This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

J & J Snack Foods Reports Second Quarter Sales And Earnings

PENNSAUKEN, N.J., April 29, 2013 (GLOBE NEWSWIRE) -- J & J Snack Foods Corp. (Nasdaq:JJSF) today announced sales and earnings for the second quarter ended March 30, 2013.

Sales increased 6% to $201.3 million from $189.6 million in last year's second quarter. Net earnings increased 21% to $12.7 million in the current quarter from $10.4 million last year. Earnings per diluted share increased 22% to $.67 for the second quarter from $.55 last year. Operating income increased 18% to $19.2 million in the current quarter from $16.3 million in the year ago quarter.

For the six months ended March 30, 2013, sales increased 8% to $392.8 million from $362.2 million in last year's first half. Net earnings increased 44% to $22.9 million in the six months from $15.9 million last year. Earnings per diluted share increased to 44% to $1.21 for the six months from $.84 last year. Operating income increased 38% to $34.2 million from $24.7 million in the year ago period.

Gerald B. Shreiber, J & J's President and Chief Executive Officer, commented, "We are pleased with our overall performance for our second quarter. Our food service group, with sharp increases in soft pretzel and churro sales, had a particularly strong quarter."

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, PRETZEL FILLERS and other soft pretzels, ICEE, SLUSH PUPPIE and ARCTIC BLAST frozen beverages, LUIGI'S Italian ice, MINUTE MAID* frozen juice bars and ices, WHOLE FRUIT sorbet, 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, and READI-BAKE cookies. For more information, please visit us at .

*MINUTE MAID is a registered trademark of The Coca-Cola Company.

(in thousands, except per share amounts)
   Three months ended  Six months ended
  March 30,  March 24, March 30,  March 24,
  2013 2012 2013 2012
Net Sales $201,326 $189,554 $392,734 $362,240
Cost of goods sold $143,175 135,567 280,448 261,847
Gross Profit 58,151 53,987 112,286 100,393
Operating expenses        
Marketing $16,809 17,404 33,945 35,063
Distribution $15,713 14,212 31,113 28,431
Administrative $6,460 6,219 13,059 12,285
Other general expense (income) $10 (121) (51) (122)
  38,992 37,714 78,066 75,657
Operating Income 19,159 16,273 34,220 24,736
Other income (expense)        
Investment income $896 380 1,672 735
Interest expense & other ($28) (4) (53) (43)
Earnings before income taxes 20,027 16,649 35,839 25,428
Income taxes $7,367 6,226 12,953 9,520
NET EARNINGS $12,660 $10,423 $22,886 $15,908
Earnings per diluted share $0.67 $0.55 $1.21 $0.84
Weighted average number of diluted shares  18,886 18,930 18,878 18,902
Earnings per basic share $0.67 $0.55 $1.22 $0.84
Weighted average number of basic shares  18,800 18,858 18,803 18,832
 (in thousands, except share amounts)
   March 30, September 29,
  2013 2012
Cash and cash equivalents  $ 102,338  $ 154,198
Current marketable securities held to maturity  4,077  1,214
Other current assets  161,824  152,656
Property, plant and equipment, at cost 142,954 141,544
Goodwill 76,899 76,899
Other intangible assets, net 46,232 48,464
Marketable securities held to maturity 2,000 24,998
Marketable securities available for sale 80,292  -- 
Other 3,217 3,071
Total  $ 619,833  $ 603,044
Current Liabilities  $ 80,014  $ 81,505
Long-term obligations under capital leases 214 347
Deferred income taxes 45,023 44,874
Other long-term liabilities 673 831
Stockholders' Equity 493,909 475,487
Total  $ 619,833  $ 603,044

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

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs