Attached files
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| 8-K - FORM 8-K - J&J SNACK FOODS CORP | jjsnack_8k-072312.htm |
| Exhibit 99.1 | ||
| IMMEDIATE RELEASE | Contact: | Dennis G. Moore |
| FOR: | Senior Vice President | |
| Chief Financial Officer | ||
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6000 Central Highway
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(856) 532-6603 | |
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Pennsauken, NJ 08109
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J & J SNACK FOODS
ANNOUNCES
SALES AND EARNINGS
Pennsauken, NJ, July 23, 2012 - - J & J Snack Foods Corp. (NASDAQ-JJSF) today announced sales and earnings for its third quarter and nine months ended June 23, 2012.
Sales for the third quarter increased 10% to $226.3 million from $206.3 million in last year’s third quarter. For the nine months ended June 23, 2012, sales increased 12% to $588.6 million from $524.7 million in the last year’s nine months. Last year’s net earnings for the third quarter and the nine months included a $6.6 million gain on bargain purchase of a business. Without the benefit of this one time gain last year, net earnings increased 12% to $18.7 million ($0.99 per diluted share) in this year’s quarter compared to $16.7 million ($0.89 per diluted share) last year and for the nine months, earnings increased 6% to $34.6 million ($1.83 per diluted share) from $32.5 million ($1.73 per diluted share) last year.
Last year’s reported net earnings, which included the $6.6 million gain, were $23.3 million ($1.24 per diluted share) for the quarter and $39.1 million ($2.08 per diluted share) for the nine months.
Operating income increased 10% to $29.9 million this year from $27.1 million in the year ago period for the quarter. For the nine months, operating income increased 5% to $54.6 million from $52.0 million in the year ago period.
Gerald B. Shreiber, J & J’s President and Chief Executive Officer, commented, “All of our business groups contributed to our results for the period. During the quarter, we completed the expansion of our Moscow Mills, MO and Carrollton, TX facilities. We continue to make progress expanding our soft pretzel products, including rolls and Bavarian sticks into new venues.”
J & J Snack Foods Corp.’s principal products include SUPERPRETZEL, PRETZEL FILLERS and other soft pretzels, ICEE and SLUSH PUPPIE frozen beverages, LUIGI’S, MAMA TISH’S, SHAPE UPS, and MINUTE MAID* 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, MRS. GOODCOOKIE, CAMDEN CREEK, COUNTRY HOME and READI-BAKE cookies, PATIO burritos and HAND FULLS and HOLLY RIDGE BAKERY filled handheld products. 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; Colton, Vernon and Norwalk, California; Holly Ridge, North Carolina; and Weston, Oregon.
*MINUTE MAID is a registered trademark of The Coca-Cola Company.
- more -
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Consolidated Statement of Operations
(unaudited)
(in thousands, except per share amounts)
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Three months ended
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Nine months ended
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June 23,
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June 25,
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June 23,
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June 25,
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2012
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2011
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2012
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2011
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Net Sales
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$ | 226,335 | $ | 206,328 | $ | 588,575 | $ | 524,691 | ||||||||
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Cost of goods sold
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153,828 | 138,787 | 415,675 | 362,027 | ||||||||||||
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Gross Profit
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72,507 | 67,541 | 172,900 | 162,664 | ||||||||||||
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Operating expenses
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Marketing
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19,892 | 18,462 | 54,955 | 51,404 | ||||||||||||
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Distribution
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16,034 | 15,133 | 44,465 | 40,805 | ||||||||||||
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Administrative
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6,873 | 6,355 | 19,158 | 17,890 | ||||||||||||
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Other general (income) expense
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(183 | ) | 530 | (305 | ) | 577 | ||||||||||
| 42,616 | 40,480 | 118,273 | 110,676 | |||||||||||||
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Operating Income
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29,891 | 27,061 | 54,627 | 51,988 | ||||||||||||
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Other income (expense)
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Gain on bargain purchase of
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a business
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- | 6,580 | - | 6,580 | ||||||||||||
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Investment income
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397 | 251 | 1,132 | 694 | ||||||||||||
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Interest expense & other
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11 | (34 | ) | (32 | ) | (106 | ) | |||||||||
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Earnings before
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income taxes
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30,299 | 33,858 | 55,727 | 59,156 | ||||||||||||
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Income taxes
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11,627 | 10,532 | 21,147 | 20,077 | ||||||||||||
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NET EARNINGS
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$ | 18,672 | $ | 23,326 | $ | 34,580 | $ | 39,079 | ||||||||
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Earnings per diluted share
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$ | 0.99 | $ | 1.24 | $ | 1.83 | $ | 2.08 | ||||||||
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Weighted average number
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of diluted shares
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18,947 | 18,829 | 18,917 | 18,766 | ||||||||||||
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Earnings per basic share
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$ | 0.99 | $ | 1.25 | $ | 1.83 | $ | 2.10 | ||||||||
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Weighted average number of
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basic shares
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18,886 | 18,700 | 18,850 | 18,639 | ||||||||||||
-2-
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Consolidated Balance Sheets
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June 23, 2012
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September 24, 2011
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| (unaudited) | ||||||||
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Cash & cash equivalents
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$ | 109,481 | $ | 87,479 | ||||
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Current marketable securities held to maturity
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15,454 | 25,506 | ||||||
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Other current assets
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163,689 | 146,865 | ||||||
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Property, plant & equipment, net
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135,615 | 124,650 | ||||||
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Goodwill
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76,899 | 70,070 | ||||||
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Other intangible assets, net
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49,586 | 52,005 | ||||||
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Marketable securities held to maturity
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39,479 | 42,000 | ||||||
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Other
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3,256 | 2,241 | ||||||
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Total
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$ | 593,459 | $ | 550,816 | ||||
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Current liabilities
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$ | 87,519 | $ | 75,848 | ||||
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Long-term obligations under capital leases
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301 | 523 | ||||||
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Deferred income taxes
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41,024 | 41,050 | ||||||
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Other long-term obligations
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928 | 1,007 | ||||||
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Stockholders’ equity
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463,687 | 432,388 | ||||||
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Total
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$ | 593,459 | $ | 550,816 | ||||
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.
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