J & J Snack Foods Corp. (NASDAQ-JJSF) today reported sales and earnings for its 2011 fiscal year.
Sales for the fiscal year ended September 24, 2011 increased 7% to $744.1 million from $696.7 million in the fiscal year ended September 25, 2010. Net earnings increased 14% to $55.1 million in fiscal 2011 from $48.4 million in fiscal 2010. On a per diluted share basis, earnings increased 13% to $2.93 from $2.59. Operating income decreased 1% to $76.6 million this year from $77.2 million in the year ago period.
For the fourth quarter ended September 24, 2011, sales increased 9% to $219.4 million from $200.5 million in the fourth quarter ended September 25, 2010. Net earnings decreased 3% to $16.0 million in the current year quarter from $16.5 million. Earnings per diluted share were $.85 this year compared to $.88 last year. Operating income decreased 1% to $24.6 million from $24.8 million in the year ago period.
Net earnings for the fiscal year included a $6.6 million gain on bargain purchase of a business. Without this gain, net earnings were $48.5 million, or $2.58 per diluted share, for the fiscal year.Gerald B. Shreiber, J & J’s President and Chief Executive Officer, commented, "Our ICEE beverage group had a strong fourth quarter and year. The balance of our business was impacted by higher input costs and added costs of distribution." 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.