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| 8-K - J & J SNACK FOODS CORP. 8-K - J&J SNACK FOODS CORP | a6695314.htm |
Exhibit 99.1
J & J Snack Foods Reports Second Quarter Sales and Earnings
PENNSAUKEN, N.J.--(BUSINESS WIRE)--April 25, 2011--J & J Snack Foods Corp. (NASDAQ-JJSF) today announced record sales and lower earnings for its second quarter and six months ended March 26, 2011.
Sales increased 3% to $162.7 million from $157.4 million in last year's second quarter. Net earnings decreased 4% to $8.7 million from $9.0 million last year. Earnings per diluted share were $.46 for the March quarter compared to $.48 last year. Operating income decreased 6% to $14.0 million this year from $14.8 million in the year ago period.
For the six months ended March 26, 2011, sales increased 4% to $318.4 million from $306.5 million in last year’s first half. Net earnings decreased 2% to $15.8 million in the six months from $16.1 million last year. Earnings per diluted share were $.84 for the six months compared to $.86 last year. Operating income decreased 5% to $24.9 million from $26.3 million in the year ago period.
Gerald B. Shreiber, J & J’s President and Chief Executive Officer, commented, "Although our overall sales grew modestly, higher input costs and operating expenses impacted our profitability for the period and the six months."
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 |
Six Months Ended |
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| March 26, | March 27, | March 26, | March 27, | |||||||||||||
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2011 |
2010 |
2011 |
2010 |
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| (unaudited) | ||||||||||||||||
| (in thousands) | ||||||||||||||||
| Net sales | $ | 162,731 | $ | 157,361 | $ | 318,363 | $ | 306,463 | ||||||||
| Cost of goods sold | 113,709 | 107,564 | 223,240 | 210,647 | ||||||||||||
| Gross profit | 49,022 | 49,797 | 95,123 | 95,816 | ||||||||||||
| Operating expenses | 35,068 | 34,977 | 70,196 | 69,505 | ||||||||||||
| Operating income | 13,954 | 14,820 | 24,927 | 26,311 | ||||||||||||
| Other income | 171 | 198 | 371 | 481 | ||||||||||||
| Earnings before income taxes | 14,125 | 15,018 | 25,298 | 26,792 | ||||||||||||
| Income taxes | 5,466 | 6,018 | 9,545 | 10,701 | ||||||||||||
| Net earnings | $ | 8,659 | $ | 9,000 | $ | 15,753 | $ | 16,091 | ||||||||
| Earnings per diluted share | $ | .46 | $ | .48 | $ | .84 | $ | .86 | ||||||||
| Earnings per basic share | $ | .46 | $ | .49 | $ | .85 | $ | .87 | ||||||||
| Weighted average number of diluted shares | 18,767 | 18,666 | 18,734 | 18,691 | ||||||||||||
| Weighted average number of basic shares | 18,638 | 18,477 | 18,608 | 18,510 | ||||||||||||
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Consolidated Balance Sheets |
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March 26, 2011 |
September 25, 2010 |
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| (unaudited) | ||||||||||||||||
| (in thousands) | ||||||||||||||||
| Cash & cash equivalents | $ | 96,436 | $ | 74,665 | ||||||||||||
| Current marketable securities held to maturity | 25,550 | 15,481 | ||||||||||||||
| Other current assets | 128,294 | 130,385 | ||||||||||||||
| Property, plant & equipment, net | 108,316 | 110,092 | ||||||||||||||
| Goodwill | 70,070 | 70,070 | ||||||||||||||
| Other intangible assets, net | 52,735 | 55,284 | ||||||||||||||
| Marketable securities held to maturity | 10,998 | 26,300 | ||||||||||||||
| Other | 2,239 | 1,717 | ||||||||||||||
| Total | $ | 494,638 | $ | 483,994 | ||||||||||||
| Current liabilities | $ | 67,498 | $ | 71,081 | ||||||||||||
| Long-term obligations under capital leases | 493 | 619 | ||||||||||||||
| Deferred income taxes | 30,401 | 30,401 | ||||||||||||||
| Other long-term obligations | 1,167 | 1,318 | ||||||||||||||
| Stockholders’ equity | 395,079 | 380,575 | ||||||||||||||
| Total | $ | 494,638 | $ | 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
Senior
Vice President
Chief Financial Officer
(856) 532-6603