Arden Group, Inc. Announces First Quarter Earnings.LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. -- Arden Ar·den An unincorporated city of north-central California, a residential suburb of Sacramento. Population: 101,400. Arden, Elizabeth 1884?-1966. Group, Inc. (Nasdaq:ARDNA) today released its sales and income figures for the first quarter ended April 2, 2005. Arden Group, Inc. is the parent company of Gelson's Markets which operates 18 full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. supermarkets Supermarkets, past and present, include: Transnational Originating (HQ) country first. The rest in alphabetical order.
adj. Subject to decay, spoilage, or destruction. n. Something, especially foodstuff, subject to decay or spoilage. Often used in the plural. and grocery products.
ARDEN GROUP, INC. AND CONSOLIDATED SUBSIDIARIES
FIRST QUARTER EARNINGS RELEASE
(UNAUDITED)
Thirteen Weeks Ended
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(In Thousands, Except Share and Per Share Data) April 2, April 3,
2005 2004
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Sales (a) $115,976 $147,394
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Operating income (a) 8,998 14,124
Interest and dividend income (expense), net 255 314
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Income before income taxes 9,253 14,438
Income tax provision 3,770 5,883
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Net income $5,483 $8,555
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Net income per common share (b):
Basic - Class A Common Stock $1.62 $2.64
Basic - Class B Common Stock 0.00 2.37
Diluted 1.62 2.53
Weighted average common shares outstanding (b):
Basic - Class A Common Stock 3,383,252 2,017,668
Basic - Class B Common Stock 0 1,363,584
Diluted 3,383,252 3,382,382
(a) The results of operations for the first quarter of 2005 compared
to the first quarter of 2004 reflect the impact of a labor
dispute in the Company's trade area that commenced October 11,
2003 and concluded February 29, 2004. The labor dispute resulted
in a temporary shift in consumer shopping patterns and a
significant increase in the Company's sales and operating income
during the fourth quarter of 2003 and the first quarter of 2004.
Since the settlement of the labor dispute, most customers have
returned to their previous shopping patterns; however, the
Company has successfully retained some of the new shoppers that
experienced the Gelson's format and service during the labor
dispute. Sales for the first quarter ended April 3, 2004 have
been revised to reflect a change in the way the Company
classifies rental, license and other income beginning in the
third quarter of 2004. This classification change had no impact
on operating income, net income or net cash flow and represents
less than 1% of sales for all periods presented.
Operating income decreased 36.3% in the first quarter of 2005
compared to 2004. During the labor dispute, the Company achieved
significant economies of scale from incremental sales and has
succeeded in preserving some of these savings as a result of the
sales retained compared to pre-strike periods. During the first
quarter of 2005, the Company reversed $1,592,000 of compensation
expense recognized in previous periods related to stock
appreciation rights primarily due to a decrease in the Company's
Class A Common Stock price compared to expense of $105,000
recognized in the same period of 2004.
(b) As of November 10, 2004, all Class B Common Stock was converted
to Class A Common Stock.
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