JJSF J and J Snack Foods Corporation

J & J Snack Foods Corp. (NASDAQ:JJSF) today announced record sales and increased earnings for its second quarter and six months ended March 27, 2010.

Sales increased 5% to $157.4 million from $149.4 million in last year's second quarter. Net earnings increased 24% to $9.0 million from $7.2 million last year. Earnings per diluted share were $.48 for the March quarter compared to $.39 last year. Operating income increased 25% to $14.9 million this year from $11.9 million in the year ago period.

For the six months ended March 27, 2010, sales increased 5% to $ 306.5 million from $290.5 million in last year’s first half. Net earnings increased 39% to $16.1 million in the six months from $11.6 million last year. Earnings per diluted share were $.86 for the six months compared to $.62 last year. Operating income increased 41% to $26.3 million from $18.7 million in the year ago period.

Gerald B. Shreiber, J & J’s President and Chief Executive Officer, commented, “Strong performances by our food service and retail supermarket groups contributed to our record quarter. Our management team continues to strengthen and our innovation efforts are being increased. Despite the current challenges in the economy, we are optimistic for the future.”

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** 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.

 

 

 

Consolidated Statement of Operations

Three Months Ended

 

Six Months Ended

March 27,   March 28, March 27,   March 28, 2010 2009 2010 2009 (in thousands)   Net sales $ 157,361 $ 149,352 $ 306,463 $ 290,494 Cost of goods sold   107,564   103,975   210,647   204,435 Gross profit 49,797 45,377 95,816 86,059 Operating expenses   34,977   33,497   69,505   67,348 Operating income 14,820 11,880 26,311 18,711 Other income   198   270   481   702

Earnings before income taxes

15,018 12,150 26,792 19,413 Income taxes   6,018   4,906   10,701   7,850 Net earnings $ 9,000 $ 7,244 $ 16,091 $ 11,563   Earnings per diluted share $ .48 $ .39 $ .86 $ .62 Earnings per basic share $ .49 $ .39 $ .87 $ .62

Weighted average number of diluted shares

18,666 18,618 18,691 18,696

Weighted average number of basic shares

18,477 18,425 18,510 18,520    

Consolidated Balance Sheets

March 27, 2010

September 26, 2009

(unaudited)

(in thousands)

  Cash & cash equivalents $ 60,003 $ 60,343 Current marketable securities held to maturity 30,460 38,653 Other current assets 119,070 112,115 Property, plant & equipment, net 99,203 97,173 Goodwill 60,314 60,314 Other intangible assets, net 46,930 49,125 Long-term marketable securities held to maturity 26,345 19,994 Other   1,899   2,110 Total $ 444,224 $ 439,827   Current liabilities $ 63,981 $ 67,679 Long-term obligations under capital leases 236 285 Deferred income taxes 27,033 27,033 Other long-term liabilities 1,936 1,986 Stockholders’ equity   351,038   342,844 Total $ 444,224 $ 439,827

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.