Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Mar. 29, 2014 | Apr. 21, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'J&J SNACK FOODS CORP | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--09-27 | ' |
Entity Common Stock, Shares Outstanding | ' | 18,701,116 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000785956 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Document Period End Date | 29-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Consolidated_Balance_Sheets_Cu
Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Mar. 29, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $77,301 | $97,345 |
Marketable securities held to maturity | ' | 256 |
Accounts receivable, net | 86,870 | 87,545 |
Inventories, net | 76,752 | 71,785 |
Prepaid expenses and other | 3,918 | 3,284 |
Deferred income taxes | 4,638 | 4,502 |
Total current assets | 249,479 | 264,717 |
Property, plant and equipment, at cost | ' | ' |
Property, plant and equipment, at cost | 525,077 | 510,442 |
Less accumulated depreciation and amortization | 369,822 | 363,278 |
155,255 | 147,164 | |
Other assets | ' | ' |
Goodwill | 84,615 | 76,899 |
Other intangible assets, net | 42,575 | 44,012 |
Marketable securities held to maturity | 2,000 | 2,000 |
Marketable securities available for sale | 128,740 | 107,664 |
Other | 3,330 | 3,205 |
261,260 | 233,780 | |
665,994 | 645,661 | |
Current Liabilities | ' | ' |
Current obligations under capital leases | 212 | 211 |
Accounts payable | 54,226 | 50,906 |
Accrued insurance liability | 10,044 | 9,954 |
Accrued income taxes | 465 | 1,740 |
Accrued liabilities | 4,913 | 3,769 |
Accrued compensation expense | 10,153 | 13,671 |
Dividends payable | 5,983 | 2,988 |
Total current liabilities | 85,996 | 83,239 |
Long-term obligations under capital leases | 430 | 136 |
Deferred income taxes | 45,132 | 45,183 |
Other long-term liabilities | 536 | 538 |
Stockholders' Equity | ' | ' |
Preferred stock, $1 par value; authorized 10,000,000 shares; none issued | 0 | 0 |
Common stock, no par value; authorized, 50,000,000 shares; issued and outstanding 18,701,000 and 18,677,000 respectively | 36,712 | 34,516 |
Accumulated other comprehensive loss | -4,777 | -5,930 |
Retained Earnings | 501,965 | 487,979 |
533,900 | 516,565 | |
665,994 | 645,661 | |
Land [Member] | ' | ' |
Property, plant and equipment, at cost | ' | ' |
Property, plant and equipment, at cost | 2,496 | 2,496 |
Building [Member] | ' | ' |
Property, plant and equipment, at cost | ' | ' |
Property, plant and equipment, at cost | 26,741 | 26,741 |
Plant Machinery and Equipment [Member] | ' | ' |
Property, plant and equipment, at cost | ' | ' |
Property, plant and equipment, at cost | 188,172 | 179,331 |
Marketing Equipment [Member] | ' | ' |
Property, plant and equipment, at cost | ' | ' |
Property, plant and equipment, at cost | 252,260 | 244,770 |
Transportation Equipment [Member] | ' | ' |
Property, plant and equipment, at cost | ' | ' |
Property, plant and equipment, at cost | 6,730 | 5,953 |
Office Equipment [Member] | ' | ' |
Property, plant and equipment, at cost | ' | ' |
Property, plant and equipment, at cost | 17,847 | 16,282 |
Improvements [Member] | ' | ' |
Property, plant and equipment, at cost | ' | ' |
Property, plant and equipment, at cost | 26,231 | 24,917 |
Construction in Progress [Member] | ' | ' |
Property, plant and equipment, at cost | ' | ' |
Property, plant and equipment, at cost | $4,600 | $9,952 |
Consolidated_Balance_Sheets_Cu1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Mar. 29, 2014 | Sep. 28, 2013 |
Preferred, par value (in Dollars per share) | $1 | $1 |
Preferred, shares authorized | 10,000,000 | 10,000,000 |
Preferred, shares issued | 0 | 0 |
Common, par value (in Dollars per share) | $0 | $0 |
Common, shares authorized | 50,000,000 | 50,000,000 |
Common, shares issued | 18,701,000 | 18,677,000 |
Common, shares outstanding | 18,701,000 | 18,677,000 |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | |||
Net Sales | $205,321 | $201,326 | $408,844 | $392,734 | |||
Cost of goods sold(1) | 144,208 | [1] | 143,175 | [1] | 287,825 | [1] | 280,448 |
Gross Profit | 61,113 | 58,151 | 121,019 | 112,286 | |||
Operating expenses | ' | ' | ' | ' | |||
Marketing (2) | 17,519 | [2] | 16,809 | [2] | 35,551 | [2] | 33,945 |
Distribution (3) | 16,382 | [3] | 15,713 | [3] | 32,502 | [3] | 31,113 |
Administrative (4) | 6,781 | [4] | 6,460 | [4] | 13,765 | [4] | 13,059 |
Other general expense (income) | 99 | 10 | 898 | -51 | |||
40,781 | 38,992 | 82,716 | 78,066 | ||||
Operating Income | 20,332 | 19,159 | 38,303 | 34,220 | |||
Investment income | 976 | 896 | 2,114 | 1,672 | |||
Interest expense & other | -27 | -28 | -63 | -53 | |||
Earnings before income taxes | 21,281 | 20,027 | 40,354 | 35,839 | |||
Income taxes | 7,760 | 7,367 | 14,407 | 12,953 | |||
NET EARNINGS | $13,521 | $12,660 | $25,947 | $22,886 | |||
Earnings per diluted share (in Dollars per share) | $0.72 | $0.67 | $1.38 | $1.21 | |||
Weighted average number of diluted shares (in Shares) | 18,819 | 18,886 | 18,806 | 18,878 | |||
Earnings per basic share (in Dollars per share) | $0.72 | $0.67 | $1.39 | $1.22 | |||
Weighted average number of basic shares (in Shares) | 18,693 | 18,800 | 18,686 | 18,803 | |||
[1] | Includes share-based compensation expense of $117 and $235 for the three months and six months ended March 29, 2014, respectively and $102 and $227 for the three months and six months ended March 30, 2013. | ||||||
[2] | Includes share-based compensation expense of $170 and $340 for the three months and six months ended March 29,2014, respectively and $137 and $310 for the three months and six months ended March 30, 2013. | ||||||
[3] | Includes share-based compensation expense of $11 and $21 for the three months and six months ended March 29, 2014, respectively and $7 and $15 for the three months and six months ended March 30, 2013. | ||||||
[4] | Includes share-based compensation expense of $227 and $453 for the three months and six months ended March 29, 2014, respectively and $163 and $364 for the three months and six months ended March 30, 2013. |
Consolidated_Statements_of_Ear1
Consolidated Statements of Earnings (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
Allocated Share Based Compensation | $440 | $277 | $885 | $560 |
Cost Of Goods Sold [Member] | ' | ' | ' | ' |
Allocated Share Based Compensation | 117 | 102 | 235 | 227 |
Marketing [Member] | ' | ' | ' | ' |
Allocated Share Based Compensation | 170 | 137 | 340 | 310 |
Distribution [Member] | ' | ' | ' | ' |
Allocated Share Based Compensation | 11 | 7 | 21 | 15 |
Administrative [Member] | ' | ' | ' | ' |
Allocated Share Based Compensation | $227 | $163 | $453 | $364 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
Net Earnings | $13,521 | $12,660 | $25,947 | $22,886 |
Foreign currency translation adjustments | -172 | 570 | -276 | 447 |
Unrealized holding gain on marketable securities | 956 | 166 | 1,429 | 184 |
Total Other Comprehensive Income, net of tax | 784 | 736 | 1,153 | 631 |
Comprehensive Income | $14,305 | $13,396 | $27,100 | $23,517 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
Mar. 29, 2014 | Mar. 30, 2013 | |
Operating activities: | ' | ' |
Net earnings | $25,947,000 | $22,886,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Depreciation of fixed assets | 15,591,000 | 13,864,000 |
Amortization of intangibles and deferred costs | 2,511,000 | 2,388,000 |
Share-based compensation | 1,049,000 | 916,000 |
Deferred income taxes | -189,000 | -86,000 |
Loss on sale of marketable securities | 296,000 | ' |
Other | -126,000 | -63,000 |
Changes in assets and liabilities net of effects from purchase of companies | ' | ' |
Decrease(increase)in accounts receivable | 636,000 | -2,797,000 |
Increase in inventories | -5,106,000 | -5,090,000 |
Increase in prepaid expenses | -633,000 | -920,000 |
Decrease in accounts payable and accrued liabilities | -889,000 | -2,543,000 |
Net cash provided by operating activities | 39,087,000 | 28,555,000 |
Investing activities: | ' | ' |
Payment for purchases of of companies, net of cash acquired | -11,000,000 | ' |
Purchases of property, plant and equipment | -20,825,000 | -15,557,000 |
Purchases of marketable securities | -25,747,000 | -83,342,000 |
Proceeds from redemption and sales of marketable securities | 6,060,000 | 23,478,000 |
Proceeds from disposal of property and equipment | 815,000 | 493,000 |
Other | -92,000 | -36,000 |
Net cash used in investing activities | -50,789,000 | -74,964,000 |
Financing activities: | ' | ' |
Payments to repurchase common stock | ' | -2,763,000 |
Proceeds from issuance of stock | 1,023,000 | 2,576,000 |
Payments on capitalized lease obligations | -204,000 | -177,000 |
Payment of cash dividend | -8,966,000 | -5,449,000 |
Net cash used in financing activities | -8,147,000 | -5,813,000 |
Effect of exchange rate on cash and cash equivalents | -195,000 | 362,000 |
Net decrease in cash and cash equivalents | -20,044,000 | -51,860,000 |
Cash and cash equivalents at beginning of period | 97,345,000 | 154,198,000 |
Cash and cash equivalents at end of period | $77,301,000 | $102,338,000 |
Note_1
Note 1 | 6 Months Ended | |
Mar. 29, 2014 | ||
Disclosure Text Block [Abstract] | ' | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | |
Note 1 | In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position and the results of operations and cash flows. Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported net earnings. | |
The results of operations for the three and six months ended March 29, 2014 and March 30, 2013 are not necessarily indicative of results for the full year. Sales of our frozen beverages and frozen juice bars and ices are generally higher in our third and fourth quarters due to warmer weather. | ||
While we believe that the disclosures presented are adequate to make the information not misleading, it is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and the notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 28, 2013. |
Note_2
Note 2 | 6 Months Ended | |
Mar. 29, 2014 | ||
Revenue [Abstract] | ' | |
Revenue [Text Block] | ' | |
Note 2 | We recognize revenue from our products when the products are shipped to our customers. Repair and maintenance equipment service revenue is recorded when it is performed provided the customer terms are that the customer is to be charged on a time and material basis or on a straight-line basis over the term of the contract when the customer has signed a service contract. Revenue is recognized only where persuasive evidence of an arrangement exists, our price is fixed or estimable and collectability is reasonably assured. We record offsets to revenue for allowances, end-user pricing adjustments, trade spending, coupon redemption costs and returned product. Customers generally do not have the right to return product unless it is damaged or defective. We provide an allowance for doubtful receivables after taking into consideration historical experience and other factors. The allowance for doubtful receivables was $820,000 and $854,000 at March 29, 2014 and September 28, 2013, respectively. | |
Note_3
Note 3 | 6 Months Ended | |
Mar. 29, 2014 | ||
Property, Plant and Equipment [Abstract] | ' | |
Property, Plant and Equipment Disclosure [Text Block] | ' | |
Note 3 | Depreciation of equipment and buildings is provided for by the straight-line method over the assets’ estimated useful lives. Amortization of improvements is provided for by the straight-line method over the term of the lease or the assets’ estimated useful lives, whichever is shorter. Licenses and rights, customer relationships and non-compete agreements arising from acquisitions are amortized by the straight-line method over periods ranging from 3 to 20 years. Depreciation expense was $7,903,000 and $7,074,000 for the three months ended March 29, 2014 and March 30, 2013, respectively, and for the six months ended March 29, 2014 and March 30, 2013 was $15,591,000 and $13,864,000 respectively. | |
Note_4
Note 4 | 6 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
Note 4 | Basic earnings per common share (EPS) excludes dilution and is computed by dividing income available to common shareholders by the weighted average common shares outstanding during the period. Diluted EPS takes into consideration the potential dilution that could occur if securities (stock options) or other contracts to issue common stock were exercised and converted into common stock. Our calculation of EPS is as follows: | ||||||||||||
Three Months Ended March 29, 2014 | |||||||||||||
Income | Shares | Per Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Basic EPS | |||||||||||||
Net Earnings available to common stockholders | $ | 13,521 | 18,693 | $ | 0.72 | ||||||||
Effect of Dilutive Securities | |||||||||||||
Options | - | 126 | - | ||||||||||
Diluted EPS | |||||||||||||
Net Earnings available to common stockholders plus assumed conversions | $ | 13,521 | 18,819 | $ | 0.72 | ||||||||
Six Months Ended March 29, 2014 | |||||||||||||
Income | Shares | Per Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Basic EPS | |||||||||||||
Net Earnings available to common stockholders | $ | 25,947 | 18,686 | $ | 1.39 | ||||||||
Effect of Dilutive Securities | |||||||||||||
Options | - | 120 | (0.01 | ) | |||||||||
Diluted EPS | |||||||||||||
Net Earnings available to common stockholders plus assumed conversions | $ | 25,947 | 18,806 | $ | 1.38 | ||||||||
Three Months Ended March 30, 2013 | |||||||||||||
Income | Shares | Per Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Basic EPS | |||||||||||||
Net Earnings available to common stockholders | $ | 12,660 | 18,800 | $ | 0.67 | ||||||||
Effect of Dilutive Securities | |||||||||||||
Options | - | 86 | - | ||||||||||
Diluted EPS | |||||||||||||
Net Earnings available to common stockholders plus assumed conversions | $ | 12,660 | 18,886 | $ | 0.67 | ||||||||
Six Months Ended March 30, 2013 | |||||||||||||
Income | Shares | Per Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Basic EPS | |||||||||||||
Net Earnings available to common stockholders | $ | 22,886 | 18,803 | $ | 1.22 | ||||||||
Effect of Dilutive Securities | |||||||||||||
Options | - | 75 | (0.01 | ) | |||||||||
Diluted EPS | |||||||||||||
Net Earnings available to common stockholders plus assumed conversions | $ | 22,886 | 18,878 | $ | 1.21 | ||||||||
Note_5
Note 5 | 6 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
Note 5 | At March 29, 2014, the Company has three stock-based employee compensation plans. Share-based compensation was recognized as follows: | ||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
29-Mar-14 | 30-Mar-13 | 29-Mar-14 | 30-Mar-13 | ||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Stock Options | $ | 388 | $ | 215 | $ | 700 | $ | 390 | |||||||||
Stock purchase plan | 48 | 45 | 177 | 137 | |||||||||||||
Stock issued to outside directors | - | 12 | - | 24 | |||||||||||||
Restricted stock issued to an employee | 4 | 5 | 8 | 9 | |||||||||||||
$ | 440 | $ | 277 | $ | 885 | $ | 560 | ||||||||||
Per diluted share | $ | 0.02 | $ | 0.01 | $ | 0.05 | $ | 0.03 | |||||||||
The above compensation is net of tax benefits | $ | 85 | $ | 132 | $ | 164 | $ | 356 | |||||||||
The Company anticipates that share-based compensation will not exceed $1.7 million net of tax benefits, or approximately $.09 per share for the fiscal year ending September 27, 2014. | |||||||||||||||||
The fair value of each option grant is estimated on the date of grant using the Black-Scholes options-pricing model with the following weighted average assumptions used for grants in fiscal 2014 first six months: expected volatility of 20.6%; risk-free interest rate of 1.4%; dividend rate of .8% and expected lives of 5 years. | |||||||||||||||||
During the 2014 six month period, the Company granted 98,975 stock options. The weighted-average grant date fair value of these options was $15.21. During the 2013 six month period, the Company granted 1,100 stock options. The weighted-average grant date fair value of these options was $12.24. | |||||||||||||||||
Expected volatility is based on the historical volatility of the price of our common shares over the past 55 months for 5 year options and 10 years for 10 year options. We use historical information to estimate expected life and forfeitures within the valuation model. The expected term of awards represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Compensation cost is recognized using a straight-line method over the vesting or service period and is net of estimated forfeitures. |
Note_6
Note 6 | 6 Months Ended | |
Mar. 29, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Tax Disclosure [Text Block] | ' | |
Note 6 | We account for our income taxes under the liability method. Under the liability method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates that will be in effect when these differences reverse. Deferred tax expense is the result of changes in deferred tax assets and liabilities. | |
Additionally, we recognize a liability for income taxes and associated penalties and interest for tax positions taken or expected to be taken in a tax return which are more likely than not to be overturned by taxing authorities (“uncertain tax positions”). We have not recognized a tax benefit in our financial statements for these uncertain tax positions. | ||
The total amount of gross unrecognized tax benefits is $420,000 and $438,000 on March 29, 2014 and September 28, 2013, respectively, all of which would impact our effective tax rate over time, if recognized. We recognize interest and penalties related to income tax matters as a part of the provision for income taxes. As of March 29, 2014 and September 28, 2013, respectively, the Company has $222,000 and $224,000 of accrued interest and penalties. | ||
In addition to our federal tax return and tax returns for Mexico and Canada, we file tax returns in all states that have a corporate income tax with virtually all open for examination for three to four years. |
Note_7
Note 7 | 6 Months Ended | |
Mar. 29, 2014 | ||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' | |
Note 7 | In February 2013, the FASB issued guidance which requires us to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, we are required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts not required under U.S. GAAP to be reclassified in their entirety to net income, we are required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. This guidance was effective for our fiscal year 2014 first quarter and its adoption did not have a material impact on our financial statements. | |
Note_8
Note 8 | 6 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
Note 8 | Inventories consist of the following: | ||||||||
29-Mar-14 | 28-Sep-13 | ||||||||
(unaudited) | |||||||||
(in thousands) | |||||||||
Finished goods | $ | 36,296 | $ | 33,013 | |||||
Raw Materials | 14,530 | 14,489 | |||||||
Packaging materials | 6,428 | 5,937 | |||||||
Equipment parts & other | 19,498 | 18,346 | |||||||
$ | 76,752 | $ | 71,785 | ||||||
The above inventories are net of reserves | $ | 4,544 | $ | 4,449 | |||||
Note_9
Note 9 | 6 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
Note 9 | We principally sell our products to the food service and retail supermarket industries. Sales and results of our frozen beverages business are monitored separately from the balance of our food service business because of different distribution and capital requirements. We maintain separate and discrete financial information for the three operating segments mentioned above which is available to our Chief Operating Decision Makers. | ||||||||||||||||
We have applied no aggregation criteria to any of these operating segments in order to determine reportable segments. Our three reportable segments are Food Service, Retail Supermarkets and Frozen Beverages. All inter-segment net sales and expenses have been eliminated in computing net sales and operating income (loss). These segments are described below. | |||||||||||||||||
Food Service | |||||||||||||||||
The primary products sold by the food service group are soft pretzels, frozen juice treats and desserts, churros, dough enrobed handheld products and baked goods. Our customers in the food service industry include snack bars and food stands in chain, department and discount stores; malls and shopping centers; fast food outlets; stadiums and sports arenas; leisure and theme parks; convenience stores; movie theatres; warehouse club stores; schools, colleges and other institutions. Within the food service industry, our products are purchased by the consumer primarily for consumption at the point-of-sale. | |||||||||||||||||
Retail Supermarkets | |||||||||||||||||
The primary products sold by the retail supermarket segment are soft pretzel products – including SUPERPRETZEL, frozen juice treats and desserts including LUIGI’S Real Italian Ice, MINUTE MAID Juice Bars and Soft Frozen Lemonade, WHOLE FRUIT frozen fruit bars, WHOLE FRUIT Sorbet, ICEE Squeeze-Up Tubes, dough enrobed handheld products and TIO PEPE’S Churros. Within the retail supermarket channel, our frozen and prepackaged products are purchased by the consumer for consumption at home. | |||||||||||||||||
Frozen Beverages | |||||||||||||||||
SLUSH PUPPIE and PARROT ICE in the United States, Mexico and Canada. We also provide repair and maintenance service to customers for customers’ owned equipment. | |||||||||||||||||
The Chief Operating Decision Maker for Food Service and Retail Supermarkets and the Chief Operating Decision Maker for Frozen Beverages monthly review detailed operating income statements and sales reports in order to assess performance and allocate resources to each individual segment. In addition, the Chief Operating Decision Makers review and evaluate depreciation, capital spending and assets of each segment on a quarterly basis to monitor cash flow and asset needs of each segment. Information regarding the operations in these three reportable segments is as follows: | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(unaudited) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Sales to External Customers: | |||||||||||||||||
Food Service | |||||||||||||||||
Soft pretzels | $ | 38,815 | $ | 35,337 | $ | 78,123 | $ | 67,931 | |||||||||
Frozen juices and ices | 11,857 | 10,122 | 20,086 | 17,649 | |||||||||||||
Churros | 13,430 | 14,067 | 27,381 | 27,874 | |||||||||||||
Handhelds | 5,712 | 6,938 | 12,116 | 13,252 | |||||||||||||
Bakery | 66,169 | 67,084 | 135,245 | 135,389 | |||||||||||||
Other | 2,346 | 1,845 | 4,158 | 3,485 | |||||||||||||
$ | 138,329 | $ | 135,393 | $ | 277,109 | $ | 265,580 | ||||||||||
Retail Supermarket | |||||||||||||||||
Soft pretzels | $ | 10,309 | $ | 10,046 | $ | 19,224 | $ | 18,624 | |||||||||
Frozen juices and ices | 8,402 | 8,998 | 14,825 | 15,468 | |||||||||||||
Handhelds | 4,815 | 5,117 | 10,102 | 11,430 | |||||||||||||
Coupon redemption | (689 | ) | (754 | ) | (1,369 | ) | (1,543 | ) | |||||||||
Other | 213 | 146 | 432 | 277 | |||||||||||||
$ | 23,050 | $ | 23,553 | $ | 43,214 | $ | 44,256 | ||||||||||
Frozen Beverages | |||||||||||||||||
Beverages | $ | 26,713 | $ | 25,183 | $ | 51,902 | $ | 50,480 | |||||||||
Repair and maintenance service | 13,135 | 12,710 | 26,744 | 24,552 | |||||||||||||
Machines sales | 3,759 | 3,945 | 9,282 | 6,993 | |||||||||||||
Other | 335 | 542 | 593 | 873 | |||||||||||||
$ | 43,942 | $ | 42,380 | $ | 88,521 | $ | 82,898 | ||||||||||
Consolidated Sales | $ | 205,321 | $ | 201,326 | $ | 408,844 | $ | 392,734 | |||||||||
Depreciation and Amortization: | |||||||||||||||||
Food Service | $ | 5,233 | $ | 4,717 | $ | 10,372 | $ | 9,226 | |||||||||
Retail Supermarket | 8 | 7 | 16 | 15 | |||||||||||||
Frozen Beverages | 3,921 | 3,541 | 7,714 | 7,011 | |||||||||||||
$ | 9,162 | $ | 8,265 | $ | 18,102 | $ | 16,252 | ||||||||||
Operating Income: | |||||||||||||||||
Food Service | $ | 17,562 | $ | 15,363 | $ | 32,713 | $ | 27,960 | |||||||||
Retail Supermarket | 2,602 | 2,404 | 4,566 | 3,974 | |||||||||||||
Frozen Beverages | 168 | 1,392 | 1,024 | 2,286 | |||||||||||||
$ | 20,332 | $ | 19,159 | $ | 38,303 | $ | 34,220 | ||||||||||
Capital Expenditures: | |||||||||||||||||
Food Service | $ | 4,991 | $ | 4,682 | $ | 10,839 | $ | 9,942 | |||||||||
Retail Supermarket | - | - | - | - | |||||||||||||
Frozen Beverages | 6,517 | 3,394 | 9,986 | 5,615 | |||||||||||||
$ | 11,508 | $ | 8,076 | $ | 20,825 | $ | 15,557 | ||||||||||
Assets: | |||||||||||||||||
Food Service | $ | 505,745 | $ | 471,807 | $ | 505,745 | $ | 471,807 | |||||||||
Retail Supermarket | 6,051 | 6,082 | 6,051 | 6,082 | |||||||||||||
Frozen Beverages | 154,198 | 141,944 | 154,198 | 141,944 | |||||||||||||
$ | 665,994 | $ | 619,833 | $ | 665,994 | $ | 619,833 | ||||||||||
Note_10
Note 10 | 6 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||
Note 10 | Our three reporting units, which are also reportable segments, are Food Service, Retail Supermarkets and Frozen Beverages. | ||||||||||||||||
The carrying amounts of acquired intangible assets for the Food Service, Retail Supermarkets and Frozen Beverage segments as of March 29, 2014 and September 29, 2013 are as follows: | |||||||||||||||||
29-Mar-14 | 28-Sep-13 | ||||||||||||||||
Gross | Accumulated Amortization | Gross | Accumulated Amortization | ||||||||||||||
Carrying | Carrying | ||||||||||||||||
Amount | Amount | ||||||||||||||||
(in thousands) | |||||||||||||||||
FOOD SERVICE | |||||||||||||||||
Indefinite lived intangible assets | |||||||||||||||||
Trade Names | $ | 13,072 | $ | - | $ | 12,880 | $ | - | |||||||||
Amortized intangible assets | |||||||||||||||||
Non compete agreements | 592 | 493 | 545 | 478 | |||||||||||||
Customer relationships | 40,797 | 28,051 | 40,187 | 26,187 | |||||||||||||
License and rights | 3,606 | 2,661 | 3,606 | 2,614 | |||||||||||||
$ | 58,067 | $ | 31,205 | $ | 57,218 | $ | 29,279 | ||||||||||
RETAIL SUPERMARKETS | |||||||||||||||||
Indefinite lived intangible assets | |||||||||||||||||
Trade Names | $ | 4,006 | $ | - | $ | 4,006 | $ | - | |||||||||
Amortized Intangible Assets | |||||||||||||||||
Customer relationships | 279 | 78 | 279 | 62 | |||||||||||||
$ | 4,285 | $ | 78 | $ | 4,285 | $ | 62 | ||||||||||
FROZEN BEVERAGES | |||||||||||||||||
Indefinite lived intangible assets | |||||||||||||||||
Trade Names | $ | 9,315 | $ | - | $ | 9,315 | $ | - | |||||||||
Amortized intangible assets | |||||||||||||||||
Non compete agreements | 198 | 198 | 198 | 198 | |||||||||||||
Customer relationships | 6,478 | 5,139 | 6,478 | 4,830 | |||||||||||||
Licenses and rights | 1,601 | 749 | 1,601 | 714 | |||||||||||||
$ | 17,592 | $ | 6,086 | $ | 17,592 | $ | 5,742 | ||||||||||
CONSOLIDATED | $ | 79,944 | $ | 37,369 | $ | 79,095 | $ | 35,083 | |||||||||
Amortized intangible assets are being amortized by the straight-line method over periods ranging from 3 to 20 years and amortization expense is reflected throughout operating expenses. Intangible assets of $849,000 were acquired in the food service segment in the New York Pretzel acquisition in the three months ended December 28, 2013. Aggregate amortization expense of intangible assets for the three months ended March 29, 2014 and March 30, 2013 was $1,143,000 and $1,113,000, respectively and for the six months ended March 29,2014 and March 30, 2013 was $2,286,000 and $2,232,000, respectively. | |||||||||||||||||
Estimated amortization expense for the next five fiscal years is approximately $4,600,000 in 2014, $4,500,000 in 2015 and $4,300,000 in 2016, $1,800,000 in 2017 and $1,000,000 in 2018. The weighted average amortization period of the intangible assets is 10.1 years. | |||||||||||||||||
Goodwill | |||||||||||||||||
The carrying amounts of goodwill for the Food Service, Retail Supermarket and Frozen Beverage segments are as follows: | |||||||||||||||||
Food | Retail | Frozen | Total | ||||||||||||||
Service | Supermarket | Beverages | |||||||||||||||
(in thousands) | |||||||||||||||||
Balance at March 29, 2014 | $ | 46,831 | $ | 1,844 | $ | 35,940 | $ | 84,615 | |||||||||
Goodwill of $7,716,000 was acquired in the New York Pretzel acquisition in the three months ended December 28, 2013, all of which was allocated to the food service segment. |
Note_11
Note 11 | 6 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||
Note 11 | We have classified our investment securities as marketable securities held to maturity and available for sale. The FASB defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the FASB has established three levels of inputs that may be used to measure fair value: | ||||||||||||||||
Level 1 | Observable input such as quoted prices in active markets for identical assets or liabilities; | ||||||||||||||||
Level 2 | Observable inputs, other than Level 1 inputs in active markets, that are observable either directly or indirectly; and | ||||||||||||||||
Level 3 | Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions. | ||||||||||||||||
Marketable securities held to maturity and available for sale values are derived solely from level 1 inputs. | |||||||||||||||||
The amortized cost, unrealized gains and losses, and fair market values of our investment securities held to maturity at March 29, 2014 are summarized as follows: | |||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||
Cost | Unrealized | Unrealized | Market | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
(in thousands) | |||||||||||||||||
US Government Agency Debt | $ | 2,000 | - | $ | 32 | $ | 1,968 | ||||||||||
$ | 2,000 | $ | - | $ | 32 | $ | 1,968 | ||||||||||
The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at March 29, 2014 are summarized as follows: | |||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||
Cost | Unrealized | Unrealized | Market | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
(in thousands) | |||||||||||||||||
Mutual Funds | $ | 129,538 | $ | 779 | $ | 1,577 | $ | 128,740 | |||||||||
$ | 129,538 | $ | 779 | $ | 1,577 | $ | 128,740 | ||||||||||
The mutual funds seek current income with an emphasis on maintaining low volatility and overall moderate duration. The funds do not have contractual maturities; however, we classify them as long term assets as it is our intent to hold them for a period of over one year, although we may sell some or all of them depending on presently unanticipated needs for liquidity or market conditions. The unrealized losses of $1,577,000 are spread over 22 funds with total fair market value of $82.2 million. | |||||||||||||||||
The amortized cost, unrealized gains and losses, and fair market values of our investment securities held to maturity at September 28, 2013 are summarized as follows: | |||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||
Cost | Unrealized | Unrealized | Market | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
(in thousands) | |||||||||||||||||
US Government Agency Debt | $ | 2,000 | $ | - | $ | 50 | $ | 1,950 | |||||||||
Certificates of Deposit | 256 | - | - | 256 | |||||||||||||
$ | 2,256 | $ | - | $ | 50 | $ | 2,206 | ||||||||||
The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at September 28, 2013 are summarized as follows: | |||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||
Cost | Unrealized | Unrealized | Market | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
(in thousands) | |||||||||||||||||
Mutual Funds | $ | 109,891 | $ | 254 | $ | 2,481 | $ | 107,664 | |||||||||
$ | 109,891 | $ | 254 | $ | 2,481 | $ | 107,664 | ||||||||||
The amortized cost and fair value of the Company’s held to maturity securities by contractual maturity at March 29, 2014 and September 28, 2013 are summarized as follows: | |||||||||||||||||
29-Mar-14 | 28-Sep-13 | ||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||
Cost | Market | Cost | Market | ||||||||||||||
Value | Value | ||||||||||||||||
(in thousands) | |||||||||||||||||
Due in one year or less | $ | - | $ | - | $ | 256 | $ | 256 | |||||||||
Due after one year through five years | - | - | - | - | |||||||||||||
Due after five years through ten years | 2,000 | 1,968 | 2,000 | 1,950 | |||||||||||||
Total held to maturity securities | $ | 2,000 | $ | 1,968 | $ | 2,256 | $ | 2,206 | |||||||||
Less current portion | - | - | 256 | 256 | |||||||||||||
Long term held to maturity securities | $ | 2,000 | $ | 1,968 | $ | 2,000 | $ | 1,950 | |||||||||
Proceeds from the redemption and sale of marketable securities were $565,000 and $6,060,000 in the three and six months ended March 29, 2014 respectively, and $23,238,000 and $23,478,000 in the three and six months ended March 30, 2013, respectively. Losses of $36,000 and $296,000 were recorded in the three and six months ended March 29, 2014, respectively, and none were recorded last year. We use the specific identification method to determine the cost of securities sold. |
Note_12
Note 12 | 6 Months Ended | |
Mar. 29, 2014 | ||
Business Combinations [Abstract] | ' | |
Business Combination Disclosure [Text Block] | ' | |
Note 12 | In June 2012, we acquired the assets of Kim & Scott’s Gourmet Pretzels, Inc., a manufacturer and seller of a premium brand soft pretzel. This business had sales of approximately $8 million over the prior twelve months to food service and retail supermarket customers and had sales of approximately $1.8 million in our 2012 fiscal year from the acquisition date. | |
In October 2013, we acquired the assets of New York Pretzel, a manufacturer and distributor of soft pretzels selling primarily in the northeast to foodservice and retail locations. Of the purchase price of $11.8 million, $849,000 was allocated to intangible assets, $7,716,000 was allocated to goodwill and $3,049,000 was allocated to property, plant and equipment. | ||
These acquisitions were and will be accounted for under the purchase method of accounting, and their operations are and will be included in the consolidated financial statements from their respective acquisition dates. | ||
The goodwill and intangible assets acquired in the business combinations are recorded at fair value. To measure fair value for such assets, we use techniques including discounted expected future cash flows (Level 3 input). |
Note_13
Note 13 | 6 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||||||||||||||
Note 13 Changes to the components of accumulated other comprehensive loss are as follows: | |||||||||||||||||||||||||
Three Months Ended March 29, 2014 | Six Months Ended March 29, 2014 | ||||||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||
Foreign Currency Translation Adjustments | Unrealized Holding Loss on Marketable Securities | Total | Foreign Currency Translation Adjustments | Unrealized Holding Loss on Marketable Securities | Total | ||||||||||||||||||||
Beginning Balance | $ | (3,807 | ) | $ | (1,754 | ) | $ | (5,561 | ) | $ | (3,703 | ) | $ | (2,227 | ) | $ | (5,930 | ) | |||||||
Other comprehensive income (loss) before reclassifications | (172 | ) | 914 | 742 | (276 | ) | 1,126 | 850 | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | - | 42 | 42 | - | 303 | 303 | |||||||||||||||||||
Ending Balance | $ | (3,979 | ) | $ | (798 | ) | $ | (4,777 | ) | $ | (3,979 | ) | $ | (798 | ) | $ | (4,777 | ) | |||||||
All amounts are net of tax. | |||||||||||||||||||||||||
Three Months Ended March 30, 2013 | Six Months Ended March 30, 2013 | ||||||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||
Foreign Currency Translation Adjustments | Unrealized Holding Loss on Marketable Securities | Total | Foreign Currency Translation Adjustments | Unrealized Holding Loss on Marketable Securities | Total | ||||||||||||||||||||
Beginning Balance | $ | (3,255 | ) | $ | 18 | $ | (3,237 | ) | $ | (3,132 | ) | $ | - | $ | (3,132 | ) | |||||||||
Other comprehensive income (loss) before reclassifications | 570 | 166 | 736 | 447 | 184 | 631 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | - | - | - | - | - | - | |||||||||||||||||||
Ending Balance | $ | (2,685 | ) | $ | 184 | $ | (2,501 | ) | $ | (2,685 | ) | $ | 184 | $ | (2,501 | ) | |||||||||
All amounts are net of tax. |
Note_4_Tables
Note 4 (Tables) | 6 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
Three Months Ended March 29, 2014 | |||||||||||||
Income | Shares | Per Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Basic EPS | |||||||||||||
Net Earnings available to common stockholders | $ | 13,521 | 18,693 | $ | 0.72 | ||||||||
Effect of Dilutive Securities | |||||||||||||
Options | - | 126 | - | ||||||||||
Diluted EPS | |||||||||||||
Net Earnings available to common stockholders plus assumed conversions | $ | 13,521 | 18,819 | $ | 0.72 | ||||||||
Six Months Ended March 29, 2014 | |||||||||||||
Income | Shares | Per Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Basic EPS | |||||||||||||
Net Earnings available to common stockholders | $ | 25,947 | 18,686 | $ | 1.39 | ||||||||
Effect of Dilutive Securities | |||||||||||||
Options | - | 120 | (0.01 | ) | |||||||||
Diluted EPS | |||||||||||||
Net Earnings available to common stockholders plus assumed conversions | $ | 25,947 | 18,806 | $ | 1.38 | ||||||||
Three Months Ended March 30, 2013 | |||||||||||||
Income | Shares | Per Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Basic EPS | |||||||||||||
Net Earnings available to common stockholders | $ | 12,660 | 18,800 | $ | 0.67 | ||||||||
Effect of Dilutive Securities | |||||||||||||
Options | - | 86 | - | ||||||||||
Diluted EPS | |||||||||||||
Net Earnings available to common stockholders plus assumed conversions | $ | 12,660 | 18,886 | $ | 0.67 | ||||||||
Six Months Ended March 30, 2013 | |||||||||||||
Income | Shares | Per Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Basic EPS | |||||||||||||
Net Earnings available to common stockholders | $ | 22,886 | 18,803 | $ | 1.22 | ||||||||
Effect of Dilutive Securities | |||||||||||||
Options | - | 75 | (0.01 | ) | |||||||||
Diluted EPS | |||||||||||||
Net Earnings available to common stockholders plus assumed conversions | $ | 22,886 | 18,878 | $ | 1.21 |
Note_5_Tables
Note 5 (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | ' | ||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
29-Mar-14 | 30-Mar-13 | 29-Mar-14 | 30-Mar-13 | ||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Stock Options | $ | 388 | $ | 215 | $ | 700 | $ | 390 | |||||||||
Stock purchase plan | 48 | 45 | 177 | 137 | |||||||||||||
Stock issued to outside directors | - | 12 | - | 24 | |||||||||||||
Restricted stock issued to an employee | 4 | 5 | 8 | 9 | |||||||||||||
$ | 440 | $ | 277 | $ | 885 | $ | 560 | ||||||||||
Per diluted share | $ | 0.02 | $ | 0.01 | $ | 0.05 | $ | 0.03 | |||||||||
The above compensation is net of tax benefits | $ | 85 | $ | 132 | $ | 164 | $ | 356 |
Note_8_Tables
Note 8 (Tables) | 6 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
29-Mar-14 | 28-Sep-13 | ||||||||
(unaudited) | |||||||||
(in thousands) | |||||||||
Finished goods | $ | 36,296 | $ | 33,013 | |||||
Raw Materials | 14,530 | 14,489 | |||||||
Packaging materials | 6,428 | 5,937 | |||||||
Equipment parts & other | 19,498 | 18,346 | |||||||
$ | 76,752 | $ | 71,785 | ||||||
The above inventories are net of reserves | $ | 4,544 | $ | 4,449 |
Note_9_Tables
Note 9 (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(unaudited) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Sales to External Customers: | |||||||||||||||||
Food Service | |||||||||||||||||
Soft pretzels | $ | 38,815 | $ | 35,337 | $ | 78,123 | $ | 67,931 | |||||||||
Frozen juices and ices | 11,857 | 10,122 | 20,086 | 17,649 | |||||||||||||
Churros | 13,430 | 14,067 | 27,381 | 27,874 | |||||||||||||
Handhelds | 5,712 | 6,938 | 12,116 | 13,252 | |||||||||||||
Bakery | 66,169 | 67,084 | 135,245 | 135,389 | |||||||||||||
Other | 2,346 | 1,845 | 4,158 | 3,485 | |||||||||||||
$ | 138,329 | $ | 135,393 | $ | 277,109 | $ | 265,580 | ||||||||||
Retail Supermarket | |||||||||||||||||
Soft pretzels | $ | 10,309 | $ | 10,046 | $ | 19,224 | $ | 18,624 | |||||||||
Frozen juices and ices | 8,402 | 8,998 | 14,825 | 15,468 | |||||||||||||
Handhelds | 4,815 | 5,117 | 10,102 | 11,430 | |||||||||||||
Coupon redemption | (689 | ) | (754 | ) | (1,369 | ) | (1,543 | ) | |||||||||
Other | 213 | 146 | 432 | 277 | |||||||||||||
$ | 23,050 | $ | 23,553 | $ | 43,214 | $ | 44,256 | ||||||||||
Frozen Beverages | |||||||||||||||||
Beverages | $ | 26,713 | $ | 25,183 | $ | 51,902 | $ | 50,480 | |||||||||
Repair and maintenance service | 13,135 | 12,710 | 26,744 | 24,552 | |||||||||||||
Machines sales | 3,759 | 3,945 | 9,282 | 6,993 | |||||||||||||
Other | 335 | 542 | 593 | 873 | |||||||||||||
$ | 43,942 | $ | 42,380 | $ | 88,521 | $ | 82,898 | ||||||||||
Consolidated Sales | $ | 205,321 | $ | 201,326 | $ | 408,844 | $ | 392,734 | |||||||||
Depreciation and Amortization: | |||||||||||||||||
Food Service | $ | 5,233 | $ | 4,717 | $ | 10,372 | $ | 9,226 | |||||||||
Retail Supermarket | 8 | 7 | 16 | 15 | |||||||||||||
Frozen Beverages | 3,921 | 3,541 | 7,714 | 7,011 | |||||||||||||
$ | 9,162 | $ | 8,265 | $ | 18,102 | $ | 16,252 | ||||||||||
Operating Income: | |||||||||||||||||
Food Service | $ | 17,562 | $ | 15,363 | $ | 32,713 | $ | 27,960 | |||||||||
Retail Supermarket | 2,602 | 2,404 | 4,566 | 3,974 | |||||||||||||
Frozen Beverages | 168 | 1,392 | 1,024 | 2,286 | |||||||||||||
$ | 20,332 | $ | 19,159 | $ | 38,303 | $ | 34,220 | ||||||||||
Capital Expenditures: | |||||||||||||||||
Food Service | $ | 4,991 | $ | 4,682 | $ | 10,839 | $ | 9,942 | |||||||||
Retail Supermarket | - | - | - | - | |||||||||||||
Frozen Beverages | 6,517 | 3,394 | 9,986 | 5,615 | |||||||||||||
$ | 11,508 | $ | 8,076 | $ | 20,825 | $ | 15,557 | ||||||||||
Assets: | |||||||||||||||||
Food Service | $ | 505,745 | $ | 471,807 | $ | 505,745 | $ | 471,807 | |||||||||
Retail Supermarket | 6,051 | 6,082 | 6,051 | 6,082 | |||||||||||||
Frozen Beverages | 154,198 | 141,944 | 154,198 | 141,944 | |||||||||||||
$ | 665,994 | $ | 619,833 | $ | 665,994 | $ | 619,833 |
Note_10_Tables
Note 10 (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | ' | ||||||||||||||||
29-Mar-14 | 28-Sep-13 | ||||||||||||||||
Gross | Accumulated Amortization | Gross | Accumulated Amortization | ||||||||||||||
Carrying | Carrying | ||||||||||||||||
Amount | Amount | ||||||||||||||||
(in thousands) | |||||||||||||||||
FOOD SERVICE | |||||||||||||||||
Indefinite lived intangible assets | |||||||||||||||||
Trade Names | $ | 13,072 | $ | - | $ | 12,880 | $ | - | |||||||||
Amortized intangible assets | |||||||||||||||||
Non compete agreements | 592 | 493 | 545 | 478 | |||||||||||||
Customer relationships | 40,797 | 28,051 | 40,187 | 26,187 | |||||||||||||
License and rights | 3,606 | 2,661 | 3,606 | 2,614 | |||||||||||||
$ | 58,067 | $ | 31,205 | $ | 57,218 | $ | 29,279 | ||||||||||
RETAIL SUPERMARKETS | |||||||||||||||||
Indefinite lived intangible assets | |||||||||||||||||
Trade Names | $ | 4,006 | $ | - | $ | 4,006 | $ | - | |||||||||
Amortized Intangible Assets | |||||||||||||||||
Customer relationships | 279 | 78 | 279 | 62 | |||||||||||||
$ | 4,285 | $ | 78 | $ | 4,285 | $ | 62 | ||||||||||
FROZEN BEVERAGES | |||||||||||||||||
Indefinite lived intangible assets | |||||||||||||||||
Trade Names | $ | 9,315 | $ | - | $ | 9,315 | $ | - | |||||||||
Amortized intangible assets | |||||||||||||||||
Non compete agreements | 198 | 198 | 198 | 198 | |||||||||||||
Customer relationships | 6,478 | 5,139 | 6,478 | 4,830 | |||||||||||||
Licenses and rights | 1,601 | 749 | 1,601 | 714 | |||||||||||||
$ | 17,592 | $ | 6,086 | $ | 17,592 | $ | 5,742 | ||||||||||
CONSOLIDATED | $ | 79,944 | $ | 37,369 | $ | 79,095 | $ | 35,083 | |||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||||||
Food | Retail | Frozen | Total | ||||||||||||||
Service | Supermarket | Beverages | |||||||||||||||
(in thousands) | |||||||||||||||||
Balance at March 29, 2014 | $ | 46,831 | $ | 1,844 | $ | 35,940 | $ | 84,615 |
Note_11_Tables
Note 11 (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Unrealized Gain (Loss) on Investments [Table Text Block] | ' | ||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||
Cost | Unrealized | Unrealized | Market | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
(in thousands) | |||||||||||||||||
US Government Agency Debt | $ | 2,000 | - | $ | 32 | $ | 1,968 | ||||||||||
$ | 2,000 | $ | - | $ | 32 | $ | 1,968 | ||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||
Cost | Unrealized | Unrealized | Market | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
(in thousands) | |||||||||||||||||
Mutual Funds | $ | 129,538 | $ | 779 | $ | 1,577 | $ | 128,740 | |||||||||
$ | 129,538 | $ | 779 | $ | 1,577 | $ | 128,740 | ||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||
Cost | Unrealized | Unrealized | Market | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
(in thousands) | |||||||||||||||||
US Government Agency Debt | $ | 2,000 | $ | - | $ | 50 | $ | 1,950 | |||||||||
Certificates of Deposit | 256 | - | - | 256 | |||||||||||||
$ | 2,256 | $ | - | $ | 50 | $ | 2,206 | ||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||
Cost | Unrealized | Unrealized | Market | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
(in thousands) | |||||||||||||||||
Mutual Funds | $ | 109,891 | $ | 254 | $ | 2,481 | $ | 107,664 | |||||||||
$ | 109,891 | $ | 254 | $ | 2,481 | $ | 107,664 | ||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | ' | ||||||||||||||||
29-Mar-14 | 28-Sep-13 | ||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||
Cost | Market | Cost | Market | ||||||||||||||
Value | Value | ||||||||||||||||
(in thousands) | |||||||||||||||||
Due in one year or less | $ | - | $ | - | $ | 256 | $ | 256 | |||||||||
Due after one year through five years | - | - | - | - | |||||||||||||
Due after five years through ten years | 2,000 | 1,968 | 2,000 | 1,950 | |||||||||||||
Total held to maturity securities | $ | 2,000 | $ | 1,968 | $ | 2,256 | $ | 2,206 | |||||||||
Less current portion | - | - | 256 | 256 | |||||||||||||
Long term held to maturity securities | $ | 2,000 | $ | 1,968 | $ | 2,000 | $ | 1,950 |
Note_13_Tables
Note 13 (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||||||||
Three Months Ended March 29, 2014 | Six Months Ended March 29, 2014 | ||||||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||
Foreign Currency Translation Adjustments | Unrealized Holding Loss on Marketable Securities | Total | Foreign Currency Translation Adjustments | Unrealized Holding Loss on Marketable Securities | Total | ||||||||||||||||||||
Beginning Balance | $ | (3,807 | ) | $ | (1,754 | ) | $ | (5,561 | ) | $ | (3,703 | ) | $ | (2,227 | ) | $ | (5,930 | ) | |||||||
Other comprehensive income (loss) before reclassifications | (172 | ) | 914 | 742 | (276 | ) | 1,126 | 850 | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | - | 42 | 42 | - | 303 | 303 | |||||||||||||||||||
Ending Balance | $ | (3,979 | ) | $ | (798 | ) | $ | (4,777 | ) | $ | (3,979 | ) | $ | (798 | ) | $ | (4,777 | ) | |||||||
Three Months Ended March 30, 2013 | Six Months Ended March 30, 2013 | ||||||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||
Foreign Currency Translation Adjustments | Unrealized Holding Loss on Marketable Securities | Total | Foreign Currency Translation Adjustments | Unrealized Holding Loss on Marketable Securities | Total | ||||||||||||||||||||
Beginning Balance | $ | (3,255 | ) | $ | 18 | $ | (3,237 | ) | $ | (3,132 | ) | $ | - | $ | (3,132 | ) | |||||||||
Other comprehensive income (loss) before reclassifications | 570 | 166 | 736 | 447 | 184 | 631 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | - | - | - | - | - | - | |||||||||||||||||||
Ending Balance | $ | (2,685 | ) | $ | 184 | $ | (2,501 | ) | $ | (2,685 | ) | $ | 184 | $ | (2,501 | ) |
Note_2_Details
Note 2 (Details) (USD $) | Mar. 29, 2014 | Sep. 28, 2013 |
Revenue [Abstract] | ' | ' |
Allowance for Doubtful Accounts Receivable | $820,000 | $854,000 |
Note_3_Details
Note 3 (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | |
Note 3 (Details) [Line Items] | ' | ' | ' | ' |
Depreciation | $7,903,000 | $7,074,000 | $15,591,000 | $13,864,000 |
Minimum [Member] | ' | ' | ' | ' |
Note 3 (Details) [Line Items] | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | '3 years | ' |
Maximum [Member] | ' | ' | ' | ' |
Note 3 (Details) [Line Items] | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | '20 years | ' |
Note_4_Details_Calculation_of_
Note 4 (Details) - Calculation of EPS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
Basic EPS | ' | ' | ' | ' |
Income (Numerator) (in Dollars) | $13,521 | $12,660 | $25,947 | $22,886 |
Shares (Denominator) | 18,693 | 18,800 | 18,686 | 18,803 |
Per Share Amount (in Dollars per share) | $0.72 | $0.67 | $1.39 | $1.22 |
Effect of Dilutive Securities | ' | ' | ' | ' |
Options | 126 | 86 | 120 | 75 |
Options (in Dollars per share) | ' | ' | ($0.01) | ($0.01) |
Diluted EPS | ' | ' | ' | ' |
Income (Numerator) (in Dollars) | $13,521 | $12,660 | $25,947 | $22,886 |
Shares (Denominator) | 18,819 | 18,886 | 18,806 | 18,878 |
Per Share Amount (in Dollars per share) | $0.72 | $0.67 | $1.38 | $1.21 |
Note_5_Details
Note 5 (Details) (USD $) | 6 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Note 5 (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 20.60% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.40% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.80% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '5 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 98,975 | 1,100 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $15.21 | $12.24 |
Scenario, Forecast [Member] | ' | ' |
Note 5 (Details) [Line Items] | ' | ' |
Anticipated Share Based Compensation Net Of Tax Benefits | $1.70 | ' |
Anticipated Share Based Compensation Per Share | $0.09 | ' |
5 year options [Member] | ' | ' |
Note 5 (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Volatility Calculation, Term | '55 months | ' |
10 year options [Member] | ' | ' |
Note 5 (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Volatility Calculation, Term | '10 years | ' |
Note_5_Details_Sharebased_Comp
Note 5 (Details) - Share-based Compensation (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation | $440 | $277 | $885 | $560 |
Per diluted share (in Dollars per share) | $0.02 | $0.01 | $0.05 | $0.03 |
The above compensation is net of tax benefits | 85 | 132 | 164 | 356 |
Employee Stock Option [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation | 388 | 215 | 700 | 390 |
Stock Purchase Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation | 48 | 45 | 177 | 137 |
Stock Issued to Outside Directors [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation | ' | 12 | ' | 24 |
Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation | $4 | $5 | $8 | $9 |
Note_6_Details
Note 6 (Details) (USD $) | Mar. 29, 2014 | Sep. 28, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $420,000 | $438,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $222,000 | $224,000 |
Note_8_Details_Inventories
Note 8 (Details) - Inventories (USD $) | Mar. 29, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Finished goods | $36,296 | $33,013 |
Raw Materials | 14,530 | 14,489 |
Packaging materials | 6,428 | 5,937 |
Equipment parts & other | 19,498 | 18,346 |
76,752 | 71,785 | |
The above inventories are net of reserves | $4,544 | $4,449 |
Note_9_Details
Note 9 (Details) | 6 Months Ended |
Mar. 29, 2014 | |
Segment Reporting [Abstract] | ' |
Number of Operating Segments | 3 |
Number of Reportable Segments | 3 |
Note_9_Details_Reportable_Segm
Note 9 (Details) - Reportable Segments Operations Information (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | Sep. 28, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to External Customers | $205,321 | $201,326 | $408,844 | $392,734 | ' |
Depreciation and Amortization | 9,162 | 8,265 | 18,102 | 16,252 | ' |
Operating Income (Loss) | 20,332 | 19,159 | 38,303 | 34,220 | ' |
Capital Expenditures | 11,508 | 8,076 | 20,825 | 15,557 | ' |
Assets | 665,994 | 619,833 | 665,994 | 619,833 | 645,661 |
Soft Pretzels [Member] | Food Service [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to External Customers | 38,815 | 35,337 | 78,123 | 67,931 | ' |
Soft Pretzels [Member] | Retail Supermarket [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to External Customers | 10,309 | 10,046 | 19,224 | 18,624 | ' |
Frozen Juices And Ices [Member] | Food Service [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to External Customers | 11,857 | 10,122 | 20,086 | 17,649 | ' |
Frozen Juices And Ices [Member] | Retail Supermarket [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to External Customers | 8,402 | 8,998 | 14,825 | 15,468 | ' |
Churros [Member] | Food Service [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to External Customers | 13,430 | 14,067 | 27,381 | 27,874 | ' |
Handhelds [Member] | Food Service [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to External Customers | 5,712 | 6,938 | 12,116 | 13,252 | ' |
Handhelds [Member] | Retail Supermarket [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to External Customers | 4,815 | 5,117 | 10,102 | 11,430 | ' |
Bakery [Member] | Food Service [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to External Customers | 66,169 | 67,084 | 135,245 | 135,389 | ' |
Other [Member] | Food Service [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to External Customers | 2,346 | 1,845 | 4,158 | 3,485 | ' |
Other [Member] | Retail Supermarket [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to External Customers | 213 | 146 | 432 | 277 | ' |
Other [Member] | Frozen Beverages [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to External Customers | 335 | 542 | 593 | 873 | ' |
Coupon Redemtion [Member] | Retail Supermarket [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to External Customers | -689 | -754 | -1,369 | -1,543 | ' |
Beverages [Member] | Frozen Beverages [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to External Customers | 26,713 | 25,183 | 51,902 | 50,480 | ' |
Repair And Maintenance Service [Member] | Frozen Beverages [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to External Customers | 13,135 | 12,710 | 26,744 | 24,552 | ' |
Machines Sales [Member] | Frozen Beverages [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to External Customers | 3,759 | 3,945 | 9,282 | 6,993 | ' |
Food Service [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to External Customers | 138,329 | 135,393 | 277,109 | 265,580 | ' |
Depreciation and Amortization | 5,233 | 4,717 | 10,372 | 9,226 | ' |
Operating Income (Loss) | 17,562 | 15,363 | 32,713 | 27,960 | ' |
Capital Expenditures | 4,991 | 4,682 | 10,839 | 9,942 | ' |
Assets | 505,745 | 471,807 | 505,745 | 471,807 | ' |
Retail Supermarket [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to External Customers | 23,050 | 23,553 | 43,214 | 44,256 | ' |
Depreciation and Amortization | 8 | 7 | 16 | 15 | ' |
Operating Income (Loss) | 2,602 | 2,404 | 4,566 | 3,974 | ' |
Assets | 6,051 | 6,082 | 6,051 | 6,082 | ' |
Frozen Beverages [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to External Customers | 43,942 | 42,380 | 88,521 | 82,898 | ' |
Depreciation and Amortization | 3,921 | 3,541 | 7,714 | 7,011 | ' |
Operating Income (Loss) | 168 | 1,392 | 1,024 | 2,286 | ' |
Capital Expenditures | 6,517 | 3,394 | 9,986 | 5,615 | ' |
Assets | $154,198 | $141,944 | $154,198 | $141,944 | ' |
Note_10_Details
Note 10 (Details) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | Oct. 31, 2013 | Dec. 28, 2013 | Mar. 29, 2014 | Mar. 29, 2014 | |
New York Pretzel [Member] | New York Pretzel [Member] | Minimum [Member] | Maximum [Member] | |||||
Note 10 (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Reportable Segments | ' | ' | 3 | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | ' | '3 years | '20 years |
Indefinite-lived Intangible Assets Acquired | ' | ' | ' | ' | ' | $849,000 | ' | ' |
Amortization of Intangible Assets | 1,143,000 | 1,113,000 | 2,286,000 | 2,232,000 | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 4,600,000 | ' | 4,600,000 | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 4,500,000 | ' | 4,500,000 | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 4,300,000 | ' | 4,300,000 | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 1,800,000 | ' | 1,800,000 | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 1,000,000 | ' | 1,000,000 | ' | ' | ' | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | '10 years 36 days | ' | ' | ' | ' | ' |
Goodwill, Acquired During Period | ' | ' | ' | ' | $7,716,000 | $7,716,000 | ' | ' |
Note_10_Details_Intagible_Asse
Note 10 (Details) - Intagible Assets by Reporting Segment (USD $) | Mar. 29, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Accumulated amortization of amortized intangible assets | $37,369 | $35,083 |
CONSOLIDATED | 79,944 | 79,095 |
CONSOLIDATED | 37,369 | 35,083 |
Food Service [Member] | Trade Names [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount of indefinite lived intangible assets | 13,072 | 12,880 |
Food Service [Member] | Noncompete Agreements [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount of amortized intangible assets | 592 | 545 |
Accumulated amortization of amortized intangible assets | 493 | 478 |
CONSOLIDATED | 493 | 478 |
Food Service [Member] | Customer Relationships [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount of amortized intangible assets | 40,797 | 40,187 |
Accumulated amortization of amortized intangible assets | 28,051 | 26,187 |
CONSOLIDATED | 28,051 | 26,187 |
Food Service [Member] | License and Rights [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount of amortized intangible assets | 3,606 | 3,606 |
Accumulated amortization of amortized intangible assets | 2,661 | 2,614 |
CONSOLIDATED | 2,661 | 2,614 |
Food Service [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount of amortized intangible assets | 58,067 | 57,218 |
Accumulated amortization of amortized intangible assets | 31,205 | 29,279 |
CONSOLIDATED | 31,205 | 29,279 |
Retail Supermarket [Member] | Trade Names [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount of indefinite lived intangible assets | 4,006 | 4,006 |
Retail Supermarket [Member] | Customer Relationships [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount of amortized intangible assets | 279 | 279 |
Accumulated amortization of amortized intangible assets | 78 | 62 |
CONSOLIDATED | 78 | 62 |
Retail Supermarket [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount of amortized intangible assets | 4,285 | 4,285 |
Accumulated amortization of amortized intangible assets | 78 | 62 |
CONSOLIDATED | 78 | 62 |
Frozen Beverages [Member] | Trade Names [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount of indefinite lived intangible assets | 9,315 | 9,315 |
Frozen Beverages [Member] | Noncompete Agreements [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount of amortized intangible assets | 198 | 198 |
Accumulated amortization of amortized intangible assets | 198 | 198 |
CONSOLIDATED | 198 | 198 |
Frozen Beverages [Member] | Customer Relationships [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount of amortized intangible assets | 6,478 | 6,478 |
Accumulated amortization of amortized intangible assets | 5,139 | 4,830 |
CONSOLIDATED | 5,139 | 4,830 |
Frozen Beverages [Member] | License and Rights [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount of amortized intangible assets | 1,601 | 1,601 |
Accumulated amortization of amortized intangible assets | 749 | 714 |
CONSOLIDATED | 749 | 714 |
Frozen Beverages [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount of amortized intangible assets | 17,592 | 17,592 |
Accumulated amortization of amortized intangible assets | 6,086 | 5,742 |
CONSOLIDATED | $6,086 | $5,742 |
Note_10_Details_Goodwill_by_Re
Note 10 (Details) - Goodwill by Reporting Segment (USD $) | Mar. 29, 2013 |
In Thousands, unless otherwise specified | |
Goodwill [Line Items] | ' |
Balance at March 29, 2014 | $84,615 |
Food Service [Member] | ' |
Goodwill [Line Items] | ' |
Balance at March 29, 2014 | 46,831 |
Retail Supermarket [Member] | ' |
Goodwill [Line Items] | ' |
Balance at March 29, 2014 | 1,844 |
Frozen Beverages [Member] | ' |
Goodwill [Line Items] | ' |
Balance at March 29, 2014 | $35,940 |
Note_11_Details
Note 11 (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | |
Note 11 (Details) [Line Items] | ' | ' | ' | ' |
Proceeds from Sale and Maturity of Marketable Securities | $565,000 | $23,238,000 | $6,060,000 | $23,478,000 |
Marketable Securities, Gain (Loss) | -36,000 | ' | -296,000 | ' |
Mutual Funds [Member] | ' | ' | ' | ' |
Note 11 (Details) [Line Items] | ' | ' | ' | ' |
Unrealized Gain (Loss) on Securities | ' | ' | -1,577,000 | ' |
Number of Funds | 22 | ' | 22 | ' |
Marketable Securities | $82,200,000 | ' | $82,200,000 | ' |
Note_11_Details_Summary_of_Sec
Note 11 (Details) - Summary of Securities (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Sep. 28, 2013 |
Note 11 (Details) - Summary of Securities [Line Items] | ' | ' |
Amortized Cost - Held To Maturity | $2,000 | $2,256 |
Gross Unrealized Losses - Held To Maturity | 32 | 50 |
Fair Market Value - Held To Maturity | 1,968 | 2,206 |
Amortized Cost - Available For Sale | 129,538 | 109,891 |
Gross Unrealized Gains - Available For Sale | 779 | 254 |
Gross Unrealized Losses - Available For Sale | 1,577 | 2,481 |
Fair Market Value - Available For Sale | 128,740 | 107,664 |
US Government Corporations and Agencies Securities [Member] | ' | ' |
Note 11 (Details) - Summary of Securities [Line Items] | ' | ' |
Amortized Cost - Held To Maturity | 2,000 | 2,000 |
Gross Unrealized Losses - Held To Maturity | 32 | 50 |
Fair Market Value - Held To Maturity | 1,968 | 1,950 |
Mutual Funds [Member] | ' | ' |
Note 11 (Details) - Summary of Securities [Line Items] | ' | ' |
Amortized Cost - Available For Sale | 129,538 | 109,891 |
Gross Unrealized Gains - Available For Sale | 779 | 254 |
Gross Unrealized Losses - Available For Sale | 1,577 | 2,481 |
Fair Market Value - Available For Sale | 128,740 | 107,664 |
Certificates of Deposit [Member] | ' | ' |
Note 11 (Details) - Summary of Securities [Line Items] | ' | ' |
Amortized Cost - Held To Maturity | ' | 256 |
Fair Market Value - Held To Maturity | ' | $256 |
Note_11_Details_Held_to_Maturi
Note 11 (Details) - Held to Maturity Securities by Contractual Maturity (USD $) | Mar. 29, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Held to Maturity Securities by Contractual Maturity [Abstract] | ' | ' |
Due in one year or less | ' | $256 |
Due in one year or less | ' | 256 |
Due after one year through five years | ' | 0 |
Due after one year through five years | ' | 0 |
Due after five years through ten years | 2,000 | 2,000 |
Due after five years through ten years | 1,968 | 1,950 |
Total held to maturity securities | 2,000 | 2,256 |
Total held to maturity securities | 1,968 | 2,206 |
Less current portion | ' | 256 |
Less current portion | ' | 256 |
Long term held to maturity securities | 2,000 | 2,000 |
Long term held to maturity securities | $1,968 | $1,950 |
Note_12_Details
Note 12 (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended |
Sep. 29, 2012 | Sep. 24, 2011 | Oct. 31, 2013 | Dec. 28, 2013 | |
Kim and Scott's [Member] | Kim and Scott's [Member] | New York Pretzel [Member] | New York Pretzel [Member] | |
Note 12 (Details) [Line Items] | ' | ' | ' | ' |
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | ' | $8,000,000 | ' | ' |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 1,800,000 | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | 11,800,000 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | ' | ' | 849,000 | ' |
Goodwill, Acquired During Period | ' | ' | 7,716,000 | 7,716,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | ' | ' | $3,049,000 | ' |
Note_13_Details_Changes_to_the
Note 13 (Details) - Changes to the Components of Other Comprehensive Loss (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | ($5,561) | ($3,237) | ($5,930) | ($3,132) |
Other comprehensive income (loss) before reclassifications | 742 | 736 | 850 | 631 |
Amounts reclassified from accumulated other comprehensive income | 42 | ' | 303 | ' |
Ending Balance | -4,777 | -2,501 | -4,777 | -2,501 |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | -3,807 | -3,255 | -3,703 | -3,132 |
Other comprehensive income (loss) before reclassifications | -172 | 570 | -276 | 447 |
Ending Balance | -3,979 | -2,685 | -3,979 | -2,685 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | -1,754 | 18 | -2,227 | ' |
Other comprehensive income (loss) before reclassifications | 914 | 166 | 1,126 | 184 |
Amounts reclassified from accumulated other comprehensive income | 42 | ' | 303 | ' |
Ending Balance | ($798) | $184 | ($798) | $184 |