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.
Consolidated
Statement of Operations
Three Months
Ended
Six Months
Ended
March 26, March 27, March 26, March 27,
2011
2010
2011
2010
(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
Consolidated Balance
Sheets
March 26,
2011
September 25,
2010
(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.
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