Exhibit 99.1
IMMEDIATE RELEASE | Contact: | Dennis G. Moore |
FOR: |
| Senior Vice President |
|
| Chief Financial Officer |
|
| (856) 532-6603 |
6000 Central Highway
Pennsauken, NJ 08109
J & J SNACK FOODS
REPORTS THIRD QUARTER SALES
AND EARNINGS
Pennsauken, NJ, July 27, 2015 - - J & J Snack Foods Corp. (NASDAQ-JJSF) today announced sales and earnings for the third quarter ended June 27, 2015.
Sales increased 8% to $278.7 million from $257.1 million in last year’s third quarter. Net earnings increased 3% to $24.5 million in the current quarter from $23.7 million last year. Earnings per diluted share increased 3% to $1.30 for the third quarter from $1.26 last year. Operating income increased 9% to $38.8 million in the current quarter from $35.7 million in the year ago quarter.
For the nine months ended June 27, 2015, sales increased 8% to $716.5 million from $666.0 million in last year’s nine months. Net earnings were $50.4 million this year and $49.6 million last year for the nine months. Earnings per diluted share increased to $2.68 from $2.64 last year. Operating income increased 4% to $77.2 million this year from $74.0 million last year for the nine months.
Gerald B. Shreiber, J & J’s President and Chief Executive Officer, commented,
“Our sales and earnings improvement this quarter was driven by outstanding performances by our retail supermarkets and ICEE businesses. Results of our food service segment were disappointing.”
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 atwww.jjsnack.com.
*MINUTE MAID is a registered trademark of The Coca-Cola Company
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J & J SNACK FOODS CORP. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF EARNINGS |
(Unaudited) |
(in thousands, except per share amounts) |
Three months ended | Nine months ended | |||||||||||||||
June 27, | June 28, | June 27, | June 28, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net Sales | $ | 278,724 | $ | 257,113 | $ | 716,484 | $ | 665,957 | ||||||||
Cost of goods sold | 188,328 | 172,745 | 498,037 | 460,570 | ||||||||||||
Gross Profit | 90,396 | 84,368 | 218,447 | 205,387 | ||||||||||||
Operating expenses | ||||||||||||||||
Marketing | 23,201 | 21,274 | 62,674 | 56,825 | ||||||||||||
Distribution | 20,429 | 19,314 | 55,583 | 51,816 | ||||||||||||
Administrative | 7,910 | 7,883 | 22,897 | 21,648 | ||||||||||||
Other general expense | 45 | 234 | 67 | 1,132 | ||||||||||||
| 51,585 | 48,705 | 141,221 | 131,421 | |||||||||||||
Operating Income | 38,811 | 35,663 | 77,226 | 73,966 | ||||||||||||
Other income (expense) | ||||||||||||||||
Investment (loss) income | (53 | ) | 1,159 | 2,579 | 3,273 | |||||||||||
Interest expense & other | (34 | ) | (26 | ) | (88 | ) | (89 | ) | ||||||||
Earnings beforeincome taxes | 38,724 | 36,796 | 79,717 | 77,150 | ||||||||||||
Income taxes | 14,262 | 13,118 | 29,362 | 27,525 | ||||||||||||
NET EARNINGS | $ | 24,462 | $ | 23,678 | $ | 50,355 | $ | 49,625 | ||||||||
Earnings per diluted share | $ | 1.30 | $ | 1.26 | $ | 2.68 | $ | 2.64 | ||||||||
Weighted average numberof diluted shares | 18,823 | 18,832 | 18,815 | 18,814 | ||||||||||||
Earnings per basic share | $ | 1.31 | $ | 1.27 | $ | 2.70 | $ | 2.66 | ||||||||
Weighted average number ofbasic shares | 18,691 | 18,686 | 18,683 | 18,686 | ||||||||||||
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CONSOLIDATED BALANCE SHEETS |
(in thousands, except share amounts) |
June 27, | September 27, | |||||||
2015 | 2014 | |||||||
(unaudited) | ||||||||
Cash and cash equivalents | $ | 126,548 | $ | 91,760 | ||||
Other current assets | 207,160 | 183,846 | ||||||
Property, plant and equipment, net | 169,276 | 157,529 | ||||||
Goodwill | 86,442 | 86,442 | ||||||
Other intangible assets, net | 47,150 | 50,989 | ||||||
Marketable securities held to maturity | - | 2,000 | ||||||
Marketable securities available for sale | 103,352 | 128,117 | ||||||
Other | 2,998 | 4,090 | ||||||
Total | $ | 742,926 | $ | 704,773 | ||||
Current Liabilities | $ | 105,569 | $ | 95,957 | ||||
Long-term obligations under capital leases | 1,265 | 374 | ||||||
Deferred income taxes | 44,848 | 44,785 | ||||||
Other long-term liabilities | 971 | 1,139 | ||||||
Stockholders' Equity | 590,273 | 562,518 | ||||||
Total | $ | 742,926 | $ | 704,773 | ||||
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.
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