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Shultz Predicts Record QuarterSav-O Stores here said last week it expects record sales and earnings for the first quarter 2001, ending April 21. Elwood F. Winn, president and chief executive officer of the company, said the company anticipates a sales increase of approximately 5% to 6% over the previous quarter's sales of $148 million. "While net earnings are projected to be up just slightly from

Shultz Predicts Record Quarter

Sav-O Stores here said last week it expects record sales and earnings for the first quarter 2001, ending April 21. Elwood F. Winn, president and chief executive officer of the company, said the company anticipates a sales increase of approximately 5% to 6% over the previous quarter's sales of $148 million. "While net earnings are projected to be up just slightly from last year's net earnings of $1.86 million, diluted earnings per share will be at record levels in the range of 34 cents to 36 cents for the quarter, up from 31 cents for the same time last year," Winn said.

Ruddick IRS Charge to Result in First-Quarter Loss

CHARLOTTE, N.C. -- Ruddick Corp. here said last week it will record an income tax charge of approximately $20 million in its second quarter ended April 1, reflecting a settlement reached last with the Internal Revenue Service for tax exposure related to the disallowance of deductions for its employee-insurance policy loan interest and certain administrative service fees for all years of the insurance program. The agreement with the IRS also provided for the surrender of the related insurance policies, thereby eliminating future negative exposure. The charge will reduce net income for the second quarter, scheduled to be reported April 25, by 43 cents per share, which will result in a net loss for the quarter. Ruddick Corp. is a holding company which operates two subsidiaries: the Harris Teeter, supermarket chain, and American & Efird, a manufacturer and distributor of industrial sewing thread.

MAFDA Conference Canceled

BALTIMORE -- The Mid-Atlantic Food Dealers Association here has canceled its executive conference scheduled for April 20-22 at the Landsdowne Resort in Leesburg, Va. Citing "unforeseen circumstances," Delores Skalski, executive director of the association, said the cancellation was on a one-time only basis, adding that the association is looking into rescheduling the event.