WSMP Named Top 1997 Performer In New Carolinas Stock Index
CLAREMONT, N.C.--(BUSINESS WIRE)--Dec. 29, 1997--WSMP, Inc. (NASDAQ:WSMP - news) was named the top performing stock for 1997 in an
index of publicly held companies in North and South Carolina introduced today by The Charlotte Observer, the largest newspaper in the Carolinas.
The new index was developed for The Observer by Bloomberg News, a leader in information on publicly held companies. The index tracks the stocks of 146
companies based in the two Carolinas, including such major corporations as NationsBank, First Union, Wachovia and Duke Energy. The index excludes
Carolinas-based companies with a market capitalization of $15 million or less.
WSMP was the top performer among all stocks in The Observer/Bloomberg Carolinas Index with a total return of 207 per cent for 1997.
In the article introducing the new index, The Observer said the Claremont-based food service company's significant price gain in 1997 was ''fueled by its aggressive
acquisition strategy and strong earnings reports.''
In the area of earnings reports, on December 17 it was announced that earnings per share for the third quarter of WSMP's fiscal 1998 increased 265 percent
compared to the corresponding quarter of the previous fiscal year, climbing to 16 cents a share versus 6 cents a share. At the same time, it was announced that for
the nine-month period ended November 7, 1997, compared to the nine-month period ended November 1, 1996, WSMP's revenue climbed by 26 percent, net
income more than tripled, and earnings per share increased to 40 cents compared to 14 cents.
Also, WSMP has signed a definitive merger agreement for the acquisition of the 32-unit Sagebrush restaurant chain.
''We feel it is quite an accomplishment to be the top performing stock in the new Carolinas Index, especially considering the wide variety of excellent companies that
are included in this list,'' said David R. Clark, WSMP president and COO.
WSMP is comprised of a variety of food processing operations and a restaurant division. In its food processing operations, WSMP has the capacity to produce
more than four million microwaveable sandwiches per week in its Claremont facility. It also produces packaged, refrigerated meats, vegetables and other items
targeted for the Home Meal Replacement market. And WSMP is one of the largest country ham producers in the nation.
Its restaurant operations include 31 company-owned and 47 franchised restaurants, with a majority of these being Western Steer(R) Steaks, Buffet and Bakery
restaurants, Prime Sirloin(R) Buffet, Bakery and Steaks restaurants and Bennett's(TM) Smokehouse and Saloon restaurants.
Contact:
WSMP, Inc.
David R. Clark, President and COO, 704/459-7626 |
