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.