J & J Snack Foods Corp. (NASDAQ:JJSF) today announced record sales and earnings for its third quarter and nine months ended June 25, 2011.

Sales for the third quarter increased 9% to $206.3 million from $189.7 million in last year's third quarter. Net earnings increased 47% to $23.3 million from $15.9 million last year. Earnings per diluted share were $1.24 for the June quarter compared to $.85 last year. Operating income increased 4% to $27.1 million this year from $26.1 million in the year ago period.

For the nine months ended June 25, 2011, sales increased 6% to $524.7 million from $496.2 million in last year's nine months. Net earnings increased 22% to $39.1 million in the nine months from $32.0 million last year. Earnings per diluted share were $2.08 for the nine months compared to $1.71 last year. Operating income decreased 1% to $52.0 million from $52.4 million in the year ago period.

Net earnings for the third quarter and the nine months included a $6.6 million gain on bargain purchase of a business. Without this gain, net earnings were $16.7 million, or $.89 per diluted share, for the quarter and $32.5 million, or $1.73 per diluted share, for the nine months.

Gerald B. Shreiber, J & J’s President and Chief Executive Officer, commented, "While all of our businesses contributed to the quarter's success, a particularly strong performance by our ICEE group highlighted the quarter."

J & J Snack Foods Corp.’s principal products include SUPERPRETZEL, PRETZEL FILLERS and other soft pretzels, ICEE and SLUSH PUPPIE frozen beverages, LUIGI’S, MAMA TISH’S, SHAPE UPS, MINUTE MAID* and BARQ’S** frozen juice bars and ices, WHOLE FRUIT sorbet and frozen fruit bars, 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, MRS. GOODCOOKIE, CAMDEN CREEK, COUNTRY HOME and READI-BAKE cookies, PATIO burritos and HAND FULLS and HOLLY RIDGE BAKERY filled handheld products. J & J has manufacturing facilities in Pennsauken, Bridgeport and Bellmawr, New Jersey; Scranton, Hatfield and Chambersburg, Pennsylvania; Carrollton, Texas; Atlanta, Georgia; Moscow Mills, Missouri; Pensacola, Florida; Colton, Vernon and Norwalk, California; Holly Ridge, North Carolina; and Weston, Oregon.

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

**BARQ’S is a registered trademark of Barq’s Inc.
     

 

Unaudited Consolidated Statement of Operations

Three Months Ended

Nine Months Ended
June 25     June 26 June 25     June 26

2011

2010

2011

2010
(in thousands)
Net sales $

 206,328
$

 189,729
$

     524,691
$ 496,192
Cost of goods sold   138,787   124,698   362,027  

335,345
Gross profit 67,541 65,031 162,664 160,847
Operating expenses   40,480   38,969   110,676   108,474
Operating income 27,061 26,062 51,988 52,373
Other income   6,797   236  

7,168
 

717

Earnings before income taxes
33,858 26,298 59,156 53,090
Income taxes   10,532   10,437   20,077   21,138
Net earnings $ 23,326 $ 15,861 $ 39,079 $ 31,952
 
Earnings per diluted share $ 1.24 $ .85 $ 2.08 $ 1.71
Earnings per basic share $ 1.25 $ .86 $ 2.10 $ 1.73

Weighted average number of diluted shares
18,829 18,731 18,766 18,705

Weighted average number of basic shares
18,700 18,529 18,639 18,516
 

 

Consolidated Balance Sheets

 

June 25, 2011

 

September 25, 2010

 

(Unaudited)
(in thousands)
 
Cash & cash equivalents $ 79,643 $ 74,665
Current marketable securities held to maturity 25,528 15,481
Other current assets 154,979 130,385
Property, plant & equipment, net 122,375 110,092
Goodwill 70,070 70,070
Other intangible assets, net 53,140 55,284
Marketable securities held to maturity 29,998 26,300
Other   2,213   1,717
Total $ 537,946 $ 483,994
 
Current liabilities $ 84,059 $ 71,081
Long-term obligations under capital leases 429 619
Deferred income taxes 34,538 30,401
Other long-term liabilities 1,162 1,318
Stockholders’ equity   417,308   380,575
Total $ 537,496 $ 483,994
 

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.

Copyright Business Wire 2010