Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Dec. 29, 2018 | Jan. 24, 2019 | |
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 | --09-28 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 18,782,640 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 29, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Dec. 29, 2018 | Sep. 29, 2018 |
Current assets | ||
Cash and cash equivalents | $ 124,714,000 | $ 111,479,000 |
Marketable securities held to maturity | 12,465,000 | 21,048,000 |
Accounts receivable, net | 117,764,000 | 132,342,000 |
Inventories | 117,842,000 | 112,884,000 |
Prepaid expenses and other | 4,683,000 | 5,044,000 |
Total current assets | 377,468,000 | 382,797,000 |
Property, plant and equipment, at cost | ||
Land | 2,494,000 | 2,494,000 |
Buildings | 26,582,000 | 26,582,000 |
Plant machinery and equipment | 291,178,000 | 290,396,000 |
Marketing equipment | 294,252,000 | 290,955,000 |
Transportation equipment | 8,930,000 | 8,929,000 |
Office equipment | 30,854,000 | 30,752,000 |
Improvements | 38,893,000 | 38,941,000 |
Construction in progress | 13,895,000 | 8,468,000 |
Total Property, plant and equipment, at cost | 707,078,000 | 697,517,000 |
Less accumulated depreciation and amortization | 464,138,000 | 454,844,000 |
Property, plant and equipment, net | 242,940,000 | 242,673,000 |
Other assets | ||
Goodwill | 102,511,000 | 102,511,000 |
Other intangible assets, net | 56,907,000 | 57,762,000 |
Marketable securities held to maturity | 130,857,000 | 118,765,000 |
Marketable securities available for sale | 20,394,000 | 24,743,000 |
Other | 2,907,000 | 2,762,000 |
Total other assets | 313,576,000 | 306,543,000 |
Total Assets | 933,984,000 | 932,013,000 |
Current Liabilities | ||
Current obligations under capital leases | 322,000 | 324,000 |
Accounts payable | 65,149,000 | 69,592,000 |
Accrued insurance liability | 11,114,000 | 11,217,000 |
Accrued liabilities | 11,456,000 | 8,031,000 |
Accrued compensation expense | 12,446,000 | 20,297,000 |
Dividends payable | 9,389,000 | 8,438,000 |
Total current liabilities | 109,876,000 | 117,899,000 |
Long-term obligations under capital leases | 672,000 | 753,000 |
Deferred income taxes | 53,003,000 | 52,322,000 |
Other long-term liabilities | 1,888,000 | 1,948,000 |
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 18,774,000 and 18,754,000 respectively | 30,016,000 | 27,340,000 |
Accumulated other comprehensive loss | (13,438,000) | (11,994,000) |
Retained Earnings | 751,967,000 | 743,745,000 |
Total stockholders' equity | 768,545,000 | 759,091,000 |
Total Liabilities and Stockholders' Equity | $ 933,984,000 | $ 932,013,000 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Dec. 29, 2018 | Sep. 29, 2018 |
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) | 18,774,000 | 18,754,000 |
Common stock, shares outstanding (in shares) | 18,774,000 | 18,754,000 |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | ||
Net Sales | $ 271,612 | $ 265,210 | |
Cost of goods sold | [1] | 194,749 | 191,931 |
Gross Profit | 76,863 | 73,279 | |
Operating expenses | |||
Marketing | [2] | 21,442 | 21,576 |
Distribution | [3] | 23,952 | 21,159 |
Administrative | [4] | 9,243 | 9,356 |
Other general expense (income) | 144 | (40) | |
Total Operating Expenses | 54,781 | 52,051 | |
Operating Income | 22,082 | 21,228 | |
Other income (expense) | |||
Investment income | 1,040 | 1,489 | |
Interest expense & other | (27) | 509 | |
Earnings before income taxes | 23,095 | 23,226 | |
Income tax expense (benefit) | 5,569 | (13,023) | |
NET EARNINGS | $ 17,526 | $ 36,249 | |
Earnings per diluted share (in dollars per share) | $ 0.93 | $ 1.93 | |
Weighted average number of diluted shares (in shares) | 18,897 | 18,778 | |
Earnings per basic share (in dollars per share) | $ 0.93 | $ 1.94 | |
Weighted average number of basic shares (in shares) | 18,765 | 18,666 | |
[1] | Includes share-based compensation expense of $239 and $218 for the three months ended December 29, 2018 and December 30, 2017, respectively. | ||
[2] | Includes share-based compensation expense of $346 and $339 for the three months ended December 29, 2018 and December 30, 2017, respectively. | ||
[3] | Includes share-based compensation expense of $21 and $19 for the three months ended December 29, 2018 and December 30, 2017, respectively. | ||
[4] | Includes share-based compensation expense of $366 and $377 for the three months ended December 29, 2018 and December 30, 2017, respectively. |
Consolidated Statements of Ea_2
Consolidated Statements of Earnings (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Cost of Sales [Member] | ||
Share-based compensation expense | $ 239 | $ 218 |
Selling and Marketing Expense [Member] | ||
Share-based compensation expense | 346 | 339 |
Distribution [Member] | ||
Share-based compensation expense | 21 | 19 |
General and Administrative Expense [Member] | ||
Share-based compensation expense | $ 366 | $ 377 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Net Earnings | $ 17,526 | $ 36,249 |
Foreign currency translation adjustments | (1,359) | (3,887) |
Unrealized holding loss on marketable securities | (110) | |
Total Other Comprehensive Loss | (1,359) | (3,997) |
Comprehensive Income | $ 16,167 | $ 32,252 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock Including Additional Paid in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Sep. 30, 2017 | 18,663,000 | |||
Balance at Sep. 30, 2017 | $ 17,382 | $ (8,875) | $ 673,815 | $ 682,322 |
Issuance of common stock upon exercise of stock options (in shares) | 5,000 | |||
Issuance of common stock upon exercise of stock options | $ 253 | 253 | ||
Foreign currency translation adjustments | (3,887) | (3,887) | ||
Dividends declared | (8,400) | (8,400) | ||
Share-based compensation | 952 | 952 | ||
Repurchase of common stock | ||||
Net Earnings | 36,249 | 36,249 | ||
Unrealized holding gain on marketable securities | (110) | (110) | ||
Issuance of common stock under deferred stock plan | $ 2 | 2 | ||
Balance (in shares) at Dec. 30, 2017 | 18,668,000 | |||
Balance at Dec. 30, 2017 | $ 18,589 | (12,872) | 701,664 | $ 707,381 |
Balance (in shares) at Sep. 29, 2018 | 18,754,000 | 18,754,000 | ||
Balance at Sep. 29, 2018 | $ 27,340 | (11,994) | 743,745 | $ 759,091 |
Issuance of common stock upon exercise of stock options (in shares) | 20,000 | |||
Issuance of common stock upon exercise of stock options | $ 1,704 | 1,704 | ||
Foreign currency translation adjustments | (1,359) | (1,359) | ||
Dividends declared | (9,389) | (9,389) | ||
Share-based compensation | 972 | 972 | ||
Repurchase of common stock | ||||
Net Earnings | 17,526 | $ 17,526 | ||
Balance (in shares) at Dec. 29, 2018 | 18,774,000 | 18,774,000 | ||
Balance at Dec. 29, 2018 | $ 30,016 | (13,438) | 751,967 | $ 768,545 |
Reclass from accumulated other comprehensive gain | Accounting Standards Update 2016-01 [Member] | $ (85) | $ 85 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Operating activities: | ||
Net earnings | $ 17,526,000 | $ 36,249,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation of fixed assets | 10,774,000 | 11,152,000 |
Amortization of intangibles and deferred costs | 861,000 | 834,000 |
Share-based compensation | 972,000 | 953,000 |
Deferred income taxes | 689,000 | (18,265,000) |
Loss (gain) on marketable securities | 1,027,000 | (8,000) |
Other | 82,000 | (317,000) |
Changes in assets and liabilities net of effects from purchase of companies | ||
Decrease in accounts receivable | 14,386,000 | 14,547,000 |
Increase in inventories | (4,974,000) | (9,933,000) |
Decrease in prepaid expenses | 340,000 | 111,000 |
Decrease in accounts payable and accrued liabilities | (8,872,000) | (9,216,000) |
Net cash provided by operating activities | 32,811,000 | 26,107,000 |
Investing activities: | ||
Purchases of property, plant and equipment | (11,837,000) | (14,623,000) |
Purchases of marketable securities | (17,513,000) | (30,865,000) |
Proceeds from redemption and sales of marketable securities | 17,125,000 | 19,096,000 |
Proceeds from disposal of property and equipment | 577,000 | 1,046,000 |
Other | (236,000) | 27,000 |
Net cash used in investing activities | (11,884,000) | (25,319,000) |
Financing activities: | ||
Proceeds from issuance of stock | 1,704,000 | 253,000 |
Payments on capitalized lease obligations | (83,000) | (90,000) |
Payment of cash dividend | (8,438,000) | (7,838,000) |
Net cash used in financing activities | (6,817,000) | (7,675,000) |
Effect of exchange rate on cash and cash equivalents | (875,000) | (2,986,000) |
Net increase (decrease) in cash and cash equivalents | 13,235,000 | (9,873,000) |
Cash and cash equivalents at beginning of period | 111,479,000 | 90,962,000 |
Cash and cash equivalents at end of period | $ 124,714,000 | $ 81,089,000 |
Note 1
Note 1 | 3 Months Ended |
Dec. 29, 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 29, 2018. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position and the results of operations and cash flows. The results of operations for the three December 29, 2018 December 30, 2017 not third fourth Certain prior year financial statement amounts have been reclassified to be consistent with the presentation for the current year. While we believe that the disclosures presented are adequate to make the information not 10 September 29, 2018. |
Note 2
Note 2 | 3 Months Ended |
Dec. 29, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 2 Revenue Recognition We adopted the new revenue recognition guidance on the first 2019 not not When Performance Obligations Are Satisfied A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account for revenue recognition. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The singular performance obligation of our customer contracts for product and machine sales is determined by each individual purchase order and the respective products ordered, with revenue being recognized at a point-in-time when the obligation under the terms of the agreement is satisfied and product control is transferred to our customer. Specifically, control transfers to our customers when the product is delivered to, installed or picked up by our customers based upon applicable shipping terms, as our customers can direct the use and obtain substantially all of the remaining benefits from the product at this point in time. The performance obligations in our customer contracts for product are generally satisfied within 30 The singular performance obligation of our customer contracts for time and material repair and maintenance equipment service is the performance of the repair and maintenance with revenue being recognized at a point-in-time when the repair and maintenance is completed. The singular performance obligation of our customer repair and maintenance equipment service contracts is the performance of the repair and maintenance with revenue being recognized over the time the service is expected to be performed. Our customers are billed for service contracts in advance of performance and therefore we have contract liability on our balance sheet. Significant Payment Terms In general, within our customer contracts, the purchase order identifies the product, quantity, price, pick-up allowances, payment terms and final delivery terms. Although some payment terms may 30 not Shipping All amounts billed to customers related to shipping and handling are classified as revenues; therefore, we recognize revenue for shipping and handling fees at the time the products are shipped or when services are performed. The cost of shipping products to the customer is recognized at the time the products are shipped to the customer and our policy is to classify them as Distribution expenses. Variable Consideration In addition to fixed contract consideration, our contracts include some form of variable consideration, including sales discounts, trade promotions and certain other sales and consumer incentives, including rebates and coupon redemptions. In general, variable consideration is treated as a reduction in revenue when the related revenue is recognized. Depending on the specific type of variable consideration, we use the most likely amount method to determine the variable consideration. We believe there will be no Warranties & Returns We provide all customers with a standard or assurance type warranty. Either stated or implied, we provide assurance the related products will comply with all agreed-upon specifications and other warranties provided under the law. No We do not may may not Contract Balances Our customers are billed for service contracts in advance of performance and therefore we have contract liability on our balance sheet as follows: (in thousands) September 29, 2018 $ 1,999 Additions to contract liability 372 Amounts recognized as revenue 448 December 29, 2018 $ 1,923 Disaggregation of Revenue See Note 9 Allowance for Doubtful Receivables We provide an allowance for doubtful receivables after taking into consideration historical experience and other factors. The allowance for doubtful receivables was $490,000 $400,000 December 29, 2018 September 29, 2018, |
Note 3
Note 3 | 3 Months Ended |
Dec. 29, 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 $10,774,000 $11,152,000 three December 29, 2018 December 30, 2017, |
Note 4
Note 4 | 3 Months Ended |
Dec. 29, 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 December 29, 2018 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 17,526 18,765 $ 0.93 Effect of Dilutive Securities Options - 132 - Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 17,526 18,897 $ 0.93 500 three December 29, 2018. Three Months Ended December 30, 2017 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 36,249 18,666 $ 1.94 Effect of Dilutive Securities Options - 112 (0.01 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 36,249 18,778 $ 1.93 1,000 three December 30, 2017. |
Note 5
Note 5 | 3 Months Ended |
Dec. 29, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 5 At December 29, 2018, three Three months ended December 29, December 30, 2018 2017 (in thousands, except per share amounts) Stock Options $ 629 $ 615 Stock purchase plan 69 200 Restricted stock issued to an employee - 1 Total share-based compensation $ 698 $ 816 The above compensation is net of tax benefits $ 274 $ 137 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 2019 first three 16.8%; 3.0%; 1.2% 5 During the fiscal year 2019 three 1,000 $27.09. During the fiscal year 2018 three 1,500 $23.14. Expected volatility is based on the historical volatility of the price of our common shares over the past 51 5 10 10 |
Note 6
Note 6 | 3 Months Ended |
Dec. 29, 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 $399,000 $394,000 December 29, 2018 September 29, 2018, December 29, 2018 September 29, 2018, $264,000 $259,000 three four Net earnings for last year’s quarter benefited from a $20.9 $1.2 one December 2017. one 28.6% $900,000 one one 28.0% |
Note 7
Note 7 | 3 Months Ended |
Dec. 29, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 7 In May 2014 five first 2019 not not 2. In January 2016, first 2019 not In February 2016, September 2020. |
Note 8
Note 8 | 3 Months Ended |
Dec. 29, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 8 Inventories consist of the following: December 29, September 29, 2018 2018 (unaudited) (in thousands) Finished goods $ 55,703 $ 52,221 Raw materials 23,733 23,173 Packaging materials 10,392 9,780 Equipment parts and other 28,014 27,710 Total Inventories $ 117,842 $ 112,884 |
Note 9
Note 9 | 3 Months Ended |
Dec. 29, 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 December 29, December 30, 2018 2017 (unaudited) (in thousands) Sales to External Customers: Food Service Soft pretzels $ 48,991 $ 49,021 Frozen juices and ices 7,527 7,184 Churros 15,135 14,592 Handhelds 8,802 11,362 Bakery 102,109 94,933 Other 5,326 5,172 Total Food Service $ 187,890 $ 182,264 Retail Supermarket Soft pretzels $ 10,186 $ 10,512 Frozen juices and ices 10,996 9,727 Handhelds 2,568 3,026 Coupon redemption (694 ) (751 ) Other 359 562 Total Retail Supermarket $ 23,415 $ 23,076 Frozen Beverages Beverages $ 31,436 $ 33,143 Repair and maintenance service 19,743 19,004 Machines revenue 8,904 7,473 Other 224 250 Total Frozen Beverages $ 60,307 $ 59,870 Consolidated Sales $ 271,612 $ 265,210 Depreciation and Amortization: Food Service $ 6,322 $ 7,098 Retail Supermarket 335 290 Frozen Beverages 4,978 4,598 Total Depreciation and Amortization $ 11,635 $ 11,986 Operating Income : Food Service $ 18,461 $ 15,900 Retail Supermarket 1,447 2,558 Frozen Beverages 2,174 2,770 Total Operating Income $ 22,082 $ 21,228 Capital Expenditures: Food Service $ 6,278 $ 9,441 Retail Supermarket 552 - Frozen Beverages 5,007 5,182 Total Capital Expenditures $ 11,837 $ 14,623 Assets: Food Service $ 692,912 $ 635,988 Retail Supermarket 21,380 21,531 Frozen Beverages 219,692 207,498 Total Assets $ 933,984 $ 865,017 |
Note 10
Note 10 | 3 Months Ended |
Dec. 29, 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 December 29, 2018 September 29, 2018 December 29, 2018 September 29, 2018 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 858 482 980 538 Customer relationships 19,900 8,502 20,510 8,600 License and rights 1,690 1,164 1,690 1,143 TOTAL FOOD SERVICE $ 39,076 $ 10,148 $ 39,808 $ 10,281 RETAIL SUPERMARKETS Indefinite lived intangible assets Trade names $ 6,557 $ - $ 6,557 $ - Amortized Intangible Assets Trade names 649 292 649 260 Customer relationships 7,979 3,823 7,979 3,623 TOTAL RETAIL SUPERMARKETS $ 15,185 $ 4,115 $ 15,185 $ 3,883 FROZEN BEVERAGES Indefinite lived intangible assets Trade names $ 9,315 $ - $ 9,315 $ - Distribution rights 6,900 - 6,900 - Amortized intangible assets Customer relationships 257 83 257 76 Licenses and rights 1,400 880 1,400 863 TOTAL FROZEN BEVERAGES $ 17,872 $ 963 $ 17,872 $ 939 CONSOLIDATED $ 72,133 $ 15,226 $ 72,865 $ 15,103 Fully amortized intangible assets have been removed from the December 29, 2018 Amortizing intangible assets are being amortized by the straight-line method over periods ranging from 2 20 three December 29, 2018 December 30, 2017 $855,000 $819,000, Estimated amortization expense for the next five $3,300,000 2019, $3,000,000 2020, $2,400,000 2021, $2,300,000 2022 2023. 10.7 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 December 29, 2018 $ 61,665 $ 3,670 $ 37,176 $ 102,511 Balance at September 29, 2018 $ 61,665 $ 3,670 $ 37,176 $ 102,511 |
Note 11
Note 11 | 3 Months Ended |
Dec. 29, 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 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 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 December 29, 2018 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Corporate Bonds $ 140,442 $ 37 $ 1,404 $ 139,075 Certificates of Deposit 2,880 - 8 2,872 Total marketable securities held to maturity $ 143,322 $ 37 $ 1,412 $ 141,947 The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at December 29, 2018 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 5,552 $ - $ 485 $ 5,067 Preferred Stock 15,681 21 375 15,327 Total marketable securities available for sale $ 21,233 $ 21 $ 860 $ 20,394 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 2019, 2020 2025 not not one may 2019 2021, $91 2 The amortized cost, unrealized gains and losses, and fair market values of our investment securities held to maturity at September 29, 2018 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Corporate Bonds $ 136,933 $ 28 $ 1,520 $ 135,441 Certificates of Deposit 2,880 - 7 2,873 Total marketable securities held to maturity $ 139,813 $ 28 $ 1,527 $ 138,314 The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at September 29, 2018 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 8,978 $ - $ 295 $ 8,683 Preferred Stock 15,680 380 - 16,060 Total marketable securities available for sale $ 24,658 $ 380 $ 295 $ 24,743 The amortized cost and fair value of the Company’s held to maturity securities by contractual maturity at December 29, 2018 September 29, 2018 December 29, 2018 September 29, 2018 Fair Fair Amortized Market Amortized Market Cost Value Cost Value (in thousands) Due in one year or less $ 12,465 $ 12,399 $ 21,048 $ 21,001 Due after one year through five years 130,857 129,548 118,765 117,314 Due after five years through ten years - - - - Total held to maturity securities $ 143,322 $ 141,947 $ 139,813 $ 138,315 Less current portion 12,465 12,399 21,048 21,001 Long term held to maturity securities $ 130,857 $ 129,548 $ 118,765 $ 117,314 Proceeds from the redemption and sale of marketable securities were $17,125,000 three December 29, 2018 $19,096,000 three December 30, 2017, $398 three December 29, 2018 $7,558 three December 30, 2017. first $1,027,000 three December 29, 2018. |
Note 12
Note 12 | 3 Months Ended |
Dec. 29, 2018 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 12 Three Months ended December 29, 2018 (unaudited) (in thousands) Unrealized Holding Foreign Currency Gain on Translation Adjustments Marketable Securities Total Beginning Balance $ (12,079 ) $ 85 $ (11,994 ) Other comprehensive loss before reclassifications (1,359 ) - $ (1,359 ) Amounts reclassified from accumulated other comprehensive income - (85 ) (85 ) Ending Balance $ (13,438 ) $ - $ (13,438 ) Three Months ended December 30, 2017 (unaudited) (in thousands) Unrealized Holding Foreign Currency Gain on Translation Adjustments Marketable Securities Total Beginning Balance $ (9,341 ) $ 466 $ (8,875 ) Other comprehensive loss before reclassifications (3,887 ) (110 ) $ (3,997 ) Amounts reclassified from accumulated other comprehensive income - - - Ending Balance $ (13,228 ) $ 356 $ (12,872 ) |
Note 2 (Tables)
Note 2 (Tables) | 3 Months Ended |
Dec. 29, 2018 | |
Notes Tables | |
Contract with Customer, Asset and Liability [Table Text Block] | (in thousands) September 29, 2018 $ 1,999 Additions to contract liability 372 Amounts recognized as revenue 448 December 29, 2018 $ 1,923 |
Note 4 (Tables)
Note 4 (Tables) | 3 Months Ended |
Dec. 29, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended December 29, 2018 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 17,526 18,765 $ 0.93 Effect of Dilutive Securities Options - 132 - Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 17,526 18,897 $ 0.93 Three Months Ended December 30, 2017 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 36,249 18,666 $ 1.94 Effect of Dilutive Securities Options - 112 (0.01 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 36,249 18,778 $ 1.93 |
Note 5 (Tables)
Note 5 (Tables) | 3 Months Ended |
Dec. 29, 2018 | |
Notes Tables | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Three months ended December 29, December 30, 2018 2017 (in thousands, except per share amounts) Stock Options $ 629 $ 615 Stock purchase plan 69 200 Restricted stock issued to an employee - 1 Total share-based compensation $ 698 $ 816 The above compensation is net of tax benefits $ 274 $ 137 |
Note 8 (Tables)
Note 8 (Tables) | 3 Months Ended |
Dec. 29, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 29, September 29, 2018 2018 (unaudited) (in thousands) Finished goods $ 55,703 $ 52,221 Raw materials 23,733 23,173 Packaging materials 10,392 9,780 Equipment parts and other 28,014 27,710 Total Inventories $ 117,842 $ 112,884 |
Note 9 (Tables)
Note 9 (Tables) | 3 Months Ended |
Dec. 29, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended December 29, December 30, 2018 2017 (unaudited) (in thousands) Sales to External Customers: Food Service Soft pretzels $ 48,991 $ 49,021 Frozen juices and ices 7,527 7,184 Churros 15,135 14,592 Handhelds 8,802 11,362 Bakery 102,109 94,933 Other 5,326 5,172 Total Food Service $ 187,890 $ 182,264 Retail Supermarket Soft pretzels $ 10,186 $ 10,512 Frozen juices and ices 10,996 9,727 Handhelds 2,568 3,026 Coupon redemption (694 ) (751 ) Other 359 562 Total Retail Supermarket $ 23,415 $ 23,076 Frozen Beverages Beverages $ 31,436 $ 33,143 Repair and maintenance service 19,743 19,004 Machines revenue 8,904 7,473 Other 224 250 Total Frozen Beverages $ 60,307 $ 59,870 Consolidated Sales $ 271,612 $ 265,210 Depreciation and Amortization: Food Service $ 6,322 $ 7,098 Retail Supermarket 335 290 Frozen Beverages 4,978 4,598 Total Depreciation and Amortization $ 11,635 $ 11,986 Operating Income : Food Service $ 18,461 $ 15,900 Retail Supermarket 1,447 2,558 Frozen Beverages 2,174 2,770 Total Operating Income $ 22,082 $ 21,228 Capital Expenditures: Food Service $ 6,278 $ 9,441 Retail Supermarket 552 - Frozen Beverages 5,007 5,182 Total Capital Expenditures $ 11,837 $ 14,623 Assets: Food Service $ 692,912 $ 635,988 Retail Supermarket 21,380 21,531 Frozen Beverages 219,692 207,498 Total Assets $ 933,984 $ 865,017 |
Note 10 (Tables)
Note 10 (Tables) | 3 Months Ended |
Dec. 29, 2018 | |
Notes Tables | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | December 29, 2018 September 29, 2018 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 858 482 980 538 Customer relationships 19,900 8,502 20,510 8,600 License and rights 1,690 1,164 1,690 1,143 TOTAL FOOD SERVICE $ 39,076 $ 10,148 $ 39,808 $ 10,281 RETAIL SUPERMARKETS Indefinite lived intangible assets Trade names $ 6,557 $ - $ 6,557 $ - Amortized Intangible Assets Trade names 649 292 649 260 Customer relationships 7,979 3,823 7,979 3,623 TOTAL RETAIL SUPERMARKETS $ 15,185 $ 4,115 $ 15,185 $ 3,883 FROZEN BEVERAGES Indefinite lived intangible assets Trade names $ 9,315 $ - $ 9,315 $ - Distribution rights 6,900 - 6,900 - Amortized intangible assets Customer relationships 257 83 257 76 Licenses and rights 1,400 880 1,400 863 TOTAL FROZEN BEVERAGES $ 17,872 $ 963 $ 17,872 $ 939 CONSOLIDATED $ 72,133 $ 15,226 $ 72,865 $ 15,103 Food Service Retail Supermarket Frozen Beverages Total (in thousands) Balance at December 29, 2018 $ 61,665 $ 3,670 $ 37,176 $ 102,511 Balance at September 29, 2018 $ 61,665 $ 3,670 $ 37,176 $ 102,511 |
Note 11 (Tables)
Note 11 (Tables) | 3 Months Ended |
Dec. 29, 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 $ 140,442 $ 37 $ 1,404 $ 139,075 Certificates of Deposit 2,880 - 8 2,872 Total marketable securities held to maturity $ 143,322 $ 37 $ 1,412 $ 141,947 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 5,552 $ - $ 485 $ 5,067 Preferred Stock 15,681 21 375 15,327 Total marketable securities available for sale $ 21,233 $ 21 $ 860 $ 20,394 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Corporate Bonds $ 136,933 $ 28 $ 1,520 $ 135,441 Certificates of Deposit 2,880 - 7 2,873 Total marketable securities held to maturity $ 139,813 $ 28 $ 1,527 $ 138,314 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 8,978 $ - $ 295 $ 8,683 Preferred Stock 15,680 380 - 16,060 Total marketable securities available for sale $ 24,658 $ 380 $ 295 $ 24,743 |
Investments Classified by Contractual Maturity Date [Table Text Block] | December 29, 2018 September 29, 2018 Fair Fair Amortized Market Amortized Market Cost Value Cost Value (in thousands) Due in one year or less $ 12,465 $ 12,399 $ 21,048 $ 21,001 Due after one year through five years 130,857 129,548 118,765 117,314 Due after five years through ten years - - - - Total held to maturity securities $ 143,322 $ 141,947 $ 139,813 $ 138,315 Less current portion 12,465 12,399 21,048 21,001 Long term held to maturity securities $ 130,857 $ 129,548 $ 118,765 $ 117,314 |
Note 12 (Tables)
Note 12 (Tables) | 3 Months Ended |
Dec. 29, 2018 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months ended December 29, 2018 (unaudited) (in thousands) Unrealized Holding Foreign Currency Gain on Translation Adjustments Marketable Securities Total Beginning Balance $ (12,079 ) $ 85 $ (11,994 ) Other comprehensive loss before reclassifications (1,359 ) - $ (1,359 ) Amounts reclassified from accumulated other comprehensive income - (85 ) (85 ) Ending Balance $ (13,438 ) $ - $ (13,438 ) Three Months ended December 30, 2017 (unaudited) (in thousands) Unrealized Holding Foreign Currency Gain on Translation Adjustments Marketable Securities Total Beginning Balance $ (9,341 ) $ 466 $ (8,875 ) Other comprehensive loss before reclassifications (3,887 ) (110 ) $ (3,997 ) Amounts reclassified from accumulated other comprehensive income - - - Ending Balance $ (13,228 ) $ 356 $ (12,872 ) |
Note 2 (Details Textual)
Note 2 (Details Textual) - USD ($) | Dec. 29, 2018 | Sep. 29, 2018 |
Allowance for Doubtful Accounts Receivable, Ending Balance | $ 490,000 | $ 400,000 |
Note 2 - Contract Liability (De
Note 2 - Contract Liability (Details) $ in Thousands | 3 Months Ended |
Dec. 29, 2018USD ($) | |
Balance | $ 1,999 |
Additions to contract liability | 372 |
Amounts recognized as revenue | 448 |
Balance | $ 1,923 |
Note 3 (Details Textual)
Note 3 (Details Textual) - USD ($) | 3 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Depreciation, Total | $ 10,774,000 | $ 11,152,000 |
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 | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 500 | 1,000 |
Note 4 - Calculation of EPS (De
Note 4 - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Net Earnings available to common stockholders | $ 17,526 | $ 36,249 |
Weighted average number of shares outstanding, basic (in shares) | 18,765 | 18,666 |
Earnings per share, basic (in dollars per share) | $ 0.93 | $ 1.94 |
Options | ||
Options (in shares) | 132 | 112 |
Options (in dollars per share) | $ (0.01) | |
Net Earnings available to common stockholders plus assumed conversions | $ 17,526 | $ 36,249 |
Weighted average number of shares outstanding, diluted (in shares) | 18,897 | 18,778 |
Earnings per share, diluted (in dollars per share) | $ 0.93 | $ 1.93 |
Note 5 (Details Textual)
Note 5 (Details Textual) - $ / shares | 3 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,000 | 1,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 27.09 | $ 23.14 |
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 | 3.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.20% | |
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 - Summary of Share-based
Note 5 - Summary of Share-based Compensation Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Share-based compensation expense | $ 698 | $ 816 |
The above compensation is net of tax benefits | 274 | 137 |
Employee Stock Option [Member] | ||
Share-based compensation expense | 629 | 615 |
Stock Purchase Plan [Member] | ||
Share-based compensation expense | 69 | 200 |
Restricted Stock [Member] | ||
Share-based compensation expense | $ 1 |
Note 6 (Details Textual)
Note 6 (Details Textual) - USD ($) | 3 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Sep. 29, 2018 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 399,000 | $ 394,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 264,000 | $ 259,000 | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 20,900,000 | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 1,200,000 | ||
Effective Income Tax Rate Reconciliation, Percent, Total | 28.00% | 28.60% | |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 900,000 |
Note 8 - Summary of Inventory (
Note 8 - Summary of Inventory (Details) - USD ($) $ in Thousands | Dec. 29, 2018 | Sep. 29, 2018 |
Finished goods | $ 55,703 | $ 52,221 |
Raw materials | 23,733 | 23,173 |
Packaging materials | 10,392 | 9,780 |
Equipment parts and other | 28,014 | 27,710 |
Total Inventories | $ 117,842 | $ 112,884 |
Note 9 (Details Textual)
Note 9 (Details Textual) | 3 Months Ended |
Dec. 29, 2018 | |
Number of Reportable Segments | 3 |
Note 9 - Operations Information
Note 9 - Operations Information by Reporting Segment (Details) - USD ($) | 3 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Sep. 29, 2018 | |
Sales | $ 271,612,000 | $ 265,210,000 | |
Depreciation and amortization | 11,635,000 | 11,986,000 | |
Operating income | 22,082,000 | 21,228,000 | |
Capital expenditures | 11,837,000 | 14,623,000 | |
Assets | 933,984,000 | 865,017,000 | $ 932,013,000 |
Food Service [Member] | |||
Sales | 187,890,000 | 182,264,000 | |
Depreciation and amortization | 6,322,000 | 7,098,000 | |
Operating income | 18,461,000 | 15,900,000 | |
Capital expenditures | 6,278,000 | 9,441,000 | |
Assets | 692,912,000 | 635,988,000 | |
Retail Supermarket [Member] | |||
Sales | 23,415,000 | 23,076,000 | |
Depreciation and amortization | 335,000 | 290,000 | |
Operating income | 1,447,000 | 2,558,000 | |
Capital expenditures | 552,000 | ||
Assets | 21,380,000 | 21,531,000 | |
Frozen Beverages [Member] | |||
Sales | 60,307,000 | 59,870,000 | |
Depreciation and amortization | 4,978,000 | 4,598,000 | |
Operating income | 2,174,000 | 2,770,000 | |
Capital expenditures | 5,007,000 | 5,182,000 | |
Assets | 219,692,000 | 207,498,000 | |
Soft Pretzels [Member] | Food Service [Member] | |||
Sales | 48,991,000 | 49,021,000 | |
Soft Pretzels [Member] | Retail Supermarket [Member] | |||
Sales | 10,186,000 | 10,512,000 | |
Frozen Juices and Ices [Member] | Food Service [Member] | |||
Sales | 7,527,000 | 7,184,000 | |
Frozen Juices and Ices [Member] | Retail Supermarket [Member] | |||
Sales | 10,996,000 | 9,727,000 | |
Churros [Member] | Food Service [Member] | |||
Sales | 15,135,000 | 14,592,000 | |
Handhelds [Member] | Food Service [Member] | |||
Sales | 8,802,000 | 11,362,000 | |
Handhelds [Member] | Retail Supermarket [Member] | |||
Sales | 2,568,000 | 3,026,000 | |
Bakery [Member] | Food Service [Member] | |||
Sales | 102,109,000 | 94,933,000 | |
Other Products [Member] | Food Service [Member] | |||
Sales | 5,326,000 | 5,172,000 | |
Other Products [Member] | Retail Supermarket [Member] | |||
Sales | 359,000 | 562,000 | |
Other Products [Member] | Frozen Beverages [Member] | |||
Sales | 224,000 | 250,000 | |
Coupon Redemtion [Member] | Retail Supermarket [Member] | |||
Sales | (694,000) | (751,000) | |
Beverage [Member] | Frozen Beverages [Member] | |||
Sales | 31,436,000 | 33,143,000 | |
Repair and Maintenance Service [Member] | Frozen Beverages [Member] | |||
Sales | 19,743,000 | 19,004,000 | |
Machine Sales [Member] | Frozen Beverages [Member] | |||
Sales | $ 8,904 | $ 7,473 |
Note 10 (Details Textual)
Note 10 (Details Textual) | 3 Months Ended | |
Dec. 29, 2018USD ($) | Dec. 30, 2017USD ($) | |
Number of Reportable Segments | 3 | |
Amortization of Intangible Assets, Total | $ 855,000 | $ 819,000 |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 3,300,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 3,000,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 2,400,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 2,300,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 2,300,000 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years 255 days | |
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 | Dec. 29, 2018 | Sep. 29, 2018 |
Finite-lived intangible assets, accumulated amortization | $ 15,226 | $ 15,103 |
Intangible assets | 72,133 | 72,865 |
Goodwill | 102,511 | 102,511 |
Food Service [Member] | ||
Finite-lived intangible assets, accumulated amortization | 10,148 | 10,281 |
Intangible assets | 39,076 | 39,808 |
Goodwill | 61,665 | 61,665 |
Food Service [Member] | Noncompete Agreements [Member] | ||
Finite-lived intangible assets, gross | 858 | 980 |
Finite-lived intangible assets, accumulated amortization | 482 | 538 |
Food Service [Member] | Customer Relationships [Member] | ||
Finite-lived intangible assets, gross | 19,900 | 20,510 |
Finite-lived intangible assets, accumulated amortization | 8,502 | 8,600 |
Food Service [Member] | License and Rights [Member] | ||
Finite-lived intangible assets, gross | 1,690 | 1,690 |
Finite-lived intangible assets, accumulated amortization | 1,164 | 1,143 |
Food Service [Member] | Trade Names [Member] | ||
Indefinite-lived intangible assets, gross | 16,628 | 16,628 |
Retail Supermarket [Member] | ||
Finite-lived intangible assets, accumulated amortization | 4,115 | 3,883 |
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 | 3,823 | 3,623 |
Retail Supermarket [Member] | Finite-lived Trade Names [Member] | ||
Finite-lived intangible assets, gross | 649 | 649 |
Finite-lived intangible assets, accumulated amortization | 292 | 260 |
Retail Supermarket [Member] | Trade Names [Member] | ||
Indefinite-lived intangible assets, gross | 6,557 | 6,557 |
Frozen Beverages [Member] | ||
Finite-lived intangible assets, accumulated amortization | 963 | 939 |
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 | 83 | 76 |
Frozen Beverages [Member] | License and Rights [Member] | ||
Finite-lived intangible assets, gross | 1,400 | 1,400 |
Finite-lived intangible assets, accumulated amortization | 880 | 863 |
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 | ||
Dec. 29, 2018 | Dec. 30, 2017 | Sep. 29, 2018 | |
Debt Securities, Held-to-maturity, Total | $ 143,322,000 | $ 139,813,000 | |
Proceeds from Sale and Maturity of Marketable Securities, Total | 17,125,000 | $ 19,096,000 | |
Marketable Securities, Gain (Loss), Total | 398 | $ 7,558 | |
Marketable Securities, Unrealized Gain (Loss), Total | (1,027,000) | ||
Corporate Bond Securities [Member] | |||
Debt Securities, Held-to-maturity, Total | $ 91,000,000 | ||
Investment Securities Maturity Term | 2 years |
Note 11 - Summary of Securities
Note 11 - Summary of Securities (Details) - USD ($) $ in Thousands | Dec. 29, 2018 | Sep. 29, 2018 |
Held-to-maturity securities, amortized cost | $ 143,322 | $ 139,813 |
Held-to-maturity securities, gross unrealized gains | 37 | 28 |
Held-to-maturity securities, gross unrealized losses | 1,412 | 1,527 |
Held-to-maturity securities, fair market value | 141,947 | 138,314 |
Available-for-sale securities, amortized cost | 21,233 | 24,658 |
Available-for-sale securities, gross unrealized gains | 21 | 380 |
Available-for-sale securities, gross unrealized losses | 860 | 295 |
Available-for-sale securities, fair market value | 20,394 | 24,743 |
Corporate Bond Securities [Member] | ||
Held-to-maturity securities, amortized cost | 140,442 | 136,933 |
Held-to-maturity securities, gross unrealized gains | 37 | 28 |
Held-to-maturity securities, gross unrealized losses | 1,404 | 1,520 |
Held-to-maturity securities, fair market value | 139,075 | 135,441 |
Mutual Funds [Member] | ||
Available-for-sale securities, amortized cost | 5,552 | 8,978 |
Available-for-sale securities, gross unrealized gains | ||
Available-for-sale securities, gross unrealized losses | 485 | 295 |
Available-for-sale securities, fair market value | 5,067 | 8,683 |
Certificates of Deposit [Member] | ||
Held-to-maturity securities, amortized cost | 2,880 | 2,880 |
Held-to-maturity securities, gross unrealized gains | ||
Held-to-maturity securities, gross unrealized losses | 8 | 7 |
Held-to-maturity securities, fair market value | 2,872 | 2,873 |
Preferred Stock [Member] | ||
Available-for-sale securities, amortized cost | 15,681 | 15,680 |
Available-for-sale securities, gross unrealized gains | 21 | 380 |
Available-for-sale securities, gross unrealized losses | 375 | |
Available-for-sale securities, fair market value | $ 15,327 | $ 16,060 |
Note 11 - Held-to-maturity Secu
Note 11 - Held-to-maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 29, 2018 | Sep. 29, 2018 |
Due in one year or less, amortized cost | $ 12,465 | $ 21,048 |
Due in one year or less, fair market value | 12,399 | 21,001 |
Due after one year through five years, amortized cost | 130,857 | 118,765 |
Due after one year through five years, fair market value | 129,548 | 117,314 |
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 | 143,322 | 139,813 |
Total held to maturity securities, fair market value | 141,947 | 138,314 |
Less current portion, amortized cost | 12,465 | 21,048 |
Less current portion, fair market value | 12,399 | 21,001 |
Long term held to maturity securities, amortized cost | 130,857 | 118,765 |
Long term held to maturity securities, fair market value | $ 129,548 | $ 117,314 |
Note 12 - Changes to the Compon
Note 12 - Changes to the Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Balance | $ 759,091 | $ 682,322 |
Balance | 768,545 | 707,381 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Balance | (12,079) | (9,341) |
Other comprehensive loss before reclassifications | (1,359) | (3,887) |
Amounts reclassified from accumulated other comprehensive income | ||
Balance | (13,438) | (13,228) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Balance | 85 | 466 |
Other comprehensive loss before reclassifications | (110) | |
Amounts reclassified from accumulated other comprehensive income | (85) | |
Balance | 356 | |
AOCI Attributable to Parent [Member] | ||
Balance | (11,994) | (8,875) |
Other comprehensive loss before reclassifications | (1,359) | (3,997) |
Amounts reclassified from accumulated other comprehensive income | (85) | |
Balance | $ (13,438) | $ (12,872) |