J & J Snack Foods Corp. (NASDAQ-JJSF) today announced sales and
earnings for the second quarter ended March 30, 2019.
Sales increased 4% to $276.3 million from $266.1
million in last year’s second quarter. Net earnings increased 14%
to $20.4 million in the current quarter from $17.8 million last
year. Earnings per diluted share increased 14% to $1.08 for
the second quarter from $.95 last year. Operating income increased
5% to $24.8 million in the current quarter from $23.5 million in
the year ago quarter.
For the six months ended March 30, 2019, sales
increased 3% to $547.9 million from $531.3 million in last year’s
first half. Net earnings decreased to $37.9 million in the
six months from $54.1 million last year. Earnings per diluted
share decreased to $2.00 from $2.88 last year. Operating
income increased 5% to $46.9 million this year from $44.8 million
last year.
Net earnings for last year’s six months benefitted from a
$20.9 million, or $1.11 per diluted share, gain on the
re-measurement of deferred tax liabilities and were impacted by a
$1.2 million, or $.06 per diluted share, provision for the one-time
repatriation tax, both of which resulted from the Tax Cuts and Jobs
Act enacted in December 2017. This year’s six months
benefitted by a reduction of approximately $900,000 in tax, or $.05
per diluted share, as the one-time repatriation tax was recorded on
an estimated basis at December 30, 2017 and was revised downward in
this year’s first quarter.
Gerald B. Shreiber, J & J’s President and Chief Executive
Officer, commented, “We are pleased that each of our business
segments contributed to our increased operating income this
quarter. We remain focused on continuing to improve our
margins and revenues going forward.”
J&J Snack Foods Corp. (NASDAQ: JJSF) is a leader and
innovator in the snack food industry, providing innovative, niche
and affordable branded snack foods and beverages to foodservice and
retail supermarket outlets. Manufactured and distributed
nationwide, our principal products include SUPERPRETZEL, the #1
soft pretzel brand in the world, as well as internationally known
ICEE and SLUSH PUPPIE frozen beverages, LUIGI’S Real Italian Ice,
MINUTE MAID* frozen ices, WHOLE FRUIT sorbet and frozen fruit bars,
SOUR PATCH KIDS** Flavored Ice Pops, Tio Pepe’s & CALIFORNIA
CHURROS, and THE FUNNEL CAKE FACTORY funnel cakes and several
bakery brands within DADDY RAY’S, COUNTRY HOME BAKERS and HILL
& VALLEY. With nearly twenty manufacturing facilities, and more
than $1 billion in annual revenue, J&J Snack Foods Corp. has
continued to see steady growth as a company, reaching record sales
for 47 consecutive years. The company consistently seeks out
opportunities to expand its unique niche market product offering
while bringing smiles to families worldwide. For more information,
please visit http://www.jjsnack.com.
*MINUTE MAID is a registered trademark of The Coca-Cola
Company.**SOUR PATCH KIDS is a registered trademark of Mondelēz
International group, used under license.
|
J & J SNACK
FOODS CORP. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF EARNINGS |
(Unaudited) |
(in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
March 30, |
|
March 31 |
|
March 30, |
|
March 31 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
Net Sales |
$ |
276,302 |
|
$ |
266,101 |
|
$ |
547,914 |
|
$ |
531,311 |
|
|
|
|
|
|
|
|
Cost of goods sold |
197,054 |
|
188,823 |
|
391,803 |
|
380,754 |
Gross
Profit |
79,248 |
|
77,278 |
|
156,111 |
|
150,557 |
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
Marketing |
21,952 |
|
22,507 |
|
43,394 |
|
44,083 |
Distribution |
22,122 |
|
22,417 |
|
46,074 |
|
43,576 |
Administrative |
9,998 |
|
9,004 |
|
19,241 |
|
18,360 |
Other general
expense(income) |
405 |
|
(191) |
|
549 |
|
(231) |
Total
Operating Expenses |
54,477 |
|
53,737 |
|
109,258 |
|
105,788 |
|
|
|
|
|
|
|
|
Operating Income |
24,771 |
|
23,541 |
|
46,853 |
|
44,769 |
|
|
|
|
|
|
|
|
Other income
(expense) |
|
|
|
|
|
|
|
Investment
income |
2,782 |
|
1,493 |
|
3,822 |
|
2,982 |
Interest expense
& other |
(25) |
|
(33) |
|
(52) |
|
476 |
|
|
|
|
|
|
|
|
Earnings before |
|
|
|
|
|
|
|
income
taxes |
27,528 |
|
25,001 |
|
50,623 |
|
48,227 |
|
|
|
|
|
|
|
|
Income taxes |
7,174 |
|
7,168 |
|
12,743 |
|
(5,855) |
|
|
|
|
|
|
|
|
NET
EARNINGS |
$ |
20,354 |
|
$ |
17,833 |
|
$ |
37,880 |
|
$ |
54,082 |
|
|
|
|
|
|
|
|
Earnings per diluted
share |
$ |
1.08 |
|
$ |
0.95 |
|
$ |
2.00 |
|
$ |
2.88 |
|
|
|
|
|
|
|
|
Weighted average
number |
|
|
|
|
|
|
|
of diluted
shares |
18,891 |
|
18,803 |
|
18,894 |
|
18,790 |
|
|
|
|
|
|
|
|
Earnings per basic
share |
$ |
1.08 |
|
$ |
0.95 |
|
$ |
2.02 |
|
$ |
2.90 |
|
|
|
|
|
|
|
|
Weighted average number
of |
|
|
|
|
|
|
|
basic
shares |
18,795 |
|
18,685 |
|
18,780 |
|
18,675 |
|
|
|
|
|
|
|
|
J
& J SNACK FOODS CORP. AND SUBSIDIARIES |
CONSOLIDATED BALANCE
SHEETS |
(in thousands, except share
amounts) |
|
|
March 30, |
|
September 29, |
|
2019 |
|
2018 |
|
(unaudited) |
|
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash
equivalents |
$ |
126,655 |
|
$ |
111,479 |
Marketable
securities held to maturity |
22,228 |
|
21,048 |
Accounts
receivable, net |
130,204 |
|
132,342 |
Inventories |
123,104 |
|
112,884 |
Prepaid expenses
and other |
4,904 |
|
5,044 |
Total current assets |
407,095 |
|
382,797 |
|
|
|
|
Property, plant and
equipment, at cost |
|
|
|
Land |
2,494 |
|
2,494 |
Buildings |
26,582 |
|
26,582 |
Plant machinery
and equipment |
303,096 |
|
290,396 |
Marketing
equipment |
299,923 |
|
290,955 |
Transportation
equipment |
9,058 |
|
8,929 |
Office
equipment |
30,803 |
|
30,752 |
Improvements |
39,573 |
|
38,941 |
Construction in
progress |
9,847 |
|
8,468 |
Total Property, plant and
equipment, at cost |
721,376 |
|
697,517 |
Less accumulated
depreciation |
|
|
|
and
amortization |
475,207 |
|
454,844 |
Property, plant and
equipment, net |
246,169 |
|
242,673 |
|
|
|
|
Other assets |
|
|
|
Goodwill |
102,511 |
|
102,511 |
Other intangible
assets, net |
56,077 |
|
57,762 |
Marketable
securities held to maturity |
116,893 |
|
118,765 |
Marketable
securities available for sale |
21,151 |
|
24,743 |
Other |
2,816 |
|
2,762 |
Total other assets |
299,448 |
|
306,543 |
Total
Assets |
$ |
952,712 |
|
$ |
932,013 |
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
Current
Liabilities |
|
|
|
Current
obligations under capital leases |
$ |
299 |
|
$ |
324 |
Accounts
payable |
68,348 |
|
69,592 |
Accrued
insurance liability |
9,963 |
|
11,217 |
Accrued
liabilities |
8,284 |
|
8,031 |
Accrued
compensation expense |
15,904 |
|
20,297 |
Dividends
payable |
9,405 |
|
8,438 |
Total current
liabilities |
112,203 |
|
117,899 |
|
|
|
|
Long-term obligations
under capital leases |
611 |
|
753 |
Deferred income
taxes |
52,932 |
|
52,322 |
Other long-term
liabilities |
1,851 |
|
1,948 |
|
|
|
|
Stockholders'
Equity |
|
|
|
Preferred stock, $1 par
value; authorized |
|
|
|
10,000,000
shares; none issued |
- |
|
- |
Common stock, no par
value; authorized, |
|
|
|
50,000,000
shares; issued and outstanding |
|
|
|
18,815,000 and
18,754,000 respectively |
35,243 |
|
27,340 |
Accumulated other
comprehensive loss |
(13,044) |
|
(11,994) |
Retained Earnings |
762,916 |
|
743,745 |
Total
stockholders' equity |
785,115 |
|
759,091 |
Total
Liabilities and Stockholders' Equity |
$ |
952,712 |
|
$ |
932,013 |
|
|
|
|
J & J SNACK FOODS CORP. AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(Unaudited) (in
thousands) |
|
Six Months Ended |
|
|
|
|
|
March 30, |
|
March 31, |
|
2019 |
|
2018 |
Operating
activities: |
|
|
|
Net earnings |
$ |
37,880 |
|
$ |
54,082 |
Adjustments to
reconcile net |
|
|
|
earnings to net
cash |
|
|
|
provided by
operating activities: |
|
|
|
Depreciation of fixed
assets |
21,890 |
|
21,360 |
Amortization of
intangibles |
|
|
|
and deferred costs |
1,747 |
|
1,779 |
Share-based
compensation |
1,931 |
|
1,914 |
Deferred income taxes |
615 |
|
(15,360) |
Gain on redemption and sales
of marketable securities |
284 |
|
(3) |
Other |
268 |
|
(150) |
Changes in assets and
liabilities |
|
|
|
net of effects from purchase
of companies |
|
|
|
Decrease (increase) in
accounts receivable |
2,003 |
|
(1,821) |
Increase in inventories |
(10,186) |
|
(12,789) |
Decrease (increase) in
prepaid expenses |
172 |
|
(2,560) |
Decrease in accounts
payable |
|
|
|
and accrued liabilities |
(6,345) |
|
(4,555) |
Net cash provided by
operating activities |
50,259 |
|
41,897 |
Investing
activities: |
|
|
|
Purchases of
property, plant |
|
|
|
and
equipment |
(26,351) |
|
(26,281) |
Purchases of
marketable securities |
(19,531) |
|
(47,172) |
Proceeds from
redemption and sales of |
|
|
|
marketable
securities |
23,137 |
|
29,453 |
Proceeds from
disposal of property and |
|
|
|
equipment |
878 |
|
1,492 |
Other |
(207) |
|
86 |
Net cash used in
investing activities |
(22,074) |
|
(42,422) |
Financing
activities: |
|
|
|
Proceeds from issuance of
stock |
5,926 |
|
2,960 |
Payments on capitalized
lease obligations |
(167) |
|
(188) |
Payment of cash
dividend |
(17,825) |
|
(16,239) |
Net cash used in financing
activities |
(12,066) |
|
(13,467) |
Effect of exchange rate on
cash |
|
|
|
and cash equivalents |
(943) |
|
(1,765) |
Net increase
(decrease) in cash |
|
|
|
and cash equivalents |
15,176 |
|
(15,757) |
Cash and cash equivalents at
beginning |
|
|
|
of period |
111,479 |
|
90,962 |
Cash and cash equivalents at
end |
|
|
|
of period |
$ |
126,655 |
|
$ |
75,205 |
|
|
|
|
|
Three months ended |
|
Six months ended |
|
March 30, |
|
March 31, |
|
March 30, |
|
March 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales to External
Customers: |
|
|
|
|
|
|
|
Food
Service |
|
|
|
|
|
|
|
Soft pretzels |
$ |
49,812 |
|
$ |
48,748 |
|
$ |
98,803 |
|
$ |
97,769 |
Frozen juices and ices |
8,947 |
|
9,439 |
|
16,474 |
|
16,623 |
Churros |
15,770 |
|
15,272 |
|
30,905 |
|
29,864 |
Handhelds |
7,987 |
|
9,331 |
|
16,789 |
|
20,693 |
Bakery |
90,764 |
|
90,813 |
|
192,873 |
|
185,746 |
Other |
8,145 |
|
5,862 |
|
13,471 |
|
11,034 |
Total Food
Service |
$ |
181,425 |
|
$ |
179,465 |
|
$ |
369,315 |
|
$ |
361,729 |
|
|
|
|
|
|
|
|
Retail
Supermarket |
|
|
|
|
|
|
|
Soft pretzels |
$ |
10,829 |
|
$ |
10,081 |
|
$ |
21,015 |
|
$ |
20,593 |
Frozen juices and ices |
14,668 |
|
15,438 |
|
25,664 |
|
25,165 |
Handhelds |
2,479 |
|
2,763 |
|
5,047 |
|
5,789 |
Coupon redemption |
(507) |
|
(618) |
|
(1,201) |
|
(1,369) |
Other |
340 |
|
420 |
|
699 |
|
982 |
Total Retail
Supermarket |
$ |
27,809 |
|
$ |
28,084 |
|
$ |
51,224 |
|
$ |
51,160 |
|
|
|
|
|
|
|
|
Frozen
Beverages |
|
|
|
|
|
|
|
Beverages |
$ |
33,603 |
|
$ |
33,127 |
|
$ |
65,039 |
|
$ |
66,270 |
Repair and |
|
|
|
|
|
|
|
maintenance service |
20,034 |
|
19,308 |
|
39,777 |
|
38,312 |
Machines revenue |
13,161 |
|
5,854 |
|
22,065 |
|
13,327 |
Other |
270 |
|
263 |
|
494 |
|
513 |
Total Frozen
Beverages |
$ |
67,068 |
|
$ |
58,552 |
|
$ |
127,375 |
|
$ |
118,422 |
|
|
|
|
|
|
|
|
Consolidated Sales |
$ |
276,302 |
|
$ |
266,101 |
|
$ |
547,914 |
|
$ |
531,311 |
|
|
|
|
|
|
|
|
Depreciation and
Amortization: |
|
|
|
|
|
|
|
Food Service |
$ |
6,616 |
|
$ |
6,041 |
|
$ |
12,938 |
|
$ |
13,139 |
Retail Supermarket |
320 |
|
358 |
|
655 |
|
648 |
Frozen Beverages |
5,066 |
|
4,754 |
|
10,044 |
|
9,352 |
Total Depreciation and
Amortization |
$ |
12,002 |
|
$ |
11,153 |
|
$ |
23,637 |
|
$ |
23,139 |
|
|
|
|
|
|
|
|
Operating Income : |
|
|
|
|
|
|
|
Food Service |
$ |
19,580 |
|
$ |
18,535 |
|
$ |
38,041 |
|
$ |
34,435 |
Retail Supermarket |
2,641 |
|
2,534 |
|
4,088 |
|
5,092 |
Frozen Beverages |
2,550 |
|
2,472 |
|
4,724 |
|
5,242 |
Total Operating
Income |
$ |
24,771 |
|
$ |
23,541 |
|
$ |
46,853 |
|
$ |
44,769 |
|
|
|
|
|
|
|
|
Capital
Expenditures: |
|
|
|
|
|
|
|
Food Service |
$ |
8,403 |
|
$ |
6,259 |
|
$ |
14,681 |
|
$ |
15,700 |
Retail Supermarket |
581 |
|
103 |
|
1,133 |
|
103 |
Frozen Beverages |
5,530 |
|
5,296 |
|
10,537 |
|
10,478 |
Total Capital
Expenditures |
$ |
14,514 |
|
$ |
11,658 |
|
$ |
26,351 |
|
$ |
26,281 |
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
Food Service |
$ |
705,724 |
|
$ |
652,850 |
|
$ |
705,724 |
|
$ |
652,850 |
Retail Supermarket |
23,338 |
|
23,783 |
|
23,338 |
|
23,783 |
Frozen Beverages |
223,650 |
|
210,916 |
|
223,650 |
|
210,916 |
Total Assets |
$ |
952,712 |
|
$ |
887,549 |
|
$ |
952,712 |
|
$ |
887,549 |
|
|
|
|
|
|
|
|
RESULTS OF OPERATIONS
Net sales increased $10,201,000 or 4% to 276,302,000 for the
three months and $16,603,000 or 3% to $547,914,000 for the six
months ended March 30, 2019 compared to the three and six months
ended March 31, 2018, respectively.
FOOD SERVICE
Sales to food service customers increased $1,960,000 or 1% in
the second quarter to $181,425,000 and increased $7,586,000 or 2%
to $369,315,000 for the six months. Soft pretzel sales to the food
service market increased 2% to $49,812,000 in the three months and
1% to $98,803,000 in the six months due primarily to higher sales
to school foodservice and throughout our customer base but with
lower sales to restaurant chains in the second quarter.
Frozen juices and ices sales decreased 5% to $8,947,000 in the
three months and 1% to $16,474,000 in the six months as sales to
school food service were lower.
Churro sales to food service customers were up 3% in the quarter
to $15,770,000 and up 3% to $30,905,000 in the six months with
sales increases and decreases across our customer base.
Sales of bakery products were essentially unchanged at
$90,764,000 in the second quarter and increased $7,127,000 or 4% to
$192,873,000 for the six months. For the six months, sales to
one co-pack customer accounted for approximately 55% of the sales
increase and increased sales to warehouse club stores, schools and
mass merchandising chains accounted for the balance of the sales
increase.
Sales of handhelds decreased $1,344,000 or 14% in the quarter
and $3,904,000 or 19% in the six months with the decrease primarily
coming from lower sales to co-pack customers because of
unsuccessful product launches. Sales of funnel cake increased
$2,185,000, or 39%, to $7,732,000 in the quarter and $2,351,000, or
23%, to $12,692,000 in the six months due to sales to a quick
service restaurant under a limited time offer program which ended
in the second quarter.
Sales of new products in the first twelve months since their
introduction were approximately $2 million in this quarter and $7
million in the six months. Price increases were approximately
$4 million for the quarter and $7 million for the six months and
net volume decreases were approximately $2 million of sales in the
quarter and volume was essentially unchanged in the six months.
Operating income in our Food Service segment increased from
$18,535,000 to $19,580,000 in the quarter and increased from
$34,435,000 to $38,041,000 in the six months. For the quarter,
operating income increased primarily because of lower marketing and
distribution expenses and increased pricing. For the six
months, operating income improved primarily because of increased
bakery sales, price increases and improved operations at several of
our manufacturing facilities. Additionally, last year’s first
quarter had the burden of shutdown costs of our Chambersburg, PA
production facility. However, this year’s six months was
impacted by approximately $1.4 million of higher distribution
expenses primarily due to higher freight rates which increased with
the implementation of the electronic logging device mandate in
January 2018. Additionally, lower sales of our MARY B’s biscuits
and related costs due to our recall in January 2018 impacted our
operating income by approximately $500,000 in the first
quarter.
RETAIL SUPERMARKETS
Sales of products to retail supermarkets decreased $275,000 or
1% to $27,809,000 in the second quarter and were essentially
unchanged at $51,224,000 for the six months. Soft pretzel
sales for the second quarter were up 7% to $10,829,000 and up 2% to
$21,015,000 for the six months due to increased sales of AUNTIE
ANNE’S pretzels. Sales of frozen juices and ices decreased $770,000
or 5% to $14,668,000 in the second quarter and increased $499,000
or 2% in the six months. Handheld sales to retail supermarket
customers decreased 10% to $2,479,000 in the quarter and 13% to
$5,047,000 in the six months as the sales of this product line
continue their long term decline.
Sales of new products in the second quarter were approximately
$200,000 and were approximately $500,000 for the six months.
Price increases provided about $300,000 of sales in the quarter and
$900,000 of sales in the six months and net volume decreased by
about $600,000 for the quarter and $900,000 for the six months.
Operating income in our Retail Supermarkets segment was
$2,641,000 in this year’s second quarter compared to $2,534,000 in
last year’s quarter, a 4% increase and decreased to $4,088,000 in
this year’s six months compared to $5,092,000 in last year’s six
months. For the quarter, operating income benefited from
slightly lower marketing and distribution costs and increased
pricing. For the six months, increased product and
distribution costs combined with the lack of a sales increase were
the primary drivers of the decrease in operating income.
FROZEN BEVERAGES
Frozen beverage and related product sales increased 15% to
$67,068,000 in the second quarter and increased 8% to $127,375,000
in the six months. Beverage related sales were up 1% to
$33,603,000 in the quarter but down 2% to $65,039,000 in the
six months. Six months’ sales were down primarily because
last year’s first quarter sales were up a very strong 21% compared
to the prior year. Gallon sales were unchanged for the three
months. Service revenue increased 4% to $20,034,000 in the
second quarter and increased 4% to $39,777,000 in the six months
with sales increases and decreases spread throughout our customer
base.
Machines revenue (primarily sales of frozen beverage machines)
were $13,161,000, an increase of $7,307,000 in the quarter and
$22,065,000, an increase of $8,738,000 in the six months.
Operating income in our Frozen Beverage segment increased to
$2,550,000 in this quarter as a result of higher service and
machines revenue but down $518,000 in the six months as
a result of lower beverage sales and generally higher
costs.
CONSOLIDATED
Gross profit as a percentage of sales was 28.68% in the second
quarter and 29.04% last year. Gross profit as a percentage of
sales was 28.49% in the six month period this year and 28.34% last
year. Gross profit percentage decreased in the second quarter
because of the increase in lower margin machines revenue in our
frozen beverages segment. Gross profit percentage for the six
months increased because of improved operations at several of our
manufacturing facilities, price increases and because last year had
the burden of shutting down our Chambersburg, PA production
facility and moving its production to other facilities.
Total operating expenses increased $740,000 in the second
quarter and as a percentage of sales decreased to 19.7% from 20.2%
last year. For the first half, operating expenses increased
$3,470,000 and as a percentage of sales increased to 20.0% from
19.9% last year. Marketing expenses decreased to 7.9%
of sales in this year’s quarter from 8.5% last year and were 7.9%
in the six months compared to 8.3% of sales in last year’s six
months primarily because of reduced spending across all of our
segments. Distribution expenses were 8.0% of sales in the
second quarter and 8.4% of sales in last year’s quarter and were
8.4% in this year’s six months compared to 8.2% of sales in last
year’s six months. Distribution expenses increased as a
percentage of sales for the six months primarily because of
increased freight rates which increased with the implementation of
the electronic logging device mandate in January 2018. Our second
quarter benefitted from a slight moderation in rates compared to
last year. Administrative expenses were 3.6% of sales in the
second quarter compared to 3.4% of sales last year in the second
quarter and were 3.5% in this year’s six months compared to 3.5% of
sales in last year’s six months.
Operating income increased $1,230,000 or 5% to $24,771,000 in
the three months and increased $2,084,000 or 5% to $46,853,000 in
the first six months as a result of the aforementioned
items. Investment income increased by
$1,289,000 and $840,000 in the second quarter and six months,
respectively, resulting from higher amounts invested and higher
interest rates. Additionally, the second quarter benefitted
from recognized unrealized gains of $760,000 and the six months
were impacted by $267,000 of recognized unrealized
losses. Other income for last year’s
six months includes a $520,000 gain on a sale of
property. Net earnings
increased $2,521,000, or 14%, in the current three month period to
$20,354,000 and were $37,880,000 for the six month period this year
compared to $54,082,000 for the six month period last
year.
Net earnings for last year’s six months benefited from a $20.9
million gain, or $1.11 per diluted share, on the remeasurement of
deferred tax liabilities which was partially offset by a $1.2
million, or $.06 per diluted share, provision for the one time
repatriation tax, both of which resulted from the Tax Cuts and Jobs
Act enacted in December 2017. Excluding the deferred tax gain
and the one time repatriation tax, our effective tax rate was 28.7%
in last year’s six months. Net earnings in this year’s six months
benefitted by a reduction of approximately $900,000 in tax as the
provision for the one time repatriation tax was reduced as the
amount recorded last year was an estimate. Excluding
the reduction in the provision for the one time repatriation tax,
our effective tax rate was 27.0% in this year’s six months.
Our effective tax rate for the second quarter this year was 26.1%
and 28.7% for last year’s second quarter, as this year benefitted
from tax credits on returns filed this quarter and a lower federal
tax rate. There are many
factors which can impact our net earnings from year to year and in
the long run, among which are the supply and cost of raw materials
and labor, insurance costs, factors impacting sales as noted above,
the continuing consolidation of our customers, our ability to
manage our manufacturing, marketing and distribution activities,
our ability to make and integrate acquisitions and changes in tax
laws and interest rates.
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. MooreSenior Vice President
Chief Financial
Officer(856) 532-6603
Grafico Azioni J and J Snack Foods (NASDAQ:JJSF)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni J and J Snack Foods (NASDAQ:JJSF)
Storico
Da Lug 2023 a Lug 2024