UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported) July 21, 2011
GOLDEN ENTERPRISES,
INC.
(Exact
name of registrant as specified in its charter)
DELAWARE |
0-4339 |
63-0250005 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer ID No.) |
One Golden Flake Drive, Birmingham, Alabama |
35205 |
|
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including
area code: (205) 458-7316
N/A
(Former
name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events
On July 21, 2011 the Company issued a press release, a copy of which is included with this Report as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
(c) Exhibits.
Exhibit No. |
Description |
99.1 |
Press Release dated July 21, 2011 |
SIGNATURE
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 hereunto duly authorized.
Dated: |
July 21, 2011 |
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GOLDEN ENTERPRISES, INC. |
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By: |
/s/ Patty Townsend |
Patty Townsend |
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Vice President, CFO & Secretary |
Exhibit Index
Exhibit No. | Description | ||
99.1 |
Press Release dated July 21, 2011 |
Exhibit 99.1
Golden Enterprises Announces Quarterly and Annual Results
BIRMINGHAM, Ala.--(BUSINESS WIRE)--July 21, 2011--Golden Enterprises, Inc.’s (NASDAQ: GLDC) basic and diluted income for the thirteen weeks ended June 3, 2011 were $.09 compared to $.13 for the thirteen weeks ended May 28, 2010 on net sales of $34,095,509 versus $33,048,972, an increase of 3%.
For the 53 weeks ended June 3, 2011, net income was $.26 per share compared to $.36 per share in the 52 weeks ended May 28, 2010. Net income last year included gains from the sale of the Company’s airplane and certain properties. Net sales were $131.0 million for the 53 weeks ended June 3, 2011 compared with $128.4 million for the 52 weeks ended May 28, 2010, an increase of 2%. As previously reported, this year included an extra week of sales and costs compared to last year. Without the 53rd week this year, net sales would have remained consistent with the prior year.
Gross margins increased $1.1 million for the 53 weeks ended June 3, 2011 compared to the 52 week period ended May 28, 2010 due primarily to the extra week of sales. As a percentage of sales, cost of sales and gross margin were even compared to last year.
Selling, general and administrative expenses for the 53 weeks ended June 3, 2011 rose $1.9 million or 3.4% compared to last year. This increase can be attributed to substantial increases in energy prices, increased marketing efforts to raise brand awareness, and other expenses related to increasing sales.
The following is a summary of net sales and income information.
Three Months Ended |
Twelve Months Ended |
|||||||||||||||
|
Thirteen Weeks Ended |
53 Weeks Ended | 52 Weeks Ended | |||||||||||||
|
June 3, 2011 |
May 28, 2010 | June 3, 2011 | May 28, 2010 | ||||||||||||
Net Sales | $ | 34,095,509 | $ | 33,048,972 | $ | 131,047,850 | $ | 128,441,457 | ||||||||
Income before income taxes | 1,833,340 | 2,527,681 | 5,109,267 | 6,823,454 | ||||||||||||
Income taxes | 855,347 | 1,056,767 | 2,094,499 | 2,614,416 | ||||||||||||
Net income | $ | 977,993 | $ | 1,470,914 | $ | 3,014,768 | $ | 4,209,038 | ||||||||
Basic and diluted income per share |
$ |
0.09 |
$ |
0.13 |
$ |
0.26 |
$ |
0.36 |
||||||||
Basic weighted shares outstanding |
11,734,632 | 11,746,632 | 11,735,893 | 11,746,632 | ||||||||||||
Diluted weighted shares outstanding |
11,734,632 | 11,746,632 | 11,735,893 | 11,746,632 | ||||||||||||
This News Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those forward-looking statements. Factors that may cause actual results to differ materially include price competition, industry consolidation, raw material costs and effectiveness of sales and marketing activities, as described in the Company’s filings with the Securities and Exchange Commission.
CONTACT:
Golden Enterprises, Inc.
Patty Townsend,
205-458-7132