JJSF J and J Snack Foods Corporation

J & J Snack Foods Corp. (NASDAQ:JJSF) today announced record sales and increased earnings for the first quarter ended December 26, 2009.

Sales increased 6% to $149.1 million from $141.1 million in last year’s first quarter. Net earnings increased 64% to $7.1 million in the current quarter from $4.3 million last year. Earnings per diluted share were $.38 for the first quarter compared to $.23 last year. Operating income increased 68% to $11.5 million in the current quarter from $6.8 million in the year ago quarter.

Gerald B. Shreiber, J & J’s President and Chief Executive Officer, commented, “Lower ingredients and packaging costs, as well as new product sales and innovation, helped drive our results for the quarter. All of our business groups contributed to our record profits.”

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, FRUIT-A-FREEZE frozen fruit bars, MARY B’S biscuits and dumplings, DADDY RAY’S fig and fruit bars, TIO PEPE’S 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 Vernon and Newport, California.

*MINUTE MAID is a registered trademark of The Coca-Cola Company.**BARQ’S is a registered trademark of Barq’s Inc.

     

 

Consolidated Statement of Operations

 

Three Months Ended

December 26,     December 27,

2009

2008

(unaudited) (in thousands)   Net sales $ 149,102 $ 141,142 Cost of goods sold   103,083   100,460 Gross profit 46,019 40,682 Operating expenses   34,528   33,851 Operating income 11,491 6,831 Other income   283   432 Earnings before income taxes 11,774 7,263 Income taxes   4,683   2,944 Net earnings $ 7,091 $ 4,319   Earnings per diluted share $ .38 $ .23 Earnings per basic share $ .38 $ .23 Weighted average number of diluted shares 18,717 18,774 Weighted average number of basic shares 18,544 18,616        

 

Consolidated Balance Sheets

December 26, 2009

   

September 26, 2009

(unaudited) (in thousands)   Cash & cash equivalents $ 60,935 $ 60,343 Current marketable securities held to maturity 27,664 38,653 Other current assets 107,176 112,115 Property, plant & equipment, net 98,698 97,173 Goodwill 60,314 60,314 Other intangible assets, net 48,001 49,125

Long-term marketable securities held to maturity

31,039 19,994 Other   1,967   2,110 Total $ 435,794 $ 439,827   Current liabilities $ 63,862 $ 67,679 Long-term obligations under capital leases 261 285 Deferred income taxes 27,033 27,033 Other long-term obligations 1,891 1,986 Stockholders’ equity   342,747   342,844 Total $ 435,794 $ 439,827  

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.