| WEIS MARKETS, INC. | 1000 S. 2nd Street |
| Sunbury, Pennsylvania 17801 | |
| Phone 570-286-3636 | |
| Fax 570-286-3692 |
| Press Release |
| Contact: Dennis Curtin | FOR IMMEDIATE RELEASE |
| Phone: (570)-286-3636 | April 22, 2003 |
| E-Mail: dcurtin@weismarkets.com |
| WEIS MARKETS 1ST QTR NET INCOME UP 6.8%; EARNINGS PER SHARE INCREASE FROM $.54 TO $.58 |
During
the thirteen-week period ending March 29, 2003, the
Company's sales increased .9% to $509.1 million and
identical store sales increased 1.4%. The Company said
its first quarter sales comparison to last year were
affected by the timing of the Easter holiday week, which
fell in the first quarter of 2002 and occurs in the
second quarter of 2003. The timing of the holiday will
also affect the Company's second quarter 2003 to 2002
comparison.
"Our
first quarter results show an underlying strength in a
difficult market environment. Despite a difficult
year-to-year comparison due to the timing of the Easter
holiday, we increased our sales and identical store
sales," said Weis Markets' President and CEO Norman S.
Rich. "At the same time, we posted strong increases in
net income and earnings per share."
The
Company said it continues to benefit from improved
efficiencies at store and distribution levels, and
targeted promotional efforts in key markets.
In the
first quarter, Weis Markets opened a replacement
superstore in Clarks Summit, PA and announced its next
round of expansion at its Annual Shareholders' Meeting.
In 2003, Weis Markets expects to invest $72.4 million for
the construction of four superstores and the remodel or
expansion of 19 others.
Founded
in 1912, Weis Markets, Inc. was operating 160 stores in
six states at the end of the first quarter including
Pennsylvania, Maryland, New Jersey, New York, Virginia
and West Virginia. The Company also owns and operates
SuperPetz, a pet supply superstore chain with 33
locations in eleven states.
In
addition to historical information, this news release may
contain forward-looking statements. Any forward-looking
statements contained herein are subject to certain risks
and uncertainties that could cause actual results to
differ materially from those projected. For example,
risks and uncertainties can arise with changes in:
general economic conditions, including their impact on
capital expenditures; business conditions in the retail
industry; the regulatory environment; rapidly changing
technology and competitive factors, including increased
competition with regional and national retailers; and
price pressures.
The
Company undertakes no obligation to publicly revise or
update these forward-looking statements to reflect events
or circumstances that arise after the date hereof other
than through its periodic filings with the Securities and
Exchange Commission that are available to the
public.
| Weis Markets, Inc. and Subsidiaries |
| COMPARATIVE SUMMARY OF UNAUDITED SALES & EARNINGS |
| First Quarter - 2003 |
| 13 Week | 13 Week | ||
| Period Ended | Period Ended | Increase | |
| March 29, 2003 | March 30, 2002 | (Decrease) | |
| Net Sales | $509,071,000 | $504,423,000 | 0.9% |
| Income Before Taxes | 25,438,000 | 23,733,000 | 7.2% |
| Provision for Income Taxes | 9,654,000 | 8,957,000 | 7.8% |
| Net Income | $15,784,000 | $14,776,000 | 6.8% |
| Weighted-Average | |||
| Shares Outstanding | $27,194,000 | $27,204,000 | (10,000) |
| Basic and Diluted | |||
| Earnings Per Share | $0.58 | $0.54 | $0.04 |