Tuesday, G. Willi-Food International Ltd. (WILC), an Israeli food importer and kosher food products supplier, said its first quarter fiscal 2009 profit declined from the previous year quarter on lower margins, with revenues dropping over 10%.
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The company recorded first-quarter net income of $1.61 million, compared to US$2.3 million reported in the previous year quarter.Net income related to company shareholders was US$1.5 million or US$0.14 per share, down from US$2.1 million or $0.20 per share in the first quarter of 2008.
Revenues for the first quarter of 2009 decreased 10.2% to US$22.8 million, compared to revenues of US$25.4 million in the first quarter of 2008. The decrease was attributed mainly to the cessation of the operations the company's U.S. subsidiary Laish Israeli during July 2008.
Gross margin for the first quarter was 22.8%, a decline from 28.5% recorded in the first quarter of 2008
The company expects its 2009 second quarter results not to be affected by the decrease in global purchase prices of food products, as it has completed the sale of the inventory in the orders from vendor's backlog acquired at higher prices.
WILC is currently trading at $2.46, up $0.46 or 23.00%, on a volume of 23,717 shares on the Nasdaq.
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