J & J Snack Foods Announces Down Earnings
24 Gennaio 2008 - 10:00PM
Business Wire
J & J Snack Foods Corp. (NASDAQ:JJSF) today announced record
sales but lower earnings for the first quarter ended December 29,
2007. Sales increased 15% to $130.9 million from $114.1 million in
last year�s first quarter. Net earnings decreased 50% to $1.9
million in the current quarter from $3.8 million last year.
Earnings per diluted share were $.10 for the first quarter compared
to $.20 last year. Operating income decreased 55% to $2.3 million
in the current quarter from $5.1 million in the year ago quarter.
Gerald B. Shreiber, J & J�s President and Chief Executive
Officer, commented, �The unprecedented escalation in commodity
costs including both wheat and dairy impacted this quarter. Given
the current environment and expected lack of substantial relief,
this will continue to pressure earnings in the future. We are
committed to managing our business for the long term and
maintaining our market share and presence. We are gratified to have
grown our sales by 15% during this difficult environment.� 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** and CHILL*** frozen juice bars and ices,
WHOLE FRUIT sorbet, FRUIT-A-FREEZE frozen fruit bars, MARY B�S
biscuits and dumplings, DADDY RAY�S fig and fruit bars, TIO PEPE�S
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 Vernon and Newport, California. *MINUTE MAID
is a registered trademark of The Coca-Cola Company. **BARQ�S is a
registered trademark of Barq�s Inc. ***CHILL is a registered
trademark of Wells Dairy, Inc. � Consolidated Statement of
Operations Three Months Ended December 29, � December 30, 2007 2006
(unaudited) (in thousands) � Net sales $ 130,898 $ 114,142 Cost of
goods sold � 95,511 � 78,894 Gross profit 35,387 35,248 Operating
expenses � 33,051 � 30,113 Operating income 2,336 5,135 Other
income � 779 � 956 Earnings before income taxes 3,115 6,091 Income
taxes � 1,218 � 2,286 Net earnings $ 1,897 $ 3,805 � Earnings per
diluted share $ .10 $ .20 Earnings per basic share $ .10 $ .21
Weighted average number of diluted shares 19,076 18,895 Weighted
average number of basic shares 18,769 18,539 � � Consolidated
Balance Sheets December 29, 2007 � September 29, 2007 (unaudited)
(in thousands) � Current assets $ 157,971 $ 165,364 Property, plant
& equipment, net 94,218 93,222 Goodwill 60,314 60,314 Other
intangibles, net 57,141 58,333 Other assets � 3,013 � 3,055 Total $
372,657 $ 380,288 � Current liabilities $ 55,399 $ 64,601 Long-term
obligations under capital leases 451 474 Deferred income taxes
19,180 19,180 Other long term obligations 2,211 451 Stockholders'
equity � 295,416 � 295,582 Total $ 372,657 $ 380,288 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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