Snack products maker Golden Enterprises, Inc. (GLDC), on Thursday reported a lower profit for its first quarter due to an increase in selling and other expenses, as well as higher income tax payment.
Looking ahead, the company said commodity costs remain a concern due to recent drought conditions affecting corn and refinery issues that have in the past contributed to higher fuels costs.
Net income for the first quarter was $670,136, compared to $699,571 in the year ago quarter. On a per share basis, quarterly earnings remained unchanged at $0.06.
Net revenues for the first quarter rose to $34.68 million from $33.24 million for the same quarter last year.
The Board of Directors also declared a quarterly dividend of $.03125 per share, payable October 31 to stockholders of record as of October 1.
Shares of Golden Enterprises are currently trading at $3.30, up 10 cents or 3.12%, on the Nasdaq.
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