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Arden Group, Inc. Announces Third Quarter Earnings

Arden Group, Inc. (Nasdaq:ARDNA) today released its sales and income figures for the third quarter ended September 29, 2012.

Arden Group, Inc. is the parent company of Gelson’s Markets which currently operates 17 full-service supermarkets in Southern California carrying both perishable and grocery products.

ARDEN GROUP, INC. AND CONSOLIDATED SUBSIDIARIES

THIRD QUARTER EARNINGS RELEASE

(UNAUDITED)

     

Thirteen Weeks Ended

Thirty-Nine Weeks Ended

September 29,

 

October 1,

September 29,

 

October 1,

2012

2011

2012

2011

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

 

 

 

 

Sales

(a)

$ 108,150 $ 104,706 $ 323,076 $ 314,980
 

Operating income

(b)

8,541 5,646 21,674 19,153

Interest, dividend and other income (expense), net

(c)

25 28 73 2,238
 
Income before income taxes 8,566 5,674 21,747 21,391
Income tax provision 3,491 2,313 8,861 8,717
 
Net income $ 5,075 $ 3,361 $ 12,886 $ 12,674
 

Basic and diluted net income per common share

(d)

$ 1.65 $ 1.09 $ 4.20 $ 4.09

Basic and diluted weighted average common shares outstanding

(d)

3,071,000 3,071,000 3,071,000 3,101,693
 

(a) In 2011, the Company operated 18 full-service supermarkets in Southern California through its wholly-owned subsidiary, Gelson’s Markets (Gelson’s). On February 25, 2012, Gelson’s closed its store located in Northridge, California. On May 1, 2012, the Northridge store lease was assigned to a third party and Gelson’s was released from all obligations under the lease by the landlord. In return, Gelson’s paid the assignee a lease assignment fee of $1,850,000 during the second quarter of 2012 and transferred various items of equipment to the assignee.

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