Exhibit 99.1
J & J Snack Foods Reports Second Quarter Sales and Earnings
PENNSAUKEN, N.J.--(BUSINESS WIRE)--April 23, 2009--J & J Snack Foods Corp. (NASDAQ-JJSF) today announced record sales and increased earnings for its second quarter and six months ended March 28, 2009.
Sales increased 4% to $149.4 million from $144.2 million in last year's second quarter. Net earnings increased 81% to $7.2 million from $4.0 million last year. Earnings per diluted share were $.39 for the March quarter compared to $.21 last year. Operating income increased 109% to $11.9 million this year from $5.7 million in the year ago period.
For the six months ended March 28, 2009, sales increased 6% to $290.5 million from $275.1 million in last year’s first half. Net earnings increased 96% to $11.6 million in the six months from $5.9 million last year. Earnings per diluted share were $.62 for the six months compared to $.31 last year. Operating income increased 133% to $18.7 million from $8.0 million in the year ago period.
Gerald B. Shreiber, J & J’s President and Chief Executive Officer, commented, “We are pleased with our overall financial performance for the quarter particularly considering the challenges in the overall economy. All of our business groups contributed as our Company continues to outperform others in our sector.”
J & J Snack Foods Corp.’s principal products include SUPERPRETZEL, PRETZEL FILLERS and other soft pretzels, ICEE, SLUSH PUPPIE and ARCTIC BLAST frozen beverages, LUIGI’S, MAMA TISH’S, SHAPE UPS, MINUTE MAID* and BARQ’S** frozen juice bars and ices, WHOLE FRUIT sorbet, FRUIT-A-FREEZE frozen fruit bars, MARY B’S biscuits and dumplings, DADDY RAY’S fig and fruit bars, TIO PEPE’S churros, THE FUNNEL CAKE FACTORY funnel cakes, and MRS. GOODCOOKIE, CAMDEN CREEK, COUNTRY HOME and READI-BAKE cookies. 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 and Vernon and Newport, California.
*MINUTE MAID is a registered trademark of The Coca-Cola Company.
**BARQ’S is a registered trademark of Barq’s Inc.
| Consolidated Statement of Operations | |||||||||||
Three Months Ended | Six Months Ended | |||||||||||
March 28, | March 29, | March 28, | March 29, | |||||||||
2009 | 2008 | 2009 | 2008 | |||||||||
(in thousands) | ||||||||||||
Net sales | $ | 149,352 | $ | 144,229 | $ | 290,494 | $ | 275,127 | ||||
Cost of goods sold | 103,975 | 103,829 | 204,435 | 199,340 | ||||||||
Gross profit | 45,377 | 40,400 | 86,059 | 75,787 | ||||||||
Operating expenses | 33,497 | 34,720 | 67,348 | 67,771 | ||||||||
Operating income | 11,880 | 5,680 | 18,711 | 8,016 | ||||||||
Other income | 270 | 658 | 702 | 1,437 | ||||||||
Earnings before income taxes | 12,150 | 6,338 | 19,413 | 9,453 | ||||||||
Income taxes | 4,906 | 2,340 | 7,850 | 3,558 | ||||||||
Net earnings | $ | 7,244 | $ | 3,998 | $ | 11,563 | $ | 5,895 | ||||
Earnings per diluted share | $.39 | $.21 | $.62 | $.31 | ||||||||
Earnings per basic share | $.39 | $.21 | $.62 | $.31 | ||||||||
Weighted average number of diluted shares | 18,618 | 18,982 | 18,696 | 19,029 | ||||||||
Weighted average number of basic shares | 18,425 | 18,785 | 18,520 | 18,777 | ||||||||
Consolidated Balance Sheets | ||||||
March 28, 2009 | September 27, 2008 | |||||
(in thousands) | ||||||
Cash & cash equivalents | $ | 49,836 | $ | 44,265 | ||
Current marketable securities held to maturity | 14,307 | 2,470 | ||||
Current auction market preferred stock | - | 14,000 | ||||
Other current assets | 115,330 | 116,465 | ||||
Property, plant & equipment, net | 91,688 | 93,064 | ||||
Goodwill | 60,314 | 60,314 | ||||
Other intangible assets, net | 51,379 | 53,633 | ||||
Long-term auction market preferred stock | - | 21,200 | ||||
Long-term marketable securities held to maturity | 18,383 | - | ||||
Other | 2,444 | 2,997 | ||||
Total | $ | 403,681 | $ | 408,408 | ||
Current liabilities | $ | 65,919 | $ | 66,194 | ||
Long-term obligations under capital leases | 333 | 381 | ||||
Deferred income taxes | 23,056 | 23,056 | ||||
Other long-term liabilities | 1,970 | 1,999 | ||||
Stockholders’ equity | 312,403 | 316,778 | ||||
Total | $ | 403,681 | $ | 408,408 | ||
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:
J & J Snack Foods Corp.
Dennis G. Moore
Senior Vice President Chief Financial Officer
856-532-6603