Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 26, 2021 | Jul. 23, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000785956 | |
Entity Registrant Name | J&J SNACK FOODS CORP | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-25 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 26, 2021 | |
Document Transition Report | false | |
Entity File Number | 0-14616 | |
Entity Incorporation, State or Country Code | NJ | |
Entity Tax Identification Number | 22-1935537 | |
Entity Address, Address Line One | 6000 Central Highway | |
Entity Address, City or Town | Pennsauken | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 08109 | |
City Area Code | 856 | |
Local Phone Number | 665-9533 | |
Title of 12(b) Security | Common Stock, no par value | |
Trading Symbol | JJSF | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 19,063,903 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 26, 2021 | Sep. 26, 2020 |
Current assets | ||
Cash and cash equivalents | $ 276,268 | $ 195,809 |
Marketable securities held to maturity | 9,902 | 51,151 |
Accounts receivable, net | 154,845 | 126,587 |
Inventories | 114,822 | 108,923 |
Prepaid expenses and other | 11,547 | 17,087 |
Total current assets | 567,384 | 499,557 |
Property, plant and equipment, at cost | ||
Land | 2,494 | 2,494 |
Buildings | 26,582 | 26,582 |
Plant machinery and equipment | 340,693 | 330,168 |
Marketing equipment | 253,199 | 250,914 |
Transportation equipment | 10,232 | 9,966 |
Office equipment | 34,291 | 33,878 |
Improvements | 45,349 | 43,264 |
Construction in progress | 28,134 | 19,995 |
Total Property, plant and equipment, at cost | 740,974 | 717,261 |
Less accumulated depreciation and amortization | 482,056 | 455,645 |
Property, plant and equipment, net | 258,918 | 261,616 |
Other assets | ||
Goodwill | 121,833 | 121,833 |
Other intangible assets, net | 79,676 | 81,622 |
Marketable securities held to maturity | 7,568 | 16,927 |
Marketable securities available for sale | 11,273 | 13,976 |
Operating lease right-of-use assets | 51,811 | 58,110 |
Other | 3,083 | 2,912 |
Total other assets | 275,244 | 295,380 |
Total Assets | 1,101,546 | 1,056,553 |
Current Liabilities | ||
Current finance lease liabilities | 252 | 349 |
Accounts payable | 97,117 | 73,135 |
Accrued insurance liability | 15,764 | 13,039 |
Accrued liabilities | 6,890 | 7,420 |
Current operating lease liabilities | 12,780 | 13,173 |
Accrued compensation expense | 15,000 | 16,134 |
Dividends payable | 12,064 | 10,876 |
Total current liabilities | 159,867 | 134,126 |
Noncurrent finance lease liabilities | 417 | 368 |
Noncurrent operating lease liabilities | 41,573 | 47,688 |
Deferred income taxes | 64,284 | 64,413 |
Other long-term liabilities | 375 | 460 |
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 19,061,000 and 18,915,000 respectively | 69,572 | 49,268 |
Accumulated other comprehensive loss | (13,182) | (15,587) |
Retained Earnings | 778,640 | 775,817 |
Total stockholders' equity | 835,030 | 809,498 |
Total Liabilities and Stockholders' Equity | $ 1,101,546 | $ 1,056,553 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 26, 2021 | Sep. 26, 2020 |
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) | 19,061,000 | 18,915,000 |
Common stock, shares outstanding (in shares) | 19,061,000 | 18,915,000 |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Net Sales | $ 324,344 | $ 214,563 | $ 821,519 | $ 769,502 |
Cost of goods sold | 228,170 | 177,367 | 614,324 | 585,002 |
Gross Profit | 96,174 | 37,196 | 207,195 | 184,500 |
Operating expenses | ||||
Marketing | 20,502 | 21,952 | 56,995 | 68,532 |
Distribution | 27,311 | 21,272 | 75,643 | 69,648 |
Administrative | 10,348 | 8,374 | 29,004 | 28,166 |
Plant shutdown impairment costs | 0 | 5,072 | 0 | 5,072 |
Other general (income) expense | (131) | (54) | (399) | (183) |
Total Operating Expenses | 58,030 | 56,616 | 161,243 | 171,235 |
Operating Income (loss) | 38,144 | (19,420) | 45,952 | 13,265 |
Other (expense)income | ||||
Investment income (loss) | 470 | 1,300 | 2,419 | 2,673 |
Interest (expense) & other | (8) | (7) | (19) | (60) |
Earnings (loss) before income taxes | 38,606 | (18,127) | 48,352 | 15,878 |
Income taxes (benefit) | 9,713 | (5,480) | 11,620 | 4,157 |
NET EARNINGS (LOSS) | $ 28,893 | $ (12,647) | $ 36,732 | $ 11,721 |
Earnings (loss) per diluted share (in dollars per share) | $ 1.51 | $ (0.67) | $ 1.92 | $ 0.62 |
Weighted average number of diluted shares (in shares) | 19,185 | 18,888 | 19,116 | 19,036 |
Earnings (loss) per basic share (in dollars per share) | $ 1.52 | $ (0.67) | $ 1.93 | $ 0.62 |
Weighted average number of basic shares (in shares) | 19,045 | 18,888 | 18,996 | 18,902 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Net Earnings (loss) | $ 28,893 | $ (12,647) | $ 36,732 | $ 11,721 |
Foreign currency translation adjustments | 657 | 41 | 2,405 | (3,070) |
Total Other Comprehensive Income (loss), net of tax | 657 | 41 | 2,405 | (3,070) |
Comprehensive Income (loss) | $ 29,550 | $ (12,606) | $ 39,137 | $ 8,651 |
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. 28, 2019 | 18,895,000 | |||
Balance at Sep. 28, 2019 | $ 45,744 | $ (12,988) | $ 800,995 | $ 833,751 |
Issuance of common stock upon exercise of stock options (in shares) | 5,000 | |||
Issuance of common stock upon exercise of stock options | $ 468 | 0 | 0 | 468 |
Foreign currency translation adjustment | 0 | 810 | 0 | 810 |
Dividends declared | 0 | 0 | (10,867) | (10,867) |
Share-based compensation | 1,299 | 0 | 0 | 1,299 |
Net earnings | $ 0 | 0 | 17,059 | 17,059 |
Balance (in shares) at Dec. 28, 2019 | 18,900,000 | |||
Balance at Dec. 28, 2019 | $ 47,511 | (12,178) | 807,187 | 842,520 |
Balance (in shares) at Sep. 28, 2019 | 18,895,000 | |||
Balance at Sep. 28, 2019 | $ 45,744 | (12,988) | 800,995 | 833,751 |
Foreign currency translation adjustment | (3,070) | |||
Net earnings | 11,721 | |||
Balance (in shares) at Jun. 27, 2020 | 18,888,000 | |||
Balance at Jun. 27, 2020 | $ 46,560 | (16,058) | 780,098 | 810,600 |
Balance (in shares) at Dec. 28, 2019 | 18,900,000 | |||
Balance at Dec. 28, 2019 | $ 47,511 | (12,178) | 807,187 | 842,520 |
Issuance of common stock upon exercise of stock options (in shares) | 47,000 | |||
Issuance of common stock upon exercise of stock options | $ 5,049 | 0 | 0 | 5,049 |
Foreign currency translation adjustment | 0 | (3,921) | 0 | (3,921) |
Dividends declared | 0 | 0 | (10,878) | (10,878) |
Share-based compensation | 1,088 | 0 | 0 | 1,088 |
Net earnings | $ 0 | 0 | 7,309 | 7,309 |
Issuance of common stock for employee stock purchase plan (in shares) | 6,000 | |||
Issuance of common stock for employee stock purchase plan | $ 783 | 0 | 0 | 783 |
Balance (in shares) at Mar. 28, 2020 | 18,888,000 | |||
Balance at Mar. 28, 2020 | $ 45,549 | (16,099) | 803,618 | 833,068 |
Issuance of common stock under deferred stock plan (in shares) | 1,000 | |||
Issuance of common stock under deferred stock plan | $ 90 | 0 | 0 | 90 |
Repurchase of common stock (in shares) | (66,000) | |||
Repurchase of common stock | $ (8,972) | 0 | 0 | (8,972) |
Foreign currency translation adjustment | 0 | 41 | 0 | 41 |
Dividends declared | 0 | 0 | (10,873) | (10,873) |
Share-based compensation | 1,011 | 0 | 0 | 1,011 |
Net earnings | $ 0 | 0 | (12,647) | (12,647) |
Balance (in shares) at Jun. 27, 2020 | 18,888,000 | |||
Balance at Jun. 27, 2020 | $ 46,560 | (16,058) | 780,098 | $ 810,600 |
Balance (in shares) at Sep. 26, 2020 | 18,915,000 | 18,915,000 | ||
Balance at Sep. 26, 2020 | $ 49,268 | (15,587) | 775,817 | $ 809,498 |
Issuance of common stock upon exercise of stock options (in shares) | 41,000 | |||
Issuance of common stock upon exercise of stock options | $ 4,390 | 0 | 0 | 4,390 |
Foreign currency translation adjustment | 0 | 2,279 | 0 | 2,279 |
Dividends declared | 0 | 0 | (10,900) | (10,900) |
Share-based compensation | 1,244 | 0 | 1,244 | |
Net earnings | $ 0 | 0 | 1,778 | 1,778 |
Balance (in shares) at Dec. 26, 2020 | 18,956,000 | |||
Balance at Dec. 26, 2020 | $ 54,902 | (13,308) | 766,695 | $ 808,289 |
Balance (in shares) at Sep. 26, 2020 | 18,915,000 | 18,915,000 | ||
Balance at Sep. 26, 2020 | $ 49,268 | (15,587) | 775,817 | $ 809,498 |
Foreign currency translation adjustment | 2,405 | |||
Net earnings | $ 36,732 | |||
Balance (in shares) at Jun. 26, 2021 | 19,061,000 | 19,061,000 | ||
Balance at Jun. 26, 2021 | $ 69,572 | (13,182) | 778,640 | $ 835,030 |
Balance (in shares) at Dec. 26, 2020 | 18,956,000 | |||
Balance at Dec. 26, 2020 | $ 54,902 | (13,308) | 766,695 | 808,289 |
Issuance of common stock upon exercise of stock options (in shares) | 72,000 | |||
Issuance of common stock upon exercise of stock options | $ 8,384 | 0 | 0 | 8,384 |
Foreign currency translation adjustment | 0 | (531) | 0 | (531) |
Dividends declared | 0 | 0 | (10,943) | (10,943) |
Share-based compensation | 1,026 | 0 | 1,026 | |
Net earnings | $ 0 | 0 | 6,061 | 6,061 |
Issuance of common stock for employee stock purchase plan (in shares) | 6,000 | |||
Issuance of common stock for employee stock purchase plan | $ 714 | 0 | 0 | 714 |
Balance (in shares) at Mar. 27, 2021 | 19,034,000 | |||
Balance at Mar. 27, 2021 | $ 65,026 | (13,839) | 761,813 | 813,000 |
Issuance of common stock upon exercise of stock options (in shares) | 27,000 | |||
Foreign currency translation adjustment | $ 0 | 657 | 0 | 657 |
Dividends declared | 0 | 0 | (12,066) | (12,066) |
Share-based compensation | 982 | 0 | 0 | 982 |
Net earnings | 0 | 0 | 28,893 | 28,893 |
Issuance of common stock for employee stock purchase plan | $ 3,564 | 0 | 0 | $ 3,564 |
Balance (in shares) at Jun. 26, 2021 | 19,061,000 | 19,061,000 | ||
Balance at Jun. 26, 2021 | $ 69,572 | $ (13,182) | $ 778,640 | $ 835,030 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jun. 26, 2021 | Jun. 27, 2020 | |
Operating activities: | ||
Net earnings | $ 36,732,000 | $ 11,721,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation of fixed assets | 36,278,000 | 37,353,000 |
Amortization of intangibles and deferred costs | 2,096,000 | 2,516,000 |
Share-based compensation | 3,252,000 | 3,421,000 |
Deferred income taxes | (188,000) | (426,000) |
(Gain) loss on marketable securities | (926,000) | 1,746,000 |
Plant shutdown impairment costs | 0 | 5,072,000 |
Other | (305,000) | (309,000) |
Changes in assets and liabilities net of effects from purchase of companies | ||
(Increase) decrease in accounts receivable | (27,940,000) | 24,634,000 |
Increase in inventories | (5,964,000) | (3,751,000) |
(Increase) decrease in prepaid expenses | 5,710,000 | (7,879,000) |
Increase (decrease) in accounts payable and accrued liabilities | 24,823,000 | (7,478,000) |
Net cash provided by operating activities | 73,568,000 | 66,620,000 |
Investing activities: | ||
Payments for purchases of companies, net of cash acquired | 0 | (57,197,000) |
Purchases of property, plant and equipment | (34,456,000) | (47,637,000) |
Purchases of marketable securities | 0 | (6,103,000) |
Proceeds from redemption and sales of marketable securities | 54,191,000 | 54,125,000 |
Proceeds from disposal of property and equipment | 2,079,000 | 2,852,000 |
Other | 42,000 | (72,000) |
Net cash provided by (used in) investing activities | 21,856,000 | (54,032,000) |
Financing activities: | ||
Payments to repurchase common stock | 0 | (8,972,000) |
Proceeds from issuance of stock | 17,178,000 | 6,300,000 |
Payments on capitalized lease obligations | (48,000) | (272,000) |
Payment of cash dividend | (32,719,000) | (31,193,000) |
Net cash used in financing activities | (15,589,000) | (34,137,000) |
Effect of exchange rate on cash and cash equivalents | 624,000 | (885,000) |
Net increase (decrease) in cash and cash equivalents | 80,459,000 | (22,434,000) |
Cash and cash equivalents at beginning of period | 195,809,000 | 192,395,000 |
Cash and cash equivalents at end of period | $ 276,268,000 | $ 169,961,000 |
Note 1
Note 1 | 9 Months Ended |
Jun. 26, 2021 | |
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 26, 2020. 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 nine June 26, 2021 June 27, 2020 not third fourth 2/3 19, 19 While we believe that the disclosures presented are adequate to make the information not 10 September 26, 2020. |
Note 2
Note 2 | 9 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 2 Revenue Recognition 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 liabilities 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 June 26, 2021 September 26, 2020. 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 liabilities on our balance sheet as follows: (in thousands) Three months ended Nine months ended June 26, June 27, June 26, June 27, 2021 2020 2021 2020 Beginning Balance $ 1,090 $ 1,235 $ 1,327 $ 1,334 Additions to contract liability $ 1,237 1,362 4,182 4,111 Amounts recognized as revenue $ (1,283 ) (1,311 ) (4,465 ) (4,159 ) Ending Balance $ 1,044 $ 1,286 $ 1,044 $ 1,286 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. On September 27, 2020, 2016 13, Measurement of Credit Losses on Financial Instruments not June 26, 2021 September 26, 2020, |
Note 3
Note 3 | 9 Months Ended |
Jun. 26, 2021 | |
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 to 20 years. Depreciation expense was $12,025,000 and $12,543,000 for the three June 26, 2021 June 27, 2020, nine June 26, 2021 June 27, 2020, |
Note 4
Note 4 | 9 Months Ended |
Jun. 26, 2021 | |
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 26, 2021 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 28,893 19,045 $ 1.52 Effect of Dilutive Securities Options - 140 (0.01 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 28,893 19,185 $ 1.51 20,800 anti-dilutive shares have been excluded in the computation of EPS for the three June 26, 2021 Nine Months Ended June 26, 2021 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 36,732 18,996 $ 1.93 Effect of Dilutive Securities Options - 120 (0.01 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 36,732 19,116 $ 1.92 289,692 anti-dilutive shares have been excluded in the computation of EPS for the nine June 26, 2021 Three Months Ended June 27, 2020 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ (12,647 ) 18,888 $ (0.67 ) Effect of Dilutive Securities Options - - - Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ (12,647 ) 18,888 $ (0.67 ) 845,977 anti-dilutive shares have been excluded in the computation of EPS for the three June 27, 2020 Nine Months Ended June 27, 2020 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 11,721 18,902 $ 0.62 Effect of Dilutive Securities Options - 134 - Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 11,721 19,036 $ 0.62 169,246 anti-dilutive shares have been excluded in the computation of EPS for the nine June 27, 2020 |
Note 5
Note 5 | 9 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 5 At June 26, 2021, three Three months ended Nine months ended June 26, June 27, June 26, June 27, 2021 2020 2021 2020 (in thousands) Stock Options $ 512 $ 890 $ 1,505 $ 2,267 Stock purchase plan 171 57 513 328 Stock issued to outside director 11 17 33 50 Restricted stock issued to an employee 23 - 70 - Total share-based compensation $ 717 $ 964 $ 2,121 $ 2,645 The above compensation is net of tax benefits $ 265 $ 70 $ 1,131 $ 822 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 2021 nine 25.8%; 0.8%; During the fiscal year 2021 nine During the fiscal year 2020 nine Expected volatility is based on the historical volatility of the price of our common shares over the past 51 months for 5 10 |
Note 6
Note 6 | 9 Months Ended |
Jun. 26, 2021 | |
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 $343,000 and $360,000 on June 26, 2021 September 26, 2020, June 26, 2021, September 26, 2020, In addition to our federal tax return and tax returns for Mexico and Canada, we file tax returns in all states that have a corporate income tax with virtually all open for examination for three four Our effective tax rate for the nine June 26, 2021 nine June 27, 2020 |
Note 7
Note 7 | 9 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | Note 7 In June 2016, 2016 13, Measurement of Credit Losses on Financial Instruments The Company adopted this guidance in the first 2021 2016 13 not |
Note 8
Note 8 | 9 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 8 Inventories consist of the following: June 26, September 26, 2021 2020 (unaudited) (in thousands) Finished goods $ 40,850 $ 40,184 Raw materials 29,171 24,550 Packaging materials 12,080 10,545 Equipment parts and other 32,721 33,644 Total Inventories $ 114,822 $ 108,923 |
Note 9
Note 9 | 9 Months Ended |
Jun. 26, 2021 | |
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. 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 26 June 27 June 26 June 27 2021 2020 2021 2020 Sales to External Customers: Food Service Soft pretzels $ 50,895 $ 21,384 $ 120,359 $ 116,985 Frozen juices and ices 13,927 8,688 30,812 25,222 Churros 20,096 7,321 46,358 38,466 Handhelds 18,971 7,448 56,574 22,084 Bakery 85,706 69,237 257,580 255,016 Other 6,884 2,543 14,546 13,628 Total Food Service $ 196,478 $ 116,621 $ 526,226 $ 471,401 Retail Supermarket Soft pretzels $ 11,193 $ 12,716 $ 40,871 $ 34,874 Frozen juices and ices 36,898 33,322 71,600 59,279 Biscuits 4,562 8,151 18,717 21,759 Handhelds 1,191 3,257 6,215 9,135 Coupon redemption (513 ) (807 ) (2,196 ) (2,216 ) Other 526 863 1,652 1,668 Total Retail Supermarket $ 53,857 $ 57,502 $ 136,859 $ 124,499 Frozen Beverages Beverages $ 42,279 $ 16,456 $ 76,663 $ 83,606 Repair and maintenance service 22,789 17,259 59,903 61,524 Machines revenue 8,404 6,363 20,556 27,254 Other 536 362 1,312 1,218 Total Frozen Beverages $ 74,009 $ 40,440 $ 158,434 $ 173,602 Consolidated Sales $ 324,344 $ 214,563 $ 821,519 $ 769,502 Depreciation and Amortization: Food Service $ 6,817 $ 7,050 $ 20,334 $ 21,208 Retail Supermarket 378 468 1,147 1,156 Frozen Beverages 5,469 5,864 16,893 17,505 Total Depreciation and Amortization $ 12,664 $ 13,382 $ 38,374 $ 39,869 Operating Income : Food Service $ 17,644 $ (18,242 ) $ 29,879 $ 7,743 Retail Supermarket 9,080 7,910 20,167 14,464 Frozen Beverages 11,420 (9,088 ) (4,094 ) (8,942 ) Total Operating Income (Loss) $ 38,144 $ (19,420 ) $ 45,952 $ 13,265 Capital Expenditures: Food Service $ 10,383 $ 7,865 $ 25,915 $ 26,599 Retail Supermarket 93 390 194 1,625 Frozen Beverages 5,151 2,397 8,347 19,413 Total Capital Expenditures $ 15,627 $ 10,652 $ 34,456 $ 47,637 Assets: Food Service $ 779,730 $ 729,331 $ 779,730 $ 729,331 Retail Supermarket 33,405 33,766 33,405 33,766 Frozen Beverages 288,411 294,189 288,411 294,189 Total Assets $ 1,101,546 $ 1,057,286 $ 1,101,546 $ 1,057,286 |
Note 10
Note 10 | 9 Months Ended |
Jun. 26, 2021 | |
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 26, 2021 September 26, 2020 June 26, 2021 September 26, 2020 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (in thousands) FOOD SERVICE Indefinite lived intangible assets Trade names $ 10,408 $ - $ 10,408 $ - Amortized intangible assets Non compete agreements 670 670 670 645 Customer relationships 13,000 5,863 19,737 11,595 License and rights 1,690 1,375 1,690 1,312 TOTAL FOOD SERVICE $ 25,768 $ 7,908 $ 32,505 $ 13,552 RETAIL SUPERMARKETS Indefinite lived intangible assets Trade names $ 12,750 $ - $ 12,750 $ - Amortized Intangible Assets Trade names 676 619 676 519 Customer relationships 7,907 5,733 7,907 5,140 TOTAL RETAIL SUPERMARKETS $ 21,333 $ 6,352 $ 21,333 $ 5,659 FROZEN BEVERAGES Indefinite lived intangible assets Trade names $ 9,315 $ - $ 9,315 $ - Distribution rights 36,100 - 36,100 - Amortized intangible assets Customer relationships 1,439 365 1,439 257 Licenses and rights 1,400 1,054 1,400 1,002 TOTAL FROZEN BEVERAGES $ 48,254 $ 1,420 $ 48,254 $ 1,259 CONSOLIDATED $ 95,355 $ 15,680 $ 102,092 $ 20,470 Fully amortized intangible assets have been removed from the June 26, 2021 Amortizing intangible assets are being amortized by the straight-line method over periods ranging from 2 to 20 years and amortization expense is reflected throughout operating expenses. Aggregate amortization expense of intangible assets for the three June 26, 2021 June 27, 2020 nine June 26, 2021 June 27, 2020 Estimated amortization expense for the next five 2021, 2022, 2023, 2024, 2025. Goodwill The carrying amounts of goodwill for the Food Service, Retail Supermarket and Frozen Beverage segments are as follows: Food Retail Frozen Service Supermarket Beverages Total (in thousands) Balance at June 26, 2021 $ 61,189 $ 4,146 $ 56,498 $ 121,833 Balance at September 26, 2020 $ 61,189 $ 4,146 $ 56,498 $ 121,833 |
Note 11
Note 11 | 9 Months Ended |
Jun. 26, 2021 | |
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 June 26, 2021 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Corporate Bonds $ 17,470 $ 243 $ 6 $ 17,707 Total marketable securities held to maturity $ 17,470 $ 243 $ 6 $ 17,707 The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at June 26, 2021 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 3,588 $ - $ 581 $ 3,007 Preferred Stock 8,107 213 54 8,266 Total marketable securities available for sale $ 11,695 $ 213 $ 635 $ 11,273 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 2021 2025 not not one may 2021 2023, The amortized cost, unrealized gains and losses, and fair market values of our investment securities held to maturity at September 26, 2020 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Corporate Bonds 68,078 1,015 32 69,061 Total marketable securities held to maturity $ 68,078 $ 1,015 $ 32 $ 69,061 The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at September 26, 2020 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 3,588 $ - $ 738 $ 2,850 Preferred Stock 11,596 116 586 11,126 Total marketable securities available for sale $ 15,184 $ 116 $ 1,324 $ 13,976 The amortized cost and fair value of the Company’s held to maturity securities by contractual maturity at June 26, 2021 September 26, 2020 June 26, 2021 September 26, 2020 Fair Fair Amortized Market Amortized Market Cost Value Cost Value (in thousands) Due in one year or less $ 9,902 $ 10,041 $ 51,151 $ 51,815 Due after one year through five years 7,568 7,666 16,927 17,246 Due after five years through ten years - - - - Total held to maturity securities $ 17,470 $ 17,707 $ 68,078 $ 69,061 Less current portion 9,902 10,041 51,151 51,815 Long term held to maturity securities $ 7,568 $ 7,666 $ 16,927 $ 17,246 Proceeds from the redemption and sale of marketable securities were $12,854,000 and $54,191,000 in the three nine June 26, 2021 three nine June 27, 2020, three nine June 26, 2021, three June 27, 2020 nine June 27, 2020. nine June 26, 2021 June 27, 2020, three June 26, 2021 June 27, 2020, Total marketable securities held to maturity as of June 26, 2021 June 30, 2021. |
Note 12
Note 12 | 9 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 12 Three Months Ended June 26, 2021 Nine Months Ended June 26, 2021 (unaudited) (unaudited) (in thousands) (in thousands) Foreign Currency Foreign Currency Translation Translation Adjustments Total Adjustments Total Beginning Balance $ (13,839 ) $ (13,839 ) $ (15,587 ) $ (15,587 ) Other comprehensive income (loss) before reclassifications 657 $ 657 2,405 $ 2,405 Ending Balance $ (13,182 ) $ (13,182 ) $ (13,182 ) $ (13,182 ) Three Months Ended June 27, 2020 Nine Months Ended June 27, 2020 (unaudited) (unaudited) (in thousands) (in thousands) Foreign Currency Foreign Currency Translation Translation Adjustments Total Adjustments Total Beginning Balance $ (16,099 ) $ (16,099 ) $ (12,988 ) $ (12,988 ) Other comprehensive income (loss) before reclassifications 41 $ 41 (3,070 ) $ (3,070 ) Ending Balance $ (16,058 ) $ (16,058 ) $ (16,058 ) $ (16,058 ) |
Note 13
Note 13 | 9 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 13 October 1, 2019, three June 26, 2021 nine June 26, 2021. three June 27, 2020 nine June 27, 2020. On February 4, 2020, three June 26, 2021 nine June 26, 2021. three nine June 27, 2020. The purchase price allocations for the acquisitions are as follows: (in thousands) ICEE BAMA Total Distributors ICEE Accounts Receivable, net $ 721 $ 71 $ 792 Inventories 866 77 943 Property, plant & equipment, net 4,851 1,722 6,573 Customer Relationships 569 133 702 Distribution rights 22,400 6,800 29,200 Goodwill 15,773 3,549 19,322 Accounts Payable (210 ) (110 ) (320 ) Purchase Price $ 44,970 $ 12,242 $ 57,212 The goodwill recognized is attributable to the assembled workforce of ICEE Distributors and certain other strategic intangible assets that do not The Company incurred no acquisitions costs during the three nine June 26, 2021. nine June 27, 2020. |
Note 14 - Leases
Note 14 - Leases | 9 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | Note 14 General Lease Description We have operating leases with initial noncancelable lease terms in excess of one We have finance leases with initial noncancelable lease terms in excess of one Significant Assumptions and Judgments Contract Contains a Lease In evaluating our contracts to determine whether a contract is or contains a lease, we considered the following: • Whether explicitly or implicitly identified assets have been deployed in the contract; and • Whether we obtain substantially all of the economic benefits from the use of that underlying asset, and we can direct how and for what purpose the asset is used during the term of the contract. Allocation of Consideration In determining how to allocate consideration between lease and non-lease components in a contract that was deemed to contain a lease, we used judgment and consistent application of assumptions to reasonably allocate the consideration. Options to Extend or Terminate Leases We have leases which contain options to extend or terminate the leases. On a lease-by-lease basis, we have determined if the extension should be considered reasonably certain to be exercised and thus a right-of-use asset and a lease liability should be recorded. Discount Rate The discount rate for leases, if not We used the discount rate to calculate the present value of the lease liability at the date of adoption. In the development of the discount rate, we considered our incremental borrowing rate as provided by our lender which was based on cash collateral and credit risk specific to us, and our lease portfolio characteristics. As of June 26, 2021, Practical Expedients and Accounting Policy Elections We elected the package of practical expedients that permits us not 12 Amounts Recognized in the Financial Statements The components of lease expense were as follows: Three Months Ended Nine Months Ended June 26, 2021 June 26, 2021 (in thousands) (in thousands) Operating lease cost in Cost of goods sold and Operating Expenses $ 3,846 $ 11,747 Finance lease cost: Amortization of assets in Cost of goods sold and Operating Expenses 62 216 Interest on lease liabilities in Interest expense & other 5 30 Total finance lease cost 67 246 Short-term lease cost in Cost of goods sold and Operating Expenses - - Total net lease cost $ 3,913 $ 11,993 Supplemental balance sheet information related to leases is as follows: June 26, 2021 (in thousands) Operating Leases Operating lease right-of-use assets $ 51,811 Current operating lease liabilities $ 12,780 Noncurrent operating lease liabilities 41,573 Total operating lease liabilities $ 54,353 Finance Leases Finance lease right-of-use assets in Property, plant and equipment, net $ 654 Current finance lease liabilities $ 252 Noncurrent finance lease liabilities 417 Total finance lease liabilities $ 669 Supplemental cash flow information related to leases is as follows: Three Months Ended Nine Months Ended June 26, 2021 June 26, 2021 (in thousands) (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,860 $ 11,847 Operating cash flows from finance leases $ 64 $ 237 Financing cash flows from finance leases $ 23 $ 48 Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets $ 1,317 $ 2,671 Supplemental noncash information on lease liabilities removed due to purchase of leased asset $ - - As of June 26, 2021, (in thousands) Operating Leases Finance Leases Three months ending September 25, 2021 $ 3,863 $ 117 2022 13,804 203 2023 11,681 133 2024 8,967 133 2025 5,726 61 Thereafter 16,480 70 Total minimum payments $ 60,521 $ 717 Less amount representing interest (6,168 ) (48 ) Present value of lease obligations $ 54,353 $ 669 As of June 26, 2021, |
Note 2 (Tables)
Note 2 (Tables) | 9 Months Ended |
Jun. 26, 2021 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | (in thousands) Three months ended Nine months ended June 26, June 27, June 26, June 27, 2021 2020 2021 2020 Beginning Balance $ 1,090 $ 1,235 $ 1,327 $ 1,334 Additions to contract liability $ 1,237 1,362 4,182 4,111 Amounts recognized as revenue $ (1,283 ) (1,311 ) (4,465 ) (4,159 ) Ending Balance $ 1,044 $ 1,286 $ 1,044 $ 1,286 |
Note 4 (Tables)
Note 4 (Tables) | 9 Months Ended |
Jun. 26, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 26, 2021 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 28,893 19,045 $ 1.52 Effect of Dilutive Securities Options - 140 (0.01 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 28,893 19,185 $ 1.51 Nine Months Ended June 26, 2021 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 36,732 18,996 $ 1.93 Effect of Dilutive Securities Options - 120 (0.01 ) Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 36,732 19,116 $ 1.92 Three Months Ended June 27, 2020 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ (12,647 ) 18,888 $ (0.67 ) Effect of Dilutive Securities Options - - - Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ (12,647 ) 18,888 $ (0.67 ) Nine Months Ended June 27, 2020 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net Earnings available to common stockholders $ 11,721 18,902 $ 0.62 Effect of Dilutive Securities Options - 134 - Diluted EPS Net Earnings available to common stockholders plus assumed conversions $ 11,721 19,036 $ 0.62 |
Note 5 (Tables)
Note 5 (Tables) | 9 Months Ended |
Jun. 26, 2021 | |
Notes Tables | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Three months ended Nine months ended June 26, June 27, June 26, June 27, 2021 2020 2021 2020 (in thousands) Stock Options $ 512 $ 890 $ 1,505 $ 2,267 Stock purchase plan 171 57 513 328 Stock issued to outside director 11 17 33 50 Restricted stock issued to an employee 23 - 70 - Total share-based compensation $ 717 $ 964 $ 2,121 $ 2,645 The above compensation is net of tax benefits $ 265 $ 70 $ 1,131 $ 822 |
Note 8 (Tables)
Note 8 (Tables) | 9 Months Ended |
Jun. 26, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 26, September 26, 2021 2020 (unaudited) (in thousands) Finished goods $ 40,850 $ 40,184 Raw materials 29,171 24,550 Packaging materials 12,080 10,545 Equipment parts and other 32,721 33,644 Total Inventories $ 114,822 $ 108,923 |
Note 9 (Tables)
Note 9 (Tables) | 9 Months Ended |
Jun. 26, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended Nine months ended June 26 June 27 June 26 June 27 2021 2020 2021 2020 Sales to External Customers: Food Service Soft pretzels $ 50,895 $ 21,384 $ 120,359 $ 116,985 Frozen juices and ices 13,927 8,688 30,812 25,222 Churros 20,096 7,321 46,358 38,466 Handhelds 18,971 7,448 56,574 22,084 Bakery 85,706 69,237 257,580 255,016 Other 6,884 2,543 14,546 13,628 Total Food Service $ 196,478 $ 116,621 $ 526,226 $ 471,401 Retail Supermarket Soft pretzels $ 11,193 $ 12,716 $ 40,871 $ 34,874 Frozen juices and ices 36,898 33,322 71,600 59,279 Biscuits 4,562 8,151 18,717 21,759 Handhelds 1,191 3,257 6,215 9,135 Coupon redemption (513 ) (807 ) (2,196 ) (2,216 ) Other 526 863 1,652 1,668 Total Retail Supermarket $ 53,857 $ 57,502 $ 136,859 $ 124,499 Frozen Beverages Beverages $ 42,279 $ 16,456 $ 76,663 $ 83,606 Repair and maintenance service 22,789 17,259 59,903 61,524 Machines revenue 8,404 6,363 20,556 27,254 Other 536 362 1,312 1,218 Total Frozen Beverages $ 74,009 $ 40,440 $ 158,434 $ 173,602 Consolidated Sales $ 324,344 $ 214,563 $ 821,519 $ 769,502 Depreciation and Amortization: Food Service $ 6,817 $ 7,050 $ 20,334 $ 21,208 Retail Supermarket 378 468 1,147 1,156 Frozen Beverages 5,469 5,864 16,893 17,505 Total Depreciation and Amortization $ 12,664 $ 13,382 $ 38,374 $ 39,869 Operating Income : Food Service $ 17,644 $ (18,242 ) $ 29,879 $ 7,743 Retail Supermarket 9,080 7,910 20,167 14,464 Frozen Beverages 11,420 (9,088 ) (4,094 ) (8,942 ) Total Operating Income (Loss) $ 38,144 $ (19,420 ) $ 45,952 $ 13,265 Capital Expenditures: Food Service $ 10,383 $ 7,865 $ 25,915 $ 26,599 Retail Supermarket 93 390 194 1,625 Frozen Beverages 5,151 2,397 8,347 19,413 Total Capital Expenditures $ 15,627 $ 10,652 $ 34,456 $ 47,637 Assets: Food Service $ 779,730 $ 729,331 $ 779,730 $ 729,331 Retail Supermarket 33,405 33,766 33,405 33,766 Frozen Beverages 288,411 294,189 288,411 294,189 Total Assets $ 1,101,546 $ 1,057,286 $ 1,101,546 $ 1,057,286 |
Note 10 (Tables)
Note 10 (Tables) | 9 Months Ended |
Jun. 26, 2021 | |
Notes Tables | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | June 26, 2021 September 26, 2020 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (in thousands) FOOD SERVICE Indefinite lived intangible assets Trade names $ 10,408 $ - $ 10,408 $ - Amortized intangible assets Non compete agreements 670 670 670 645 Customer relationships 13,000 5,863 19,737 11,595 License and rights 1,690 1,375 1,690 1,312 TOTAL FOOD SERVICE $ 25,768 $ 7,908 $ 32,505 $ 13,552 RETAIL SUPERMARKETS Indefinite lived intangible assets Trade names $ 12,750 $ - $ 12,750 $ - Amortized Intangible Assets Trade names 676 619 676 519 Customer relationships 7,907 5,733 7,907 5,140 TOTAL RETAIL SUPERMARKETS $ 21,333 $ 6,352 $ 21,333 $ 5,659 FROZEN BEVERAGES Indefinite lived intangible assets Trade names $ 9,315 $ - $ 9,315 $ - Distribution rights 36,100 - 36,100 - Amortized intangible assets Customer relationships 1,439 365 1,439 257 Licenses and rights 1,400 1,054 1,400 1,002 TOTAL FROZEN BEVERAGES $ 48,254 $ 1,420 $ 48,254 $ 1,259 CONSOLIDATED $ 95,355 $ 15,680 $ 102,092 $ 20,470 |
Schedule of Goodwill [Table Text Block] | Food Retail Frozen Service Supermarket Beverages Total (in thousands) Balance at June 26, 2021 $ 61,189 $ 4,146 $ 56,498 $ 121,833 Balance at September 26, 2020 $ 61,189 $ 4,146 $ 56,498 $ 121,833 |
Note 11 (Tables)
Note 11 (Tables) | 9 Months Ended |
Jun. 26, 2021 | |
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 $ 17,470 $ 243 $ 6 $ 17,707 Total marketable securities held to maturity $ 17,470 $ 243 $ 6 $ 17,707 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 3,588 $ - $ 581 $ 3,007 Preferred Stock 8,107 213 54 8,266 Total marketable securities available for sale $ 11,695 $ 213 $ 635 $ 11,273 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Corporate Bonds 68,078 1,015 32 69,061 Total marketable securities held to maturity $ 68,078 $ 1,015 $ 32 $ 69,061 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 3,588 $ - $ 738 $ 2,850 Preferred Stock 11,596 116 586 11,126 Total marketable securities available for sale $ 15,184 $ 116 $ 1,324 $ 13,976 |
Investments Classified by Contractual Maturity Date [Table Text Block] | June 26, 2021 September 26, 2020 Fair Fair Amortized Market Amortized Market Cost Value Cost Value (in thousands) Due in one year or less $ 9,902 $ 10,041 $ 51,151 $ 51,815 Due after one year through five years 7,568 7,666 16,927 17,246 Due after five years through ten years - - - - Total held to maturity securities $ 17,470 $ 17,707 $ 68,078 $ 69,061 Less current portion 9,902 10,041 51,151 51,815 Long term held to maturity securities $ 7,568 $ 7,666 $ 16,927 $ 17,246 |
Note 12 (Tables)
Note 12 (Tables) | 9 Months Ended |
Jun. 26, 2021 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended June 26, 2021 Nine Months Ended June 26, 2021 (unaudited) (unaudited) (in thousands) (in thousands) Foreign Currency Foreign Currency Translation Translation Adjustments Total Adjustments Total Beginning Balance $ (13,839 ) $ (13,839 ) $ (15,587 ) $ (15,587 ) Other comprehensive income (loss) before reclassifications 657 $ 657 2,405 $ 2,405 Ending Balance $ (13,182 ) $ (13,182 ) $ (13,182 ) $ (13,182 ) Three Months Ended June 27, 2020 Nine Months Ended June 27, 2020 (unaudited) (unaudited) (in thousands) (in thousands) Foreign Currency Foreign Currency Translation Translation Adjustments Total Adjustments Total Beginning Balance $ (16,099 ) $ (16,099 ) $ (12,988 ) $ (12,988 ) Other comprehensive income (loss) before reclassifications 41 $ 41 (3,070 ) $ (3,070 ) Ending Balance $ (16,058 ) $ (16,058 ) $ (16,058 ) $ (16,058 ) |
Note 13 (Tables)
Note 13 (Tables) | 9 Months Ended |
Jun. 26, 2021 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (in thousands) ICEE BAMA Total Distributors ICEE Accounts Receivable, net $ 721 $ 71 $ 792 Inventories 866 77 943 Property, plant & equipment, net 4,851 1,722 6,573 Customer Relationships 569 133 702 Distribution rights 22,400 6,800 29,200 Goodwill 15,773 3,549 19,322 Accounts Payable (210 ) (110 ) (320 ) Purchase Price $ 44,970 $ 12,242 $ 57,212 |
Note 14 - Leases (Tables)
Note 14 - Leases (Tables) | 9 Months Ended |
Jun. 26, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Nine Months Ended June 26, 2021 June 26, 2021 (in thousands) (in thousands) Operating lease cost in Cost of goods sold and Operating Expenses $ 3,846 $ 11,747 Finance lease cost: Amortization of assets in Cost of goods sold and Operating Expenses 62 216 Interest on lease liabilities in Interest expense & other 5 30 Total finance lease cost 67 246 Short-term lease cost in Cost of goods sold and Operating Expenses - - Total net lease cost $ 3,913 $ 11,993 |
Assets and Liabilities, Lessee [Table Text Block] | June 26, 2021 (in thousands) Operating Leases Operating lease right-of-use assets $ 51,811 Current operating lease liabilities $ 12,780 Noncurrent operating lease liabilities 41,573 Total operating lease liabilities $ 54,353 Finance Leases Finance lease right-of-use assets in Property, plant and equipment, net $ 654 Current finance lease liabilities $ 252 Noncurrent finance lease liabilities 417 Total finance lease liabilities $ 669 |
Lessee, Cash Flow Information [Table Text Block] | Three Months Ended Nine Months Ended June 26, 2021 June 26, 2021 (in thousands) (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,860 $ 11,847 Operating cash flows from finance leases $ 64 $ 237 Financing cash flows from finance leases $ 23 $ 48 Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets $ 1,317 $ 2,671 Supplemental noncash information on lease liabilities removed due to purchase of leased asset $ - - |
Lessee, Lease Liability, Maturity [Table Text Block] | (in thousands) Operating Leases Finance Leases Three months ending September 25, 2021 $ 3,863 $ 117 2022 13,804 203 2023 11,681 133 2024 8,967 133 2025 5,726 61 Thereafter 16,480 70 Total minimum payments $ 60,521 $ 717 Less amount representing interest (6,168 ) (48 ) Present value of lease obligations $ 54,353 $ 669 |
Note 2 (Details Textual)
Note 2 (Details Textual) - USD ($) | Jun. 26, 2021 | Dec. 26, 2020 | Sep. 26, 2020 |
Contract with Customer, Asset, Allowance for Deductions | $ 15,481,000 | $ 14,345,000 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 1,185,000 | $ 1,388,000 |
Note 2 - Contract Liability (Un
Note 2 - Contract Liability (Unaudited) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Beginning Balance | $ 1,090 | $ 1,235 | $ 1,327 | $ 1,334 |
Additions to contract liability | 1,237 | 1,362 | 4,182 | 4,111 |
Amounts recognized as revenue | (1,283) | (1,311) | (4,465) | (4,159) |
Ending Balance | $ 1,044 | $ 1,286 | $ 1,044 | $ 1,286 |
Note 3 (Details Textual)
Note 3 (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Depreciation, Total | $ 12,025,000 | $ 12,543,000 | $ 36,278,000 | $ 37,353,000 |
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years |
Note 4 (Details Textual)
Note 4 (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 20,800 | 845,977 | 289,692 | 169,246 |
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. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Net Earnings available to common stockholders | $ 28,893 | $ (12,647) | $ 36,732 | $ 11,721 |
Weighted average number of basic shares (in shares) | 19,045 | 18,888 | 18,996 | 18,902 |
(Loss) earnings per basic share (in dollars per share) | $ 1.52 | $ (0.67) | $ 1.93 | $ 0.62 |
Options | $ 0 | $ 0 | $ 0 | $ 0 |
Options, shares (in shares) | 140 | 0 | 120 | 134 |
Options, per share (in dollars per share) | $ (0.01) | $ 0 | $ (0.01) | $ 0 |
Net Earnings available to common stockholders plus assumed conversions | $ 28,893 | $ (12,647) | $ 36,732 | $ 11,721 |
Weighted average number of diluted shares (in shares) | 19,185 | 18,888 | 19,116 | 19,036 |
(Loss) earnings per diluted share (in dollars per share) | $ 1.51 | $ (0.67) | $ 1.92 | $ 0.62 |
Note 5 (Details Textual)
Note 5 (Details Textual) - $ / shares | 9 Months Ended | |
Jun. 26, 2021 | Jun. 27, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 25.80% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.80% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.40% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Month) | 51 months | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 138,432 | 161,682 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 31.20 | $ 14.40 |
Share-based Payment Arrangement, Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Month) | 51 months | |
Ten Year Options [Member] | ||
Share Based Compensation Arrangement by Share Based Payment Award Fair Value Assumptions Volatility Calculation Term (Year) | 10 years |
Note 5 - Summary of Share-based
Note 5 - Summary of Share-based Compensation Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Share-based compensation expense | $ 717 | $ 964 | $ 2,121 | $ 2,645 |
The above compensation is net of tax benefits | 265 | 70 | 1,131 | 822 |
Share-based Payment Arrangement, Option [Member] | ||||
Share-based compensation expense | 512 | 890 | 1,505 | 2,267 |
Stock Purchase Plan [Member] | ||||
Share-based compensation expense | 171 | 57 | 513 | 328 |
Stock Issued to Outside Directors [Member] | ||||
Share-based compensation expense | 11 | 17 | 33 | 50 |
Restricted Stock [Member] | ||||
Share-based compensation expense | $ 23 | $ 0 | $ 70 | $ 0 |
Note 6 (Details Textual)
Note 6 (Details Textual) - USD ($) | 9 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Sep. 26, 2020 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 343,000 | $ 360,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 267,000 | $ 267,000 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 24.00% | 26.00% | |
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount | $ (1,131,000) |
Note 8 - Summary of Inventories
Note 8 - Summary of Inventories (Details) - USD ($) $ in Thousands | Jun. 26, 2021 | Sep. 26, 2020 |
Finished goods | $ 40,850 | $ 40,184 |
Raw materials | 29,171 | 24,550 |
Packaging materials | 12,080 | 10,545 |
Equipment parts and other | 32,721 | 33,644 |
Total Inventories | $ 114,822 | $ 108,923 |
Note 9 (Details Textual)
Note 9 (Details Textual) | 9 Months Ended |
Jun. 26, 2021 | |
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. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | Sep. 26, 2020 | |
Sales | $ 324,344 | $ 214,563 | $ 821,519 | $ 769,502 | |
Depreciation and amortization | 12,664 | 13,382 | 38,374 | 39,869 | |
Operating income | 38,144 | (19,420) | 45,952 | 13,265 | |
Capital expenditures | 15,627 | 10,652 | 34,456 | 47,637 | |
Assets | 1,101,546 | 1,057,286 | 1,101,546 | 1,057,286 | $ 1,056,553 |
Food Service [Member] | |||||
Sales | 196,478 | 116,621 | 526,226 | 471,401 | |
Depreciation and amortization | 6,817 | 7,050 | 20,334 | 21,208 | |
Operating income | 17,644 | (18,242) | 29,879 | 7,743 | |
Capital expenditures | 10,383 | 7,865 | 25,915 | 26,599 | |
Assets | 779,730 | 729,331 | 779,730 | 729,331 | |
Retail Supermarket [Member] | |||||
Sales | 53,857 | 57,502 | 136,859 | 124,499 | |
Depreciation and amortization | 378 | 468 | 1,147 | 1,156 | |
Operating income | 9,080 | 7,910 | 20,167 | 14,464 | |
Capital expenditures | 93 | 390 | 194 | 1,625 | |
Assets | 33,405 | 33,766 | 33,405 | 33,766 | |
Frozen Beverages [Member] | |||||
Sales | 74,009 | 40,440 | 158,434 | 173,602 | |
Depreciation and amortization | 5,469 | 5,864 | 16,893 | 17,505 | |
Operating income | 11,420 | (9,088) | (4,094) | (8,942) | |
Capital expenditures | 5,151 | 2,397 | 8,347 | 19,413 | |
Assets | 288,411 | 294,189 | 288,411 | 294,189 | |
Soft Pretzels [Member] | Food Service [Member] | |||||
Sales | 50,895 | 21,384 | 120,359 | 116,985 | |
Soft Pretzels [Member] | Retail Supermarket [Member] | |||||
Sales | 11,193 | 12,716 | 40,871 | 34,874 | |
Frozen Juices and Ices [Member] | Food Service [Member] | |||||
Sales | 13,927 | 8,688 | 30,812 | 25,222 | |
Frozen Juices and Ices [Member] | Retail Supermarket [Member] | |||||
Sales | 36,898 | 33,322 | 71,600 | 59,279 | |
Churros [Member] | Food Service [Member] | |||||
Sales | 20,096 | 7,321 | 46,358 | 38,466 | |
Handhelds [Member] | Food Service [Member] | |||||
Sales | 18,971 | 7,448 | 56,574 | 22,084 | |
Handhelds [Member] | Retail Supermarket [Member] | |||||
Sales | 1,191 | 3,257 | 6,215 | 9,135 | |
Bakery [Member] | Food Service [Member] | |||||
Sales | 85,706 | 69,237 | 257,580 | 255,016 | |
Other Products [Member] | Food Service [Member] | |||||
Sales | 6,884 | 2,543 | 14,546 | 13,628 | |
Other Products [Member] | Retail Supermarket [Member] | |||||
Sales | 526 | 863 | 1,652 | 1,668 | |
Other Products [Member] | Frozen Beverages [Member] | |||||
Sales | 536 | 362 | 1,312 | 1,218 | |
Biscuits [Member] | Retail Supermarket [Member] | |||||
Sales | 4,562 | 8,151 | 18,717 | 21,759 | |
Coupon Redemtion [Member] | Retail Supermarket [Member] | |||||
Sales | (513) | (807) | (2,196) | (2,216) | |
Beverage [Member] | Frozen Beverages [Member] | |||||
Sales | 42,279 | 16,456 | 76,663 | 83,606 | |
Repair and Maintenance Service [Member] | Frozen Beverages [Member] | |||||
Sales | 22,789 | 17,259 | 59,903 | 61,524 | |
Machine Sales [Member] | Frozen Beverages [Member] | |||||
Sales | $ 8,404 | $ 6,363 | $ 20,556 | $ 27,254 |
Note 10 (Details Textual)
Note 10 (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Jun. 26, 2021USD ($) | Jun. 27, 2020USD ($) | Jun. 26, 2021USD ($) | Jun. 27, 2020USD ($) | |
Number of Reportable Segments | 3 | |||
Amortization of Intangible Assets, Total | $ 639,000 | $ 831,000 | $ 2,096,000 | $ 2,507,000 |
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | 2,500,000 | 2,500,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 2,300,000 | 2,300,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 2,300,000 | 2,300,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 2,000,000 | 2,000,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | $ 1,400,000 | $ 1,400,000 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years 10 months 24 days | |||
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years |
Note 10 - Intangible Assets by
Note 10 - Intangible Assets by Reporting Segment (Details) - USD ($) $ in Thousands | Jun. 26, 2021 | Sep. 26, 2020 |
Finite-lived intangible assets, accumulated amortization | $ 15,680 | $ 20,470 |
Intangible assets | 95,355 | 102,092 |
Food Service [Member] | ||
Finite-lived intangible assets, accumulated amortization | 7,908 | 13,552 |
Intangible assets | 25,768 | 32,505 |
Food Service [Member] | Noncompete Agreements [Member] | ||
Finite-lived intangible assets, gross | 670 | 670 |
Finite-lived intangible assets, accumulated amortization | 670 | 645 |
Food Service [Member] | Customer Relationships [Member] | ||
Finite-lived intangible assets, gross | 13,000 | 19,737 |
Finite-lived intangible assets, accumulated amortization | 5,863 | 11,595 |
Food Service [Member] | License and Rights [Member] | ||
Finite-lived intangible assets, gross | 1,690 | 1,690 |
Finite-lived intangible assets, accumulated amortization | 1,375 | 1,312 |
Retail Supermarket [Member] | ||
Finite-lived intangible assets, accumulated amortization | 6,352 | 5,659 |
Intangible assets | 21,333 | 21,333 |
Retail Supermarket [Member] | Customer Relationships [Member] | ||
Finite-lived intangible assets, gross | 7,907 | 7,907 |
Finite-lived intangible assets, accumulated amortization | 5,733 | 5,140 |
Retail Supermarket [Member] | Finite-lived Trade Names [Member] | ||
Finite-lived intangible assets, gross | 676 | 676 |
Finite-lived intangible assets, accumulated amortization | 619 | 519 |
Frozen Beverages [Member] | ||
Finite-lived intangible assets, accumulated amortization | 1,420 | 1,259 |
Intangible assets | 48,254 | 48,254 |
Frozen Beverages [Member] | Customer Relationships [Member] | ||
Finite-lived intangible assets, gross | 1,439 | 1,439 |
Finite-lived intangible assets, accumulated amortization | 365 | 257 |
Frozen Beverages [Member] | License and Rights [Member] | ||
Finite-lived intangible assets, gross | 1,400 | 1,400 |
Finite-lived intangible assets, accumulated amortization | 1,054 | 1,002 |
Trade Names [Member] | Food Service [Member] | ||
Indefinite-lived intangible assets, gross | 10,408 | 10,408 |
Trade Names [Member] | Retail Supermarket [Member] | ||
Indefinite-lived intangible assets, gross | 12,750 | 12,750 |
Trade Names [Member] | Frozen Beverages [Member] | ||
Indefinite-lived intangible assets, gross | 9,315 | 9,315 |
Distribution Rights, Indefinite-lived [Member] | Frozen Beverages [Member] | ||
Indefinite-lived intangible assets, gross | $ 36,100 | $ 36,100 |
Note 10 - Goodwill by Reporting
Note 10 - Goodwill by Reporting Segment (Details) - USD ($) $ in Thousands | Jun. 26, 2021 | Sep. 26, 2020 | Feb. 04, 2020 |
Goodwill | $ 121,833 | $ 121,833 | $ 19,322 |
Food Service [Member] | |||
Goodwill | 61,189 | 61,189 | |
Retail Supermarket [Member] | |||
Goodwill | 4,146 | 4,146 | |
Frozen Beverages [Member] | |||
Goodwill | $ 56,498 | $ 56,498 |
Note 11 (Details Textual)
Note 11 (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | Jun. 30, 2021 | Sep. 26, 2020 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Total | $ 17,470,000 | $ 17,470,000 | $ 68,078,000 | |||
Proceeds from Sale and Maturity of Marketable Securities, Total | 12,854,000 | $ 23,187,000 | 54,191,000 | $ 54,125,000 | ||
Marketable Securities, Gain (Loss), Total | 21,000 | 324,000 | 139,000 | 1,746,000 | ||
Marketable Securities, Unrealized Gain (Loss), Total | 137,000 | $ 285,000 | 786,000 | $ (1,708,000) | ||
External Credit Rating, Investment Grade [Member] | ||||||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Total | 4,970,000 | 4,970,000 | $ 12,500,000 | |||
Corporate Bond Securities [Member] | ||||||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Total | $ 17,500,000 | $ 17,500,000 | ||||
Investment Securities Maturity Term (Year) | 2 years |
Note 11 - Summary of Securities
Note 11 - Summary of Securities (Details) - USD ($) $ in Thousands | Jun. 26, 2021 | Sep. 26, 2020 |
Held-to-maturity securities, amortized cost | $ 17,470 | $ 68,078 |
Held-to-maturity securities, gross unrealized gains | 243 | 1,015 |
Held-to-maturity securities, gross unrealized losses | 6 | 32 |
Held-to-maturity securities, fair market value | 17,707 | 69,061 |
Investment securities, cost | 11,695 | 15,184 |
Investment securities, gross unrealized gains | 213 | 116 |
Investment securities, gross unrealized losses | 635 | 1,324 |
Investment securities, fair market value | 11,273 | 13,976 |
Corporate Bond Securities [Member] | ||
Held-to-maturity securities, amortized cost | 17,470 | 68,078 |
Held-to-maturity securities, gross unrealized gains | 243 | 1,015 |
Held-to-maturity securities, gross unrealized losses | 6 | 32 |
Held-to-maturity securities, fair market value | 17,707 | 69,061 |
Mutual Funds [Member] | ||
Investment securities, cost | 3,588 | 3,588 |
Investment securities, gross unrealized gains | 0 | 0 |
Investment securities, gross unrealized losses | 581 | 738 |
Investment securities, fair market value | 3,007 | 2,850 |
Preferred Stock [Member] | ||
Investment securities, cost | 8,107 | 11,596 |
Investment securities, gross unrealized gains | 213 | 116 |
Investment securities, gross unrealized losses | 54 | 586 |
Investment securities, fair market value | $ 8,266 | $ 11,126 |
Note 11 - Held-to-maturity Secu
Note 11 - Held-to-maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 26, 2021 | Sep. 26, 2020 |
Due in one year or less, amortized cost | $ 9,902 | $ 51,151 |
Due in one year or less, fair market value | 10,041 | 51,815 |
Due after one year through five years, amortized cost | 7,568 | 16,927 |
Due after one year through five years, fair market value | 7,666 | 17,246 |
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 | 17,470 | 68,078 |
Total held to maturity securities, fair market value | 17,707 | 69,061 |
Less current portion, amortized cost | 9,902 | 51,151 |
Less current portion, fair market value | 10,041 | 51,815 |
Long term held to maturity securities, amortized cost | 7,568 | 16,927 |
Long term held to maturity securities, fair market value | $ 7,666 | $ 17,246 |
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. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Balance | $ 813,000 | $ 833,068 | $ 809,498 | $ 833,751 |
Other comprehensive income (loss) before reclassifications | 657 | 41 | 2,405 | (3,070) |
Balance | 835,030 | 810,600 | 835,030 | 810,600 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Balance | (13,839) | (16,099) | (15,587) | (12,988) |
Other comprehensive income (loss) before reclassifications | 657 | 41 | 2,405 | (3,070) |
Balance | (13,182) | (16,058) | (13,182) | (16,058) |
AOCI Attributable to Parent [Member] | ||||
Balance | (13,839) | (16,099) | (15,587) | (12,988) |
Other comprehensive income (loss) before reclassifications | 657 | 41 | 2,405 | (3,070) |
Balance | $ (13,182) | $ (16,058) | $ (13,182) | $ (16,058) |
Note 13 (Details Textual)
Note 13 (Details Textual) - USD ($) | Feb. 04, 2020 | Oct. 01, 2019 | Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 |
Operating Income (Loss), Total | $ 38,144,000 | $ (19,420,000) | $ 45,952,000 | $ 13,265,000 | ||
Business Combination, Acquisition Related Costs | 0 | 0 | ||||
Other Operating Income (Expense) [Member] | ||||||
Business Combination, Acquisition Related Costs | 76,000 | |||||
ICEE Distributor [Member] | ||||||
Minimum Annual Revenues | $ 13,000,000 | |||||
Revenues, Total | 3,163,000 | 3,200,000 | 6,952,000 | 8,000,000 | ||
Operating Income (Loss), Total | 1,099,000 | 1,100,000 | 1,568,000 | 2,000,000 | ||
BAMA ICEE [Member] | ||||||
Minimum Annual Revenues | $ 3,500,000 | |||||
Revenues, Total | 632,000 | 636,000 | 1,437,000 | 975,000 | ||
Operating Income (Loss), Total | $ 221,000 | $ 205,000 | $ 365,000 | $ 281,000 |
Note 13 - Purchase Price Alloca
Note 13 - Purchase Price Allocation for Acquisitions (Details) - USD ($) $ in Thousands | Jun. 26, 2021 | Sep. 26, 2020 | Feb. 04, 2020 | Oct. 01, 2019 |
Accounts Receivable, net | $ 792 | |||
Inventories | 943 | |||
Property, plant & equipment, net | 6,573 | |||
Goodwill | $ 121,833 | $ 121,833 | 19,322 | |
Accounts Payable | (320) | |||
Purchase Price | 57,212 | |||
Distribution Rights [Member] | ||||
Indefinite-Lived Intangible Assets | 29,200 | |||
Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets | 702 | |||
ICEE Distributor [Member] | ||||
Accounts Receivable, net | $ 721 | |||
Inventories | 866 | |||
Property, plant & equipment, net | 4,851 | |||
Goodwill | 15,773 | |||
Accounts Payable | (210) | |||
Purchase Price | 44,970 | |||
ICEE Distributor [Member] | Distribution Rights [Member] | ||||
Indefinite-Lived Intangible Assets | 22,400 | |||
ICEE Distributor [Member] | Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets | $ 569 | |||
BAMA ICEE [Member] | ||||
Accounts Receivable, net | 71 | |||
Inventories | 77 | |||
Property, plant & equipment, net | 1,722 | |||
Goodwill | 3,549 | |||
Accounts Payable | (110) | |||
Purchase Price | 12,242 | |||
BAMA ICEE [Member] | Distribution Rights [Member] | ||||
Indefinite-Lived Intangible Assets | 6,800 | |||
BAMA ICEE [Member] | Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets | $ 133 |
Note 14 - Leases (Details Textu
Note 14 - Leases (Details Textual) | Jun. 26, 2021 |
Operating Lease, Weighted Average Discount Rate, Percent | 3.20% |
Finance Lease, Weighted Average Discount Rate, Percent | 3.20% |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 6 years 2 months 12 days |
Finance Lease, Weighted Average Remaining Lease Term (Year) | 4 years 2 months 12 days |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Month) | 1 month |
Lessee, Finance Lease, Remaining Lease Term (Year) | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Month) | 14 years |
Lessee, Finance Lease, Remaining Lease Term (Year) | 6 years |
Note 14 - Leases - Components o
Note 14 - Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Jun. 26, 2021 | Jun. 26, 2021 | |
Operating lease cost in Cost of goods sold and Operating Expenses | $ 3,846 | $ 11,747 |
Amortization of assets in Cost of goods sold and Operating Expenses | 62 | 216 |
Interest on lease liabilities in Interest expense & other | 5 | 30 |
Total finance lease cost | 67 | 246 |
Short-term lease cost in Cost of goods sold and Operating Expenses | 0 | 0 |
Total net lease cost | $ 3,913 | $ 11,993 |
Note 14 - Leases - Supplemental
Note 14 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Jun. 26, 2021 | Sep. 26, 2020 |
Operating lease right-of-use assets | $ 51,811 | $ 58,110 |
Current operating lease liabilities | 12,780 | 13,173 |
Noncurrent operating lease liabilities | 41,573 | 47,688 |
Total operating lease liabilities | 54,353 | |
Finance lease right-of-use assets in Property, plant and equipment, net | 654 | |
Current finance lease liabilities | 252 | 349 |
Noncurrent finance lease liabilities | 417 | $ 368 |
Total finance lease liabilities | $ 669 |
Note 14 - Leases - Supplement_2
Note 14 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Jun. 26, 2021 | Jun. 26, 2021 | Jun. 27, 2020 | |
Operating cash flows from operating leases | $ 3,860 | $ 11,847 | |
Operating cash flows from finance leases | 64 | 237 | |
Financing cash flows from finance leases | 23 | 48 | $ 272 |
Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets | $ 1,317 | $ 2,671 |
Note 14 - Leases - Maturities o
Note 14 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Jun. 26, 2021USD ($) |
Three months ending September 25, 2021, operating leases | $ 3,863 |
Three months ending September 25, 2021, finance leases | 117 |
2022, operating leases | 13,804 |
2022, finance leases | 203 |
2023, operating leases | 11,681 |
2023, finance leases | 133 |
2024, operating leases | 8,967 |
2024, finance leases | 133 |
2025, operating leases | 5,726 |
2025, finance leases | 61 |
Thereafter, operating leases | 16,480 |
Thereafter, finance leases | 70 |
Total minimum payments, operating leases | 60,521 |
Total minimum payments, finance leases | 717 |
Less amount representing interest, operating leases | (6,168) |
Less amount representing interest, finance leases | (48) |
Present value of lease obligations, operating leases | 54,353 |
Present value of lease obligations, finance leases | $ 669 |