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| 8-K - J & J SNACK FOODS CORP. 8-K - J&J SNACK FOODS CORP | a6804896.htm |
Exhibit 99.1
J & J Snack Foods Announces Third Quarter Record Sales and Earnings
PENNSAUKEN, N.J.--(BUSINESS WIRE)--July 25, 2011--J & J Snack Foods Corp. (NASDAQ:JJSF) today announced record sales and earnings for its third quarter and nine months ended June 25, 2011.
Sales for the third quarter increased 9% to $206.3 million from $189.7 million in last year's third quarter. Net earnings increased 47% to $23.3 million from $15.9 million last year. Earnings per diluted share were $1.24 for the June quarter compared to $.85 last year. Operating income increased 4% to $27.1 million this year from $26.1 million in the year ago period.
For the nine months ended June 25, 2011, sales increased 6% to $524.7 million from $496.2 million in last year's nine months. Net earnings increased 22% to $39.1 million in the nine months from $32.0 million last year. Earnings per diluted share were $2.08 for the nine months compared to $1.71 last year. Operating income decreased 1% to $52.0 million from $52.4 million in the year ago period.
Net earnings for the third quarter and the nine months included a $6.6 million gain on bargain purchase of a business. Without this gain, net earnings were $16.7 million, or $.89 per diluted share, for the quarter and $32.5 million, or $1.73 per diluted share, for the nine months.
Gerald B. Shreiber, J & J’s President and Chief Executive Officer, commented, "While all of our businesses contributed to the quarter's success, a particularly strong performance by our ICEE group highlighted the quarter."
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, 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, 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.
**BARQ’S is a registered trademark of Barq’s Inc.
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Unaudited Consolidated Statement of Operations |
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Three Months Ended |
Nine Months Ended |
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| June 25 | June 26 | June 25 | June 26 | |||||||||||||
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2011 |
2010 |
2011 |
2010 |
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| (in thousands) | ||||||||||||||||
| Net sales | $ |
206,328 |
$ |
189,729 |
$ |
524,691 |
$ | 496,192 | ||||||||
| Cost of goods sold | 138,787 | 124,698 | 362,027 |
335,345 |
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| Gross profit | 67,541 | 65,031 | 162,664 | 160,847 | ||||||||||||
| Operating expenses | 40,480 | 38,969 | 110,676 | 108,474 | ||||||||||||
| Operating income | 27,061 | 26,062 | 51,988 | 52,373 | ||||||||||||
| Other income | 6,797 | 236 |
7,168 |
717 |
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Earnings before income taxes |
33,858 | 26,298 | 59,156 | 53,090 | ||||||||||||
| Income taxes | 10,532 | 10,437 | 20,077 | 21,138 | ||||||||||||
| Net earnings | $ | 23,326 | $ | 15,861 | $ | 39,079 | $ | 31,952 | ||||||||
| Earnings per diluted share | $ | 1.24 | $ | .85 | $ | 2.08 | $ | 1.71 | ||||||||
| Earnings per basic share | $ | 1.25 | $ | .86 | $ | 2.10 | $ | 1.73 | ||||||||
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Weighted average number of diluted shares |
18,829 | 18,731 | 18,766 | 18,705 | ||||||||||||
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Weighted average number of basic shares |
18,700 | 18,529 | 18,639 | 18,516 | ||||||||||||
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Consolidated Balance Sheets |
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June 25, 2011 |
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September 25, 2010 |
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(Unaudited) |
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| (in thousands) | ||||||||||||||||
| Cash & cash equivalents | $ | 79,643 | $ | 74,665 | ||||||||||||
| Current marketable securities held to maturity | 25,528 | 15,481 | ||||||||||||||
| Other current assets | 154,979 | 130,385 | ||||||||||||||
| Property, plant & equipment, net | 122,375 | 110,092 | ||||||||||||||
| Goodwill | 70,070 | 70,070 | ||||||||||||||
| Other intangible assets, net | 53,140 | 55,284 | ||||||||||||||
| Marketable securities held to maturity | 29,998 | 26,300 | ||||||||||||||
| Other | 2,213 | 1,717 | ||||||||||||||
| Total | $ | 537,946 | $ | 483,994 | ||||||||||||
| Current liabilities | $ | 84,059 | $ | 71,081 | ||||||||||||
| Long-term obligations under capital leases | 429 | 619 | ||||||||||||||
| Deferred income taxes | 34,538 | 30,401 | ||||||||||||||
| Other long-term liabilities | 1,162 | 1,318 | ||||||||||||||
| Stockholders’ equity | 417,308 | 380,575 | ||||||||||||||
| Total | $ | 537,496 | $ | 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