SUNBURY, Pa. -- Weis Markets here said a major stock repurchase and the sale of its food- service division a year ago resulted in lower sales and earnings for the second quarter and first half ended June 30.
quarter and 34.5% to $25.9 million for the half. The company said the results were impacted by two non-recurring events:
The repurchase of shares from the family of the late Sigfried Weis, which resulted in expenses of $5.3 million, as well as a $1.6 million decline in investment income. Sigfried Weis, a former president, was a son of the company's co-founder. Robert Weis, the current chairman, was Sigfried's cousin.
The impact of the stock repurchase will be partially realized in calculations for earnings per share in this year's third and fourth quarters and fully realized in 2002.
The sale a year ago of its food-service division, which impacted year-over-year earnings comparisons by $5.9 million in pretax income. Food service accounted for sales of $5.3 million in last year's second quarter and $37.1 million during the six-month period.