G. Willi Food-International Ltd. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Provides Earnings Guidance for the First Quarter of 2012
March 29, 2012 at 08:50 am
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G. Willi Food-International Ltd. reported consolidated earnings results for the fourth quarter and year ended December 31, 2011. For the quarter, the company reported sales decreased by 16.8% to ILS 59.1 million from ILS 71.0 million recorded in the fourth quarter of 2010. The decrease in sales in the fourth quarter was primarily due to ongoing national protest against the cost of food products as well as continued recession and economic uncertainty. Operating loss was ILS 4.1 million compared to operating income of ILS 6.2 million recorded in the fourth quarter of 2010. Loss before taxes was ILS 1.6 million compared to income before taxes of ILS 8.3 million recorded in the fourth quarter of 2010. Loss from continuing operations was ILS 0.6 million compared to income from continuing operations of ILS 6.9 million recorded in the fourth quarter of 2010. Net income decreased by 65.4% to ILS 2.8 million from ILS 8.1 million recorded in the fourth quarter of 2010. Net income attributed to the owners of the company decreased by 60.3% to ILS 2.9 million or ILS 0.22 per share, compared to ILS 7.4 million or ILS 0.55 per share, recorded in the fourth quarter of 2010.
For the year, the company reported sales decreased by 2.5% to ILS 264.4 million from ILS 271.1 million reported in fiscal 2010. Operating income decreased by 37.6% to ILS 17.1 million from ILS 27.4 million reported in fiscal 2010. Income before taxes decreased by 43.4% to ILS 18.3 million from ILS 32.3 million recorded in fiscal 2010. Net income decreased by 38.6% to ILS 18.5 million from ILS 30.2 million reported in fiscal 2010. Net income attributable to the owners of the company decreased by 35.0% to ILS 18.3 million or ILS 1.35 per share, compared to net income attributable to the owners of the company of ILS 28.2 million or ILS 2.18 per share for the same period last year. Income from continuing operations was ILS 14.35 million or ILS 1.06 per diluted share, compared to ILS 25.27 million or ILS 1.96 per diluted share for the same period last year.
The company expects net income for the first quarter of 2012 to be significantly lower than the comparable prior quarter. The company expects growth in sales will cease in 2012.
G. Willi-Food International Ltd. is a holding company. The Company is engaged directly and through subsidiaries, in the development, import, export, marketing and distribution of a range of over 600 food products around the world. The principal products in the import segment product line include Canned Vegetables and Pickles, Canned Fish, Canned Fruit, Edible Oils, Dairy and Dairy Substitute Products, Dried Fruit, Nuts and Beans, and Other Products. Its brands include Willi-Food, Gold-Frost, Gold Food, Tifeeret, Donna Rozza, Completa, Raskas and Del Monte, among others. The Company's products are marketed and sold to approximately 1,500 customers throughout Israel and outside of Israel. The Company's customers generally fall within one of the two groups, including retail supermarket chains in the organized market, and private supermarket chains, mini-markets, wholesalers, food manufacturers, institutional consumers, such as catering halls, hotels, hospitals and food producers.
G. Willi Food-International Ltd. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Provides Earnings Guidance for the First Quarter of 2012
G. WILLI-FOOD INTERNATIONAL LTD. 
