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J & J Snack Foods Corp. (NASDAQ:JJSF) today announced record sales and earnings for its third quarter and nine months ended June 25, 2011.
Sales for the third quarter increased 9% to $206.3 million from $189.7 million in last year's third quarter. Net earnings increased 47% to $23.3 million from $15.9 million last year. Earnings per diluted share were $1.24 for the June quarter compared to $.85 last year. Operating income increased 4% to $27.1 million this year from $26.1 million in the year ago period.
For the nine months ended June 25, 2011, sales increased 6% to $524.7 million from $496.2 million in last year's nine months. Net earnings increased 22% to $39.1 million in the nine months from $32.0 million last year. Earnings per diluted share were $2.08 for the nine months compared to $1.71 last year. Operating income decreased 1% to $52.0 million from $52.4 million in the year ago period.
Net earnings for the third quarter and the nine months included a $6.6 million gain on bargain purchase of a business. Without this gain, net earnings were $16.7 million, or $.89 per diluted share, for the quarter and $32.5 million, or $1.73 per diluted share, for the nine months.
Gerald B. Shreiber, J & J’s President and Chief Executive Officer, commented, "While all of our businesses contributed to the quarter's success, a particularly strong performance by our ICEE group highlighted the quarter."
J & J Snack Foods Corp.’s principal products include SUPERPRETZEL, PRETZEL FILLERS and other soft pretzels, ICEE and SLUSH PUPPIE frozen beverages, LUIGI’S, MAMA TISH’S, SHAPE UPS, MINUTE MAID* and BARQ’S** 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, TIO PEPE’S and CALIFORNIA CHURROS churros, THE FUNNEL CAKE FACTORY funnel cakes, MRS. GOODCOOKIE, CAMDEN CREEK, COUNTRY HOME and READI-BAKE cookies, PATIO burritos and HAND FULLS and HOLLY RIDGE BAKERY filled handheld products. 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; Colton, Vernon and Norwalk, California; Holly Ridge, North Carolina; and Weston, Oregon.