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J & J Snack Foods Reports Third Quarter Sales And Earnings

Stocks in this article: JJSF

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

Sales increased 5% to $237.0 million from $226.3 million in last year's third quarter. Net earnings increased 13% to $21.2 million in the current quarter from $18.7 million last year. Earnings per diluted share increased 13% to $1.12 for the third quarter from $.99 last year. Operating income increased 8% to $32.4 million in the current quarter from $29.9 million in the year ago quarter.

For the nine months ended June 29, 2013, sales increased 7% to $629.8 million from $588.6 million in last year's nine months. Net earnings increased 27% to $44.1 million in the nine months from $34.6 million last year. Earnings per diluted share increased to 27% to $2.33 for the nine months from $1.83 last year. Operating income increased 22% to $66.6 million from $54.6 million in the year ago period.

Gerald B. Shreiber, J & J's President and Chief Executive Officer, commented, "Our food service group had an outstanding quarter with strong sales of soft pretzels and churros to new restaurant chain customers and added distribution throughout our customer base. ICEE and frozen beverages had another good 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  Nine months ended
  June 29, 2013 June 23, 2012 June 29, 2013 June 23, 2012
         
Net Sales $237,036 $226,335 $629,770 $588,575
         
Cost of goods sold  161,714 153,828 442,162 415,675
Gross Profit 75,322 72,507 187,608 172,900
         
Operating expenses        
Marketing  19,554 19,892 53,499 54,955
Distribution  16,750 16,034 47,863 44,465
Administrative  7,063 6,873 20,122 19,158
Other general income  (429) (183) (480) (305)
  42,938 42,616 121,004 118,273
         
Operating Income 32,384 29,891 66,604 54,627
         
Other income (expense)        
Investment income 904 397 2,576 1,132
Interest expense & other  (29) 11 (82) (32)
         
Earnings before income taxes 33,259 30,299 69,098 55,727
         
Income taxes  12,087 11,627 25,040 21,147
         
NET EARNINGS $21,172 $18,672 $44,058 $34,580
         
Earnings per diluted share $1.12 $0.99 $2.33 $1.83
         
Weighted average number of diluted shares  18,913 18,947 18,890 18,917
         
Earnings per basic share $1.13 $0.99 $2.34 $1.83
         
Weighted average number of basic shares  18,807 18,886 18,804 18,850
   
 CONSOLIDATED BALANCE SHEETS  
 (in thousands, except share amounts)  
     
  (unaudited) June 29, 2013 September 29, 2012
Cash and cash equivalents  $ 79,268  $ 154,198
Current marketable securities held to maturity   3,498  1,214
Other current assets  175,718  152,656
Property, plant and equipment, at cost 146,494 141,544
Goodwill 76,899 76,899
Other intangible assets, net 45,122 48,464
Marketable securities held to maturity 2,000 24,998
Marketable securities available for sale 107,512  -- 
Other  3,126 3,071
Total  $ 639,637  $ 603,044
     
Current Liabilities  $ 89,046  $ 81,505
Long-term obligations under capital leases 164 347
Deferred income taxes 44,874 44,874
Other long-term liabilities 670 831
Stockholders' Equity 504,883 475,487
Total  $ 639,637  $ 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

J&J Snack Foods logo

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