J & J Snack Foods Reports Second Quarter Sales and Earnings


PENNSAUKEN, N.J., April 23, 2012 (GLOBE NEWSWIRE) -- J & J Snack Foods Corp. (Nasdaq:JJSF) today announced sales and earnings for its second quarter and six months ended March 24, 2012.

Sales increased 16% to $189.6 million from $162.7 million in last year's second quarter. Net earnings were $10.4 million in the current quarter compared to $8.7 million last year. Earnings per diluted share were $.55 for the second quarter compared to $.46 last year. Operating income increased 17% to $16.3 million in the current quarter from $14.0 million in the year ago quarter.

For the six months ended March 24, 2012, sales increased 14% to $362.2 million from $318.4 million in last year's first half. Net earnings increased 1% to $15.9 million in the six months from $15.8 million last year. Earnings per diluted share were $.84 for the six months for both years. Operating income decreased 1% to $24.7 million from $24.9 million in the year ago period.

Gerald B. Shreiber, J & J's President and Chief Executive Officer, commented, "We are pleased with our overall results for the period and are hopeful the trend continues.  Our foodservice and ICEE beverage groups had a good 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.

 
  Consolidated Statement of Operations
  (unaudited)
  (in thousands, except per share amounts)
   
   Three months ended    Six months ended
  March 24,   March 26,   March 24,   March 26,
  2012   2011   2012   2011
               
Net Sales $189,554   $162,731   $362,240   $318,363
               
Cost of goods sold  135,567   113,709   261,847   223,240
Gross Profit 53,987   49,022   100,393   95,123
               
Operating expenses              
Marketing  17,404   16,260   35,063   32,942
Distribution  14,212   12,808   28,431   25,672
Administrative 6,219   5,907   12,285   11,535
Other general (income) expense (121)   93   (122)   47
  37,714   35,068   75,657   70,196
               
Operating Income 16,273   13,954   24,736   24,927
               
Other income (expense)              
Investment income 380   207   735   443
Interest expense & other (4)   (36)   (43)   (72)
               
Earnings before income taxes 16,649   14,125   25,428   25,298
               
Income taxes 6,226   5,466   9,520   9,545
               
NET EARNINGS $10,423   $8,659   $15,908   $15,753
               
Earnings per diluted share $0.55   $0.46   $0.84   $0.84
               
Weighted average number  of diluted shares 18,930   18,767   18,902   18,734
               
Earnings per basic share $0.55   $0.46   $0.84   $0.85
               
Weighted average number of basic shares 18,858   18,638   18,832   18,608
               
 
  Consolidated Balance Sheets
   March 24, 2012  September 24, 2011
   (unaudited)  
   (in thousands)
     
Cash & cash equivalents $91,668 $87,479
Current marketable securities held to maturity  2,454 25,506
Other current assets 149,331 146,865
Property, plant & equipment, net 132,959 124,650
Goodwill 70,070 70,070
Other intangible assets, net 50,259 52,005
Marketable securities held to maturity 67,479 42,000
Other  2,768 2,241
Total $566,988 $550,816
     
Current liabilities $76,698 $75,848
Long-term obligations under capital leases 375 523
Deferred income taxes 41,064 41,050
Other long-term obligations 945 1,007
Stockholders' equity 447,906 432,388
Total $566,988 $550,816

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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