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Weis reports another drop in 4Q, ACNB up in 2013

While a large supermarket chain dropped heavily in the fourth quarter and for the year, one bank holding company saw earnings rise in 2013.

Weis Markets Inc. reported a drop-off in sales and an even bigger one in net income in the fourth quarter of 2013.
The Sunbury-based supermarket company, which went the entire fourth quarter with an interim CEO, this week reported sales for the quarter were down 1.1 percent compared to the same period in 2013, and net income dropped almost 29 percent for the same period.
That sent earnings per share tumbling from 83 cents in the fourth quarter of 2012 to 59 cents per share in the same period of 2013.
The company blamed a shorter holiday season, slumping deli sales due to manufacturer recalls, a decline in food stamp spending and a $680,000 future liability associated with the lease commitment of a property where Weis closed a store.
On Nov. 9, the company closed a store in Pottstown because of under-performance, according to a company news release.
It follows a third quarter where the company also reported slumping sales.
For the year, the company reported a minimal dip in sales, with net income of $71.7 million, down 13.1 percent from 2012 to 2013. That resulted in earnings per share dropping from $3.07 in 2012 to $2.67 in 2013.
The company said the net income dropped for the year in part because of the $6.1 million it spent for a separation agreement with its former CEO, David Hepfinger, who resigned in September.
In February, Jonathan Weis, son of company chairman Robert F. Weis, took over as CEO.
Weis trades on the New York Stock Exchange under the ticker symbol WMK and has numerous midstate locations.
• • •ACNB Corp., the parent company of ACNB Bank in Gettysburg, reported year-to-year growth of about 5 percent from 2012 to 2013.
The company on Thursday reported net income of $9.32 million for the year, up from $8.89 million in 2012. Net income per share rose to $1.56 from $1.49 in 2012.
The company, which also owns Maryland-based Russell Insurance Group Inc., said total assets were down to $1.046 billion from $1.05 at the end of 2012. Deposits were down 4 percent, though loans rose 3 percent.
ACNB paid out dividends of 76 cents per share on the year, the same amount as in 2011 and 2012, according to a company news release.
ACNB Bank has 19 midstate locations, including three in York County and one in Cumberland County.
ACNB Corp. is traded on the Nasdaq at ACNB.

Michael Sadowski

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