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 18, 2013
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 18, 2013 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 18, 2013 |
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 18, 2013 |
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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 18, 2013 |
Exhibit 99.1
Golden Enterprises Announces Quarterly and Annual Results
BIRMINGHAM, Ala.--(BUSINESS WIRE)--July 18, 2013--Golden Enterprises, Inc.’s (NASDAQ: GLDC) Board of Directors today declared a quarterly dividend of $.03125 per share payable August 7, 2013 to stockholders of record on July 29, 2013.
Golden Enterprises, Inc.’s basic and diluted income for the thirteen weeks ended May 31, 2013 were $.04 loss compared to $.04 gain for the thirteen weeks ended June 1, 2012 on net sales of $35,811,403 versus $35,280,087, an increase of 2%.
For the 52 weeks ended May 31, 2013, net income was $.10 per share compared to $.19 per share in the 52 weeks ended June 1,2012. Net sales were $137.3 million for the 52 weeks ended May 31, 2013 compared with $136.1 million for the 52 weeks ended June 1, 2012, an increase of 1%.
Selling, general and administrative expenses for the 52 weeks ended May 31, 2013 increased $2.6 million compared to the prior year. The cost associated with the implementation of the Company’s new enterprise resource planning system increased selling general and administrative expenses. Along with the cost associated with the implementation of the ERP system, cost of health and life insurance added cost to the SG&A total.
The following is a summary of net sales and income information.
Three Months Ended |
Twelve Months Ended |
||||||||||||||||||
|
Thirteen Weeks Ended |
52 Weeks Ended | 52 Weeks Ended | ||||||||||||||||
May 31, 2013 | June 1, 2012 | May 31, 2013 | June 1, 2012 | ||||||||||||||||
Net Sales | $ | 35,811,403 | $ | 35,280,087 | $ | 137,344,716 | $ | 136,185,657 | |||||||||||
Income before income taxes |
(743,139 |
) | 1,139,366 | 2,176,555 | 3,945,849 | ||||||||||||||
Income taxes |
(292,395 |
) | 676,359 | 1,042,518 | 1,738,226 | ||||||||||||||
Net income | $ |
(450,744 |
) | $ | 463,007 | $ | 1,134,037 | $ | 2,207,623 | ||||||||||
Basic and diluted income per share |
$ |
(0.04 |
) |
$ |
0.04 |
$ |
0.10 |
$ |
0.19 |
||||||||||
Basic weighted shares outstanding |
11,732,632 | 11,734,632 | 11,733,489 | 11,734,632 | |||||||||||||||
Diluted weighted shares outstanding |
11,732,632 | 11,734,632 | 11,733,489 | 11,734,632 | |||||||||||||||
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