Newspaper article THE JOURNAL RECORD

Albertson's Income Up 185% for Quarter

Newspaper article THE JOURNAL RECORD

Albertson's Income Up 185% for Quarter

Article excerpt

Special to The Journal Record

BOISE, Idaho _ A 185 percent increase in net income to $74.1 million, or 58 cents per share, was reported Monday for the first quarter ended April 29 by Albertson's Inc., which has 14 stores in Oklahoma.

That compares with income of $26 million, or 20 cents per share, for the same period last year. Sales rose 18.4 percent to $2.7 billion from $2.2 billion.

The results for the first quarter last year included certain one-time costs primarily associated with the Jewel Osco acquisition and accounting adjustments.

During the first quarter, pursuant to a 1979 agreement, the company purchased 10,988,160 shares of its common stock from the estate of J.A. Albertson, the company's founder, at a cost of $517.5 million, or $47.10 per share.

To finance this purchase, the company reissued 5.2 million shares of Albertson's stock at $52.50 per share, netting $264.5 million, and issued $252.1 million in medium-term notes with three-, five- and seven-year maturities with a weighted average interest rate of 5. …

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