J&J Snack Foods Corp. (NASDAQ: JJSF) (the “Company”) today
reported financial results for the first quarter ended December 24,
2022.
|
|
First Quarter |
Actuals |
$ v. LY |
% v. LY |
Net Sales |
$351.3M |
$32.9M |
10.3% |
Operating Income |
$9.3M |
-$5.5M |
-37.2% |
Net Earnings |
$6.6M |
-$4.5M |
-40.2% |
Earnings per Diluted Share |
$0.34 |
-$0.24 |
-41.4% |
|
|
|
|
Adjusted EBITDA |
$25.3M |
-$2.3M |
-8.3% |
Adjusted Earnings per Diluted Share |
$0.42 |
-$0.15 |
-26.3% |
This press release contains non-GAAP financial
measures. Please refer to the Non-GAAP Financial
Measures section below for reconciliations to the most
comparable GAAP measures.
Dan Fachner, J&J Snack Foods President and
CEO, commented, “We are pleased to report the seventh consecutive
quarter of double-digit top-line growth and remain confident in our
plans to continue growing sales. We are investing in our brands,
accelerating cross selling opportunities with our customers and
across our channels, expanding our production capacity and building
a strong pipeline of product innovation. We have hit the ground
running with our Dippin’ Dots business, having already gained
placement at Regal Theaters, the second largest movie theater chain
in the United States. In fact, we increased unit sales in our
Dippin’ Dots business over 14% in the first quarter. Also, we
recently launched the Hola! Churros brand and are seeing strong
momentum, including over 30% sales growth in the first quarter.
This positions us well to grow our churros business, including the
introduction of new products and entry into new channels. While our
industry experienced some declines in traffic and volume in the
first quarter, we are well positioned to manage through these
economic challenges, and expect to continue growing our top
line.”
“As we make meaningful progress on our strategic
priorities and initiatives to improve operating efficiency and
effectiveness, ongoing inflationary pressures and the softening
consumer environment impacted our year over year bottom-line
results. Our actions to improve gross margins helped us deliver
25.9% this quarter versus 24.9% in the prior year period. However,
we continue to manage through cost pressures on the expense side,
most notably distribution expenses. We expect to see improvement in
expenses as we cycle through these high inflationary periods later
in the year. Also, Dippin Dots is a very seasonal business and, as
expected, negatively impacts our results in the first quarter. This
business will drive the majority of its profitability in the second
half of the year.”
“More than ever, our teams are focused on
effectively managing through these dynamic market conditions while
serving our customers and partners. We have taken aggressive
measures to offset these various challenges and to position the
company for long-term success. In addition to the sales strategies
mentioned above, we are focused on improving operational
efficiencies and capacity through initiatives like adding seven
new, more automated production lines. To date we have opened two
new frozen novelty lines and one additional churros line. Over the
next six months, we will activate three additional lines focused on
expanded pretzel production capacity. Also, we’ve implemented a new
ERP system, outsourced our shipping logistics, and are building a
more geographically optimized distribution network. In addition, we
have now fully implemented various price increases across our
portfolio, which we expect will continue to drive improved gross
margins.”
“In closing, our momentum remains strong as our
core brands and new products continue to resonate with consumers,
and we are confident that our strategy is working and that we will
see the benefit of our various initiatives through out the balance
of fiscal 2023.”
Total Company First Quarter Highlights
Net sales increased 10.3% to $351.3 million in
Q1 of fiscal 2023, compared to Q1 of fiscal 2022.
Key highlights include:
- Sales included approximately $13.4
million in revenue from Dippin’ Dots which we report in our frozen
novelty category.
- Organic sales growth was driven by
growth across all three business segments, led by our core products
including pretzels, churros, frozen novelties and frozen
beverages.
- Food Service sales exceeded Q1 ’22
by 12.5%.
- Retail segment sales exceeded Q1
’22 by 0.9%.
- Frozen Beverage segment sales
exceeded Q1 ’22 sales by 9.2%.
Gross profit as a percentage of sales was 25.9%
in Q1 ’23, comparing favorably to 24.9% in Q1 ‘22. Key ingredients
including flour, oils, eggs, meats, sugar and dairy continue to
experience inflationary pressures compared to the same quarter last
year, up approximately 20%. Inflation trends are gradually
improving for some raw materials since our 2022 fourth quarter,
which we expect will benefit margins in future months. Three
pricing actions implemented in fiscal 2022 along with improved mix
helped to partially offset these headwinds and are expected to
provide additional benefits through out the balance of fiscal
2023.
Total operating expenses of $81.5 million
represented 23.2% of sales for the quarter, compared to 20.3% in Q1
’22, reflecting ongoing inflationary pressures across distribution
and administrative costs. Distribution costs represented 12.0% of
sales in the quarter, versus 10.5% in the prior year period, but
improved sequentially compared to Q4 2022. We expect our various
strategic and operational initiatives to improve logistics
management and increase efficiency across our distribution network
and supply chain allowing us to reduce costs and drive significant
savings over the coming quarters and years.
Marketing and selling expenses represented 6.7%
of sales, versus 6.6% in the prior year period, and 6.4% in Q4’ 22.
Administrative expenses were 4.7% of sales in Q1 ’23, compared to
3.3% in Q1 ’22 and 4.3% in Q4’ 22 driven mostly by the expected
seasonal impact of Dippin’
Dots.
Adjusted operating income was $11.2 million in
the first quarter of fiscal 2023, compared to $14.6 million in the
prior year period, with the decrease driven by the ongoing
inflationary pressures, somewhat offset by revenue growth across
all three of our business segments. This led to net earnings in Q1
’23 of $6.6 million, compared to $11.1 million in Q1 ’22. Our
effective tax rate was 26% in Q1 ’23.
Food Services Segment First Quarter
Highlights
- Q1 ’23 food service sales exceeded
Q1 ’22 by $26.6 million, or an increase of 12.5%, including
approximately $13.4 million in sales from Dippin’ Dots.
- Outdoor venues, including stadiums
and amusement parks, restaurants and strategic accounts continued
to experience revenue growth, including 157.4% increase in frozen
novelties largely due to the acquisition of Dippin’ Dots, a 32.2%
increase in churros, a 27.5% increase in handheld sales, and a 3.6%
and 1.0% increase in soft pretzels and bakery sales, respectively,
compared to Q1 ‘22.
- Sales of new products and expanded
customer placement were approximately $3.6 million driven primarily
by new bakery products and the Bavarian pretzel stick.
- Q1 ’23 operating income decreased
29.0% to $6.4 million reflecting the significant increase in input,
production and distribution costs.
Retail Segment First Quarter
Highlights
- Q1 ’23 retail sales increased 0.9%
to $43.1 million, compared to Q1 ’22.
- Handhelds sales grew by 126.6%,
compared to Q1 ’22, frozen novelty sales grew by 0.9%. Soft pretzel
sales decreased 10.6% and biscuit sales decreased 4.3%, versus the
prior year period.
- New product innovation contributed
approximately $1.3 million in the quarter driven by the new Luigi’s
gelato product and additional placement of Dogsters items at major
grocery retailers.
- Operating income decreased 77.7% to
$1.1 million, versus the prior year period driven by higher cost of
goods sold and distribution related expenses.
Frozen Beverages Segment First Quarter
Highlights
- Frozen beverage segment sales were
$70.0 million and beat Q1 ’22 sales by 9.2%.
- Beverage sales grew 14.5%, or $4.9
million compared to Q1 ’22 led by consumption trends in travel,
sporting events, concerts, and amusement venues. Sales were strong
even as volume at Theaters declined in the quarter due to lower
performing releases and weather impacts during the Christmas
holiday season.
- Machine repair and maintenance
service revenues increased 8.3%, versus the prior year period
reflecting healthy maintenance call volumes, while equipment sales
decreased 10.7% due to the timing of customer installations between
years.
- Q1 ’23 operating income improved to
$1.8 million, compared to a Q1 ’22 operating income of $0.9
million, as strong sales drove leverage across the business.
Conference CallJ&J Snack
Foods Corp. will host a conference call to discuss results and
business outlook on January 31, 2023, at 10:00 a.m. Eastern Time.
Conference call participants should register by clicking on
this Registration Link to receive the dial-in number and
a personal PIN, which are required to access the conference call. A
transcript of the conference call will also be available on the
Investors homepage at www.jjsnack.com.
About J & J Snack Foods
Corp. 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,
DIPPIN’ DOTS ice cream, LUIGI’S Real Italian Ice, MINUTE MAID*
frozen ices, WHOLE FRUIT sorbet and frozen fruit bars, SOUR PATCH
KIDS** Flavored Ice Pops, HOLA! CHURROS, and THE FUNNEL CAKE
FACTORY funnel cakes and several bakery brands within DADDY RAY’S,
COUNTRY HOME BAKERS and HILL & VALLEY. 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.
Cautionary Statement Regarding
Forward-Looking Information This press release includes
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements
regarding the Company’s expected future financial position, results
of operations, revenue growth and profit levels, cash flows,
business strategy, budgets, projected costs, capital expenditures,
products, competitive positions, growth opportunities, plans and
objectives of management for future operations, as well as
statements that include words such as “anticipate,” “if,”
“believe,” “plan,” “goals,” “estimate,” “expect,” “intend,” “may,”
“could,” “should,” “will,” and other similar expressions are
forward-looking statements. This includes, without limitation, our
statements and expectations regarding any current or future
recovery in our industry and our profitability-related continuous
improvement initiatives in our operations. Such forward-looking
statements are inherently uncertain, and readers must recognize
that actual results may differ materially from the expectations of
management. We do not undertake a duty to update such
forward-looking statements. Factors that may cause actual results
to differ materially from those in the forward-looking statements
include consumer spending, price competition, acceptance of new
products, the pricing and availability of raw materials,
transportation costs, changes in the competitive marketplace the
uncertainty and ultimate economic impact of the COVID-19 pandemic,
and other risks identified in our annual report on Form 10-K, and
our other filings with the Securities and Exchange Commission. Many
of these factors are outside of the Company’s control.
Non-GAAP Financial Measures
Adjusted EBITDA consists of net earnings adjusted to exclude:
income taxes (benefit); investment income; interest expense;
depreciation and amortization; share-based compensation expense;
COVID-19 related expenses (recoveries); net (gain) loss on sale or
disposal of assets; impairment charges, restructuring costs, merger
and acquisition costs, acquisition related inventory adjustments,
and integration costs.Adjusted Operating Income consists of
operating income adjusted to exclude: COVID-19 related expenses
(recoveries); impairment charges, restructuring costs, merger and
acquisition costs, acquisition related amortization expenses and
inventory adjustments, and integration costs.Adjusted Earnings per
Diluted Share consists of net earnings adjusted to exclude:
COVID-19 related expenses (recoveries); impairment charges,
restructuring costs, merger and acquisition costs, acquisition
related amortization expenses and inventory adjustment, and
integration costs. For purposes of comparability, the income tax
effect of pre-tax adjustments is determined using statutory tax
rates.This press release contains certain non-GAAP financial
measures; Adjusted EBITDA, Adjusted Operating Income, and Adjusted
Earnings per Diluted Share. A “non-GAAP financial measure” is a
numerical measure of a company’s financial performance that
excludes or includes amounts so as to be different than the most
directly comparable measure calculated and presented in accordance
with U.S. generally accepted accounting principles (“GAAP”) in the
statements of income, balance sheets, or statements of cash flow of
the company. Pursuant to applicable reporting requirements, the
company has provided reconciliations below of non-GAAP financial
measures to the most directly comparable GAAP measure.The non-GAAP
financial measures presented within the Company’s earnings release
are not indicators of our financial performance under GAAP and
should not be considered as an alternative to the applicable GAAP
measure. These non-GAAP measures have limitations as analytical
tools, and you should not consider them in isolation or as a
substitute for analysis of our results as reported under GAAP. In
addition, in evaluating these non-GAAP measures, you should be
aware that in the future we may incur income, expenses, gains and
losses, similar to the adjustments in this press release. Our
presentation of these non-GAAP measures should not be construed as
an inference that our future results will be unaffected by unusual
or infrequent items. We compensate for these limitations by
providing equal prominence to our GAAP results and using non-GAAP
measures only as supplemental presentations.The non-GAAP measures
presented are utilized by management to evaluate the Company’s
business performance and profitability by excluding certain items
that may not be indicative of our recurring core business operating
results. The Company believes that these measures provide
additional clarity for investors by excluding specific income,
expenses, gains and losses, in an effort to show comparable
business operating results for the periods presented. Similarly,
Management believes these adjusted measures are useful performance
measures because certain items included in the calculations may
either mask or exaggerate trends in the Company’s ongoing operating
performance. See the reconciliation of Non-GAAP Financial Measures
below.
Investor Contact:Joseph
Jaffoni, Norberto Aja or Jennifer NeumanJCIR(212)
835-8500jjsf@jcir.com
J & J
SNACK FOODS CORP. AND SUBSIDIARIES |
CONSOLIDATED
STATEMENTS OF EARNINGS |
(unaudited)
(in thousands, except per share amounts) |
|
|
|
|
|
Three months ended |
|
December
24, |
|
December
25, |
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
Net
Sales |
$ |
351,343 |
|
|
$ |
318,490 |
|
|
|
|
|
Cost of
goods sold |
|
260,488 |
|
|
|
239,115 |
|
Gross Profit |
|
90,855 |
|
|
|
79,375 |
|
|
|
|
|
Operating
expenses |
|
|
|
Marketing |
|
23,699 |
|
|
|
20,907 |
|
Distribution |
|
42,049 |
|
|
|
33,315 |
|
Administrative |
|
16,391 |
|
|
|
10,369 |
|
Other general expense (income) |
|
(612 |
) |
|
|
(61 |
) |
Total Operating Expenses |
|
81,527 |
|
|
|
64,530 |
|
|
|
|
|
Operating
Income |
|
9,328 |
|
|
|
14,845 |
|
|
|
|
|
Other income
(expense) |
|
|
|
Investment income |
|
685 |
|
|
|
271 |
|
Interest expense |
|
(1,049 |
) |
|
|
(18 |
) |
|
|
|
|
Earnings
before |
|
|
|
income taxes |
|
8,964 |
|
|
|
15,098 |
|
|
|
|
|
Income tax
expense |
|
2,331 |
|
|
|
4,007 |
|
|
|
|
|
NET EARNINGS |
$ |
6,633 |
|
|
$ |
11,091 |
|
|
|
|
|
Earnings per
diluted share |
$ |
0.34 |
|
|
$ |
0.58 |
|
|
|
|
|
Weighted
average number |
|
|
|
of diluted shares |
|
19,274 |
|
|
|
19,153 |
|
|
|
|
|
Earnings per
basic share |
$ |
0.35 |
|
|
$ |
0.58 |
|
|
|
|
|
Weighted
average number of |
|
|
|
basic shares |
|
19,222 |
|
|
|
19,085 |
|
|
|
|
|
J & J
SNACK FOODS CORP. AND SUBSIDIARIES |
CONSOLIDATED
BALANCE SHEETS |
(in
thousands, except share amounts) |
|
|
|
|
|
December
24, |
|
|
|
|
2022 |
|
|
September
24, |
|
(unaudited) |
|
|
2022 |
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
54,866 |
|
|
$ |
35,181 |
|
Marketable securities held to maturity |
|
2,008 |
|
|
|
4,011 |
|
Accounts receivable, net |
|
187,321 |
|
|
|
208,178 |
|
Inventories |
|
182,642 |
|
|
|
180,473 |
|
Prepaid expenses and other |
|
14,473 |
|
|
|
16,794 |
|
Total current assets |
|
441,310 |
|
|
|
444,637 |
|
|
|
|
|
Property,
plant and equipment, at cost |
|
891,243 |
|
|
|
860,050 |
|
Less accumulated depreciation |
|
|
|
and amortization |
|
537,873 |
|
|
|
524,683 |
|
Property, plant and equipment, net |
|
353,370 |
|
|
|
335,367 |
|
|
|
|
|
Other
assets |
|
|
|
Goodwill |
|
184,420 |
|
|
|
184,420 |
|
Other intangible assets, net |
|
190,027 |
|
|
|
191,732 |
|
Marketable securities available for sale |
|
4,371 |
|
|
|
5,708 |
|
Operating lease right-of-use assets |
|
50,063 |
|
|
|
51,137 |
|
Other |
|
3,987 |
|
|
|
3,965 |
|
Total other assets |
|
432,868 |
|
|
|
436,962 |
|
Total Assets |
$ |
1,227,548 |
|
|
$ |
1,216,966 |
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
Current Liabilities |
|
|
|
Current finance lease liabilities |
$ |
128 |
|
|
$ |
124 |
|
Accounts payable |
|
91,610 |
|
|
|
108,146 |
|
Accrued insurance liability |
|
16,014 |
|
|
|
15,678 |
|
Accrued liabilities |
|
9,642 |
|
|
|
9,214 |
|
Current operating lease liabilities |
|
13,219 |
|
|
|
13,524 |
|
Accrued compensation expense |
|
16,104 |
|
|
|
21,700 |
|
Dividends payable |
|
13,461 |
|
|
|
13,453 |
|
Total current liabilities |
|
160,178 |
|
|
|
181,839 |
|
|
|
|
|
Long-term
debt |
|
92,000 |
|
|
|
55,000 |
|
Noncurrent
finance lease liabilities |
|
303 |
|
|
|
254 |
|
Noncurrent
operating lease liabilities |
|
41,883 |
|
|
|
42,660 |
|
Deferred
income taxes |
|
69,873 |
|
|
|
70,407 |
|
Other
long-term liabilities |
|
3,575 |
|
|
|
3,637 |
|
|
|
|
|
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 |
|
|
|
19,229,000 and 19,219,000 respectively |
|
96,550 |
|
|
|
94,026 |
|
Accumulated
other comprehensive loss |
|
(12,842 |
) |
|
|
(13,713 |
) |
Retained
Earnings |
|
776,028 |
|
|
|
782,856 |
|
Total stockholders’ equity |
|
859,736 |
|
|
|
863,169 |
|
Total Liabilities and Stockholders’ Equity |
$ |
1,227,548 |
|
|
$ |
1,216,966 |
|
|
|
|
|
J & J
SNACK FOODS CORP. AND SUBSIDIARIES |
CONSOLIDATED
STATEMENTS OF CASH FLOWS |
(Unaudited)
(in thousands) |
|
|
|
|
|
Three months ended |
|
December
24, |
|
December
25, |
|
|
2022 |
|
|
|
2021 |
|
Operating activities: |
|
|
|
Net earnings |
$ |
6,633 |
|
|
$ |
11,091 |
|
Adjustments
to reconcile net earnings to net cash provided by operating
activities |
|
|
|
Depreciation of fixed assets |
|
13,476 |
|
|
|
11,923 |
|
Amortization of intangibles and deferred costs |
|
1,705 |
|
|
|
588 |
|
Gains from disposals of property & equipment |
|
(711 |
) |
|
|
(27 |
) |
Share-based compensation |
|
1,239 |
|
|
|
1,083 |
|
Deferred income taxes |
|
(526 |
) |
|
|
(529 |
) |
Loss on marketable securities |
|
37 |
|
|
|
44 |
|
Other |
|
(18 |
) |
|
|
(4 |
) |
Changes in assets and liabilities, net of effects from purchase of
companies |
|
|
|
Decrease in accounts receivable |
|
21,171 |
|
|
|
231 |
|
(Increase) in inventories |
|
(2,284 |
) |
|
|
(9,958 |
) |
Decrease in prepaid expenses |
|
2,343 |
|
|
|
719 |
|
(Decrease) in accounts payable and accrued liabilities |
|
(21,655 |
) |
|
|
(9,707 |
) |
Net cash provided by operating activities |
|
21,410 |
|
|
|
5,454 |
|
|
|
|
|
Investing activities: |
|
|
|
Purchases of property, plant and equipment |
|
(30,910 |
) |
|
|
(16,100 |
) |
Proceeds from redemption and sales of marketable securities |
|
3,300 |
|
|
|
7,200 |
|
Proceeds from disposal of property and equipment |
|
729 |
|
|
|
231 |
|
Net cash used in investing activities |
|
(26,881 |
) |
|
|
(8,669 |
) |
|
|
|
|
Financing activities: |
|
|
|
Proceeds from issuance of stock |
|
1,285 |
|
|
|
706 |
|
Borrowings under credit facility |
|
72,000 |
|
|
|
- |
|
Repayment of borrowings under credit facility |
|
(35,000 |
) |
|
|
- |
|
Payments on finance lease obligations |
|
(39 |
) |
|
|
(74 |
) |
Payment of cash dividends |
|
(13,453 |
) |
|
|
(12,080 |
) |
Net cash provided by (used in) financing activities |
|
24,793 |
|
|
|
(11,448 |
) |
|
|
|
|
Effect of exchange rates on cash and cash equivalents |
|
363 |
|
|
|
(69 |
) |
Net increase (decrease) in cash and cash equivalents |
|
19,685 |
|
|
|
(14,732 |
) |
|
|
|
|
Cash and cash equivalents at beginning of period |
|
35,181 |
|
|
|
283,192 |
|
|
|
|
|
Cash and
cash equivalents at end of period |
$ |
54,866 |
|
|
$ |
268,460 |
|
|
|
|
|
J & J
SNACK FOODS CORP. AND SUBSIDIARIES |
NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS |
(Unaudited)
(in thousands) |
|
|
|
|
|
Three months ended |
|
December
24, |
|
December
25, |
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
Sales to
External Customers: |
|
|
|
Food Service |
|
|
|
Soft pretzels |
$ |
52,223 |
|
|
$ |
50,421 |
|
Frozen novelties |
|
21,765 |
|
|
|
8,457 |
|
Churros |
|
25,757 |
|
|
|
19,489 |
|
Handhelds |
|
23,572 |
|
|
|
18,495 |
|
Bakery |
|
108,948 |
|
|
|
107,831 |
|
Other |
|
6,032 |
|
|
|
7,039 |
|
Total Food Service |
$ |
238,297 |
|
|
$ |
211,732 |
|
|
|
|
|
Retail Supermarket |
|
|
|
Soft pretzels |
$ |
14,485 |
|
|
$ |
16,194 |
|
Frozen novelties |
|
17,969 |
|
|
|
17,802 |
|
Biscuits |
|
7,913 |
|
|
|
8,271 |
|
Handhelds |
|
2,892 |
|
|
|
1,276 |
|
Coupon redemption |
|
(176 |
) |
|
|
(896 |
) |
Other |
|
(10 |
) |
|
|
48 |
|
Total Retail Supermarket |
$ |
43,073 |
|
|
$ |
42,695 |
|
|
|
|
|
Frozen Beverages |
|
|
|
Beverages |
$ |
38,659 |
|
|
$ |
33,763 |
|
Repair and maintenance service |
|
23,827 |
|
|
|
22,011 |
|
Machines revenue |
|
7,011 |
|
|
|
7,847 |
|
Other |
|
476 |
|
|
|
442 |
|
Total Frozen Beverages |
$ |
69,973 |
|
|
$ |
64,063 |
|
|
|
|
|
Consolidated
Sales |
$ |
351,343 |
|
|
$ |
318,490 |
|
|
|
|
|
Depreciation
and Amortization: |
|
|
|
Food Service |
$ |
9,458 |
|
|
$ |
6,669 |
|
Retail Supermarket |
|
391 |
|
|
|
366 |
|
Frozen Beverages |
|
5,332 |
|
|
|
5,476 |
|
Total
Depreciation and Amortization |
$ |
15,181 |
|
|
$ |
12,511 |
|
|
|
|
|
Operating
Income: |
|
|
|
Food Service |
$ |
6,387 |
|
|
$ |
9,001 |
|
Retail Supermarket |
|
1,111 |
|
|
|
4,984 |
|
Frozen Beverages |
|
1,830 |
|
|
|
860 |
|
Total
Operating Income |
$ |
9,328 |
|
|
$ |
14,845 |
|
|
|
|
|
Capital
Expenditures: |
|
|
|
Food Service |
$ |
24,862 |
|
|
$ |
10,233 |
|
Retail Supermarket |
|
1,374 |
|
|
|
2,529 |
|
Frozen Beverages |
|
4,674 |
|
|
|
3,338 |
|
Total
Capital Expenditures |
$ |
30,910 |
|
|
$ |
16,100 |
|
|
|
|
|
Assets: |
|
|
|
Food Service |
$ |
907,736 |
|
|
$ |
794,819 |
|
Retail Supermarket |
|
16,941 |
|
|
|
29,802 |
|
Frozen Beverages |
|
302,871 |
|
|
|
287,285 |
|
Total
Assets |
$ |
1,227,548 |
|
|
$ |
1,111,906 |
|
|
|
|
|
J & J
SNACK FOODS CORP. AND SUBSIDIARIES |
NON-GAAP
FINANCIAL MEASURES |
(Unaudited)
(in thousands) |
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
December
24, |
December
25, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
Reconciliation of GAAP Net Earnings to Adjusted
EBITDA |
|
|
|
|
|
|
|
|
Net
Earnings |
|
$ |
6,633 |
|
|
$ |
11,091 |
|
Income Taxes |
|
|
2,331 |
|
|
|
4,007 |
|
Investment Income |
|
|
(685 |
) |
|
|
(271 |
) |
Interest Expense |
|
|
1,049 |
|
|
|
18 |
|
Depreciation and Amortization |
|
|
15,181 |
|
|
|
12,511 |
|
Share-Based Compensation |
|
|
1,239 |
|
|
|
1,083 |
|
COVID-19 Expenses (Recoveries) |
|
|
- |
|
|
|
(874 |
) |
Net (Gain) Loss on Sale or Disposal of Assets |
|
|
(711 |
) |
|
|
(27 |
) |
Integration Costs |
|
|
229 |
|
|
|
- |
|
Adjusted EBITDA |
|
$ |
25,266 |
|
|
$ |
27,538 |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP Operating Income to Adjusted
Operating Income |
|
|
|
|
Operating
Income |
|
$ |
9,328 |
|
|
$ |
14,845 |
|
COVID-19 Expenses (Recoveries) |
|
|
- |
|
|
|
(874 |
) |
Acquisition Related Amortization Expenses |
|
|
1,679 |
|
|
|
592 |
|
Integration Costs |
|
|
229 |
|
|
|
- |
|
Adjusted Operating Income |
|
$ |
11,236 |
|
|
$ |
14,563 |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP Earnings per Diluted Share to
Adjusted Earnings per Diluted Share |
|
|
|
|
Earnings per
Diluted Share |
|
$ |
0.34 |
|
|
$ |
0.58 |
|
COVID-19 Expenses (Recoveries) |
|
|
- |
|
|
|
(0.05 |
) |
Acquisition Related Amortization Expenses |
|
|
0.09 |
|
|
|
0.03 |
|
Integration Costs |
|
|
0.01 |
|
|
|
- |
|
|
|
|
|
|
Tax Effect of Non-GAAP Adjustments (1) |
|
|
(0.02 |
) |
|
|
0.01 |
|
|
|
|
|
|
Adjusted Earnings per Diluted Share |
|
$ |
0.42 |
|
|
$ |
0.57 |
|
|
|
|
|
|
(1) Income taxes associated with pre-tax adjustments determined
using statutory tax rates |
|
|
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