EX-99 3 kl04004_ex99-1.txt EXHIBIT 99.1 PRESS RELEASE Exhibit 99.1 G. WILLI-FOOD INTERNATIONAL LTD ANNOUNCES RESULTS FOR THE FOURTH QUARTER AND FOR THE YEAR ENDED DECEMBER 31, 2002 SALES DECREASE OF 12%, NET LOSS OF NIS 240,000 COMPARE TO NET INCOME OF NIS 526,000 Yavne, Israel, April 1, 2003. G. Willi-Food International Ltd. (NASDAQ: WILCF) reported today its audited financial results for the fourth quarter and for the year ended December 31, 2002. The three months ended December 31, 2002: Total sales for the three months ended December 31, 2002, decreased by 12% to NIS 26,148,000 (US$ 5,520,000) from NIS 29,686,000 (US$ 6,267,000) for the same period in 2001. The decrease in total sales for the three months ended December 31, 2002 compare to the same period in 2001, is accounted for by a fall in the price of food products due to the deepening of the recession in the Israeli market, the growth in unemployment, which is causing a decrease in the purchasing power in the Israeli market, and an increase in local competition. Gross profit for the three months ended December 31, 2002, decreased by 39% to NIS 2,566,000 (US$ 542,000) from NIS 4,228,000 (US$ 893,000) for the same period in 2001. The gross profit represents 10% of the total sales for the three months ended December 31, 2002 compare to 14% for the same period in 2001. The decrease in gross profit for the three months ended December 31, 2002 compare to the same period in 2001, is accounted for, among other reasons, by a decrease in the sales prices to customers due to increased competition and other market factors, mainly because supermarket chains enjoy large purchasing power and cause a decrease in the prices at which they purchase. Operating loss for the three months ended December 31, 2002 increased by 118% to NIS 1,642,000 (US$ 346,000) from NIS 756,000 (US$ 159,000) for the same period in 2001. Net loss for the three months ended December 31, 2002 was NIS 240,000 (US$ 50,000) compare to net income of NIS 526,000 (US$ 112,000) for the same period in 2001. Basic losses per share for the three months ended December 31, 2002 were NIS 0.06 (US$ 0.013) compare to basic earnings per share of NIS 0.12 (US$ 0.026) for the same period in 2001. The year ended December 31, 2002: Total sales for the year ended December 31, 2002, decreased by 3% to NIS 131,346,000 (US$ 27,728,000) from NIS 135,577,000 (US$ 28,621,000) for the same period in 2001. Gross profit for the year ended December 31, 2002, decreased by 8% to NIS 28,277,000 (US$ 5,970,000) from NIS 30,644,000 (US$ 6,469,000) for the same period in 2001. The gross profit represents 22% of the total sales for the year ended December 31, 2002 compare to 23% for the same period in 2001. Operating income for the year ended December 31, 2002 decreased by 13% to NIS 9,703,000 (US$ 2,049,000) from NIS 11,224,000 (US$ 2,369,000) for the same period in 2001. Net income for the year ended December 31, 2002 decreased by 18% to NIS 7,192,000 (US$ 1,519,000) from NIS 8,797,000 (US$ 1,857,000) for the same period in 2001. Basic earnings per share for the year ended December 31, 2002 were NIS 1.68 (US$ 0.35) compare to NIS 2.06 (US$ 0.43) for the same period in 2001. G. Willi-Food International Ltd. is engaged in the import, marketing and distribution of over 400 food products, including canned vegetables, pickled olives and other pickled vegetables, packaged fruit, canned and frozen fish, edible oil, dried fruit and nuts, coffee creamers, jams, halva, pasta, tahini, butter cookies and pastries, certain dairy products and certain frozen or chilled products. The company believes that it is one of the leading importers in Israel of such a broad range of imported food products. The company sells products with widespread demand in the Israeli marketplace, as well as products that cater to more select groups.
G. WILLI-FOOD INTERNATIONAL LTD. CONSOLIDATED BALANCE SHEETS December 31, ------------------------------------------- 2 0 0 2 2 0 0 1 2 0 0 2 (*) ------- ------- ----------- NIS NIS US$ ------- ------- ----------- (in thousands) (in thousands) ASSETS Current assets Cash and cash equivalents 27,677 26,279 5,843 Marketable securities 21,550 15,177 4,549 Trade accounts receivable 24,575 24,285 5,188 Other receivables and prepaid expenses 3,227 5,047 681 Inventories 16,618 20,556 3,508 ------ ------ ------ Total current assets 93,647 91,344 19,769 ------ ------ ------ Property and equipment Cost 7,019 6,445 1,481 Less - Accumulated depreciation and amortization 4,165 3,407 879 ------ ------ ------ 2,854 3,038 602 ------ ------ ------ Other assets, net 60 9 13 ------ ------ ------ 95,561 94,391 20,384 ====== ====== ====== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Short term bank credit 1,072 2,295 226 Trade accounts payable 11,366 15,467 2,398 Due to related parties 1,212 1,324 256 Other payables and accrued expenses 2,811 2,455 593 ------ ------ ------ Total current liabilities 16,461 21,541 3,473 ------ ------ ------ Long-term liabilities Accrued severance pay, net 166 163 35 Other long-term liabilities 55 -- 12 ------ ------ ------ Total long-term liabilities 221 163 47 ------ ------ ------ Commitments and contingent liabilities Shareholders' equity Share capital: Ordinary shares NIS 0.10 par value (authorized - 10,000,000 shares, issued and outstanding - 4,277,500 shares at December 31, 2002 and 2001) 524 524 111 Additional paid-in capital 20,082 20,082 4,240 Retained earnings 59,273 52,081 12,513 ------ ------ ------ 79,879 72,687 16,864 ------ ------ ------ 95,561 94,391 20,384 ====== ====== ======
(*) Convenience translation into U.S. dollars. G. WILLI-FOOD INTERNATIONAL LTD. CONSOLIDATED STATEMENTS OF OPERATIONS
Year ended December 31, ------------------------------------------------------------------- 2 0 0 2 2 0 0 1 2 0 0 0 2 0 0 2 (*) ----------- --------- --------- ----------- NIS NIS NIS US$ ----------- --------- --------- ----------- (in thousands, (in thousands, Except share data) except share data) ------------------------------ --------------------------- Sales 131,346 135,577 136,920 27,728 Cost of sales 103,069 104,933 107,099 21,758 ---------- ---------- ---------- ---------- Gross profit 28,277 30,644 29,821 5,970 ---------- ---------- ---------- ---------- Operating expenses: Sales and marketing 10,217 10,192 9,753 2,379 General and administrative 8,357 9,228 8,950 1,542 ---------- ---------- ---------- ---------- Total operating expenses 18,574 19,420 18,703 3,921 ---------- ---------- ---------- ---------- Operating income 9,703 11,224 11,118 2,049 Financial income (expenses), net (244) 1,837 1,584 (51) Other income , net 30 -- 26 6 ---------- ---------- ---------- ---------- Income before taxes on income 9,489 13,061 12,728 2,004 Taxes on income 2,297 4,264 4,337 485 ---------- ---------- ---------- ---------- Net income 7,192 8,797 8,391 1,519 ========== ========== ========== ========== Earnings per share data: Basic earnings per share 1.68 2.06 1.96 0.35 ========== ========== ========== ========== Shares used in computing basic earnings per ordinary share 4,277,500 4,277,500 4,277,500 4,277,500 ========== ========== ========== ========== Diluted earnings per share 1.68 2.06 1.96 0.35 ========== ========== ========== ========== Shares used in computing diluted earnings per ordinary share 4,277,500 4,277,500 4,277,500 4,277,500 ========== ========== ========== ==========
(*) Convenience translation into U.S. dollars.
G. WILLI-FOOD INTERNATIONAL LTD. CONSOLIDATED STATEMENTS OF OPERATIONS Three months ended December 31, 2 0 0 2 2 0 0 1 2 0 0 2 (*) ------- ------- ----------- NIS NIS US$ ------- ------- ----------- (in thousands, except share data) Sales 26,148 29,686 5,520 Cost of sales 23,582 25,458 4,978 ---------- ---------- ---------- Gross profit 2,566 4,228 542 ---------- ---------- ---------- Operating expenses: Sales and marketing 2,487 2,878 525 General and administrative 1,721 2,106 363 ---------- ---------- ---------- Total operating expenses 4,208 4,984 888 ---------- ---------- ---------- Operating loss (1,642) (756) (346) Financial income, net 1,242 1,258 262 Other income , net 34 -- 7 ---------- ---------- ---------- Income (loss) before taxes on income (366) 502 (77) Taxes on income (126) (23) (27) ---------- ---------- ---------- Net income (loss) (240) 526 (50) ========== ========== ========== Earnings per share data: Basic earnings (losses) per share (0.06) 0.12 (0.01) ========== ========== ========== Shares used in computing basic earnings (losses) per ordinary share 4,277,500 4,277,500 4,277,500 ========== ========== ========== Diluted earnings (losses) per share (0.06) 0.12 (0.01) ========== ========== ========== Shares used in computing diluted earnings per ordinary share 4,277,500 4,277,500 4,277,500 ========== ========== ==========
(*) Convenience translation into U.S. dollars.