Marketing Golden Chips by gze18861

VIEWS: 49 PAGES: 7

More Info
									                                          Golden Enterprises, Inc.
                                            Golden Enterprises, Inc.




            2009
            2009
Annual Report
Annual Report
FOR THE FISCAL YEAR ENDED MAY 31, 2009
 FOR THE FISCAL YEAR ENDED MAY 31, 2009
                                                      MANAGEMENT GOLDEN ENTERPRISES, INC. AND ITS SUBSIDIARY
                                                     MANAGEMENT OFOF GOLDEN ENTERPRISES, INC. AND ITS SUBSIDIARY

                                                       DIRECTORS
                                                     DIRECTORS
                                                       GOLDEN ENTERPRISES, INC.
                                                     GOLDEN ENTERPRISES, INC.




                                                                                                                                                               2009 Annual Report
                                                              >>
                                                         Joann F. Bashinsky
                                                     Joann F. Bashinsky                    Chairman of Inc.
                                                                                        Chairman of SYB,SYB, Inc.
                                                        Mark W. McCutcheon
                                                     Mark W. McCutcheon                     President and Chief Executive Officer of Golden Enterprises,
                                                                                        President and Chief Executive Officer of Golden Enterprises, Inc. Inc.
      Golden Enterprises,
   Golden Enterprises, Inc.Inc.
                                                          P. McKleroy, Jr.
                                                     JohnJohn P. McKleroy, Jr.              Partner, Spain & Gillon, Counsel for the Company
                                                                                        Partner, Spain & Gillon, Counsel for the Company
                                                         J. Wallace Nall,
                                                     J. Wallace Nall, Jr. Jr.               President of Development Corporation
                                                                                        President of Nall Nall Development Corporation
                                                        Edward R. Pascoe
                                                     Edward R. Pascoe                       Retired, Chairman of City Bolt & Screw, Inc.
                                                                                        Retired, Chairman of SteelSteel City Bolt & Screw, Inc.
                                                         F. Wayne
                                                     F. Wayne Pate Pate                     Retired, President and Chief Operations Officer of Golden Enterprises,
                                                                                        Retired, President and Chief Operations Officer of Golden Enterprises, Inc. Inc.
                                                        James I. Rotenstreich
                                                     James I. Rotenstreich                 Chairman and Chief Executive Officer of Holdings, Inc.
                                                                                        Chairman and Chief Executive Officer of JHFJHF Holdings, Inc.


                             TAKE NEW STORE PHOTO         S.P. Samford
                                                     JohnJohn S.P. Samford
                                                     JohnJohn S. Stein
                                                          S. Stein
                                                                                            President of Samford Capital Corporation
                                                                                        President of Samford Capital Corporation
                                                                                           Chairman of the Board of Golden Enterprises,
                                                                                        Chairman of the Board of Golden Enterprises, Inc. Inc.



  COUNSEL
COUNSEL                                             Golden Flake
                                                       OFFICERS
                                                     OFFICERS



                                                             Green News
Spain & Gillon, L.L.C.
    Spain & Gillon, L.L.C.
                                                       GOLDEN ENTERPRISES, INC.
                                                     GOLDEN ENTERPRISES, INC.
    Birmingham, Alabama
Birmingham, Alabama
                                                          S. Stein
                                                     JohnJohn S. Stein                     Chairman of the Board of Golden Enterprises,
                                                                                        Chairman of the Board of Golden Enterprises, Inc. Inc.

  AUDITORS
AUDITORS                                                Mark W. McCutcheon
                                                     Mark W. McCutcheon                     President and Chief Executive Officer
                                                                                        President and Chief Executive Officer
   Dudley, Hopton-Jones, & Freeman PLLP
Dudley, Hopton-Jones, SimsSims & Freeman PLLP            Patty Townsend
                                                     Patty Townsend                         Chief Financial Officer, Vice-President and Secretary
                                                                                        Chief Financial Officer, Vice-President and Secretary
                                                                            Process Water Treatment Plant
  REGISTRAR & TRANSFER AGENT
REGISTRAR & TRANSFER AGENT                             GOLDENFlake Snack Foods has completed INC.
                                                         Golden FLAKE SNACK FOODS, INC.
                                                     GOLDEN FLAKE SNACK FOODS,the construction of a
                                                                membrane bioreactor (ADI-MBR) system that will treat aerobically
    Shareholder Relations Dept. -
Shareholder Relations Dept. - 11E 11E                        MBR plant built     is in President Treasurer
                                                                                       its initial and Treasurer
                                                        Mark W. McCutcheonby ADI President andstart up phase which began in
                                                     Mark W. McCutcheon
     Box 11258
P.O.P.O. Box 11258
                                                         Randycharged into a nearby creek alongside theVice-Presidentwill no longer
                                                     Randy BatesBates                       Executive property
                                                                                       Executive Vice-Presidentand
   Church Street Station
Church Street Station
                                                               require the need and expense associated with discharging wastewater
   York, New York 10286
NewNew York, New York 10286                              David Jones
                                                     David Jones                            Executive Vice-President
                                                                                       Executive Vice-President
                                                               to the local municipal wastewater treatment plant for treatment.
    1-800-524-4458
1-800-524-4458                                           Jim Harrington,
                                                     Jim Harrington, Jr. Jr.                Controller
                                                                                       Controller
                                                               includes a submerged physical membrane barrier to provide a highly
                                                               advanced liquid-solid separation instead of gravity clar          n.
                                                               MBR technology provides numerous advantages over conventional

                                                                excellent e    nt quality provided with virtually non-detectable
                                                                suspended solids concentration (less than 1 mg/l). Additionally, the
                                                                                              RECYCLE, PRESERVE AND PROTECT
                                                                                          RECYCLE, PRESERVE AND PROTECT
                                                                higher concentration of biomass inventory in the MBR system pro-

                                                                the amount of waste sludge that is being produced and disposed of.




                                                                                                                       Annual Report * 2009




   WWW.GOLDENFLAKE.COM
 WWW.GOLDENFLAKE.COM
                                                                                                                          T   hrough planning, positioning and commitment, guided by our long practiced “Golden Rule”;
                                                                                                                              our employees delivered another successful year at Golden Flake. Moving into the year with
                                                                                                                        many economic uncertainties, our team delivered the best results since 2002!

                                                                                                                        Not only did net sales increase 8%, but more importantly operating income saw an increase of 48%
Post process water will
                                                                                                                        and total net income increased 76%.

                                                                                                                        Many factors set in motion several years ago helped in achieving our goals, from the realignment of our
membranes which will



                                                                                                                        in our products during this economic recovery, have together proven positive in the results generated.

                                                                                                                        We have and continue to be good stewards of our resources, from the early implemented procedure
                                 Process Water Cleansing Cycle – General Flow                                           in the 70’s of returning cartons for reuse, to starch recovery from potato processing in the 90’s. As
                                 Post process wastewater at Golden Flake ows to the existing collection system          we move into the new year we will continue our long term stewardship approach to our resources
                                 and is pumped to the ne screens for removal of various solids, trash and debris        and through advanced technology move to a “Green is Golden” initiative going forward. To honor
                                 that might damage the MBR’s membranes. Wastewater will ow from this box
                                 into the new pump station. Pre-screened wastewater is delivered to the MBR
                                 system through a new above-ground in uent pumping station and force main.
                                    e MBR system includes a pre-aeration tank (370,000 gallons), two mem-               help the ecology of the stream adjacent to our Birmingham Plant. With this, we expect to be able to
                                 brane tanks (32,000 gallons each), re-aeration chamber, control building and           reduce our utility cost associated with disposing of process water in the conventional manner.
Up to 250 gallons per
                                 sludge dewatering system.
                                                                                                                        The driving force to deliver sustainable and dependable growth is through our consistent cost
                                 In the pre-aeration tank, air is supplied to provide oxygen for BOD removal
water will be pumped into        and nitri cation. Aeration and mixing are provided by a ne-bubble di used              only as part of our commitment to your Company, but to our environment as well!
                                 aeration system and two 1,200 scfm (1 duty, 1 standby) positive-displacement
a local stream, and as a         blowers. Partially stabilized wastewater ows by gravity from the pre-aeration
                                                                                                                        While we are excited about our new year, we expect there to be challenges. That being said, Golden
result, healthy growth of        tank to the membrane tanks.
                                                                                                                        Flake and Golden Enterprises are committed to positioning your Company to satisfy the expectations
wildlife will return to the      Within the membrane tanks, further carbonaceous BOD removal occurs as well as          of our consumers, customers, employees and shareholders.
                                 nitri cation and solids-liquid separation. Two blowers supply air, through di users,
local ecosystem.                 for the membrane scour process, basin mixing, and treatment. Final MBR e uent          Please accept my personal invitation to attend our annual meeting of stockholders to be held at our
                                 is ltered by passing through the membranes and then delivered for re-aeration          Birmingham headquarters on September 24, 2009 at 11:00 Central Daylight Time.
                                 prior to being introduced into the nearby creek.
                                    is entire process will be computer monitored with a redundant system to
                                 insure that cleansed water entering the low ow creek will not only improve             Mark McCutcheon
                                   ow, but allow aquatic life to regenerate.




        Annual Report * 2 0 09                                                                                                                                                                                                    Annual Report * 2009
                        TM




                                                                                                                                                                                                                              Golden Flake is the #1

                                    Who We Are:
                                                                                                                                                                                                                               seller of pork skins in the
                                    Golden Flake Snack Foods, Inc. (NASDAQ: GLDC), headquartered in                                                                                                                           Southeastern U.S.
                                    Birmingham, Alabama, manufactures and distributes a full line of snack
                                    food items. Golden Flake’s brands include: Golden Flake, Tostados™ and             Vehicles:
                                    Maizetos™.
                                                                                                                       trailers, cars and miscellaneous vehicles.
Golden Flake is                     O ce Headquarters:
                                    Birmingham, Alabama - Founded in 1923.                                             Distribution Footprint:
                                                                                                                       Golden Flake products are distributed in the Southeastern states through our
                                                                                                                       company routes and growing distributor network, as well as online through
Potato Chip”®.                      Employees:                                                                         our company store. As we continue to reach out into new marketing areas,
                                    Golden Flake employs approximately 818 people who are involved in route
                                    sales and sales supervision, production and production supervision, administra-    snacks.
                                    tive and management personnel.
                                                                                                                                                                  Illinois    Indiana
                                    What We Sell:
                                    Golden Flake sells a full line of potato chips, pork skins, tortilla chips, corn                             Missouri                        Kentucky

                                                                                                                                                                                                       North Carolina
                                    cookie items, salsas and dips, pretzels, cracker sandwiches, dried meat snacks                                                            Tennessee
                                    and nuts.                                                                                    Oklahoma         Arkansas                                             South
                                                                                                                                                                                                        Carolina
                                    Manufacturing Plants:                                                                                                                     Alabama
                                                                                                                                                                                             Georgia
                                                                                                                                                                Mississippi



                                    sists of approximately 100,000 square feet of manufacturing space.                   Texas
                                                                                                                                                    Louisiana
                                    Distribution Warehouses:
                                    Golden Flake owns branch warehouses in Birmingham, Montgomery,                                                                                                        Florida


                                      Tuscaloosa, Mobile, Dothan and Oxford, Alabama; Gulfport and Jackson,
                                       Mississippi; Knoxville and Memphis, Tennessee; Decatur and Macon,
                                       Georgia; Jacksonville, Panama City, Tallahassee and Pensacola, Florida;                   Years in Area         Over 30 Years                    20-30 Years           0-10 Years
                                        and New Orleans, Louisiana.
                                                                                                                                   Our Manufacturing Plants



           Annual Report * 2 0 09                                                                                                                                                                                          Annual Report * 2009
                                                                                                                                         The Taste of
                                                                                                                                                                                                                                                                         MANUFACTURER’S COUPON - EXPIRES 07/31/09




                                                                                                                                      Southern Tailgating                                      TM


                                                                                                                                                                                                                                                                                                                                                          Save
                                                                                                                                                                                                                                                                         Any Golden Flake Product
                                                                                                                                                                                                                                                                              10 oz. or Larger




                                                                                                                                                                                                                                                                         Retailer: Golden Flake will redeem for face value plus 8¢ provided
                                                                                                                                                                            Thanks Alabama Grocers                                                                       y o u h a v e c o m p l i e d w i t h i t s t e r m s a n d o u r r e d e m p t i o n p o l i c y.
                                                                                                                                                                              for All Your Support!                                                                      ANY OTHER USE CONSTITUTES FRAUD. For payment mail to:
                                                                                                                                                                                                                                                                         G o l d e n F l a k e S n a c k F o o d s , P. O . B o x 8 7 0 0 6 2 , E l P a s o , T X
                                                                                                                                                                                                                                                                         88587-0062. Cash value 1/20¢. Void where restricted. Limit one
                                                                                                                                                                                                                                                                         coupon per purchase .
                                                                                                                                                                                                                                                                                                                                                          072080-011314

                                                                                                                                                Team up with Golden Flake Potato


                                                 At Golden Flake, innovation and dedication to quality are essential ingredi-
                                                                                                                                                   Chips and Barber’s Party Dip
                                                                                                                                                       at your next tailgate!




                                                                                                                                                                                                                                  05 MDcyMDgwMDExMzE0MjU1MTEwMTEzMzA5




                                                                                                                                                                                                                                                                                                                    05 MDcyMDgwMDExMzE0MjU1MTEwMTEzMzA5
                                                                                                                                                                                                                                  03 cyBJbmMuCEFydCBEZXB0AEnQi28CMTMD
                                                                                                                                                                                                                                  04 MTAwATAALjU3MjA4MDExMzU1LDgxMTAw




                                                                                                                                                                                                                                                                                                                    03 cyBJbmMuCEFydCBEZXB0AEnQi28CMTMD
                                                                                                                                                                                                                                                                                                                    04 MTAwATAALjU3MjA4MDExMzU1LDgxMTAw
                                                                                                                                                                                                                                  02 U v0Rb GG r S T mj y G2 k




                                                                                                                                                                                                                                                                                                                    02 U v0Rb GG r S T mj y G2 k
                                                                                                                                                                                                                                  0n 1d b1 6iB b FZ B b Fa B b 9




                                                                                                                                                                                                                                                                                                                    0n 1d b1 6iB b FZ B b Fa B b 9
                                                                                                                                                                                                                                                                        72080 11355




                                                                                                                                                                                                                                  F HMDczMTEA
                                                                                                                                                                                                                                                                                                           5




                                                                                                                                                                                                                                                                                                                    F HMDczMTEA
                                                                                                                                                                                                                              5




                                                                                                                                                                                                                                   1L 0 G l
                                                                                                                                                                                                                                       5 3




                                                                                                                                                                                                                                                                                                                     1L 0 G l
                                                                                                                                                                                                                                                                                                                         5 3
                                                 ents to our success. It is our goal to provide exciting new products that taste                Made in Alabama for over 75 years!




                                                 consumers know and trust.

                                                                                                                                   Advertising for 2008-2009 included Super Bowl and Memorial Day weekend
New Items of        2009                         New products for 2008-2009 included the introduction of Golden Flake
                                                 Salsa Verde Tortilla Chips, Golden Flake Mild Salsa, Golden Flake Sour            FSI’s featured throughout the Southeast with a circulation of over 4 million, and
Salsa Verde Tortilla Chips                                                                                                         full color ads in southern lifestyle magazines.
Sour Cream n’ Onion Thin & Crispy Potato Chips   Super Strips and Golden Flake Southern Fried Chicken Cracklins. Existing
                                                 packaging for Golden Flake Cheese Salsa, Golden Flake French Onion Dip,
Pork Cracklin Super Strips
                                                 11 oz. Maizetos™ Tortilla Chips, and 11 oz. Tostados™ Tortilla Chips were
Southern Fried Chicken Cracklins                 updated with fresh designs. In addition to the new items and packaging
Golden Flake Mild Salsa                          changes, several old favorites were resized for line extensions in C-stores and
                                                 supermarkets.




               Annual Report * 2 0 09                                                                                                                                                                                  Annual Report * 2009
                                                                                                                              MANAGEMENT GOLDEN ENTERPRISES, INC. AND ITS SUBSIDIARY
                                                                                                                             MANAGEMENT OFOF GOLDEN ENTERPRISES, INC. AND ITS SUBSIDIARY

                                                                                                                               DIRECTORS
                                                                                                                             DIRECTORS
                                                                                                                               GOLDEN ENTERPRISES, INC.
                                                                                                                             GOLDEN ENTERPRISES, INC.

                                                                                                                                 Joann F. Bashinsky
                                                                                                                             Joann F. Bashinsky             Chairman of SYB,
                                                                                                                                                         Chairman of SYB, Inc. Inc.
                                                               2009                           2008                              Mark W. McCutcheon
                                                                                                                             Mark W. McCutcheon              President and Chief Executive Officer of Golden Enterprises,
                                                                                                                                                         President and Chief Executive Officer of Golden Enterprises, Inc. Inc.
      Golden Enterprises, Inc.
Net Sales Golden Enterprises, Inc.                          $122,168,626               $113,379,832
                                                                                                                                  P. McKleroy, Jr.
                                                                                                                             JohnJohn P. McKleroy, Jr.       Partner, Spain & Gillon, Counsel for the Company
                                                                                                                                                         Partner, Spain & Gillon, Counsel for the Company
Pre-Tax Income                                                $3,348,173                 $1,894,800
Net Income                                                     $1,990,100                $1,127,568                              J. Wallace Nall,
                                                                                                                             J. Wallace Nall, Jr. Jr.        President of Development Corporation
                                                                                                                                                         President of Nall Nall Development Corporation
Net Income Per Share                                                   $0.17                    $0.10                           Edward R. Pascoe
                                                                                                                             Edward R. Pascoe                Retired, Chairman of City Bolt & Screw, Inc.
                                                                                                                                                         Retired, Chairman of SteelSteel City Bolt & Screw, Inc.
Total Assets                                                  $36,404,976               $32,236,045
Total Liabilities                                             $16,997,079               $13,271,471
                                                                                                                                 F. Wayne
                                                                                                                             F. Wayne Pate Pate              Retired, President and Chief Operations Officer of Golden Enterprises,
                                                                                                                                                         Retired, President and Chief Operations Officer of Golden Enterprises, Inc. Inc.
Shareholders’ Equity                                          $19,407,897               $18,964,674                             James I. Rotenstreich
                                                                                                                             James I. Rotenstreich          Chairman and Chief Executive Officer of Holdings, Inc.
                                                                                                                                                         Chairman and Chief Executive Officer of JHFJHF Holdings, Inc.


                                         TAKE NEW STORE PHOTO                          BASIC AND DILUTED
                                                                                                                             JohnJohn S.P. Samford
                                                                                                                                  S.P. Samford
                                                                                                                                  S. Stein
                                                                                                                             JohnJohn S. Stein
                                                                                                                                                             President of Samford Capital Corporation
                                                                                                                                                         President of Samford Capital Corporation
                                                                                                                                                            Chairman of the Board of Golden Enterprises,
                                                                                                                                                         Chairman of the Board of Golden Enterprises, Inc. Inc.
 NET INCOME ($ MILLIONS)                     NET SALES ($ MILLIONS)                    EARNINGS PER SHARE ($)

                                                                               122.2
    COUNSEL
  COUNSEL                                                              113.4                                                   OFFICERS
                                                                                                                             OFFICERS
                                                               110.8
      Spain & Gillon, L.L.C.
  Spain & Gillon, L.L.C.                              106.5
                                                                                                                               GOLDEN ENTERPRISES, INC.
                                                                                                                             GOLDEN ENTERPRISES, INC.
  Birmingham, Alabama
      Birmingham, Alabama                     103.1
                                                                                                                      0.17
                                                                                                                                  S. Stein
                                                                                                                             JohnJohn S. Stein              Chairman of the Board of Golden Enterprises,
                                                                                                                                                         Chairman of the Board of Golden Enterprises, Inc. Inc.
                                                                                                        0.10   0.10
                                  2.0
    AUDITORS
  AUDITORS1.1
     0.3
         1.2
                                                                                        0.00
                                                                                                0.02
                                                                                                                             Mark W. McCutcheon
                                                                                                                                Mark W. McCutcheon           President and Chief Executive Officer
                                                                                                                                                         President and Chief Executive Officer
   -0.01
        Dudley, Hopton-Jones, & Freeman PLLP
  Dudley, Hopton-Jones, SimsSims & Freeman PLLP                                                                                  Patty Townsend
                                                                                                                             Patty Townsend                  Chief Financial Officer, Vice-President and Secretary
                                                                                                                                                         Chief Financial Officer, Vice-President and Secretary

    05     06       07     08      09          05     06        07      08      09       05      06     07      08     09
    REGISTRAR & TRANSFER AGENT
  REGISTRAR & TRANSFER AGENT                                                                                                   GOLDEN FLAKE SNACK FOODS, INC.
                                                                                                                             GOLDEN FLAKE SNACK FOODS, INC.
  TOTAL ASSETS ($ MILLIONS)                  SHAREHOLDERS EQUITY ($ MILLIONS)          RETURN ON EQUITY (%)
      Shareholder Relations Dept. -
  Shareholder Relations Dept. - 11E 11E
                                                                                                                                Mark W. McCutcheon
                                                                                                                             Mark W. McCutcheon              President and Treasurer
                                                                                                                                                         President and Treasurer
       Box 11258
  P.O.P.O. Box 11258
                                                                                                                      10.3      Randy Bates
                                                                                                                             Randy Bates                     Executive Vice-President
                                                                                                                                                         Executive Vice-President
     Church Street Station
  Church Street Station
         33.7 33.3 32.2
   34.4 York, New York 10286
  NewNew York, New York 10286
                                  36.4                                                                  6.2    5.9
                                                                                                                                David Jones
                                                                                                                             David Jones                 Executive Vice-President
                                                                                                                                                             Executive Vice-President

  1-800-524-4458
      1-800-524-4458                           21.0                                             1.4                              Jim Harrington,
                                                                                                                             Jim Harrington, Jr. Jr.        Controller
                                                                                                                                                         Controller
                                                       19.7     19.5    19.0    19.4
                                                                                         0.0




     05    06       07     08      09          05      06       07       08      09     05       06     07      08     09

                                                                                                                                                            RECYCLE, PRESERVE AND PROTECT
                                                                                                                                                          RECYCLE, PRESERVE AND PROTECT




                Annual Report * 2 0 09




      WWW.GOLDENFLAKE.COM
    WWW.GOLDENFLAKE.COM
  Golden Enterprises, Inc.
    Golden Enterprises, Inc.
      Golden Flake Drive
    1 1 Golden Flake Drive
Birmingham, Alabama 35205
 Birmingham, Alabama 35205


PRINTED ON RECYCLED PAPER
 PRINTED ON RECYCLED PAPER

								
To top