G. Willi-food International Ltd (Nasdaq: WILCF; Warrants: WLWF) today reported its unaudited financial results for the second quarter and six months ended June 30th, 2000.
Total sales for the six months ended June 30th, 2000, increased by 1% to NIS 72,486,000 (USD 17,749,000) from NIS 71,965,000 (USD 17,621,000) for the same period in 1999.
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Gross profit increased by 7% to NIS 20,533,000 (USD 5,028,000) from NIS 19,260,000 (USD 4,716,000) for same period last year.
Operating income for the six months ended June 30th, 2000 decreased by 1% to NIS 11,116,000 (USD 2,722,000) from NIS 11,198,000 (USD 2,742,000) for the same period in 1999.
Net income for six months ended June 30th, 2000 decreased by 0.3% to NIS 7,590,000 (USD 1,859,000) from NIS 7,614,000 (USD 1,864,000) for the same period last year.
The basic earning per share for the six months ended June 30th, 2000 was NIS 1.77 (USD 0.43).
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By GlobalDataG. Willi-food International Ltd, is engaged in the import, marketing and distribution of over 200 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 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 June 2000)
Convenience
translation
Adjusted New Israeli Shekels into U.S. Dollars
June 30, December 31, June 30,
2000 1999 2000
In thousands
ASSETS
Current assets
Cash and cash equivalents 5,770 15,681 1,413
Marketable securities 17,167 4,899 4,203
Receivables:
Trade 31,145 22,617 7,626
Other and prepaid expenses 2,363 2,981 579
Related parties
Inventories 14,583 15,152 3,571
Total current assets 71,028 61,330 17,392
Property and equipment, net 2,547 2,557 624
Other assets, net 805 797 197
74,380 64,684 18,213
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities
Payables:
Trade 9,020 8,437 2,208
Related parties 1,077 3,096 264
Other and accrued expenses 5,038 1,503 1,235
Total current liabilities 15,135 13,036 3,707
Accrued severance pay 67 74 16
Shareholders' equity 59,178 51,574 14,490
74,380 64,684 18,213
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Adjusted to NIS of June 2000)
Adjusted Convenience Translation
New Israeli Shekels into U.S. Dollars
Six months Three months Six months Three months
ended June 30, ended June 30,
2000 1999 2000 1999 2000 2000
Sales 72,486 71,965 29,037 39,422 17,749 7,110
Cost of sales 51,953 52,705 20,131 28,805 12,721 4,929
Gross profit 20,533 19,260 8,906 10,617 5,028 2,181
Selling expenses 4,605 3,369 2,665 1,674 1,128 652
General and
administrative
expenses 4,812 4,693 2,092 2,417 1,178 512
Total operating
expenses 9,417 8,062 4,757 4,091 2,306 1,164
Operating
income 11,116 11,198 4,149 6,526 2,722 1,017
Financial income
(expenses), net 515 698 (344) (369) 126 (85)
Other expenses, net -- (26) -- (26) -- --
Income before taxes
on income
11,631 11,870 3,805 6,131 2,84 932
Taxes on income 4,041 4,256 1,457 2,293 989 357
Net income 7,590 7,614 2,348 3,838 1,859 575
Earnings per share
data 1.77 1.84 0.55 0.92 0.43 0.13
Earnings per share:
Basic
Diluted 1.77 1.78 0.55 0.90 0.43 0.13
Shares used in computing
earnings per ordinary share:
Basic 4,277,500 4,147,500 4,277,500 4,147,500 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
