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J & J Snack Foods Reports First Quarter Sales And Earnings

PENNSAUKEN, N.J., Jan. 27, 2014 (GLOBE NEWSWIRE) -- J & J Snack Foods Corp. (Nasdaq:JJSF) today announced sales and earnings for the first quarter ended December 28, 2013.

Sales increased 6% to $203.5 million from $191.4 million in last year's first quarter. Net earnings increased 22% to $12.4 million in the current quarter from $10.2 million last year. Earnings per diluted share increased 22% to $.66 for the first quarter from $.54 last year. Operating income increased 19% to $18.0 million in the current quarter from $15.1 million in the year ago quarter.

Gerald B. Shreiber, J & J's President and Chief Executive Officer, commented, "Our food service group continues to perform well as we continue to expand our line of soft pretzels into restaurant chains.  We have expanded our manufacturing capabilities in anticipation of continued growth in this area."

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.

 J & J SNACK FOODS CORP. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF EARNINGS
 (Unaudited)
 (in thousands, except per share amounts)
     
   Three months ended
  December 28, December 29,
  2013 2012
     
Net Sales $203,523 $191,408
     
Cost of goods sold 143,617 137,273
 Gross Profit 59,906 54,135
     
Operating expenses    
 Marketing   18,032 17,136
 Distribution  16,120 15,400
 Administrative  6,984 6,599
 Other general expense (income) 799 (61)
  41,935 39,074
     
Operating Income 17,971 15,061
     
Other income (expense)    
 Investment income 1,138 776
 Interest expense & other (36) (25)
     
 Earnings before income taxes 19,073 15,812
     
Income taxes 6,647 5,586
     
 NET EARNINGS $12,426 $10,226
     
Earnings per diluted share $0.66 $0.54
     
Weighted average number of diluted shares 18,793 18,870
     
Earnings per basic share $0.67 $0.54
     
Weighted average number of basic shares 18,679 18,807
 
 CONSOLIDATED BALANCE SHEETS
 (in thousands, except share amounts)
   
    (unaudited)  
  December 28, September 28,
  2013 2013
Cash and cash equivalents  $ 105,749 $97,345
Current marketable securities held to maturity   --  256
Other current assets  159,599  167,116
Property, plant and equipment, at cost 152,085 147,164
Goodwill 84,615 76,899
Other intangible assets, net 43,718 44,012
Marketable securities held to maturity 2,000 2,000
Marketable securities available for sale 107,876  107,664
Other  3,495 3,205
 Total  $ 659,137 $645,661
     
Current Liabilities  $ 88,918 $83,239
Long-term obligations under capital leases 458 136
Deferred income taxes 45,193 45,183
Other long-term liabilities 535 538
Stockholders' Equity 524,033 516,565
 Total  $ 659,137 $645,661

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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