Bizim Toptan Reports Results for the First Quarter, Ended March 31, 2011
By Bizim Toptan, PRNETuesday, April 26, 2011
Company Continues to Build Upon Its History of Strong Profitable Growth
ISTANBUL, April 27, 2011 - First-Quarter 2011 Highlights:
- Revenues were TL 382.9 million; - Gross profits were TL 33.3 million; - Net income was TL 6.0 million; and - Operating income was TL 10.9 million.
Bizim Toptan Satis Magazalari A.S. (ISE: BIZIM.TI) ("Bizim Toptan"), a
leading cash and carry wholesaler with a national footprint of 111 stores
throughout Turkey, reported its results for its First Quarter, ended March
31, 2011.
First Quarter of 2011 Results
Total revenue for the first quarter, ended March 31, 2011 increased by
23.2%, or TL 72.0 million to TL 382.9 million from TL 310.9 million in the
first quarter of 2010. Net income for the first quarter of fiscal 2011 was TL
6.0 million, or TL 0.15 per share, absent one-off expense in the first
quarter, net profit would have increased to TL 7.5 million, or 0.19 per
share, compared to net income of TL 8.3 million, or TL 0.21 per share in the
first quarter of 2010. Overall the Company's top-line growth was 23.2%, with
28.2% in main categories and 9.8% attributable to tobacco sales. Bizim
Toptan's strong top-line growth is driven by growth in existing stores and
the opening of new stores during 2011. Like-for-like growth was 17.0% in the
first quarter 2011, with 21.0% in main categories and 7.0% in tobacco.
Bizim Toptan's gross profit was TL 33.3 million in the first quarter of
2011 compared to the same period of 2010 when gross profit was TL 30.0
million. Gross margins during the first quarter was 8.7% compared to the same
period in 2010 when gross margins were 9.7%. Gross margins during the first
quarter of 2011 stabilized to normalized levels when compared to first
quarter of 2010, when margins widened due to sales of tobacco in anticipation
of higher price increases which took effect during the first quarter of 2010.
Operating income during the first quarter 2011 TL 10.9 million compared
to TL 12.9 million recorded during the first quarter of 2010. Operating
income was impacted by expenses related to the Company's recently completed
Initial Public Offering in early February. Absent the impact of the special
items discussed above and the tobacco price increase on first quarter 2010,
EBITDA margin would have been 3.8% in the current quarter.
The Company's net cash from operations at the end of the first quarter
2011 was TL 37.4 million compared to TL 33.3 million as of December 31, 2010,
with almost no financial debt.
During the first quarter of 2011, an additional 2 stores were opened,
increasing the Company's total number of stores to 111. Stores opened during
the first quarter were located in high-growth potential locations such as
Manisa and Antalya Regions.
Mr. Recep Ozalp, general manager of Bizim Toptan stated, "We are
extremely proud of the continued growth in our underlying business. Bizim
Toptan continues to focus on its core strengths which provides a solid
foundation for our strong and consistent results. The Turkish economy
continues to experience tremendous growth and Bizim Toptan is well-positioned
to capitalize on these opportunities. We have the right relationships in
place, a dedicated workforce and the flexibility to react and scale quickly
to opportunities as they arise."
About Bizim Toptan
Incorporated in 2001 and headquartered in Istanbul, Bizim Toptan Satis
Magazalari A.S.(Bizim Toptan) is a leading cash and carry wholesaler in
Turkey. Bizim Toptan operates one of the largest networks with a national
footprint of 111 stores, located in 54 out of 81 major cities throughout
Turkey. The Company sells branded food products, non-alcoholic beverages,
tobacco, household chemicals and personal hygiene products to a diverse mix
of customers which include: wholesalers, traders/distributor wholesalers,
"bakkals," local markets, supermarkets, specialized retailers, corporate
institutions, and HORECA (hotels, restaurants and cafes) customers among
others. The Company's product offering consists of approximately, 2,900
products or stock keeping units ("SKUs"), nationwide and can be grouped as
branded products and private label products. Bizim Toptan is traded on the
Istanbul Stock Exchange under the ticker BIZIM TI (Bloomberg) and BIZIM.IS
(Reuters). For more information on Bizim Toptan, please visit us at
www.bizimtoptan.com
Forward Looking Statements
Any statements set forth herein that are not historical facts are
forward-looking statements that involve risks and uncertainties that could
cause actual results to differ materially from those in the forward-looking
statements.
Forward-looking statements can be recognized by the use of words such as
"expects," "plans," "will," "could", "estimates," "projects," "intends," or
words of similar meaning. Such forward-looking statements speak only as of
the date of this press release, and are not guarantees of future performance.
Such forward-looking statements involve risks and uncertainties that may
cause actual results, performance or financial condition to materially differ
from those expressed or implied in the forward-looking statements as a result
of various factors and assumptions.
The Company undertakes no obligation to revise forward-looking statements
to reflect events or circumstances after the date of this press release.
Potential risks and uncertainties including changes in applicable
regulations, and other information detailed from time to time in the
Company's filings and future filings with the Istanbul Stock Exchange or the
Turkish Capital Markets Board. Accordingly, although the Company believes
that the expectations reflected in such forward-looking statements are
reasonable, there can be no assurance that such expectations will prove to be
correct.
Mr. Gokhan Savas Tolu, Investor Relations Manager, +90-216-559-11-06, gokhansavas.tolu at bizimtoptan.com
Tags: Ahnlab Inc., April 27, Bizim Toptan, Istanbul, Turkey