Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Dec. 24, 2016 | Jan. 19, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | J&J SNACK FOODS CORP | |
Entity Central Index Key | 785,956 | |
Trading Symbol | jjsf | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | No | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 18,709,265 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 24, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Dec. 24, 2016 | Sep. 24, 2016 |
Current assets | ||
Cash and cash equivalents | $ 140,966 | $ 140,652 |
Marketable securities held to maturity | 26,017 | 13,539 |
Accounts receivable, net | 92,368 | 98,325 |
Inventories | 95,359 | 88,684 |
Prepaid expenses and other | 8,141 | 13,904 |
Total current assets | 362,851 | 355,104 |
Property, plant and equipment, at cost | ||
Property, plant and equipment, gross | 610,417 | 605,045 |
Less accumulated depreciation and amortization | 424,285 | 420,832 |
Property, plant and equipment, net | 186,132 | 184,213 |
Other assets | ||
Goodwill | 86,442 | 86,442 |
Other intangible assets, net | 40,711 | 41,819 |
Marketable securities held to maturity | 86,025 | 90,732 |
Marketable securities available for sale | 29,362 | 29,465 |
Other | 2,650 | 2,712 |
Total other assets | 245,190 | 251,170 |
Total Assets | 794,173 | 790,487 |
Current Liabilities | ||
Current obligations under capital leases | 358 | 365 |
Accounts payable | 63,149 | 62,026 |
Accrued insurance liability | 10,286 | 10,119 |
Accrued liabilities | 6,954 | 6,161 |
Accrued compensation expense | 11,396 | 16,340 |
Dividends payable | 7,852 | 7,280 |
Total current liabilities | 99,995 | 102,291 |
Long-term obligations under capital leases | 1,151 | 1,235 |
Deferred income taxes | 48,106 | 48,186 |
Other long-term liabilities | 738 | 801 |
Stockholders' Equity | ||
Preferred stock, $1 par value; authorized 10,000,000 shares; none issued | ||
Common stock, no par value; authorized, 50,000,000 shares; issued and outstanding 18,697,000 and 18,668,000 respectively | 27,060 | 25,332 |
Accumulated other comprehensive loss | (14,622) | (13,415) |
Retained Earnings | 631,745 | 626,057 |
Total stockholders' equity | 644,183 | 637,974 |
Total Liabilities and Stockholders' Equity | 794,173 | 790,487 |
Land [Member] | ||
Property, plant and equipment, at cost | ||
Property, plant and equipment, gross | 2,482 | 2,512 |
Building [Member] | ||
Property, plant and equipment, at cost | ||
Property, plant and equipment, gross | 26,741 | 26,741 |
Plant Machinery and Equipment [Member] | ||
Property, plant and equipment, at cost | ||
Property, plant and equipment, gross | 228,356 | 227,614 |
Marketing Equipment [Member] | ||
Property, plant and equipment, at cost | ||
Property, plant and equipment, gross | 279,785 | 278,299 |
Transportation Equipment [Member] | ||
Property, plant and equipment, at cost | ||
Property, plant and equipment, gross | 7,589 | 7,637 |
Office Equipment [Member] | ||
Property, plant and equipment, at cost | ||
Property, plant and equipment, gross | 22,618 | 22,136 |
Improvements [Member] | ||
Property, plant and equipment, at cost | ||
Property, plant and equipment, gross | 34,898 | 34,750 |
Construction in Progress [Member] | ||
Property, plant and equipment, at cost | ||
Property, plant and equipment, gross | $ 7,948 | $ 5,356 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Dec. 24, 2016 | Sep. 24, 2016 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 18,697,000 | 18,668,000 |
Common stock, shares outstanding (in shares) | 18,697,000 | 18,668,000 |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Dec. 24, 2016 | Dec. 26, 2015 | ||
Net Sales | $ 225,570 | $ 222,850 | |
Cost of goods sold(1) | [1] | 159,675 | 159,015 |
Gross Profit | 65,895 | 63,835 | |
Operating expenses | |||
Marketing (2) | [2] | 20,335 | 19,629 |
Distribution (3) | [3] | 18,164 | 18,256 |
Administrative (4) | [4] | 8,098 | 7,690 |
Other general income | (29) | (100) | |
Total Operating Expenses | 46,568 | 45,475 | |
Operating Income | 19,327 | 18,360 | |
Other income (expense) | |||
Investment income | 1,227 | 1,160 | |
Interest expense & other | (26) | (32) | |
Earnings before income taxes | 20,528 | 19,488 | |
Income taxes | 6,988 | 6,510 | |
NET EARNINGS | $ 13,540 | $ 12,978 | |
Earnings per diluted share (in dollars per share) | $ 0.72 | $ 0.69 | |
Weighted average number of diluted shares (in shares) | 18,787 | 18,839 | |
Earnings per basic share (in dollars per share) | $ 0.72 | $ 0.69 | |
Weighted average number of basic shares (in shares) | 18,686 | 18,687 | |
[1] | Includes share-based compensation expense of $182 and $133 for the three months ended December 24, 2016 and December 26, 2015, respectively. | ||
[2] | Includes share-based compensation expense of $261 and $201 for the three months ended December 24, 2016 and December 26, 2015, respectively. | ||
[3] | Includes share-based compensation expense of $18 and $11 for the three months ended December 24, 2016 and December 26, 2015, respectively. | ||
[4] | Includes share-based compensation expense of $286 and $173 for the three months ended December 24, 2016 and December 26, 2015, respectively. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 24, 2016 | Dec. 26, 2015 | |
Net earnings | $ 13,540 | $ 12,978 |
Foreign currency translation adjustments | (1,104) | (640) |
Unrealized holding loss on marketable securities | (103) | (822) |
Total Other Comprehensive(Loss)Income | (1,207) | (1,462) |
Comprehensive Income | $ 12,333 | $ 11,516 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 24, 2016 | Dec. 26, 2015 | |
Operating activities: | ||
Net earnings | $ 13,540,000 | $ 12,978,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation of fixed assets | 8,728,000 | 8,170,000 |
Amortization of intangibles and deferred costs | 1,183,000 | 1,455,000 |
Share-based compensation | 748,000 | 518,000 |
Deferred income taxes | (74,000) | (36,000) |
Loss on sale of marketable securities | 109,000 | |
Other | 222,000 | 89,000 |
Changes in assets and liabilities net of effects from purchase of companies | ||
Decrease in accounts receivable | 5,849,000 | 10,527,000 |
Increase in inventories | (6,727,000) | (12,073,000) |
Decrease in prepaid expenses | 5,747,000 | 3,141,000 |
Decrease in accounts payable and accrued liabilities | (2,816,000) | (3,960,000) |
Net cash provided by operating activities | 26,400,000 | 20,918,000 |
Investing activities: | ||
Purchases of property, plant and equipment | (11,399,000) | (13,304,000) |
Purchases of marketable securities | (8,550,000) | (21,329,000) |
Proceeds from redemption and sales of marketable securities | 475,000 | 1,198,000 |
Proceeds from disposal of property and equipment | 645,000 | 581,000 |
Other | (20,000) | (72,000) |
Net cash used in investing activities | (18,849,000) | (32,926,000) |
Financing activities: | ||
Payments to repurchase common stock | (3,115,000) | |
Proceeds from issuance of stock | 980,000 | 640,000 |
Payments on capitalized lease obligations | (90,000) | (67,000) |
Payment of cash dividend | (7,280,000) | (6,723,000) |
Net cash used in financing activities | (6,390,000) | (9,265,000) |
Effect of exchange rate on cash and cash equivalents | (847,000) | (494,000) |
Net increase (decrease) in cash and cash equivalents | 314,000 | (21,767,000) |
Cash and cash equivalents at beginning of period | 140,652,000 | 133,689,000 |
Cash and cash equivalents at end of period | $ 140,966,000 | $ 111,922,000 |
Note 1
Note 1 | 3 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1 The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10 10 01 10 September 24, 2016 . In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position and the results of operations and cash flows. The results of operations for the three December 24, 2016 December 26, 2015 third fourth While we believe that the disclosures presented are adequate to make the information not misleading, it is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and the notes included in the Company’s Annual Report on Form 10 September 24, 2016. |
Note 2
Note 2 | 3 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Revenue [Text Block] | Note 2 We recognize revenue from our products when the products are shipped to our customers. Repair and maintenance equipment service revenue is recorded when it is performed provided the customer terms are that the customer is to be charged on a time and material basis or on a straight-line basis over the term of the contract when the customer has signed a service contract. Revenue is recognized only where persuasive evidence of an arrangement exists, our price is fixed or estimable and collectability is reasonably assured. We record offsets to revenue for allowances, end-user pricing adjustments, trade spending, coupon redemption costs and returned product. Customers generally do not have the right to return product unless it is damaged or defective. We provide an allowance for doubtful receivables after taking into consideration historical experience and other factors. The allowance for doubtful receivables was $585,000 $571,000 December 24, 2016 September 24, 2016, |
Note 3
Note 3 | 3 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 3 Depreciation of equipment and buildings is provided for by the straight-line method over the assets’ estimated useful lives. Amortization of improvements is provided for by the straight-line method over the term of the lease or the assets’ estimated useful lives, whichever is shorter. Licenses and rights, customer relationships and non-compete agreements arising from acquisitions are amortized by the straight-line method over periods ranging from 3 20 $8,728,000 $8,170,000 three December 24, 2016 December 26, 2015, |
Note 4
Note 4 | 3 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 4 Basic earnings per common share (EPS) excludes dilution and is computed by dividing income available to common shareholders by the weighted average common shares outstanding during the period. Diluted EPS takes into consideration the potential dilution that could occur if securities (stock options) or other contracts to issue common stock were exercised and converted into common stock. Our calculation of EPS is as follows: Three Months Ended December 24, 2016 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 13,540 18,686 $ 0.72 Effect of Dilutive Securities Options - 101 - Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 13,540 18,787 $ 0.72 Three Months Ended December 26, 2015 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 12,978 18,687 $ 0.69 Effect of Dilutive Securities Options - 152 - Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 12,978 18,839 $ 0.69 |
Note 5
Note 5 | 3 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 5 At December 24, 2016, three Three months ended December 24, December 26, 2016 2015 (in thousands, except per share amounts) Stock Options $ (211 ) $ (249 ) Stock purchase plan 174 92 Restricted stock issued to an employee 1 1 Total share-based compensation $ (36 ) $ (156 ) The above compensation is net of tax benefits $ 783 $ 674 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 2017 first three 15.8%; 1.1%; 1.3% 5 During the 2017 three 300 $15.15. The Company did not grant any stock options during the 2016 three Expected volatility is based on the historical volatility of the price of our common shares over the past 51 5 10 10 |
Note 6
Note 6 | 3 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 6 We account for our income taxes under the liability method. Under the liability method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates that will be in effect when these differences reverse. Deferred tax expense is the result of changes in deferred tax assets and liabilities. Additionally, we recognize a liability for income taxes and associated penalties and interest for tax positions taken or expected to be taken in a tax return which are more likely than not to be overturned by taxing authorities (“uncertain tax positions”). We have not recognized a tax benefit in our financial statements for these uncertain tax positions. The total amount of gross unrecognized tax benefits is $359,000 $354,000 December 24, 2016 September 24, 2016, December 24, 2016 September 24, 2016, $224,000 $219,000 three four |
Note 7
Note 7 | 3 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 7 In May 2014, September 2019. In January 2016, September 2019. In February 2016, September 2020. . |
Note 8
Note 8 | 3 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 8 Inventories consist of the following: December 24, September 24, 2016 2016 (unaudited) (in thousands) Finished goods $ 41,920 $ 38,285 Raw materials 21,030 18,223 Packaging materials 7,251 6,799 Equipment parts and other 25,158 25,377 Total Inventories $ 95,359 $ 88,684 |
Note 9
Note 9 | 3 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 9 We principally sell our products to the food service and retail supermarket industries. Sales and results of our frozen beverages business are monitored separately from the balance of our food service business because of different distribution and capital requirements. We maintain separate and discrete financial information for the three Our three Food Service The primary products sold by the food service group are soft pretzels, frozen juice treats and desserts, churros, dough enrobed handheld products and baked goods. Our customers in the food service industry include snack bars and food stands in chain, department and discount stores; malls and shopping centers; fast food outlets; stadiums and sports arenas; leisure and Retail Supermarkets The primary products sold to the retail supermarket channel are soft pretzel products – including SUPERPRETZEL, frozen juice treats and desserts including LUIGI’S Real Italian Ice, MINUTE MAID Juice Bars and Soft Frozen Lemonade, WHOLE FRUIT frozen fruit bars and sorbet, PHILLY SWIRL cups and sticks, ICEE Squeeze-Up Tubes and dough enrobed handheld products including PATIO burritos. Within the retail supermarket channel, our frozen and prepackaged products are purchased by the consumer for consumption at home. Frozen Beverages We sell frozen beverages and related products to the food service industry primarily under the names ICEE, SLUSH PUPPIE and PARROT ICE in the United States, Mexico and Canada. We also provide repair and maintenance service to customers for customers’ owned equipment. The Chief Operating Decision Maker for Food Service and Retail Supermarkets and the Chief Operating Decision Maker for Frozen Beverages monthly review detailed operating income statements and sales reports in order to assess performance and allocate resources to each individual segment. In addition, the Chief Operating Decision Makers review and evaluate depreciation, capital spending and assets of each segment on a quarterly basis to monitor cash flow and asset needs of each segment. Information regarding the operations in these three Three months ended December 24, December 26, 2016 2015 (unaudited) (in thousands) Sales to External Customers: Food Service Soft pretzels $ 41,494 $ 38,699 Frozen juices and ices 7,479 8,315 Churros 14,438 13,936 Handhelds 7,479 6,146 Bakery 75,279 76,601 Other 4,128 3,055 Total Food Service $ 150,297 $ 146,752 Retail Supermarket Soft pretzels $ 8,944 $ 8,740 Frozen juices and ices 9,851 9,064 Handhelds 3,450 3,875 Coupon redemption (1,259 ) (574 ) Other 633 155 Total Retail Supermarket $ 21,619 $ 21,260 Frozen Beverages Beverages $ 28,276 $ 28,070 Repair and maintenance service 18,091 17,763 Machines sales 7,039 8,732 Other 248 273 Total Frozen Beverages $ 53,654 $ 54,838 Consolidated Sales $ 225,570 $ 222,850 Depreciation and Amortization: Food Service $ 5,732 $ 5,385 Retail Supermarket 278 286 Frozen Beverages 3,901 3,954 Total Depreciation and Amortization $ 9,911 $ 9,625 Operating Income : Food Service $ 17,054 $ 15,902 Retail Supermarket 1,046 1,090 Frozen Beverages 1,227 1,368 Total Operating Income $ 19,327 $ 18,360 Capital Expenditures: Food Service $ 6,587 $ 8,084 Retail Supermarket 82 156 Frozen Beverages 4,730 5,064 Total Capital Expenditures $ 11,399 $ 13,304 Assets: Food Service $ 594,963 $ 546,264 Retail Supermarket 22,128 23,099 Frozen Beverages 177,082 172,275 Total Assets $ 794,173 $ 741,638 |
Note 10
Note 10 | 3 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 10 Our three The carrying amounts of acquired intangible assets for the Food Service, Retail Supermarkets and Frozen Beverage segments as of December 24, 2016 September 24, 2016 December 24, 2016 September 24, 2016 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (in thousands) FOOD SERVICE Indefinite lived intangible assets Trade Names $ 14,150 $ - $ 14,150 $ - Amortized intangible assets Non compete agreements 592 569 592 563 Customer relationships 40,797 38,058 40,797 37,201 License and rights 3,606 2,912 3,606 2,890 TOTAL FOOD SERVICE $ 59,145 $ 41,539 $ 59,145 $ 40,654 RETAIL SUPERMARKETS Indefinite lived Trade Names $ 7,206 $ - $ 7,206 $ - Amortized Intangible Assets Non compete agreements 160 160 160 160 Customer relationships 7,979 2,221 7,979 2,021 TOTAL RETAIL SUPERMARKETS $ 15,345 $ 2,381 $ 15,345 $ 2,181 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 6,511 6,678 6,506 Licenses and rights 1,601 942 1,601 924 TOTAL FROZEN BEVERAGES $ 17,792 $ 7,651 $ 17,792 $ 7,628 CONSOLIDATED $ 92,282 $ 51,571 $ 92,282 $ 50,463 Amortized intangible assets are being amortized by the straight-line method over periods ranging from 3 20 three December 24, 2016. three December 24, 2016 December 26, 2015 $1,108,000 $1,329,000 Estimated amortization expense including the estimated impact from the Hill & Valley purchase described in Note 13 five $3,700,000 2017, $3,300,000 2018, $3,200,000 2019, $2,900,000 2020 $2,500,000 2021. 10.6 Goodwill The carrying amounts of goodwill for the Food Service, Retail Supermarket and Frozen Beverage segments are as follows: Total Food Retail Service Frozen Supermarket Beverages (in thousands) Balance at December 24, 2016 $ 46,832 $ 3,670 $ 35,940 $ 86,442 Balance at September 24, 2016 $ 46,832 $ 3,670 $ 35,940 $ 86,442 There was no goodwill acquired in the three December 24, 2016. |
Note 11
Note 11 | 3 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 11 We have classified our investment securities as marketable securities held to maturity and available for sale. The FASB defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the FASB has established three may Level 1 Observable input such as quoted prices in active markets for identical assets or liabilities; Level 2 Observable inputs, other than Level 1 Level 3 Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions. Marketable securities held to maturity and available for sale consist primarily of investments in mutual funds, 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 2 The amortized cost, unrealized gains and losses, and fair market values of our investment securities held to maturity at December 24, 2016 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Corporate Bonds $ 111,082 $ 212 $ 287 $ 111,007 Certificates of Deposit 960 6 - 966 Total investment securities held to maturity $ 112,042 $ 218 $ 287 $ 111,973 The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at December 24, 2016 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 13,003 $ - $ 400 $ 12,603 Preferred Stock 16,791 115 147 16,759 Total investment securities available for sale $ 29,794 $ 115 $ 547 $ 29,362 The mutual funds seek current income with an emphasis on maintaining low volatility and overall moderate duration. The unrealized losses of $400,000 4 $12.6 2018, 2019 2025 one may The corporate bonds generate fixed income to maturity dates in 2017 2021, $95 3 The amortized cost, unrealized gains and losses, and fair market values of our investment securities held to maturity at September 24, 2016 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Corporate Bonds $ 103,311 $ 734 $ 138 $ 103,907 Certificates of Deposit 960 11 - 971 Total investment securities held to maturity $ 104,271 $ 745 $ 138 $ 104,878 The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at September 24, 2016 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 13,003 $ - $ 520 $ 12,483 Preferred Stock 16,791 273 82 16,982 Total investment securities available for sale $ 29,794 $ 273 $ 602 $ 29,465 The amortized cost and fair value of the Company’s held to maturity securities by contractual maturity at December 24, 2016 September 24, 2016 December 24, 2016 September 24, 2016 Fair Fair Amortized Market Amortized Market Cost Value Cost Value (in thousands) Due in one year or less $ 26,017 $ 25,976 $ 13,539 $ 13,552 Due after one year through five years 86,025 85,997 90,732 91,326 Due after five years through ten years - - Total held to $ 112,042 $ 111,973 $ 104,271 $ 104,878 Less current portion 26,017 25,976 13,539 13,552 Long term held to maturity securities $ 86,025 $ 85,997 $ 90,732 $ 91,326 Proceeds from the redemption and sale of marketable securities were $475,000 $1,198,000 three December 24, 2016 December 26, 2015, no three December 24, 2016 $109,000 three December 26, 2015. |
Note 12
Note 12 | 3 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 12 Changes to the components of other accumulated comprehensive loss are as follows: Three Months ended December 24, 2016 (unaudited) (in thousands) Unrealized Holding Foreign Currency Loss on Translation Adjustments Marketable Securities Total Beginning Balance $ (13,086 ) $ (329 ) $ (13,415 ) Other comprehensive (loss) income before reclassifications (1,104 ) (103 ) (1,207 ) Amounts reclassified from accumulated other comprehensive income - - - Ending Balance $ (14,190 ) $ (432 ) $ (14,622 ) Three Months ended December 26, 2015 (unaudited) (in thousands) Unrealized Holding Foreign Currency Loss on Translation Adjustments Marketable Securities Total Beginning Balance $ (10,021 ) $ (876 ) $ (10,897 ) Other comprehensive (loss) income before reclassifications (640 ) (892 ) (1,532 ) Amounts reclassified - 70 70 Ending Balance $ (10,661 ) $ (1,698 ) $ (12,359 ) |
Note 13
Note 13 | 3 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 13 On January 3, 2017 $31 $45 |
Note 4 (Tables)
Note 4 (Tables) | 3 Months Ended |
Dec. 24, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended December 24, 2016 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 13,540 18,686 $ 0.72 Effect of Dilutive Securities Options - 101 - Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 13,540 18,787 $ 0.72 Three Months Ended December 26, 2015 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 12,978 18,687 $ 0.69 Effect of Dilutive Securities Options - 152 - Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 12,978 18,839 $ 0.69 |
Note 5 (Tables)
Note 5 (Tables) | 3 Months Ended |
Dec. 24, 2016 | |
Notes Tables | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Three months ended December 24, December 26, 2016 2015 (in thousands, except per share amounts) Stock Options $ (211 ) $ (249 ) Stock purchase plan 174 92 Restricted stock issued to an employee 1 1 Total share-based compensation $ (36 ) $ (156 ) The above compensation is net of tax benefits $ 783 $ 674 |
Note 8 (Tables)
Note 8 (Tables) | 3 Months Ended |
Dec. 24, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 24, September 24, 2016 2016 (unaudited) (in thousands) Finished goods $ 41,920 $ 38,285 Raw materials 21,030 18,223 Packaging materials 7,251 6,799 Equipment parts and other 25,158 25,377 Total Inventories $ 95,359 $ 88,684 |
Note 9 (Tables)
Note 9 (Tables) | 3 Months Ended |
Dec. 24, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended December 24, December 26, 2016 2015 (unaudited) (in thousands) Sales to External Customers: Food Service Soft pretzels $ 41,494 $ 38,699 Frozen juices and ices 7,479 8,315 Churros 14,438 13,936 Handhelds 7,479 6,146 Bakery 75,279 76,601 Other 4,128 3,055 Total Food Service $ 150,297 $ 146,752 Retail Supermarket Soft pretzels $ 8,944 $ 8,740 Frozen juices and ices 9,851 9,064 Handhelds 3,450 3,875 Coupon redemption (1,259 ) (574 ) Other 633 155 Total Retail Supermarket $ 21,619 $ 21,260 Frozen Beverages Beverages $ 28,276 $ 28,070 Repair and maintenance service 18,091 17,763 Machines sales 7,039 8,732 Other 248 273 Total Frozen Beverages $ 53,654 $ 54,838 Consolidated Sales $ 225,570 $ 222,850 Depreciation and Amortization: Food Service $ 5,732 $ 5,385 Retail Supermarket 278 286 Frozen Beverages 3,901 3,954 Total Depreciation and Amortization $ 9,911 $ 9,625 Operating Income : Food Service $ 17,054 $ 15,902 Retail Supermarket 1,046 1,090 Frozen Beverages 1,227 1,368 Total Operating Income $ 19,327 $ 18,360 Capital Expenditures: Food Service $ 6,587 $ 8,084 Retail Supermarket 82 156 Frozen Beverages 4,730 5,064 Total Capital Expenditures $ 11,399 $ 13,304 Assets: Food Service $ 594,963 $ 546,264 Retail Supermarket 22,128 23,099 Frozen Beverages 177,082 172,275 Total Assets $ 794,173 $ 741,638 |
Note 10 (Tables)
Note 10 (Tables) | 3 Months Ended |
Dec. 24, 2016 | |
Notes Tables | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | December 24, 2016 September 24, 2016 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (in thousands) FOOD SERVICE Indefinite lived intangible assets Trade Names $ 14,150 $ - $ 14,150 $ - Amortized intangible assets Non compete agreements 592 569 592 563 Customer relationships 40,797 38,058 40,797 37,201 License and rights 3,606 2,912 3,606 2,890 TOTAL FOOD SERVICE $ 59,145 $ 41,539 $ 59,145 $ 40,654 RETAIL SUPERMARKETS Indefinite lived Trade Names $ 7,206 $ - $ 7,206 $ - Amortized Intangible Assets Non compete agreements 160 160 160 160 Customer relationships 7,979 2,221 7,979 2,021 TOTAL RETAIL SUPERMARKETS $ 15,345 $ 2,381 $ 15,345 $ 2,181 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 6,511 6,678 6,506 Licenses and rights 1,601 942 1,601 924 TOTAL FROZEN BEVERAGES $ 17,792 $ 7,651 $ 17,792 $ 7,628 CONSOLIDATED $ 92,282 $ 51,571 $ 92,282 $ 50,463 |
Schedule of Goodwill [Table Text Block] | Total Food Retail Service Frozen Supermarket Beverages (in thousands) Balance at December 24, 2016 $ 46,832 $ 3,670 $ 35,940 $ 86,442 Balance at September 24, 2016 $ 46,832 $ 3,670 $ 35,940 $ 86,442 |
Note 11 (Tables)
Note 11 (Tables) | 3 Months Ended |
Dec. 24, 2016 | |
Notes Tables | |
Unrealized Gain (Loss) on Investments [Table Text Block] | Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Corporate Bonds $ 111,082 $ 212 $ 287 $ 111,007 Certificates of Deposit 960 6 - 966 Total investment securities held to maturity $ 112,042 $ 218 $ 287 $ 111,973 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 13,003 $ - $ 400 $ 12,603 Preferred Stock 16,791 115 147 16,759 Total investment securities available for sale $ 29,794 $ 115 $ 547 $ 29,362 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Corporate Bonds $ 103,311 $ 734 $ 138 $ 103,907 Certificates of Deposit 960 11 - 971 Total investment securities held to maturity $ 104,271 $ 745 $ 138 $ 104,878 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 13,003 $ - $ 520 $ 12,483 Preferred Stock 16,791 273 82 16,982 Total investment securities available for sale $ 29,794 $ 273 $ 602 $ 29,465 |
Investments Classified by Contractual Maturity Date [Table Text Block] | December 24, 2016 September 24, 2016 Fair Fair Amortized Market Amortized Market Cost Value Cost Value (in thousands) Due in one year or less $ 26,017 $ 25,976 $ 13,539 $ 13,552 Due after one year through five years 86,025 85,997 90,732 91,326 Due after five years through ten years - - Total held to $ 112,042 $ 111,973 $ 104,271 $ 104,878 Less current portion 26,017 25,976 13,539 13,552 Long term held to maturity securities $ 86,025 $ 85,997 $ 90,732 $ 91,326 |
Note 12 (Tables)
Note 12 (Tables) | 3 Months Ended |
Dec. 24, 2016 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months ended December 24, 2016 (unaudited) (in thousands) Unrealized Holding Foreign Currency Loss on Translation Adjustments Marketable Securities Total Beginning Balance $ (13,086 ) $ (329 ) $ (13,415 ) Other comprehensive (loss) income before reclassifications (1,104 ) (103 ) (1,207 ) Amounts reclassified from accumulated other comprehensive income - - - Ending Balance $ (14,190 ) $ (432 ) $ (14,622 ) Three Months ended December 26, 2015 (unaudited) (in thousands) Unrealized Holding Foreign Currency Loss on Translation Adjustments Marketable Securities Total Beginning Balance $ (10,021 ) $ (876 ) $ (10,897 ) Other comprehensive (loss) income before reclassifications (640 ) (892 ) (1,532 ) Amounts reclassified - 70 70 Ending Balance $ (10,661 ) $ (1,698 ) $ (12,359 ) |
Note 2 (Details Textual)
Note 2 (Details Textual) - USD ($) | Dec. 24, 2016 | Sep. 24, 2016 |
Allowance for Doubtful Accounts Receivable | $ 585,000 | $ 571,000 |
Note 3 (Details Textual)
Note 3 (Details Textual) - USD ($) | 3 Months Ended | |
Dec. 24, 2016 | Dec. 26, 2015 | |
Depreciation | $ 8,728,000 | $ 8,170,000 |
Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 3 years | |
Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Note 4 - Calculation of EPS (De
Note 4 - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Dec. 24, 2016 | Dec. 26, 2015 | |
Net Earnings available to common stockholders | $ 13,540 | $ 12,978 |
Weighted average number of basic shares (in shares) | 18,686 | 18,687 |
Earnings per basic share (in dollars per share) | $ 0.72 | $ 0.69 |
Options | ||
Options (in shares) | 101 | 152 |
Options (in dollars per share) | ||
Net Earnings available to common stockholders plus assumed conversions | $ 13,540 | $ 12,978 |
Weighted average number of diluted shares (in shares) | 18,787 | 18,839 |
Earnings per diluted share (in dollars per share) | $ 0.72 | $ 0.69 |
Note 5 (Details Textual)
Note 5 (Details Textual) - $ / shares | 3 Months Ended | |
Dec. 24, 2016 | Dec. 26, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 300 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 15.15 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 15.80% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.10% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.30% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | |
Five Year Options [Member] | ||
Share Based Compensation Arrangement by Share Based Payment Award Fair Value Assumptions Volatility Calculation Term | 4 years 90 days | |
Ten Year Options [Member] | ||
Share Based Compensation Arrangement by Share Based Payment Award Fair Value Assumptions Volatility Calculation Term | 10 years |
Note 5 - Share-based Compensati
Note 5 - Share-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 24, 2016 | Dec. 26, 2015 | |
Share-based compensation expense | $ (36) | $ (156) |
The above compensation is net of tax benefits | 783 | 674 |
Employee Stock Option [Member] | ||
Share-based compensation expense | (211) | (249) |
Stock Purchase Plan [Member] | ||
Share-based compensation expense | 174 | 92 |
Restricted Stock [Member] | ||
Share-based compensation expense | $ 1 | $ 1 |
Note 6 (Details Textual)
Note 6 (Details Textual) - USD ($) | Dec. 24, 2016 | Sep. 24, 2016 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 359,000 | $ 354,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 224,000 | $ 219,000 |
Note 8 - Inventories (Details)
Note 8 - Inventories (Details) - USD ($) $ in Thousands | Dec. 24, 2016 | Sep. 24, 2016 |
Finished goods | $ 41,920 | $ 38,285 |
Raw materials | 21,030 | 18,223 |
Packaging materials | 7,251 | 6,799 |
Equipment parts and other | 25,158 | 25,377 |
Total Inventories | $ 95,359 | $ 88,684 |
Note 9 (Details Textual)
Note 9 (Details Textual) | 3 Months Ended |
Dec. 24, 2016 | |
Number of Operating Segments | 3 |
Number of Reportable Segments | 3 |
Note 9 - Reportable Segments Op
Note 9 - Reportable Segments Operations Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 24, 2016 | Dec. 26, 2015 | Sep. 24, 2016 | |
Sales | $ 225,570 | $ 222,850 | |
Depreciation and amortization | 9,911 | 9,625 | |
Operating income | 19,327 | 18,360 | |
Capital expenditure | 11,399 | 13,304 | |
Assets | 794,173 | 741,638 | $ 790,487 |
Food Service [Member] | |||
Sales | 150,297 | 146,752 | |
Depreciation and amortization | 5,732 | 5,385 | |
Operating income | 17,054 | 15,902 | |
Capital expenditure | 6,587 | 8,084 | |
Assets | 594,963 | 546,264 | |
Retail Supermarket [Member] | |||
Sales | 21,619 | 21,260 | |
Depreciation and amortization | 278 | 286 | |
Operating income | 1,046 | 1,090 | |
Capital expenditure | 82 | 156 | |
Assets | 22,128 | 23,099 | |
Frozen Beverages [Member] | |||
Sales | 53,654 | 54,838 | |
Depreciation and amortization | 3,901 | 3,954 | |
Operating income | 1,227 | 1,368 | |
Capital expenditure | 4,730 | 5,064 | |
Assets | 177,082 | 172,275 | |
Soft Pretzels [Member] | Food Service [Member] | |||
Sales | 41,494 | 38,699 | |
Soft Pretzels [Member] | Retail Supermarket [Member] | |||
Sales | 8,944 | 8,740 | |
Frozen Juices and Ices [Member] | Food Service [Member] | |||
Sales | 7,479 | 8,315 | |
Frozen Juices and Ices [Member] | Retail Supermarket [Member] | |||
Sales | 9,851 | 9,064 | |
Churros [Member] | Food Service [Member] | |||
Sales | 14,438 | 13,936 | |
Handhelds [Member] | Food Service [Member] | |||
Sales | 7,479 | 6,146 | |
Handhelds [Member] | Retail Supermarket [Member] | |||
Sales | 3,450 | 3,875 | |
Bakery [Member] | Food Service [Member] | |||
Sales | 75,279 | 76,601 | |
Other Products [Member] | Food Service [Member] | |||
Sales | 4,128 | 3,055 | |
Other Products [Member] | Retail Supermarket [Member] | |||
Sales | 633 | 155 | |
Other Products [Member] | Frozen Beverages [Member] | |||
Sales | 248 | 273 | |
Coupon Redemtion [Member] | Retail Supermarket [Member] | |||
Sales | (1,259) | (574) | |
Beverage [Member] | Frozen Beverages [Member] | |||
Sales | 28,276 | 28,070 | |
Repair and Maintenance Service [Member] | Frozen Beverages [Member] | |||
Sales | 18,091 | 17,763 | |
Machine Sales [Member] | Frozen Beverages [Member] | |||
Sales | $ 7,039 | $ 8,732 |
Note 10 (Details Textual)
Note 10 (Details Textual) | 3 Months Ended | |
Dec. 24, 2016USD ($) | Dec. 26, 2015USD ($) | |
Number of Reportable Segments | 3 | |
Amortization of Intangible Assets | $ 1,108,000 | $ 1,329,000 |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 3,700,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 3,300,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 3,200,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 2,900,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 2,500,000 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years 219 days | |
Minimum [Member] | ||
Number of Reportable Segments | 3 | |
Finite-Lived Intangible Asset, Useful Life | 3 years | |
Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Note 10 - Intangible Assets By
Note 10 - Intangible Assets By Reporting Segment (Details) - USD ($) $ in Thousands | Dec. 24, 2016 | Sep. 24, 2016 |
Finite lived intangible assets, accumulated amortization | $ 51,571 | $ 50,463 |
Finite lived intangible assets, gross carrying amount | 92,282 | 92,282 |
Food Service [Member] | ||
Finite lived intangible assets, accumulated amortization | 41,539 | 40,654 |
Finite lived intangible assets, gross carrying amount | 59,145 | 59,145 |
Food Service [Member] | Noncompete Agreements [Member] | ||
Finite lived intangible assets, gross carrying amount | 592 | 592 |
Finite lived intangible assets, accumulated amortization | 569 | 563 |
Food Service [Member] | Customer Relationships [Member] | ||
Finite lived intangible assets, gross carrying amount | 40,797 | 40,797 |
Finite lived intangible assets, accumulated amortization | 38,058 | 37,201 |
Food Service [Member] | License and Rights [Member] | ||
Finite lived intangible assets, gross carrying amount | 3,606 | 3,606 |
Finite lived intangible assets, accumulated amortization | 2,912 | 2,890 |
Retail Supermarket [Member] | ||
Finite lived intangible assets, accumulated amortization | 2,381 | 2,181 |
Finite lived intangible assets, gross carrying amount | 15,345 | 15,345 |
Retail Supermarket [Member] | Noncompete Agreements [Member] | ||
Finite lived intangible assets, gross carrying amount | 160 | 160 |
Finite lived intangible assets, accumulated amortization | 160 | 160 |
Retail Supermarket [Member] | Customer Relationships [Member] | ||
Finite lived intangible assets, gross carrying amount | 7,979 | 7,979 |
Finite lived intangible assets, accumulated amortization | 2,221 | 2,021 |
Frozen Beverages [Member] | ||
Finite lived intangible assets, accumulated amortization | 7,651 | 7,628 |
Finite lived intangible assets, gross carrying amount | 17,792 | 17,792 |
Frozen Beverages [Member] | Noncompete Agreements [Member] | ||
Finite lived intangible assets, gross carrying amount | 198 | 198 |
Finite lived intangible assets, accumulated amortization | 198 | 198 |
Frozen Beverages [Member] | Customer Relationships [Member] | ||
Finite lived intangible assets, gross carrying amount | 6,678 | 6,678 |
Finite lived intangible assets, accumulated amortization | 6,511 | 6,506 |
Frozen Beverages [Member] | License and Rights [Member] | ||
Finite lived intangible assets, gross carrying amount | 1,601 | 1,601 |
Finite lived intangible assets, accumulated amortization | 942 | 924 |
Trade Names [Member] | Food Service [Member] | ||
Indefinite lived intangible assets | 14,150 | 14,150 |
Trade Names [Member] | Retail Supermarket [Member] | ||
Indefinite lived intangible assets | 7,206 | 7,206 |
Trade Names [Member] | Frozen Beverages [Member] | ||
Indefinite lived intangible assets | $ 9,315 | $ 9,315 |
Note 10 - Goodwill By Reporting
Note 10 - Goodwill By Reporting Segment (Details) - USD ($) $ in Thousands | Dec. 24, 2016 | Sep. 24, 2016 |
Goodwill | $ 86,442 | $ 86,442 |
Food Service [Member] | ||
Goodwill | 46,832 | 46,832 |
Retail Supermarket [Member] | ||
Goodwill | 3,670 | 3,670 |
Frozen Beverages [Member] | ||
Goodwill | $ 35,940 | $ 35,940 |
Note 11 (Details Textual)
Note 11 (Details Textual) | 3 Months Ended | ||
Dec. 24, 2016USD ($) | Dec. 26, 2015USD ($) | Sep. 24, 2016USD ($) | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ 547,000 | $ 602,000 | |
Held-to-maturity Securities | 112,042,000 | 104,271,000 | |
Proceeds from Sale and Maturity of Marketable Securities | 475,000 | $ 1,198,000 | |
Marketable Securities, Gain (Loss) | 0 | $ (109,000) | |
Four Mutual Funds [Member] | |||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ 400,000 | ||
Number of Funds | 4 | ||
Marketable Securities | $ 12,600,000 | ||
Mutual Funds [Member] | |||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ 400,000 | $ 520,000 | |
Classification Of Noncurrent Asset, Mutual Funds, Period | 1 year | ||
Corporate Bond Securities [Member] | |||
Held-to-maturity Securities | $ 95,000,000 | ||
Investment Securities Maturity Term | 3 years |
Note 11 - Summary of Securities
Note 11 - Summary of Securities (Details) - USD ($) $ in Thousands | Dec. 24, 2016 | Sep. 24, 2016 |
Held to Maturity - Amortized Cost | $ 112,042 | $ 104,271 |
Held to Maturity - Gross Unrealized Gains | 218 | 745 |
Held to Maturity - Gross Unrealized Losses | 287 | 138 |
Held to Maturity - Fair Market Value | 111,973 | 104,878 |
Available for Sale - Amortized Cost | 29,794 | 29,794 |
Available for Sale - Gross Unrealized Gains | 115 | 273 |
Available for Sale - Gross Unrealized Losses | 547 | 602 |
Available for Sale - Fair Market Value | 29,362 | 29,465 |
Corporate Bond Securities [Member] | ||
Held to Maturity - Amortized Cost | 111,082 | 103,311 |
Held to Maturity - Gross Unrealized Gains | 212 | 734 |
Held to Maturity - Gross Unrealized Losses | 287 | 138 |
Held to Maturity - Fair Market Value | 111,007 | 103,907 |
Mutual Funds [Member] | ||
Available for Sale - Amortized Cost | 13,003 | 13,003 |
Available for Sale - Gross Unrealized Gains | ||
Available for Sale - Gross Unrealized Losses | 400 | 520 |
Available for Sale - Fair Market Value | 12,603 | 12,483 |
Certificates of Deposit [Member] | ||
Held to Maturity - Amortized Cost | 960 | 960 |
Held to Maturity - Gross Unrealized Gains | 6 | 11 |
Held to Maturity - Gross Unrealized Losses | ||
Held to Maturity - Fair Market Value | 966 | 971 |
Preferred Stock [Member] | ||
Available for Sale - Amortized Cost | 16,791 | 16,791 |
Available for Sale - Gross Unrealized Gains | 115 | 273 |
Available for Sale - Gross Unrealized Losses | 147 | 82 |
Available for Sale - Fair Market Value | $ 16,759 | $ 16,982 |
Note 11 - Held to Maturity By C
Note 11 - Held to Maturity By Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 24, 2016 | Sep. 24, 2016 |
Due in one year or less | $ 26,017 | $ 13,539 |
Due in one year or less | 25,976 | 13,552 |
Due after one year through five years | 86,025 | 90,732 |
Due after one year through five years | 85,997 | 91,326 |
Due after five years through ten years | ||
Due after five years through ten years | ||
Total held to maturity securities | 112,042 | 104,271 |
Held to Maturity - Fair Market Value | 111,973 | 104,878 |
Less current portion | 26,017 | 13,539 |
Less current portion | 25,976 | 13,552 |
Marketable securities held to maturity | 86,025 | 90,732 |
Long term held to maturity securities | $ 85,997 | $ 91,326 |
Note 12 - Changes to the Compon
Note 12 - Changes to the Components of Other Comprehensive Loss (Unaudited) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 24, 2016 | Dec. 26, 2015 | |
Beginning balance | $ (13,415) | $ (10,897) |
Other comprehensive (loss) income before reclassifications | (1,207) | (1,532) |
Amounts reclassified from accumulated other comprehensive income | 70 | |
Ending balance | (14,622) | (12,359) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Beginning balance | (13,086) | (10,021) |
Other comprehensive (loss) income before reclassifications | (1,104) | (640) |
Amounts reclassified from accumulated other comprehensive income | ||
Ending balance | (14,190) | (10,661) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Beginning balance | (329) | (876) |
Other comprehensive (loss) income before reclassifications | (103) | (892) |
Amounts reclassified from accumulated other comprehensive income | 70 | |
Ending balance | $ (432) | $ (1,698) |
Note 13 (Details Textual)
Note 13 (Details Textual) - Subsequent Event [Member] $ in Millions | Jan. 03, 2017USD ($) |
Hill & Valley Inc. [Member] | |
Minimum Annual Revenues | $ 45 |
Hill & Valley Inc. [Member] | |
Payments to Acquire Businesses, Gross | $ 31 |