Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Mar. 25, 2017 | Apr. 20, 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 | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 18,718,237 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 25, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 25, 2017 | Sep. 24, 2016 |
Current assets | ||
Cash and cash equivalents | $ 86,275 | $ 140,652 |
Marketable securities held to maturity | 37,176 | 13,539 |
Accounts receivable, net | 110,349 | 98,325 |
Inventories | 105,744 | 88,684 |
Prepaid expenses and other | 8,776 | 13,904 |
Total current assets | 348,320 | 355,104 |
Property, plant and equipment, at cost | ||
Property, plant and equipment, gross | 614,396 | 605,045 |
Less accumulated depreciation and amortization | 411,916 | 420,832 |
Property, plant and equipment, net | 202,480 | 184,213 |
Other assets | ||
Goodwill | 99,975 | 86,442 |
Other intangible assets, net | 56,510 | 41,819 |
Marketable securities held to maturity | 85,112 | 90,732 |
Marketable securities available for sale | 29,960 | 29,465 |
Other | 2,680 | 2,712 |
Total other assets | 274,237 | 251,170 |
Total Assets | 825,037 | 790,487 |
Current Liabilities | ||
Current obligations under capital leases | 352 | 365 |
Accounts payable | 67,471 | 62,026 |
Accrued insurance liability | 9,564 | 10,119 |
Accrued liabilities | 8,932 | 6,161 |
Accrued compensation expense | 12,081 | 16,340 |
Dividends payable | 7,859 | 7,280 |
Total current liabilities | 106,259 | 102,291 |
Long-term obligations under capital leases | 1,067 | 1,235 |
Deferred income taxes | 59,076 | 48,186 |
Other long-term liabilities | 2,552 | 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 18,716,000 and 18,668,000 respectively | 28,341 | 25,332 |
Accumulated other comprehensive loss | (12,130) | (13,415) |
Retained Earnings | 639,872 | 626,057 |
Total stockholders' equity | 656,083 | 637,974 |
Total Liabilities and Stockholders' Equity | 825,037 | 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 | 235,477 | 227,614 |
Marketing Equipment [Member] | ||
Property, plant and equipment, at cost | ||
Property, plant and equipment, gross | 267,644 | 278,299 |
Transportation Equipment [Member] | ||
Property, plant and equipment, at cost | ||
Property, plant and equipment, gross | 7,829 | 7,637 |
Office Equipment [Member] | ||
Property, plant and equipment, at cost | ||
Property, plant and equipment, gross | 23,929 | 22,136 |
Improvements [Member] | ||
Property, plant and equipment, at cost | ||
Property, plant and equipment, gross | 35,392 | 34,750 |
Construction in Progress [Member] | ||
Property, plant and equipment, at cost | ||
Property, plant and equipment, gross | $ 14,902 | $ 5,356 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 25, 2017 | 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) | 18,716,000 | 18,668,000 |
Common stock, shares outstanding (in shares) | 18,716,000 | 18,668,000 |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 25, 2017 | Mar. 26, 2016 | Mar. 25, 2017 | Mar. 26, 2016 | ||
Net Sales | $ 246,513 | $ 229,710 | $ 472,083 | $ 452,560 | |
Cost of goods sold(1) | [1] | 173,696 | 160,961 | 333,371 | 319,976 |
Gross Profit | 72,817 | 68,749 | 138,712 | 132,584 | |
Operating expenses | |||||
Marketing (2) | [2] | 21,529 | 20,364 | 41,864 | 39,993 |
Distribution (3) | [3] | 18,508 | 17,522 | 36,672 | 35,778 |
Administrative (4) | [4] | 8,718 | 7,637 | 16,816 | 15,327 |
Other general income | (49) | (53) | (78) | (153) | |
Total Operating Expenses | 48,706 | 45,470 | 95,274 | 90,945 | |
Operating Income | 24,111 | 23,279 | 43,438 | 41,639 | |
Other income (expense) | |||||
Investment income | 1,175 | 977 | 2,402 | 2,137 | |
Interest expense & other | (545) | (31) | (571) | (63) | |
Earnings before income taxes | 24,741 | 24,225 | 45,269 | 43,713 | |
Income taxes | 8,754 | 8,637 | 15,742 | 15,147 | |
NET EARNINGS | $ 15,987 | $ 15,588 | $ 29,527 | $ 28,566 | |
Earnings per diluted share (in dollars per share) | $ 0.85 | $ 0.83 | $ 1.57 | $ 1.52 | |
Weighted average number of diluted shares (in shares) | 18,821 | 18,752 | 18,804 | 18,796 | |
Earnings per basic share (in dollars per share) | $ 0.85 | $ 0.84 | $ 1.58 | $ 1.53 | |
Weighted average number of basic shares (in shares) | 18,711 | 18,637 | 18,698 | 18,662 | |
[1] | Includes shahre'based compensation expense of $155 and $337 for the three months and six months ended March 25, 2017, respectively and $138 and $271 for the three months and six months ended March 26, 2016. | ||||
[2] | Includes share-based compensation expense of $224 and $486 for the three months and six months ended March 25, 2017, respectively and $208 and $409 for the three months and six months ended March 26 2016. | ||||
[3] | Includes share-based compensation expense of $15 and $33 for the three months and six months ended March 25, 2017, respectively and $11 and $22 for the three months and six months ended March 26, 2016. | ||||
[4] | Includes share-based compensation expense of $288 and $573 for the three months and six months ended March 25, 2017, respectively and $180 and $353 for the three months and six months ended March 26, 2016. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 25, 2017 | Mar. 26, 2016 | Mar. 25, 2017 | Mar. 26, 2016 | |
Net earnings | $ 15,987 | $ 15,588 | $ 29,527 | $ 28,566 |
Foreign currency translation adjustments | 1,894 | (40) | 790 | (680) |
Unrealized holding gain(loss)on marketable securities | 598 | (280) | 495 | (1,102) |
Total Other Comprehensive Income, net of tax | 2,492 | (320) | 1,285 | (1,782) |
Comprehensive Income | $ 18,479 | $ 15,268 | $ 30,812 | $ 26,784 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Mar. 25, 2017 | Mar. 26, 2016 | |
Operating activities: | ||
Net earnings | $ 29,527,000 | $ 28,566,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation of fixed assets | 18,431,000 | 16,761,000 |
Amortization of intangibles and deferred costs | 2,279,000 | 2,909,000 |
Share-based compensation | 1,429,000 | 1,055,000 |
Deferred income taxes | (323,000) | (139,000) |
Loss on sale of marketable securities | 406,000 | |
Other | 498,000 | 289,000 |
Changes in assets and liabilities net of effects from purchase of companies | ||
Increase in accounts receivable | (7,940,000) | (285,000) |
Increase in inventories | (10,866,000) | (18,128,000) |
Decrease (increase) in prepaid expenses | 9,464,000 | (1,054,000) |
Decrease in accounts payable and accrued liabilities | (1,737,000) | (2,079,000) |
Net cash provided by operating activities | 40,762,000 | 28,301,000 |
Investing activities: | ||
Purchases of companies, net of cash acquired and debt assumed | (31,111,000) | |
Purchases of property, plant and equipment | (32,983,000) | (23,735,000) |
Purchases of marketable securities | (23,726,000) | (31,286,000) |
Proceeds from redemption and sales of marketable securities | 5,104,000 | 5,384,000 |
Proceeds from disposal of property and equipment | 964,000 | 835,000 |
Other | (163,000) | 582,000 |
Net cash used in investing activities | (81,915,000) | (48,220,000) |
Financing activities: | ||
Payments to repurchase common stock | (1,682,000) | (11,758,000) |
Proceeds from issuance of stock | 3,218,000 | 1,984,000 |
Payments on capitalized lease obligations | (182,000) | (176,000) |
Payment of cash dividend | (15,133,000) | (14,006,000) |
Net cash used in financing activities | (13,779,000) | (23,956,000) |
Effect of exchange rate on cash and cash equivalents | 555,000 | (477,000) |
Net decrease in cash and cash equivalents | (54,377,000) | (44,352,000) |
Cash and cash equivalents at beginning of period | 140,652,000 | 133,689,000 |
Cash and cash equivalents at end of period | $ 86,275,000 | $ 89,337,000 |
Note 1
Note 1 | 6 Months Ended |
Mar. 25, 2017 | |
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 March 25, 2017 March 26, 2016 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 | 6 Months Ended |
Mar. 25, 2017 | |
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 $609,000 $571,000 March 25, 2017 September 24, 2016, |
Note 3
Note 3 | 6 Months Ended |
Mar. 25, 2017 | |
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 $9,703,000 $8,591,000 three March 25, 2017 March 26, 2016, six March 25, 2017 March 26, 2016 $18,431,000 $16,761,000, |
Note 4
Note 4 | 6 Months Ended |
Mar. 25, 2017 | |
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 March 25,2017 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 15,987 18,711 $ 0.85 Effect of Dilutive Securities Options - 110 - Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 15,987 18,821 $ 0.85 2,500 the three March 25, 2017. Six Months Ended March 25, 2017 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 29,527 18,698 $ 1.58 Effect of Dilutive Securities Options - 106 (0.01 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 29,527 18,804 $ 1.57 158,494 six March 25, 2017. Three Months Ended March 26, 2016 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 15,588 18,637 $ 0.84 Effect of Dilutive Securities Options - 115 (0.01 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 15,588 18,752 $ 0.83 180,670 three March 26, 2016. Six Months Ended March 26, 2016 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 28,566 18,662 $ 1.53 Effect of Dilutive Securities Options - 134 (0.01 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 28,566 18,796 $ 1.52 180,670 six March 26, 2016. |
Note 5
Note 5 | 6 Months Ended |
Mar. 25, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 5 At March 25, 2017, three Three months ended Six months ended March 25, March 26, March 25, March 26, 2017 2016 2017 2016 (in thousands, except per share amounts) Stock Options $ 66 $ 193 $ (145 ) $ (56 ) Stock purchase plan 61 60 235 152 Stock issued to an outside director 28 - 28 - Restricted stock issued to an employee 1 1 2 2 Total share-based compensation $ 156 $ 254 $ 120 $ 98 The above compensation is net of tax benefits $ 526 $ 283 $ 1,309 $ 957 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 six 15.8%; 2.0%; 1.3% 5 During the 2017 six 158,794 $18.84. 2016 six 159,170 $13.94. 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 | 6 Months Ended |
Mar. 25, 2017 | |
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 $364,000 $354,000 March 25, 2017 September 24, 2016, March 25, 2017 September 24, 2016, $229,000 $219,000 three four |
Note 7
Note 7 | 6 Months Ended |
Mar. 25, 2017 | |
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. . In January 2017, first September 2019 March 2017 In January 2017, two zero two September 2021 January 1, 2017. |
Note 8
Note 8 | 6 Months Ended |
Mar. 25, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 8 March 25, September 24, 2017 2016 (unaudited) (in thousands) Finished goods $ 47,509 $ 38,285 Raw Materials 24,127 18,223 Packaging materials 8,808 6,799 Equipment parts & other 25,300 25,377 Total Inventories $ 105,744 $ 88,684 |
Note 9
Note 9 | 6 Months Ended |
Mar. 25, 2017 | |
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 Six months ended March 25, March 26, March 25, March 26, 2017 2016 2017 2016 Sales to External Customers: Food Service Soft pretzels $ 42,993 $ 42,834 $ 84,487 $ 81,533 Frozen juices and ices 9,693 10,971 17,172 19,286 Churros 14,719 13,697 29,157 27,633 Handhelds 8,102 7,178 15,581 13,324 Bakery 83,804 70,424 159,083 147,025 Other 4,767 3,619 8,895 6,674 Total Food Service $ 164,078 $ 148,723 $ 314,375 $ 295,475 Retail Supermarket Soft pretzels $ 9,186 $ 9,735 $ 18,130 $ 18,475 Frozen juices and ices 13,191 12,907 23,042 21,971 Handhelds 3,376 3,433 6,826 7,308 Coupon redemption (895 ) (511 ) (2,154 ) (1,085 ) Other 754 1,136 1,387 1,291 Total Retail Supermarket $ 25,612 $ 26,700 $ 47,231 $ 47,960 Frozen Beverages Beverages $ 31,822 $ 30,544 $ 60,098 $ 58,614 Repair and maintenance service 17,687 16,944 35,778 34,707 Machines sales 7,012 6,237 14,051 14,969 Other 302 562 550 835 Total Frozen Beverages $ 56,823 $ 54,287 $ 110,477 $ 109,125 Consolidated Sales $ 246,513 $ 229,710 $ 472,083 $ 452,560 Depreciation and Amortization: Food Service $ 6,395 $ 5,684 $ 12,127 $ 11,069 Retail Supermarket 360 288 638 574 Frozen Beverages 4,044 4,073 7,945 8,027 Total Depreciation and Amortization $ 10,799 $ 10,045 $ 20,710 $ 19,670 Operating Income : Food Service $ 19,636 $ 18,520 $ 36,690 $ 34,422 Retail Supermarket 2,454 2,469 3,500 3,559 Frozen Beverages 2,021 2,290 3,248 3,658 Total Operating Income $ 24,111 $ 23,279 $ 43,438 $ 41,639 Capital Expenditures: Food Service $ 12,026 $ 5,425 $ 18,613 $ 13,509 Retail Supermarket 131 43 213 199 Frozen Beverages 9,427 4,963 14,157 10,027 Total Capital Expenditures $ 21,584 $ 10,431 $ 32,983 $ 23,735 Assets: Food Service $ 616,971 $ 545,344 $ 616,971 $ 545,344 Retail Supermarket 23,502 24,432 23,502 24,432 Frozen Beverages 184,564 175,331 184,564 175,331 Total Assets $ 825,037 $ 745,107 $ 825,037 $ 745,107 |
Note 10
Note 10 | 6 Months Ended |
Mar. 25, 2017 | |
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 March 25, 2017 September 24, 2016 March 25, 2017 September 24, 2016 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (in thousands) FOOD SERVICE Indefinite lived intangible assets Trade Names $ 16,240 $ - $ 14,150 $ - Amortized intangible assets Non compete agreements 852 147 122 93 Customer relationships 49,491 33,415 35,491 31,895 License and rights 1,690 1,017 1,690 974 TOTAL FOOD SERVICE $ 68,273 $ 34,579 $ 51,453 $ 32,962 RETAIL SUPERMARKETS Indefinite lived intangible assets Trade Names $ 6,557 $ - $ 7,206 $ - Amortized Intangible Assets Trade Names 649 65 - - Customer relationships 7,979 2,422 7,979 2,021 TOTAL RETAIL SUPERMARKETS $ 15,185 $ 2,487 $ 15,185 $ 2,021 FROZEN BEVERAGES Indefinite lived intangible assets Trade Names $ 9,315 $ - $ 9,315 $ - Amortized intangible assets Customer relationships 200 38 200 28 Licenses and rights 1,400 759 1,400 723 TOTAL FROZEN BEVERAGES $ 10,915 $ 797 $ 10,915 $ 751 CONSOLIDATED $ 94,373 $ 37,863 $ 77,553 $ 35,734 Fully amortized intangible assets were removed from the above table during the current quarter for March 25, 2017 September 24,2016. Trade names of $649,000 September 24, 2016 March 25, 2017 five Amortized intangible assets are being amortized by the straight-line method over periods ranging from 3 20 $16,820,000 three six March 25, 2017 no six March 26, 2016. three March 25, 2017 March 26, 2016 $1,021,000 $1,328,000, six March 25, 2017 March 26, 2016 $2,129,000 $2,657,000, Estimated amortization expense including the estimated impact from the Hill & Valley purchase described in Note 13 five $3,900,000 2017, $3,500,000 2018, $3,400,000 2019, $3,200,000 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: Food Service Retail Supermarket Frozen Beverages (in thousands) Balance at March 25, 2017 $ 60,365 $ 3,670 $ 35,940 $ 99,975 Balance at September 24, 2016 $ 46,832 $ 3,670 $ 35,940 $ 86,442 Goodwill of $13,533,360 three six March 25, 2017 no three six March 26, 2016. |
Note 11
Note 11 | 6 Months Ended |
Mar. 25, 2017 | |
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 March 25, 2017 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Corporate Bonds $ 120,368 $ 306 $ 225 $ 120,449 Certificates of Deposit 1,920 4 - 1,924 Total investment securities held to maturity $ 122,288 $ 310 $ 225 $ 122,373 The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at March 25, 2017 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 13,003 $ - $ 269 $ 12,734 Preferred Stock 16,791 502 67 17,226 Total investment securities available for sale $ 29,794 $ 502 $ 336 $ 29,960 The mutual funds seek current income with an emphasis on maintaining low volatility and overall moderate duration. The unrealized losses of $269,000 4 $12.7 2018, 2019 2025 one may 2017 2021, $108 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 March 25, 2017 September 24, 2016 March 25, 2017 September 24, 2016 Fair Fair Amortized Market Amortized Market Cost Value Cost Value (in thousands) Due in one year or less $ 37,176 $ 37,182 $ 13,539 $ 13,552 Due after one year through five years 85,112 85,191 90,732 91,326 Due after five years through ten years - - - - Total held to maturity securities $ 122,288 $ 122,373 $ 104,271 $ 104,878 Less current portion 37,176 37,182 13,539 13,552 Long term held to maturity securities $ 85,112 $ 85,191 $ 90,732 $ 91,326 Proceeds from the redemption and sale of marketable securities were $4,629,000 $5,104,000 three six March 25, 2017 $4,186,000 $5,384,000 in the three six March 26, 2016, three six March 25, 2017 $297,000 $406,000 three six March 26, 2016, We use the specific identification method to determine the cost of securities sold. |
Note 12
Note 12 | 6 Months Ended |
Mar. 25, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 12 Three Months Ended March 25, 2017 Six Months Ended March 25, 2017 (unaudited) (unaudited) (in thousands) (in thousands) Foreign Unrealized Foreign Unrealized Currency Holding(Loss)Gain Currency Holding(Loss)Gain Translation on Marketable Translation on Marketable Adjustments Securities Total Adjustments Securities Total Beginning Balance $ (14,190 ) $ (432 ) $ (14,622 ) $ (13,086 ) $ (329 ) $ (13,415 ) Other comprehensive income (loss) before reclassifications 1,894 598 2,492 790 495 1,285 Amounts reclassified from accumulated other comprehensive income - - - - - - Ending Balance $ (12,296 ) $ 166 $ (12,130 ) $ (12,296 ) $ 166 $ (12,130 ) Three Months Ended March 26, 2016 Six Months Ended March 26, 2016 (unaudited) (unaudited) (in thousands) (in thousands) Foreign Unrealized Foreign Unrealized Currency Holding Loss on Currency Holding Loss on Translation Marketable Translation Marketable Adjustments Securities Total Adjustments Securities Total Beginning Balance $ (10,661 ) $ (1,698 ) $ (12,359 ) $ (10,021 ) $ (876 ) $ (10,897 ) Other comprehensive income (loss) before reclassifications (40 ) (454 ) (494 ) (680 ) (1,346 ) (2,026 ) Amounts reclassified from accumulated other comprehensive income - 174 174 - 244 244 Ending Balance $ (10,701 ) $ (1,978 ) $ (12,679 ) $ (10,701 ) $ (1,978 ) $ (12,679 ) |
Note 13
Note 13 | 6 Months Ended |
Mar. 25, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 13 On December 30, 2016, $31 $45 $9,483,000 $144,000 six March 25,2017. The preliminary purchase price allocation, subject to final valuation, for the acquisition is as follows: (in thousands) Accounts Receivable, net $ 4,054 Inventories 6,088 Prepaid expenses and other 122 Property, plant & equipment, net 4,398 Trade Names 2,090 Customer Relationships 14,000 Goodwill 13,533 Covenant not to compete 730 Accounts Payable (2,259 ) Accrued Liabilities (2,162 ) Accrued compensation expense (650 ) Other long-term liabilities (1,782 ) Deferred income taxes (7,051 ) Purchase Price $ 31,111 The goodwill recognized is attributable to the assembled workforce of Hill & Valley and certain other strategic intangible assets that do not meet the requirements for recognition separate and apart from goodwill. Acquisition costs of $514,000 for the three six March 25, 2017. Our proforma results, giving effect to the acquisition and assuming an acquisition date of September 27, 2015, (in thousands) Three months ended Six months ended March 25, March 26, March 25, March 26, 2017 2016 2017 2016 Net Sales $ 247,462 $ 240,195 $ 485,995 $ 473,569 Net Earnings $ 15,999 $ 15,979 $ 30,003 $ 29,247 |
Note 4 (Tables)
Note 4 (Tables) | 6 Months Ended |
Mar. 25, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 25,2017 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 15,987 18,711 $ 0.85 Effect of Dilutive Securities Options - 110 - Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 15,987 18,821 $ 0.85 Six Months Ended March 25, 2017 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 29,527 18,698 $ 1.58 Effect of Dilutive Securities Options - 106 (0.01 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 29,527 18,804 $ 1.57 Three Months Ended March 26, 2016 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 15,588 18,637 $ 0.84 Effect of Dilutive Securities Options - 115 (0.01 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 15,588 18,752 $ 0.83 Six Months Ended March 26, 2016 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 28,566 18,662 $ 1.53 Effect of Dilutive Securities Options - 134 (0.01 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 28,566 18,796 $ 1.52 |
Note 5 (Tables)
Note 5 (Tables) | 6 Months Ended |
Mar. 25, 2017 | |
Notes Tables | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Three months ended Six months ended March 25, March 26, March 25, March 26, 2017 2016 2017 2016 (in thousands, except per share amounts) Stock Options $ 66 $ 193 $ (145 ) $ (56 ) Stock purchase plan 61 60 235 152 Stock issued to an outside director 28 - 28 - Restricted stock issued to an employee 1 1 2 2 Total share-based compensation $ 156 $ 254 $ 120 $ 98 The above compensation is net of tax benefits $ 526 $ 283 $ 1,309 $ 957 |
Note 8 (Tables)
Note 8 (Tables) | 6 Months Ended |
Mar. 25, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 25, September 24, 2017 2016 (unaudited) (in thousands) Finished goods $ 47,509 $ 38,285 Raw Materials 24,127 18,223 Packaging materials 8,808 6,799 Equipment parts & other 25,300 25,377 Total Inventories $ 105,744 $ 88,684 |
Note 9 (Tables)
Note 9 (Tables) | 6 Months Ended |
Mar. 25, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended Six months ended March 25, March 26, March 25, March 26, 2017 2016 2017 2016 Sales to External Customers: Food Service Soft pretzels $ 42,993 $ 42,834 $ 84,487 $ 81,533 Frozen juices and ices 9,693 10,971 17,172 19,286 Churros 14,719 13,697 29,157 27,633 Handhelds 8,102 7,178 15,581 13,324 Bakery 83,804 70,424 159,083 147,025 Other 4,767 3,619 8,895 6,674 Total Food Service $ 164,078 $ 148,723 $ 314,375 $ 295,475 Retail Supermarket Soft pretzels $ 9,186 $ 9,735 $ 18,130 $ 18,475 Frozen juices and ices 13,191 12,907 23,042 21,971 Handhelds 3,376 3,433 6,826 7,308 Coupon redemption (895 ) (511 ) (2,154 ) (1,085 ) Other 754 1,136 1,387 1,291 Total Retail Supermarket $ 25,612 $ 26,700 $ 47,231 $ 47,960 Frozen Beverages Beverages $ 31,822 $ 30,544 $ 60,098 $ 58,614 Repair and maintenance service 17,687 16,944 35,778 34,707 Machines sales 7,012 6,237 14,051 14,969 Other 302 562 550 835 Total Frozen Beverages $ 56,823 $ 54,287 $ 110,477 $ 109,125 Consolidated Sales $ 246,513 $ 229,710 $ 472,083 $ 452,560 Depreciation and Amortization: Food Service $ 6,395 $ 5,684 $ 12,127 $ 11,069 Retail Supermarket 360 288 638 574 Frozen Beverages 4,044 4,073 7,945 8,027 Total Depreciation and Amortization $ 10,799 $ 10,045 $ 20,710 $ 19,670 Operating Income : Food Service $ 19,636 $ 18,520 $ 36,690 $ 34,422 Retail Supermarket 2,454 2,469 3,500 3,559 Frozen Beverages 2,021 2,290 3,248 3,658 Total Operating Income $ 24,111 $ 23,279 $ 43,438 $ 41,639 Capital Expenditures: Food Service $ 12,026 $ 5,425 $ 18,613 $ 13,509 Retail Supermarket 131 43 213 199 Frozen Beverages 9,427 4,963 14,157 10,027 Total Capital Expenditures $ 21,584 $ 10,431 $ 32,983 $ 23,735 Assets: Food Service $ 616,971 $ 545,344 $ 616,971 $ 545,344 Retail Supermarket 23,502 24,432 23,502 24,432 Frozen Beverages 184,564 175,331 184,564 175,331 Total Assets $ 825,037 $ 745,107 $ 825,037 $ 745,107 |
Note 10 (Tables)
Note 10 (Tables) | 6 Months Ended |
Mar. 25, 2017 | |
Notes Tables | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | March 25, 2017 September 24, 2016 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (in thousands) FOOD SERVICE Indefinite lived intangible assets Trade Names $ 16,240 $ - $ 14,150 $ - Amortized intangible assets Non compete agreements 852 147 122 93 Customer relationships 49,491 33,415 35,491 31,895 License and rights 1,690 1,017 1,690 974 TOTAL FOOD SERVICE $ 68,273 $ 34,579 $ 51,453 $ 32,962 RETAIL SUPERMARKETS Indefinite lived intangible assets Trade Names $ 6,557 $ - $ 7,206 $ - Amortized Intangible Assets Trade Names 649 65 - - Customer relationships 7,979 2,422 7,979 2,021 TOTAL RETAIL SUPERMARKETS $ 15,185 $ 2,487 $ 15,185 $ 2,021 FROZEN BEVERAGES Indefinite lived intangible assets Trade Names $ 9,315 $ - $ 9,315 $ - Amortized intangible assets Customer relationships 200 38 200 28 Licenses and rights 1,400 759 1,400 723 TOTAL FROZEN BEVERAGES $ 10,915 $ 797 $ 10,915 $ 751 CONSOLIDATED $ 94,373 $ 37,863 $ 77,553 $ 35,734 |
Schedule of Goodwill [Table Text Block] | Food Service Retail Supermarket Frozen Beverages (in thousands) Balance at March 25, 2017 $ 60,365 $ 3,670 $ 35,940 $ 99,975 Balance at September 24, 2016 $ 46,832 $ 3,670 $ 35,940 $ 86,442 |
Note 11 (Tables)
Note 11 (Tables) | 6 Months Ended |
Mar. 25, 2017 | |
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 $ 120,368 $ 306 $ 225 $ 120,449 Certificates of Deposit 1,920 4 - 1,924 Total investment securities held to maturity $ 122,288 $ 310 $ 225 $ 122,373 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 13,003 $ - $ 269 $ 12,734 Preferred Stock 16,791 502 67 17,226 Total investment securities available for sale $ 29,794 $ 502 $ 336 $ 29,960 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] | March 25, 2017 September 24, 2016 Fair Fair Amortized Market Amortized Market Cost Value Cost Value (in thousands) Due in one year or less $ 37,176 $ 37,182 $ 13,539 $ 13,552 Due after one year through five years 85,112 85,191 90,732 91,326 Due after five years through ten years - - - - Total held to maturity securities $ 122,288 $ 122,373 $ 104,271 $ 104,878 Less current portion 37,176 37,182 13,539 13,552 Long term held to maturity securities $ 85,112 $ 85,191 $ 90,732 $ 91,326 |
Note 12 (Tables)
Note 12 (Tables) | 6 Months Ended |
Mar. 25, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended March 25, 2017 Six Months Ended March 25, 2017 (unaudited) (unaudited) (in thousands) (in thousands) Foreign Unrealized Foreign Unrealized Currency Holding(Loss)Gain Currency Holding(Loss)Gain Translation on Marketable Translation on Marketable Adjustments Securities Total Adjustments Securities Total Beginning Balance $ (14,190 ) $ (432 ) $ (14,622 ) $ (13,086 ) $ (329 ) $ (13,415 ) Other comprehensive income (loss) before reclassifications 1,894 598 2,492 790 495 1,285 Amounts reclassified from accumulated other comprehensive income - - - - - - Ending Balance $ (12,296 ) $ 166 $ (12,130 ) $ (12,296 ) $ 166 $ (12,130 ) Three Months Ended March 26, 2016 Six Months Ended March 26, 2016 (unaudited) (unaudited) (in thousands) (in thousands) Foreign Unrealized Foreign Unrealized Currency Holding Loss on Currency Holding Loss on Translation Marketable Translation Marketable Adjustments Securities Total Adjustments Securities Total Beginning Balance $ (10,661 ) $ (1,698 ) $ (12,359 ) $ (10,021 ) $ (876 ) $ (10,897 ) Other comprehensive income (loss) before reclassifications (40 ) (454 ) (494 ) (680 ) (1,346 ) (2,026 ) Amounts reclassified from accumulated other comprehensive income - 174 174 - 244 244 Ending Balance $ (10,701 ) $ (1,978 ) $ (12,679 ) $ (10,701 ) $ (1,978 ) $ (12,679 ) |
Note 13 (Tables)
Note 13 (Tables) | 6 Months Ended |
Mar. 25, 2017 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (in thousands) Accounts Receivable, net $ 4,054 Inventories 6,088 Prepaid expenses and other 122 Property, plant & equipment, net 4,398 Trade Names 2,090 Customer Relationships 14,000 Goodwill 13,533 Covenant not to compete 730 Accounts Payable (2,259 ) Accrued Liabilities (2,162 ) Accrued compensation expense (650 ) Other long-term liabilities (1,782 ) Deferred income taxes (7,051 ) Purchase Price $ 31,111 |
Business Acquisition, Pro Forma Information [Table Text Block] | (in thousands) Three months ended Six months ended March 25, March 26, March 25, March 26, 2017 2016 2017 2016 Net Sales $ 247,462 $ 240,195 $ 485,995 $ 473,569 Net Earnings $ 15,999 $ 15,979 $ 30,003 $ 29,247 |
Note 2 (Details Textual)
Note 2 (Details Textual) - USD ($) | Mar. 25, 2017 | Sep. 24, 2016 |
Allowance for Doubtful Accounts Receivable | $ 609,000 | $ 571,000 |
Note 3 (Details Textual)
Note 3 (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 25, 2017 | Mar. 26, 2016 | Mar. 25, 2017 | Mar. 26, 2016 | |
Depreciation | $ 9,703,000 | $ 8,591,000 | $ 18,431,000 | $ 16,761,000 |
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Note 4 (Details Textual)
Note 4 (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Mar. 25, 2017 | Mar. 26, 2016 | Mar. 25, 2017 | Mar. 26, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,500 | 180,670 | 158,494 | 180,670 |
Note 4 - Calculation of EPS (De
Note 4 - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 25, 2017 | Mar. 26, 2016 | Mar. 25, 2017 | Mar. 26, 2016 | |
Net Earnings available to common stockholders | $ 15,987 | $ 15,588 | $ 29,527 | $ 28,566 |
Weighted average number of basic shares (in shares) | 18,711 | 18,637 | 18,698 | 18,662 |
Earnings per basic share (in dollars per share) | $ 0.85 | $ 0.84 | $ 1.58 | $ 1.53 |
Options | ||||
Options (in shares) | 110 | 115 | 106 | 134 |
Options (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.01) | |
Net Earnings available to common stockholders plus assumed conversions | $ 15,987 | $ 15,588 | $ 29,527 | $ 28,566 |
Weighted average number of diluted shares (in shares) | 18,821 | 18,752 | 18,804 | 18,796 |
Earnings per diluted share (in dollars per share) | $ 0.85 | $ 0.83 | $ 1.57 | $ 1.52 |
Note 5 (Details Textual)
Note 5 (Details Textual) - $ / shares | 6 Months Ended | |
Mar. 25, 2017 | Mar. 26, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 158,794 | 159,170 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 18.84 | $ 13.94 |
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 | 2.00% | |
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 | 6 Months Ended | ||
Mar. 25, 2017 | Mar. 26, 2016 | Mar. 25, 2017 | Mar. 26, 2016 | |
Share-based compensation expense | $ 156 | $ 254 | $ 120 | $ 98 |
The above compensation is net of tax benefits | 526 | 283 | 1,309 | 957 |
Employee Stock Option [Member] | ||||
Share-based compensation expense | 66 | 193 | (145) | (56) |
Stock Purchase Plan [Member] | ||||
Share-based compensation expense | 61 | 60 | 235 | 152 |
Deferred Stock Issued To Outside Directors [Member] | ||||
Share-based compensation expense | 28 | 28 | ||
Restricted Stock [Member] | ||||
Share-based compensation expense | $ 1 | $ 1 | $ 2 | $ 2 |
Note 6 (Details Textual)
Note 6 (Details Textual) - USD ($) | Mar. 25, 2017 | Sep. 24, 2016 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 364,000 | $ 354,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 229,000 | $ 219,000 |
Note 8 - Inventories (Details)
Note 8 - Inventories (Details) - USD ($) $ in Thousands | Mar. 25, 2017 | Sep. 24, 2016 |
Finished goods | $ 47,509 | $ 38,285 |
Raw Materials | 24,127 | 18,223 |
Packaging materials | 8,808 | 6,799 |
Equipment parts & other | 25,300 | 25,377 |
Total Inventories | $ 105,744 | $ 88,684 |
Note 9 (Details Textual)
Note 9 (Details Textual) | 6 Months Ended |
Mar. 25, 2017 | |
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 | 6 Months Ended | |||
Mar. 25, 2017 | Mar. 26, 2016 | Mar. 25, 2017 | Mar. 26, 2016 | Sep. 24, 2016 | |
Sales | $ 246,513 | $ 229,710 | $ 472,083 | $ 452,560 | |
Depreciation and amortization | 10,799 | 10,045 | 20,710 | 19,670 | |
Operating income | 24,111 | 23,279 | 43,438 | 41,639 | |
Capital expenditure | 21,584 | 10,431 | 32,983 | 23,735 | |
Assets | 825,037 | 745,107 | 825,037 | 745,107 | $ 790,487 |
Food Service [Member] | |||||
Sales | 164,078 | 148,723 | 314,375 | 295,475 | |
Depreciation and amortization | 6,395 | 5,684 | 12,127 | 11,069 | |
Operating income | 19,636 | 18,520 | 36,690 | 34,422 | |
Capital expenditure | 12,026 | 5,425 | 18,613 | 13,509 | |
Assets | 616,971 | 545,344 | 616,971 | 545,344 | |
Retail Supermarket [Member] | |||||
Sales | 25,612 | 26,700 | 47,231 | 47,960 | |
Depreciation and amortization | 360 | 288 | 638 | 574 | |
Operating income | 2,454 | 2,469 | 3,500 | 3,559 | |
Capital expenditure | 131 | 43 | 213 | 199 | |
Assets | 23,502 | 24,432 | 23,502 | 24,432 | |
Frozen Beverages [Member] | |||||
Sales | 56,823 | 54,287 | 110,477 | 109,125 | |
Depreciation and amortization | 4,044 | 4,073 | 7,945 | 8,027 | |
Operating income | 2,021 | 2,290 | 3,248 | 3,658 | |
Capital expenditure | 9,427 | 4,963 | 14,157 | 10,027 | |
Assets | 184,564 | 175,331 | 184,564 | 175,331 | |
Soft Pretzels [Member] | Food Service [Member] | |||||
Sales | 42,993 | 42,834 | 84,487 | 81,533 | |
Soft Pretzels [Member] | Retail Supermarket [Member] | |||||
Sales | 9,186 | 9,735 | 18,130 | 18,475 | |
Frozen Juices and Ices [Member] | Food Service [Member] | |||||
Sales | 9,693 | 10,971 | 17,172 | 19,286 | |
Frozen Juices and Ices [Member] | Retail Supermarket [Member] | |||||
Sales | 13,191 | 12,907 | 23,042 | 21,971 | |
Churros [Member] | Food Service [Member] | |||||
Sales | 14,719 | 13,697 | 29,157 | 27,633 | |
Handhelds [Member] | Food Service [Member] | |||||
Sales | 8,102 | 7,178 | 15,581 | 13,324 | |
Handhelds [Member] | Retail Supermarket [Member] | |||||
Sales | 3,376 | 3,433 | 6,826 | 7,308 | |
Bakery [Member] | Food Service [Member] | |||||
Sales | 83,804 | 70,424 | 159,083 | 147,025 | |
Other Products [Member] | Food Service [Member] | |||||
Sales | 4,767 | 3,619 | 8,895 | 6,674 | |
Other Products [Member] | Retail Supermarket [Member] | |||||
Sales | 754 | 1,136 | 1,387 | 1,291 | |
Other Products [Member] | Frozen Beverages [Member] | |||||
Sales | 302 | 562 | 550 | 835 | |
Coupon Redemtion [Member] | Retail Supermarket [Member] | |||||
Sales | (895) | (511) | (2,154) | (1,085) | |
Beverage [Member] | Frozen Beverages [Member] | |||||
Sales | 31,822 | 30,544 | 60,098 | 58,614 | |
Repair and Maintenance Service [Member] | Frozen Beverages [Member] | |||||
Sales | 17,687 | 16,944 | 35,778 | 34,707 | |
Machine Sales [Member] | Frozen Beverages [Member] | |||||
Sales | $ 7,012 | $ 6,237 | $ 14,051 | $ 14,969 |
Note 10 (Details Textual)
Note 10 (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Mar. 25, 2017USD ($) | Mar. 26, 2016USD ($) | Mar. 25, 2017USD ($) | Mar. 26, 2016USD ($) | |
Number of Reportable Segments | 3 | |||
Indefinite-lived Intangible Assets Acquired | $ 0 | |||
Amortization of Intangible Assets | $ 1,021,000 | $ 1,328,000 | $ 2,129,000 | 2,657,000 |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 3,900,000 | 3,900,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 3,500,000 | 3,500,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 3,400,000 | 3,400,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 3,200,000 | 3,200,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 2,500,000 | $ 2,500,000 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years 219 days | |||
Goodwill, Acquired During Period | $ 0 | |||
Hill & Valley Inc. [Member] | ||||
Indefinite-lived Intangible Assets Acquired | 16,820,000 | $ 16,820,000 | ||
Goodwill, Acquired During Period | 13,533,360 | $ 0 | $ 13,533,360 | |
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||
Trade Names [Member] | ||||
Finite-Lived Intangible Assets, Gross | $ 649,000 | $ 649,000 | ||
Finite-Lived Intangible Asset, Useful Life | 5 years |
Note 10 - Intangible Assets By
Note 10 - Intangible Assets By Reporting Segment (Details) - USD ($) $ in Thousands | Mar. 25, 2017 | Sep. 24, 2016 |
Accumulated amortization | $ 37,863 | $ 35,734 |
Intangible assets | 94,373 | 77,553 |
Food Service [Member] | ||
Accumulated amortization | 34,579 | 32,962 |
Intangible assets | 68,273 | 51,453 |
Food Service [Member] | Noncompete Agreements [Member] | ||
Amortized intangible assets | 852 | 122 |
Accumulated amortization | 147 | 93 |
Food Service [Member] | Customer Relationships [Member] | ||
Amortized intangible assets | 49,491 | 35,491 |
Accumulated amortization | 33,415 | 31,895 |
Food Service [Member] | License and Rights [Member] | ||
Amortized intangible assets | 1,690 | 1,690 |
Accumulated amortization | 1,017 | 974 |
Retail Supermarket [Member] | ||
Accumulated amortization | 2,487 | 2,021 |
Intangible assets | 15,185 | 15,185 |
Retail Supermarket [Member] | Customer Relationships [Member] | ||
Amortized intangible assets | 7,979 | 7,979 |
Accumulated amortization | 2,422 | 2,021 |
Retail Supermarket [Member] | Finite-lived Trade Names [Member] | ||
Amortized intangible assets | 649 | |
Accumulated amortization | 65 | |
Frozen Beverages [Member] | ||
Accumulated amortization | 797 | 751 |
Intangible assets | 10,915 | 10,915 |
Frozen Beverages [Member] | Customer Relationships [Member] | ||
Amortized intangible assets | 200 | 200 |
Accumulated amortization | 38 | 28 |
Frozen Beverages [Member] | License and Rights [Member] | ||
Amortized intangible assets | 1,400 | 1,400 |
Accumulated amortization | 759 | 723 |
Trade Names [Member] | Food Service [Member] | ||
Indefinite lived intangible assets | 16,240 | 14,150 |
Trade Names [Member] | Retail Supermarket [Member] | ||
Indefinite lived intangible assets | 6,557 | 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 | Mar. 25, 2017 | Sep. 24, 2016 |
Goodwill | $ 99,975 | $ 86,442 |
Food Service [Member] | ||
Goodwill | 60,365 | 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 | 6 Months Ended | |||
Mar. 25, 2017USD ($) | Mar. 26, 2016USD ($) | Mar. 25, 2017USD ($) | Mar. 26, 2016USD ($) | Sep. 24, 2016USD ($) | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ 336,000 | $ 336,000 | $ 602,000 | ||
Held-to-maturity Securities | 122,288,000 | 122,288,000 | 104,271,000 | ||
Proceeds from Sale and Maturity of Marketable Securities | 4,629,000 | $ 4,186,000 | 5,104,000 | $ 5,384,000 | |
Marketable Securities, Gain (Loss) | $ (297,000) | $ (406,000) | |||
Four Mutual Funds [Member] | |||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 269,000 | $ 269,000 | |||
Number of Funds | 4 | ||||
Marketable Securities | 12,700,000 | $ 12,700,000 | |||
Preferred Stock [Member] | |||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 67,000 | $ 67,000 | $ 82,000 | ||
Classification Of Noncurrent Asset, Mutual Funds, Period | 1 year | ||||
Corporate Bond Securities [Member] | |||||
Held-to-maturity Securities | $ 108,000,000 | $ 108,000,000 | |||
Investment Securities Maturity Term | 3 years |
Note 11 - Summary of Securities
Note 11 - Summary of Securities (Details) - USD ($) | Mar. 25, 2017 | Sep. 24, 2016 |
Held to Maturity - Amortized Cost | $ 122,288,000 | $ 104,271,000 |
Held to Maturity - Gross Unrealized Gains | 310,000 | 745,000 |
Held to Maturity - Gross Unrealized Losses | 225,000 | 138,000 |
Held to Maturity - Fair Market Value | 122,373,000 | 104,878,000 |
Available for Sale - Amortized Cost | 29,794,000 | 29,794,000 |
Available for Sale - Gross Unrealized Gains | 502,000 | 273,000 |
Available for Sale - Gross Unrealized Losses | 336,000 | 602,000 |
Available for Sale - Fair Market Value | 29,960,000 | 29,465,000 |
Corporate Bond Securities [Member] | ||
Held to Maturity - Amortized Cost | 120,368,000 | 103,311,000 |
Held to Maturity - Gross Unrealized Gains | 306,000 | 734,000 |
Held to Maturity - Gross Unrealized Losses | 225,000 | 138,000 |
Held to Maturity - Fair Market Value | 120,449,000 | 103,907,000 |
Mutual Funds [Member] | ||
Available for Sale - Amortized Cost | 13,003,000 | 13,003,000 |
Available for Sale - Gross Unrealized Gains | ||
Available for Sale - Gross Unrealized Losses | 269,000 | 520,000 |
Available for Sale - Fair Market Value | 12,734,000 | 12,483,000 |
Certificates of Deposit [Member] | ||
Held to Maturity - Amortized Cost | 1,920,000 | 960 |
Held to Maturity - Gross Unrealized Gains | 4,000 | 11 |
Held to Maturity - Gross Unrealized Losses | ||
Held to Maturity - Fair Market Value | 1,924,000 | 971 |
Preferred Stock [Member] | ||
Available for Sale - Amortized Cost | 16,791,000 | 16,791,000 |
Available for Sale - Gross Unrealized Gains | 502,000 | 273,000 |
Available for Sale - Gross Unrealized Losses | 67,000 | 82,000 |
Available for Sale - Fair Market Value | $ 17,226,000 | $ 16,982,000 |
Note 11 - Held to Maturity By C
Note 11 - Held to Maturity By Contractual Maturity (Details) - USD ($) | Mar. 25, 2017 | Sep. 24, 2016 |
Due in one year or less, amortized cost | $ 37,176,000 | $ 13,539,000 |
Due in one year or less, fair market value | 37,182,000 | 13,552,000 |
Due after one year through five years, amortized cost | 85,112,000 | 90,732,000 |
Due after one year through five years, fair market value | 85,191,000 | 91,326,000 |
Due after five years through ten years, amortized cost | ||
Due after five years through ten years, fair market value | ||
Total held to maturity securities, amortized cost | 122,288,000 | 104,271,000 |
Total held to maturity securities, fair market value | 122,373,000 | 104,878,000 |
Marketable securities held to maturity | 37,176,000 | 13,539,000 |
Less current portion, fair market value | 37,182,000 | 13,552,000 |
Long term held to maturity securities, amortized cost | 85,112,000 | 90,732,000 |
Long term held to maturity securities, fair market value | $ 85,191,000 | $ 91,326,000 |
Note 12 - Changes to the Compon
Note 12 - Changes to the Components of Other Comprehensive Loss (Unaudited) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 25, 2017 | Mar. 26, 2016 | Mar. 25, 2017 | Mar. 26, 2016 | |
Beginning balance | $ (14,622) | $ (12,359) | $ (13,415) | $ (10,897) |
Other comprehensive income (loss) before reclassifications | 2,492 | (494) | 1,285 | (2,026) |
Amounts reclassified from accumulated other comprehensive income | 174 | 244 | ||
Ending balance | (12,130) | (12,679) | (12,130) | (12,679) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Beginning balance | (14,190) | (10,661) | (13,086) | (10,021) |
Other comprehensive income (loss) before reclassifications | 1,894 | (40) | 790 | (680) |
Amounts reclassified from accumulated other comprehensive income | ||||
Ending balance | (12,296) | (10,701) | (12,296) | (10,701) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Beginning balance | (432) | (1,698) | (329) | (876) |
Other comprehensive income (loss) before reclassifications | 598 | (454) | 495 | (1,346) |
Amounts reclassified from accumulated other comprehensive income | 174 | 244 | ||
Ending balance | $ 166 | $ (1,978) | $ 166 | $ (1,978) |
Note 13 (Details Textual)
Note 13 (Details Textual) - USD ($) | Dec. 30, 2016 | Mar. 25, 2017 | Mar. 26, 2016 | Mar. 25, 2017 | Mar. 26, 2016 |
Revenue, Net | $ 246,513,000 | $ 229,710,000 | $ 472,083,000 | $ 452,560,000 | |
Operating Income (Loss) | 24,111,000 | $ 23,279,000 | 43,438,000 | $ 41,639,000 | |
Hill & Valley Inc. [Member] | |||||
Minimum Annual Revenues | $ 45,000,000 | ||||
Revenue, Net | 9,483,000 | 9,483,000 | |||
Operating Income (Loss) | 144,000 | 144,000 | |||
Hill & Valley Inc. [Member] | |||||
Payments to Acquire Businesses, Gross | $ 31,000,000 | ||||
Hill & Valley Inc. [Member] | Other Operating Income (Expense) [Member] | |||||
Business Combination, Acquisition Related Costs | $ 514,000 | $ 514,000 |
Note 13 - Preliminary Purchase
Note 13 - Preliminary Purchase Allocation (Details) - USD ($) | Mar. 25, 2017 | Dec. 30, 2016 | Sep. 24, 2016 |
Goodwill | $ 99,975,000 | $ 86,442,000 | |
Hill & Valley Inc. [Member] | |||
Accounts Receivable, net | $ 4,054,000 | ||
Inventories | 6,088,000 | ||
Prepaid expenses and other | 122,000 | ||
Property, plant & equipment, net | 4,398,000 | ||
Trade Names | 2,090,000 | ||
Goodwill | 13,533,000 | ||
Accounts Payable | (2,259,000) | ||
Accrued Liabilities | (2,162,000) | ||
Accrued compensation expense | (650,000) | ||
Other long-term liabilities | (1,782,000) | ||
Deferred income taxes | (7,051,000) | ||
Purchase Price | 31,111 | ||
Hill & Valley Inc. [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Assets | 14,000,000 | ||
Hill & Valley Inc. [Member] | Noncompete Agreements [Member] | |||
Finite-Lived Intangible Assets | $ 730,000 |
Note 13 - Proforma Results (Det
Note 13 - Proforma Results (Details) - Hill & Valley Inc. [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 25, 2017 | Mar. 26, 2016 | Mar. 25, 2017 | Mar. 26, 2016 | |
Net Sales | $ 247,462 | $ 240,195 | $ 485,995 | $ 473,569 |
Net Earnings | $ 15,999 | $ 15,979 | $ 30,003 | $ 29,247 |