|ARDEN GROUP, INC. AND CONSOLIDATED SUBSIDIARIES FIRST QUARTER EARNINGS RELEASE (UNAUDITED)|
|Thirteen Weeks Ended (a)|
|March 31, 2012||April 2, 2011|
|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|
|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|
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.
(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.