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J & J Snack Foods Reports First Quarter Sales and Earnings

Monday, January 28, 2013 4:00 PM


PENNSAUKEN, N.J., Jan. 28, 2013 (GLOBE NEWSWIRE) -- J & J Snack Foods Corp. (Nasdaq:JJSF) today announced sales and earnings for the first quarter ended December 29, 2012.

Sales increased 11% to $191.4 million from $172.7 million in last year's first quarter. Net earnings increased 86% to $10.2 million in the current quarter from $5.5 million last year. Earnings per diluted share increased 86% to $.54 for the first quarter from $.29 last year. Operating income increased 78% to $15.1 million in the current quarter from $8.5 million in the year ago quarter.

Gerald B. Shreiber, J & J's President and Chief Executive Officer, commented, "Our foodservice and frozen beverage businesses performed well and helped establish record sales and earnings for 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, 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.

 J & J SNACK FOODS CORP. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF EARNINGS
 (Unaudited)
 (in thousands, except per share amounts)
 
   Three months ended
  December 29, December 24,
  2012 2011
     
Net Sales $191,408 $172,686
     
Cost of goods sold 137,273 126,280
Gross Profit 54,135 46,406
     
Operating expenses    
Marketing 17,136 17,659
Distribution 15,400 14,219
Administrative 6,599 6,066
Other general income (61) (1)
  39,074 37,943
     
Operating Income 15,061 8,463
     
Other income (expense)    
Investment income 776 355
Interest expense & other (25) (39)
     
Earnings before income taxes 15,812 8,779
     
Income taxes 5,586 3,294
     
NET EARNINGS $10,226 $5,485
     
Earnings per diluted share $0.54 $0.29
     
Weighted average number of diluted shares 18,870 18,874
     
Earnings per basic share $0.54 $0.29
     
Weighted average number of basic shares 18,807 18,806
 
 
 CONSOLIDATED BALANCE SHEETS
 (in thousands, except share amounts)
     
  (unaudited)  
  December 29, September 29,
  2012 2012
Cash and cash equivalents  $ 80,216  $ 154,198
Current marketable securities held to maturity  976  1,214
Other current assets  150,516  152,656
Property, plant and equipment, at cost 141,950 141,544
Goodwill 76,899 76,899
Other intangible assets, net 47,345 48,464
Marketable securities held to maturity 24,998 24,998
Marketable securities available for sale 80,029  --
Other 3,309 3,071
Total  $ 606,238  $ 603,044
     
Current Liabilities  $ 78,037  $ 81,505
Long-term obligations under capital leases 281 347
Deferred income taxes 44,954 44,874
Other long-term liabilities 776 831
Stockholders' Equity 482,190 475,487
Total  $ 606,238  $ 603,044

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

(Source: PrimeZone )
(Source: Quotemedia)

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