Arden Group, Inc. Announces First Quarter Earnings

Arden Group, Inc. (Nasdaq:ARDNA) today released its sales and income figures for the first quarter ended March 31, 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

FIRST QUARTER EARNINGS RELEASE

(UNAUDITED)
     

Thirteen Weeks Ended (a)

March 31, 2012

April 2, 2011
 
Sales (b) $ 107,227,000 $ 104,194,000
Operating income (c) 4,897,000 7,362,000
Interest, dividend and other income (expense), net (d) 23,000 2,204,000
Income before income taxes 4,920,000 9,566,000
Income tax provision 2,004,000 3,897,000
Net income $ 2,916,000 $ 5,669,000
Basic and diluted net income per common share (e) $ 0.95 $ 1.79
Basic and diluted weighted average common shares outstanding (e) 3,071,000 3,161,098
 

(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. Gelson’s reached an agreement with the landlord and a third party to assign the Northridge store lease to the third party. Gelson’s was released by the landlord from all obligations under the lease on May 1, 2012. 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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