J & J Snack Foods Reports First Quarter Sales and Earnings
January 27, 2014 at 04:05 pm
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PENNSAUKEN, N.J., Jan. 27, 2014 (GLOBE NEWSWIRE) -- J & J Snack Foods Corp. (Nasdaq:JJSF) today announced sales and earnings for the first quarter ended December 28, 2013.
Sales increased 6% to $203.5 million from $191.4 million in last year's first quarter. Net earnings increased 22% to $12.4 million in the current quarter from $10.2 million last year. Earnings per diluted share increased 22% to $.66 for the first quarter from $.54 last year. Operating income increased 19% to $18.0 million in the current quarter from $15.1 million in the year ago quarter.
Gerald B. Shreiber, J & J's President and Chief Executive Officer, commented, "Our food service group continues to perform well as we continue to expand our line of soft pretzels into restaurant chains. We have expanded our manufacturing capabilities in anticipation of continued growth in this area."
J&J Snack Foods Corp. is a leader and innovator in the snack food industry, providing nutritional and affordable branded niche snack foods and beverages to foodservice and retail supermarket outlets. Manufactured and distributed nationwide, our principal products include SUPERPRETZEL, PRETZEL FILLERS and other soft pretzels, ICEE and SLUSH PUPPIE frozen beverages, LUIGI'S Italian ice, MINUTE MAID* frozen juice bars and ices, WHOLE FRUIT sorbet, MARY B'S biscuits and dumplings, DADDY RAY'S fig and fruit bars, TIO PEPE'S and CALIFORNIA CHURROS churros, THE FUNNEL CAKE FACTORY funnel cakes, and READI-BAKE cookies. For more information, please visit us at www.jjsnack.com.
*MINUTE MAID is a registered trademark of The Coca-Cola Company.
J & J SNACK FOODS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(in thousands, except per share amounts)
Three months ended
December 28,
December 29,
2013
2012
Net Sales
$203,523
$191,408
Cost of goods sold
143,617
137,273
Gross Profit
59,906
54,135
Operating expenses
Marketing
18,032
17,136
Distribution
16,120
15,400
Administrative
6,984
6,599
Other general expense (income)
799
(61)
41,935
39,074
Operating Income
17,971
15,061
Other income (expense)
Investment income
1,138
776
Interest expense & other
(36)
(25)
Earnings before income taxes
19,073
15,812
Income taxes
6,647
5,586
NET EARNINGS
$12,426
$10,226
Earnings per diluted share
$0.66
$0.54
Weighted average number of diluted shares
18,793
18,870
Earnings per basic share
$0.67
$0.54
Weighted average number of basic shares
18,679
18,807
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
(unaudited)
December 28,
September 28,
2013
2013
Cash and cash equivalents
$ 105,749
$97,345
Current marketable securities held to maturity
--
256
Other current assets
159,599
167,116
Property, plant and equipment, at cost
152,085
147,164
Goodwill
84,615
76,899
Other intangible assets, net
43,718
44,012
Marketable securities held to maturity
2,000
2,000
Marketable securities available for sale
107,876
107,664
Other
3,495
3,205
Total
$ 659,137
$645,661
Current Liabilities
$ 88,918
$83,239
Long-term obligations under capital leases
458
136
Deferred income taxes
45,193
45,183
Other long-term liabilities
535
538
Stockholders' Equity
524,033
516,565
Total
$ 659,137
$645,661
The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly revise or update these forward-looking statements to reflect events or circumstances that arise after the date hereof.
CONTACT: Dennis G. Moore
Senior Vice President
Chief Financial Officer
(856) 532-6603
J & J Snack Foods Corp. manufactures snack foods and distributes frozen beverages which it markets nationally to the foodservice and retail supermarket industries. The Company operates through three segments: Food Service, Retail Supermarkets and Frozen Beverages. The primary products sold by the Food Service segment are soft pretzels, frozen novelties, churros, handheld products and baked goods. The primary products sold to the retail supermarket channel are soft pretzel products including SUPERPRETZEL and AUNTIE ANNEâS, frozen novelties including LUIGIâS Real Italian Ice, MINUTE MAID Juice Bars and Soft Frozen Lemonade, WHOLE FRUIT frozen fruit bars and sorbet, DOGSTERS ice cream style treats for dogs, PHILLY SWIRL cups and sticks, ICEE Squeeze-Up Tubes and handheld products. This segment also offers Thinsters. The Company sells Frozen Beverages to the foodservice industry primarily under the names ICEE, SLUSH PUPPIE and PARROT ICE in the United States, Mexico and Canada.