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Sales And Earnings Reported By J & J Snack Foods

Stocks in this article: JJSF

PENNSAUKEN, N.J., Nov. 7, 2013 (GLOBE NEWSWIRE) -- J & J Snack Foods Corp. (Nasdaq:JJSF) today announced sales and earnings for its fourth quarter and year ended September 28, 2013.

Sales for the fourth quarter (13 weeks) decreased 2% to $237.9 million from $242.2 million in last year's fourth quarter (14 weeks). For the year ended September 28, 2013 (52 weeks), sales increased 4% to $867.7 million from $830.8 million last year (53 weeks). Excluding sales from the extra week in 2012, sales increased approximately 5% for the fourth quarter and 6 1/2% for the year. Net earnings increased 4% to $20.3 million ($1.08 per diluted share) in this year's fourth quarter compared to $19.5 million ($1.03 per diluted share) last year and for the year earnings increased 19% to $64.4 million ($3.41 per diluted share) from $54.1 million ($2.86 per diluted share).

Operating income increased 2% to $30.8 million this year from $30.3 million in the year ago period for the fourth quarter. For the year, operating income increased 15% to $97.4 million from $85.0 million last year.

The Company also said that it purchased and retired 97,302 shares of its common stock at a cost of $7,302,515 in the fourth quarter.

Gerald B. Shreiber, J & J's President and Chief Executive Officer, commented, "For the quarter our food service group performed well with strong growth coming from sales of soft pretzel products including new varieties of our soft pretzels to new and existing customers. Churro sales remained strong but our retail supermarket group had disappointing sales and earnings due in part to cool weather conditions in the northeast that have persisted since early spring."

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 and SLUSH PUPPIE 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.

 CONSOLIDATED STATEMENTS OF EARNINGS   
 (in thousands, except per share amounts)   
         
  Quarter Ended Fiscal Year Ended
         
  September 28, 2013 (13 weeks) September 29, 2012 (14 weeks) September 28, 2013 (52 weeks) September 29, 2012 (53 weeks)
  Unaudited Unaudited Unaudited  
         
Net Sales $237,913 $242,221 $867,683 $830,796
Cost of goods sold   162,219  164,936 604,381 580,611
Gross Profit  75,694  77,285 263,302 250,185
         
Operating expenses        
Marketing    20,577  21,363 74,076 76,318
Distribution   17,162  17,785 65,025 62,250
Administrative   7,326  7,034 27,448 26,192
Other general (income) expense   (171)  763 (651) 458
   44,894  46,945 165,898 165,218
         
Operating Income  30,800  30,340 97,404 84,967
         
Other income (expenses)        
Investment income  916  260 3,492 1,392
Interest expense & other  (24)  (41) (106) (73)
         
Earnings before income taxes  31,692  30,559 100,790 86,286
         
Income taxes  11,369  11,021 36,409 32,168
         
NET EARNINGS $20,323 $19,538 $64,381 $54,118
         
Earnings per diluted share $1.08 $1.03 $3.41 $2.86
         
Weighted average number of diluted shares  18,844  18,919 18,878 18,917
         
Earnings per basic share $1.09 $1.04 $3.43 $2.87
         
Weighted average number of basic shares  18,728  18,867 18,785 18,854
 
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
     
  September 28, 2013 September 29, 2012
Assets Unaudited   
Current assets    
Cash and cash equivalents $ 97,345 $ 154,198
Marketable securities held to maturity 256 1,214
Accounts receivable, net 87,545 76,414
Inventories, net 71,785 69,761
Prepaid expenses and other 3,284 2,220
Deferred income taxes 4,502 4,261
Total current assets 264,717 308,068
     
Property, plant and equipment, at cost 510,442 483,873
Less accumulated depreciation and amortization 363,278 342,329
  147,164 141,544
     
Other assets    
Goodwill 76,899 76,899
Other intangible assets, net 44,012 48,464
Marketable securities held to maturity 2,000 24,998
Marketable securities available for sale 107,664  -- 
Other  3,205 3,071
  233,780 153,432
  $ 645,661 $ 603,044
     
Liability and Stockholder's Equity    
Current Liabilities    
Current obligations under capital leases  $ 211 $ 340
Accounts payable 50,906 52,755
Accrued insurance liability 9,954 7,824
Accrued income taxes 1,740 962
Accrued liabilities 3,769 4,027
Accrued compensation expense 13,671 13,151
Dividends payable 2,988 2,446
Total current liabilities 83,239 81,505
     
Long-term obligations under capital leases 136 347
Deferred income taxes 45,183 44,874
Other long-term liabilities 538 831
     
Stockholders' Equity    
Preferred stock, $1 par value; authorized 10,000,000 shares; none issued  --   -- 
Common stock, no par value; authorized, 50,000,000 shares; issued and outstanding 18,677,000 and 18,780,000 respectively 34,516 43,011
Accumulated other comprehensive loss (5,930) (3,132)
Retained Earnings  487,979 435,608
  516,565 475,487
  $ 645,661 $ 603,044
       
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
       
  Fiscal Year Ended
       
  September 28, 2013 (52 weeks) September 29, 2012 (53 weeks) September 24, 2011 (52 weeks)
  Unaudited    
Operating activities:      
Net earnings  $64,381 $54,118 $55,063
Adjustments to reconcile net earnings to net cash provided by operating activities:       
Depreciation of fixed assets  28,801 26,175 25,046
Amortization of intangibles and deferred costs  4,751 4,762 5,188
Losses (gains) from disposals and impairment of property & equipment 126 (146) 52
Share-based compensation  1,871 1,246 918
Gain on bargain purchase of a business  -- -- (6,580)
Deferred income taxes  74 3,108 6,108
Changes in assets and liabilities, net of effects from purchase of companies:      
Increase in accounts receivable  (11,148) (605) (5,231)
Increase in inventories  (1,819) (6,463) (6,262)
(Increase) decrease in prepaid expenses and other  (1,067) 1,982 1,870
Increase in accounts payable and accrued liabilities  578 5,248 4,284
Net cash provided by operating activities 86,548 89,425 80,456
Investing activities:      
Payments for purchases of companies, net of cash acquired  -- (7,900) (8,806)
Purchases of property, plant and equipment  (35,821) (42,800) (29,124)
Purchases of marketable securities  (111,241) (68,450) (63,293)
Proceeds from redemption and sales of marketable securities  25,307 109,744 37,568
Proceeds from disposal of property and equipment  1,199 1,038 394
Other  (281) (950) (644)
Net cash used in investing activities  (120,837) (9,318) (63,905)
Financing activities:      
Payments to repurchase common stock  (14,500) (8,167) --
Proceeds from issuance of common stock  3,948 4,228 5,377
Payments on capitalized lease obligations  (340) (312) (244)
Payment of cash dividend  (11,468) (9,549) (8,540)
Net cash used in financing activities  (22,360) (13,800) (3,407)
Effect of exchange rates on cash and cash equivalents  (204) 412 (330)
Net (decrease) increase in cash and cash equivalents  (56,853) 66,719 12,814
Cash and cash equivalents at beginning of year  154,198 87,479 74,665
Cash and cash equivalents at end of year  $97,345 $154,198 $87,479
   
  Fiscal year ended
       
  September 28, 2013 September 29, 2012 September 24, 2011
  (in thousands)
       
Sales to External Customers:      
Food Service      
Soft pretzels  $ 145,026  $ 118,014  $ 103,943
Frozen juices and ices  48,831  53,813  49,740
Churros  56,099  45,974  41,583
Handhelds  26,488  27,818  8,865
Bakery  274,783  266,192  241,288
Other  9,532  9,451  18,143
   $ 560,759  $ 521,262  $ 463,562
       
Retail Supermarket      
Soft pretzels  $ 34,597  $ 33,842  $ 32,044
Frozen juices and ices  48,077  53,673  51,940
Handhelds  22,528  24,358  9,424
Coupon redemption  (3,681)  (3,222)  (3,857)
Other  818  1,217  1,548
   $ 102,339  $ 109,868  $ 91,099
       
Frozen Beverages      
Beverages  $ 132,274  $ 135,436  $ 133,372
Repair and maintenance service  52,813  49,115  42,608
Machines sales  17,376  13,136  11,362
Other  2,122  1,979  2,068
   $ 204,585  $ 199,666  $ 189,410
       
Consolidated Sales  $ 867,683  $ 830,796  $ 744,071
       
Depreciation and Amortization:      
Food Service  $ 18,999  $ 17,287  $ 16,986
Retail Supermarket  31  23  8
Frozen Beverages  14,522  13,627  13,240
   $ 33,552  $ 30,937  $ 30,234
       
Operating Income:      
Food Service  $ 65,907  $ 49,770  $ 46,171
Retail Supermarket  8,594  13,316  11,830
Frozen Beverages  22,903  21,881  18,582
   $ 97,404  $ 84,967  $ 76,583
       
Capital Expenditures:      
Food Service  $ 19,097  $ 28,504  $ 14,905
Retail Supermarket  --  --  --
Frozen Beverages  16,724  14,296  14,219
   $ 35,821  $ 42,800  $ 29,124
       
Assets:      
Food Service  $ 486,015  $ 453,509  $ 405,927
Retail Supermarket  6,067  6,098  3,579
Frozen Beverages  153,579  143,437  141,310
   $ 645,661  $ 603,044  $ 550,816

RESULTS OF OPERATIONS

Fiscal 2013 (52 weeks) Compared to Fiscal 2012 (53 weeks)

Net sales increased $36,887,000, or 4%, to $867,683,000 in fiscal 2013 from $830,796,000 in fiscal 2012. Excluding sales from the extra week in 2012, sales increased approximately 6 1/2% from 2012 to 2013.

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