Attached files
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| 8-K - J & J SNACK FOODS CORP. 8-K - J&J SNACK FOODS CORP | a6580514.htm |
Exhibit 99.1
J & J Snack Foods Reports First Quarter Sales and Earnings
PENNSAUKEN, N.J.--(BUSINESS WIRE)--January 20, 2011--J & J Snack Foods Corp. (NASDAQ-JJSF) today announced sales and earnings for the first quarter ended December 25, 2010.
Sales increased 4% to $155.6 million from $149.1 million in last year’s first quarter. Net earnings were $7.1 million in the current quarter compared to $7.1 million last year. Earnings per diluted share were $.38 for the first quarter compared to $.38 last year. Operating income decreased 5% to $11.0 million in the current quarter from $11.5 million in the year ago quarter.
Gerald B. Shreiber, J & J’s President and Chief Executive Officer, commented, “Our businesses, with the exception of our Frozen Beverages business, had a strong quarter. Our Frozen Beverages business which includes ICEE, ARCTIC BLAST, SLUSH PUPPIE and PARROT ICE was impacted by higher expenses.”
J & J Snack Foods Corp.’s principal products include SUPERPRETZEL, PRETZEL FILLERS and other soft pretzels, ICEE, SLUSH PUPPIE and ARCTIC BLAST frozen beverages, LUIGI’S, MAMA TISH’S, SHAPE UPS, MINUTE MAID* and BARQ’S** frozen juice bars and ices, WHOLE FRUIT sorbet and frozen fruit bars, 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 MRS. GOODCOOKIE, CAMDEN CREEK, COUNTRY HOME and READI-BAKE cookies. J & J has manufacturing facilities in Pennsauken, Bridgeport and Bellmawr, New Jersey; Scranton, Hatfield and Chambersburg, Pennsylvania; Carrollton, Texas; Atlanta, Georgia; Moscow Mills, Missouri; Pensacola, Florida and Colton, Vernon and Norwalk, California.
*MINUTE MAID is a registered trademark of The Coca-Cola Company.
**BARQ’S is a registered trademark of Barq’s Inc.
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Consolidated Statement of Operations |
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Three Months Ended |
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December 25, 2010 |
December 26, 2009 |
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| (unaudited) | ||||||||
| (in thousands) | ||||||||
| Net sales | $ | 155,632 | $ | 149,102 | ||||
| Cost of goods sold | 109,531 | 103,083 | ||||||
| Gross profit | 46,101 | 46,019 | ||||||
| Operating expenses | 35,128 | 34,528 | ||||||
| Operating income | 10,973 | 11,491 | ||||||
| Other income | 200 | 283 | ||||||
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Earnings before income taxes |
11,173 | 11,774 | ||||||
| Income taxes | 4,079 | 4,683 | ||||||
| Net earnings | $ | 7,094 | $ | 7,091 | ||||
| Earnings per diluted share | $ | .38 | $ | .38 | ||||
| Earnings per basic share | $ | .38 | $ | .38 | ||||
| Weighted average number of diluted shares | 18,702 | 18,717 | ||||||
| Weighted average number of basic shares | 18,578 | 18,544 | ||||||
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Consolidated Balance Sheets |
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December 25, 2010 |
September 25, 2010 |
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(unaudited) |
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| (in thousands) | ||||||||
| Cash & cash equivalents | $ | 89,343 | $ | 74,665 | ||||
| Current marketable securities held to maturity | 28,570 | 15,481 | ||||||
| Other current assets | 117,474 | 130,385 | ||||||
| Property, plant & equipment, net | 108,901 | 110,092 | ||||||
| Goodwill | 70,070 | 70,070 | ||||||
| Other intangible assets, net | 53,991 | 55,284 | ||||||
| Marketable securities held to maturity | 8,196 | 26,300 | ||||||
| Other | 2,183 | 1,717 | ||||||
| Total | $ | 478,728 | $ | 483,994 | ||||
| Current liabilities | $ | 59,375 | $ | 71,081 | ||||
| Long-term obligations under capital leases | 556 | 619 | ||||||
| Deferred income taxes | 30,401 | 30,401 | ||||||
| Other long-term obligations | 1,163 | 1,318 | ||||||
| Stockholders’ equity | 387,233 | 380,575 | ||||||
| Total | $ | 478,728 | $ | 483,994 | ||||
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:
J & J Snack Foods Corp.
Dennis G. Moore,
856-532-6603
Senior Vice President
Chief Financial
Officer