LOS ANGELES, May 7, 2014 (GLOBE NEWSWIRE) -- Unified Grocers, Inc. ("Unified" or the "Company") announced improved sales and earnings for the 26 weeks (the "2014 period") and 13 weeks ("2014 quarter") ended March 29, 2014 (the Company's second quarter of fiscal 2014).
The Los Angeles-based distributor reported gross billings of $1.898 billion for the 2014 period, compared to gross billings of $1.838 billion for the 26 weeks ended March 30, 2013 (the "2013 period"), a 3.3% increase. The Company had net sales of $1.848 billion for the 2014 period compared to net sales of $1.823 billion for the 2013 period. Unified achieved earnings of $6.3 million before estimated patronage dividends and income taxes, compared to a loss of $2.4 million in the 2013 period. This carried through to net earnings, where the Company improved $5.7 million to $1.1 million for the 2014 period compared to a net loss of $4.6 million for the 2013 period.
The Company reported gross billings of $919.3 million for the 2014 quarter compared to $885.1 million for the 13 weeks ended March 30, 2013 (the "2013 quarter"), a 3.9% increase.
Unified reported sales growth in the quarter even though the Easter/Passover holiday shifted to Unified's third fiscal quarter. Unified had net sales of $893.6 million in the 2014 quarter compared to $877.0 million in the 2013 quarter. The improvement in sales carried through to net earnings, where the Company improved $2.9 million to a net loss of $1.7 million in the 2014 quarter compared to a net loss of $4.6 million in the 2013 quarter.
"We are extremely pleased with our second quarter results, especially the growth in sales," said Bob Ling, president and chief executive officer, Unified Grocers, Inc. "Although the Easter/Passover holiday occurred later than usual, we saw continued improvement across all of our business units. The growth in our sales activity began in the second half of fiscal 2013 and the momentum we have established is a validation of our long-term strategy to turn around the business."
"I am very optimistic about the direction we are going. It has been a real team effort to deliver a very good first half of the fiscal year and I am proud of our associates who continue to focus on growing the business profitably for Unified and our owners."
About Unified Grocers, Inc.
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 $3.7 billion in sales during fiscal year 2013, offer independent retailers all the resources they need to compete in the supermarket industry.
An online version of Unified's Form 10-Q, filed with the Securities and Exchange Commission, is available on Unified's website at www.unifiedgrocers.com and at www.sec.gov/edgar.shtml.
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) | For the 13 Weeks Ended | For the 26 Weeks Ended | ||
|
March 29, 2014 |
March 30, 2013 |
March 29, 2014 |
March 30, 2013 |
|
| Gross billings | $919,310 | $885,066 | $1,898,463 | $1,838,480 |
| Less: Gross billings through vendor direct arrangements | 25,702 | 8,090 | 50,136 | 15,493 |
| Net sales | $893,608 | $876,976 | $1,848,327 | $1,822,987 |
| Operating income/(loss) | 2,668 | (637) | 11,943 | 4,250 |
| Earnings (loss) before estimated patronage dividends and income taxes | (122) | (4,052) | 6,296 | (2,356) |
| Estimated patronage dividends | 2,483 | 2,428 | 4,871 | 4,964 |
| Net earnings (loss) | ($1,711) | ($4,565) | $1,078 | ($4,652) |