Golden Flake

Golden Flake
Public (NASDAQ: GLDC)
Industry Snack Food
Founded 1923
Founder Mose Lischkoff and Frank Mosher
Headquarters Birmingham, Alabama, United States
Area served
 Alabama, Mississippi, Georgia, Florida, Tennessee, Arkansas, Louisiana, South Carolina, Kentucky, Texas, Oklahoma, Missouri, Virginia, North Carolina, Indiana
Key people
 Mark W. McCutcheon (Chairman of the Board), Paul R. Bates (Executive Vice President), David A. Jones (Executive Vice President), Patty Townsend (Chief Financial Officer)
Revenue $137.3 Million USD (2013)[1]
$1.1 Million USD (2013)[1]
Number of employees
 ~800[1]
Parent Golden Enterprises
Website Golden Flake Snack Foods

Golden Flake Snack Foods, a wholly owned subsidiary of Golden Enterprises, is a producer of potato chips, tortilla chips, corn chips, cheese curls, fried pork skins, and other snack foods in the southern United States.[2]

History

The Golden Flake brand (originally known as Magic City Foods)[3] was established in the 1920s by Mose Lischkoff and Frank Mosher in a Birmingham, Alabama grocery store basement. The company changed its name from Magic City Foods to Golden Flake, Inc. in 1956 after having been bought and sold by several different owners.[4] In 1968, the company went public, changing its name again to Golden Enterprises, Inc. It is still publicly traded today, listed in the NASDAQ under the symbol "GLDC".[5]

One of its most famous spokesman was Paul "Bear" Bryant, the legendary head football coach for the Alabama Crimson Tide.[6] For years, the potato chips, along with Coca-Cola, were marketed with the slogan, "'Great Pair' says 'the Bear'".[7][8]

On July 19, 2016, Golden Flake announced that it was being acquired by Utz Quality Foods for $12.00 per share in cash, representing a 71% premium over the average 30 day trading price of $7.00. [9]

Operations

In 2010, John S. Stein retired as Chairman of the Board of Golden Enterprises. In honor of his many years of leadership, Stein was named Chairman Emeritus of the Golden Enterprises Board of Directors. Mark McCutcheon was elected as the new Chairman.[10]

References

  1. 1 2 3 "2013 Golden Enterprises Annual Report" (PDF). Golden Enterprises, Inc. Archived from the original (PDF) on January 2, 2014. Retrieved January 1, 2014.
  2. ↑ "New potato chips from Golden Flake coated with caffeine". The Decatur Daily. Decatur, AL. Associated Press. September 3, 2007. Retrieved January 7, 2014.
  3. ↑ Burhans, Dirk (August 18, 2008). Crunch!: A History of the Great American Potato Chip. Madison, WI: University of Wisconsin Press. p. 80. ISBN 978-0299227708. Retrieved January 7, 2014.
  4. ↑ Burnett, Emmett (October 2013). "Top Crunch of Millions Turns 90; Ninety years old this year, Golden Enterprises is master of the South’s favorite chip — leader in a feast of snack foods producing sales of over $136 million.". Business Alabama. Retrieved January 7, 2014.
  5. ↑ Poe, Ryan (July 18, 2013). "Rising costs take bite out of Golden Flake earnings". Birmingham Business Journal. Retrieved January 7, 2014.
  6. ↑ Nicholson, Gilbert (February 28, 2000). "Coca-Cola, Golden Flake consider selling tapes of Bryant’s show". Sports Business Daily. Retrieved January 7, 2014.
  7. ↑ Theibert, Philip (June 8, 2013). Potato Chip Economics: Everything you need to know about business clearly and concisely explained. New Alresford: John Hunt Publishing Ltd. ISBN 978-1782790341. Retrieved January 7, 2014.
  8. ↑ Nicholson, Gilbert (February 27, 2000). "'Great Pair' hoping to bring back 'The Bear'". Birmingham Business Journal. Retrieved January 7, 2014.
  9. ↑ Golden Enterprises, Inc. and Utz Quality Foods, Inc. announced that they entered into a definitive merger agreement GoldenFlake.com (Golden Enterprises's website) https://goldenflake.com/golden-enterprises-inc-utz-quality-foods-inc-announced-entered-definitive-merger-agreement/ Retrieved September 13, 2016.
  10. ↑ "Golden Enterprises Announces Board Changes Business". July 22, 2010. Retrieved January 2, 2014.
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