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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
