J & J Snack Foods Reports First Quarter Sales and Earnings
25 Gennaio 2016 - 10:00PM
J & J Snack Foods Corp. (NASDAQ:JJSF) today announced sales and
earnings for the first quarter ended December 26, 2015.
Sales increased 5% to $222.8 million from $212.8
million in last year’s first quarter. Net earnings increased 11% to
$12.5 million in the current quarter from $11.3 million last
year. Earnings per diluted share increased 10% to $.66 for
the first quarter from $.60 last year. Operating income increased
11% to $18.4 million in the current quarter from $16.6 million in
the year ago quarter.
Gerald B. Shreiber, J & J’s President and Chief Executive
Officer, commented, “Led by a particularly strong performance
by our ICEE beverage group, all of our businesses contributed to
our improved results in sales and net earnings.”
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 |
|
|
|
December 26, |
|
December 27, |
|
|
|
|
2015 |
|
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales |
$ |
222,850 |
|
|
$ |
212,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods
sold |
|
159,015 |
|
|
|
151,651 |
|
|
|
Gross Profit |
|
63,835 |
|
|
|
61,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
Marketing |
|
19,629 |
|
|
|
19,487 |
|
|
|
Distribution |
|
18,256 |
|
|
|
17,521 |
|
|
|
Administrative |
|
7,690 |
|
|
|
7,525 |
|
|
|
Other general
income |
|
(100 |
) |
|
|
(42 |
) |
|
|
Total Operating
Expenses |
|
45,475 |
|
|
|
44,491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income |
|
18,360 |
|
|
|
16,610 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense) |
|
|
|
|
|
|
|
|
|
Investment
income |
|
1,160 |
|
|
|
1,354 |
|
|
|
Interest expense &
other |
|
(32 |
) |
|
|
(24 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
before |
|
|
|
|
|
|
|
|
|
income taxes |
|
19,488 |
|
|
|
17,940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
taxes |
|
7,009 |
|
|
|
6,684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS |
$ |
12,479 |
|
|
$ |
11,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
diluted share |
$ |
0.66 |
|
|
$ |
0.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number |
|
|
|
|
|
|
|
|
|
of diluted
shares |
|
18,839 |
|
|
|
18,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
basic share |
$ |
0.67 |
|
|
$ |
0.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of |
|
|
|
|
|
|
|
|
|
basic shares |
|
18,687 |
|
|
|
18,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
J & J SNACK FOODS CORP. AND
SUBSIDIARIES |
|
|
CONSOLIDATED BALANCE SHEETS |
|
|
(in thousands, except share
amounts) |
|
|
|
|
|
|
|
|
|
December 26, |
|
September 26, |
|
|
|
|
2015 |
|
|
|
2015 |
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
111,922 |
|
|
$ |
133,689 |
|
|
|
Other current
assets |
|
193,331 |
|
|
|
195,129 |
|
|
|
Property, plant
and equipment, net |
|
176,646 |
|
|
|
172,054 |
|
|
|
Goodwill |
|
86,442 |
|
|
|
86,442 |
|
|
|
Other
intangible assets, net |
|
44,490 |
|
|
|
45,819 |
|
|
|
Marketable
securities held to maturity |
|
87,772 |
|
|
|
66,660 |
|
|
|
Marketable
securities available for sale |
|
37,508 |
|
|
|
39,638 |
|
|
|
Other |
|
3,527 |
|
|
|
3,504 |
|
|
|
Total |
$ |
741,638 |
|
|
$ |
742,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities |
$ |
94,211 |
|
|
$ |
97,116 |
|
|
|
Long-term
obligations under capital leases |
|
1,126 |
|
|
|
1,196 |
|
|
|
Deferred income
taxes |
|
43,719 |
|
|
|
43,789 |
|
|
|
Other long-term
liabilities |
|
888 |
|
|
|
915 |
|
|
|
Stockholders'
Equity |
|
601,694 |
|
|
|
599,919 |
|
|
|
Total |
$ |
741,638 |
|
|
$ |
742,935 |
|
|
|
|
|
|
|
|
|
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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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