Weis Markets Issues Third Quarter Results
For the thirteen week period ending September 29, 2007, the Company's netincome declined 6.5% to $10.8 million and its earnings per share declined $.03to $.40 per share as compared to the same period one year ago.
The Company said its sales were impacted by lower pharmacy sales as theresult of generic prescriptions supplanting their brand-name counterparts andthe shift of Medicare D prescriptions to mail order. The Company's salescontinue to benefit from increased perishable sales, successful sales buildingstrategies and aggressive promotional activity in several key markets.
The Company said its net income and earnings per share were impacted byaccelerated depreciation and amortization for previous year capitalexpenditures and increased labor costs. The Company is continuing toimplement programs to manage its labor costs.
Year To Date
Year to date, the Company's sales increased 2.9% to $1.7 billion while itscomparable store sales increased 3.0%. For the thirty-nine week period endingSeptember 29, 2007, net income increased .9% to $42.4 million and earnings pershare increased $.02 to $1.57 per share.
About Weis Markets
This year, Weis Markets, Inc. marked its 95th year of operation. Today,the Company operates 155 stores in five states: Pennsylvania, Maryland, NewJersey, New York and West Virginia. The Company also owns and operatesSuperPetz, a pet supply superstore chain with 30 locations in ten states.
In addition to historical information, this news release may containforward-looking statements. Any forward-looking statements contained hereinare subject to certain risks and uncertainties that could cause actual resultsto differ materially from those projected. For example, risks anduncertainties can arise with changes in: general economic conditions,including their impact on capital expenditures; business conditions in theretail industry; the regulatory environment; rapidly changing technology andcompetitive factors, including increased competition with regional andnational retailers; and price pressures.
The Company undertakes no obligation to publicly revise or update theseforward-looking statements to reflect events or circumstances that arise afterthe date hereof other than through its periodic filings with the Securitiesand Exchange Commission that are available to the public.
WEIS MARKETS, INC. COMPARATIVE SUMMARY OF UNAUDITED SALES & EARNINGS Third Quarter - 2007 13 Week 13 Week Period Ended Period Ended Increase Sept. 29, 2007 Sept. 30, 2006 (Decrease) Net Sales $ 564,966,000 $ 557,177,000 1.4% Income Before Taxes 15,991,000 17,242,000 (7.3%) Provision for Income Taxes 5,174,000 5,677,000 (8.9%) Net Income $ 10,817,000 $ 11,565,000 (6.5%) Weighted-Average Shares Outstanding 26,999,000 27,029,000 (30,000) Basic and Diluted Earnings Per Share $ 0.40 $ 0.43 ($0.03) 39 Week 39 Week Period Ended Period Ended Increase Sept. 29, 2007 Sept. 30, 2006 (Decrease) Net Sales $1,715,573,000 $1,666,907,000 2.9% Income Before Taxes 64,859,000 64,642,000 0.3% Provision for Income Taxes 22,479,000 22,650,000 (0.8%) Net Income $ 42,380,000 $ 41,992,000 0.9% Weighted-Average Shares Outstanding 26,998,000 27,032,000 (34,000) Basic and Diluted Earnings Per Share $ 1.57 $ 1.55 $0.02
·Ahead of the Bell: Coca-Cola E
·American Dental to Buy Dental
·Overhill Chief Financial Offic
·M/I Homes Changes Credit Agree
·Outlook Roundup: UNFI
·Shaw Restates 1Q Earnings, Fil
·Out of the Gate: Biogen Idec S
·Earnings Roundup: Dell, Cost P
·Out of the Gate: Tiffany Climb
·Benihana Shares Dip on Downgra
·Human Error Blamed for Horse F
·Cache Rises After 2 Upgrades
·Midday Leaders & Laggards:
·Noble Completes Arcelor Segmen
·VF Completes Premium Denim Acq
·Delia's Shares Fall on 2Q Loss
·Sector Snap: Ethanol
·Olin Completes $417M Pioneer P
·Guess Shares Rise Ahead of 2Q
·CTS Reports Third Quarter 2007
·Anadigics Swings to Profit in
·Lake Shore Bancorp, Inc. Decla
·STMicroelectronics Reports 200
·CastlePoint Holdings, Ltd. Ann
·Ramco-Gershenson Properties Tr
·Tundra Semiconductor Updates G
·Associated Estates Realty Corp
·Arthur J. Gallagher & Co.
·Sturm, Ruger & Company, In
·Health Care REIT, Inc. Declare
·BancorpSouth Announces Increas
·Cavalier Announces Third Quart
·Alabama National BanCorporatio
·IPC Holdings, Ltd. Reports Thi
·Tupperware Brands Reports Thir
·Fidelity National Information
·Image Sensing Systems Announce
·DXP Sets Date for 2007 Third Q
