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Arden Group, Inc. Announces Fourth Quarter And Fiscal Year Earnings

Stocks in this article: ARDNA

Arden Group, Inc. (Nasdaq: ARDNA) today released its sales and income figures for the fourth quarter and fiscal year ended December 29, 2012.

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




Thirteen Weeks Ended

Fifty-Two Weeks Ended

December 29,

December 31,

December 29,

December 31,





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



Sales (a) $ 115,962 $ 114,503 $ 439,038 $ 429,483
Operating income (b) 9,901 6,969 31,575 26,122
Interest, dividend and other income (expense), net (c)   11   63   84   2,301
Income before income taxes 9,912 7,032 31,659 28,423
Income tax provision   3,879   2,701   12,740   11,418
Net income $ 6,033 $ 4,331 $ 18,919 $ 17,005
Basic and diluted net income per common share (d) $ 1.97 $ 1.41 $ 6.16 $ 5.50
Weighted average common shares outstanding (d) 3,071,000 3,071,000 3,071,000 3,094,020
(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. Same store sales from the Company’s 17 remaining supermarkets were $114,841,000 during the fourth quarter of 2012 compared to $110,629,000 in the fourth quarter of 2011, an increase of 3.8%. Sales increased despite the timing of the New Year’s Eve holiday which fell into the January 2013 reporting period compared to December 2011 in the prior year. For the year ended December 29, 2012, same store sales were $433,279,000 compared to $415,286,000 in the same period of 2011, an increase of 4.3%. The increase in sales is partially the result of an increase in the number of transactions and inflation, and reflects improvement in the economic environment in our local trade area despite intense competition and cautious consumer purchasing behavior.
In September 2012, Gelson’s entered into a lease for a supermarket location in Long Beach, California. Gelson’s took possession of the property on March 1, 2013. Gelson’s plans to extensively remodel the site and currently anticipates opening a new Gelson’s supermarket at that location in late 2013.
(b) Operating income in 2012 increased compared to 2011 as a result of higher sales, improved gross margins and decreasing store expense as a percent of sales partially offset by costs in 2012 totaling $1,912,000 to close the Northridge store as discussed above. In addition, the fourth quarter of 2011 was negatively impacted by a ratification bonus of approximately $714,000 paid to Gelson’s employees who are members of the United Food & Commercial Workers International Union (UFCW). While 2012 operating results do not reflect a ratification bonus, it does include UFCW wage increases in March 2012 for an amount that was comparable to the ratification bonus of the prior year. The increase in operating income in 2012 was partially offset by increases in the UFCW health and welfare and pension contribution rates at various times throughout the past year. Operating income also reflects the impact of stock appreciation rights (SARs) expense of $657,000 and $339,000 in the fourth quarter of 2012 and 2011, respectively and SARs expense of $423,000 and $488,000 for fiscal 2012 and 2011, respectively.
(c) Other income reflects a gain of approximately $2,129,000 from the sale of an undeveloped parcel of land during the first quarter of 2011.
(d) In April 2011, the Company purchased 90,098 shares of its Class A Common Stock in an unsolicited private transaction which had the effect of reducing weighted average common shares outstanding and increasing basic and diluted net income per common share for fiscal 2012 compared to 2011.
On November 20, 2012, the Company’s Board of Directors declared a special cash dividend of twenty dollars ($20) per share on its outstanding Class A Common Stock payable on December 18, 2012 to stockholders of record at the close of business on December 3, 2012 in the amount of $61,420,000.

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of the Company. Certain statements contained in this Current Report on Form 8-K are forward-looking statements. These statements discuss, among other things, the opening of a new location which may or may not be accomplished. These forward-looking statements reflect the Company’s current plans and expectations and are based on information currently known to the Company. The Company cautions readers that any forward-looking statements contained in this Current Report involve risks and uncertainties and are subject to change. The Company does not undertake any obligation to update forward-looking statements.

Copyright Business Wire 2010

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