Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 30, 2018 | Jul. 26, 2018 | |
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 | --09-29 | |
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) | 18,716,140 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Current assets | ||
Cash and cash equivalents | $ 95,628 | $ 90,962 |
Marketable securities held to maturity | 30,271 | 59,113 |
Accounts receivable, net | 131,776 | 124,553 |
Inventories | 116,194 | 103,268 |
Prepaid expenses and other | 6,857 | 3,936 |
Total current assets | 380,726 | 381,832 |
Property, plant and equipment, at cost | ||
Land | 2,494 | 2,482 |
Buildings | 26,582 | 26,741 |
Plant machinery and equipment | 279,077 | 257,172 |
Marketing equipment | 285,689 | 278,860 |
Transportation equipment | 8,648 | 8,449 |
Office equipment | 27,948 | 25,302 |
Improvements | 38,657 | 38,003 |
Construction in progress | 13,174 | 16,880 |
Total Property, plant and equipment, at cost | 682,269 | 653,889 |
Less accumulated depreciation and amortization | 445,001 | 426,308 |
Property, plant and equipment, net | 237,268 | 227,581 |
Other assets | ||
Goodwill | 102,511 | 102,511 |
Other intangible assets, net | 58,646 | 61,272 |
Marketable securities held to maturity | 103,548 | 60,908 |
Marketable securities available for sale | 28,908 | 30,260 |
Other | 2,625 | 2,864 |
Total other assets | 296,238 | 257,815 |
Total Assets | 914,232 | 867,228 |
Current Liabilities | ||
Current obligations under capital leases | 336 | 340 |
Accounts payable | 79,489 | 72,729 |
Accrued insurance liability | 11,929 | 10,558 |
Accrued liabilities | 7,770 | 7,753 |
Accrued compensation expense | 15,147 | 19,826 |
Dividends payable | 8,415 | 7,838 |
Total current liabilities | 123,086 | 119,044 |
Long-term obligations under capital leases | 833 | 904 |
Deferred income taxes | 50,228 | 62,705 |
Other long-term liabilities | 2,010 | 2,253 |
Stockholders' Equity | ||
Preferred stock, $1 par value; authorized 10,000,000 shares; none issued | 0 | 0 |
Common stock, no par value; authorized, 50,000,000 shares; issued and outstanding 18,697,000 and 18,705,000 respectively | 23,047 | 17,382 |
Accumulated other comprehensive loss | (13,770) | (8,875) |
Retained Earnings | 728,798 | 673,815 |
Total stockholders' equity | 738,075 | 682,322 |
Total Liabilities and Stockholders' Equity | $ 914,232 | $ 867,228 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2018 | Sep. 30, 2017 |
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 | 18,705,000 |
Common stock, shares outstanding (in shares) | 18,697,000 | 18,705,000 |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 30, 2018 | Jun. 24, 2017 | ||
Net Sales | $ 306,239 | $ 295,415 | $ 837,550 | $ 767,498 | |
Cost of goods sold | [1] | 211,764 | 200,651 | 592,518 | 534,022 |
Gross Profit | 94,475 | 94,764 | 245,032 | 233,476 | |
Operating expenses | |||||
Marketing | [2] | 25,589 | 25,571 | 69,672 | 67,435 |
Distribution | [3] | 24,325 | 21,865 | 67,901 | 58,537 |
Administrative | [4] | 9,654 | 9,588 | 28,014 | 26,404 |
Other general expense (income) | 38 | (60) | (193) | (138) | |
Total operating expenses | 59,606 | 56,964 | 165,394 | 152,238 | |
Operating Income | 34,869 | 37,800 | 79,638 | 81,238 | |
Other income (expense) | |||||
Investment income | 1,705 | 1,422 | 4,687 | 3,824 | |
Interest expense & other | (209) | (80) | 267 | (651) | |
Earnings before income taxes | 36,365 | 39,142 | 84,592 | 84,411 | |
Income taxes | 10,236 | 13,838 | 4,381 | 29,580 | |
NET EARNINGS | $ 26,129 | $ 25,304 | $ 80,211 | $ 54,831 | |
Earnings per diluted share (in dollars per share) | $ 1.39 | $ 1.34 | $ 4.27 | $ 2.91 | |
Weighted average number of diluted shares (in shares) | 18,822 | 18,846 | 18,801 | 18,818 | |
Earnings per basic share (in dollars per share) | $ 1.40 | $ 1.35 | $ 4.29 | $ 2.93 | |
Weighted average number of basic shares (in shares) | 18,698 | 18,727 | 18,683 | 18,708 | |
[1] | Includes share-based compensation expense of $225 and $642 for the three months and nine months ended June 30, 2018, respectively and $192 and $529 for the three months and nine months ended June 24, 2017. | ||||
[2] | Includes share-based compensation expense of $349 and $998 for the three months and nine months ended June 30, 2018, respectively and $277 and $763 for the three months and nine months ended June 24, 2017. | ||||
[3] | Includes share-based compensation expense of $20 and $56 for the three months and nine months ended June 30, 2018,, respectively and $19 and $52 for the three months and nine months ended June 24, 2017. | ||||
[4] | Includes share-based compensation expense of $412 and $1,178 for the three months and nine months ended June 30, 2018, respectively and $323 and $896 for the three months and nine months ended June 24, 2017. |
Consolidated Statements of Ear5
Consolidated Statements of Earnings (Unaudited) (Parentheticals) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 30, 2018 | Jun. 24, 2017 | |
Cost of Sales [Member] | ||||
Share-based compensation expense | $ 225 | $ 192 | $ 642 | $ 529 |
Selling and Marketing Expense [Member] | ||||
Share-based compensation expense | 349 | 277 | 998 | 763 |
Distribution [Member] | ||||
Share-based compensation expense | 20 | 19 | 56 | 52 |
General and Administrative Expense [Member] | ||||
Share-based compensation expense | $ 412 | $ 323 | $ 1,178 | $ 896 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 30, 2018 | Jun. 24, 2017 | |
Net Earnings | $ 26,129 | $ 25,304 | $ 80,211 | $ 54,831 |
Foreign currency translation adjustments | (2,359) | 1,095 | (4,348) | 1,885 |
Unrealized holding (loss) gain on marketable securities | (253) | 204 | (547) | 699 |
Total Other Comprehensive (Loss) Income | (2,612) | 1,299 | (4,895) | 2,584 |
Comprehensive Income | $ 23,517 | $ 26,603 | $ 75,316 | $ 57,415 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jun. 30, 2018 | Jun. 24, 2017 | |
Operating activities: | ||
Net earnings | $ 80,211,000 | $ 54,831,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation of property, plant and equipment | 31,929,000 | 28,060,000 |
Amortization of intangibles and deferred costs | 2,639,000 | 3,336,000 |
Share-based compensation | 2,874,000 | 2,240,000 |
Deferred income taxes | (12,502,000) | (347,000) |
Loss(gain)on sale and redemption of marketable securities | 32,000 | (13,000) |
Other | (3,000) | 712,000 |
Changes in assets and liabilities net of effects from purchase of companies | ||
Increase in accounts receivable | (7,530,000) | (23,385,000) |
Increase in inventories | (13,020,000) | (12,154,000) |
(Increase)decrease in prepaid expenses | (2,949,000) | 10,035,000 |
Increase in accounts payable and accrued liabilities | 3,606,000 | 20,023,000 |
Net cash provided by operating activities | 85,287,000 | 83,338,000 |
Investing activities: | ||
Payment for purchases of companies, net of cash acquired | (42,058,000) | |
Purchases of property, plant and equipment | (43,344,000) | (57,151,000) |
Purchases of marketable securities | (65,227,000) | (27,269,000) |
Proceeds from redemption and sales of marketable securities | 51,417,000 | 14,681,000 |
Proceeds from disposal of property, plant and equipment | 1,895,000 | 1,385,000 |
Other | 171,000 | (404,000) |
Net cash used in investing activities | (55,088,000) | (110,816,000) |
Financing activities: | ||
Payments to repurchase common stock | (2,794,000) | (3,374,000) |
Proceeds from issuance of stock | 5,561,000 | 4,745,000 |
Payments on capitalized lease obligations | (278,000) | (273,000) |
Payment of cash dividend | (24,652,000) | (22,992,000) |
Net cash used in financing activities | (22,163,000) | (21,894,000) |
Effect of exchange rate on cash and cash equivalents | (3,370,000) | 1,334,000 |
Net increase (decrease) in cash and cash equivalents | 4,666,000 | (48,038,000) |
Cash and cash equivalents at beginning of period | 90,962,000 | 140,652,000 |
Cash and cash equivalents at end of period | $ 95,628,000 | $ 92,614,000 |
Note 1
Note 1 | 9 Months Ended |
Jun. 30, 2018 | |
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 X. not no 10 September 30, 2017. 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 nine June 30, 2018 June 24, 2017 not third fourth While we believe that the disclosures presented are adequate to make the information not 10 September 30, 2017. |
Note 2
Note 2 | 9 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [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 determinable 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 $420,000 $359,000 June 30, 2018 September 30, 2017, |
Note 3
Note 3 | 9 Months Ended |
Jun. 30, 2018 | |
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 2 20 $10,569,000 $9,629,000 three June 30, 2018 June 24, 2017, $31,929,000 $28,060,000 nine June 30, 2018 June 24, 2017, |
Note 4
Note 4 | 9 Months Ended |
Jun. 30, 2018 | |
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 June 30, 2018 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 26,129 18,698 $ 1.40 Effect of Dilutive Securities Options - 124 (0.01 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 26,129 18,822 $ 1.39 1,000 three June 30, 2018. Nine Months Ended June 30, 2018 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 80,211 18,683 $ 4.29 Effect of Dilutive Securities Options - 118 (0.02 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 80,211 18,801 $ 4.27 1,000 nine June 30, 2018. Three Months Ended June 24, 2017 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 25,304 18,727 $ 1.35 Effect of Dilutive Securities Options - 119 (0.01 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 25,304 18,846 $ 1.34 500 three June 24, 2017. Nine Months Ended June 24, 2017 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 54,831 18,708 $ 2.93 Effect of Dilutive Securities Options - 110 (0.02 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 54,831 18,818 $ 2.91 158,494 nine June 24, 2017 |
Note 5
Note 5 | 9 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 5 At June 30, 2018, three Three months ended Nine months ended June 30, June 24, June 30, June 24, 2018 2017 2018 2017 Stock Options $ 473 $ (20 ) $ 1,559 $ (165 ) Stock purchase plan 89 65 355 300 Stock issued to an outside director 16 14 48 42 Restricted stock issued to an employee 1 1 3 3 Total share-based compensation $ 579 $ 60 $ 1,965 $ 180 The above compensation is net of tax benefits $ 427 $ 751 $ 909 $ 2,060 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 2018 first nine 16.8%; 2.6%; 1.3% 5 During the fiscal year 2018 nine 159,878 $23.67. During the fiscal year 2017 nine 159,294 $18.85. Expected volatility is based on the historical volatility of the price of our common shares over the past 50 5 10 10 |
Note 6
Note 6 | 9 Months Ended |
Jun. 30, 2018 | |
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 not The total amount of gross unrecognized tax benefits is $389,000 $374,000 June 30, 2018 September 30, 2017, June 30, 2018, September 30, 2017, $254,000 $239,000 three four Net earnings for the nine June 30, 2018 $20.9 $1.11 $7.4 $0.40 December 2017. nine $1.2 $.06 one three June 30, 2018, $3.5 $.18 one 28.1% 35.4% 28.4% 35.0% nine 21% 35% January 1, 2018. nine $2,060,000 nine $909,000. 28 29% 2018 26 27% 2019. On December 22, 2017, No. 118, 118” not 118, $3.5 three $27.1 nine 118, $3.5 three $27.1 nine December 22, 2018. |
Note 7
Note 7 | 9 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 7 In May 2014 five first 2019 not 2019 not In January 2016, September 2019. not not In February 2016, September 2020. |
Note 8
Note 8 | 9 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 8 Inventories consist of the following: June 30, September 30, 2018 2017 (unaudited) (in thousands) Finished goods $ 54,183 $ 45,394 Raw Materials 25,082 22,682 Packaging materials 10,744 8,833 Equipment parts & other 26,185 26,359 Total Inventories $ 116,194 $ 103,268 |
Note 9
Note 9 | 9 Months Ended |
Jun. 30, 2018 | |
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. Sales and operating income are key variables monitored by the Chief Operating Decision Makers and management when determining each segment’s and the company’s financial condition and operating performance. In addition, the Chief Operating Decision Makers review and evaluate depreciation, capital spending and assets of each segment on a quarterly basis to monitor cash flow and asset needs of each segment. Information regarding the operations in these three Three months ended Nine months ended June 30, June 24, June 30, June 24, 2018 2017 2018 2017 Sales to External Customers: Food Service Soft pretzels $ 53,880 $ 45,069 $ 151,649 $ 129,556 Frozen juices and ices 12,825 16,281 29,448 33,453 Churros 16,739 17,536 46,603 46,693 Handhelds 9,974 8,574 30,667 24,155 Bakery 93,082 89,712 278,828 248,795 Other 5,201 5,938 16,235 14,833 Total Food Service $ 191,701 $ 183,110 $ 553,430 $ 497,485 Retail Supermarket Soft pretzels $ 7,332 $ 7,496 $ 27,925 $ 25,626 Frozen juices and ices 28,785 27,317 53,950 50,359 Handhelds 2,960 3,548 8,749 10,374 Coupon redemption (1,278 ) (1,092 ) (2,647 ) (3,246 ) Other 733 873 1,715 2,260 Total Retail Supermarket $ 38,532 $ 38,142 $ 89,692 $ 85,373 Frozen Beverages Beverages $ 50,343 $ 48,714 $ 118,932 $ 108,812 Repair and maintenance service 19,693 18,549 58,005 54,327 Machines sales 5,644 6,496 16,652 20,547 Other 326 404 839 954 Total Frozen Beverages $ 76,006 $ 74,163 $ 194,428 $ 184,640 Consolidated Sales $ 306,239 $ 295,415 $ 837,550 $ 767,498 Depreciation and Amortization: Food Service $ 6,237 $ 6,028 $ 19,376 $ 18,155 Retail Supermarket 332 221 980 859 Frozen Beverages 4,860 4,437 14,212 12,382 Total Depreciation and Amortization $ 11,429 $ 10,686 $ 34,568 $ 31,396 Operating Income: Food Service $ 19,663 $ 22,005 $ 54,098 $ 58,695 Retail Supermarket 3,203 4,890 8,295 8,390 Frozen Beverages 12,003 10,905 17,245 14,153 Total Operating Income $ 34,869 $ 37,800 $ 79,638 $ 81,238 Capital Expenditures: Food Service $ 10,172 $ 16,923 $ 25,872 $ 35,536 Retail Supermarket 273 15 376 228 Frozen Beverages 6,618 7,230 17,096 21,387 Total Capital Expenditures $ 17,063 $ 24,168 $ 43,344 $ 57,151 Assets: Food Service $ 672,861 $ 631,131 $ 672,861 $ 631,131 Retail Supermarket 24,215 25,212 24,215 25,212 Frozen Beverages 217,156 209,441 217,156 209,441 Total Assets $ 914,232 $ 865,784 $ 914,232 $ 865,784 |
Note 10
Note 10 | 9 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Goodwill and 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 June 30, 2018 September 30, 2017 June 30, 2018 September 30, 2017 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (in thousands) FOOD SERVICE Indefinite lived intangible assets Trade Names $ 16,628 $ - $ 16,628 $ - Amortized intangible assets Non compete agreements 980 462 980 263 Customer relationships 20,510 8,070 20,510 6,476 License and rights 1,690 1,122 1,690 1,058 TOTAL FOOD SERVICE $ 39,808 $ 9,654 $ 39,808 $ 7,797 RETAIL SUPERMARKETS Indefinite lived intangible assets Trade Names $ 6,557 $ - $ 6,557 $ - Amortized Intangible Assets Trade Names 649 227 649 130 Customer relationships 7,979 3,423 7,979 2,822 TOTAL RETAIL SUPERMARKETS $ 15,185 $ 3,650 $ 15,185 $ 2,952 FROZEN BEVERAGES Indefinite lived intangible assets Trade Names $ 9,315 $ - $ 9,315 $ - Distribution rights 6,900 - 6,900 - Amortized intangible assets Customer relationships 257 69 257 50 Licenses and rights 1,400 846 1,400 794 TOTAL FROZEN BEVERAGES $ 17,872 $ 915 $ 17,872 $ 844 CONSOLIDATED $ 72,865 $ 14,219 $ 72,865 $ 11,593 Amortized intangible assets are being amortized by the straight-line method over periods ranging from 2 20 $6,957,000 $15,760,000 $576,000 three June 30, 2018 June 24, 2017 $876,000 $828,000, nine June 30, 2018 June 24, 2017 $2,626,000 $2,957,000, Estimated amortization expense for the next five $3,500,000 2018, $3,300,000 2019, $3,000,000 2020, $2,400,000 2021 $2,300,000 2022. 10.8 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 Total (in thousands) Balance at June 30, 2018 $ 61,665 $ 3,670 $ 37,176 $ 102,511 Balance at September 30, 2017 $ 61,665 $ 3,670 $ 37,176 $ 102,511 In last year’s fiscal year, goodwill of $1,236,000 $14,175,000 $658,000 |
Note 11
Note 11 | 9 Months Ended |
Jun. 30, 2018 | |
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 inputs 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 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 not 2 The amortized cost, unrealized gains and losses, and fair market values of our investment securities held to maturity at June 30, 2018 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Corporate Bonds $ 126,939 $ 8 $ 1,600 $ 125,347 Certificates of Deposit 6,880 - 8 6,872 Total marketable securities held to maturity $ 133,819 $ 8 $ 1,608 $ 132,219 The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at June 30, 2018 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 12,954 $ - $ 385 $ 12,569 Preferred Stock 16,035 344 40 16,339 Total marketable securities available for sale $ 28,989 $ 344 $ 425 $ 28,908 The mutual funds seek current income with an emphasis on maintaining low volatility and overall moderate duration. The Fixed-to-Floating Perpetual Preferred Stock generate fixed income to call dates in 2018, 2019 2025 not not one may 2018 2021, $124 3 The amortized cost, unrealized gains and losses, and fair market values of our investment securities held to maturity at September 30, 2017 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Corporate Bonds $ 114,101 $ 424 $ 155 $ 114,370 Certificates of Deposit 5,920 18 1 5,937 Total marketable securities held to maturity $ 120,021 $ 442 $ 156 $ 120,307 The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at September 30, 2017 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 13,003 $ 77 $ 240 $ 12,840 Preferred Stock 16,791 711 82 17,420 Total marketable securities available for sale $ 29,794 $ 788 $ 322 $ 30,260 The amortized cost and fair value of the Company’s held to maturity securities by contractual maturity at June 30, 2018 September 30, 2017 June 30, 2018 September 30, 2017 Fair Fair Amortized Market Amortized Market Cost Value Cost Value (in thousands) Due in one year or less $ 30,271 $ 30,200 $ 59,113 $ 59,194 Due after one year through five years 103,548 102,019 60,908 61,113 Due after five years through ten years - - - - Total held to maturity securities $ 133,819 $ 132,219 $ 120,021 $ 120,307 Less current portion 30,271 30,200 59,113 59,194 Long term held to maturity securities $ 103,548 $ 102,019 $ 60,908 $ 61,113 Proceeds from the redemption and sale of marketable securities were $21,964,000 $51,417,000 three nine June 30, 2018, $9,577,000 $14,681,000 three nine June 24, 2017, $35,000 $32,000 three nine June 30, 2018, $13,000 three nine June 24, 2017. |
Note 12
Note 12 | 9 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 12 Changes to the components of accumulated other comprehensive loss are as follows: Three Months Ended June 30, 2018 Nine Months Ended June 30, 2018 (unaudited) (unaudited) (in thousands) (in thousands) Unrealized Unrealized Foreign Currency Holding Gain (Loss) Foreign Currency Holding Gain (Loss) Translation on Marketable Translation on Marketable Adjustments Securities Total Adjustments Securities Total Beginning Balance $ (11,330 ) $ 172 $ (11,158 ) $ (9,341 ) $ 466 $ (8,875 ) Other comprehensive loss before reclassifications (2,359 ) (328 ) (2,687 ) (4,348 ) (622 ) (4,970 ) Amounts reclassified from accumulated other comprehensive income - 75 75 - 75 75 Ending Balance $ (13,689 ) $ (81 ) $ (13,770 ) $ (13,689 ) $ (81 ) $ (13,770 ) Three Months Ended June 24, 2017 Nine Months Ended June 24, 2017 (unaudited) (unaudited) (in thousands) (in thousands) Unrealized Unrealized Holding Foreign Currency Holding Gain on Foreign Currency Loss (Gain) on Translation Marketable Translation Marketable Adjustments Securities Total Adjustments Securities Total Beginning Balance $ (12,296 ) $ 166 $ (12,130 ) $ (13,086 ) $ (329 ) $ (13,415 ) Other comprehensive income before reclassifications 1,095 204 1,299 1,885 699 2,584 Amounts reclassified from accumulated other comprehensive income - - - - - Ending Balance $ (11,201 ) $ 370 $ (10,831 ) $ (11,201 ) $ 370 $ (10,831 ) |
Note 13
Note 13 | 9 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 13 On December 30, 2016, $31 $45 No On May 22, 2017, $11 On August 16, 2017, $6 $17 |
Note 4 (Tables)
Note 4 (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, 2018 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 26,129 18,698 $ 1.40 Effect of Dilutive Securities Options - 124 (0.01 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 26,129 18,822 $ 1.39 Nine Months Ended June 30, 2018 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 80,211 18,683 $ 4.29 Effect of Dilutive Securities Options - 118 (0.02 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 80,211 18,801 $ 4.27 Three Months Ended June 24, 2017 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 25,304 18,727 $ 1.35 Effect of Dilutive Securities Options - 119 (0.01 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 25,304 18,846 $ 1.34 Nine Months Ended June 24, 2017 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 54,831 18,708 $ 2.93 Effect of Dilutive Securities Options - 110 (0.02 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 54,831 18,818 $ 2.91 |
Note 5 (Tables)
Note 5 (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Three months ended Nine months ended June 30, June 24, June 30, June 24, 2018 2017 2018 2017 Stock Options $ 473 $ (20 ) $ 1,559 $ (165 ) Stock purchase plan 89 65 355 300 Stock issued to an outside director 16 14 48 42 Restricted stock issued to an employee 1 1 3 3 Total share-based compensation $ 579 $ 60 $ 1,965 $ 180 The above compensation is net of tax benefits $ 427 $ 751 $ 909 $ 2,060 |
Note 8 (Tables)
Note 8 (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, September 30, 2018 2017 (unaudited) (in thousands) Finished goods $ 54,183 $ 45,394 Raw Materials 25,082 22,682 Packaging materials 10,744 8,833 Equipment parts & other 26,185 26,359 Total Inventories $ 116,194 $ 103,268 |
Note 9 (Tables)
Note 9 (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended Nine months ended June 30, June 24, June 30, June 24, 2018 2017 2018 2017 Sales to External Customers: Food Service Soft pretzels $ 53,880 $ 45,069 $ 151,649 $ 129,556 Frozen juices and ices 12,825 16,281 29,448 33,453 Churros 16,739 17,536 46,603 46,693 Handhelds 9,974 8,574 30,667 24,155 Bakery 93,082 89,712 278,828 248,795 Other 5,201 5,938 16,235 14,833 Total Food Service $ 191,701 $ 183,110 $ 553,430 $ 497,485 Retail Supermarket Soft pretzels $ 7,332 $ 7,496 $ 27,925 $ 25,626 Frozen juices and ices 28,785 27,317 53,950 50,359 Handhelds 2,960 3,548 8,749 10,374 Coupon redemption (1,278 ) (1,092 ) (2,647 ) (3,246 ) Other 733 873 1,715 2,260 Total Retail Supermarket $ 38,532 $ 38,142 $ 89,692 $ 85,373 Frozen Beverages Beverages $ 50,343 $ 48,714 $ 118,932 $ 108,812 Repair and maintenance service 19,693 18,549 58,005 54,327 Machines sales 5,644 6,496 16,652 20,547 Other 326 404 839 954 Total Frozen Beverages $ 76,006 $ 74,163 $ 194,428 $ 184,640 Consolidated Sales $ 306,239 $ 295,415 $ 837,550 $ 767,498 Depreciation and Amortization: Food Service $ 6,237 $ 6,028 $ 19,376 $ 18,155 Retail Supermarket 332 221 980 859 Frozen Beverages 4,860 4,437 14,212 12,382 Total Depreciation and Amortization $ 11,429 $ 10,686 $ 34,568 $ 31,396 Operating Income: Food Service $ 19,663 $ 22,005 $ 54,098 $ 58,695 Retail Supermarket 3,203 4,890 8,295 8,390 Frozen Beverages 12,003 10,905 17,245 14,153 Total Operating Income $ 34,869 $ 37,800 $ 79,638 $ 81,238 Capital Expenditures: Food Service $ 10,172 $ 16,923 $ 25,872 $ 35,536 Retail Supermarket 273 15 376 228 Frozen Beverages 6,618 7,230 17,096 21,387 Total Capital Expenditures $ 17,063 $ 24,168 $ 43,344 $ 57,151 Assets: Food Service $ 672,861 $ 631,131 $ 672,861 $ 631,131 Retail Supermarket 24,215 25,212 24,215 25,212 Frozen Beverages 217,156 209,441 217,156 209,441 Total Assets $ 914,232 $ 865,784 $ 914,232 $ 865,784 |
Note 10 (Tables)
Note 10 (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | June 30, 2018 September 30, 2017 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (in thousands) FOOD SERVICE Indefinite lived intangible assets Trade Names $ 16,628 $ - $ 16,628 $ - Amortized intangible assets Non compete agreements 980 462 980 263 Customer relationships 20,510 8,070 20,510 6,476 License and rights 1,690 1,122 1,690 1,058 TOTAL FOOD SERVICE $ 39,808 $ 9,654 $ 39,808 $ 7,797 RETAIL SUPERMARKETS Indefinite lived intangible assets Trade Names $ 6,557 $ - $ 6,557 $ - Amortized Intangible Assets Trade Names 649 227 649 130 Customer relationships 7,979 3,423 7,979 2,822 TOTAL RETAIL SUPERMARKETS $ 15,185 $ 3,650 $ 15,185 $ 2,952 FROZEN BEVERAGES Indefinite lived intangible assets Trade Names $ 9,315 $ - $ 9,315 $ - Distribution rights 6,900 - 6,900 - Amortized intangible assets Customer relationships 257 69 257 50 Licenses and rights 1,400 846 1,400 794 TOTAL FROZEN BEVERAGES $ 17,872 $ 915 $ 17,872 $ 844 CONSOLIDATED $ 72,865 $ 14,219 $ 72,865 $ 11,593 Food Service Retail Supermarket Frozen Beverages Total (in thousands) Balance at June 30, 2018 $ 61,665 $ 3,670 $ 37,176 $ 102,511 Balance at September 30, 2017 $ 61,665 $ 3,670 $ 37,176 $ 102,511 |
Note 11 (Tables)
Note 11 (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
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 $ 126,939 $ 8 $ 1,600 $ 125,347 Certificates of Deposit 6,880 - 8 6,872 Total marketable securities held to maturity $ 133,819 $ 8 $ 1,608 $ 132,219 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 12,954 $ - $ 385 $ 12,569 Preferred Stock 16,035 344 40 16,339 Total marketable securities available for sale $ 28,989 $ 344 $ 425 $ 28,908 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Corporate Bonds $ 114,101 $ 424 $ 155 $ 114,370 Certificates of Deposit 5,920 18 1 5,937 Total marketable securities held to maturity $ 120,021 $ 442 $ 156 $ 120,307 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 13,003 $ 77 $ 240 $ 12,840 Preferred Stock 16,791 711 82 17,420 Total marketable securities available for sale $ 29,794 $ 788 $ 322 $ 30,260 |
Investments Classified by Contractual Maturity Date [Table Text Block] | June 30, 2018 September 30, 2017 Fair Fair Amortized Market Amortized Market Cost Value Cost Value (in thousands) Due in one year or less $ 30,271 $ 30,200 $ 59,113 $ 59,194 Due after one year through five years 103,548 102,019 60,908 61,113 Due after five years through ten years - - - - Total held to maturity securities $ 133,819 $ 132,219 $ 120,021 $ 120,307 Less current portion 30,271 30,200 59,113 59,194 Long term held to maturity securities $ 103,548 $ 102,019 $ 60,908 $ 61,113 |
Note 12 (Tables)
Note 12 (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended June 30, 2018 Nine Months Ended June 30, 2018 (unaudited) (unaudited) (in thousands) (in thousands) Unrealized Unrealized Foreign Currency Holding Gain (Loss) Foreign Currency Holding Gain (Loss) Translation on Marketable Translation on Marketable Adjustments Securities Total Adjustments Securities Total Beginning Balance $ (11,330 ) $ 172 $ (11,158 ) $ (9,341 ) $ 466 $ (8,875 ) Other comprehensive loss before reclassifications (2,359 ) (328 ) (2,687 ) (4,348 ) (622 ) (4,970 ) Amounts reclassified from accumulated other comprehensive income - 75 75 - 75 75 Ending Balance $ (13,689 ) $ (81 ) $ (13,770 ) $ (13,689 ) $ (81 ) $ (13,770 ) Three Months Ended June 24, 2017 Nine Months Ended June 24, 2017 (unaudited) (unaudited) (in thousands) (in thousands) Unrealized Unrealized Holding Foreign Currency Holding Gain on Foreign Currency Loss (Gain) on Translation Marketable Translation Marketable Adjustments Securities Total Adjustments Securities Total Beginning Balance $ (12,296 ) $ 166 $ (12,130 ) $ (13,086 ) $ (329 ) $ (13,415 ) Other comprehensive income before reclassifications 1,095 204 1,299 1,885 699 2,584 Amounts reclassified from accumulated other comprehensive income - - - - - Ending Balance $ (11,201 ) $ 370 $ (10,831 ) $ (11,201 ) $ 370 $ (10,831 ) |
Note 2 (Details Textual)
Note 2 (Details Textual) - USD ($) | Jun. 30, 2018 | Sep. 30, 2017 |
Allowance for Doubtful Accounts Receivable, Ending Balance | $ 420,000 | $ 359,000 |
Note 3 (Details Textual)
Note 3 (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 30, 2018 | Jun. 24, 2017 | |
Depreciation, Total | $ 10,569,000 | $ 9,629,000 | $ 31,929,000 | $ 28,060,000 |
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 2 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Note 4 (Details Textual)
Note 4 (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 30, 2018 | Jun. 24, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,000 | 500 | 1,000 | 158,494 |
Note 4 - Calculation of EPS (De
Note 4 - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 30, 2018 | Jun. 24, 2017 | |
Net Earnings available to common stockholders | $ 26,129 | $ 25,304 | $ 80,211 | $ 54,831 |
Weighted average number of shares outstanding, basic (in shares) | 18,698 | 18,727 | 18,683 | 18,708 |
Earnings per share, basic (in dollars per share) | $ 1.40 | $ 1.35 | $ 4.29 | $ 2.93 |
Options | $ 0 | $ 0 | ||
Options (in shares) | 124 | 119 | 118 | 110 |
Options (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.02) |
Net Earnings available to common stockholders plus assumed conversions | $ 26,129 | $ 25,304 | $ 80,211 | $ 54,831 |
Weighted average number of shares outstanding, diluted (in shares) | 18,822 | 18,846 | 18,801 | 18,818 |
Earnings per share, diluted (in dollars per share) | $ 1.39 | $ 1.34 | $ 4.27 | $ 2.91 |
Note 5 (Details Textual)
Note 5 (Details Textual) - $ / shares | 9 Months Ended | |
Jun. 30, 2018 | Jun. 24, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 159,878 | 159,294 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 23.67 | $ 18.85 |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 16.80% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.60% | |
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 60 days | |
Ten Year Options [Member] | ||
Share Based Compensation Arrangement by Share Based Payment Award Fair Value Assumptions Volatility Calculation Term | 10 years |
Note 5 - Summary of Share-based
Note 5 - Summary of Share-based Compensation Expense (Benefit) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 30, 2018 | Jun. 24, 2017 | |
Share-based compensation expense | $ 579,000 | $ 60,000 | $ 1,965,000 | $ 180,000 |
The above compensation is net of tax benefits | 427,000 | 751,000 | 909,000 | 2,060,000 |
Employee Stock Option [Member] | ||||
Share-based compensation expense | 473,000 | (20,000) | 1,559,000 | (165,000) |
Stock Purchase Plan [Member] | ||||
Share-based compensation expense | 89,000 | 65,000 | 355,000 | 300,000 |
Director Stock Award [Member] | ||||
Share-based compensation expense | 16,000 | 14,000 | 48,000 | 42,000 |
Restricted Stock [Member] | ||||
Share-based compensation expense | $ 1,000 | $ 1,000 | $ 3,000 | $ 3,000 |
Note 6 (Details Textual)
Note 6 (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 29, 2018 | Jun. 30, 2018 | Jun. 24, 2017 | Sep. 29, 2018 | Jun. 30, 2018 | Jun. 24, 2017 | Sep. 28, 2019 | Sep. 30, 2017 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 389,000 | $ 389,000 | $ 374,000 | |||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 254,000 | 254,000 | $ 239,000 | |||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (20,900,000) | |||||||
Income (Loss) from Remeasurement of Deferred Tax Liabilities, Per Share | $ 1.11 | |||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 3,500,000 | $ (7,400,000) | ||||||
Income (Loss) from Reduction in Income Taxes, Per Share | $ 0.18 | $ 0.40 | ||||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 1,200,000 | |||||||
Income (Loss) from Repatriation of Foreign Earnings, Per Share | $ 0.06 | |||||||
Effective Income Tax Rate Reconciliation, Percent, Total | 28.10% | 35.40% | 28.40% | 35.00% | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |||||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 427,000 | $ 751,000 | $ 909,000 | $ 2,060,000 | ||||
Provisional Income Tax Benefit | $ 3,500,000 | $ 27,100,000 | ||||||
Scenario, Forecast [Member] | ||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||||||
Scenario, Forecast [Member] | Minimum [Member] | ||||||||
Effective Income Tax Rate Reconciliation, Percent, Total | 28.00% | 26.00% | ||||||
Scenario, Forecast [Member] | Maximum [Member] | ||||||||
Effective Income Tax Rate Reconciliation, Percent, Total | 29.00% | 27.00% |
Note 8 - Summary of Inventory (
Note 8 - Summary of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Finished goods | $ 54,183 | $ 45,394 |
Raw Materials | 25,082 | 22,682 |
Packaging materials | 10,744 | 8,833 |
Equipment parts & other | 26,185 | 26,359 |
Total Inventories | $ 116,194 | $ 103,268 |
Note 9 (Details Textual)
Note 9 (Details Textual) | 9 Months Ended |
Jun. 30, 2018 | |
Number of Operating Segments | 3 |
Number of Reportable Segments | 3 |
Note 9 - Operations Information
Note 9 - Operations Information by Reporting Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 30, 2018 | Jun. 24, 2017 | Sep. 30, 2017 | |
Sales | $ 306,239 | $ 295,415 | $ 837,550 | $ 767,498 | |
Depreciation and amortization | 11,429 | 10,686 | 34,568 | 31,396 | |
Operating income | 34,869 | 37,800 | 79,638 | 81,238 | |
Capital expenditures | 17,063 | 24,168 | 43,344 | 57,151 | |
Assets | 914,232 | 865,784 | 914,232 | 865,784 | $ 867,228 |
Food Service [Member] | |||||
Sales | 191,701 | 183,110 | 553,430 | 497,485 | |
Depreciation and amortization | 6,237 | 6,028 | 19,376 | 18,155 | |
Operating income | 19,663 | 22,005 | 54,098 | 58,695 | |
Capital expenditures | 10,172 | 16,923 | 25,872 | 35,536 | |
Assets | 672,861 | 631,131 | 672,861 | 631,131 | |
Retail Supermarket [Member] | |||||
Sales | 38,532 | 38,142 | 89,692 | 85,373 | |
Depreciation and amortization | 332 | 221 | 980 | 859 | |
Operating income | 3,203 | 4,890 | 8,295 | 8,390 | |
Capital expenditures | 273 | 15 | 376 | 228 | |
Assets | 24,215 | 25,212 | 24,215 | 25,212 | |
Frozen Beverages [Member] | |||||
Sales | 76,006 | 74,163 | 194,428 | 184,640 | |
Depreciation and amortization | 4,860 | 4,437 | 14,212 | 12,382 | |
Operating income | 12,003 | 10,905 | 17,245 | 14,153 | |
Capital expenditures | 6,618 | 7,230 | 17,096 | 21,387 | |
Assets | 217,156 | 209,441 | 217,156 | 209,441 | |
Soft Pretzels [Member] | Food Service [Member] | |||||
Sales | 53,880 | 45,069 | 151,649 | 129,556 | |
Soft Pretzels [Member] | Retail Supermarket [Member] | |||||
Sales | 7,332 | 7,496 | 27,925 | 25,626 | |
Frozen Juices and Ices [Member] | Food Service [Member] | |||||
Sales | 12,825 | 16,281 | 29,448 | 33,453 | |
Frozen Juices and Ices [Member] | Retail Supermarket [Member] | |||||
Sales | 28,785 | 27,317 | 53,950 | 50,359 | |
Churros [Member] | Food Service [Member] | |||||
Sales | 16,739 | 17,536 | 46,603 | 46,693 | |
Handhelds [Member] | Food Service [Member] | |||||
Sales | 9,974 | 8,574 | 30,667 | 24,155 | |
Handhelds [Member] | Retail Supermarket [Member] | |||||
Sales | 2,960 | 3,548 | 8,749 | 10,374 | |
Bakery [Member] | Food Service [Member] | |||||
Sales | 93,082 | 89,712 | 278,828 | 248,795 | |
Other Products [Member] | Food Service [Member] | |||||
Sales | 5,201 | 5,938 | 16,235 | 14,833 | |
Other Products [Member] | Retail Supermarket [Member] | |||||
Sales | 733 | 873 | 1,715 | 2,260 | |
Other Products [Member] | Frozen Beverages [Member] | |||||
Sales | 326 | 404 | 839 | 954 | |
Coupon Redemtion [Member] | Retail Supermarket [Member] | |||||
Sales | (1,278) | (1,092) | (2,647) | (3,246) | |
Beverage [Member] | Frozen Beverages [Member] | |||||
Sales | 50,343 | 48,714 | 118,932 | 108,812 | |
Repair and Maintenance Service [Member] | Frozen Beverages [Member] | |||||
Sales | 19,693 | 18,549 | 58,005 | 54,327 | |
Machine Sales [Member] | Frozen Beverages [Member] | |||||
Sales | $ 5,644 | $ 6,496 | $ 16,652 | $ 20,547 |
Note 10 (Details Textual)
Note 10 (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2018USD ($) | Jun. 24, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 24, 2017USD ($) | Sep. 30, 2017USD ($) | |
Number of Reportable Segments | 3 | ||||
Amortization of Intangible Assets, Total | $ 876,000 | $ 828,000 | $ 2,626,000 | $ 2,957,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 3,500,000 | 3,500,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 3,300,000 | 3,300,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 3,000,000 | 3,000,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 2,400,000 | 2,400,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 2,300,000 | $ 2,300,000 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years 292 days | ||||
ICEE Distributor [Member] | Frozen Beverages [Member] | |||||
Intangible Assets Acquired | $ 6,957,000 | ||||
Goodwill, Acquired During Period | 1,236,000 | ||||
Hill & Valley Inc. [Member] | Food Service [Member] | |||||
Intangible Assets Acquired | 15,760,000 | ||||
Goodwill, Acquired During Period | 14,175,000 | ||||
Labriola Baking Company [Member] | Food Service [Member] | |||||
Intangible Assets Acquired | 576,000 | ||||
Goodwill, Acquired During Period | $ 658,000 | ||||
Minimum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 2 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 | Jun. 30, 2018 | Sep. 30, 2017 |
Finite-lived intangible assets, accumulated amortization | $ 14,219 | $ 11,593 |
Intangible assets | 72,865 | 72,865 |
Goodwill | 102,511 | 102,511 |
Food Service [Member] | ||
Finite-lived intangible assets, accumulated amortization | 9,654 | 7,797 |
Intangible assets | 39,808 | 39,808 |
Goodwill | 61,665 | 61,665 |
Food Service [Member] | Noncompete Agreements [Member] | ||
Finite-lived intangible assets, gross | 980 | 980 |
Finite-lived intangible assets, accumulated amortization | 462 | 263 |
Food Service [Member] | Customer Relationships [Member] | ||
Finite-lived intangible assets, gross | 20,510 | 20,510 |
Finite-lived intangible assets, accumulated amortization | 8,070 | 6,476 |
Food Service [Member] | License and Rights [Member] | ||
Finite-lived intangible assets, gross | 1,690 | 1,690 |
Finite-lived intangible assets, accumulated amortization | 1,122 | 1,058 |
Food Service [Member] | Trade Names [Member] | ||
Indefinite-lived intangible assets, gross | 16,628 | 16,628 |
Retail Supermarket [Member] | ||
Finite-lived intangible assets, accumulated amortization | 3,650 | 2,952 |
Intangible assets | 15,185 | 15,185 |
Goodwill | 3,670 | 3,670 |
Retail Supermarket [Member] | Customer Relationships [Member] | ||
Finite-lived intangible assets, gross | 7,979 | 7,979 |
Finite-lived intangible assets, accumulated amortization | 3,423 | 2,822 |
Retail Supermarket [Member] | Finite-lived Trade Names [Member] | ||
Finite-lived intangible assets, gross | 649 | 649 |
Finite-lived intangible assets, accumulated amortization | 227 | 130 |
Retail Supermarket [Member] | Trade Names [Member] | ||
Indefinite-lived intangible assets, gross | 6,557 | 6,557 |
Frozen Beverages [Member] | ||
Finite-lived intangible assets, accumulated amortization | 915 | 844 |
Intangible assets | 17,872 | 17,872 |
Goodwill | 37,176 | 37,176 |
Frozen Beverages [Member] | Customer Relationships [Member] | ||
Finite-lived intangible assets, gross | 257 | 257 |
Finite-lived intangible assets, accumulated amortization | 69 | 50 |
Frozen Beverages [Member] | License and Rights [Member] | ||
Finite-lived intangible assets, gross | 1,400 | 1,400 |
Finite-lived intangible assets, accumulated amortization | 846 | 794 |
Frozen Beverages [Member] | Trade Names [Member] | ||
Indefinite-lived intangible assets, gross | 9,315 | 9,315 |
Frozen Beverages [Member] | Distribution Rights, Indefinite-lived [Member] | ||
Indefinite-lived intangible assets, gross | $ 6,900 | $ 6,900 |
Note 11 (Details Textual)
Note 11 (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 30, 2018 | Jun. 24, 2017 | Sep. 30, 2017 | |
Debt Securities, Held-to-maturity, Total | $ 133,819,000 | $ 133,819,000 | $ 120,021,000 | ||
Proceeds from Sale and Maturity of Marketable Securities, Total | 21,964,000 | $ 9,577,000 | 51,417,000 | $ 14,681,000 | |
Marketable Securities, Gain (Loss), Total | 35,000 | $ 13,000 | 32,000 | $ 13,000 | |
Corporate Bond Securities [Member] | |||||
Debt Securities, Held-to-maturity, Total | $ 124,000,000 | $ 124,000,000 | |||
Investment Securities Maturity Term | 3 years |
Note 11 - Summary of Securities
Note 11 - Summary of Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Held-to-maturity securities, amortized cost | $ 133,819 | $ 120,021 |
Held-to-maturity securities, gross unrealized gains | 8 | 442 |
Held-to-maturity securities, gross unrealized losses | 1,608 | 156 |
Held-to-maturity securities, fair market value | 132,219 | 120,307 |
Available-for-sale securities, amortized cost | 28,989 | 29,794 |
Available-for-sale securities, gross unrealized gains | 344 | 788 |
Available-for-sale securities, gross unrealized losses | 425 | 322 |
Available-for-sale securities, fair market value | 28,908 | 30,260 |
Corporate Bond Securities [Member] | ||
Held-to-maturity securities, amortized cost | 126,939 | 114,101 |
Held-to-maturity securities, gross unrealized gains | 8 | 424 |
Held-to-maturity securities, gross unrealized losses | 1,600 | 155 |
Held-to-maturity securities, fair market value | 125,347 | 114,370 |
Mutual Funds [Member] | ||
Available-for-sale securities, amortized cost | 12,954 | 13,003 |
Available-for-sale securities, gross unrealized gains | 77 | |
Available-for-sale securities, gross unrealized losses | 385 | 240 |
Available-for-sale securities, fair market value | 12,569 | 12,840 |
Certificates of Deposit [Member] | ||
Held-to-maturity securities, amortized cost | 6,880 | 5,920 |
Held-to-maturity securities, gross unrealized gains | 18 | |
Held-to-maturity securities, gross unrealized losses | 8 | 1 |
Held-to-maturity securities, fair market value | 6,872 | 5,937 |
Preferred Stock [Member] | ||
Available-for-sale securities, amortized cost | 16,035 | 16,791 |
Available-for-sale securities, gross unrealized gains | 344 | 711 |
Available-for-sale securities, gross unrealized losses | 40 | 82 |
Available-for-sale securities, fair market value | $ 16,339 | $ 17,420 |
Note 11 - Held-to-maturity Secu
Note 11 - Held-to-maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Due in one year or less, amortized cost | $ 30,271 | $ 59,113 |
Due in one year or less, fair market value | 30,200 | 59,194 |
Due after one year through five years, amortized cost | 103,548 | 60,908 |
Due after one year through five years, fair market value | 102,019 | 61,113 |
Due after five years through ten years, amortized cost | 0 | 0 |
Due after five years through ten years, fair market value | 0 | 0 |
Total held to maturity securities, amortized cost | 133,819 | 120,021 |
Total held to maturity securities, fair market value | 132,219 | 120,307 |
Less current portion, amortized cost | 30,271 | 59,113 |
Less current portion, fair market value | 30,200 | 59,194 |
Long term held to maturity securities, amortized cost | 103,548 | 60,908 |
Long term held to maturity securities, fair market value | $ 102,019 | $ 61,113 |
Note 12 - Changes to the Compon
Note 12 - Changes to the Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 30, 2018 | Jun. 24, 2017 | |
Beginning Balance | $ 682,322 | |||
Ending Balance | $ 738,075 | 738,075 | ||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Beginning Balance | (11,330) | $ (12,296) | (9,341) | $ (13,086) |
Other comprehensive loss before reclassifications | (2,359) | 1,095 | (4,348) | 1,885 |
Amounts reclassified from accumulated other comprehensive income | ||||
Ending Balance | (13,689) | (11,201) | (13,689) | (11,201) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Beginning Balance | 172 | 166 | 466 | (329) |
Other comprehensive loss before reclassifications | (328) | 204 | (622) | 699 |
Amounts reclassified from accumulated other comprehensive income | 75 | 75 | ||
Ending Balance | (81) | 370 | (81) | 370 |
AOCI Attributable to Parent [Member] | ||||
Beginning Balance | (11,158) | (12,130) | (8,875) | (13,415) |
Other comprehensive loss before reclassifications | (2,687) | 1,299 | (4,970) | 2,584 |
Amounts reclassified from accumulated other comprehensive income | 75 | 75 | ||
Ending Balance | $ (13,770) | $ (10,831) | $ (13,770) | $ (10,831) |
Note 13 (Details Textual)
Note 13 (Details Textual) - USD ($) $ in Millions | Aug. 16, 2017 | May 22, 2017 | Dec. 30, 2016 |
Hill & Valley Inc. [Member] | |||
Minimum Annual Revenues | $ 45 | ||
Labriola Baking Company [Member] | |||
Minimum Annual Revenues | $ 17 | ||
Hill & Valley Inc. [Member] | |||
Payments to Acquire Businesses, Gross | $ 31 | ||
ICEE Distributor [Member] | |||
Payments to Acquire Businesses, Gross | $ 11 | ||
Labriola Baking Company [Member] | |||
Payments to Acquire Businesses, Gross | $ 6 |