Golden Enterprises Announces Quarterly Results

Golden Enterprises, Inc.’s (NASDAQ: GLDC) Board of Directors today declared a quarterly dividend of $.0313 per share payable January 25, 2012 to stockholders of record on January 16, 2012.

Golden Enterprises, Inc.’s basic and diluted income per share for the thirteen weeks ended December 02, 2011 was $.04 compared to $.05 for the thirteen weeks ended November 26, 2010. Net sales for the quarter were $33,230,663 up 7.5% from the comparable period in fiscal 2011.

For the quarter, earnings were negatively impacted by increased selling, general and administrative expenses primarily associated with higher fuel cost. Margins, in spite of elevated commodity cost increased slightly over the same period last year through sales volume and product mix.

For the twenty-six weeks ended December 02, 2011, total net sales were $66,475,853 up 5.7% compared to last year. The basic and diluted income per share was $.10 compared to $.14 last year.

The following is a summary of net sales and income information for the thirteen weeks and twenty-six weeks ended December 02, 2011 and November 26, 2010.
    Thirteen Weeks Ended       Twenty-Six Weeks Ended
December 02,     November 26, December 02,     November 26,
2011   2010   2011   2010
Net sales $ 33,230,663 $ 30,910,393 $ 66,475,853 $ 62,866,477
 
Income before income taxes 727,972 872,620 1,846,799 2,605,959
Income taxes 275,887 330,959 695,143 984,159
Net income $ 452,085 $ 541,661 $ 1,151,656 $ 1,621,800
 

Basic and diluted income per share
$ 0.04 $ 0.05 $ 0.10 $ 0.14
 

Basic weighted shares outstanding
11,734,632 11,734,632 11,734,632 11,737,203
 

Diluted weighted shares outstanding
11,734,632 11,734,632 11,734,632 11,737,203

This News Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those forward-looking statements. Factors that may cause actual results to differ materially include price competition, industry consolidation, raw material costs and effectiveness of sales and marketing activities, as described in the Company’s filings with the Securities and Exchange Commission.

Copyright Business Wire 2010

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