirty-Nine Weeks Ended

(In Thousands, Except Share, Per Share & Footnote Data)


October 1,2011


October 2,2010


October 1,2011


October 2,2010

Sales (a) $ 104,706 $ 100,308 $ 314,980 $ 307,045
Operating income (b) 5,646 5,756 19,153 20,968
Interest, dividend and other income (expense), net (c)   28   67   2,238   180
Income before income taxes 5,674 5,823 21,391 21,148
Income tax provision   2,313   2,369   8,717   8,614
Net income $ 3,361 $ 3,454 $ 12,674 $ 12,534
Basic and diluted net income per common share (d) $ 1.09 $ 1.09 $ 4.09 $ 3.97

Basic and diluted weighted average common shares outstanding

(d) 3,071,000 3,161,098 3,101,693 3,161,098
(a)   The Company operates 18 full-service supermarkets in Southern California through its wholly-owned subsidiary, Gelson’s Markets (Gelson’s). Year over year sales increases were primarily due to inflation and an increase in number of transactions.
(b) During the third quarter of 2011, the Company reversed $142,000 of stock appreciation rights (SARs) compensation expense recognized in prior periods. In comparison, the Company recognized SARs expense of $81,000 in the same period of the prior year. On a year-to-date basis, the Company recognized SARs compensation expense of $149,000 in the first nine months of 2011 compared to a reversal of $484,000 for the same period of the prior year. Operating income on a year over year basis was negatively impacted by increases in the health and welfare contribution rate in March 2010, February 2011 and September 2011 for the majority of the Company’s union employees.
The Company’s previous collective bargaining agreement with the United Food & Commercial Workers International Union (UFCW) expired on March 6, 2011. The UFCW’s contract with the three major grocery retailers in our trade area – Vons, Ralphs and Albertsons grocery chains (Majors) – also expired on the same date. In late September 2011, employees of the Majors ratified a new labor contract. Employees of Gelson’s who are members of the UFCW ratified a new labor contract with Gelson’s on terms similar to those reached by the Majors in a vote held on October 14, 2011. The new labor agreement expires on March 2, 2014.
(c) Other income reflects a gain of approximately $2,129,000 from the sale of an undeveloped parcel of land during the first nine months of 2011.
(d) In April 2011, the Company purchased 90,098 shares of its Class A Common Stock in an unsolicited private transaction for an aggregate purchase price of approximately $6,684,000.

Copyright Business Wire 2010

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