17Oct2010
Weis Markets Earnings Up for 8th Consecutive Quarter
Weis Markets, Inc. announced its third quarter net income increased 4.9% to $16.3 million and that its earnings per share for the same period increased 5.2% to $0.61 per share compared to the same period a year ago.
During the 13-week period ending September 25, 2010, the Company’s sales increased 2.7% to $640.0 million while its comparable store sales increased 0.1%.
“We continue to produce solid earnings increases in a slow growth environment that continues to be affected by cautious consumer spending,” said Weis Markets’ President and CEO David J. Hepfinger. ”We attribute our results to continuing operational improvements at store and distribution levels, increased efficiencies, improved cost controls, and disciplined marketing and advertising.”
Year to Date
Year to date, the Company’s net income increased 14.7% to $54.2 million compared to $47.3 million for the same period in 2009 and earnings per share increased $0.26 or 15.0% to $2.02 per share. The Company’s year-to-date sales increased 6.1% to $2.0 billion compared to $1.8 billion in 2009 while comparable store sales are up 1.1%.
About Weis Markets
Founded in 1912, Weis Markets marked its 98th year of operation in May. It currently operates 164 stores in its home state of Pennsylvania as well as Maryland, New York, New Jersey and West Virginia. For more information about Weis Markets, Inc., please visit www.weismarkets.com.
In addition to historical information, this news release may contain forward-looking statements. Any forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. For example, risks and uncertainties can arise with changes in: general economic conditions, including their impact on capital expenditures; business conditions in the retail industry; the regulatory environment; rapidly changing technology and competitive factors, including increased competition with regional and national retailers; and price pressures.
The Company undertakes no obligation to publicly revise or update these forward-looking statements to reflect events or circumstances that arise after the date hereof other than through its periodic filings with the Securities and Exchange Commission that are available to the public.
| WEIS MARKETS, INC. COMPARATIVE SUMMARY OF UNAUDITED SALES & EARNINGS Third Quarter – 2010 | ||||
| 13 WeekPeriod EndedSeptember 25, 2010 | 13 WeekPeriod EndedSeptember 26, 2009 | Increase(Decrease) | ||
| Net Sales | $639,967,000 | $623,158,000 | 2.7% | |
| Income Before Taxes | 25,646,000 | 24,514,000 | 4.6% | |
| Provision for Income Taxes | 9,330,000 | 8,960,000 | 4.1% | |
| Net Income | $16,316,000 | $15,554,000 | 4.9% | |
| Weighted-Average | ||||
| Shares Outstanding | 26,898,000 | 26,900,000 | (2,000) | |
| Basic and Diluted | ||||
| Earnings Per Share | $0.61 | $0.58 | $0.03 | |
| 39 WeekPeriod EndedSeptember 25, 2010 | 39 WeekPeriod EndedSeptember 26, 2009 | Increase(Decrease) | ||
| Net Sales | $1,957,899,000 | $1,844,775,000 | 6.1% | |
| Income Before Taxes | 85,686,000 | 73,342,000 | 16.8% | |
| Provision for Income Taxes | 31,479,000 | 26,065,000 | 20.8% | |
| Net Income | $54,207,000 | $47,277,000 | 14.7% | |
| Weighted-Average | ||||
| Shares Outstanding | 26,898,000 | 26,928,000 | (30,000) | |
| Basic and Diluted | ||||
| Earnings Per Share | $2.02 | $1.76 | $0.26 | |
SOURCE Weis Markets, Inc.
