Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 26, 2015 | Nov. 05, 2015 | Mar. 27, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | J&J SNACK FOODS CORP | ||
Trading Symbol | jjsf | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --09-26 | ||
Entity Common Stock, Shares Outstanding | 18,686,025 | ||
Entity Public Float | $ 1,624,968,709 | ||
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 | Sep. 26, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 26, 2015 | Sep. 27, 2014 |
Current assets | ||
Cash and cash equivalents | $ 133,689 | $ 91,760 |
Accounts receivable, net | 102,649 | 99,972 |
Inventories, net | 80,622 | 76,083 |
Prepaid expenses and other | 6,557 | 3,695 |
Deferred income taxes | 3,266 | 4,096 |
Total current assets | 326,783 | 275,606 |
Property, plant and equipment, at cost | 573,710 | 538,081 |
Less accumulated depreciation and amortization | 399,621 | 380,552 |
Property, plant and equipment, net | 174,089 | 157,529 |
Other assets | ||
Goodwill | 86,442 | 86,442 |
Other intangible assets, net | 45,819 | 50,989 |
Marketable securities held to maturity | 66,660 | 2,000 |
Marketable securities available for sale | 39,638 | 128,117 |
Other | 3,504 | 4,090 |
Total other assets | 242,063 | 271,638 |
Total Assets | 742,935 | 704,773 |
Current Liabilities | ||
Current obligations under capital leases | 273 | 146 |
Accounts payable | 59,206 | 59,968 |
Accrued insurance liability | 10,231 | 10,578 |
Accrued liabilities | 5,365 | 5,007 |
Accrued compensation expense | 15,318 | 14,286 |
Dividends payable | 6,723 | 5,972 |
Total current liabilities | 97,116 | 95,957 |
Long-term obligations under capital leases | 1,196 | 374 |
Deferred income taxes | 43,789 | 44,785 |
Other long-term liabilities | 915 | 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 18,676,000 and 18,663,000 respectively | 31,653 | 32,621 |
Accumulated other comprehensive loss | (10,897) | (5,988) |
Retained Earnings | 579,163 | 535,885 |
Total stockholders' equity | 599,919 | 562,518 |
Total Liabilities and Stockholder's Equity | $ 742,935 | $ 704,773 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 26, 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 stock, par value (in Dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 18,676,000 | 18,663,000 |
Common stock, shares outstanding | 18,676,000 | 18,663,000 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Thousands | 12 Months Ended | |||||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | ||||
Net Sales | $ 976,256,000 | $ 919,451,000 | $ 867,683,000 | |||
Cost of goods sold (1) | [1] | 675,366,000 | 631,874,000 | 604,381,000 | ||
Gross Profit | 300,890,000 | 287,577,000 | 263,302,000 | |||
Operating expenses | ||||||
Marketing (2) | [2] | 85,160,000 | 78,632,000 | 74,076,000 | ||
Distribution (3) | [3] | 74,158,000 | 71,159,000 | 65,025,000 | ||
Administrative (4) | [4] | 30,891,000 | 29,784,000 | 27,448,000 | ||
Other general (income) expense | (207,000) | 1,154,000 | (651,000) | |||
Total operating expenses | 190,002,000 | 180,729,000 | 165,898,000 | |||
Operating Income | 110,888,000 | 106,848,000 | 97,404,000 | |||
Other income (expense) | ||||||
Investment income | 1,157,000 | 4,473,000 | 3,492,000 | |||
Interest expense & other | (126,000) | (115,000) | (106,000) | |||
Earnings before income taxes | 111,919,000 | 111,206,000 | 100,790,000 | |||
Income taxes | 41,736,000 | 39,392,000 | 36,409,000 | |||
NET EARNINGS | $ 70,183,000 | $ 71,814,000 | $ 64,381,000 | |||
Earnings per diluted share (in Dollars per share) | $ 3.73 | [5] | $ 3.82 | [5] | $ 3.41 | |
Weighted average number of diluted shares (in Shares) | 18,819 | 18,807 | 18,878 | |||
Earnings per basic share (in Dollars per share) | $ 3.76 | $ 3.85 | $ 3.43 | |||
Weighted average number of basic shares (in Shares) | 18,685 | 18,677 | 18,785 | |||
[1] | Includes share-based compensation expense of $471 for the year ended September 26, 2015, $466 for the year ended September 27, 2014 and $463 for the year ended September 28, 2013. | |||||
[2] | Includes share-based compensation expense of $709 for the year ended September 26, 2015, $673 for the year ended September 27, 2014 and $635 for the year ended September 28, 2013. | |||||
[3] | Includes share-based compensation expense of $44 for the year ended September 26, 2015, $42 for the year ended September 27, 2014 and $30 for the year ended September 28, 2013. | |||||
[4] | Includes share-based compensation expense of $942 for the year ended September 26, 2015, $895 for the year ended September 27, 2014 and $742 for the year ended September 28, 2013. | |||||
[5] | Total of quarterly amounts do not necessarily agree to the annual report amounts due to separate quarterly calculations of weighted average shares outstanding. |
Consolidated Statements of Ear5
Consolidated Statements of Earnings (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Cost Of Goods Sold [Member] | |||
Allocated Share Based Compensation | $ 471 | $ 466 | $ 463 |
Marketing [Member] | |||
Allocated Share Based Compensation | 709 | 673 | 635 |
Distribution [Member] | |||
Allocated Share Based Compensation | 44 | 42 | 30 |
Administrative [Member] | |||
Allocated Share Based Compensation | $ 942 | $ 895 | $ 742 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Net Earnings | $ 70,183 | $ 71,814 | $ 64,381 |
Foreign currency translation adjustments | (5,389) | (929) | (571) |
Unrealized holding (loss) gain on marketable securities | (2,607) | 505 | (2,227) |
Amount reclassified from accumulated other comprehensive income | 3,087 | 366 | |
Total Other Comprehensive (Loss) Income, net of tax | (4,909) | (58) | (2,798) |
Comprehensive Income | $ 65,274 | $ 71,756 | $ 61,583 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at, Amount at Sep. 29, 2012 | $ 43,011,000 | $ (3,132,000) | $ 435,608,000 | $ 475,487,000 |
Balance at, Shares (in Shares) at Sep. 29, 2012 | 18,780,000 | |||
Issuance of Common Stock Upon Exercise of Stock Options, Amount | $ 2,905,000 | 2,905,000 | ||
Issuance of Common Stock Upon Exercise of Stock Options, Shares (in Shares) | 80,000 | |||
Issuance of Common Stock for Employee Stock Purchase Plan, Amount | $ 1,043,000 | 1,043,000 | ||
Issuance of Common Stock for Employee Stock Purchase Plan, Shares (in Shares) | 20,000 | |||
Foreign Currency Translation Adjustment | (571,000) | (571,000) | ||
Unrealized Holding Gain (Loss) on Marketable Securities | (2,227,000) | (2,227,000) | ||
Issuance of Common Stock Under Deferred Stock Plan, Amount | $ 103,000 | 103,000 | ||
Issuance of Common Stock Under Deferred Stock Plan, Shares (in Shares) | 1,000 | |||
Dividends Declared | (12,010,000) | (12,010,000) | ||
Share-based compensation | $ 1,954,000 | 1,954,000 | ||
Repurchase of common stock, Amount | $ (14,500,000) | $ (14,500,215) | ||
Repurchase of common stock, Shares (in Shares) | (204,000) | (204,397) | ||
Net earnings | 64,381,000 | $ 64,381,000 | ||
Balance at, Amount at Sep. 28, 2013 | $ 34,516,000 | (5,930,000) | 487,979,000 | 516,565,000 |
Balance at, Shares (in Shares) at Sep. 28, 2013 | 18,677,000 | |||
Issuance of Common Stock Upon Exercise of Stock Options, Amount | $ 2,227,000 | 2,227,000 | ||
Issuance of Common Stock Upon Exercise of Stock Options, Shares (in Shares) | 52,000 | |||
Issuance of Common Stock for Employee Stock Purchase Plan, Amount | $ 1,102,000 | 1,102,000 | ||
Issuance of Common Stock for Employee Stock Purchase Plan, Shares (in Shares) | 16,000 | |||
Foreign Currency Translation Adjustment | (929,000) | (929,000) | ||
Unrealized Holding Gain (Loss) on Marketable Securities | 871,000 | 871,000 | ||
Issuance of Common Stock Under Deferred Stock Plan, Amount | $ 34,000 | 34,000 | ||
Dividends Declared | (23,908,000) | (23,908,000) | ||
Share-based compensation | 2,247,000 | 2,247,000 | ||
Repurchase of common stock, Amount | $ (7,505,000) | $ (7,504,729) | ||
Repurchase of common stock, Shares (in Shares) | (82,000) | (81,685) | ||
Net earnings | 71,814,000 | $ 71,814,000 | ||
Balance at, Amount at Sep. 27, 2014 | $ 32,621,000 | (5,988,000) | 535,885,000 | $ 562,518,000 |
Balance at, Shares (in Shares) at Sep. 27, 2014 | 18,663,000 | 18,663,000 | ||
Issuance of Common Stock Upon Exercise of Stock Options, Amount | $ 3,489,000 | $ 3,489,000 | ||
Issuance of Common Stock Upon Exercise of Stock Options, Shares (in Shares) | 72,000 | |||
Issuance of Common Stock for Employee Stock Purchase Plan, Amount | $ 1,174,000 | 1,174,000 | ||
Issuance of Common Stock for Employee Stock Purchase Plan, Shares (in Shares) | 14,000 | |||
Foreign Currency Translation Adjustment | (5,389,000) | (5,389,000) | ||
Unrealized Holding Gain (Loss) on Marketable Securities | 480,000 | 480,000 | ||
Issuance of Common Stock Under Deferred Stock Plan, Amount | $ 21,000 | 21,000 | ||
Dividends Declared | (26,905,000) | (26,905,000) | ||
Share-based compensation | 2,359,000 | 2,359,000 | ||
Repurchase of common stock, Amount | $ (8,011,000) | $ (8,011,118) | ||
Repurchase of common stock, Shares (in Shares) | (73,000) | (72,698) | ||
Net earnings | 70,183,000 | $ 70,183,000 | ||
Balance at, Amount at Sep. 26, 2015 | $ 31,653,000 | $ (10,897,000) | $ 579,163,000 | $ 599,919,000 |
Balance at, Shares (in Shares) at Sep. 26, 2015 | 18,676,000 | 18,676,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Operating activities: | |||
Net earnings | $ 70,183,000 | $ 71,814,000 | $ 64,381,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation of fixed assets | 32,356,000 | 31,660,000 | 28,801,000 |
Amortization of intangibles and deferred costs | 5,915,000 | 5,433,000 | 4,751,000 |
(Gains) losses from disposals and impairment of property & equipment | (334,000) | (119,000) | 126,000 |
Share-based compensation | 2,166,000 | 2,076,000 | 1,870,000 |
Deferred income taxes | (121,000) | (8,000) | 74,000 |
Loss on sale of marketable securities | 4,319,000 | 361,000 | |
Changes in assets and liabilities, net of effects from purchase of companies: | |||
Increase in accounts receivable, net | (3,123,000) | (8,913,000) | (11,148,000) |
Increase in inventories | (3,504,000) | (2,411,000) | (1,819,000) |
Increase in prepaid expenses and other | (2,871,000) | (182,000) | (1,067,000) |
Increase in accounts payable and accrued liabilities | 287,000 | 6,831,000 | 579,000 |
Net cash provided by operating activities | 105,273,000 | 106,542,000 | 86,548,000 |
Investing activities: | |||
Payments for purchases of companies, net of cash acquired | (615,000) | (28,360,000) | |
Purchases of property, plant and equipment | (50,096,000) | (38,831,000) | (35,821,000) |
Purchases of marketable securities | (90,137,000) | (26,932,000) | (111,241,000) |
Proceeds from redemption and sales of marketable securities | 110,117,000 | 7,245,000 | 25,307,000 |
Proceeds from disposal of property and equipment | 1,786,000 | 1,572,000 | 1,199,000 |
Other | (898,000) | (806,000) | (281,000) |
Net cash used in investing activities | (29,843,000) | (86,112,000) | (120,837,000) |
Financing activities: | |||
Payments to repurchase common stock | (8,011,000) | (7,505,000) | (14,500,000) |
Proceeds from issuance of common stock | 4,663,000 | 3,320,000 | 3,948,000 |
Payments on capitalized lease obligations | (243,000) | (326,000) | (340,000) |
Payment of cash dividend | (26,154,000) | (20,924,000) | (11,468,000) |
Net cash used in financing activities | (29,745,000) | (25,435,000) | (22,360,000) |
Effect of exchange rates on cash and cash equivalents | (3,756,000) | (580,000) | (204,000) |
Net increase (decrease) in cash and cash equivalents | 41,929,000 | (5,585,000) | (56,853,000) |
Cash and cash equivalents at beginning of year | 91,760,000 | 97,345,000 | 154,198,000 |
Cash and cash equivalents at end of year | $ 133,689,000 | $ 91,760,000 | $ 97,345,000 |
Note A - Summary of Significant
Note A - Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 26, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES J & J Snack Foods Corp. and Subsidiaries (the Company) manufactures, markets and distributes a variety of nutritional snack foods and beverages to the food service and retail supermarket industries. A summary of the significant accounting policies consistently applied in the preparation of the accompanying consolidated financial statements follows. 1. Principles of Consolidation The consolidated financial statements include the accounts of J & J Snack Foods Corp. and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated in the consolidated financial statements. 2. Revenue Recognition 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. Our recorded liability for allowances, end-user pricing adjustments and trade spending was approximately $11.7 million at September 26, 2015 and $11.5 million at September 27, 2014. All amounts billed to customers related to shipping and handling are classified as revenues. Our product costs include amounts for shipping and handling, therefore, we charge our customers shipping and handling fees at the time the products are shipped or when services are performed. The cost of shipping products to the customer is recognized at the time the products are shipped to the customer and our policy is to classify them as Distribution expenses. The cost of shipping products to the customer classified as Distribution expenses was $74,158,000, $71,159,000 and $65,025,000 for the fiscal years ended 2015, 2014 and 2013, respectively. During the years ended September 26, 2015, September 27, 2014 and September 28, 2013, we sold $25,536,000, $22,826,000 and $22,836,000, respectively, of repair and maintenance service contracts in our frozen beverage business. At September 26, 2015 and September 27, 2014, deferred income on repair and maintenance service contracts was $1,579,000 and $1,577,000, respectively, of which $70,000 and $67,000 is included in other long-term liabilities as of September 26, 2015 and September 27, 2014, respectively and the balance is reflected as short-term and included in accrued liabilities on the consolidated balance sheet. Repair and maintenance service contract income of $25,534,000, $22,748,000 and $22,780,000 was recognized for the fiscal years ended 2015, 2014 and 2013, respectively. 3. Foreign Currency Assets and liabilities in foreign currencies are translated into U.S. dollars at the rate of exchange prevailing at the balance sheet date. Revenues and expenses are translated at the average rate of exchange for the period. The cumulative translation adjustment is recorded as a separate component of stockholders’ equity and changes to such are included in comprehensive income. 4. Use of Estimates In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 5. Cash Equivalents Cash equivalents are short-term, highly liquid investments with original maturities of three months or less. 6. Cash, Accounts Receivable, Customers, Vendors and Employees Covered by Collective Bargaining Agreements Concentration We maintain cash balances at financial institutions located in various states. We have cash balances at two banks totalling approximately $84 million that is in excess of FDIC insurance of $250,000 per bank. Financial instruments that could potentially subject us to concentrations of credit risk are trade accounts receivable; however, such risks are limited due to the large number of customers comprising our customer base and their dispersion across geographic regions. We usually have approximately 15 customers with accounts receivable balances of between $1 million and $10 million. We have several large customers that account for a significant portion of our sales. Our top ten customers accounted for 43%, 43% and 43% of our sales during fiscal years 2015, 2014 and 2013, respectively, with our largest customer accounting for 8% of our sales in 2015, 8% of our sales in 2014 and 8% of our sales in 2013. Three of the ten customers are food distributors who sell our product to many end users. About 25% of our employees are covered by collective bargaining agreements. None of our vendors supplied more than 10% of our ingredients and packaging in 2015, 2014 or 2013. The majority of our accounts receivable are due from trade customers. Credit is extended based on evaluation of our customers’ financial condition and collateral is not required. Accounts receivable payment terms vary and are stated in the financial statements at amounts due from customers net of an allowance for doubtful accounts. At September 26, 2015 and September 27, 2014, our accounts receivables were $102,649,000 and $99,972,000 net of an allowance for doubtful accounts of $304,000 and $450,000. Accounts receivable outstanding longer than the payment terms are considered past due. We determine our allowance by considering a number of factors, including the length of time trade accounts receivable are past due, our previous loss history, customers’ current ability to pay their obligations to us, and the condition of the general economy and the industry as a whole. We write off accounts receivable when they become uncollectible, and payments subsequently received on such receivables are credited to the allowance for doubtful accounts. 7. Inventories Inventories are valued at the lower of cost (determined by the first-in, first-out or weighted-average method) or market. We recognize abnormal amounts of idle facilities, freight, handling costs, and spoilage as charges of the current period. Additionally, we allocate fixed production overhead to inventories based on the normal capacity of our production facilities. We calculate normal capacity as the production expected to be achieved over a number of periods or seasons under normal circumstances, taking into account the loss of capacity resulting from planned maintenance. This requires us to use judgment to determine when production is outside the range of expected variation in production (either abnormally low or abnormally high). In periods of abnormally low production (for example, periods in which there is significantly lower demand, labor and material shortages exist, or there is unplanned equipment downtime) the amount of fixed overhead allocated to each unit of production is not increased. However, in periods of abnormally high production the amount of fixed overhead allocated to each unit of production is decreased to assure inventories are not measured above cost. We review for slow moving and obsolete inventory and a reserve is established for the value of inventory that we estimate will not be used. At September 26, 2015 and September 27, 2014, our reserve for inventory was $2,627,000 and $3,982,000, respectively. 8. Investment Securities We classify our investment securities in one of three categories: held to maturity, trading, or available for sale. Our investment portfolio at September 26, 2015, consists of investments classified as held to maturity and available for sale. The securities that we have the positive intent and ability to hold to maturity are classified as held to maturity and are stated at amortized cost. Investments classified as available for sale are reported at fair market value with unrealized gains and losses related to the changes in fair value of the securities recognized in accumulated other comprehensive income (loss). The mutual funds and preferred stock in our available for sale portfolio 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. See Note C for further information on our holdings of investment securities. 9. Depreciation and Amortization Depreciation of equipment and buildings is provided for by the straight-line method over the assets’ estimated useful lives. We review our equipment and buildings to ensure that they provide economic benefit and are not impaired. 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 are being amortized by the straight-line method over periods ranging from 3 to 20 years and amortization expense is reflected throughout operating expenses. Long-lived assets, including fixed assets and amortizing intangibles, are reviewed for impairment as events or changes in circumstances occur indicating that the carrying amount of 10. Fair Value of Financial Instruments The carrying value of our short-term financial instruments, such as accounts receivables and accounts payable, approximate their fair values, based on the short-term maturities of these instruments. 11. Income Taxes 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. As of September 26, 2015 and September 27, 2014, the total amount of gross unrecognized tax benefits is $334,000 and $315,000; 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. We had $199,000 of accrued interest and penalties as of September 26, 2015 and $180,000 as of September 27, 2014. We did not recognize any penalties and interest resulting from tax settlements in the years ended September 26, 2015 and September 27, 2014. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands) Balance at September 27, 2014 $ 315 Additions based on tax positions related to the current year 19 Reductions for tax positions of prior years - Settlements - Balance at September 26, 2015 $ 334 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. Virtually all the returns noted above are open for examination for three to four years. 12. Earnings Per Common Share 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: Fiscal Year Ended September 26, 2015 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Earnings Per Basic Share Net Income available to common stockholders $ 70,183 18,685 $ 3.76 Effect of Dilutive Securities Options - 134 (0.03 ) Earnings Per Diluted Share Net Income available to common stockholders plus assumed conversions $ 70,183 18,819 $ 3.73 1500 anti-dilutive shares have been excluded in the computation of 2015 diluted EPS. Fiscal Year Ended September 27, 2014 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Earnings Per Basic Share Net Income available to common stockholders $ 71,814 18,677 $ 3.85 Effect of Dilutive Securities Options - 130 (0.03 ) Earnings Per Diluted Share Net Income available to common stockholders plus assumed conversions $ 71,814 18,807 $ 3.82 No anti-dilutive shares have been excluded in the computation of 2014 diluted EPS. Fiscal Year Ended September 28, 2013 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Earnings Per Basic Share Net Income available to common stockholders $ 64,381 18,785 $ 3.43 Effect of Dilutive Securities Options - 93 (0.02 ) Earnings Per Diluted Share Net Income available to common stockholders plus assumed conversions $ 64,381 18,878 $ 3.41 No anti-dilutive shares have been excluded in the computation of 2013 diluted EPS 13. Accounting for Stock-Based Compensation At September 26, 2015, the Company has three stock-based employee compensation plans. Share-based compensation was recognized as follows: Fiscal year ended September 26, September 27, September 28, 2015 2014 2013 (in thousands, except per share amounts) Stock options $ 1,098 $ 1,262 $ 795 Stock purchase plan 328 329 363 Stock issued to outside directors - - 47 Stock issued to employees 6 17 18 Total share-based compensation $ 1,432 $ 1,608 $ 1,223 The above compensation is net of tax benefits $ 734 $ 468 $ 647 At September 26, 2015, the Company has unrecognized compensation expense of approximately $3.3 million to be recognized over the next three fiscal years. 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, 2014 and 2013: expected volatility of 18.4% for fiscal year 2015, expected volatility of 21.2% for fiscal year 2014 and 25.7% for fiscal year 2013: weighted average risk-free interest rates of 1.7%, 1.6% and 2.5%; dividend rate of 1.4%, .9% and .8% and expected lives ranging between 5 and 10 years for all years. An expected forfeiture rate of 19% was used for 2015, 20% was used for 2014 and 20% was used for 2013. Expected volatility is based on the historical volatility of the price of our common shares over the past 49 to 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. 14. Advertising Costs Advertising costs are expensed as incurred. Total advertising expense was $4,290,000, $3,487,000 and $3,069,000 for the fiscal years 2015, 2014 and 2013, respectively. 15. Commodity Price Risk Management Our most significant raw material requirements include flour, packaging, shortening, corn syrup, sugar, juice, cheese, chocolate, and a variety of nuts. We attempt to minimize the effect of future price fluctuations related to the purchase of raw materials primarily through forward purchasing to cover future manufacturing requirements, generally for periods from 1 to 12 months. As of September 26, 2015, we have approximately $68 million of such commitments. Futures contracts are not used in combination with forward purchasing of these raw materials. Our procurement practices are intended to reduce the risk of future price increases, but also may potentially limit the ability to benefit from possible price decreases. Our policy is to recognize estimated losses on purchase commitments when they occur. At each of the last three fiscal year ends, we did not have any material losses on our purchase commitments. 16. Research and Development Costs Research and development costs are expensed as incurred. Total research and development expense was $506,000, $499,000 and $478,000 for the fiscal years 2015, 2014 and 2013, respectively. 17. Recent Accounting Pronouncements 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 permitted. We will assess the impact this guidance will have on our consolidated financial statements. In September 2015, the FASB issued guidance on accounting for business combinations which require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. This guidance eliminates the requirement to retrospectively account for these adjustments. This guidance is effective for our fiscal year ended September 2018. Early adoption is permitted. We have not assessed the impact this guidance will have on our consolidated financial results. In July 2015, the FASB issued guidance which requires an entity to measure inventory at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This guidance will simplify the subsequent measurement of inventory, as current guidance requires an entity to measure inventory at the lower of cost or market. Under current guidance, market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. This guidance is effective for our fiscal year ended September 2018. Early adoption is permitted. We have not assessed the impact this guidance will have on our consolidated financial results. 18. Reclassifications Certain prior year financial statement amounts have been reclassified to be consistent with the presentation for the current year. |
Note B - Acquisitions
Note B - Acquisitions | 12 Months Ended |
Sep. 26, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | NOTE B – ACQUISITIONS 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. This 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 and $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. Acquisition costs of $269,000 for the New York Pretzel and PHILLY SWIRL acquisitions are included in other general expense in the consolidated statements of earnings for the year ended September 27, 2014. 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 C - Investment Securities
Note C - Investment Securities | 12 Months Ended |
Sep. 26, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE C – INVESTMENT SECURITIES 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. Our marketable securities held to maturity and available for sale consist of investments in mutual funds, preferred stock and corporate bonds. 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 values of preferred stock and corporate bonds are based on quoted prices for identical or similar instruments in markets that are not active. As a result, preferred stock and corporate bonds are classified within Level 2 of the fair value hierarchy. The amortized cost, unrealized gains and losses, and fair market values of our investment securities held to maturity at September 26, 2015 are summarized as follows: Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Corporate Bonds $ 66,660 $ 15 $ 663 $ 66,012 Total investment securities held to maturity $ 66,660 $ 15 $ 663 $ 66,012 The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at September 26, 2015 are summarized as follows: Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 20,041 $ - $ 827 $ 19,214 Preferred Stock 20,473 114 163 20,424 Total investment securities available for sale $ 40,514 $ 114 $ 990 $ 39,638 The mutual funds seek current income with an emphasis on maintaining low volatility and overall moderate duration. We have reduced our investments in mutual funds over the past year to $19 million at September 2015 from $128 million at September 2014. The remaining unrealized losses at September 2015 of $827,000 are spread over 4 funds with total fair market value of $19.2 million. In 2015, sales of mutual funds generated a realized loss of $4.3 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. The mutual funds and Fixed-to-Floating Perpetual Preferred Stock 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. In the fourth quarter we invested $67 million in corporate bonds which generate fixed income to maturity dates in 2017 through 2021, with $40 million maturing prior to the end of our fiscal year 2018. Our expectation is that we will hold the corporate bonds to their maturity dates and redeem them at our amortized cost. 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 September 26, 2015 and September 27, 2014 are summarized as follows: September 26, 2015 September 27, 2014 Amortized Fair Amortized Fair (in thousands) Due in one year or less $ - $ - $ - $ - Due after one year through five years 63,522 63,010 - - Due after five years through ten years 3,138 3,002 2,000 1,987 Total held to maturity securities $ 66,660 $ 66,012 $ 2,000 $ 1,987 Less current portion - - - - Long term held to maturity securities $ 66,660 $ 66,012 $ 2,000 $ 1,987 Proceeds from the sale and redemption of marketable securities were $110,117,000, $7,245,000 and $25,307,000 in the years ended September 26, 2015, September 27, 2014 and September 28, 2013, respectively; with losses of $4,319,000, $361,000 and $108,000 recorded in 2015, 2014 and 2013, respectively. We use the specific identification method to determine the cost of securities sold. |
Note D - Inventories
Note D - Inventories | 12 Months Ended |
Sep. 26, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | NOTE D – INVENTORIES Inventories consist of the following: September 26, September 27, 2015 2014 (in thousands) Finished goods $ 32,223 $ 33,189 Raw materials 17,000 15,632 Packaging materials 5,949 6,107 Equipment parts and other 25,450 21,155 Total Inventories $ 80,622 $ 76,083 Inventory is presented net of an allowance for obsolescence of $2,627,000 and $3,982,000 as of fiscal year ends 2015 and 2014, respectively. |
Note E - Property, Plant and Eq
Note E - Property, Plant and Equipment | 12 Months Ended |
Sep. 26, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE E – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following: September 26, September 27, Estimated 2015 2014 Useful Lives (in years) (in thousands) Land $ 2,496 $ 2,496 - Buildings 26,741 26,741 15 - 39.5 Plant machinery and equipment 210,728 195,566 5 - 20 Marketing equipment 268,082 256,389 5 - 7 Transportation equipment 6,866 6,913 5 Office equipment 20,586 18,556 3 - 5 Improvements 28,725 26,635 5 - 20 Construction in Progress 9,486 4,785 - Total property, plant and equipment $ 573,710 $ 538,081 Depreciation expense was $32,356,000, $31,660,000 and $28,801,000 for fiscal years 2015, 2014 and 2013, respectively . |
Note F - Goodwill and Intangibl
Note F - Goodwill and Intangible Assets | 12 Months Ended |
Sep. 26, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE F – GOODWILL AND INTANGIBLE ASSETS Our three reporting units, which are also reportable segments, are Food Service, Retail Supermarket and Frozen Beverages. The carrying amount of acquired intangible assets for the reportable segments are as follows: September 26, 2015 September 27, 2014 Gross Accumulated Gross Accumulated (in thousands) FOOD SERVICE Indefinite lived intangible assets Trade Names $ 13,072 $ - $ 13,072 $ - Amortized intangible assets Non compete agreements 592 538 592 509 Customer relationships 40,797 33,584 40,797 29,914 License and rights 3,606 2,802 3,606 2,708 TOTAL FOOD SERVICE $ 58,067 $ 36,924 $ 58,067 $ 33,131 RETAIL SUPERMARKETS Indefinite lived intangible assets Trade Names $ 7,206 $ - $ 7,206 $ - Amortized Intangible Assets Non compete agreements 160 114 160 34 Customer relationships 7,979 1,220 7,979 420 TOTAL RETAIL SUPERMARKETS $ 15,345 $ 1,334 $ 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 6,075 6,478 5,448 Licenses and rights 1,601 854 1,601 784 TOTAL FROZEN BEVERAGES $ 17,792 $ 7,127 $ 17,592 $ 6,430 CONSOLIDATED $ 91,204 $ 45,385 $ 91,004 $ 40,015 The gross carrying amount of intangible assets is determined by applying a discounted cash flow model to the future sales and earnings associated with each intangible asset or is set by contract cost. The amortization period used for definite lived intangible assets is set by contract period or by the period over which the bulk of the discounted cash flow is expected to be generated. We currently believe that we will receive the benefit from the use of the trade names classified as indefinite lived intangible assets indefinitely and they are therefore not amortized. Licenses and rights, customer relationships and non compete agreements are being amortized by the straight-line method over periods ranging from 3 to 20 years and amortization expense is reflected throughout operating expenses. Amortizing intangibles are reviewed for impairment as events or changes in circumstances occur indicating that the carrying amount of There were no intangible assets acquired in fiscal year 2013. 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 and intangible assets of $11,060,000 were acquired in the retail supermarket segment in the PHILLY SWIRL acquisition in the three months ended June 28, 2014. Intangible assets of $200,000 were acquired in the frozen beverages segment in fiscal year 2015. Aggregate amortization expense of intangible assets for the fiscal years 2015, 2014 and 2013 was $5,370,000, $4,932,000 and $4,452,000, respectively. Estimated amortization expense for the next five fiscal years is approximately $5,100,000 in 2016, $2,600,000 in 2017, $1,800,000 in 2018, $1,700,000 in 2019 and $1,400,000 in 2020. The weighted average amortization period of the intangible assets is 10.0 years. Goodwill The carrying amounts of goodwill for the reportable segments are as follows: Food Retail Frozen Service Supermarkets Beverages Total (in thousands) Balance at September 26, 2015 $ 46,832 $ 3,670 $ 35,940 $ 86,442 Balance at September 27, 2014 $ 46,832 $ 3,670 $ 35,940 $ 86,442 The carrying value of goodwill is determined based on the excess of the purchase price of acquisitions over the estimated fair value of tangible and intangible net assets. Goodwill is not amortized but is evaluated annually by management for impairment. Our impairment analysis for 2015, 2014 and 2013 was based on a combination of the income approach, which estimates the fair value of discounted cash flows, and the market approach, which estimates the fair value based on comparable market prices. Under the income approach the Company used a discounted cash flow which requires Level 3 inputs such as: annual growth rates, discount rates based upon the weighted average cost of capital and terminal values based upon current stock market multiples. There were no impairment charges in 2015, 2014 or 2013. No goodwill was acquired in fiscal year 2013. 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. Goodwill of $1,826,000 was acquired in the PHILLY SWIRL acquisition in the three months ended June 28,2014, all of which was allocated to the retail supermarket segment. No goodwill was acquired in fiscal year 2015. |
Note G - Long-Term Debt
Note G - Long-Term Debt | 12 Months Ended |
Sep. 26, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE G – LONG-TERM DEBT In November 2011, we entered into an amended and restated loan agreement with our existing banks which provides for up to a $50,000,000 revolving credit facility repayable in November 2016, with the availability of repayments without penalty. The agreement contains financial covenants and requires commitment fees in accordance with standard banking practice. As of September 26, 2015 and September 27, 2014, there were no outstanding balances under the facility. We were in compliance with the financial covenants at September 26, 2015. |
Note H - Obligations Under Capi
Note H - Obligations Under Capital Leases | 12 Months Ended |
Sep. 26, 2015 | |
Leases, Capital [Abstract] | |
Capital Leases in Financial Statements of Lessee Disclosure [Text Block] | NOTE H – OBLIGATIONS UNDER CAPITAL LEASES The following is a schedule by years of future minimum lease payments under capital leases: (in thousands) 2016 $ 273 2017 284 2018 257 2019 219 2020 181 2021 and thereafter 255 Total minimum capital lease payments $ 1,469 |
Note I - Income Taxes
Note I - Income Taxes | 12 Months Ended |
Sep. 26, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE I – INCOME TAXES Income tax expense (benefit) is as follows: Fiscal year ended September 26, September 27, September 28, 2015 2014 2013 (in thousands) Current U.S. Federal $ 33,348 $ 31,506 $ 26,492 Foreign 2,260 2,008 2,289 State 6,294 6,693 7,560 Total current expense $ 41,902 $ 40,207 $ 36,341 Deferred U.S. Federal $ (109 ) $ (217 ) $ 64 Foreign (34 ) (58 ) (10 ) State (23 ) (540 ) 14 Total deferred (benefit) expense (166 ) (815 ) 68 Total expense $ 41,736 $ 39,392 $ 36,409 The change in deferred taxes for the year ended September 27, 2014 does not equal deferred tax expense in the amount of $823,000 as a result of purchase accounting related to the Philly Swirl acquisition . The provisions for income taxes differ from the amounts computed by applying the statutory federal income tax rate of approximately 35% to earnings before income taxes for the following reasons: Fiscal year ended September 26, September 27, September 28, 2015 2014 2013 (in thousands) Income taxes at federal statutory rates $ 39,172 $ 38,922 $ 35,277 Increase (decrease) in taxes resulting from: State income taxes, net of federal income tax benefit 4,196 4,281 4,346 Domestic production activities deduction (2,100 ) (2,100 ) (1,540 ) Reduction of gross unrecognized tax benefits - (161 ) (346 ) Increase in federal valuation allowance 1,366 - - Other, net (898 ) (1,550 ) (1,328 ) Income tax expense $ 41,736 $ 39,392 $ 36,409 Deferred tax assets and liabilities consist of the following: September 26, September 27, 2015 2014 (in thousands) Deferred tax assets Vacation accrual $ 1,600 $ 1,456 Increase in valuation allowance 1,434 - Insurance accrual 3,385 3,383 Deferred income 63 53 Allowances 927 1,895 Inventory capitalization 738 745 Share-based compensation 1,480 1,216 Net Operating Loss 1,823 1,956 Total deferred tax assets 11,450 10,704 Valuation allowance (1,434 ) - Deferred tax liabilities Amortization of goodwill and other intangible assets 25,791 24,528 Depreciation of property and equipment 24,748 26,865 Total deferred tax liabilities 50,539 51,393 Total deferred tax liabilities, net $ 40,523 $ 40,689 As of September 26, 2015, we have federal and state capital loss carry forwards of approximately $3.9 million from the sale of marketable securities in fiscal year 2015. These carry forwards will expire in 2020. As we have no foreseeable capital gains that would allow us to use this asset, we have recorded a valuation allowance for the full amount of this deferred asset. As of September 26, 2015, we have a federal net operating loss carry forward of approximately $5 million from the PHILLY SWIRL acquisition. These carry forwards are subject to an annual limitation under Code Section 382 of approximately $378,000 and will expire in 2033. We have determined there are no limitations to the total use of this asset and accordingly, have not recorded a valuation allowance for this deferred tax asset. We have undistributed earnings of our Mexican and Canadian subsidiaries that are considered to be indefinitely reinvested and accordingly no provision for US federal and state income taxes has been provided thereon. |
Note J - Commitments
Note J - Commitments | 12 Months Ended |
Sep. 26, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE J - COMMITMENTS 1. Lease Commitments The following is a summary of approximate future minimum rental commitments for non-cancelable operating leases with terms of more than one year as of September 26, 2015: Plants and Offices Equipment Total (in thousands) 2016 $ 5,313 $ 5,615 $ 10,928 2017 4,358 4,980 9,338 2018 3,833 3,657 7,490 2019 3,278 2,362 5,640 2020 2,581 493 3,074 2021 and thereafter 15,189 14 15,203 Total minimal rental commitments $ 34,552 $ 17,121 $ 51,673 Total rent expense was $16,448,000, $15,163,000 and $13,575,000 for fiscal years 2015, 2014 and 2013, respectively. 2. Other Commitments We are a party to litigation which has arisen in the normal course of business which management currently believes will not have a material adverse effect on our financial condition or results of operations. We self-insure, up to loss limits, certain insurable risks such as worker’s compensation and automobile liability claims. Accruals for claims under our self-insurance program are recorded on a claims incurred basis. Our total recorded liability for all years’ claims incurred but not yet paid was $8,200,000 and $8,100,000 at September 26, 2015 and September 27, 2014, respectively. In connection with certain self-insurance agreements, we customarily enter into letters of credit arrangements with our insurers. At September 26, 2015 and September 27, 2014, we had outstanding letters of credit totaling $9,075,000 and $9,075,000, respectively. |
Note K - Capital Stock
Note K - Capital Stock | 12 Months Ended |
Sep. 26, 2015 | |
Disclosure Text Block [Abstract] | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | NOTE K - CAPITAL STOCK In our fiscal year ended September 26, 2015, we purchased and retired 72,698 shares of our common stock at a cost of $8,011,118. In our first quarter, we purchased and retired 16,164 shares at a cost of $1,669,741. In our second quarter, we purchased and retired 4,380 shares at a cost of $443,839. In our fourth quarter, we purchased and retired 52,154 shares at a cost of $5,897,538. In our fiscal year ended September 27, 2014, we purchased and retired 81,685 shares of our common stock at a cost of $7,504,729. In our fiscal year ended September 28, 2013, we purchased and retired 204,397 shares of our common stock at a cost of $14,500,215. |
Note L - Stock Options
Note L - Stock Options | 12 Months Ended |
Sep. 26, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE L – STOCK OPTIONS We have a Stock Option Plan (the “Plan”). Pursuant to the Plan, stock options may be granted to officers and our key employees which qualify as incentive stock options as well as stock options which are nonqualified. The exercise price of incentive stock options is at least the fair market value of the common stock on the date of grant. The exercise price for nonqualified options is determined by a committee of the Board of Directors. The options are generally exercisable after three years and expire no later than ten years from date of grant. There were 800,000 shares reserved under the Plan; options for 340,546 shares remain unissued as of September 26, 2015. There are options that were issued under an option plan that has since expired that are still outstanding. We have an Employee Stock Purchase Plan (“ESPP”) whereby employees purchase stock by making contributions through payroll deductions for six month periods. The purchase price of the stock is 85% of the lower of the market price of the stock at the beginning of the six-month period or the end of the six-month period. In fiscal years 2015, 2014 and 2013 employees purchased 13,648, 15,650 and 19,804 shares at average purchase prices of $86.01, $70.40 and $52.61, respectively. ESPP expense of $328,000, $329,000 and $363,000 was recognized for fiscal years 2015, 2014 and 2013, respectively. A summary of the status of our stock option plans as of fiscal years 2015, 2014 and 2013 and the changes during the years ended on those dates is represented below: Incentive Stock Options Nonqualified Stock Options Stock Weighted- Stock Weighted- Price Balance, September 30, 2012 355,680 $ 47.16 211,247 $ 41.36 Granted 1,600 63.13 20,000 80.79 Exercised (84,628 ) 34.58 - - Canceled (12,800 ) 51.01 - - Balance, September 28, 2013 259,852 51.17 231,247 44.77 Granted 83,440 82.07 38,132 88.26 Exercised (39,097 ) 42.42 (20,000 ) 20.43 Canceled (8,550 ) 58.68 - - Balance, September 27, 2014 295,645 60.83 249,379 53.38 Granted 114,488 100.94 55,152 106.96 Exercised (70,792 ) 47.30 (6,590 ) 51.14 Canceled (6,989 ) 84.13 - - Balance, September 26, 2015 332,352 $ 77.04 297,941 $ 63.34 Exercisable Options September 26, 2015 140,263 $ 55.34 164,657 $ 41.57 The weighted-average fair value of incentive options granted during fiscal years ended September 26, 2015, September 27, 2014 and September 28, 2013 was $15.27, $15.24 and $13.76, respectively. The weighted-average fair value of non-qualified stock options granted during the fiscal years ended September 26, 2015, September 27, 2014 and September 28, 2013 was $21.90, $17.34 and $28.30, respectively. The total intrinsic value of stock options exercised was $4.8 million, $3.4 million and $2.7 million in fiscal years 2015, 2014 and 2013, respectively. The total cash received from these option exercises was $3.1 million, $1.5 million and $2.6 million in fiscal years 2015, 2014 and 2013, respectively; and the actual tax benefit realized from the tax deductions from these option exercises was $874,000, $1.0 million and $666,000 in fiscal years 2015, 2014 and 2013, respectively. The following table summarizes information about incentive stock options outstanding as of September 26, 2015: Options Outstanding Options Exercisable Number Weighted- Number Outstanding Average Weighted- Exercisable Weighted- at Remaining Average at Average Range of September 26, Contractual Exercise September 26, Exercise Exercise Prices 2015 Life Price 2015 Price $44.16 - $57.99 141,363 1.5 $ 55.35 140,263 $ 55.34 $79.45 - $117.65 190,989 3.9 $ 93.10 - - Total options 332,352 140,263 The following table summarizes information about nonqualified stock options outstanding as of September 26, 2015: Options Outstanding Options Exercisable Number Weighted- Number Outstanding Average Weighted- Exercisable Weighted- at Remaining Average at Average Range of September 26, Contractual Exercise September 26, Exercise Exercise Prices 2015 Life Price 2015 Price $29.78 - $41.75 100,000 2.2 $ 34.32 100,000 $ 34.32 $47.59 - $57.99 84,657 3.8 $ 53.86 64,657 52.79 $80.79 - $117.85 113,284 6.6 $ 96.04 - - Total options 297,941 164,657 |
Note M - 401(K) Profit Sharing
Note M - 401(K) Profit Sharing Plan | 12 Months Ended |
Sep. 26, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE M – 401(k) PROFIT-SHARING PLAN We maintain a 401(k) profit-sharing plan for our employees. Under this plan, we may make discretionary profit-sharing and matching 401(k) contributions. Contributions of $1,836,000, $1,686,000 and $1,624,000 were made in fiscal years 2015, 2014 and 2013, respectively. |
Note N - Cash Flow Information
Note N - Cash Flow Information | 12 Months Ended |
Sep. 26, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE N – CASH FLOW INFORMATION The following is supplemental cash flow information: Fiscal Year Ended September 26, September 27, September 28, 2015 2014 2013 (in thousands) Cash paid for: Interest $ 53 $ 41 $ 50 Income taxes 43,867 41,318 35,496 Non cash items: Capital leases $ 1,191 $ 499 $ - |
Note O - Segment Reporting
Note O - Segment Reporting | 12 Months Ended |
Sep. 26, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE O – SEGMENT REPORTING 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 aggregate 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. These segments are described below. Food Service The primary products sold by the food service segment are soft pretzels, frozen juice treats and desserts, churros, dough enrobed handheld products and baked goods. Our customers in the food service segment include snack bars and food stands in chain, department and discount stores; malls and shopping centers; casual dining restaurants; 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 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 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. Sales is considered to be the one and only key variable monitored by the Chief Operating Decision Makers and management when determining each segment’s and the company’s financial condition and operating performance. 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: Fiscal year ended September 26, September 27, September 28, 2015 2014 2013 (52 weeks) (52 weeks) (52 weeks) (in thousands) Sales to External Customers: Food Service Soft pretzels $ 168,970 $ 164,680 $ 145,026 Frozen juices and ices 54,454 53,888 48,831 Churros 56,602 55,929 56,099 Handhelds 21,817 24,248 26,488 Bakery 301,135 281,556 274,783 Other 13,657 11,597 9,532 Total Food Service $ 616,635 $ 591,898 $ 560,759 Retail Supermarket Soft pretzels $ 35,727 $ 34,830 $ 34,597 Frozen juices and ices 72,174 59,404 48,077 Handhelds 18,957 21,354 22,528 Coupon redemption (4,725 ) (3,807 ) (3,681 ) Other 1,244 863 818 Total Retail Supermarket $ 123,377 $ 112,644 $ 102,339 Frozen Beverages Beverages $ 142,705 $ 133,283 $ 132,274 Repair and maintenance service 65,765 59,805 52,813 Machines sales 26,413 20,224 17,376 Other 1,361 1,597 2,122 Total Frozen Beverages $ 236,244 $ 214,909 $ 204,585 Consolidated Sales $ 976,256 $ 919,451 $ 867,683 Depreciation and Amortization: Food Service $ 21,289 $ 20,882 $ 18,999 Retail Supermarket 1,132 492 31 Frozen Beverages 15,850 15,719 14,522 Total Depreciation and Amortization $ 38,271 $ 37,093 $ 33,552 Operating Income: Food Service $ 75,286 $ 73,731 $ 65,907 Retail Supermarket 11,020 11,201 8,594 Frozen Beverages 24,582 21,916 22,903 Total Operating Income $ 110,888 $ 106,848 $ 97,404 Capital Expenditures: Food Service $ 28,228 $ 21,594 $ 19,097 Retail Supermarket 112 26 - Frozen Beverages 21,756 17,211 16,724 Total Capital Expenditures $ 50,096 $ 38,831 $ 35,821 Assets: Food Service $ 547,117 $ 516,916 $ 486,015 Retail Supermarket 24,209 25,917 6,067 Frozen Beverages 171,609 161,940 153,579 Total Assets $ 742,935 $ 704,773 $ 645,661 |
Note P - Accumulated Other Comp
Note P - Accumulated Other Comprehensive Loss | 12 Months Ended |
Sep. 26, 2015 | |
Disclosure Text Block [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | NOTE P - ACCUMULATED OTHER COMPREHENSIVE LOSS Changes to the components of accumulated other comprehensive loss are as follows: Fiscal Year Ended September 26, 2015 (in thousands) Foreign Currency Unrealized Total Beginning Balance $ (4,632 ) $ (1,356 ) $ (5,988 ) Other comprehensive loss before reclassifications (5,389 ) (2,607 ) (7,996 ) Amounts reclassified from accumulated other comprehensive income - 3,087 3,087 Ending Balance $ (10,021 ) $ (876 ) $ (10,897 ) All amounts are net of tax. Fiscal Year Ended September 27, 2014 (in thousands) Foreign Currency Translation Adjustments Unrealized Marketable Securities Total Beginning Balance $ (3,703 ) $ (2,227 ) $ (5,930 ) Other comprehensive (loss) income before reclassifications (929 ) 505 (424 ) Amounts reclassified from accumulated other comprehensive income - 366 366 Ending Balance $ (4,632 ) $ (1,356 ) $ (5,988 ) All amounts are net of tax. |
Note Q - Quarterly Financial Da
Note Q - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Sep. 26, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | NOTE Q - QUARTERLY FINANCIAL DATA (UNAUDITED) Fiscal Year Ended September 26, 2015 Net Sales Gross Net Net Earnings (in thousands, except per share information) 1st Quarter $ 212,752 $ 61,101 $ 11,256 $ 0.60 2nd Quarter 225,008 66,950 14,637 0.78 3rd Quarter 278,724 90,396 24,462 1.30 4th Quarter 259,772 82,443 19,828 1.05 Total $ 976,256 $ 300,890 $ 70,183 $ 3.73 Fiscal Year Ended September 27, 2014 Net Sales Gross Profit Net Earnings Net Earnings Per Share(1) (in thousands, except per share information) 1st Quarter $ 203,523 $ 59,906 $ 12,426 $ 0.66 2nd Quarter 205,321 61,113 13,521 0.72 3rd Quarter 257,113 84,368 23,678 1.26 4th Quarter 253,494 82,190 22,189 1.18 Total $ 919,451 $ 287,577 $ 71,814 $ 3.82 (1) Total of quarterly amounts do not necessarily agree to the annual report amounts due to separate quarterly calculations of weighted average shares outstanding. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Sep. 26, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS Year Description Opening Balance Charge to Expense Deductions Closing Balance 2015 Allowance for doubtful accounts $ 450,000 $ 310,000 $ 456,000 (1) $ 304,000 2014 Allowance for doubtful accounts $ 854,000 $ 161,000 $ 565,000 (1) $ 450,000 2013 Allowance for doubtful accounts $ 987,000 $ (70,000 ) $ 63,000 (1) $ 854,000 2015 Inventory Reserve $ 3,982,000 $ 3,771,000 $ 5,126,000 (2) $ 2,627,000 2014 Inventory Reserve $ 4,449,000 $ 2,626,000 $ 3,093,000 (2) $ 3,982,000 2013 Inventory Reserve $ 3,883,000 $ 2,768,000 $ 2,202,000 (2) $ 4,449,000 (1) Write-offs of uncollectible accounts receivable. (2) Disposals and write-offs of obsolete inventory. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Sep. 26, 2015 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | 1. Principles of Consolidation The consolidated financial statements include the accounts of J & J Snack Foods Corp. and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated in the consolidated financial statements. |
Revenue Recognition, Policy [Policy Text Block] | 2. Revenue Recognition 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. Our recorded liability for allowances, end-user pricing adjustments and trade spending was approximately $11.7 million at September 26, 2015 and $11.5 million at September 27, 2014. All amounts billed to customers related to shipping and handling are classified as revenues. Our product costs include amounts for shipping and handling, therefore, we charge our customers shipping and handling fees at the time the products are shipped or when services are performed. The cost of shipping products to the customer is recognized at the time the products are shipped to the customer and our policy is to classify them as Distribution expenses. The cost of shipping products to the customer classified as Distribution expenses was $74,158,000, $71,159,000 and $65,025,000 for the fiscal years ended 2015, 2014 and 2013, respectively. During the years ended September 26, 2015, September 27, 2014 and September 28, 2013, we sold $25,536,000, $22,826,000 and $22,836,000, respectively, of repair and maintenance service contracts in our frozen beverage business. At September 26, 2015 and September 27, 2014, deferred income on repair and maintenance service contracts was $1,579,000 and $1,577,000, respectively, of which $70,000 and $67,000 is included in other long-term liabilities as of September 26, 2015 and September 27, 2014, respectively and the balance is reflected as short-term and included in accrued liabilities on the consolidated balance sheet. Repair and maintenance service contract income of $25,534,000, $22,748,000 and $22,780,000 was recognized for the fiscal years ended 2015, 2014 and 2013, respectively. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | 3. Foreign Currency Assets and liabilities in foreign currencies are translated into U.S. dollars at the rate of exchange prevailing at the balance sheet date. Revenues and expenses are translated at the average rate of exchange for the period. The cumulative translation adjustment is recorded as a separate component of stockholders’ equity and changes to such are included in comprehensive income. |
Use of Estimates, Policy [Policy Text Block] | 4. Use of Estimates In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | 5. Cash Equivalents Cash equivalents are short-term, highly liquid investments with original maturities of three months or less. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | 6. Cash, Accounts Receivable, Customers, Vendors and Employees Covered by Collective Bargaining Agreements Concentration We maintain cash balances at financial institutions located in various states. We have cash balances at two banks totalling approximately $84 million that is in excess of FDIC insurance of $250,000 per bank. Financial instruments that could potentially subject us to concentrations of credit risk are trade accounts receivable; however, such risks are limited due to the large number of customers comprising our customer base and their dispersion across geographic regions. We usually have approximately 15 customers with accounts receivable balances of between $1 million and $10 million. We have several large customers that account for a significant portion of our sales. Our top ten customers accounted for 43%, 43% and 43% of our sales during fiscal years 2015, 2014 and 2013, respectively, with our largest customer accounting for 8% of our sales in 2015, 8% of our sales in 2014 and 8% of our sales in 2013. Three of the ten customers are food distributors who sell our product to many end users. About 25% of our employees are covered by collective bargaining agreements. None of our vendors supplied more than 10% of our ingredients and packaging in 2015, 2014 or 2013. The majority of our accounts receivable are due from trade customers. Credit is extended based on evaluation of our customers’ financial condition and collateral is not required. Accounts receivable payment terms vary and are stated in the financial statements at amounts due from customers net of an allowance for doubtful accounts. At September 26, 2015 and September 27, 2014, our accounts receivables were $102,649,000 and $99,972,000 net of an allowance for doubtful accounts of $304,000 and $450,000. Accounts receivable outstanding longer than the payment terms are considered past due. We determine our allowance by considering a number of factors, including the length of time trade accounts receivable are past due, our previous loss history, customers’ current ability to pay their obligations to us, and the condition of the general economy and the industry as a whole. We write off accounts receivable when they become uncollectible, and payments subsequently received on such receivables are credited to the allowance for doubtful accounts. |
Inventory, Policy [Policy Text Block] | 7. Inventories Inventories are valued at the lower of cost (determined by the first-in, first-out or weighted-average method) or market. We recognize abnormal amounts of idle facilities, freight, handling costs, and spoilage as charges of the current period. Additionally, we allocate fixed production overhead to inventories based on the normal capacity of our production facilities. We calculate normal capacity as the production expected to be achieved over a number of periods or seasons under normal circumstances, taking into account the loss of capacity resulting from planned maintenance. This requires us to use judgment to determine when production is outside the range of expected variation in production (either abnormally low or abnormally high). In periods of abnormally low production (for example, periods in which there is significantly lower demand, labor and material shortages exist, or there is unplanned equipment downtime) the amount of fixed overhead allocated to each unit of production is not increased. However, in periods of abnormally high production the amount of fixed overhead allocated to each unit of production is decreased to assure inventories are not measured above cost. We review for slow moving and obsolete inventory and a reserve is established for the value of inventory that we estimate will not be used. At September 26, 2015 and September 27, 2014, our reserve for inventory was $2,627,000 and $3,982,000, respectively. |
Marketable Securities, Policy [Policy Text Block] | 8. Investment Securities We classify our investment securities in one of three categories: held to maturity, trading, or available for sale. Our investment portfolio at September 26, 2015, consists of investments classified as held to maturity and available for sale. The securities that we have the positive intent and ability to hold to maturity are classified as held to maturity and are stated at amortized cost. Investments classified as available for sale are reported at fair market value with unrealized gains and losses related to the changes in fair value of the securities recognized in accumulated other comprehensive income (loss). The mutual funds and preferred stock in our available for sale portfolio 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. See Note C for further information on our holdings of investment securities. |
Depreciation, Depletion, and Amortization [Policy Text Block] | 9. Depreciation and Amortization Depreciation of equipment and buildings is provided for by the straight-line method over the assets’ estimated useful lives. We review our equipment and buildings to ensure that they provide economic benefit and are not impaired. 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 are being amortized by the straight-line method over periods ranging from 3 to 20 years and amortization expense is reflected throughout operating expenses. Long-lived assets, including fixed assets and amortizing intangibles, are reviewed for impairment as events or changes in circumstances occur indicating that the carrying amount of |
Fair Value of Financial Instruments, Policy [Policy Text Block] | 10. Fair Value of Financial Instruments The carrying value of our short-term financial instruments, such as accounts receivables and accounts payable, approximate their fair values, based on the short-term maturities of these instruments. |
Income Tax, Policy [Policy Text Block] | 11. Income Taxes 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. As of September 26, 2015 and September 27, 2014, the total amount of gross unrecognized tax benefits is $334,000 and $315,000; 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. We had $199,000 of accrued interest and penalties as of September 26, 2015 and $180,000 as of September 27, 2014. We did not recognize any penalties and interest resulting from tax settlements in the years ended September 26, 2015 and September 27, 2014. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands) Balance at September 27, 2014 $ 315 Additions based on tax positions related to the current year 19 Reductions for tax positions of prior years - Settlements - Balance at September 26, 2015 $ 334 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. Virtually all the returns noted above are open for examination for three to four years. |
Earnings Per Share, Policy [Policy Text Block] | 12. Earnings Per Common Share 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: Fiscal Year Ended September 26, 2015 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Earnings Per Basic Share Net Income available to common stockholders $ 70,183 18,685 $ 3.76 Effect of Dilutive Securities Options - 134 (0.03 ) Earnings Per Diluted Share Net Income available to common stockholders plus assumed conversions $ 70,183 18,819 $ 3.73 1500 anti-dilutive shares have been excluded in the computation of 2015 diluted EPS. Fiscal Year Ended September 27, 2014 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Earnings Per Basic Share Net Income available to common stockholders $ 71,814 18,677 $ 3.85 Effect of Dilutive Securities Options - 130 (0.03 ) Earnings Per Diluted Share Net Income available to common stockholders plus assumed conversions $ 71,814 18,807 $ 3.82 No anti-dilutive shares have been excluded in the computation of 2014 diluted EPS. Fiscal Year Ended September 28, 2013 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Earnings Per Basic Share Net Income available to common stockholders $ 64,381 18,785 $ 3.43 Effect of Dilutive Securities Options - 93 (0.02 ) Earnings Per Diluted Share Net Income available to common stockholders plus assumed conversions $ 64,381 18,878 $ 3.41 No anti-dilutive shares have been excluded in the computation of 2013 diluted EPS |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | 13. Accounting for Stock-Based Compensation At September 26, 2015, the Company has three stock-based employee compensation plans. Share-based compensation was recognized as follows: Fiscal year ended September 26, September 27, September 28, 2015 2014 2013 (in thousands, except per share amounts) Stock options $ 1,098 $ 1,262 $ 795 Stock purchase plan 328 329 363 Stock issued to outside directors - - 47 Stock issued to employees 6 17 18 Total share-based compensation $ 1,432 $ 1,608 $ 1,223 The above compensation is net of tax benefits $ 734 $ 468 $ 647 At September 26, 2015, the Company has unrecognized compensation expense of approximately $3.3 million to be recognized over the next three fiscal years. 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, 2014 and 2013: expected volatility of 18.4% for fiscal year 2015, expected volatility of 21.2% for fiscal year 2014 and 25.7% for fiscal year 2013: weighted average risk-free interest rates of 1.7%, 1.6% and 2.5%; dividend rate of 1.4%, .9% and .8% and expected lives ranging between 5 and 10 years for all years. An expected forfeiture rate of 19% was used for 2015, 20% was used for 2014 and 20% was used for 2013. Expected volatility is based on the historical volatility of the price of our common shares over the past 49 to 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. |
Advertising Costs, Policy [Policy Text Block] | 14. Advertising Costs Advertising costs are expensed as incurred. Total advertising expense was $4,290,000, $3,487,000 and $3,069,000 for the fiscal years 2015, 2014 and 2013, respectively. |
Derivatives, Hedge Discontinuances [Policy Text Block] | 15. Commodity Price Risk Management Our most significant raw material requirements include flour, packaging, shortening, corn syrup, sugar, juice, cheese, chocolate, and a variety of nuts. We attempt to minimize the effect of future price fluctuations related to the purchase of raw materials primarily through forward purchasing to cover future manufacturing requirements, generally for periods from 1 to 12 months. As of September 26, 2015, we have approximately $68 million of such commitments. Futures contracts are not used in combination with forward purchasing of these raw materials. Our procurement practices are intended to reduce the risk of future price increases, but also may potentially limit the ability to benefit from possible price decreases. |
Research, Development, and Computer Software, Policy [Policy Text Block] | 16. Research and Development Costs Research and development costs are expensed as incurred. Total research and development expense was $506,000, $499,000 and $478,000 for the fiscal years 2015, 2014 and 2013, respectively. |
New Accounting Pronouncements, Policy [Policy Text Block] | 17. Recent Accounting Pronouncements 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 permitted. We will assess the impact this guidance will have on our consolidated financial statements. In September 2015, the FASB issued guidance on accounting for business combinations which require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. This guidance eliminates the requirement to retrospectively account for these adjustments. This guidance is effective for our fiscal year ended September 2018. Early adoption is permitted. We have not assessed the impact this guidance will have on our consolidated financial results. In July 2015, the FASB issued guidance which requires an entity to measure inventory at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This guidance will simplify the subsequent measurement of inventory, as current guidance requires an entity to measure inventory at the lower of cost or market. Under current guidance, market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. This guidance is effective for our fiscal year ended September 2018. Early adoption is permitted. We have not assessed the impact this guidance will have on our consolidated financial results. |
Reclassification, Policy [Policy Text Block] | 18. Reclassifications Certain prior year financial statement amounts have been reclassified to be consistent with the presentation for the current year. |
Note A - Summary of Significa28
Note A - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | (in thousands) Balance at September 27, 2014 $ 315 Additions based on tax positions related to the current year 19 Reductions for tax positions of prior years - Settlements - Balance at September 26, 2015 $ 334 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal Year Ended September 26, 2015 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Earnings Per Basic Share Net Income available to common stockholders $ 70,183 18,685 $ 3.76 Effect of Dilutive Securities Options - 134 (0.03 ) Earnings Per Diluted Share Net Income available to common stockholders plus assumed conversions $ 70,183 18,819 $ 3.73 Fiscal Year Ended September 27, 2014 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Earnings Per Basic Share Net Income available to common stockholders $ 71,814 18,677 $ 3.85 Effect of Dilutive Securities Options - 130 (0.03 ) Earnings Per Diluted Share Net Income available to common stockholders plus assumed conversions $ 71,814 18,807 $ 3.82 Fiscal Year Ended September 28, 2013 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Earnings Per Basic Share Net Income available to common stockholders $ 64,381 18,785 $ 3.43 Effect of Dilutive Securities Options - 93 (0.02 ) Earnings Per Diluted Share Net Income available to common stockholders plus assumed conversions $ 64,381 18,878 $ 3.41 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Fiscal year ended September 26, September 27, September 28, 2015 2014 2013 (in thousands, except per share amounts) Stock options $ 1,098 $ 1,262 $ 795 Stock purchase plan 328 329 363 Stock issued to outside directors - - 47 Stock issued to employees 6 17 18 Total share-based compensation $ 1,432 $ 1,608 $ 1,223 The above compensation is net of tax benefits $ 734 $ 468 $ 647 |
Note C - Investment Securities
Note C - Investment Securities (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Unrealized Gain (Loss) on Investments [Table Text Block] | Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Corporate Bonds $ 66,660 $ 15 $ 663 $ 66,012 Total investment securities held to maturity $ 66,660 $ 15 $ 663 $ 66,012 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 20,041 $ - $ 827 $ 19,214 Preferred Stock 20,473 114 163 20,424 Total investment securities available for sale $ 40,514 $ 114 $ 990 $ 39,638 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] | September 26, 2015 September 27, 2014 Amortized Fair Amortized Fair (in thousands) Due in one year or less $ - $ - $ - $ - Due after one year through five years 63,522 63,010 - - Due after five years through ten years 3,138 3,002 2,000 1,987 Total held to maturity securities $ 66,660 $ 66,012 $ 2,000 $ 1,987 Less current portion - - - - Long term held to maturity securities $ 66,660 $ 66,012 $ 2,000 $ 1,987 |
Note D - Inventories (Tables)
Note D - Inventories (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | September 26, September 27, 2015 2014 (in thousands) Finished goods $ 32,223 $ 33,189 Raw materials 17,000 15,632 Packaging materials 5,949 6,107 Equipment parts and other 25,450 21,155 Total Inventories $ 80,622 $ 76,083 |
Note E - Property, Plant and 31
Note E - Property, Plant and Equipment (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | September 26, September 27, Estimated 2015 2014 Useful Lives (in years) (in thousands) Land $ 2,496 $ 2,496 - Buildings 26,741 26,741 15 - 39.5 Plant machinery and equipment 210,728 195,566 5 - 20 Marketing equipment 268,082 256,389 5 - 7 Transportation equipment 6,866 6,913 5 Office equipment 20,586 18,556 3 - 5 Improvements 28,725 26,635 5 - 20 Construction in Progress 9,486 4,785 - Total property, plant and equipment $ 573,710 $ 538,081 |
Note F - Goodwill and Intangi32
Note F - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | September 26, 2015 September 27, 2014 Gross Accumulated Gross Accumulated (in thousands) FOOD SERVICE Indefinite lived intangible assets Trade Names $ 13,072 $ - $ 13,072 $ - Amortized intangible assets Non compete agreements 592 538 592 509 Customer relationships 40,797 33,584 40,797 29,914 License and rights 3,606 2,802 3,606 2,708 TOTAL FOOD SERVICE $ 58,067 $ 36,924 $ 58,067 $ 33,131 RETAIL SUPERMARKETS Indefinite lived intangible assets Trade Names $ 7,206 $ - $ 7,206 $ - Amortized Intangible Assets Non compete agreements 160 114 160 34 Customer relationships 7,979 1,220 7,979 420 TOTAL RETAIL SUPERMARKETS $ 15,345 $ 1,334 $ 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 6,075 6,478 5,448 Licenses and rights 1,601 854 1,601 784 TOTAL FROZEN BEVERAGES $ 17,792 $ 7,127 $ 17,592 $ 6,430 CONSOLIDATED $ 91,204 $ 45,385 $ 91,004 $ 40,015 |
Schedule of Goodwill [Table Text Block] | Food Retail Frozen Service Supermarkets Beverages Total (in thousands) Balance at September 26, 2015 $ 46,832 $ 3,670 $ 35,940 $ 86,442 Balance at September 27, 2014 $ 46,832 $ 3,670 $ 35,940 $ 86,442 |
Note H - Obligations Under Ca33
Note H - Obligations Under Capital Leases (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Leases, Capital [Abstract] | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | (in thousands) 2016 $ 273 2017 284 2018 257 2019 219 2020 181 2021 and thereafter 255 Total minimum capital lease payments $ 1,469 |
Note I - Income Taxes (Tables)
Note I - Income Taxes (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Fiscal year ended September 26, September 27, September 28, 2015 2014 2013 (in thousands) Current U.S. Federal $ 33,348 $ 31,506 $ 26,492 Foreign 2,260 2,008 2,289 State 6,294 6,693 7,560 Total current expense $ 41,902 $ 40,207 $ 36,341 Deferred U.S. Federal $ (109 ) $ (217 ) $ 64 Foreign (34 ) (58 ) (10 ) State (23 ) (540 ) 14 Total deferred (benefit) expense (166 ) (815 ) 68 Total expense $ 41,736 $ 39,392 $ 36,409 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Fiscal year ended September 26, September 27, September 28, 2015 2014 2013 (in thousands) Income taxes at federal statutory rates $ 39,172 $ 38,922 $ 35,277 Increase (decrease) in taxes resulting from: State income taxes, net of federal income tax benefit 4,196 4,281 4,346 Domestic production activities deduction (2,100 ) (2,100 ) (1,540 ) Reduction of gross unrecognized tax benefits - (161 ) (346 ) Increase in federal valuation allowance 1,366 - - Other, net (898 ) (1,550 ) (1,328 ) Income tax expense $ 41,736 $ 39,392 $ 36,409 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | September 26, September 27, 2015 2014 (in thousands) Deferred tax assets Vacation accrual $ 1,600 $ 1,456 Increase in valuation allowance 1,434 - Insurance accrual 3,385 3,383 Deferred income 63 53 Allowances 927 1,895 Inventory capitalization 738 745 Share-based compensation 1,480 1,216 Net Operating Loss 1,823 1,956 Total deferred tax assets 11,450 10,704 Valuation allowance (1,434 ) - Deferred tax liabilities Amortization of goodwill and other intangible assets 25,791 24,528 Depreciation of property and equipment 24,748 26,865 Total deferred tax liabilities 50,539 51,393 Total deferred tax liabilities, net $ 40,523 $ 40,689 |
Note J - Commitments (Tables)
Note J - Commitments (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Plants and Offices Equipment Total (in thousands) 2016 $ 5,313 $ 5,615 $ 10,928 2017 4,358 4,980 9,338 2018 3,833 3,657 7,490 2019 3,278 2,362 5,640 2020 2,581 493 3,074 2021 and thereafter 15,189 14 15,203 Total minimal rental commitments $ 34,552 $ 17,121 $ 51,673 |
Note L - Stock Options (Tables)
Note L - Stock Options (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Note L - Stock Options (Tables) [Line Items] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Incentive Stock Options Nonqualified Stock Options Stock Weighted- Stock Weighted- Price Balance, September 30, 2012 355,680 $ 47.16 211,247 $ 41.36 Granted 1,600 63.13 20,000 80.79 Exercised (84,628 ) 34.58 - - Canceled (12,800 ) 51.01 - - Balance, September 28, 2013 259,852 51.17 231,247 44.77 Granted 83,440 82.07 38,132 88.26 Exercised (39,097 ) 42.42 (20,000 ) 20.43 Canceled (8,550 ) 58.68 - - Balance, September 27, 2014 295,645 60.83 249,379 53.38 Granted 114,488 100.94 55,152 106.96 Exercised (70,792 ) 47.30 (6,590 ) 51.14 Canceled (6,989 ) 84.13 - - Balance, September 26, 2015 332,352 $ 77.04 297,941 $ 63.34 Exercisable Options September 26, 2015 140,263 $ 55.34 164,657 $ 41.57 |
Incentive Stock Options [Member] | |
Note L - Stock Options (Tables) [Line Items] | |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Number Weighted- Number Outstanding Average Weighted- Exercisable Weighted- at Remaining Average at Average Range of September 26, Contractual Exercise September 26, Exercise Exercise Prices 2015 Life Price 2015 Price $44.16 - $57.99 141,363 1.5 $ 55.35 140,263 $ 55.34 $79.45 - $117.65 190,989 3.9 $ 93.10 - - Total options 332,352 140,263 |
Nonqualified Stock Options [Member] | |
Note L - Stock Options (Tables) [Line Items] | |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Number Weighted- Number Outstanding Average Weighted- Exercisable Weighted- at Remaining Average at Average Range of September 26, Contractual Exercise September 26, Exercise Exercise Prices 2015 Life Price 2015 Price $29.78 - $41.75 100,000 2.2 $ 34.32 100,000 $ 34.32 $47.59 - $57.99 84,657 3.8 $ 53.86 64,657 52.79 $80.79 - $117.85 113,284 6.6 $ 96.04 - - Total options 297,941 164,657 |
Note N - Cash Flow Information
Note N - Cash Flow Information (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Fiscal Year Ended September 26, September 27, September 28, 2015 2014 2013 (in thousands) Cash paid for: Interest $ 53 $ 41 $ 50 Income taxes 43,867 41,318 35,496 Non cash items: Capital leases $ 1,191 $ 499 $ - |
Note O - Segment Reporting (Tab
Note O - Segment Reporting (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Fiscal year ended September 26, September 27, September 28, 2015 2014 2013 (52 weeks) (52 weeks) (52 weeks) (in thousands) Sales to External Customers: Food Service Soft pretzels $ 168,970 $ 164,680 $ 145,026 Frozen juices and ices 54,454 53,888 48,831 Churros 56,602 55,929 56,099 Handhelds 21,817 24,248 26,488 Bakery 301,135 281,556 274,783 Other 13,657 11,597 9,532 Total Food Service $ 616,635 $ 591,898 $ 560,759 Retail Supermarket Soft pretzels $ 35,727 $ 34,830 $ 34,597 Frozen juices and ices 72,174 59,404 48,077 Handhelds 18,957 21,354 22,528 Coupon redemption (4,725 ) (3,807 ) (3,681 ) Other 1,244 863 818 Total Retail Supermarket $ 123,377 $ 112,644 $ 102,339 Frozen Beverages Beverages $ 142,705 $ 133,283 $ 132,274 Repair and maintenance service 65,765 59,805 52,813 Machines sales 26,413 20,224 17,376 Other 1,361 1,597 2,122 Total Frozen Beverages $ 236,244 $ 214,909 $ 204,585 Consolidated Sales $ 976,256 $ 919,451 $ 867,683 Depreciation and Amortization: Food Service $ 21,289 $ 20,882 $ 18,999 Retail Supermarket 1,132 492 31 Frozen Beverages 15,850 15,719 14,522 Total Depreciation and Amortization $ 38,271 $ 37,093 $ 33,552 Operating Income: Food Service $ 75,286 $ 73,731 $ 65,907 Retail Supermarket 11,020 11,201 8,594 Frozen Beverages 24,582 21,916 22,903 Total Operating Income $ 110,888 $ 106,848 $ 97,404 Capital Expenditures: Food Service $ 28,228 $ 21,594 $ 19,097 Retail Supermarket 112 26 - Frozen Beverages 21,756 17,211 16,724 Total Capital Expenditures $ 50,096 $ 38,831 $ 35,821 Assets: Food Service $ 547,117 $ 516,916 $ 486,015 Retail Supermarket 24,209 25,917 6,067 Frozen Beverages 171,609 161,940 153,579 Total Assets $ 742,935 $ 704,773 $ 645,661 |
Note P - Accumulated Other Co39
Note P - Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Fiscal Year Ended September 26, 2015 (in thousands) Foreign Currency Unrealized Total Beginning Balance $ (4,632 ) $ (1,356 ) $ (5,988 ) Other comprehensive loss before reclassifications (5,389 ) (2,607 ) (7,996 ) Amounts reclassified from accumulated other comprehensive income - 3,087 3,087 Ending Balance $ (10,021 ) $ (876 ) $ (10,897 ) Fiscal Year Ended September 27, 2014 (in thousands) Foreign Currency Translation Adjustments Unrealized Marketable Securities Total Beginning Balance $ (3,703 ) $ (2,227 ) $ (5,930 ) Other comprehensive (loss) income before reclassifications (929 ) 505 (424 ) Amounts reclassified from accumulated other comprehensive income - 366 366 Ending Balance $ (4,632 ) $ (1,356 ) $ (5,988 ) |
Note Q - Quarterly Financial 40
Note Q - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Fiscal Year Ended September 26, 2015 Net Sales Gross Net Net Earnings (in thousands, except per share information) 1st Quarter $ 212,752 $ 61,101 $ 11,256 $ 0.60 2nd Quarter 225,008 66,950 14,637 0.78 3rd Quarter 278,724 90,396 24,462 1.30 4th Quarter 259,772 82,443 19,828 1.05 Total $ 976,256 $ 300,890 $ 70,183 $ 3.73 Fiscal Year Ended September 27, 2014 Net Sales Gross Profit Net Earnings Net Earnings Per Share(1) (in thousands, except per share information) 1st Quarter $ 203,523 $ 59,906 $ 12,426 $ 0.66 2nd Quarter 205,321 61,113 13,521 0.72 3rd Quarter 257,113 84,368 23,678 1.26 4th Quarter 253,494 82,190 22,189 1.18 Total $ 919,451 $ 287,577 $ 71,814 $ 3.82 |
Schedule II - Valuation and Q41
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Summary of Valuation Allowance [Table Text Block] | Year Description Opening Balance Charge to Expense Deductions Closing Balance 2015 Allowance for doubtful accounts $ 450,000 $ 310,000 $ 456,000 (1) $ 304,000 2014 Allowance for doubtful accounts $ 854,000 $ 161,000 $ 565,000 (1) $ 450,000 2013 Allowance for doubtful accounts $ 987,000 $ (70,000 ) $ 63,000 (1) $ 854,000 2015 Inventory Reserve $ 3,982,000 $ 3,771,000 $ 5,126,000 (2) $ 2,627,000 2014 Inventory Reserve $ 4,449,000 $ 2,626,000 $ 3,093,000 (2) $ 3,982,000 2013 Inventory Reserve $ 3,883,000 $ 2,768,000 $ 2,202,000 (2) $ 4,449,000 |
Note A - Summary of Significa42
Note A - Summary of Significant Accounting Policies (Details) | 3 Months Ended | 12 Months Ended | ||||||||||
Sep. 26, 2015USD ($) | Jun. 27, 2015USD ($) | Mar. 28, 2015USD ($) | Dec. 27, 2014USD ($) | Sep. 27, 2014USD ($) | Jun. 28, 2014USD ($) | Mar. 29, 2014USD ($) | Dec. 28, 2013USD ($) | Sep. 26, 2015USD ($)shares | Sep. 27, 2014USD ($) | Sep. 28, 2013USD ($) | ||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Sales Discounts, Returns and Allowances, Goods | $ 11,700,000 | $ 11,500,000 | ||||||||||
Shipping, Handling and Transportation Costs | [1] | 74,158,000 | 71,159,000 | $ 65,025,000 | ||||||||
Revenue, Net | $ 259,772,000 | $ 278,724,000 | $ 225,008,000 | $ 212,752,000 | $ 253,494,000 | $ 257,113,000 | $ 205,321,000 | $ 203,523,000 | 976,256,000 | 919,451,000 | $ 867,683,000 | |
Cash, Uninsured Amount | 84,000,000 | 84,000,000 | ||||||||||
Cash, FDIC Insured Amount | 250,000 | 250,000 | ||||||||||
Accounts Receivable, Net | $ 102,649,000 | 99,972,000 | $ 102,649,000 | 99,972,000 | ||||||||
Employees Covered Under Collective Bargaining Agreement, Percentage | 25.00% | 25.00% | ||||||||||
Allowance for Doubtful Accounts Receivable | $ 304,000 | 450,000 | $ 304,000 | 450,000 | ||||||||
Inventory Valuation Reserves | 2,627,000 | 3,982,000 | 2,627,000 | 3,982,000 | ||||||||
Unrecognized Tax Benefits | 334,000 | 315,000 | 334,000 | 315,000 | ||||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 199,000 | 180,000 | 199,000 | 180,000 | ||||||||
Income Tax Examination, Interest Expense | $ 0 | $ 0 | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | shares | 1,500 | |||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 3,300,000 | $ 3,300,000 | ||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 18.40% | 21.20% | 25.70% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.70% | 1.60% | 2.50% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.40% | 0.90% | ||||||||||
Fair Value Assumptions, Expected Dividend Rate | 0.80% | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate | 19.00% | 20.00% | 20.00% | |||||||||
Advertising Expense | $ 4,290,000 | $ 3,487,000 | $ 3,069,000 | |||||||||
Commodity Futures Contracts and Spot Commodities, Proprietary Capital Charges | 68,000,000 | 68,000,000 | ||||||||||
Research and Development Expense | 506,000 | 499,000 | 478,000 | |||||||||
Repair And Maintenance Service [Member] | ||||||||||||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Revenue, Net | 25,534,000 | 22,748,000 | 22,780,000 | |||||||||
Deferred Revenue | 1,579,000 | 1,577,000 | 1,579,000 | 1,577,000 | ||||||||
Deferred Revenue, Noncurrent | $ 70,000 | $ 67,000 | 70,000 | 67,000 | ||||||||
Forward Contracts [Member] | ||||||||||||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Unrealized Gain (Loss) on Derivatives and Commodity Contracts | $ 0 | 0 | 0 | |||||||||
10 year options [Member] | ||||||||||||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Expected Volatility Term | 10 years | |||||||||||
Customers Group One [Member] | ||||||||||||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Approximate Number of Customers | 15 | 15 | ||||||||||
Frozen Beverages [Member] | Machines Sales [Member] | ||||||||||||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Revenue, Net | $ 25,536,000 | $ 22,826,000 | $ 22,836,000 | |||||||||
Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | ||||||||||||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Concentration Risk, Percentage | 43.00% | 43.00% | 43.00% | |||||||||
Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | Largest Customer [Member] | ||||||||||||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Concentration Risk, Percentage | 8.00% | 8.00% | 8.00% | |||||||||
Ingredients and Packaging [Member] | Supplier Concentration Risk [Member] | ||||||||||||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Concentration Risk, Percentage | 0.00% | 0.00% | 0.00% | |||||||||
Minimum [Member] | ||||||||||||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | 5 years | 5 years | |||||||||
Minimum [Member] | 5 year options [Member] | ||||||||||||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Expected Volatility Term | 49 months | |||||||||||
Minimum [Member] | Customers Group One [Member] | ||||||||||||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Accounts Receivable, Net | $ 1,000,000 | $ 1,000,000 | ||||||||||
Maximum [Member] | ||||||||||||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | 10 years | 10 years | |||||||||
Maximum [Member] | 5 year options [Member] | ||||||||||||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Expected Volatility Term | 55 months | |||||||||||
Maximum [Member] | Customers Group One [Member] | ||||||||||||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Accounts Receivable, Net | $ 10,000,000 | $ 10,000,000 | ||||||||||
[1] | Includes share-based compensation expense of $44 for the year ended September 26, 2015, $42 for the year ended September 27, 2014 and $30 for the year ended September 28, 2013. |
Note A - Summary of Significa43
Note A - Summary of Significant Accounting Policies (Details) - Unrecognized Tax Benefits | 12 Months Ended |
Sep. 26, 2015USD ($) | |
Unrecognized Tax Benefits [Abstract] | |
Balance at September 27, 2014 | $ 315,000 |
Additions based on tax positions related to the current year | 19,000 |
Balance at September 26, 2015 | $ 334,000 |
Note A - Summary of Significa44
Note A - Summary of Significant Accounting Policies (Details) - Calculation of EPS - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Sep. 26, 2015 | [1] | Jun. 27, 2015 | [1] | Mar. 28, 2015 | [1] | Dec. 27, 2014 | [1] | Sep. 27, 2014 | [1] | Jun. 28, 2014 | [1] | Mar. 29, 2014 | [1] | Dec. 28, 2013 | [1] | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |||
Earnings Per Basic Share | |||||||||||||||||||||
Income (Numerator) | $ 70,183 | $ 71,814 | $ 64,381 | ||||||||||||||||||
Shares (Denominator) | 18,685 | 18,677 | 18,785 | ||||||||||||||||||
Per Share Amount | $ 3.76 | $ 3.85 | $ 3.43 | ||||||||||||||||||
Effect of Dilutive Securities | |||||||||||||||||||||
Options | 134 | 130 | 93 | ||||||||||||||||||
Options | $ (0.03) | $ (0.03) | $ (0.02) | ||||||||||||||||||
Earnings Per Diluted Share | |||||||||||||||||||||
Income (Numerator) | $ 70,183 | $ 71,814 | $ 64,381 | ||||||||||||||||||
Shares (Denominator) | 18,819 | 18,807 | 18,878 | ||||||||||||||||||
Per Share Amount | $ 1.05 | $ 1.30 | $ 0.78 | $ 0.60 | $ 1.18 | $ 1.26 | $ 0.72 | $ 0.66 | $ 3.73 | [1] | $ 3.82 | [1] | $ 3.41 | ||||||||
[1] | Total of quarterly amounts do not necessarily agree to the annual report amounts due to separate quarterly calculations of weighted average shares outstanding. |
Note A - Summary of Significa45
Note A - Summary of Significant Accounting Policies (Details) - Recognized Share-based Compensation - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Options | $ 1,432 | $ 1,608 | $ 1,223 |
The above compensation is net of tax benefits | 734 | 468 | 647 |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Options | 1,098 | 1,262 | 795 |
Stock Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Options | 328 | 329 | 363 |
Deferred Stock Issued To Outside Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Options | 47 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Options | $ 6 | $ 17 | $ 18 |
Note B - Acquisitions (Details)
Note B - Acquisitions (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 5 Months Ended | 12 Months Ended | ||||
May. 31, 2014 | Oct. 31, 2013 | Jun. 28, 2014 | Dec. 28, 2013 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Note B - Acquisitions (Details) [Line Items] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 91,004,000 | $ 91,204,000 | $ 91,004,000 | |||||
Goodwill, Acquired During Period | 0 | $ 0 | ||||||
Food Service [Member] | ||||||||
Note B - Acquisitions (Details) [Line Items] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 58,067,000 | 58,067,000 | 58,067,000 | |||||
Retail Supermarket [Member] | ||||||||
Note B - Acquisitions (Details) [Line Items] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 15,345,000 | $ 15,345,000 | 15,345,000 | |||||
New York Pretzel [Member] | ||||||||
Note B - Acquisitions (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 B - Acquisitions (Details) [Line Items] | ||||||||
Goodwill, Acquired During Period | $ 7,716,000 | |||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 4,300,000 | |||||||
PHILLY SWIRL [Member] | ||||||||
Note B - Acquisitions (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 B - Acquisitions (Details) [Line Items] | ||||||||
Goodwill, Acquired During Period | $ 1,826,000 | |||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 12,600,000 | |||||||
New York Pretzel and PHILLY SWIRL [Member] | Other Expense [Member] | ||||||||
Note B - Acquisitions (Details) [Line Items] | ||||||||
Business Combination, Acquisition Related Costs | $ 269,000 |
Note C - Investment Securitie47
Note C - Investment Securities (Details) | 12 Months Ended | ||
Sep. 26, 2015USD ($) | Sep. 27, 2014USD ($) | Sep. 28, 2013USD ($) | |
Note C - Investment Securities (Details) [Line Items] | |||
Available-for-sale Securities | $ 39,638,000 | $ 128,117,000 | |
Held-to-maturity Securities | 66,660,000 | 2,000,000 | |
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | 63,522,000 | 0 | |
Proceeds from Sale and Maturity of Marketable Securities | 110,117,000 | 7,245,000 | $ 25,307,000 |
Marketable Securities, Gain (Loss) | (4,319,000) | (361,000) | $ (108,000) |
Mutual Funds [Member] | |||
Note C - Investment Securities (Details) [Line Items] | |||
Available-for-sale Securities | 19,214,000 | 128,117,000 | |
Available-for-sale Securities, Gross Realized Losses | $ 4,300,000 | ||
Classification of Noncurrent Asset, Mutual Funds, Period | 1 year | ||
Four Mutual Funds [Member] | |||
Note C - Investment Securities (Details) [Line Items] | |||
Unrealized Gain (Loss) on Securities | $ 827,000 | ||
Number of Funds | 4 | ||
Marketable Securities | $ 19,200,000 | ||
Corporate Bond Securities [Member] | |||
Note C - Investment Securities (Details) [Line Items] | |||
Held-to-maturity Securities | $ 67,000,000 | ||
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | $ 40,000,000 |
Note C - Investment Securitie48
Note C - Investment Securities (Details) - Summary of Held to Maturity Securities - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Note C - Investment Securities (Details) - Summary of Held to Maturity Securities [Line Items] | ||
Held to Maturity - Amortized Cost | $ 66,660 | $ 2,000 |
Held to Maturity - Gross Unrealized Gains | 15 | |
Held to Maturity - Gross Unrealized Losses | 663 | 13 |
Held to Maturity - Fair Market Value | 66,012 | 1,987 |
Available for Sale - Amortized Cost | 40,514 | 129,473 |
Available for Sale - Gross Unrealized Gains | 114 | 760 |
Available for Sale - Gross Unrealized Losses | 990 | 2,116 |
Available for Sale - Fair Market Value | 39,638 | 128,117 |
Corporate Bond Securities [Member] | ||
Note C - Investment Securities (Details) - Summary of Held to Maturity Securities [Line Items] | ||
Held to Maturity - Amortized Cost | 66,660 | |
Held to Maturity - Gross Unrealized Gains | 15 | |
Held to Maturity - Gross Unrealized Losses | 663 | |
Held to Maturity - Fair Market Value | 66,012 | |
Mutual Funds [Member] | ||
Note C - Investment Securities (Details) - Summary of Held to Maturity Securities [Line Items] | ||
Available for Sale - Amortized Cost | 20,041 | 129,473 |
Available for Sale - Gross Unrealized Gains | 760 | |
Available for Sale - Gross Unrealized Losses | 827 | 2,116 |
Available for Sale - Fair Market Value | 19,214 | 128,117 |
Preferred Stock [Member] | ||
Note C - Investment Securities (Details) - Summary of Held to Maturity Securities [Line Items] | ||
Available for Sale - Amortized Cost | 20,473 | |
Available for Sale - Gross Unrealized Gains | 114 | |
Available for Sale - Gross Unrealized Losses | 163 | |
Available for Sale - Fair Market Value | $ 20,424 | |
US Government Corporations and Agencies Securities [Member] | ||
Note C - Investment Securities (Details) - Summary of Held to Maturity Securities [Line Items] | ||
Held to Maturity - Amortized Cost | 2,000 | |
Held to Maturity - Gross Unrealized Losses | 13 | |
Held to Maturity - Fair Market Value | $ 1,987 |
Note C - Investment Securitie49
Note C - Investment Securities (Details) - Held to Maturity Securities by Contractual Maturity - USD ($) $ in Thousands | Sep. 26, 2015 | Sep. 27, 2014 |
Held to Maturity Securities by Contractual Maturity [Abstract] | ||
Due after one year through five years | $ 63,522 | $ 0 |
Due after one year through five years | 63,010 | 0 |
Due after five years through ten years | 3,138 | 2,000 |
Due after five years through ten years | 3,002 | 1,987 |
Total held to maturity securities | 66,660 | 2,000 |
Total held to maturity securities | 66,012 | 1,987 |
Long term held to maturity securities | 66,660 | 2,000 |
Long term held to maturity securities | $ 66,012 | $ 1,987 |
Note D - Inventories (Details)
Note D - Inventories (Details) - USD ($) | Sep. 26, 2015 | Sep. 27, 2014 |
Inventory Disclosure [Abstract] | ||
Inventory Valuation Reserves | $ 2,627,000 | $ 3,982,000 |
Note D - Inventories (Details)
Note D - Inventories (Details) - Inventories - USD ($) $ in Thousands | Sep. 26, 2015 | Sep. 27, 2014 |
Inventory [Line Items] | ||
Finished goods | $ 32,223 | $ 33,189 |
Equipment parts and other | 25,450 | 21,155 |
Total Inventories | 80,622 | 76,083 |
Raw Materials [Member] | ||
Inventory [Line Items] | ||
Raw materials | 17,000 | 15,632 |
Packaging Materials [Member] | ||
Inventory [Line Items] | ||
Packaging materials | $ 5,949 | $ 6,107 |
Note E - Property, Plant and 52
Note E - Property, Plant and Equipment (Details) - USD ($) | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 32,356,000 | $ 31,660,000 | $ 28,801,000 |
Note E - Property, Plant and 53
Note E - Property, Plant and Equipment (Details) - Property, Plant and Equipment - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Plant, Property and Equipment | $ 573,710 | $ 538,081 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Plant, Property and Equipment | 2,496 | 2,496 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Plant, Property and Equipment | 26,741 | 26,741 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Plant, Property and Equipment | 210,728 | 195,566 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Plant, Property and Equipment | 268,082 | 256,389 |
Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Plant, Property and Equipment | 6,866 | 6,913 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Plant, Property and Equipment | 20,586 | 18,556 |
Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Plant, Property and Equipment | 28,725 | 26,635 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Plant, Property and Equipment | $ 9,486 | $ 4,785 |
Minimum [Member] | Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Plant, Property and Equipment, Useful Life | 15 years | |
Minimum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Plant, Property and Equipment, Useful Life | 5 years | |
Minimum [Member] | Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Plant, Property and Equipment, Useful Life | 5 years | |
Minimum [Member] | Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Plant, Property and Equipment, Useful Life | 3 years | |
Minimum [Member] | Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Plant, Property and Equipment, Useful Life | 5 years | |
Maximum [Member] | Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Plant, Property and Equipment, Useful Life | 39 years 6 months | |
Maximum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Plant, Property and Equipment, Useful Life | 20 years | |
Maximum [Member] | Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Plant, Property and Equipment, Useful Life | 7 years | |
Maximum [Member] | Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Plant, Property and Equipment, Useful Life | 5 years | |
Maximum [Member] | Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Plant, Property and Equipment, Useful Life | 5 years | |
Maximum [Member] | Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Plant, Property and Equipment, Useful Life | 20 years |
Note F - Goodwill and Intangi54
Note F - Goodwill and Intangible Assets (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
May. 31, 2014USD ($) | Oct. 31, 2013USD ($) | Jun. 28, 2014USD ($) | Dec. 28, 2013USD ($) | Sep. 26, 2015USD ($) | Sep. 27, 2014USD ($) | Sep. 28, 2013USD ($) | |
Note F - Goodwill and Intangible Assets (Details) [Line Items] | |||||||
Number of Reportable Segments | 3 | ||||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 0 | $ 0 | $ 0 | ||||
Indefinite-lived Intangible Assets Acquired | 0 | ||||||
Amortization of Intangible Assets | 5,370,000 | 4,932,000 | 4,452,000 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 5,100,000 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 2,600,000 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 1,800,000 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 1,700,000 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 1,400,000 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||||||
Goodwill, Impairment Loss | $ 0 | $ 0 | 0 | ||||
Goodwill, Acquired During Period | 0 | $ 0 | |||||
Frozen Beverages [Member] | |||||||
Note F - Goodwill and Intangible Assets (Details) [Line Items] | |||||||
Indefinite-lived Intangible Assets Acquired | $ 200,000 | ||||||
New York Pretzel [Member] | |||||||
Note F - Goodwill and Intangible Assets (Details) [Line Items] | |||||||
Goodwill, Acquired During Period | $ 7,716,000 | ||||||
New York Pretzel [Member] | Food Service [Member] | |||||||
Note F - Goodwill and Intangible Assets (Details) [Line Items] | |||||||
Indefinite-lived Intangible Assets Acquired | $ 849,000 | ||||||
Goodwill, Acquired During Period | $ 7,716,000 | ||||||
PHILLY SWIRL [Member] | |||||||
Note F - Goodwill and Intangible Assets (Details) [Line Items] | |||||||
Goodwill, Acquired During Period | $ 1,800,000 | ||||||
PHILLY SWIRL [Member] | Retail Supermarket [Member] | |||||||
Note F - Goodwill and Intangible Assets (Details) [Line Items] | |||||||
Indefinite-lived Intangible Assets Acquired | $ 11,060,000 | ||||||
Goodwill, Acquired During Period | $ 1,826,000 | ||||||
Minimum [Member] | |||||||
Note F - Goodwill and Intangible Assets (Details) [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||||
Maximum [Member] | |||||||
Note F - Goodwill and Intangible Assets (Details) [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Note F - Goodwill and Intangi55
Note F - Goodwill and Intangible Assets (Details) - Intangible Assets by Reporting Segment - USD ($) $ in Thousands | Sep. 26, 2015 | Sep. 27, 2014 |
Amortized intangible assets | ||
Gross Carrying Amount | $ 91,204 | $ 91,004 |
Accumulated Amortization | 45,385 | 40,015 |
Food Service [Member] | ||
Amortized intangible assets | ||
Gross Carrying Amount | 58,067 | 58,067 |
Accumulated Amortization | 36,924 | 33,131 |
Retail Supermarket [Member] | ||
Amortized intangible assets | ||
Gross Carrying Amount | 15,345 | 15,345 |
Accumulated Amortization | 1,334 | 454 |
Frozen Beverages [Member] | ||
Amortized intangible assets | ||
Gross Carrying Amount | 17,792 | 17,592 |
Accumulated Amortization | 7,127 | 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 | 538 | 509 |
Noncompete Agreements [Member] | Retail Supermarket [Member] | ||
Amortized intangible assets | ||
Gross Carrying Amount | 160 | 160 |
Accumulated Amortization | 114 | 34 |
Noncompete Agreements [Member] | Frozen Beverages [Member] | ||
Amortized intangible assets | ||
Gross Carrying Amount | 198 | 198 |
Accumulated Amortization | 198 | 198 |
Customer Relationships [Member] | Food Service [Member] | ||
Amortized intangible assets | ||
Gross Carrying Amount | 40,797 | 40,797 |
Accumulated Amortization | 33,584 | 29,914 |
Customer Relationships [Member] | Retail Supermarket [Member] | ||
Amortized intangible assets | ||
Gross Carrying Amount | 7,979 | 7,979 |
Accumulated Amortization | 1,220 | 420 |
Customer Relationships [Member] | Frozen Beverages [Member] | ||
Amortized intangible assets | ||
Gross Carrying Amount | 6,678 | 6,478 |
Accumulated Amortization | 6,075 | 5,448 |
License and Rights [Member] | Food Service [Member] | ||
Amortized intangible assets | ||
Gross Carrying Amount | 3,606 | 3,606 |
Accumulated Amortization | 2,802 | 2,708 |
License and Rights [Member] | Frozen Beverages [Member] | ||
Amortized intangible assets | ||
Gross Carrying Amount | 1,601 | 1,601 |
Accumulated Amortization | $ 854 | $ 784 |
Note F - Goodwill and Intangi56
Note F - Goodwill and Intangible Assets (Details) - Goodwill - USD ($) $ in Thousands | Sep. 26, 2015 | Sep. 27, 2014 |
Goodwill [Line Items] | ||
Balance at September 26, 2015 | $ 86,442 | $ 86,442 |
Balance at September 27, 2014 | 86,442 | 86,442 |
Food Service [Member] | ||
Goodwill [Line Items] | ||
Balance at September 26, 2015 | 46,832 | 46,832 |
Balance at September 27, 2014 | 46,832 | 46,832 |
Retail Supermarket [Member] | ||
Goodwill [Line Items] | ||
Balance at September 26, 2015 | 3,670 | 3,670 |
Balance at September 27, 2014 | 3,670 | 3,670 |
Frozen Beverages [Member] | ||
Goodwill [Line Items] | ||
Balance at September 26, 2015 | 35,940 | 35,940 |
Balance at September 27, 2014 | $ 35,940 | $ 35,940 |
Note G - Long-Term Debt (Detail
Note G - Long-Term Debt (Details) - USD ($) | Sep. 26, 2015 | Sep. 27, 2014 |
Debt Disclosure [Abstract] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | |
Long-term Line of Credit | $ 0 | $ 0 |
Note H - Obligations Under Ca58
Note H - Obligations Under Capital Leases (Details) - Future Minimum Lease Payments $ in Thousands | Sep. 26, 2015USD ($) |
Future Minimum Lease Payments [Abstract] | |
2,016 | $ 273 |
2,017 | 284 |
2,018 | 257 |
2,019 | 219 |
2,020 | 181 |
2021 and thereafter | 255 |
Total minimum capital lease payments | $ 1,469 |
Note I - Income Taxes (Details)
Note I - Income Taxes (Details) - USD ($) | 12 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Note I - Income Taxes (Details) [Line Items] | ||
Increase (Decrease) in Deferred Income Taxes | $ 823,000 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |
Deferred Tax Assets, Valuation Allowance | $ 1,434,000 | |
Domestic, State, and Local Tax Authority [Member] | ||
Note I - Income Taxes (Details) [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | 3,900,000 | |
Domestic, State, and Local Tax Authority [Member] | Capital Loss Carryforward [Member] | ||
Note I - Income Taxes (Details) [Line Items] | ||
Tax Credit Carryforward, Amount | 3,900,000 | |
PHILLY SWIRL [Member] | ||
Note I - Income Taxes (Details) [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | 0 | |
PHILLY SWIRL [Member] | Domestic Tax Authority [Member] | ||
Note I - Income Taxes (Details) [Line Items] | ||
Operating Loss Carryforwards | 5,000,000 | |
Annual Limit [Member] | PHILLY SWIRL [Member] | Domestic Tax Authority [Member] | ||
Note I - Income Taxes (Details) [Line Items] | ||
Operating Loss Carryforwards | $ 378,000 |
Note I - Income Taxes (Detail60
Note I - Income Taxes (Details) - Income Tax Expense (Benefit) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Current | |||
U.S. Federal | $ 33,348 | $ 31,506 | $ 26,492 |
Foreign | 2,260 | 2,008 | 2,289 |
State | 6,294 | 6,693 | 7,560 |
Total current expense | 41,902 | 40,207 | 36,341 |
Deferred | |||
Total deferred (benefit) expense | (121) | (8) | 74 |
Total expense | 41,736 | 39,392 | 36,409 |
Includes Deferred Tax Liability in Purchase Accounting of Philly Swirl Acquisition [Member] | |||
Deferred | |||
U.S. Federal | (109) | (217) | 64 |
Foreign | (34) | (58) | (10) |
State | (23) | (540) | 14 |
Total deferred (benefit) expense | $ (166) | $ (815) | $ 68 |
Note I - Income Taxes (Detail61
Note I - Income Taxes (Details) - Effective Income Tax Rate Reconciliation - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Effective Income Tax Rate Reconciliation [Abstract] | |||
Income taxes at federal statutory rates | $ 39,172 | $ 38,922 | $ 35,277 |
Increase (decrease) in taxes resulting from: | |||
State income taxes, net of federal income tax benefit | 4,196 | 4,281 | 4,346 |
Domestic production activities deduction | (2,100) | (2,100) | (1,540) |
Reduction of gross unrecognized tax benefits | (161) | (346) | |
Increase in federal valuation allowance | 1,366 | ||
Other, net | (898) | (1,550) | (1,328) |
Income tax expense | $ 41,736 | $ 39,392 | $ 36,409 |
Note I - Income Taxes (Detail62
Note I - Income Taxes (Details) - Deferred Tax Assets and Liabilities - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Deferred tax assets | ||
Vacation accrual | $ 1,600 | $ 1,456 |
Increase in valuation allowance | 1,434 | |
Insurance accrual | 3,385 | 3,383 |
Deferred income | 63 | 53 |
Allowances | 927 | 1,895 |
Inventory capitalization | 738 | 745 |
Share-based compensation | 1,480 | 1,216 |
Net Operating Loss | 1,823 | 1,956 |
Total deferred tax assets | 11,450 | 10,704 |
Valuation allowance | (1,434) | |
Deferred tax liabilities | ||
Amortization of goodwill and other intangible assets | 25,791 | 24,528 |
Depreciation of property and equipment | 24,748 | 26,865 |
Total deferred tax liabilities | 50,539 | 51,393 |
Total deferred tax liabilities, net | $ 40,523 | $ 40,689 |
Note J - Commitments (Details)
Note J - Commitments (Details) | 12 Months Ended | |||
Sep. 26, 2015USD ($) | Sep. 27, 2014USD ($) | Sep. 28, 2013USD ($) | Sep. 27, 2015USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Operating Leases, Rent Expense | $ 16,448,000 | $ 15,163,000 | $ 13,575,000 | |
Accrued Insurance | 8,200,000 | 8,100,000 | ||
Letters of Credit Outstanding, Amount | 9,075,000 | $ 9,075,000 | ||
Number Of Employees | 1,500 | |||
Self Insurance Reserve | $ 1,659,000 | $ 1,853,000 |
Note J - Commitments (Details)
Note J - Commitments (Details) - Future Minimum Rental Payments for Operating Leases $ in Thousands | Sep. 26, 2015USD ($) |
Note J - Commitments (Details) - Future Minimum Rental Payments for Operating Leases [Line Items] | |
2,016 | $ 10,928 |
2,017 | 9,338 |
2,018 | 7,490 |
2,019 | 5,640 |
2,020 | 3,074 |
2021 and thereafter | 15,203 |
Total minimal rental commitments | 51,673 |
Building [Member] | |
Note J - Commitments (Details) - Future Minimum Rental Payments for Operating Leases [Line Items] | |
2,016 | 5,313 |
2,017 | 4,358 |
2,018 | 3,833 |
2,019 | 3,278 |
2,020 | 2,581 |
2021 and thereafter | 15,189 |
Total minimal rental commitments | 34,552 |
Equipment [Member] | |
Note J - Commitments (Details) - Future Minimum Rental Payments for Operating Leases [Line Items] | |
2,016 | 5,615 |
2,017 | 4,980 |
2,018 | 3,657 |
2,019 | 2,362 |
2,020 | 493 |
2021 and thereafter | 14 |
Total minimal rental commitments | $ 17,121 |
Note K - Capital Stock (Details
Note K - Capital Stock (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Disclosure Text Block [Abstract] | ||||||
Stock Repurchased and Retired During Period, Shares | 52,154 | 4,380 | 16,164 | 72,698 | 81,685 | 204,397 |
Stock Repurchased and Retired During Period, Value | $ 5,897,538 | $ 443,839 | $ 1,669,741 | $ 8,011,118 | $ 7,504,729 | $ 14,500,215 |
Note L - Stock Options (Details
Note L - Stock Options (Details) - USD ($) | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Note L - Stock Options (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 800,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 340,546 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 4,800,000 | $ 3,400,000 | $ 2,700,000 |
Proceeds from Stock Options Exercised | 3,100,000 | 1,500,000 | 2,600,000 |
Deferred Tax Expense from Stock Options Exercised | $ 874,000 | $ 1,000,000 | $ 666,000 |
Employee Stock Purchase Plan [Member] | |||
Note L - Stock Options (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 85.00% | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in Shares) | 13,648 | 15,650 | 19,804 |
Share Price (in Dollars per share) | $ 86.01 | $ 70.40 | $ 52.61 |
Allocated Share-based Compensation Expense | $ 328,000 | $ 329,000 | $ 363,000 |
Incentive Stock Options [Member] | |||
Note L - Stock Options (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 15.27 | $ 15.24 | $ 13.76 |
Nonqualified Stock Options [Member] | |||
Note L - Stock Options (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 21.90 | $ 17.34 | $ 28.30 |
Note L - Stock Options (Detai67
Note L - Stock Options (Details) - Stock Option Activity - $ / shares | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Incentive Stock Options [Member] | |||
Note L - Stock Options (Details) - Stock Option Activity [Line Items] | |||
Balance, September 30, 2012 | 295,645 | 259,852 | |
Balance, September 30, 2012 | $ 60.83 | $ 51.17 | |
Balance | 332,352 | 295,645 | 259,852 |
Balance | $ 77.04 | $ 60.83 | $ 51.17 |
Granted | 114,488 | 83,440 | 1,600 |
Granted | $ 100.94 | $ 82.07 | $ 63.13 |
Exercised | (70,792) | (39,097) | (84,628) |
Exercised | $ 47.30 | $ 42.42 | $ 34.58 |
Canceled | (6,989) | (8,550) | (12,800) |
Canceled | $ 84.13 | $ 58.68 | $ 51.01 |
Exercisable Options | |||
September 26, 2015 | 140,263 | ||
September 26, 2015 | $ 55.34 | ||
Nonqualified Stock Options [Member] | |||
Note L - Stock Options (Details) - Stock Option Activity [Line Items] | |||
Balance, September 30, 2012 | 249,379 | 231,247 | |
Balance, September 30, 2012 | $ 53.38 | $ 44.77 | |
Balance | 297,941 | 249,379 | 231,247 |
Balance | $ 63.34 | $ 53.38 | $ 44.77 |
Granted | 55,152 | 38,132 | 20,000 |
Granted | $ 106.96 | $ 88.26 | $ 80.79 |
Exercised | (6,590) | (20,000) | |
Exercised | $ 51.14 | $ 20.43 | |
Exercisable Options | |||
September 26, 2015 | 164,657 | ||
September 26, 2015 | $ 41.57 |
Note L - Stock Options (Detai68
Note L - Stock Options (Details) - Incentive Stock Options by Excercise Price Range - Incentive Stock Options [Member] - $ / shares | 12 Months Ended | |||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 24, 2011 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding (in Shares) | 332,352 | 295,645 | 259,852 | 355,680 |
Options Outstanding - Weighted Average Exercise Price | $ 77.04 | $ 60.83 | $ 51.17 | $ 47.16 |
Options Exercisable (in Shares) | 140,263 | |||
Exercise Price Range 1 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price Range Low | $ 44.16 | |||
Exercise Price Range High | $ 57.99 | |||
Options Outstanding (in Shares) | 141,363 | |||
Options Outstanding - Weighted Average Remaining Contractual Life | 1 year 6 months | |||
Options Outstanding - Weighted Average Exercise Price | $ 55.35 | |||
Options Exercisable (in Shares) | 140,263 | |||
Options Exercisable - Weighted Average Exercise Price | $ 55.34 | |||
Exercise Price Range 2 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price Range Low | 79.45 | |||
Exercise Price Range High | $ 117.65 | |||
Options Outstanding (in Shares) | 190,989 | |||
Options Outstanding - Weighted Average Remaining Contractual Life | 3 years 328 days | |||
Options Outstanding - Weighted Average Exercise Price | $ 93.10 |
Note L - Stock Options (Detai69
Note L - Stock Options (Details) - Nonqualified Stock Options by Excercise Price Range - Nonqualified Stock Options [Member] - $ / shares | 12 Months Ended | |||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 24, 2011 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding (in Shares) | 297,941 | 249,379 | 231,247 | 211,247 |
Options Outstanding - Weighted Average Exercise Price | $ 63.34 | $ 53.38 | $ 44.77 | $ 41.36 |
Options Exercisable (in Shares) | 164,657 | |||
Exercise Price Range 1 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price Range Low | $ 29.78 | |||
Exercise Price Range High | $ 41.75 | |||
Options Outstanding (in Shares) | 100,000 | |||
Weighted Average Remaining Contractual Life | 2 years 73 days | |||
Options Outstanding - Weighted Average Exercise Price | $ 34.32 | |||
Options Exercisable (in Shares) | 100,000 | |||
Options Exercisable - Weighted Average Exercise Price | $ 34.32 | |||
Exercise Price Range 2 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price Range Low | 47.59 | |||
Exercise Price Range High | $ 57.99 | |||
Options Outstanding (in Shares) | 84,657 | |||
Weighted Average Remaining Contractual Life | 3 years 292 days | |||
Options Outstanding - Weighted Average Exercise Price | $ 53.86 | |||
Options Exercisable (in Shares) | 64,657 | |||
Options Exercisable - Weighted Average Exercise Price | $ 52.79 | |||
Exercise Price Range 3 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price Range Low | 80.79 | |||
Exercise Price Range High | $ 117.85 | |||
Options Outstanding (in Shares) | 113,284 | |||
Weighted Average Remaining Contractual Life | 6 years 219 days | |||
Options Outstanding - Weighted Average Exercise Price | $ 96.04 |
Note M - 401(K) Profit Sharin70
Note M - 401(K) Profit Sharing Plan (Details) - USD ($) | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,836,000 | $ 1,686,000 | $ 1,624,000 |
Note N - Cash Flow Informatio71
Note N - Cash Flow Information (Details) - Supplemental Cash Flow Information - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Cash paid for: | |||
Interest | $ 53 | $ 41 | $ 50 |
Income taxes | 43,867 | 41,318 | $ 35,496 |
Non cash items: | |||
Capital leases | $ 1,191 | $ 499 |
Note O - Segment Reporting (Det
Note O - Segment Reporting (Details) | 12 Months Ended |
Sep. 26, 2015 | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 3 |
Number of Reportable Segments | 3 |
Note O - Segment Reporting (D73
Note O - Segment Reporting (Details) - Reportable Segments Operations Information - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Food Service | |||
Sales to External Customers | $ 976,256 | $ 919,451 | $ 867,683 |
Depreciation and Amortization: | |||
Depreciation and Amortization | 38,271 | 37,093 | 33,552 |
Operating Income: | |||
Operating Income | 110,888 | 106,848 | 97,404 |
Capital Expenditures: | |||
Capital Expenditures | 50,096 | 38,831 | 35,821 |
Assets: | |||
Assets | 742,935 | 704,773 | 645,661 |
Food Service [Member] | |||
Food Service | |||
Sales to External Customers | 616,635 | 591,898 | 560,759 |
Depreciation and Amortization: | |||
Depreciation and Amortization | 21,289 | 20,882 | 18,999 |
Operating Income: | |||
Operating Income | 75,286 | 73,731 | 65,907 |
Capital Expenditures: | |||
Capital Expenditures | 28,228 | 21,594 | 19,097 |
Assets: | |||
Assets | 547,117 | 516,916 | 486,015 |
Food Service [Member] | Soft Pretzels [Member] | |||
Food Service | |||
Sales to External Customers | 168,970 | 164,680 | 145,026 |
Food Service [Member] | Frozen Juices And Ices [Member] | |||
Food Service | |||
Sales to External Customers | 54,454 | 53,888 | 48,831 |
Food Service [Member] | Churros [Member] | |||
Food Service | |||
Sales to External Customers | 56,602 | 55,929 | 56,099 |
Food Service [Member] | Handhelds [Member] | |||
Food Service | |||
Sales to External Customers | 21,817 | 24,248 | 26,488 |
Food Service [Member] | Bakery [Member] | |||
Food Service | |||
Sales to External Customers | 301,135 | 281,556 | 274,783 |
Food Service [Member] | Other [Member] | |||
Food Service | |||
Sales to External Customers | 13,657 | 11,597 | 9,532 |
Retail Supermarket [Member] | |||
Food Service | |||
Sales to External Customers | 123,377 | 112,644 | 102,339 |
Depreciation and Amortization: | |||
Depreciation and Amortization | 1,132 | 492 | 31 |
Operating Income: | |||
Operating Income | 11,020 | 11,201 | 8,594 |
Capital Expenditures: | |||
Capital Expenditures | 112 | 26 | |
Assets: | |||
Assets | 24,209 | 25,917 | 6,067 |
Retail Supermarket [Member] | Soft Pretzels [Member] | |||
Food Service | |||
Sales to External Customers | 35,727 | 34,830 | 34,597 |
Retail Supermarket [Member] | Frozen Juices And Ices [Member] | |||
Food Service | |||
Sales to External Customers | 72,174 | 59,404 | 48,077 |
Retail Supermarket [Member] | Handhelds [Member] | |||
Food Service | |||
Sales to External Customers | 18,957 | 21,354 | 22,528 |
Retail Supermarket [Member] | Other [Member] | |||
Food Service | |||
Sales to External Customers | 1,244 | 863 | 818 |
Retail Supermarket [Member] | Coupon Redemtion [Member] | |||
Food Service | |||
Sales to External Customers | (4,725) | (3,807) | (3,681) |
Frozen Beverages [Member] | |||
Food Service | |||
Sales to External Customers | 236,244 | 214,909 | 204,585 |
Depreciation and Amortization: | |||
Depreciation and Amortization | 15,850 | 15,719 | 14,522 |
Operating Income: | |||
Operating Income | 24,582 | 21,916 | 22,903 |
Capital Expenditures: | |||
Capital Expenditures | 21,756 | 17,211 | 16,724 |
Assets: | |||
Assets | 171,609 | 161,940 | 153,579 |
Frozen Beverages [Member] | Other [Member] | |||
Food Service | |||
Sales to External Customers | 1,361 | 1,597 | 2,122 |
Frozen Beverages [Member] | Beverages [Member] | |||
Food Service | |||
Sales to External Customers | 142,705 | 133,283 | 132,274 |
Frozen Beverages [Member] | Repair And Maintenance Service [Member] | |||
Food Service | |||
Sales to External Customers | 65,765 | 59,805 | 52,813 |
Frozen Beverages [Member] | Machines Sales [Member] | |||
Food Service | |||
Sales to External Customers | $ 26,413 | $ 20,224 | $ 17,376 |
Note P - Accumulated Other Co74
Note P - Accumulated Other Comprehensive Loss (Details) - Changes to the Components of Other Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ (5,988) | $ (5,930) |
Other comprehensive loss before reclassifications | (7,996) | (424) |
Amounts reclassified from accumulated other comprehensive income | 3,087 | 366 |
Ending Balance | (10,897) | (5,988) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (4,632) | (3,703) |
Other comprehensive loss before reclassifications | (5,389) | (929) |
Ending Balance | (10,021) | (4,632) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (1,356) | (2,227) |
Other comprehensive loss before reclassifications | (2,607) | 505 |
Amounts reclassified from accumulated other comprehensive income | 3,087 | 366 |
Ending Balance | $ (876) | $ (1,356) |
Note Q - Quarterly Financial 75
Note Q - Quarterly Financial Data (Unaudited) (Details) - Quarterly Financial Information - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |||||||||||
Quarterly Financial Information [Abstract] | |||||||||||||||||||||
Net Sales | $ 259,772 | $ 278,724 | $ 225,008 | $ 212,752 | $ 253,494 | $ 257,113 | $ 205,321 | $ 203,523 | $ 976,256 | $ 919,451 | $ 867,683 | ||||||||||
Gross Profit | 82,443 | 90,396 | 66,950 | 61,101 | 82,190 | 84,368 | 61,113 | 59,906 | 300,890 | 287,577 | 263,302 | ||||||||||
Net Earnings | $ 19,828 | $ 24,462 | $ 14,637 | $ 11,256 | $ 22,189 | $ 23,678 | $ 13,521 | $ 12,426 | $ 70,183 | $ 71,814 | $ 64,381 | ||||||||||
Net Earnings Per Diluted Share (in Dollars per share) | $ 1.05 | [1] | $ 1.30 | [1] | $ 0.78 | [1] | $ 0.60 | [1] | $ 1.18 | [1] | $ 1.26 | [1] | $ 0.72 | [1] | $ 0.66 | [1] | $ 3.73 | [1] | $ 3.82 | [1] | $ 3.41 |
[1] | Total of quarterly amounts do not necessarily agree to the annual report amounts due to separate quarterly calculations of weighted average shares outstanding. |
Schedule II - Valuation and Q76
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation and Qualifying Accounts - USD ($) | 12 Months Ended | |||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | ||
Allowance for Doubtful Accounts [Member] | ||||
Valuation Allowance [Line Items] | ||||
Opening Balance | $ 450,000 | $ 854,000 | $ 987,000 | |
Charged to Expense | 310,000 | 161,000 | (70,000) | |
Deductions | [1] | 456,000 | 565,000 | 63,000 |
Closing Balance | 304,000 | 450,000 | 854,000 | |
Inventory Valuation Reserve [Member] | ||||
Valuation Allowance [Line Items] | ||||
Opening Balance | 3,982,000 | 4,449,000 | 3,883,000 | |
Charged to Expense | 3,771,000 | 2,626,000 | 2,768,000 | |
Deductions | [2] | 5,126,000 | 3,093,000 | 2,202,000 |
Closing Balance | $ 2,627,000 | $ 3,982,000 | $ 4,449,000 | |
[1] | Write-offs of uncollectible accounts receivable. | |||
[2] | Disposals and write-offs of obsolete inventory. |