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Ruddick's supermarket, thread & technical businesses pull up fiscal Q2

04
May '07
Ruddick Corporation reported that consolidated sales for the fiscal second quarter ended April 1, 2007 increased by 11.4% to $892 million from $801 million in the second quarter of fiscal 2006. For the 26 weeks ended April 1, 2007, consolidated sales of $1.77 billion were 11.0% above the $1.60 billion for the comparable period of fiscal 2006.

The overall increase in consolidated sales during the quarter, and fiscal year to date, was attributable to sales increases at both the Company's Harris Teeter supermarket subsidiary and the Company's American & Efird (A&E) thread and technical textiles subsidiary.

The Company reported consolidated net income of $20.0 million, or $0.42 per diluted share, for the second quarter of fiscal 2007 compared to consolidated net income of $19.8 million, or $0.42 per diluted share, in the prior year second quarter.

For the 26 weeks ended April 1, 2007, consolidated net income was $38.3 million, or $0.80 per diluted share, compared to $36.7 million, or $0.77 per diluted share, in the same period of fiscal 2006.

Results for second quarter of fiscal 2006 included net pre-tax gains totaling $3.3 million ($1.5 million of expense related to new Supplemental Executive Retirement Plans, a $0.8 million gain for insurance proceeds and a $4.0 million gain from the sale of a real estate investment) as previously disclosed.

These transactions effectively increased prior year net income by $2.4 million or $0.05per diluted share for the quarter and 26-week period of fiscal 2006.


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