LOS ANGELES, Dec. 14, 2011 (GLOBE NEWSWIRE) -- Unified Grocers, Inc. ("Unified" or the "Company"), the largest wholesale grocery distributor in the western United States, announced earnings of $7.4 million for the fiscal year ended October 1, 2011 ("2011 period"), as compared to earnings of $11.0 million for the fiscal year ended October 2, 2010 ("2010 period"). The value of one share of stock held in the Company rose to just over $312, an increase of three percent over the previous year.
The Los Angeles-based cooperative reported net sales of $3.848 billion for the 2011 period, as compared to $3.921 billion for the 2010 period. The Company attributed its sales decrease to the loss of a significant customer during 2011 and the impact of customer store closures. The decrease in sales was partially offset by increased sales to existing customers and additional sales generated from new customers in fiscal 2011.
Earnings before patronage dividends and income taxes were $25.1 million for the 2011 period, compared to $31.1 million for the 2010 period. The decrease was due, in large part, to the general decline in net sales, lower investment performance driven by lower returns in the financial markets and higher fuel and medical expenses, which were partially offset by lower operating expenses.
"Unified Grocers and our member retailers were successful in holding on to market share in a competitive and challenging business environment," said Al Plamann, chief executive officer, Unified Grocers. "In fact, our members continued to invest in their businesses by opening more than 35 new stores and remodeling and upgrading countless others during 2011.
"During the year we also added new customers in Hawaii and Alaska, significantly increased our business in Mexico, and are continuing to grow our perishables and specialty businesses at a steady pace. Though we anticipate that 2012 will be similar to 2011 in terms of the overall business climate, we believe that our Company and our independents are well positioned to capitalize on growth opportunities as they materialize in the future."
Founded in 1922, Unified Grocers is a retailer-owned wholesale grocery distributor that supplies independent retailers throughout the western United States. Unified and its subsidiaries, which generated approximately $3.8 billion in sales during fiscal 2011, offer independent retailers all the resources they need to compete in the supermarket industry.
An online version of Unified's Form 10-K, filed with the Securities and Exchange Commission, is available on Unified's website at www.unifiedgrocers.com and at www.sec.gov/edgar.shtml.
The Unified Grocers, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=1214
Safe Harbor Statement
This press release contains forward-looking statements about the future performance of Unified Grocers based on Management's assumptions and beliefs in light of information currently available to it. There are a variety of factors that could cause actual and future results to differ materially from those anticipated by the statements made above. These factors are outlined in the Company's Form 10-K and other interim reports filed with the Securities and Exchange Commission. Furthermore, Unified undertakes no obligation to update, amend or clarify forward-looking statements whether as a result of new information, future events, or otherwise.
| Unified Grocers, Inc. | ||
| (dollars in thousands except for Stock Price) | ||
| For the Fiscal Year Ended | ||
|
October 1, 2011 |
October 2, 2010 |
|
| Net sales | $3,847,775 | $3,921,059 |
| Operating income | $37,433 | $42,650 |
| Earnings before patronage dividends and income taxes | $25,091 | $31,139 |
| Patronage dividends | $12,431 | $14,038 |
| Net earnings | $7,387 | $10,978 |
| Stock Price (exchange value) | $312.31 | $304.48 |