G. Willi-Food International Ltd. (Nasdaq: WILCF) today reported its unaudited financial results for the first quarter ended March 31, 2001.

Total sales for the three months ended March 31, 2001, decreased by 15% to NIS 36,802,000 (US$ 8,779,000) from NIS 43,075,000 (US$ 10,275,000) for the same period in 2000.

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Gross profit for the three months ended March 31, 2001, decreased by 25% to NIS 8,628,000 (US$ 2,058,000) from NIS 11,527,000 (US$ 2,750,000) for the same period in 2000. The decrease is primarily attributable to the devaluation of the NIS in the first quarter, increase of the costs of the imported products and an attrition in the products sale prices. The gross profit represents 23% of the total sales for the three months ended March 31, 2001 in compare to 27% for the same period in 2000.

Operating income for the three months ended March 31, 2001 decreased by 37% to NIS 4,349,000 (US$ 1,037,000) from NIS 6,907,000 (US$ 1,648,000) for the same period in 2000.

Net income for the three months ended March 31, 2001 decreased by 41% to NIS 3,065,000 (US$ 734,000) from NIS 5,196,000 (US$ 1,240,000) for the same period in 2000.

The basic earnings per share for the three months ended March 31, 2001 is NIS 0.72 (US$ 0.17).

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G. Willi-Food International Ltd., is engaged in the import, marketing and distribution of over 350 food products, including canned vegetables, pickled olives and other pickled vegetables, packaged fruit, canned and frozen fish, edible oil, dried fruit and nuts, coffee creamers, jams, halva, pasta, tahini, butter cookies and pastries, certain dairy products and certain frozen or chilled products. The company believes that it is one of the leading importers in Israel of such a broad range of imported food products. The company sells products with widespread demand in the Israeli marketplace, as well as products that cater to more select groups. 

                       G. WILLI-FOOD INTERNATIONAL LTD.

                    CONDENSED CONSOLIDATED BALANCE SHEETS

                       (Adjusted to NIS of March 2001)

Convenience
Adjusted translation into
New Israeli Shekels U.S. Dollars
March 31, December 31, March 31,
2001 2000 2001

In thousands

ASSETS
Current assets
Cash and cash equivalents 4,264 26,858 1,018
Marketable securities 14,880 1,137 3,550
Trade receivables 34,243 29,582 8,167
Other receivables and prepaid
expenses 3,639 1,893 868
Related parties 43 — 10
Inventories 14,537 10,497 3,468
Total current assets 71,606 69,967 17,081

Property and equipment
Cost 5,219 4,965 1,245
Less-accumulated depreciation 2,583 2,382 616
2,636 2,583 629

Other assets, net 222 227 53
74,464 72,777 17,763

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities
Payables:
Trade payables 8,928 10,095 2,130
Related parties 337 1,071 80
Other and accrued expenses 3,163 2,616 755
Total current liabilities 12,428 13,782 2,965

Accrued severance pay 94 118 22

Shareholders’ equity 61,942 58,877 14,776
74,464 72,777 17,763

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Adjusted to NIS of March 2001)

Convenience
Adjusted Translation into
New Israeli Shekels U.S. Dollars
Three months Year ended Three months
Ended March 31, December 31, Ended March 31,
2001 2000 2000 2001

In thousands

Sales 36,802 43,075 126,235 8,779

Cost of sales 28,174 31,548 97,743 6,721
Gross profit 8,628 11,527 28,492 2,058

Selling expenses 1,909 1,923 9,939 455

General and
administrative expenses 2,370 2,697 8,307 566

Total operating expenses 4,279 4,620 18,246 1,021

Operating income 4,349 6,907 10,246 1,037
Financial income, net 327 851 1,459 81
Other income, net — — 24 —
Income before taxes on
income 4,676 7,758 11,729 1,118

Taxes on income 1,611 2,562 3,997 384

Net income 3,065 5,196 7,732 734

Earnings per share data:
Earnings per share:
Basic 0.72 1.21 1.81 0.17
Diluted 0.72 1.21 1.81 0.17

Shares used in computing
earnings per
ordinary share:
Basic 4,277,500 4,277,500 4,277,500 4,277,500
Diluted 4,277,500 4,277,500 4,277,500 4,277,500

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