Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 27, 2015 | Jul. 20, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | J&J SNACK FOODS CORP | |
Trading Symbol | jjsf | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --09-26 | |
Entity Common Stock, Shares Outstanding | 18,698,666 | |
Amendment Flag | false | |
Entity Central Index Key | 785,956 | |
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 | Jun. 27, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 27, 2015 | Sep. 27, 2014 |
Current assets | ||
Cash and cash equivalents | $ 126,548 | $ 91,760 |
Accounts receivable, net | 115,508 | 99,972 |
Inventories, net | 83,120 | 76,083 |
Prepaid expenses and other | 4,212 | 3,695 |
Deferred income taxes | 4,320 | 4,096 |
Total current assets | 333,708 | 275,606 |
Property, plant and equipment, at cost | ||
Property, plant and equipment, at cost | 564,321 | 538,081 |
Less accumulated depreciation and amortization | 395,045 | 380,552 |
Property, plant and equipment, net | 169,276 | 157,529 |
Other assets | ||
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 other assets | 239,942 | 271,638 |
Total Assets | 742,926 | 704,773 |
Current Liabilities | ||
Current obligations under capital leases | 270 | 146 |
Accounts payable | 67,140 | 59,968 |
Accrued insurance liability | 10,284 | 10,578 |
Accrued income taxes | 1,091 | 0 |
Accrued liabilities | 5,946 | 5,007 |
Accrued compensation expense | 14,109 | 14,286 |
Dividends payable | 6,729 | 5,972 |
Total 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 | ||
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 18,692,000 and 18,663,000 respectively | 34,508 | 32,621 |
Accumulated other comprehensive loss | (10,295) | (5,988) |
Retained Earnings | 566,060 | 535,885 |
Total stockholders' equity | 590,273 | 562,518 |
Total Liabilities and Stockholder's Equity | 742,926 | 704,773 |
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 | 206,036 | 195,566 |
Marketing Equipment [Member] | ||
Property, plant and equipment, at cost | ||
Property, plant and equipment, at cost | 265,272 | 256,389 |
Transportation Equipment [Member] | ||
Property, plant and equipment, at cost | ||
Property, plant and equipment, at cost | 6,899 | 6,913 |
Office Equipment [Member] | ||
Property, plant and equipment, at cost | ||
Property, plant and equipment, at cost | 20,059 | 18,556 |
Improvements [Member] | ||
Property, plant and equipment, at cost | ||
Property, plant and equipment, at cost | 28,121 | 26,635 |
Construction in Progress [Member] | ||
Property, plant and equipment, at cost | ||
Property, plant and equipment, at cost | $ 8,697 | $ 4,785 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 27, 2015 | Sep. 27, 2014 |
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 | 18,692,000 | 18,663,000 |
Common, shares outstanding | 18,692,000 | 18,663,000 |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | ||||
Net Sales | $ 278,724 | $ 257,113 | $ 716,484 | $ 665,957 | |||
Cost of goods sold(1) | 188,328 | [1] | 172,745 | [1] | 498,037 | [1] | 460,570 |
Gross Profit | 90,396 | 84,368 | 218,447 | 205,387 | |||
Operating expenses | |||||||
Marketing (2) | 23,201 | [2] | 21,274 | [2] | 62,674 | [2] | 56,825 |
Distribution (3) | 20,429 | [3] | 19,314 | [3] | 55,583 | [3] | 51,816 |
Administrative (4) | 7,910 | [4] | 7,883 | [4] | 22,897 | [4] | 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 before income 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 (in Dollars per share) | $ 1.30 | $ 1.26 | $ 2.68 | $ 2.64 | |||
Weighted average number of diluted shares (in Shares) | 18,823 | 18,832 | 18,815 | 18,814 | |||
Earnings per basic share (in Dollars per share) | $ 1.31 | $ 1.27 | $ 2.70 | $ 2.66 | |||
Weighted average number of basic shares (in Shares) | 18,691 | 18,686 | 18,683 | 18,686 | |||
[1] | Includes share-based compensation expense of $134 and $354 for the three months and nine months ended June 27, 2015, respectively and $136 and $371 for the three months and nine months ended June 28, 2014. | ||||||
[2] | Includes share-based compensation expense of $201 and $531 for the three months and nine months ended June 27,2015, respectively and $190 and $530 for the three months and nine months ended June 28, 2014. | ||||||
[3] | Includes share-based compensation expense of $12 and $33 for the three months and nine months ended June 27, 2015, respectively and $12 and $33 for the three months and nine months ended June 28, 2014. | ||||||
[4] | Includes share-based compensation expense of $269 and $707 for the three months and nine months ended June 27, 2015, respectively and $251 and $704 for the three months and nine months ended June 28, 2014. |
Consolidated Statements of Ear5
Consolidated Statements of Earnings (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Allocated Share Based Compensation | $ 517 | $ 514 | $ 1,265 | $ 1,399 |
Cost Of Goods Sold [Member] | ||||
Allocated Share Based Compensation | 134 | 136 | 354 | 371 |
Marketing [Member] | ||||
Allocated Share Based Compensation | 201 | 190 | 531 | 530 |
Distribution [Member] | ||||
Allocated Share Based Compensation | 12 | 12 | 33 | 33 |
Administrative [Member] | ||||
Allocated Share Based Compensation | $ 269 | $ 251 | $ 707 | $ 704 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Net Earnings | $ 24,462 | $ 23,678 | $ 50,355 | $ 49,625 |
Foreign currency translation adjustments | (420) | 262 | (3,289) | (14) |
Unrealized holding gain (loss) on marketable securities | 371 | 965 | (1,018) | 2,394 |
Total Other Comprehensive (Loss) income, net of tax | (49) | 1,227 | (4,307) | 2,380 |
Comprehensive Income | $ 24,413 | $ 24,905 | $ 46,048 | $ 52,005 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Operating activities: | ||
Net earnings | $ 50,355,000 | $ 49,625,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation of fixed assets | 24,013,000 | 23,599,000 |
Amortization of intangibles and deferred costs | 4,445,000 | 3,929,000 |
Share-based compensation | 1,625,000 | 1,638,000 |
Deferred income taxes | (131,000) | (257,000) |
Loss on sale of marketable securities | 1,904,000 | 361,000 |
Other | (255,000) | (205,000) |
Changes in assets and liabilities net of effects from purchase of companies | ||
Increase in accounts receivable | (15,821,000) | (17,390,000) |
Increase in inventories | (5,998,000) | (6,320,000) |
Increase in prepaid expenses | (511,000) | (262,000) |
Increase in accounts payable and accrued liabilities | 8,980,000 | 14,417,000 |
Net cash provided by operating activities | 68,606,000 | 69,135,000 |
Investing activities: | ||
Payment for purchases of companies, net of cash acquired | (615,000) | (28,528,000) |
Purchases of property, plant and equipment | (36,234,000) | (31,346,000) |
Purchases of marketable securities | (16,126,000) | (26,932,000) |
Proceeds from redemption and sales of marketable securities | 39,968,000 | 7,245,000 |
Proceeds from disposal of property and equipment | 1,322,000 | 1,241,000 |
Other | (167,000) | (408,000) |
Net cash used in investing activities | (11,852,000) | (78,728,000) |
Financing activities: | ||
Payments to repurchase common stock | (2,114,000) | (5,903,000) |
Proceeds from issuance of stock | 2,174,000 | 1,107,000 |
Payments on capitalized lease obligations | (176,000) | (273,000) |
Payment of cash dividend | (19,425,000) | (14,949,000) |
Net cash used in financing activities | (19,541,000) | (20,018,000) |
Effect of exchange rate on cash and cash equivalents | (2,425,000) | 20,000 |
Net increase (decrease) in cash and cash equivalents | 34,788,000 | (29,591,000) |
Cash and cash equivalents at beginning of period | 91,760,000 | 97,345,000 |
Cash and cash equivalents at end of period | $ 126,548,000 | $ 67,754,000 |
Note 1
Note 1 | 9 Months Ended |
Jun. 27, 2015 | |
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 nine months ended June 27, 2015 and June 28, 2014 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 27, 2014. |
Note 2
Note 2 | 9 Months Ended |
Jun. 27, 2015 | |
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 $314,000 and $450,000 at June 27, 2015 and September 27, 2014, respectively. |
Note 3
Note 3 | 9 Months Ended |
Jun. 27, 2015 | |
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 $8,026,000 and $8,008,000 for the three months ended June 27, 2015 and June 28, 2014, respectively, and for the nine months ended June 27, 2015 and June 28, 2014 was $24,013,000 and $23,599,000, respectively. |
Note 4
Note 4 | 9 Months Ended |
Jun. 27, 2015 | |
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 June 27, 2015 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 24,462 18,691 $ 1.31 Effect of Dilutive Securities Options - 132 (0.01 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 24,462 18,823 $ 1.30 Nine Months Ended June 27, 2015 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 50,355 18,683 $ 2.70 Effect of Dilutive Securities Options - 132 (0.02 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 50,355 18,815 $ 2.68 Three Months Ended June 28, 2014 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 23,678 18,686 $ 1.27 Effect of Dilutive Securities Options - 146 (0.01 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 23,678 18,832 $ 1.26 Nine Months Ended June 28, 2014 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 49,625 18,686 $ 2.66 Effect of Dilutive Securities Options - 128 (0.02 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 49,625 18,814 $ 2.64 |
Note 5
Note 5 | 9 Months Ended |
Jun. 27, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 5 At June 27, 2015, the Company has three stock-based employee compensation plans. Share-based compensation was recognized as follows: Three months ended Nine months ended June 27, June 28, June 27, June 28, 2015 2014 2015 2014 (in thousands, except per share amounts) Stock Options $ 439 $ 404 $ 987 $ 1,104 Stock purchase plan 77 102 274 279 Restricted stock issued to an employee 1 8 4 16 $ 517 $ 514 $ 1,265 $ 1,399 Per diluted share $ 0.03 $ 0.03 $ 0.07 $ 0.07 The above compensation is net of tax benefits $ 99 $ 75 $ 360 $ 239 The Company anticipates that share-based compensation will not exceed $1.8 million net of tax benefits, or approximately $.10 per share for the fiscal year ending September 26, 2015. 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 2015 first nine months: expected volatility of 17.8%; risk-free interest rate of 1.6%; dividend rate of 1.4% and expected lives of 5 years. During the 2015 nine month period, the Company granted 148,140 stock options. The weighted-average grant date fair value of these options was $15.23. During the 2014 nine month period, the Company granted 101,572 stock options. The weighted-average grant date fair value of these options was $15.24. 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 | 9 Months Ended |
Jun. 27, 2015 | |
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 $315,000 and $315,000 on June 27, 2015 and September 27, 2014, 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 June 27, 2015 and September 27, 2014, respectively, the Company has $180,000 and $180,000 of accrued interest and penalties. |
Note 7
Note 7 | 9 Months Ended |
Jun. 27, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 7 In May 2014, the FASB issued guidance on revenue recognition which says that we should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration which we expect to be entitled in exchange for those goods or services. This guidance is effective for our fiscal year ending September 2019. Early application is not permitted. We will assess the impact this guidance will have on our consolidated financial statements. |
Note 8
Note 8 | 9 Months Ended |
Jun. 27, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | Note 8 Inventories consist of the following: June 27, September 27, 2015 2014 (unaudited) (in thousands) Finished goods $ 33,541 $ 33,189 Raw Materials 18,280 15,632 Packaging materials 6,737 6,107 Equipment parts & other 24,562 21,155 $ 83,120 $ 76,083 The above inventories are net of reserves $ 2,533 $ 3,982 |
Note 9
Note 9 | 9 Months Ended |
Jun. 27, 2015 | |
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. 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 Retail Supermarkets The primary products sold to the retail supermarket channel 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 and sorbet, PHILLY SWIRL cups and sticks, ICEE Squeeze-Up Tubes and dough enrobed handheld products including PATIO burritos. Within the retail supermarket channel, our frozen and prepackaged products are purchased by the consumer for consumption at home. Frozen Beverages We sell frozen beverages and related products to the food service industry primarily under the names ICEE, 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 Nine months ended June 27, June 28, June 27, June 28, 2015 2014 2015 2014 (unaudited) (in thousands) Sales to External Customers: Food Service Soft pretzels $ 42,920 $ 41,337 $ 124,737 $ 119,460 Frozen juices and ices 19,331 18,215 38,604 38,301 Churros 14,979 15,622 42,568 43,003 Handhelds 5,853 6,221 16,055 18,337 Bakery 79,643 72,459 224,865 207,704 Other 4,522 4,019 9,242 8,177 $ 167,248 $ 157,873 $ 456,071 $ 434,982 Retail Supermarket Soft pretzels $ 7,431 $ 7,090 $ 27,460 $ 26,314 Frozen juices and ices 29,421 23,723 52,298 38,548 Handhelds 4,667 4,661 14,115 14,763 Coupon redemption (811 ) (886 ) (2,811 ) (2,255 ) Other 420 244 986 676 $ 41,128 $ 34,832 $ 92,048 $ 78,046 Frozen Beverages Beverages $ 44,990 $ 41,762 $ 99,278 $ 93,664 Repair and maintenance service 17,270 16,610 48,303 43,354 Machines sales 7,696 5,492 19,771 14,774 Other 392 544 1,013 1,137 $ 70,348 $ 64,408 $ 168,365 $ 152,929 Consolidated Sales $ 278,724 $ 257,113 $ 716,484 $ 665,957 Depreciation and Amortization: Food Service $ 5,330 $ 5,330 $ 15,971 $ 15,702 Retail Supermarket 220 134 660 150 Frozen Beverages 4,052 3,962 11,827 11,676 $ 9,602 $ 9,426 $ 28,458 $ 27,528 Operating Income: Food Service $ 20,479 $ 21,245 $ 51,621 $ 53,958 Retail Supermarket 6,406 3,489 9,607 8,055 Frozen Beverages 11,926 10,929 15,998 11,953 $ 38,811 $ 35,663 $ 77,226 $ 73,966 Capital Expenditures: Food Service $ 9,315 $ 5,500 $ 20,127 $ 16,339 Retail Supermarket - - - - Frozen Beverages 6,276 5,021 16,107 15,007 $ 15,591 $ 10,521 $ 36,234 $ 31,346 Assets: Food Service $ 550,124 $ 511,229 $ 550,124 $ 511,229 Retail Supermarket 17,901 18,803 17,901 18,803 Frozen Beverages 174,901 168,203 174,901 168,203 $ 742,926 $ 698,235 $ 742,926 $ 698,235 |
Note 10
Note 10 | 9 Months Ended |
Jun. 27, 2015 | |
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 June 27, 2015 and September 27, 2014 are as follows: June 27, 2015 September 27, 2014 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (in thousands) FOOD SERVICE Indefinite lived intangible assets Trade Names $ 13,072 $ - $ 13,072 $ - Amortized intangible assets Non compete agreements 592 532 592 509 Customer relationships 40,797 32,679 40,797 29,914 License and rights 3,606 2,779 3,606 2,708 TOTAL FOOD SERVICE $ 58,067 $ 35,990 $ 58,067 $ 33,131 RETAIL SUPERMARKETS Indefinite lived intangible assets Trade Names $ 7,206 $ - $ 7,206 $ - Amortized Intangible Assets Non compete agreements 160 94 160 34 Customer relationships 7,979 1,020 7,979 420 TOTAL RETAIL SUPERMARKETS $ 15,345 $ 1,114 $ 15,345 $ 454 FROZEN BEVERAGES Indefinite lived intangible assets Trade Names $ 9,315 $ - $ 9,315 $ - Amortized intangible assets Non compete agreements 198 198 198 198 Customer relationships 6,678 5,915 6,478 5,448 Licenses and rights 1,601 837 1,601 784 TOTAL FROZEN BEVERAGES $ 17,792 $ 6,950 $ 17,592 $ 6,430 CONSOLIDATED $ 91,204 $ 44,054 $ 91,004 $ 40,015 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 $200,000 were acquired in the three and nine months ended June 27, 2015 in the Frozen Beverages segment. Aggregate amortization expense of intangible assets for the three months ended June 27, 2015 and June 28, 2014 was $1,332,000 and $1,290,000, respectively and for the nine months ended June 27, 2015 and June 28, 2014 was $4,039,000 and $3,576,000, respectively. Estimated amortization expense for the next five fiscal years is approximately $5,400,000 in 2015 and $5,100,000 in 2016, $2,600,000 in 2017, $1,800,000 in 2018 and $1,700,000 in 2019. The weighted average amortization period of the intangible assets is 10.0 years. Goodwill The carrying amounts of goodwill for the Food Service, Retail Supermarket and Frozen Beverage segments are as follows: Food Retail Frozen Service Supermarket Beverages Total (in thousands) Balance at June 27, 2015 $ 46,832 $ 3,670 $ 35,940 $ 86,442 Balance at September 27, 2014 $ 46,832 $ 3,670 $ 35,940 $ 86,442 There was no goodwill acquired in the three and nine months ended June 27, 2015. |
Note 11
Note 11 | 9 Months Ended |
Jun. 27, 2015 | |
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 consist primarily of investments in mutual funds and preferred stock. The fair values of mutual funds are based on quoted market prices in active markets and are classified within Level 1 of the fair value hierarchy. The fair value of preferred stock is based on quoted prices for identical or similar instruments in markets that are not active. As a result, preferred stock is classified within Level 2 of the fair value hierarchy. The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at June 27, 2015 are summarized as follows: Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 92,605 $ 241 $ 2,530 $ 90,316 Preferred Stock 13,122 32 118 13,036 $ 105,727 $ 273 $ 2,648 $ 103,352 The mutual funds seek current income with an emphasis on maintaining low volatility and overall moderate duration. The unrealized losses of $2.5 million are spread over 28 funds with total fair market value of $71.6 million. The Fixed-to-Floating Perpetual Preferred Stock generate fixed income to call dates in 2018, 2019 and 2025 and then income is based on a spread above LIBOR if the securities are not called. These investment securities 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. We have reduced our investments in mutual funds over the first nine months of the year to $90 million at June 2015 from $128 million at September 2014 and to approximately $67 million in the fourth quarter as of the date of this filing. Additionally, during the fourth quarter, as of the date of this filing, we have increased our investments in the Fixed-to-Floating Perpetual Preferred Stock to approximately $20 million and have invested approximately $24 million in corporate bonds with maturity dates in 2019 and 2020. The amortized cost, unrealized gains and losses, and fair market values of our investment securities held to maturity at September 27, 2014 are summarized as follows: Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) US Government Agency Debt $ 2,000 $ - $ 13 $ 1,987 Total investment securities held to maturity $ 2,000 $ - $ 13 $ 1,987 The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at September 27, 2014 are summarized as follows: Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 129,473 $ 760 $ 2,116 $ 128,117 Total investment securities available for sale $ 129,473 $ 760 $ 2,116 $ 128,117 The amortized cost and fair value of the Company’s held to maturity securities by contractual maturity at June 27, 2015 and September 27, 2014 are summarized as follows: June 27, 2015 September 27, 2014 Fair Fair Amortized Market Amortized Market Cost Value Cost Value (in thousands) Due in one year or less $ - $ - $ - $ - Due after one year through five years - - - - Due after five years through ten years - - 2,000 1,987 Total held to maturity securities $ - $ - $ 2,000 $ 1,987 Less current portion - - - - Long term held to maturity securities $ - $ - $ 2,000 $ 1,987 Proceeds from the redemption and sale of marketable securities were $26,367,000 and $39,968,000 in the three and nine months ended June 27, 2015, respectively, and $1,185,000 and $7,245,000 in the three and nine months ended June 28, 2014, respectively. Losses of $1,395,000 and $1,904,000 were recorded in the three and nine months ended June 27, 2015, respectively, and $65,000 and $361,000 were recorded in the three and nine months ended June 28, 2014, respectively. We use the specific identification method to determine the cost of securities sold. |
Note 12
Note 12 | 9 Months Ended |
Jun. 27, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Note 12 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. The business had sales of about $4.3 million in our 2014 fiscal year included in the food service segment. In May 2014, we acquired the stock of Philly’s Famous Water Ice, Inc. (PHILLY SWIRL). PHILLY SWIRL, located in Tampa, FL, produces frozen novelty products sold primarily to retail supermarket locations throughout the United States and to Canada with annual sales approximating $25 million. The allocation of the purchase price of $17.4 million is $4.0 million to working capital, $1.2 million to property, plant and equipment, $11.1 million to intangible assets, $1.8 million to goodwill, $4.0 million to deferred tax assets, $95,000 to other assets and $4.8 million to deferred tax liabilities. Sales of PHILLY SWIRL from the acquisition date to September 27, 2014 were $12.6 million and are included in the retail supermarket segment . 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 inputs). |
Note 13
Note 13 | 9 Months Ended |
Jun. 27, 2015 | |
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 June 27, 2015 Nine Months Ended June 27, 2015 (unaudited) (unaudited) (in thousands) (in thousands) Foreign Unrealized Foreign Unrealized Currency Holding Loss on Currency Holding Loss on Translation Marketable Translation Marketable Adjustments Securities Total Adjustments Securities Total Beginning Balance $ (7,501 ) $ (2,745 ) $ (10,246 ) $ (4,632 ) $ (1,356 ) $ (5,988 ) Other comprehensive income (loss) before reclassifications (420 ) (728 ) (1,148 ) (3,289 ) (2,333 ) (5,622 ) Amounts reclassified from accumulated other comprehensive income - 1,099 1,099 - 1,315 1,315 Ending Balance $ (7,921 ) $ (2,374 ) $ (10,295 ) $ (7,921 ) $ (2,374 ) $ (10,295 ) All amounts are net of tax. Three Months Ended June 28, 2014 Nine Months Ended June 28, 2014 (unaudited) (unaudited) (in thousands) (in thousands) Foreign Unrealized Foreign Unrealized Currency Holding Loss on Currency Holding Loss on Translation Marketable Translation Marketable Adjustments Securities Total Adjustments Securities Total Beginning Balance $ (3,979 ) $ (798 ) $ (4,777 ) $ (3,703 ) $ (2,227 ) $ (5,930 ) Other comprehensive income (loss) before reclassifications 262 902 1,164 (14 ) 2,028 2,014 Amounts reclassified from accumulated other comprehensive income - 63 63 - 366 366 Ending Balance $ (3,717 ) $ 167 $ (3,550 ) $ (3,717 ) $ 167 $ (3,550 ) All amounts are net of tax. |
Note 4 (Tables)
Note 4 (Tables) | 9 Months Ended |
Jun. 27, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 27, 2015 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 24,462 18,691 $ 1.31 Effect of Dilutive Securities Options - 132 (0.01 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 24,462 18,823 $ 1.30 Nine Months Ended June 27, 2015 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 50,355 18,683 $ 2.70 Effect of Dilutive Securities Options - 132 (0.02 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 50,355 18,815 $ 2.68 Three Months Ended June 28, 2014 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 23,678 18,686 $ 1.27 Effect of Dilutive Securities Options - 146 (0.01 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 23,678 18,832 $ 1.26 Nine Months Ended June 28, 2014 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 49,625 18,686 $ 2.66 Effect of Dilutive Securities Options - 128 (0.02 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 49,625 18,814 $ 2.64 |
Note 5 (Tables)
Note 5 (Tables) | 9 Months Ended |
Jun. 27, 2015 | |
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 Nine months ended June 27, June 28, June 27, June 28, 2015 2014 2015 2014 (in thousands, except per share amounts) Stock Options $ 439 $ 404 $ 987 $ 1,104 Stock purchase plan 77 102 274 279 Restricted stock issued to an employee 1 8 4 16 $ 517 $ 514 $ 1,265 $ 1,399 Per diluted share $ 0.03 $ 0.03 $ 0.07 $ 0.07 The above compensation is net of tax benefits $ 99 $ 75 $ 360 $ 239 |
Note 8 (Tables)
Note 8 (Tables) | 9 Months Ended |
Jun. 27, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | June 27, September 27, 2015 2014 (unaudited) (in thousands) Finished goods $ 33,541 $ 33,189 Raw Materials 18,280 15,632 Packaging materials 6,737 6,107 Equipment parts & other 24,562 21,155 $ 83,120 $ 76,083 The above inventories are net of reserves $ 2,533 $ 3,982 |
Note 9 (Tables)
Note 9 (Tables) | 9 Months Ended |
Jun. 27, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended Nine months ended June 27, June 28, June 27, June 28, 2015 2014 2015 2014 (unaudited) (in thousands) Sales to External Customers: Food Service Soft pretzels $ 42,920 $ 41,337 $ 124,737 $ 119,460 Frozen juices and ices 19,331 18,215 38,604 38,301 Churros 14,979 15,622 42,568 43,003 Handhelds 5,853 6,221 16,055 18,337 Bakery 79,643 72,459 224,865 207,704 Other 4,522 4,019 9,242 8,177 $ 167,248 $ 157,873 $ 456,071 $ 434,982 Retail Supermarket Soft pretzels $ 7,431 $ 7,090 $ 27,460 $ 26,314 Frozen juices and ices 29,421 23,723 52,298 38,548 Handhelds 4,667 4,661 14,115 14,763 Coupon redemption (811 ) (886 ) (2,811 ) (2,255 ) Other 420 244 986 676 $ 41,128 $ 34,832 $ 92,048 $ 78,046 Frozen Beverages Beverages $ 44,990 $ 41,762 $ 99,278 $ 93,664 Repair and maintenance service 17,270 16,610 48,303 43,354 Machines sales 7,696 5,492 19,771 14,774 Other 392 544 1,013 1,137 $ 70,348 $ 64,408 $ 168,365 $ 152,929 Consolidated Sales $ 278,724 $ 257,113 $ 716,484 $ 665,957 Depreciation and Amortization: Food Service $ 5,330 $ 5,330 $ 15,971 $ 15,702 Retail Supermarket 220 134 660 150 Frozen Beverages 4,052 3,962 11,827 11,676 $ 9,602 $ 9,426 $ 28,458 $ 27,528 Operating Income: Food Service $ 20,479 $ 21,245 $ 51,621 $ 53,958 Retail Supermarket 6,406 3,489 9,607 8,055 Frozen Beverages 11,926 10,929 15,998 11,953 $ 38,811 $ 35,663 $ 77,226 $ 73,966 Capital Expenditures: Food Service $ 9,315 $ 5,500 $ 20,127 $ 16,339 Retail Supermarket - - - - Frozen Beverages 6,276 5,021 16,107 15,007 $ 15,591 $ 10,521 $ 36,234 $ 31,346 Assets: Food Service $ 550,124 $ 511,229 $ 550,124 $ 511,229 Retail Supermarket 17,901 18,803 17,901 18,803 Frozen Beverages 174,901 168,203 174,901 168,203 $ 742,926 $ 698,235 $ 742,926 $ 698,235 |
Note 10 (Tables)
Note 10 (Tables) | 9 Months Ended |
Jun. 27, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | June 27, 2015 September 27, 2014 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (in thousands) FOOD SERVICE Indefinite lived intangible assets Trade Names $ 13,072 $ - $ 13,072 $ - Amortized intangible assets Non compete agreements 592 532 592 509 Customer relationships 40,797 32,679 40,797 29,914 License and rights 3,606 2,779 3,606 2,708 TOTAL FOOD SERVICE $ 58,067 $ 35,990 $ 58,067 $ 33,131 RETAIL SUPERMARKETS Indefinite lived intangible assets Trade Names $ 7,206 $ - $ 7,206 $ - Amortized Intangible Assets Non compete agreements 160 94 160 34 Customer relationships 7,979 1,020 7,979 420 TOTAL RETAIL SUPERMARKETS $ 15,345 $ 1,114 $ 15,345 $ 454 FROZEN BEVERAGES Indefinite lived intangible assets Trade Names $ 9,315 $ - $ 9,315 $ - Amortized intangible assets Non compete agreements 198 198 198 198 Customer relationships 6,678 5,915 6,478 5,448 Licenses and rights 1,601 837 1,601 784 TOTAL FROZEN BEVERAGES $ 17,792 $ 6,950 $ 17,592 $ 6,430 CONSOLIDATED $ 91,204 $ 44,054 $ 91,004 $ 40,015 |
Schedule of Goodwill [Table Text Block] | Food Retail Frozen Service Supermarket Beverages Total (in thousands) Balance at June 27, 2015 $ 46,832 $ 3,670 $ 35,940 $ 86,442 Balance at September 27, 2014 $ 46,832 $ 3,670 $ 35,940 $ 86,442 |
Note 11 (Tables)
Note 11 (Tables) | 9 Months Ended |
Jun. 27, 2015 | |
Fair Value Disclosures [Abstract] | |
Unrealized Gain (Loss) on Investments [Table Text Block] | Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 92,605 $ 241 $ 2,530 $ 90,316 Preferred Stock 13,122 32 118 13,036 $ 105,727 $ 273 $ 2,648 $ 103,352 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) US Government Agency Debt $ 2,000 $ - $ 13 $ 1,987 Total investment securities held to maturity $ 2,000 $ - $ 13 $ 1,987 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 129,473 $ 760 $ 2,116 $ 128,117 Total investment securities available for sale $ 129,473 $ 760 $ 2,116 $ 128,117 |
Investments Classified by Contractual Maturity Date [Table Text Block] | June 27, 2015 September 27, 2014 Fair Fair Amortized Market Amortized Market Cost Value Cost Value (in thousands) Due in one year or less $ - $ - $ - $ - Due after one year through five years - - - - Due after five years through ten years - - 2,000 1,987 Total held to maturity securities $ - $ - $ 2,000 $ 1,987 Less current portion - - - - Long term held to maturity securities $ - $ - $ 2,000 $ 1,987 |
Note 13 (Tables)
Note 13 (Tables) | 9 Months Ended |
Jun. 27, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended June 27, 2015 Nine Months Ended June 27, 2015 (unaudited) (unaudited) (in thousands) (in thousands) Foreign Unrealized Foreign Unrealized Currency Holding Loss on Currency Holding Loss on Translation Marketable Translation Marketable Adjustments Securities Total Adjustments Securities Total Beginning Balance $ (7,501 ) $ (2,745 ) $ (10,246 ) $ (4,632 ) $ (1,356 ) $ (5,988 ) Other comprehensive income (loss) before reclassifications (420 ) (728 ) (1,148 ) (3,289 ) (2,333 ) (5,622 ) Amounts reclassified from accumulated other comprehensive income - 1,099 1,099 - 1,315 1,315 Ending Balance $ (7,921 ) $ (2,374 ) $ (10,295 ) $ (7,921 ) $ (2,374 ) $ (10,295 ) Three Months Ended June 28, 2014 Nine Months Ended June 28, 2014 (unaudited) (unaudited) (in thousands) (in thousands) Foreign Unrealized Foreign Unrealized Currency Holding Loss on Currency Holding Loss on Translation Marketable Translation Marketable Adjustments Securities Total Adjustments Securities Total Beginning Balance $ (3,979 ) $ (798 ) $ (4,777 ) $ (3,703 ) $ (2,227 ) $ (5,930 ) Other comprehensive income (loss) before reclassifications 262 902 1,164 (14 ) 2,028 2,014 Amounts reclassified from accumulated other comprehensive income - 63 63 - 366 366 Ending Balance $ (3,717 ) $ 167 $ (3,550 ) $ (3,717 ) $ 167 $ (3,550 ) |
Note 2 (Details)
Note 2 (Details) - USD ($) | Jun. 27, 2015 | Sep. 27, 2014 |
Revenue [Abstract] | ||
Allowance for Doubtful Accounts Receivable | $ 314,000 | $ 450,000 |
Note 3 (Details)
Note 3 (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Note 3 (Details) [Line Items] | ||||
Depreciation | $ 8,026,000 | $ 8,008,000 | $ 24,013,000 | $ 23,599,000 |
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
Note 4 (Details) - Calculation of EPS - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Basic EPS | ||||
Net Earnings available to common stockholders | $ 24,462 | $ 23,678 | $ 50,355 | $ 49,625 |
Net Earnings available to common stockholders | 18,691 | 18,686 | 18,683 | 18,686 |
Net Earnings available to common stockholders | $ 1.31 | $ 1.27 | $ 2.70 | $ 2.66 |
Effect of Dilutive Securities | ||||
Options | 132 | 146 | 132 | 128 |
Options | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.02) |
Diluted EPS | ||||
Net Earnings available to common stockholders plus assumed conversions | $ 24,462 | $ 23,678 | $ 50,355 | $ 49,625 |
Net Earnings available to common stockholders plus assumed conversions | 18,823 | 18,832 | 18,815 | 18,814 |
Net Earnings available to common stockholders plus assumed conversions | $ 1.30 | $ 1.26 | $ 2.68 | $ 2.64 |
Note 5 (Details)
Note 5 (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Note 5 (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 17.80% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.60% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.40% | |
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 | 148,140 | 101,572 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 15.23 | $ 15.24 |
Scenario, Forecast [Member] | ||
Note 5 (Details) [Line Items] | ||
Anticipated Share Based Compensation Net Of Tax Benefits | $ 1.8 | |
Anticipated Share Based Compensation Per Share | $ 0.10 | |
Five 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 | |
Ten 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) - Share-Based
Note 5 (Details) - Share-Based Compensation - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share Based Compensation | $ 517 | $ 514 | $ 1,265 | $ 1,399 |
Per diluted share (in Dollars per share) | $ 0.03 | $ 0.03 | $ 0.07 | $ 0.07 |
The above compensation is net of tax benefits | $ 99 | $ 75 | $ 360 | $ 239 |
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share Based Compensation | 439 | 404 | 987 | 1,104 |
Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share Based Compensation | 77 | 102 | 274 | 279 |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share Based Compensation | $ 1 | $ 8 | $ 4 | $ 16 |
Note 6 (Details)
Note 6 (Details) - USD ($) | Jun. 27, 2015 | Sep. 27, 2014 |
Income Tax Disclosure [Abstract] | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 315,000 | $ 315,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 180,000 | $ 180,000 |
Note 8 (Details) - Inventories
Note 8 (Details) - Inventories - USD ($) $ in Thousands | Jun. 27, 2015 | Sep. 27, 2014 |
Inventories [Abstract] | ||
Finished goods | $ 33,541 | $ 33,189 |
Raw Materials | 18,280 | 15,632 |
Packaging materials | 6,737 | 6,107 |
Equipment parts & other | 24,562 | 21,155 |
83,120 | 76,083 | |
The above inventories are net of reserves | $ 2,533 | $ 3,982 |
Note 9 (Details)
Note 9 (Details) | 9 Months Ended |
Jun. 27, 2015 | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 3 |
Number of Reportable Segments | 3 |
Note 9 (Details) - Reportable S
Note 9 (Details) - Reportable Segments Operations Information - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | Sep. 27, 2014 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 278,724 | $ 257,113 | $ 716,484 | $ 665,957 | |
Depreciation and Amortization: | |||||
Depreciation and Amortization | 9,602 | 9,426 | 28,458 | 27,528 | |
Operating Income: | |||||
Operating Income | 38,811 | 35,663 | 77,226 | 73,966 | |
Capital Expenditures: | |||||
Capital Expenditures | 15,591 | 10,521 | 36,234 | 31,346 | |
Assets: | |||||
Assets | 742,926 | 698,235 | 742,926 | 698,235 | $ 704,773 |
Food Service [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 167,248 | 157,873 | 456,071 | 434,982 | |
Depreciation and Amortization: | |||||
Depreciation and Amortization | 5,330 | 5,330 | 15,971 | 15,702 | |
Operating Income: | |||||
Operating Income | 20,479 | 21,245 | 51,621 | 53,958 | |
Capital Expenditures: | |||||
Capital Expenditures | 9,315 | 5,500 | 20,127 | 16,339 | |
Assets: | |||||
Assets | 550,124 | 511,229 | 550,124 | 511,229 | |
Food Service [Member] | Soft Pretzels [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 42,920 | 41,337 | 124,737 | 119,460 | |
Food Service [Member] | Frozen Juices and Ices [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 19,331 | 18,215 | 38,604 | 38,301 | |
Food Service [Member] | Churros [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 14,979 | 15,622 | 42,568 | 43,003 | |
Food Service [Member] | Handhelds [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 5,853 | 6,221 | 16,055 | 18,337 | |
Food Service [Member] | Bakery [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 79,643 | 72,459 | 224,865 | 207,704 | |
Food Service [Member] | Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 4,522 | 4,019 | 9,242 | 8,177 | |
Retail Supermarket [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 41,128 | 34,832 | 92,048 | 78,046 | |
Depreciation and Amortization: | |||||
Depreciation and Amortization | 220 | 134 | 660 | 150 | |
Operating Income: | |||||
Operating Income | 6,406 | 3,489 | 9,607 | 8,055 | |
Assets: | |||||
Assets | 17,901 | 18,803 | 17,901 | 18,803 | |
Retail Supermarket [Member] | Soft Pretzels [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 7,431 | 7,090 | 27,460 | 26,314 | |
Retail Supermarket [Member] | Frozen Juices and Ices [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 29,421 | 23,723 | 52,298 | 38,548 | |
Retail Supermarket [Member] | Handhelds [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 4,667 | 4,661 | 14,115 | 14,763 | |
Retail Supermarket [Member] | Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 420 | 244 | 986 | 676 | |
Retail Supermarket [Member] | Coupon Redemption [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (811) | (886) | (2,811) | (2,255) | |
Frozen Beverages [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 70,348 | 64,408 | 168,365 | 152,929 | |
Depreciation and Amortization: | |||||
Depreciation and Amortization | 4,052 | 3,962 | 11,827 | 11,676 | |
Operating Income: | |||||
Operating Income | 11,926 | 10,929 | 15,998 | 11,953 | |
Capital Expenditures: | |||||
Capital Expenditures | 6,276 | 5,021 | 16,107 | 15,007 | |
Assets: | |||||
Assets | 174,901 | 168,203 | 174,901 | 168,203 | |
Frozen Beverages [Member] | Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 392 | 544 | 1,013 | 1,137 | |
Frozen Beverages [Member] | Beverages [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 44,990 | 41,762 | 99,278 | 93,664 | |
Frozen Beverages [Member] | Repair and Maintenance Service [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 17,270 | 16,610 | 48,303 | 43,354 | |
Frozen Beverages [Member] | Machines Sales [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 7,696 | $ 5,492 | $ 19,771 | $ 14,774 |
Note 10 (Details)
Note 10 (Details) | 3 Months Ended | 9 Months Ended | ||
Jun. 27, 2015USD ($) | Jun. 28, 2014USD ($) | Jun. 27, 2015USD ($) | Jun. 28, 2014USD ($) | |
Note 10 (Details) [Line Items] | ||||
Number of Reportable Segments | 3 | |||
Amortization of Intangible Assets | $ 1,332,000 | $ 1,290,000 | $ 4,039,000 | $ 3,576,000 |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 5,400,000 | 5,400,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 5,100,000 | 5,100,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 2,600,000 | 2,600,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 1,800,000 | 1,800,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 1,700,000 | $ 1,700,000 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||
Goodwill, Acquired During Period | 0 | $ 0 | ||
Frozen Beverages [Member] | ||||
Note 10 (Details) [Line Items] | ||||
Indefinite-lived Intangible Assets Acquired | $ 200,000 | $ 200,000 | ||
Minimum [Member] | ||||
Note 10 (Details) [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||
Maximum [Member] | ||||
Note 10 (Details) [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Note 10 (Details) - Intangible
Note 10 (Details) - Intangible Assets by Reporting Segment - USD ($) $ in Thousands | Jun. 27, 2015 | Sep. 27, 2014 |
Amortized intangible assets | ||
Accumulated Amortization | $ 44,054 | $ 40,015 |
Gross Carrying Amount | 91,204 | 91,004 |
Accumulated Amortization | 44,054 | 40,015 |
Food Service [Member] | ||
Amortized intangible assets | ||
Accumulated Amortization | 35,990 | 33,131 |
Gross Carrying Amount | 58,067 | 58,067 |
Accumulated Amortization | 35,990 | 33,131 |
Retail Supermarket [Member] | ||
Amortized intangible assets | ||
Accumulated Amortization | 1,114 | 454 |
Gross Carrying Amount | 15,345 | 15,345 |
Accumulated Amortization | 1,114 | 454 |
Frozen Beverages [Member] | ||
Amortized intangible assets | ||
Accumulated Amortization | 6,950 | 6,430 |
Gross Carrying Amount | 17,792 | 17,592 |
Accumulated Amortization | 6,950 | 6,430 |
Trade Names [Member] | Food Service [Member] | ||
Indefinite lived intangible assets | ||
Gross Carrying Amount | 13,072 | 13,072 |
Trade Names [Member] | Retail Supermarket [Member] | ||
Indefinite lived intangible assets | ||
Gross Carrying Amount | 7,206 | 7,206 |
Trade Names [Member] | Frozen Beverages [Member] | ||
Indefinite lived intangible assets | ||
Gross Carrying Amount | 9,315 | 9,315 |
Noncompete Agreements [Member] | Food Service [Member] | ||
Amortized intangible assets | ||
Gross Carrying Amount | 592 | 592 |
Accumulated Amortization | 532 | 509 |
Accumulated Amortization | 532 | 509 |
Noncompete Agreements [Member] | Retail Supermarket [Member] | ||
Amortized intangible assets | ||
Gross Carrying Amount | 160 | 160 |
Accumulated Amortization | 94 | 34 |
Accumulated Amortization | 94 | 34 |
Noncompete Agreements [Member] | Frozen Beverages [Member] | ||
Amortized intangible assets | ||
Gross Carrying Amount | 198 | 198 |
Accumulated Amortization | 198 | 198 |
Accumulated Amortization | 198 | 198 |
Customer Relationships [Member] | Food Service [Member] | ||
Amortized intangible assets | ||
Gross Carrying Amount | 40,797 | 40,797 |
Accumulated Amortization | 32,679 | 29,914 |
Accumulated Amortization | 32,679 | 29,914 |
Customer Relationships [Member] | Retail Supermarket [Member] | ||
Amortized intangible assets | ||
Gross Carrying Amount | 7,979 | 7,979 |
Accumulated Amortization | 1,020 | 420 |
Accumulated Amortization | 1,020 | 420 |
Customer Relationships [Member] | Frozen Beverages [Member] | ||
Amortized intangible assets | ||
Gross Carrying Amount | 6,678 | 6,478 |
Accumulated Amortization | 5,915 | 5,448 |
Accumulated Amortization | 5,915 | 5,448 |
License and Rights [Member] | Food Service [Member] | ||
Amortized intangible assets | ||
Gross Carrying Amount | 3,606 | 3,606 |
Accumulated Amortization | 2,779 | 2,708 |
Accumulated Amortization | 2,779 | 2,708 |
License and Rights [Member] | Frozen Beverages [Member] | ||
Amortized intangible assets | ||
Gross Carrying Amount | 1,601 | 1,601 |
Accumulated Amortization | 837 | 784 |
Accumulated Amortization | $ 837 | $ 784 |
Note 10 (Details) - Goodwill by
Note 10 (Details) - Goodwill by Reporting Segment - USD ($) $ in Thousands | Jun. 27, 2015 | Sep. 27, 2014 |
Goodwill [Line Items] | ||
Balance | $ 86,442 | $ 86,442 |
Food Service [Member] | ||
Goodwill [Line Items] | ||
Balance | 46,832 | 46,832 |
Retail Supermarket [Member] | ||
Goodwill [Line Items] | ||
Balance | 3,670 | 3,670 |
Frozen Beverages [Member] | ||
Goodwill [Line Items] | ||
Balance | $ 35,940 | $ 35,940 |
Note 11 (Details)
Note 11 (Details) | 3 Months Ended | 9 Months Ended | ||||
Jun. 27, 2015USD ($) | Jun. 28, 2014USD ($) | Jun. 27, 2015USD ($) | Jun. 28, 2014USD ($) | Sep. 26, 2015USD ($) | Sep. 27, 2014USD ($) | |
Note 11 (Details) [Line Items] | ||||||
Available-for-sale Securities | $ 103,352,000 | $ 103,352,000 | $ 128,117,000 | |||
Proceeds from Sale and Maturity of Marketable Securities | 26,367,000 | $ 1,185,000 | 39,968,000 | $ 7,245,000 | ||
Marketable Securities, Gain (Loss) | (1,395,000) | $ (65,000) | (1,904,000) | $ (361,000) | ||
Mutual Funds [Member] | ||||||
Note 11 (Details) [Line Items] | ||||||
Unrealized Gain (Loss) on Securities | $ (2,500,000) | |||||
Number of Funds | 28 | |||||
Marketable Securities | 71,600,000 | $ 71,600,000 | ||||
Available-for-sale Securities | $ 90,316,000 | $ 90,316,000 | $ 128,117,000 | |||
Scenario, Forecast [Member] | Mutual Funds [Member] | ||||||
Note 11 (Details) [Line Items] | ||||||
Available-for-sale Securities | $ 67,000,000 | |||||
Scenario, Forecast [Member] | Fixed-to-Floating Perpetual Preferred Stock [Member] | ||||||
Note 11 (Details) [Line Items] | ||||||
Available-for-sale Securities | 20,000,000 | |||||
Scenario, Forecast [Member] | Corporate Bond Securities [Member] | ||||||
Note 11 (Details) [Line Items] | ||||||
Available-for-sale Securities | $ 24,000,000 |
Note 11 (Details) - Summary of
Note 11 (Details) - Summary of Securities - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Jun. 27, 2015 | Sep. 27, 2014 | |
Note 11 (Details) - Summary of Securities [Line Items] | ||
Amortized cost - available for sale | $ 105,727 | $ 129,473 |
Gross unrealized gains - available for sale | 273 | 760 |
Gross unrealized losses - available for sale | 2,648 | 2,116 |
Fair market value - available for sale | 103,352 | 128,117 |
Amortized cost - held to maturity | 2,000 | |
Gross unrealized gains - held to maturity | 0 | |
Gross unrealized losses - held to maturity | 13 | |
Fair market value - held to maturity | 1,987 | |
Mutual Funds [Member] | ||
Note 11 (Details) - Summary of Securities [Line Items] | ||
Amortized cost - available for sale | 92,605 | 129,473 |
Gross unrealized gains - available for sale | 241 | 760 |
Gross unrealized losses - available for sale | 2,530 | 2,116 |
Fair market value - available for sale | 90,316 | 128,117 |
Preferred Stock [Member] | ||
Note 11 (Details) - Summary of Securities [Line Items] | ||
Amortized cost - available for sale | 13,122 | |
Gross unrealized gains - available for sale | 32 | |
Gross unrealized losses - available for sale | 118 | |
Fair market value - available for sale | $ 13,036 | |
US Government Corporations and Agencies Securities [Member] | ||
Note 11 (Details) - Summary of Securities [Line Items] | ||
Amortized cost - held to maturity | 2,000 | |
Gross unrealized gains - held to maturity | 0 | |
Gross unrealized losses - held to maturity | 13 | |
Fair market value - held to maturity | $ 1,987 |
Note 11 (Details) - Held to Mat
Note 11 (Details) - Held to Maturity Securities by Contractual Maturity $ in Thousands | Sep. 27, 2014USD ($) |
Held to Maturity Securities by Contractual Maturity [Abstract] | |
Due after five years through ten years | $ 2,000 |
Due after five years through ten years | 1,987 |
Total held to maturity securities | 2,000 |
Total held to maturity securities | 1,987 |
Long term held to maturity securities | 2,000 |
Long term held to maturity securities | $ 1,987 |
Note 12 (Details)
Note 12 (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | |||
May. 31, 2014 | Oct. 31, 2013 | Jun. 27, 2015 | Jun. 28, 2014 | Sep. 27, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | Sep. 27, 2014 | |
Note 12 (Details) [Line Items] | ||||||||
Goodwill, Acquired During Period | $ 0 | $ 0 | ||||||
Revenues | 278,724,000 | $ 257,113,000 | 716,484,000 | $ 665,957,000 | ||||
Food Service [Member] | ||||||||
Note 12 (Details) [Line Items] | ||||||||
Revenues | 167,248,000 | 157,873,000 | 456,071,000 | 434,982,000 | ||||
Retail Supermarket [Member] | ||||||||
Note 12 (Details) [Line Items] | ||||||||
Revenues | $ 41,128,000 | $ 34,832,000 | $ 92,048,000 | $ 78,046,000 | ||||
New York Pretzel [Member] | ||||||||
Note 12 (Details) [Line Items] | ||||||||
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 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 3,049,000 | |||||||
New York Pretzel [Member] | Food Service [Member] | ||||||||
Note 12 (Details) [Line Items] | ||||||||
Revenues | $ 4,300,000 | |||||||
PHILLY SWIRL [Member] | ||||||||
Note 12 (Details) [Line Items] | ||||||||
Business Combination, Consideration Transferred | $ 17,400,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 11,100,000 | |||||||
Goodwill, Acquired During Period | 1,800,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,200,000 | |||||||
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | 25,000,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Working Capital Acquired | 4,000,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 4,000,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 95,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | $ 4,800,000 | |||||||
PHILLY SWIRL [Member] | Retail Supermarket [Member] | ||||||||
Note 12 (Details) [Line Items] | ||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 12,600,000 |
Note 13 (Details) - Changes to
Note 13 (Details) - Changes to the Components of Other Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ (10,246) | $ (4,777) | $ (5,988) | $ (5,930) |
Other comprehensive income (loss) before reclassifications | (1,148) | 1,164 | (5,622) | 2,014 |
Amounts reclassified from accumulated other comprehensive income | 1,099 | 63 | 1,315 | 366 |
Ending Balance | (10,295) | (3,550) | (10,295) | (3,550) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (7,501) | (3,979) | (4,632) | (3,703) |
Other comprehensive income (loss) before reclassifications | (420) | 262 | (3,289) | (14) |
Ending Balance | (7,921) | (3,717) | (7,921) | (3,717) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (2,745) | (798) | (1,356) | (2,227) |
Other comprehensive income (loss) before reclassifications | (728) | 902 | (2,333) | 2,028 |
Amounts reclassified from accumulated other comprehensive income | 1,099 | 63 | 1,315 | 366 |
Ending Balance | $ (2,374) | $ 167 | $ (2,374) | $ 167 |