J & J Snack Foods Reports First Quarter Sales and Earnings
January 25, 2016 at 04:01 pm EST
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PENNSAUKEN, N.J., Jan. 25, 2016 (GLOBE NEWSWIRE) -- J & J Snack Foods Corp. (NASDAQ:JJSF) today announced sales and earnings for the first quarter ended December 26, 2015.
Sales increased 5% to $222.8 million from $212.8 million in last year’s first quarter. Net earnings increased 11% to $12.5 million in the current quarter from $11.3 million last year. Earnings per diluted share increased 10% to $.66 for the first quarter from $.60 last year. Operating income increased 11% to $18.4 million in the current quarter from $16.6 million in the year ago quarter.
Gerald B. Shreiber, J & J’s President and Chief Executive Officer, commented, “Led by a particularly strong performance by our ICEE beverage group, all of our businesses contributed to our improved results in sales and net earnings.”
J&J Snack Foods Corp. is a leader and innovator in the snack food industry, providing nutritional and affordable branded niche snack foods and beverages to foodservice and retail supermarket outlets. Manufactured and distributed nationwide, our principal products include SUPERPRETZEL, BAVARIAN BAKERY and other soft pretzels, ICEE and SLUSH PUPPIE frozen beverages, LUIGI’S, PHILLY SWIRL, 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, CALIFORNIA CHURROS and TIO PEPE’S churros, PATIO Burritos and other handheld sandwiches, THE FUNNEL CAKE FACTORY funnel cakes, and several cookie brands within COUNTRY HOME BAKERS. For more information, please visit us at www.jjsnack.com.
*MINUTE MAID is a registered trademark of The Coca-Cola Company
J & J SNACK FOODS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(in thousands, except per share amounts)
Three months ended
December 26,
December 27,
2015
2014
Net Sales
$
222,850
$
212,752
Cost of goods sold
159,015
151,651
Gross Profit
63,835
61,101
Operating expenses
Marketing
19,629
19,487
Distribution
18,256
17,521
Administrative
7,690
7,525
Other general income
(100
)
(42
)
Total Operating Expenses
45,475
44,491
Operating Income
18,360
16,610
Other income (expense)
Investment income
1,160
1,354
Interest expense & other
(32
)
(24
)
Earnings before
income taxes
19,488
17,940
Income taxes
7,009
6,684
NET EARNINGS
$
12,479
$
11,256
Earnings per diluted share
$
0.66
$
0.60
Weighted average number
of diluted shares
18,839
18,801
Earnings per basic share
$
0.67
$
0.60
Weighted average number of
basic shares
18,687
18,669
J & J SNACK FOODS CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
December 26,
September 26,
2015
2015
(unaudited)
Cash and cash equivalents
$
111,922
$
133,689
Other current assets
193,331
195,129
Property, plant and equipment, net
176,646
172,054
Goodwill
86,442
86,442
Other intangible assets, net
44,490
45,819
Marketable securities held to maturity
87,772
66,660
Marketable securities available for sale
37,508
39,638
Other
3,527
3,504
Total
$
741,638
$
742,935
Current Liabilities
$
94,211
$
97,116
Long-term obligations under capital leases
1,126
1,196
Deferred income taxes
43,719
43,789
Other long-term liabilities
888
915
Stockholders' Equity
601,694
599,919
Total
$
741,638
$
742,935
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:
Dennis G. Moore
Senior Vice President
Chief Financial Officer
(856) 532-6603
J & J Snack Foods Corp. manufactures snack foods and distributes frozen beverages which it markets nationally to the foodservice and retail supermarket industries. The Company operates through three segments: Food Service, Retail Supermarkets and Frozen Beverages. The primary products sold by the Food Service segment are soft pretzels, frozen novelties, churros, handheld products and baked goods. The primary products sold to the retail supermarket channel are soft pretzel products including SUPERPRETZEL and AUNTIE ANNEâS, frozen novelties including LUIGIâS Real Italian Ice, MINUTE MAID Juice Bars and Soft Frozen Lemonade, WHOLE FRUIT frozen fruit bars and sorbet, DOGSTERS ice cream style treats for dogs, PHILLY SWIRL cups and sticks, ICEE Squeeze-Up Tubes and handheld products. This segment also offers Thinsters. The Company sells Frozen Beverages to the foodservice industry primarily under the names ICEE, SLUSH PUPPIE and PARROT ICE in the United States, Mexico and Canada.