J & J Snack Foods Reports First Quarter Sales and Earnings

Monday, January 25, 2016 9:00 PM UTC

PENNSAUKEN, N.J., Jan. 25, 2016 -- J & J Snack Foods Corp. (NASDAQ:JJSF) today announced sales and earnings for the first quarter ended December 26, 2015.

Sales increased 5% to $222.8 million from $212.8 million in last year’s first quarter. Net earnings increased 11% to $12.5 million in the current quarter from $11.3 million last year. Earnings per diluted share increased 10% to $.66 for the first quarter from $.60 last year. Operating income increased 11% to $18.4 million in the current quarter from $16.6 million in the year ago quarter.

Gerald B. Shreiber, J & J’s President and Chief Executive Officer, commented, “Led by a particularly strong performance by our ICEE beverage group, all of our businesses contributed to our improved results in sales and net earnings.”

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, BAVARIAN BAKERY and other soft pretzels, ICEE and SLUSH PUPPIE frozen beverages, LUIGI’S, PHILLY SWIRL, MINUTE MAID* 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, CALIFORNIA CHURROS and TIO PEPE’S churros, PATIO Burritos and other handheld sandwiches, THE FUNNEL CAKE FACTORY funnel cakes, and several cookie brands within COUNTRY HOME BAKERS. 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 26,			December 27,
		2015			2014

Net Sales	$	222,850		$	212,752

Cost of goods sold		159,015			151,651
Gross Profit		63,835			61,101

Operating expenses
Marketing		19,629			19,487
Distribution		18,256			17,521
Administrative		7,690			7,525
Other general income		(100	)		(42	)
Total Operating Expenses		45,475			44,491

Operating Income		18,360			16,610

Other income (expense)
Investment income		1,160			1,354
Interest expense & other		(32	)		(24	)

Earnings before
income taxes		19,488			17,940

Income taxes		7,009			6,684

NET EARNINGS	$	12,479		$	11,256

Earnings per diluted share	$	0.66		$	0.60

Weighted average number
of diluted shares		18,839			18,801

Earnings per basic share	$	0.67		$	0.60

Weighted average number of
basic shares		18,687			18,669

J & J SNACK FOODS CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)

	December 26,		September 26,
		2015		2015
	(unaudited)

Cash and cash equivalents	$	111,922	$	133,689
Other current assets		193,331		195,129
Property, plant and equipment, net		176,646		172,054
Goodwill		86,442		86,442
Other intangible assets, net		44,490		45,819
Marketable securities held to maturity		87,772		66,660
Marketable securities available for sale		37,508		39,638
Other		3,527		3,504
Total	$	741,638	$	742,935

Current Liabilities	$	94,211	$	97,116
Long-term obligations under capital leases		1,126		1,196
Deferred income taxes		43,719		43,789
Other long-term liabilities		888		915
Stockholders' Equity		601,694		599,919
Total	$	741,638	$	742,935

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

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