|
(LOS ANGELES) -- Unified Western Grocers, Inc. ("Unified" or the "Company"), the largest wholesale grocery distributor in the Western United States, announced a 6.1% increase in sales for the fiscal quarter ended March 31, 2007 ("2007 period") over the fiscal quarter ended April 1, 2006 ("2006 period").
Sales at the Los Angeles-based cooperative grew to $753.6 million for the 2007 period, an increase of $43.6 million over the same period in 2006. The Company attributed its performance during the quarter to new stores opened by members and continued sales growth in gourmet, ethnic foods and natural/organic products through the Company's Market Centre subsidiary.
Results through the 26 weeks ended March 31, 2007 showed estimated patronage dividends improved by 8 percent to $10.1 million over the prior year as a result of higher sales combined with improvements in operations. Net earnings declined $2.8 from $9.8 million to $7.0 million principally due to non-recurring insurance reserve adjustments in 2006.
"Halfway through our fiscal year, we are pleased with our results and financial performance," said Alfred A. Plamann, president and chief executive officer. "Our earnings to date are strong and ahead of plan and our sales continue to increase in virtually all of our divisions and subsidiaries.
"As we look ahead, we anticipate that many of the trends we are now seeing in the marketplace will continue," Plamann said. "Technology and efficiency will continue to drive food distribution operations, retailers will continue to adjust their mix of product offerings to include more perishable and specialty products, and consumers will continue to exhibit strong demand for products that are environmentally friendly or that promote health and wellness. We believe we are well positioned as a company to meet these marketplace needs and are looking forward to completing a very successful year."
Unified Western Grocers, Inc. is a retailer-owned wholesale grocery distributor that supplies independent retailers throughout the Western United States. Unified and its subsidiaries, which generated approximately $3 billion in sales during fiscal 2006, offer independent retailers all the resources they need to compete in the supermarket industry.
An online version of Unified's Form 10-Q, filed with the Securities and Exchange Commission, is available on Unified's website at www.uwgrocers.com and at www.sec.gov/edgar.shtml.
# # #
Safe Harbor Statement This press release contains forward-looking statements about the future performance of Unified Western Grocers, Inc. based on Management's assumptions and beliefs in light of information currently available to it. There are a variety of factors that could cause actual and future results to differ materially from those anticipated by the statements made above. These factors are outlined in the Company's Form 10-Q and other interim reports filed with the Securities and Exchange Commission. Furthermore, Unified undertakes no obligation to update, amend or clarify forward-looking statements whether as a result of new information, future events, or otherwise.
Unified Western Grocers, Inc.
|
(dollars in thousands) |
Thirteen Weeks Ended |
Twenty-Six Weeks Ended |
|
|
Mar 31, 2007 |
April 1, 2006 |
Mar 31, 2007 |
April 1, 2006 |
|
Net sales |
$753,624 |
$710,034 |
$1,534,999 |
$1,460,842 |
|
Operating income |
$13,477 |
$14,290 |
$29,756 |
$30,933 |
|
Earnings before patronage dividends and income taxes |
$9,869 |
$10,783 |
$22,268 |
$23,435 |
|
Estimated patronage dividends |
$3,510 |
$4,267 |
$10,087 |
$9,363 |
|
Net earnings |
$3,570 |
$3,989 |
$7,032 |
$9,796 |
|
|