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 | | G. WILLI-FOOD EXPECTS RECORD QUARTERLY REVENUES FOR FIRST QUARTER OF 2007; 28% GROWTH IN REVENUES OVER PRIOR YEAR'S FIRST QUARTER | | | G Willi Food International | | 01/05/2007 | | | Initial Contributions From Laish Acquisition Complement Organic Growth
Company Expands Into New Logistic Center
G. Willi-Food International Ltd. (NASDAQ: WILC) (the "Company" or "Willi Food"), one of Israel's largest food importers and a single-source supplier of one of the world's most extensive range of quality kosher food products, today announced that it expects to report record revenues for any single quarter in the Company's history for the first quarter of 2007, with growth of approximately 28% over the first quarter of 2006.
Mr. Zwi Williger, President and COO of Willi-Food commented, "The first quarter of 2007 marked a significant period of progress and expansion for Willi Food. We believe that we have made great strides in executing our international growth initiatives, and we expect to deliver record quarterly revenues for the period. In January, we closed the acquisition of Laish Israeli, a U.S. importer and distributor of kosher food products, which is already beginning to contribute to our results. More recently, we concluded a joint venture with the Baron Family to form a global kosher trade and export company that we expect to further extend our international capabilities by adding complementary product lines and presence in several new markets.
"On the operational side of the business, we are pleased to announce the completion of our new state of the art logistics center situated in Yavne. We recently relocated our corporate offices to the new facility, and we look forward to realizing cost savings from consolidation of warehouse operations and implementation of new inventory management systems."
Willi-Food expects to publish its financial results for the first quarter of 2007 in late May. The Company will host an earnings conference call at that time.
The Company stated that financial reporting from recent acquisitions and joint ventures are consolidated into Willi-Food's financial results and will not be itemized going forward.
About G. Willi-Food International, Ltd.
G. Willi-Food International Ltd. is one of Israel's largest food importers and a single-source supplier of one of the world's most extensive ranges of quality kosher food products. It currently imports, markets and distributes more than 400 food products manufactured by some 100 top-tier suppliers throughout the world to more than 1,000 customers. The Company excels in identifying changing tastes in its markets and sourcing high-quality kosher products to address them. For more information, please visit the Company's website at www.willi-food.co.il.
This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding trends, demand for our products and expected revenues, operating results, and earnings. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. These risks and other factors include but are not limited to: changes affecting currency exchange rates, including the NIS/U.S. Dollar exchange rate, payment default by any of our major clients, the loss of one of more of our key personnel, changes in laws and regulations, including those relating to the food distribution industry, and inability to meet and maintain regulatory qualifications and approvals for our products, termination of arrangements with our suppliers, in particular Arla Foods, loss of one or more of our principal clients, increasing levels of competition in Israel and other markets in which we do business, changes in economic conditions in Israel, including in particular economic conditions in the Company's core markets, our inability to accurately predict consumption of our products and risks associated with product liability claims. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading "Risk Factors" in the Company's Annual Report on Form 20-F, filed with the Securities and Exchange Commission. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. We do not assume any obligation to update the forward-looking information contained in this press release.
Contact: G. Willi Food International Ltd. Chen Shlein, CFO +972-8-932-2233 chen@willi-food.co.il IR contact: The Global Consulting Group Christopher Chu +1-646-284-9426 cchu@hfgcg.com SOURCE G Willi Food International | |
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