Newspaper article THE JOURNAL RECORD

Wilson Reports Higher Net Income

Newspaper article THE JOURNAL RECORD

Wilson Reports Higher Net Income

Article excerpt

A 138.7 percent increase in net income to $788,000, was reported Wednesday for the third fiscal quarter ended May 2 by Wilson Foods Corp. of Oklahoma City.

It was the fifth straight quarterly net income reported by Wilson since the food products producer and distributor turned around from a Chapter 11 bankruptcy under Kenneth J. Griggy, chairman and chief executive officer.

The net income, which included an extraordinary gain of $213,000, was up from $330,000 for the third quarter a year ago. Per share, the net income reached 9 cents, including 2 cents in extraordinary gain. That was up 80 percent from 5 cents a year ago.

Weighted average shares reached 8,967,101 in the latest quarter following an issuance registered in January. That was up from 6,028,786 for the same period a year ago.

Net sales were $310.4 million for the third quarter, down 12.3 percent from $353.97 million a year ago.

For the nine months ended May 2, Wilson reported a net income of $4.5 million, 58 cents per share, including an extraordinary gain of $1.9 million, or 25 cents per share.

The net income compared with a net loss of $26.96 million, or $4.49 per share, for the same period a year ago, including unusual charges of $21.4 million primarily for estimated cost of plant closings and for restructuring and reduction in the administrative work force.

Net sales for nine months were $1 billion, down 8.2 percent from $1.09 billion last year.

The extraordinary gains for the latest third quarter and nine months periods were from the use of net operating loss carryforwards from previous periods to offset federal income taxes otherwise due for the period, Wilson said. …

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