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) September 22, 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 September 22, 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 September 22, 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.
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Dated: |
September 22, 2011 |
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GOLDEN ENTERPRISES, INC. |
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By: |
/s/ Patty Townsend |
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Patty Townsend |
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Vice President, CFO & Secretary |
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Exhibit Index
| Exhibit No. | Description | ||
| 99.1 |
Press Release dated September 22, 2011 |
Exhibit 99.1
Golden Enterprises Announces Quarterly Results
BIRMINGHAM, Ala.--(BUSINESS WIRE)--September 22, 2011--Golden Enterprises, Inc.’s (NASDAQ: GLDC) Board of Directors today declared a quarterly dividend of $.03125 per share payable October 26, 2011 to stockholders of record as of October 3, 2011.
Golden Enterprises, Inc. saw an increase in Net Sales from the first quarter of 2011 to the first quarter of 2012 of 4%. Net sales for the first quarter were $33,245,190 compared to $31,956,084 for the same period in the prior year. Despite this increase in sales, increased commodity costs impacted margins resulting in basic and diluted earnings per share decreasing from $.09 to $.06 during the first quarter. Already higher commodity costs were exacerbated by record flooding along the Missouri and Indiana farmlands which created a shortfall in contract potato deliveries. This combined with higher demand for the Company’s product required the purchase of raw materials at higher open market prices.
While we are in a volatile environment for commodities, we see more stability in supply, although at a higher cost, as we look ahead. Management will continue to explore ways to manage these challenges as we satisfy the expectations of our consumers, customers, employees, and shareholders, in producing and selling quality snacks.
The following is a summary of net sales and income information for the thirteen weeks ended September 2, 2011 and August 27, 2010:
| THIRTEEN WEEKS ENDED | ||||||
| September 02, | August 27, | |||||
| 2011 | 2010 | |||||
| Net sales | $ | 33,245,190 | $ | 31,956,084 | ||
| Income before income taxes | $ | 1,118,827 | $ | 1,733,339 | ||
| Income taxes | 419,256 | 653,200 | ||||
| Net income | $ | 699,571 | $ | 1,080,139 | ||
| Basic and diluted earnings per share | $ | .06 | $ | .09 | ||
| Basic weighted shares outstanding | 11,734,632 | 11,739,775 | ||||
| Diluted weighted shares outstanding | 11,734,632 | 11,739,775 | ||||
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