YAVNE, Israel, March 29, 2012 /PRNewswire/ --
G. Willi-Food International Ltd. (NASDAQ: WILC) (the " Company" or " Willi-Food"), a global company specializing in the development, manufacturing, marketing and international distribution of kosher foods, today announced its financial results for the fourth quarter and the fiscal year ended December 31, 2011.
Fourth Quarter Fiscal 2011 Highlights
- Sales decreased 16.8% from fourth quarter of 2010 to NIS 59.1 million ( US$ 15.5 million)
- Gross profit decreased 60.4% from fourth quarter of 2010 to NIS 7.5 million ( US$ 2.0 million), or 12.7% of sales
- Operating loss of NIS 4.1 million ( US$ 1.1 million) compared to operating income of NIS 6.2 million ( US$ 1.6 million) in the fourth quarter of 2010
- Net income decreased 65.4% from fourth quarter of 2010 to NIS 2.8 million ( US$ 0.7 million), or 4.7% of sales
- Net income attributed to the owners of the Company decreased 60.3% from fourth quarter of 2010 to NIS 2.9 million ( US$ 0.8 million), or 5.0% of sales
- Cash and securities balance of NIS 198.1 million ( US$ 51.8 million) as of December 31, 2011
As announced by the Company on December 18, 2011 and January 2, 2012, Willi-Food sold its entire 51% ownership interest in Shamir Salads for NIS 12 million to other shareholders of Shamir Salads as a result of settlement of a dispute with those shareholders. In addition, the Company received NIS 1.5 million in past due management fees as part of the settlement. As a result of the sale, the results of the operation of Shamir Salads, which comprised the entire manufacturing segment, is presented as discontinued operations. See Note C below.Willi-Food's operating divisions include Willi-Food, a distributor of a broad variety of kosher foods, and its wholly-owned Gold Frost, a designer, developer and distributor of branded kosher dairy food products.