J & J Snack Foods Reports Third Quarter Sales and Earnings
28 Luglio 2014 - 10:00PM
J & J Snack Foods Corp. (Nasdaq:JJSF) today announced sales and
earnings for the third quarter ended June 28, 2014.
Sales increased 8% to $257.1 million from $237.0 million in last
year's third quarter. Net earnings increased 12% to $23.7 million
in the current quarter from $21.2 million last year. Earnings per
diluted share increased 13% to $1.26 for the third quarter from
$1.12 last year. Operating income increased 10% to $35.7 million in
the current quarter from $32.4 million in the year ago quarter.
For the nine months ended June 28, 2014, sales increased 6% to
$666.0 million from $629.8 million in last year's nine months. Net
earnings increased 13% to $49.6 million in the nine months from
$44.1 million last year. Earnings per diluted share increased to
13% to $2.64 for the nine months from $2.33 last year. Operating
income increased 11% to $74.0 million from $66.6 million in the
year ago period.
Gerald B. Shreiber, J & J's President and Chief Executive
Officer, commented, "All of our business groups contributed to our
record quarter. We had particular strong sales growth in our food
service soft pretzel category led by our newer products such as
pretzel rolls and sticks. Our ICEE group also had record sales and
earnings and our retail grocery group had higher earnings as
well."
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 |
Nine months
ended |
|
June 28, 2014 |
June 29, 2013 |
June 28, 2014 |
June 29, 2013 |
|
|
|
|
|
Net Sales |
$257,113 |
$237,036 |
$665,957 |
$629,770 |
|
|
|
|
|
Cost of goods sold |
172,745 |
161,714 |
460,570 |
442,162 |
Gross Profit |
84,368 |
75,322 |
205,387 |
187,608 |
|
|
|
|
|
Operating expenses |
|
|
|
|
Marketing |
21,274 |
19,554 |
56,825 |
53,499 |
Distribution |
19,314 |
16,750 |
51,816 |
47,863 |
Administrative |
7,883 |
7,063 |
21,648 |
20,122 |
Other general expense
(income) |
234 |
(429) |
1,132 |
(480) |
|
48,705 |
42,938 |
131,421 |
121,004 |
|
|
|
|
|
Operating Income |
35,663 |
32,384 |
73,966 |
66,604 |
|
|
|
|
|
Other income (expense) |
|
|
|
|
Investment income |
1,159 |
904 |
3,273 |
2,576 |
Interest expense &
other |
(26) |
(29) |
(89) |
(82) |
|
|
|
|
|
Earnings before income taxes |
36,796 |
33,259 |
77,150 |
69,098 |
|
|
|
|
|
Income taxes |
13,118 |
12,087 |
27,525 |
25,040 |
|
|
|
|
|
NET EARNINGS |
$23,678 |
$21,172 |
$49,625 |
$44,058 |
|
|
|
|
|
Earnings per diluted share |
$1.26 |
$1.12 |
$2.64 |
$2.33 |
|
|
|
|
|
Weighted average number of diluted
shares |
18,832 |
18,913 |
18,814 |
18,890 |
|
|
|
|
|
Earnings per basic share |
$1.27 |
$1.13 |
$2.66 |
$2.34 |
|
|
|
|
|
Weighted average number of basic shares |
18,686 |
18,807 |
18,686 |
18,804 |
|
|
CONSOLIDATED BALANCE SHEETS |
|
(in
thousands, except share amounts) |
|
|
|
|
(unaudited) June 28,
2014 |
September 28, 2013 |
Cash and cash equivalents |
$67,754 |
$97,345 |
Current marketable securities held to
maturity |
-- |
256 |
Other current assets |
197,832 |
167,116 |
Property, plant and equipment, net |
158,673 |
147,164 |
Goodwill |
86,265 |
76,899 |
Other intangible assets, net |
52,345 |
44,012 |
Marketable securities held to maturity |
2,000 |
2,000 |
Marketable securities available for sale |
129,640 |
107,664 |
Other |
3,726 |
3,205 |
Total |
$698,235 |
$645,661 |
|
|
|
Current Liabilities |
$103,882 |
$83,239 |
Long-term obligations under capital
leases |
402 |
136 |
Deferred income taxes |
45,807 |
45,183 |
Other long-term liabilities |
525 |
538 |
Stockholders' Equity |
547,619 |
516,565 |
Total |
$698,235 |
$645,661 |
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
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