Golden Enterprises, Inc.'s (NASDAQ: GLDC) Board of Directors today declared a quarterly dividend of $.03125 per share payable January 29, 2014 to stockholders of record on January 20, 2014.

Golden Enterprises, Inc.'s total revenues for the second quarter ended November 29, 2013 were $33.5 million compared to $33.3 million last year, an increase of $244,132 or 1%. Net income for the thirteen weeks ended November 29, 2013 decreased $.04 or $416,061.

For the twenty-six weeks ended November 29, 2013, net income was $.07 per share compared to $.10 per share in the twenty-six weeks ended November 30, 2012. Total revenues year-to-date increased $705,255 or 1%, $68.7 million compared to $68.0 million last year.

Selling, general and administrative expenses for the twenty-six weeks ended November 29, 2013 increased $919,454 compared to the prior year. Along with the costs associated with the implementation of the ERP system, health insurance costs added to the SG&A total. Margins were slightly impacted in the second quarter by a shift in product mix.

The Company's manufacturing portion of the new ERP system went into operation on October 1, 2013 and the remaining facets of the system are expected to be fully functional by the end of the third quarter. The efficiency gains from the ERP system allowed the Company to offer a group of long-term employees a separation package that will be fully implemented in the third quarter.

The following is a summary of net sales and income information for the thirteen weeks and twenty-six weeks ended November 29, 2013 and November 30, 2012.

   
Thirteen Weeks Ended     Twenty-Six Weeks Ended
November 29,   November 30, November 29,   November 30,
2013     2012     2013     2012
Net sales $ 33,486,323 $ 33,208,620 $ 68,628,161 $ 67,892,075
 
Income before income taxes 108,206 894,992 1,487,255 2,069,294
Income taxes

82,010

452,735

689,531

956,901

Net income $ 26,196 $ 442,257 $ 797,724 $ 1,112,393
 

Basic and diluted income per share

$

0.00

 $

0.04

 $

0.07

 $

0.10

 

Basic and diluted weighted shares outstanding

11,732,632

11,734,061

11,732,632

11,734,346

 

This News Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those forward-looking statements. Factors that may cause actual results to differ materially include price competition, industry consolidation, raw material costs and effectiveness of sales and marketing activities, as described in the Company's filings with the Securities and Exchange Commission.

Golden Enterprises, Inc.
Patty Townsend, 205-458-7132