G. Willi-Food International Ltd. (Nasdaq: WILCF) yesterday reported its unaudited financial results for the second quarter and the six months ended June 30, 2001.
The second quarter ended June 30, 2001:
Total sales for the three months ended June 30, 2001, increased by 3% to NIS 30,061,000 (US$ 7,218,000) from NIS 29,249,000 (US$ 7,023,000) for the same period in 2000.
Gross profit for the three months ended June 30, 2001, increased by 9% to NIS 9,760,000 (US$ 2,343,000) from NIS 8,971,000 (US$ 2,154,000) for the same period in 2000. The increase is primarily attributable to the increase of the sales to the wholesalers and institutional consumers and decrease of the sales to the Supermarket Chains. The gross profit represents 32% of the total sales for the three months ended June 30, 2001 in compare to 31% for the same period in 2000.
Operating income for the three months ended June 30, 2001 increased by 12% to NIS 4,876,000 (US$ 1,171,000) from NIS 4,179,000 (US$ 1,003,000) for the same period in 2000.
Net income for the three months ended June 30, 2001 increased by 38% to NIS 3,259,000 (US$ 782,000) from NIS 2,365,000 (US$ 568,000) for the same period in 2000.
The basic earnings per share for the three months ended June 30, 2001 is NIS 0.76 (US$ 0.18) from NIS 0.55 (US$ 0.13).
The six months ended June 30, 2001:
Total sales for the six months ended June 30, 2001, decreased by 8% to NIS 67,453,000 (US$ 16,195,000) from NIS 73,014,000 (US$ 17,530,000) for the same period in 2000.
Gross profit for the six months ended June 30, 2001, decreased by 10% to NIS 18,526,000 (US$ 4,448,000) from NIS 20,682,000 (US$ 4,966,000) for the same period in 2000. The gross profit represents 27% of the total sales for the six months ended June 30, 2001 in compare to 28% for the same period in 2000.
Operating income for the six months ended June 30, 2001 decreased by 17% to NIS 9,323,000 (US$ 2,216,000) from NIS 11,197,000 (US$ 2,688,000) for the same period in 2000.
Net income for the six months ended June 30, 2001 decreased by 17% to NIS 6,372,000 (US$ 1,530,000) from NIS 7,645,000 (US$ 1,836,000) for the same period in 2000.
The basic earnings per share for the six months ended June 30, 2001 is NIS 1.49 (US$ 0.36) from NIS 1.77 (US$ 0.42).
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.
Contact: Gil Hochboim, C.F.O, 972-8-9322233, gil@willi-food.co.ilG. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Adjusted to NIS of June 2001)Convenience
Translation
Adjusted New Israeli Into U.S.
Shekels dollars
June 30 December 31, June 30
2 0 0 1 2 0 0 0 2 0 0 1
I n t h o u s a n d s
ASSETSCurrent assets
Cash and cash equivalents 3,953 27,289 949
Marketable securities 25,328 1,156 6,081
Trade receivables 29,351 30,056 7,047Other receivables and prepaid expenses 2,260 1,923 543
Related parties 34 — 8
Inventories 17,285 10,665 4,150
Total current assets 78,211 71,089 18,778Property and equipment, net 2,584 2,623 620
Other assets, net 542 232 130
81,337 73,944 19,529LIABILITIES AND SHAREHOLDERS’
EQUITYCurrent liabilities
Payables:
Trade payables 10,670 10,257 2,562Related parties 874 1,088 210
Other and accrued expenses 3,478 2,659 835
Total current liabilities 15,022 14,004 3,607Accrued severance pay 123 120 30
Shareholders’ equity 66,192 59,820 3,816
81,337 73,944 19,529G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Adjusted to NIS of June 2001)Convenience
Translation
Adjusted New Israeli Shekels Into U.S. dollars
Six months Three months Six Three
months months
ended June 30, ended June 30
2 0 0 1 2 0 0 0 2 0 0 1 2 0 0 0 2 0 0 1 2 0 0 0Sales 67,453 73,014 30,061 29,249 16,195 7,218
Cost of
sales 48,927 52,332 20,301 20,278 11,747 4,874Gross
profit 18,526 20,682 9,760 8,971 4,448 2,344Selling
expenses 4,646 4,638 2,706 2,684 1,115 650General and
administrative
expenses 4,586 4,847 2,178 2,107 1,101 523Total
operating
expenses 9,323 9,485 4,884 4,791 2,216 1,173Operating
income 9,294 11,197 4,876 4,179 2,232 1,171
Financial
income
(expenses),
net 60 518 (272) (347) 14 (65)Income before
taxes on
income 9,354 11,715 4,604 3,832 2,246 1,106Taxes on
income 2,982 4,070 1,345 1,467 716 324Net income 6,372 7,645 3,259 2,365 1,530 782
Earnings per
share data:
Earnings per
share:Basic 1.49 1.77 0.76 0.55 0.36 0.18
Diluted 1.49 1.77 0.76 0.55 0.36 0.18
Shares used
in computingEarnings per
ordinary
share:Basic 4,277,500 4,277,500 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 4,277,500 4,277,500
