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J & J Snack Foods Reports Second Quarter Sales And Earnings

Stocks in this article: JJSF

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 www.jjsnack.com .

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

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 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
 
 
 
 CONSOLIDATED BALANCE SHEETS
 (in thousands, except share amounts)
     
  (unaudited)  
   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

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