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Weis Markets Issues Third Quarter Results

This Site:en.yinlu.net Source:en.yinlu.net Writer: Time:2007-10-24
SUNBURY, Pa., Oct. 23 /PRNewswire-FirstCall/ -- Weis Markets, Inc.(NYSE: - ) today said its third quarter sales increased 1.4% to $565.0million compared to the same period a year ago and its comparable store salesincreased 1.8%.

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

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