-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, STXxrf5XUg2gelGPWFLPQ6gaAoDjD7REmS44IJRdQsLTMzjyrXrb3TtO/QW5WZO3 udmyaBROvzD4AGn+XIl0JA== 0000913738-96-000043.txt : 19961011 0000913738-96-000043.hdr.sgml : 19961011 ACCESSION NUMBER: 0000913738-96-000043 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960831 FILED AS OF DATE: 19961010 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOLDEN ENTERPRISES INC CENTRAL INDEX KEY: 0000042228 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS FOOD PREPARATIONS & KINDRED PRODUCTS [2090] IRS NUMBER: 630250005 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-04339 FILM NUMBER: 96641753 BUSINESS ADDRESS: STREET 1: 2101 MAGNOLIA AVE STE 212 STREET 2: SOUTH CITY: BIRMINGHAM STATE: AL ZIP: 35205 BUSINESS PHONE: 2053266101 MAIL ADDRESS: STREET 1: 2101 MAGNOLIA AVE SOUTH STREET 2: STE 212 CITY: BIRMINGHAM STATE: AL ZIP: 35205 FORMER COMPANY: FORMER CONFORMED NAME: GOLDEN FLAKE INC DATE OF NAME CHANGE: 19761019 FORMER COMPANY: FORMER CONFORMED NAME: MAGIC CITY FOOD PRODUCTS INC DATE OF NAME CHANGE: 19700805 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q (Mark One) (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 31, 1996 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to___________ Commission file number 0-4339 GOLDEN ENTERPRISES, INC. ______________________________________________________ (Exact name of registrant as specified in its charter) DELAWARE 63-0250005 ________________________________ __________________________ (State or other jurisdiction of (I. R. S. Employer incorporation or organization) Identification No.) Suite 212, 2101 Magnolia Avenue, South Birmingham, Alabama 35205 ________________________________________ ____________ (Address of Principal Executive Offices) (Zip Code) (205) 326-6101 ____________________________________________________ (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ___ ____ Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of September 30, 1996. Outstanding at Class September 30, 1996 _________________________________ __________________ Common Stock, Par Value $0.66 2/3 12,205,950 GOLDEN ENTERPRISES, INC. INDEX Part I. Financial Information Page No. Consolidated Condensed Balance Sheets - August 31, 1996 and May 31, 1996 3 Consolidated Condensed Statements of Income - Three Months Ended August 31, 1996 and 1995 4 Consolidated Condensed Statements of Cash Flows - Three Months Ended August 31, 1996 and 1995 5 Notes to Consolidated Condensed Financial Statements 6 Management's Discussion and Analysis of Financial Condition and Results of Operations 7 Part II. Other Information 8 PART 1. FINANCIAL INFORMATION GOLDEN ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS August 31, May 31, 1996 1995 ____________ _________ (Unaudited) (Audited) ASSETS Cash and cash equivalents $ 1,037,459 $ 227,173 Investment Securities $ 8,320,729 $ 7,260,285 Receivables, net $10,518,255 $10,134,603 Inventories: Raw material and supplies $ 2,268,185 $ 2,191,788 Finished goods $ 2,511,301 $ 2,580,584 ___________ ___________ $ 4,779,486 $ 4,772,372 ___________ ___________ Current assets: Prepaid expenses $ 2,086,454 $ 2,305,346 ___________ ___________ Total current assets $26,742,383 $24,699,779 ___________ ___________ Property, plant and equipment, net $21,982,284 $21,732,509 Other assets $ 2,413,938 $ 2,413,938 ___________ ___________ $51,138,605 $48,846,226 ___________ ___________ ___________ ___________ LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Notes payable, principally to banks $ 0 $ 0 Accounts payable & checks outstanding in excess of bank bal $ 6,578,380 $ 4,038,743 Accrued and deferred income taxes $ 479,695 $ 289,973 Other accrued expenses $ 1,040,578 $ 1,318,263 Current installments of long-term debt $ 0 $ 0 ___________ ___________ Total current Liabilities $ 8,098,653 $ 5,646,979 ___________ ___________ Long-term debt less current maturities $ 879,714 $ 823,227 ___________ ___________ Deferred income taxes $ 1,813,539 $ 1,794,093 ___________ ___________ Stockholder's Equity: Common Stock - $.66 - 2/3 par value: 35,000,000 shares Authorized Issued 13,828,793 shares $ 9,219,195 $ 9,219,195 Additional paid-in capital $ 6,493,552 $ 6,493,552 Retained earnings $33,935,485 $34,170,713 ___________ ___________ $49,648,232 $49,883,460 Less: Cost of common shares in treasury (1,566,843 shares at August 31, 1996 and 1,566,843 shares at May 31, 1996) $-9,301,533 $-9,301,533 ___________ ___________ Total stockholders' equity $40,346,699 $40,581,927 ___________ ___________ Total $51,138,605 $48,846,226 ___________ ___________ ___________ ___________ See Accompanying Notes to Consolidated Condensed Financial Statements GOLDEN ENTERPRISES, INC. & SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED) Three Months Ended August 31, ___________________________ 1996 1995 ___________ ___________ REVENUES: Net Sales $34,084,223 $32,875,913 Other operating revenues $ 176,761 $ 153,144 Investment income $ 84,743 $ 218,199 ___________ ___________ Total revenues $34,345,727 $33,247,256 ___________ ___________ COSTS AND EXPENSES: Cost of sales $15,262,154 $14,234,603 Selling, general and administrative expense $17,226,330 $16,723,911 Interest $ 0 $ 0 ___________ ___________ Total costs and expenses $32,488,484 $30,958,514 ___________ ___________ Income before income taxes $ 1,857,243 $ 2,288,742 Income taxes $ 658,269 $ 847,919 ___________ ___________ Net income $ 1,198,974 $ 1,440,823 ___________ ___________ ___________ ___________ PER SHARE OF COMMON STOCK: Net income $ .10 $ .12 ___________ ___________ ___________ ___________ Weighted average number of common shares outstanding 12,205,950 12,261,950 ___________ ___________ ___________ ___________ Cash dividend paid per share of common stock .1175 .1150 ___________ ___________ ___________ ___________ See Accompanying Notes to Consolidated Condensed Financial Statements. GOLDEN ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) THREE MONTHS ENDED August 31, ___________________________ 1996 1995 ___________ ___________ Cash flows from operating activities: Net income $ 1,198,974 $ 1,440,823 Adjustment to reconcile net income to net cash provided by operating activities: Depreciation and amortization $ 727,842 $ 585,538 Compensation related to stock plan $ 0 $ 0 Salary Continuation Benefits $ 56,487 $ 56,076 Deferred income taxes $ 19,446 $ -36,760 Gain on sale of equipment $ -149,890 $ -91,119 Changes in operating assets and liabilities: Decrease (increase) in accounts receivable $ 383,652 $ 927,409 Decrease (increase) in inventories $ -7,114 $ 130,430 Decrease (increase) in prepaid expenses $ 218,892 $ -427,896 Decrease (increase) in other assets-long term $ 0 $ -5 Increase (decrease) in accounts payable and checks outstanding in excess of bank balances $ 2,539,637 $ 1,747,893 Increase (decrease) in accrued income taxes $ 189,722 $ 739,772 Increase (decrease) in accrued expenses $ -277,685 $ -130,196 ___________ ___________ $ 4,132,659 $ 4,941,965 ___________ ___________ Cash flows from investing activities: Purchase of property, plant and equipment $ -943,100 $-1,458,223 Proceeds from sale of equipment $ 115,373 $ 100,466 Net decrease (increase) in investment securities $-1,060,444 $-1,589,045 ___________ ___________ Net cash provided by (used in) investing activities $-1,888,171 $-2,946,802 ___________ ___________ Cash flows from financing activities: Payments of current installments of long-term debt $ 0 $ 0 Purchase of treasury stock $ 0 $ 0 Proceeds from sale of treasury stock $ 0 $ 0 Cash dividend paid $-1,434,202 $ 1,410,128 ___________ __________ Net cash used in financing activities $-1,434,202 $-1,410,128 ___________ ___________ Net (decrease) increase in cash and cash equivalents $ 810,286 $ 585,035 Cash and cash equivalents at beginning of year $ 227,173 $ 623,592 ___________ ___________ Cash and cash equivalents at end of quarter $ 1,037,459 $ 1,208,627 ___________ ___________ ___________ ___________ Supplemental information: Cash paid during the year for: Income taxes $ 14,739 $ 144,907 Interest $ 0 $ 0 See Accompanying Notes to Consolidated Condensed Financial Statements. GOLDEN ENTERPRISES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS 1. In the opinion of management, the accompanying unaudited consolidated condensed financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly its financial position as of August 31, 1996 and May 31, 1996, and its results of operations for the three months ended August 31, 1996 and 1995 and its cash flow for the three months ended August 31, 1996 and 1995. The accounting policies followed by the Company are set forth in note 1 to the Company's financial statements in the Annual Report to stockholders for fiscal year ended May 31, 1996 which is incorporated by reference in Form 10-K. 2. The results of operations for the three months ended August 31, 1996 and 1995 are not necessarily indicative of the results to be expected for the full year. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Liquidity and Capital Resources Working Capital was $19.1 million at June 1, 1996 and $18.6 million at the end of the first quarter. Net cash provided by operating activities amounted to $4.1 million for the quarter this year compared to $4.9 million for last year's first quarter. Additions to property, plant and equipment, net of disposals, were $0.98 million this year and $1.45 million last year. Cash dividends of $1.43 million were paid during this year's first quarter compared to $1.41 million last year. No cash was used to purchase treasury stock this year or last year, and $1.06 million of cash was used to increase investment securities this year compared to $1.59 million last year. The Company's current ratio was 3.30 to 1.00 at August 31, 1996. Operating Results For the three months ended August 31, 1996, total revenues increased 3.3% from the comparable period in fiscal 1996. Cost of sales was 44.8% of net sales compared to 43.3% last year. This percentage increased due to higher prices of most raw materials and packaging materials. Selling, general and administrative expenses were 50.5% of net sales this year and 50.9% last year. The Company's investment income as a percentage of pre-tax income was 4.6% this year compared to 9.5% last year. This was due to an actual dollar decrease in investment income of 61.2%. The Company's effective tax rate for the first quarter was 35.4% compared to 37.0% for last year's first quarter. PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (b) Reports on Form 8-K - There were no reports on form 8-K filed for the three months ended August 31, 1996. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. GOLDEN ENTERPRISES, INC. ________________________ (Registrant) Dated: October 10, 1996 /s/ John S. Stein ____________________________ John S. Stein Chairman, President and Chief Executive Officer Dated: October 10, 1996 /s/ John H. Shannon _____________________________ John H. Shannon Vice President/Controller (Principal Accounting Officer) EX-27 2
5 3-MOS MAY-31-1997 AUG-31-1996 1,037,459 8,320,729 10,537,255 19,000 4,779,486 26,742,383 77,194,800 55,212,516 51,138,605 8,098,653 0 0 0 9,219,195 31,127,504 51,138,605 34,084,223 34,345,727 15,262,154 32,488,484 0 9,000 0 1,857,243 658,269 1,198,974 0 0 0 1,198,974 .10 .10
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