Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 24, 2023 | Jul. 31, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 24, 2023 | |
Document Transition Report | false | |
Entity File Number | 0-14616 | |
Entity Registrant Name | J&J SNACK FOODS CORP | |
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 (in shares) | 19,289,799 | |
Entity Central Index Key | 0000785956 | |
Current Fiscal Year End Date | --09-24 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 24, 2023 | Sep. 24, 2022 |
Current assets | ||
Cash and cash equivalents | $ 65,643 | $ 35,181 |
Marketable securities held to maturity | 0 | 4,011 |
Accounts receivable, net | 217,520 | 208,178 |
Inventories | 177,620 | 180,473 |
Prepaid expenses and other | 8,420 | 16,794 |
Total current assets | 469,203 | 444,637 |
Property, plant and equipment, at cost | ||
Land | 3,714 | 3,714 |
Buildings | 34,232 | 34,232 |
Plant machinery and equipment | 438,579 | 374,566 |
Marketing equipment | 291,424 | 274,904 |
Transportation equipment | 14,551 | 11,685 |
Office equipment | 46,934 | 45,865 |
Improvements | 50,976 | 49,331 |
Construction in progress | 53,916 | 65,753 |
Total Property, plant and equipment, at cost | 934,326 | 860,050 |
Less accumulated depreciation and amortization | 562,985 | 524,683 |
Property, plant and equipment, net | 371,341 | 335,367 |
Other assets | ||
Goodwill | 185,070 | 184,420 |
Other intangible assets, net | 186,667 | 191,732 |
Marketable securities available for sale | 4,513 | 5,708 |
Operating lease right-of-use assets | 83,089 | 51,137 |
Other | 4,214 | 3,965 |
Total other assets | 463,553 | 436,962 |
Total Assets | 1,304,097 | 1,216,966 |
Current Liabilities | ||
Current finance lease liabilities | 188 | 124 |
Accounts payable | 100,025 | 108,146 |
Accrued insurance liability | 17,312 | 15,678 |
Accrued liabilities | 22,408 | 9,214 |
Current operating lease liabilities | 14,675 | 13,524 |
Accrued compensation expense | 19,479 | 21,700 |
Dividends payable | 13,489 | 13,453 |
Total current liabilities | 187,576 | 181,839 |
Long-term debt | 83,000 | 55,000 |
Noncurrent finance lease liabilities | 650 | 254 |
Noncurrent operating lease liabilities | 73,361 | 42,660 |
Deferred income taxes | 69,432 | 70,407 |
Other long-term liabilities | 3,911 | 3,637 |
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 19,270,000 and 19,219,000 respectively | 104,250 | 94,026 |
Accumulated other comprehensive loss | (8,999) | (13,713) |
Retained Earnings | 790,916 | 782,856 |
Total stockholders' equity | 886,167 | 863,169 |
Total Liabilities and Stockholders' Equity | $ 1,304,097 | $ 1,216,966 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 24, 2023 | Sep. 24, 2022 |
Preferred Stock, Par or Stated Value Per Share (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, No 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) | 19,270,000 | 19,219,000 |
Common Stock, Shares, Outstanding (in shares) | 19,270,000 | 19,219,000 |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 24, 2023 | Jun. 25, 2022 | Jun. 24, 2023 | Jun. 25, 2022 | |
Net sales | $ 425,769 | $ 380,227 | $ 1,114,966 | $ 980,230 |
Cost of goods sold | 282,887 | 271,151 | 790,845 | 726,431 |
Gross profit | 142,882 | 109,076 | 324,121 | 253,799 |
Operating expenses | ||||
Marketing | 31,308 | 24,002 | 79,024 | 65,945 |
Distribution | 44,485 | 48,157 | 124,722 | 109,821 |
Administrative | 18,740 | 15,724 | 53,050 | 37,812 |
Other general expense (income) | 55 | (67) | (490) | 28 |
Total operating expenses | 94,588 | 87,816 | 256,306 | 213,606 |
Operating income | 48,294 | 21,260 | 67,815 | 40,193 |
Other income (expense) | ||||
Investment income | 633 | 106 | 1,719 | 537 |
Interest expense | (1,314) | (156) | (3,697) | (231) |
Earnings before income taxes | 47,613 | 21,210 | 65,837 | 40,499 |
Income tax expense | 12,632 | 5,647 | 17,352 | 10,574 |
NET EARNINGS | $ 34,981 | $ 15,563 | $ 48,485 | $ 29,925 |
Earnings per diluted share (in dollars per share) | $ 1.81 | $ 0.81 | $ 2.51 | $ 1.56 |
Weighted average number of diluted shares (in shares) | 19,327 | 19,234 | 19,299 | 19,198 |
Earnings per basic share (in dollars per share) | $ 1.82 | $ 0.81 | $ 2.52 | $ 1.56 |
Weighted average number of basic shares (in shares) | 19,257 | 19,174 | 19,239 | 19,131 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 24, 2023 | Jun. 25, 2022 | Jun. 24, 2023 | Jun. 25, 2022 | |
Net earnings | $ 34,981 | $ 15,563 | $ 48,485 | $ 29,925 |
Foreign currency translation adjustments | 2,775 | (93) | 4,714 | 9 |
Total other comprehensive income (loss), net of tax | 2,775 | (93) | 4,714 | 9 |
Comprehensive income | $ 37,756 | $ 15,470 | $ 53,199 | $ 29,934 |
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. 25, 2021 | 19,084,000 | |||
Balance at Sep. 25, 2021 | $ 73,597 | $ (13,383) | $ 785,440 | $ 845,654 |
Issuance of common stock upon exercise of stock options (in shares) | 5,000 | |||
Issuance of common stock upon exercise of stock options | $ 706 | 0 | 0 | 706 |
Foreign currency translation adjustment | 0 | (444) | 0 | (444) |
Dividends declared | 0 | 0 | (12,092) | (12,092) |
Share-based compensation | 1,083 | 0 | 0 | 1,083 |
Net earnings | $ 0 | 0 | 11,091 | 11,091 |
Balance (in shares) at Dec. 25, 2021 | 19,089,000 | |||
Balance at Dec. 25, 2021 | $ 75,386 | (13,827) | 784,439 | 845,998 |
Balance (in shares) at Sep. 25, 2021 | 19,084,000 | |||
Balance at Sep. 25, 2021 | $ 73,597 | (13,383) | 785,440 | 845,654 |
Foreign currency translation adjustment | 9 | |||
Net earnings | 29,925 | |||
Balance (in shares) at Jun. 25, 2022 | 19,184,000 | |||
Balance at Jun. 25, 2022 | $ 90,274 | (13,374) | 778,999 | 855,899 |
Balance (in shares) at Dec. 25, 2021 | 19,089,000 | |||
Balance at Dec. 25, 2021 | $ 75,386 | (13,827) | 784,439 | 845,998 |
Issuance of common stock upon exercise of stock options (in shares) | 76,000 | |||
Issuance of common stock upon exercise of stock options | $ 10,012 | 0 | 0 | 10,012 |
Foreign currency translation adjustment | 0 | 546 | 0 | 546 |
Dividends declared | 0 | 0 | (12,136) | (12,136) |
Share-based compensation | 1,267 | 0 | 0 | 1,267 |
Net earnings | $ 0 | 0 | 3,271 | 3,271 |
Issuance of common stock for employee stock purchase plan (in shares) | 8,000 | |||
Issuance of common stock for employee stock purchase plan | $ 1,023 | 0 | 0 | 1,023 |
Balance (in shares) at Mar. 26, 2022 | 19,173,000 | |||
Balance at Mar. 26, 2022 | $ 87,688 | (13,281) | 775,574 | 849,981 |
Issuance of common stock upon exercise of stock options (in shares) | 11,000 | |||
Issuance of common stock upon exercise of stock options | $ 1,452 | 0 | 0 | 1,452 |
Foreign currency translation adjustment | 0 | (93) | 0 | (93) |
Dividends declared | 0 | 0 | (12,138) | (12,138) |
Share-based compensation | 1,134 | 0 | 0 | 1,134 |
Net earnings | $ 0 | 0 | 15,563 | 15,563 |
Issuance of common stock for employee stock purchase plan (in shares) | 0 | |||
Issuance of common stock for employee stock purchase plan | $ 0 | 0 | 0 | 0 |
Balance (in shares) at Jun. 25, 2022 | 19,184,000 | |||
Balance at Jun. 25, 2022 | $ 90,274 | (13,374) | 778,999 | $ 855,899 |
Balance (in shares) at Sep. 24, 2022 | 19,219,000 | 19,219,000 | ||
Balance at Sep. 24, 2022 | $ 94,026 | (13,713) | 782,856 | $ 863,169 |
Issuance of common stock upon exercise of stock options (in shares) | 10,000 | |||
Issuance of common stock upon exercise of stock options | $ 1,285 | 0 | 0 | 1,285 |
Foreign currency translation adjustment | 0 | 871 | 0 | 871 |
Dividends declared | 0 | 0 | (13,461) | (13,461) |
Share-based compensation | 1,239 | 0 | 0 | 1,239 |
Net earnings | $ 0 | 0 | 6,633 | 6,633 |
Balance (in shares) at Dec. 24, 2022 | 19,229,000 | |||
Balance at Dec. 24, 2022 | $ 96,550 | (12,842) | 776,028 | $ 859,736 |
Balance (in shares) at Sep. 24, 2022 | 19,219,000 | 19,219,000 | ||
Balance at Sep. 24, 2022 | $ 94,026 | (13,713) | 782,856 | $ 863,169 |
Foreign currency translation adjustment | 4,714 | |||
Net earnings | $ 48,485 | |||
Balance (in shares) at Jun. 24, 2023 | 19,270,000 | 19,270,000 | ||
Balance at Jun. 24, 2023 | $ 104,250 | (8,999) | 790,916 | $ 886,167 |
Balance (in shares) at Dec. 24, 2022 | 19,229,000 | |||
Balance at Dec. 24, 2022 | $ 96,550 | (12,842) | 776,028 | 859,736 |
Issuance of common stock upon exercise of stock options (in shares) | 14,000 | |||
Issuance of common stock upon exercise of stock options | $ 1,713 | 0 | 0 | 1,713 |
Foreign currency translation adjustment | 0 | 1,068 | 0 | 1,068 |
Dividends declared | 0 | 0 | (13,475) | (13,475) |
Share-based compensation | 1,313 | 0 | 0 | 1,313 |
Net earnings | $ 0 | 0 | 6,871 | 6,871 |
Issuance of common stock for employee stock purchase plan (in shares) | 9,000 | |||
Issuance of common stock for employee stock purchase plan | $ 1,061 | 0 | 0 | 1,061 |
Balance (in shares) at Mar. 25, 2023 | 19,252,000 | |||
Balance at Mar. 25, 2023 | $ 100,637 | (11,774) | 769,424 | 858,287 |
Issuance of common stock upon exercise of stock options (in shares) | 18,000 | |||
Issuance of common stock upon exercise of stock options | $ 2,230 | 0 | 0 | 2,230 |
Foreign currency translation adjustment | 0 | 0 | 2,775 | |
Dividends declared | 0 | (13,489) | (13,489) | |
Share-based compensation | 1,383 | 0 | 0 | 1,383 |
Net earnings | $ 0 | 0 | 34,981 | 34,981 |
Issuance of common stock for employee stock purchase plan (in shares) | 0 | |||
Issuance of common stock for employee stock purchase plan | $ 0 | 0 | 0 | $ 0 |
Balance (in shares) at Jun. 24, 2023 | 19,270,000 | 19,270,000 | ||
Balance at Jun. 24, 2023 | $ 104,250 | $ (8,999) | $ 790,916 | $ 886,167 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 24, 2023 | Jun. 25, 2022 | |
Operating activities: | ||
Net earnings | $ 48,485 | $ 29,925 |
Adjustments to reconcile net earnings to net cash provided by operating activities | ||
Depreciation of fixed assets | 41,319 | 36,292 |
Amortization of intangibles and deferred costs | 5,065 | 1,775 |
(Gain) loss from disposals of property & equipment | (255) | 50 |
Share-based compensation | 3,935 | 3,484 |
Deferred income taxes | (937) | (227) |
(Gain) loss on marketable securities | (105) | 412 |
Other | (237) | (212) |
Changes in assets and liabilities, net of effects from purchase of companies | ||
Increase in accounts receivable | (7,680) | (78,058) |
Decrease (increase) in inventories | 4,875 | (42,784) |
Decrease (increase) in prepaid expenses | 8,487 | (102) |
Increase in accounts payable and accrued liabilities | 2,992 | 19,798 |
Net cash provided by (used in) operating activities | 105,944 | (29,647) |
Investing activities: | ||
Payments for purchases of companies, net of cash acquired | 0 | (221,301) |
Purchases of property, plant and equipment | (76,472) | (64,231) |
Proceeds from redemption and sales of marketable securities | 5,300 | 11,526 |
Proceeds from disposal of property and equipment | 774 | 1,147 |
Net cash (used in) investing activities | (70,398) | (272,859) |
Financing activities: | ||
Proceeds from issuance of stock | 6,289 | 12,168 |
Borrowings under credit facility | 102,000 | 125,000 |
Repayment of borrowings under credit facility | (74,000) | 0 |
Payments for debt issuance costs | 0 | (225) |
Payments on finance lease obligations | (150) | (150) |
Payment of cash dividend | (40,389) | (36,299) |
Net cash (used in) provided by financing activities | (6,250) | 100,494 |
Effect of exchange rates on cash and cash equivalents | 1,166 | 103 |
Net increase (decrease) in cash and cash equivalents | 30,462 | (201,909) |
Cash and cash equivalents at beginning of period | 35,181 | 283,192 |
Cash and cash equivalents at end of period | $ 65,643 | $ 81,283 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Jun. 24, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Note 1 Basis of Presentation 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-Q and Rule 10-01 of Regulation S-X. They do not include all information and notes required by generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended September 24, 2022. 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 and nine months ended June 24, 2023 and June 25, 2022 are not necessarily indicative of results for the full year. Sales of our frozen beverages and frozen novelties are generally higher in the fiscal third and fourth quarters due to warmer weather. While we believe that the disclosures presented are adequate to make the information not misleading, it is suggested that these consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 24, 2022. |
Note 2 - Business Combinations
Note 2 - Business Combinations | 9 Months Ended |
Jun. 24, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 2 Business Combinations On June 21, 2022, J & J Snack Foods Corp. and its wholly-owned subsidiary, DD Acquisition Holdings, LLC, completed the acquisition of one hundred percent (100%) of the equity interests of Dippin’ Dots Holding, L.L.C. (“Dippin’ Dots”) which, through its wholly-owned subsidiaries, owns and operates the Dippin’ Dots and Doc Popcorn businesses. The purchase price was approximately $223.6 million, consisting entirely of cash, and may be modified for certain customary post-closing purchase price adjustments. Dippin’ Dots is a leading producer of flash-frozen beaded ice cream treats, and the acquisition will leverage synergies in entertainment and amusement locations, theaters, and convenience to continue to expand our business. The acquisition also includes the Doc Popcorn business operated by Dippin’ Dots. The financial results of Dippin’ Dots have been included in our consolidated financial statements since the date of the acquisition. Sales and net earnings of Dippin’ Dots were $31.4 million and $6.8 million for the three months ended June 24, 2023, and $60.8 million and $6.0 million for the nine months ended June 24, 2023. Post-acquisition sales and net earnings of Dippin’ Dots were $2.2 million and $0.6 million for the three and nine months ended June 25, 2022. Dippin’ Dots is reported as part of our Food Service segment. Dippin' Dots Results Included in the Company's Consolidated Results Three months ended Nine months ended June 24, June 25, June 24, June 25, 2023 2022 2023 2022 (in thousands) (in thousands) Net sales $ 31,417 $ 2,218 $ 60,762 $ 2,218 Net earnings $ 6,786 $ 621 $ 5,956 $ 621 Upon acquisition, the assets and liabilities of Dippin’ Dots were adjusted to their respective fair values as of the closing date of the transaction, including the identifiable intangible assets acquired. In addition, the excess of the purchase price over the fair value of the net assets acquired has been recorded as goodwill. The fair value estimates used in valuing certain acquired assets and liabilities are based, in part, on inputs that are unobservable. For intangible assets, these include, but are not limited to, forecasted future cash flows, revenue growth rates, attrition rates and discount rates. During the prior quarter ended March 25, 2023, we recorded a measurement period adjustment to the estimated fair values initially recorded on June 21, 2022 which resulted in an increase in Other Current Liabilities of $0.7 million and an increase in Goodwill of $0.7 million. In fiscal year 2022, we previously recorded measurement period adjustments to the estimated fair values initially recorded on June 21, 2022, which resulted in an increase to Property, plant, and equipment, net of $6.5 million, and reductions in Goodwill, Identifiable intangible assets, and Inventories of $4.0 million, $2.2 million, and $0.3 million, respectively. The measurement period adjustments were recorded to better reflect market participant assumptions about facts and circumstances existing as of the acquisition date and did not have a material impact on our consolidated statement of income for the three months, or the nine months, ended June 24, 2023. The following table reflects: (i) the Company’s preliminary allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date; (ii) measurement period adjustments made to the preliminary allocation during the measurement period; and (iii) the final allocation of the purchase price to the assets acquired and liabilities assumed: Final Dippin' Dots Purchase Price Allocation Preliminary Value as of acquisition date (as previously Measurement reported as of Period June 25, 2022) Adjustment As Adjusted (in thousands) Cash and cash equivalents $ 2,259 $ 2,259 Accounts receivable, net 12,257 12,257 Inventories 8,812 (301 ) 8,511 Prepaid expenses and other 1,215 1,215 Property, plant and equipment, net 24,622 6,548 31,170 Intangible assets 120,400 (2,200 ) 118,200 Goodwill (1) 66,634 (3,397 ) 63,237 Operating lease right-of-use assets 3,514 3,514 Other noncurrent assets 243 243 Total assets acquired 239,956 650 240,606 Liabilities assumed: Current lease liabilities 619 619 Accounts payable 6,005 6,005 Other current liabilities 3,532 650 4,182 Noncurrent lease liabilities 2,954 2,954 Other noncurrent liabilities 3,285 3,285 Total liabilities acquired 16,395 650 17,045 Purchase price $ 223,561 $ - $ 223,561 (1) Goodwill was assigned to our Food Services segment and was primarily attributed to the assembled workforce of the acquired business and to our expectations of favorable growth opportunities in entertainment and amusement locations, theaters, and convenience based on increased synergies that are expected to be achieved from the integration of Dippin’ Dots. Acquired Intangible Assets (in thousands) Weighted average June 21, life (years) 2022 Amortizable Trade name indefinite $ 76,900 Developed technology 10 22,900 Customer relationships 10 9,900 Franchise agreements 10 8,500 Total acquired intangible assets $ 118,200 As the measurement period ended on June 21, 2023, the adjusted purchase price allocation amounts included in the table above are no longer subject to change. Any adjustments to the purchase price allocation required after the one-year measurement period are expected to be recorded in the consolidated statement of earnings as operating expenses or income. The following unaudited pro forma information presents the consolidated results of operations as if the business combination in 2022 had occurred as of September 26, 2021, after giving effect to acquisition-related adjustments, including: (1) depreciation and amortization of assets; (2) amortization of unfavorable contracts related to the fair value adjustments of the assets acquired; (3) change in the effective tax rate; (4) interest expense on any debt incurred to fund the acquisitions which would have been incurred had such acquisitions occurred as of September 26, 2021; and (5) merger and acquisition costs. J & J Snack Foods Corp and Dippin' Dots Unaudited Pro Forma Combined Financial Information Three months ended Nine months ended June 25, June 25, 2022 2022 (in thousands) (in thousands) Net sales $ 404,182 $ 1,028,079 Net earnings $ 17,838 $ 31,501 Earnings per diluted share $ 0.93 $ 1.64 Weighted average number of diluted shares 19,234 19,198 The pro forma information does not reflect the potential benefits of cost and funding synergies, opportunities to earn additional revenues, or other factors, and therefore does not represent what the actual Net sales and Net earnings would have been had the companies actually been combined as of this date. |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 9 Months Ended |
Jun. 24, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 3 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 days. 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 be more extended, presently the majority of our payment terms are 30 days. As a result, we have used the available practical expedient and, consequently, do not adjust our revenues for the effects of a significant financing component. 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 significant changes to our estimates of variable consideration when any related uncertainties are resolved with our customers. We review and update our estimates and related accruals of variable consideration each period based on historical experience. Our recorded liability for allowances, end-user pricing adjustments and trade spending was $17.7 million at June 24, 2023 and $14.7 million at September 24, 2022. 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 services beyond an assurance warranty are provided to our customers. We do not grant a general right of return. However, customers may return defective or non-conforming products. Customer remedies may include either a cash refund or an exchange of the product. We do not estimate a right of return and related refund liability as returns of our products are rare. Contract Balances Contract liabilities consist of deferred revenue resulting from service contracts in our Frozen Beverages segment where our customers are billed for service in advance of performance. Contract liabilities also consist of deferred revenue in our Food Service segment resulting from initial franchise fees paid by franchisees, as well as renewal and transfer fees paid by franchisees and license fees paid by licensees which are generally recognized on a straight-line basis over the term of the underlying agreement. Therefore, we have contract liabilities on our balance sheet as follows: Three months ended Nine months ended June 24, June 25, June 24, June 25, 2023 2022 2023 2022 (in thousands) (in thousands) Beginning Balance $ 4,829 $ 1,092 $ 4,926 $ 1,097 Additions to contract liability 2,281 2,270 5,198 4,843 Amounts recognized as revenue (1,651 ) (1,276 ) (4,665 ) (3,854 ) Ending Balance $ 5,459 $ 2,086 $ 5,459 $ 2,086 Disaggregation of Revenue See Note 11 for disaggregation of our net sales by class of similar product and type of customer. Allowance for Doubtful Receivables The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses. The allowance for doubtful accounts considers a number of factors including the age of receivable balances, the history of losses, expectations of future credit losses, and the customers’ ability to pay off obligations. The allowance for doubtful receivables was $3.4 million and $2.2 million on June 24, 2023 and September 24, 2022, respectively. |
Note 4 - Depreciation and Amort
Note 4 - Depreciation and Amortization Expense | 9 Months Ended |
Jun. 24, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 4 Depreciation and Amortization Expense 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, franchise agreements, technology 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 $14.1 million and $12.4 million for the three months ended June 24, 2023 and June 25, 2022, respectively and $41.3 million and $36.3 million for the nine months ended June 24, 2023 and June 25, 2022, respectively. |
Note 5 - Earnings Per Share
Note 5 - Earnings Per Share | 9 Months Ended |
Jun. 24, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 5 Earnings per Share 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 and restricted stock units (“RSU”)’s) 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 24, 2023 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net earnings available to common stockholders $ 34,981 19,257 $ 1.82 Effect of dilutive securities RSU's and options - 70 (0.01 ) Diluted EPS Net earnings available to common stockholders plus assumed conversions $ 34,981 19,327 $ 1.81 249,440 anti-dilutive shares have been excluded in the computation of EPS for the three months ended June 24, 2023. Nine months ended June 24, 2023 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net earnings available to common stockholders $ 48,485 19,239 $ 2.52 Effect of dilutive securities RSU's and options - 60 (0.01 ) Diluted EPS Net earnings available to common stockholders plus assumed conversions $ 48,485 19,299 $ 2.51 379,920 anti-dilutive shares have been excluded in the computation of EPS for the nine months ended June 24, 2023. Three months ended June 25, 2022 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net earnings available to common stockholders $ 15,563 19,174 $ 0.81 Effect of dilutive securities RSU's and options - 60 - Diluted EPS Net earnings available to common stockholders plus assumed conversions $ 15,563 19,234 $ 0.81 382,431 anti-dilutive shares have been excluded in the computation of EPS for the three months ended June 25, 2022. Nine months ended June 25, 2022 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net earnings available to common stockholders $ 29,925 19,131 $ 1.56 Effect of dilutive securities RSU's and options - 67 - Diluted EPS Net earnings available to common stockholders plus assumed conversions $ 29,925 19,198 $ 1.56 302,674 anti-dilutive shares have been excluded in the computation of EPS for the nine months ended June 25, 2022. |
Note 6 - Share-based Compensati
Note 6 - Share-based Compensation and Post-retirement Benefits | 9 Months Ended |
Jun. 24, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 6 Share-Based Compensation and Post-Retirement Benefits At June 24, 2023, the Company has two stock-based employee compensation plans. Share-based compensation expense was recognized as follows: Three months ended Nine months ended June 24, June 25, June 24, June 25, 2023 2022 2023 2022 (in thousands) (in thousands) Stock options $ 449 $ 693 $ 1,628 $ 2,115 Stock purchase plan 118 90 542 240 Stock issued to outside directors 39 - 66 - Restricted stock issued to employees 295 152 669 376 Performance stock issued to employees 177 83 420 204 Total share-based compensation $ 1,078 $ 1,018 $ 3,325 $ 2,935 The above compensation is net of tax benefits $ 305 $ 116 $ 610 $ 549 The fair value of each option grant is estimated on the date of grant using the Black-Scholes options-pricing model. Expected volatility is based on the historical volatility of the price of our common shares over the past 51 months for 5-year options and 10 years for 10-year options. We use historical information to estimate expected life and forfeitures within the valuation model. The expected term of awards represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Compensation cost is recognized using a straight-line method over the vesting or service period and is net of estimated forfeitures. The Company did not During the fiscal year 2022 nine-month period ending June 25, 2022, the Company granted 115,700 stock options. The weighted-average grant date fair value of these options was $23.36. The Company issued 11,964 service share units (“RSU”)’s in the three months ended June 24, 2023, and 21,864 RSU’s in the nine months ended June 24, 2023. Each RSU entitles the awardee to one share of common stock upon vesting. The fair value of RSU’s was determined based upon the closing price of the Company’s common stock on the date of grant. The Company issued 327 RSU’s in the three months ended June 25, 2022, and 9,200 RSU’s in the nine months ended June 25, 2022. The Company issued 2,619 performance share units (“PSU”)’s in the three months ended June 24, 2023, and 21,260 PSU’s in the nine months ended June 24, 2023. Each PSU may result in the issuance of up to two shares of common stock upon vesting, dependent upon the level of achievement of the applicable Performance Goal. The fair value of the PSU’s was determined based upon the closing price of the Company’s common stock on the date of grant. Additionally, the Company applies a quarterly probability assessment in computing this non-cash compensation expense, and any change in estimate is reflected as a cumulative adjustment to expense in the quarter of the change. During the nine months ended June 25, 2022, the Company issued 8,868 PSU’s. No |
Note 7 - Income Taxes
Note 7 - Income Taxes | 9 Months Ended |
Jun. 24, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 7 Income Taxes We account for our income taxes under the liability method. Under the liability method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates that will be in effect when these differences reverse. Deferred tax expense is the result of changes in deferred tax assets and liabilities. Additionally, we recognize a liability for income taxes and associated penalties and interest for tax positions taken or expected to be taken in a tax return which are more likely than not to be overturned by taxing authorities (“uncertain tax positions”). We have not recognized a tax benefit in our financial statements for these uncertain tax positions. The total amount of gross unrecognized tax benefits is $ 0.3 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 to four years. Our effective tax rate was 26.5% for the three months ended June 24, 2023, as compared with 26.6% in the prior fiscal year period. Our effective tax rate was 26.4% for the nine months ended June 24, 2023, as compared with 26.1% in the prior fiscal year period. |
Note 8 - New Accounting Pronoun
Note 8 - New Accounting Pronouncements and Policies | 9 Months Ended |
Jun. 24, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | Note 8 New Accounting Pronouncements and Policies In December 2022, the FASB issued ASU No. 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848", to provide optional guidance to temporarily ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. Preceding the issuance of ASU 2020-04, which established ASC 848, the United Kingdom's Financial Conduct Authority ("FCA") announced that it would no longer need to persuade or compel banks to submit to LIBOR after December 31, 2021. In response, the FASB established December 31, 2022 as the expiration date for ASC 848. In March 2021, the FCA announced the intended cessation date of the overnight 1-, 3-, 6-, and 12-month USD LIBOR would be June 30, 2023. Because the current relief in Topic 848 may not cover a period of time during which a significant number of modifications may take place, this update deferred the sunset date in Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. This guidance is not expected to have a material impact on our consolidated financial statements and disclosures. In September 2022, the FASB issued ASU No. 2022-04 “Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations”. This guidance requires annual and interim disclosures for entities that use supplier finance programs in connection with the purchase of goods and services. These amendments are effective for fiscal years beginning after December 15, 2022, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. We are currently assessing the impact of the guidance on our consolidated financial statements and disclosures. |
Note 9 - Long-term Debt
Note 9 - Long-term Debt | 9 Months Ended |
Jun. 24, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 9 Long-Term Debt In December 2021, the Company entered into an amended and restated loan agreement (the “Credit Agreement”) with our existing banks which provided for up to a $50 million revolving credit facility repayable in December 2026. Interest accrues, at the Company’s election at (i) the BSBY Rate (as defined in the Credit Agreement), plus an applicable margin, based upon the Consolidated Net Leverage Ratio, as defined in the Credit Agreement, or (ii) the Alternate Base Rate (a rate based on the higher of (a) the prime rate announced from time-to-time by the Administrative Agent, (b) the Federal Reserve System’s federal funds rate, plus 0.50% or (c) the Daily BSBY Rate, plus an applicable margin). The Alternate Base Rate is defined in the Credit Agreement. The Credit Agreement requires the Company to comply with various affirmative and negative covenants, including without limitation (i) covenants to maintain a minimum specified interest coverage ratio and maximum specified net leverage ratio, and (ii) subject to certain exceptions, covenants that prevent or restrict the Company’s ability to pay dividends, engage in certain mergers or acquisitions, make certain investments or loans, incur future indebtedness, alter its capital structure or line of business, prepay subordinated indebtedness, engage in certain transactions with affiliates, or amend its organizational documents. As of June 24, 2023, the Company is in compliance with all financial covenants terms of the Credit Agreement. On June 21, 2022, the Company entered into an amendment to the Credit Agreement, the “Amended Credit Agreement” which provided for an incremental increase of $175 million in available borrowings. The Amended Credit Agreement also includes an option to increase the size of the revolving credit facility by up to an amount not to exceed in the aggregate the greater of $225 million or $50 million, plus the Consolidated EBITDA of the Borrowers, subject to the satisfaction of certain terms and conditions. As of June 24, 2023, $83.0 million was outstanding under the Amended Credit Agreement with a weighted average interest rate of 6.12%. These borrowings have been classified as Long-Term Debt on the Company’s Balance Sheet. As of June 24, 2023, the amount available under the Amended Credit Agreement was $132.2 million, after giving effect to the outstanding letters of credit. As of September 24, 2022, $55.0 million was outstanding under the Credit Agreement. As of September 24, 2022, the amount available under the Amended Agreement was $160.2 million, after giving effect to the outstanding letters of credit. |
Note 10 - Inventory
Note 10 - Inventory | 9 Months Ended |
Jun. 24, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 10 Inventory Inventories consist of the following: June 24, September 24, 2023 2022 (unaudited) (in thousands) Finished goods $ 88,390 $ 86,464 Raw materials 35,534 41,505 Packaging materials 14,475 16,637 Equipment parts and other 39,221 35,867 Total inventories $ 177,620 $ 180,473 |
Note 11 - Segment Information
Note 11 - Segment Information | 9 Months Ended |
Jun. 24, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 11 Segment Information 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 operating segments mentioned above which is available to our Chief Operating Decision Maker. Our reportable segments are Food Service, Retail Supermarkets and Frozen Beverages. All inter-segment net sales and expenses have been eliminated in computing net sales and operating income. These segments are described below. Food Service The primary products sold by the food service segment are soft pretzels, frozen novelties, churros, handheld products and baked goods. Our customers in the food service segment include snack bars and food stands in chain, department and discount stores; malls and shopping centers; casual dining restaurants, 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 novelties including LUIGI’S Real Italian Ice, MINUTE MAID Juice Bars and Soft Frozen Lemonade, WHOLE FRUIT frozen fruit bars and sorbet, DOGSTERS, PHILLY SWIRL cups and sticks, ICEE Squeeze-Up Tubes and handheld products. Within the retail supermarket channel, our frozen and prepackaged products are purchased by the consumer for consumption at home. Frozen Beverages The Company markets frozen beverages primarily under the names ICEE, SLUSH PUPPIE and PARROT ICE which are sold primarily 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, Retail Supermarkets and Frozen Beverages reviews monthly 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 Maker and management when determining each segment’s, and the Company’s, financial condition and operating performance. In addition, the Chief Operating Decision Maker reviews and evaluates 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 reportable segments is as follows: Three months ended Nine months ended June 24, June 25, June 24, June 25, 2023 2022 2023 2022 Sales to external customers: Food Service Soft pretzels $ 63,527 $ 55,946 $ 171,242 $ 149,628 Frozen novelties 47,410 17,155 95,782 32,917 Churros 30,470 25,614 81,147 62,550 Handhelds 17,003 25,740 60,884 64,741 Bakery 87,582 95,495 281,830 287,293 Other 8,988 7,892 20,673 18,785 Total Food Service $ 254,980 $ 227,842 $ 711,558 $ 615,914 Retail Supermarket Soft pretzels $ 10,269 $ 11,696 $ 40,767 $ 43,642 Frozen novelties 41,684 41,865 80,423 78,586 Biscuits 5,135 6,066 18,906 20,024 Handhelds 4,452 1,589 11,443 3,934 Coupon redemption (385 ) (605 ) (936 ) (2,227 ) Other (5 ) 397 (20 ) 501 Total Retail Supermarket $ 61,150 $ 61,008 $ 150,583 $ 144,460 Frozen Beverages Beverages $ 72,878 $ 57,791 $ 153,336 $ 126,919 Repair and maintenance service 24,144 22,892 70,556 65,903 Machines revenue 11,554 9,868 26,817 25,257 Other 1,063 826 2,116 1,777 Total Frozen Beverages $ 109,639 $ 91,377 $ 252,825 $ 219,856 Consolidated sales $ 425,769 $ 380,227 $ 1,114,966 $ 980,230 Depreciation and amortization: Food Service $ 9,797 $ 7,097 $ 28,852 $ 20,436 Retail Supermarket 540 405 1,423 1,157 Frozen Beverages 5,426 5,514 16,109 16,474 Total depreciation and amortization $ 15,763 $ 13,016 $ 46,384 $ 38,067 Operating Income: Food Service $ 20,786 $ 2,640 $ 32,306 $ 12,177 Retail Supermarket 4,168 2,341 5,766 8,416 Frozen Beverages 23,340 16,279 29,743 19,600 Total operating income $ 48,294 $ 21,260 $ 67,815 $ 40,193 Capital expenditures: Food Service $ 20,015 $ 21,673 $ 58,621 $ 45,757 Retail Supermarket 345 2,815 1,824 6,438 Frozen Beverages 6,988 4,437 16,027 12,036 Total capital expenditures $ 27,348 $ 28,925 $ 76,472 $ 64,231 Assets: Food Service $ 959,657 $ 957,719 $ 959,657 $ 957,719 Retail Supermarket 12,327 29,147 12,327 29,147 Frozen Beverages 332,113 304,376 332,113 304,376 Total assets $ 1,304,097 $ 1,291,242 $ 1,304,097 $ 1,291,242 |
Note 12 - Intangible Assets and
Note 12 - Intangible Assets and Goodwill | 9 Months Ended |
Jun. 24, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 12 Intangible Assets and Goodwill Our reportable segments are Food Service, Retail Supermarkets and Frozen Beverages. Intangible Assets The carrying amounts of acquired intangible assets for the Food Service, Retail Supermarkets and Frozen Beverages segments as of June 24, 2023 and September 24, 2022 are as follows: June 24, 2023 September 24, 2022 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (in thousands) FOOD SERVICE Indefinite lived intangible assets Trade names $ 85,872 $ - $ 85,872 $ - Amortized intangible assets Non compete agreements - - 670 670 Franchise agreements 8,500 850 8,500 212 Customer relationships 22,900 9,673 22,900 7,790 Technology 23,110 2,307 23,110 576 License and rights 1,690 1,544 1,690 1,481 TOTAL FOOD SERVICE $ 142,072 $ 14,374 $ 142,742 $ 10,729 RETAIL SUPERMARKETS Indefinite lived intangible assets Trade names $ 11,938 $ - $ 11,938 $ - Amortized intangible Assets Trade names - - 649 649 Customer relationships 7,687 7,063 7,907 6,693 TOTAL RETAIL SUPERMARKETS $ 19,625 $ 7,063 $ 20,494 $ 7,342 FROZEN BEVERAGES Indefinite lived intangible assets Trade names $ 9,315 $ - $ 9,315 $ - Distribution rights 36,100 - 36,100 - Amortized intangible assets Customer relationships 1,439 653 1,439 545 Licenses and rights 1,400 1,194 1,400 1,142 TOTAL FROZEN BEVERAGES $ 48,254 $ 1,847 $ 48,254 $ 1,687 CONSOLIDATED $ 209,951 $ 23,284 $ 211,490 $ 19,758 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 months ended June 24, 2023 and June 25, 2022 was $1.7 million and $0.6 million, respectively. Aggregate amortization expense of intangible assets for the nine months ended June 24, 2023 and June 25, 2022 was $5.1 million and $1.8 million, respectively. Estimated amortization expense for the next five fiscal years is approximately $1.6 million in 2023 (excluding the nine months ended June 24, 2023), $ 6.2 5.6 4.6 The weighted amortization period of the intangible assets, in total, is 10.4 years. The weighted amortization period by intangible asset class is 10 years for Technology, 10 years for Customer relationships, 20 years for Licenses & rights, and 10 years for Franchise agreements. Goodwill The carrying amounts of goodwill for the Food Service, Retail Supermarket and Frozen Beverages segments are as follows: Food Retail Frozen Service Supermarket Beverages Total (in thousands) June 24, 2023 $ 124,426 $ 4,146 $ 56,498 $ 185,070 September 24, 2022 $ 123,776 $ 4,146 $ 56,498 $ 184,420 |
Note 13 - Investments
Note 13 - Investments | 9 Months Ended |
Jun. 24, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 13 Investments 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 levels of inputs that may be used to measure fair value: Level 1 Observable input such as quoted prices in active markets for identical assets or liabilities; Level 2 Observable inputs, other than Level 1 inputs in active markets, that are observable either directly or indirectly; and Level 3 Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions. Marketable securities held to maturity and available for sale consist primarily of investments in mutual funds, preferred stock, and corporate bonds. The fair values of mutual funds are based on quoted market prices in active markets and are classified within Level 1 of the fair value hierarchy. The fair values of preferred stock and corporate bonds are based on quoted prices for identical or similar instruments in markets that are not active. As a result, preferred stock and corporate bonds are classified within Level 2 of the fair value hierarchy. As of June 24, 2023, the Company held no held to maturity investment securities. The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at June 24, 2023 are summarized as follows: Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 3,588 $ - $ 709 $ 2,879 Preferred Stock 1,487 147 - 1,634 Total marketable securities available for sale $ 5,075 $ 147 $ 709 $ 4,513 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 2025 and then income is based on a spread above LIBOR if the securities are not called. The mutual funds and Fixed-to-Floating Perpetual Preferred Stock do not have contractual maturities; however, we classify them as long-term assets as it is our intent to hold them for a period of over one year, although we may sell some or all of them depending on presently unanticipated needs for liquidity or market conditions. The amortized cost, unrealized gains and losses, and fair market values of our investment securities held to maturity at September 24, 2022 are summarized as follows: Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Corporate Bonds 4,011 - 21 3,990 Total marketable securities held to maturity $ 4,011 $ - $ 21 $ 3,990 The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at September 24, 2022 are summarized as follows: Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 3,588 $ - $ 742 $ 2,846 Preferred Stock 2,816 46 - 2,862 Total marketable securities available for sale $ 6,404 $ 46 $ 742 $ 5,708 The amortized cost and fair value of the Company’s held to maturity securities by contractual maturity at June 24, 2023 and September 24, 2022 are summarized as follows: June 24, 2023 September 24, 2022 Fair Fair Amortized Market Amortized Market Cost Value Cost Value (in thousands) Due in one year or less $ - $ - $ 4,011 $ 3,990 Due after one year through five years - - - - Due after five years through ten years - - - - Total held to maturity securities $ - $ - $ 4,011 $ 3,990 Less current portion - - 4,011 3,990 Long term held to maturity securities $ - $ - $ - $ - There were no 5.3 11.5 |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Jun. 24, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 14 Accumulated Other Comprehensive Income (Loss) Changes to the components of accumulated other comprehensive loss are as follows: Three months ended Nine months ended June 24, 2023 June 24, 2023 (in thousands) (in thousands) Foreign Currency Foreign Currency Translation Adjustments Translation Adjustments Beginning Balance $ (11,774 ) $ (13,713 ) Other comprehensive income 2,775 4,714 Ending Balance $ (8,999 ) $ (8,999 ) Three months ended Nine months ended June 25, 2022 June 25, 2022 (in thousands) (in thousands) Foreign Currency Foreign Currency Translation Adjustments Translation Adjustments Beginning Balance $ (13,281 ) $ (13,383 ) Other comprehensive (loss) income (93 ) 9 Ending Balance $ (13,374 ) $ (13,374 ) |
Note 15 - Leases
Note 15 - Leases | 9 Months Ended |
Jun. 24, 2023 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | Note 15 Leases General Lease Description We have operating leases with initial noncancelable lease terms in excess of one year covering the rental of various facilities and equipment. Certain of these leases contain renewal options and some provide options to purchase during the lease term. Our operating leases include leases for real estate for some of our office, warehouse, and manufacturing facilities as well as manufacturing and non-manufacturing equipment used in our business. The remaining lease terms for these operating leases range from 1 month to 20 years. We have finance leases with initial noncancelable lease terms in excess of one year covering the rental of various equipment. These leases are generally for manufacturing and non-manufacturing equipment used in our business. The remaining lease terms for these finance leases range from 1 year to 6 years. 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 explicitly stated in the lease, is the incremental borrowing rate, which is the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. 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 24, 2023, the weighted-average discount rate of our operating and finance leases was 4.3% and 3.9%, respectively. As of June 25, 2022, the weighted-average discount rate of our operating and finance leases was 3.3% and 3.2%, respectively. Practical Expedients and Accounting Policy Elections We elected the package of practical expedients that permits us not to reassess our prior conclusions about lease identification, lease classification and initial direct costs and made an accounting policy election to exclude short-term leases with an initial term of 12 months or less from our Consolidated Balance Sheets. Amounts Recognized in the Financial Statements The components of lease expense were as follows: Three months ended Three months ended Nine months ended Nine months ended June 24, 2023 June 25, 2022 June 24, 2023 June 25, 2022 Operating lease cost in Cost of goods sold and Operating expenses $ 4,327 $ 3,630 $ 12,077 $ 11,550 Finance lease cost: Amortization of assets in Cost of goods sold and Operating expenses $ 71 $ 19 $ 127 $ 141 Interest on lease liabilities in Interest expense & other 11 1 15 8 Total finance lease cost $ 82 $ 20 $ 142 $ 149 Short-term lease cost in Cost of goods sold and Operating expenses - - - - Total net lease cost $ 4,409 $ 3,650 $ 12,219 $ 11,699 Supplemental balance sheet information related to leases is as follows: June 24, 2023 September 24, 2022 Operating Leases Operating lease right-of-use assets $ 83,089 $ 51,137 Current operating lease liabilities $ 14,675 $ 13,524 Noncurrent operating lease liabilities 73,361 42,660 Total operating lease liabilities $ 88,036 $ 56,184 Finance Leases Finance lease right-of-use assets in Property, plant and equipment, net $ 839 $ 328 Current finance lease liabilities $ 188 $ 124 Noncurrent finance lease liabilities 650 254 Total finance lease liabilities $ 838 $ 378 Supplemental cash flow information related to leases is as follows: Three months ended Three months ended Nine months ended Nine months ended June 24, 2023 June 25, 2022 June 24, 2023 June 25, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,422 $ 4,181 $ 12,201 $ 12,189 Operating cash flows from finance leases $ 11 $ 1 $ 15 $ 8 Financing cash flows from finance leases $ 79 $ 39 $ 150 $ 150 Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets $ 37,030 $ 4,652 $ 43,527 $ 11,717 Supplemental noncash information on lease liabilities removed due to purchase of leased asset $ - $ - $ - $ - As of June 24, 2023, the maturities of lease liabilities were as follows: Operating Leases Finance Leases Three months ending September 30, 2023 4,716 74 2024 17,447 244 2025 14,033 189 2026 10,808 154 2027 9,807 153 Thereafter 56,572 110 Total minimum payments 113,383 $ 924 Less amount representing interest (25,347 ) (86 ) Present value of lease obligations $ 88,036 $ 838 As of June 24, 2023 the weighted-average remaining term of our operating and finance leases was 10.9 years and 4.4 years, respectively. As of September 24, 2022, the weighted average remaining term of our operating and finance leases was 5.8 years and 3.3 years, respectively. |
Note 16 - Related Parties
Note 16 - Related Parties | 9 Months Ended |
Jun. 24, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 16 Related Parties We have related party expenses for distribution and shipping related costs with NFI Industries, Inc. (“NFI”). Our director, Sidney R. Brown, is CEO and an owner of NFI Industries, Inc. The Company paid $13.5 million and $41.1 million to NFI in the three and nine months ended June 24, 2023 and paid $12.0 million and $16.0 million through the three and nine months ended June 25, 2022. Of the amounts paid to NFI, the amount related to management services performed by NFI was $0.3 million and $0.6 million in the three and nine months ended June 24, 2023, and $0.1 million and $0.4 in the three and nine months ended June 25, 2022. The remainder of the costs related to amounts that were passed through to the third-party distribution and shipping vendors that are being managed on the Company’s behalf by NFI. As of June 24, 2023, and September 24, 2022, our consolidated balance sheet included related party trade payables of approximately $4.1 million and $2.9 million, respectively. In June 2023, the Company began leasing a regional distribution center in Terrell, Texas that was constructed by, and is owned by, a subsidiary of NFI. The distribution center will be operated by NFI for the Company, pursuant to a Distribution Services Agreement. Under the Distribution Services Agreement, NFI will provide logistics and warehouse management services. NFI will continue to perform distribution-related management services for the Company as well. At the lease commencement date, $28.7 million was recorded as an operating right-of-use asset, $0.2 million was recorded as a current operating lease liability, and $28.5 million was recorded as a non-current operating lease liability. No payments on the lease were made to NFI during the three months ended June 24, 2023. All agreements with NFI include terms that are consistent with those that we believe would have been negotiated at an arm’s length with an independent party. |
Note 2 - Business Combinations
Note 2 - Business Combinations (Tables) | 9 Months Ended |
Jun. 24, 2023 | |
Notes Tables | |
Business Acquisition, Pro Forma Information [Table Text Block] | Three months ended Nine months ended June 24, June 25, June 24, June 25, 2023 2022 2023 2022 (in thousands) (in thousands) Net sales $ 31,417 $ 2,218 $ 60,762 $ 2,218 Net earnings $ 6,786 $ 621 $ 5,956 $ 621 Three months ended Nine months ended June 25, June 25, 2022 2022 (in thousands) (in thousands) Net sales $ 404,182 $ 1,028,079 Net earnings $ 17,838 $ 31,501 Earnings per diluted share $ 0.93 $ 1.64 Weighted average number of diluted shares 19,234 19,198 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Value as of acquisition date (as previously Measurement reported as of Period June 25, 2022) Adjustment As Adjusted (in thousands) Cash and cash equivalents $ 2,259 $ 2,259 Accounts receivable, net 12,257 12,257 Inventories 8,812 (301 ) 8,511 Prepaid expenses and other 1,215 1,215 Property, plant and equipment, net 24,622 6,548 31,170 Intangible assets 120,400 (2,200 ) 118,200 Goodwill (1) 66,634 (3,397 ) 63,237 Operating lease right-of-use assets 3,514 3,514 Other noncurrent assets 243 243 Total assets acquired 239,956 650 240,606 Liabilities assumed: Current lease liabilities 619 619 Accounts payable 6,005 6,005 Other current liabilities 3,532 650 4,182 Noncurrent lease liabilities 2,954 2,954 Other noncurrent liabilities 3,285 3,285 Total liabilities acquired 16,395 650 17,045 Purchase price $ 223,561 $ - $ 223,561 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | (in thousands) Weighted average June 21, life (years) 2022 Amortizable Trade name indefinite $ 76,900 Developed technology 10 22,900 Customer relationships 10 9,900 Franchise agreements 10 8,500 Total acquired intangible assets $ 118,200 |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 9 Months Ended |
Jun. 24, 2023 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Three months ended Nine months ended June 24, June 25, June 24, June 25, 2023 2022 2023 2022 (in thousands) (in thousands) Beginning Balance $ 4,829 $ 1,092 $ 4,926 $ 1,097 Additions to contract liability 2,281 2,270 5,198 4,843 Amounts recognized as revenue (1,651 ) (1,276 ) (4,665 ) (3,854 ) Ending Balance $ 5,459 $ 2,086 $ 5,459 $ 2,086 |
Note 5 - Earnings Per Share (Ta
Note 5 - Earnings Per Share (Tables) | 9 Months Ended |
Jun. 24, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended June 24, 2023 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net earnings available to common stockholders $ 34,981 19,257 $ 1.82 Effect of dilutive securities RSU's and options - 70 (0.01 ) Diluted EPS Net earnings available to common stockholders plus assumed conversions $ 34,981 19,327 $ 1.81 Nine months ended June 24, 2023 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net earnings available to common stockholders $ 48,485 19,239 $ 2.52 Effect of dilutive securities RSU's and options - 60 (0.01 ) Diluted EPS Net earnings available to common stockholders plus assumed conversions $ 48,485 19,299 $ 2.51 Three months ended June 25, 2022 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net earnings available to common stockholders $ 15,563 19,174 $ 0.81 Effect of dilutive securities RSU's and options - 60 - Diluted EPS Net earnings available to common stockholders plus assumed conversions $ 15,563 19,234 $ 0.81 Nine months ended June 25, 2022 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net earnings available to common stockholders $ 29,925 19,131 $ 1.56 Effect of dilutive securities RSU's and options - 67 - Diluted EPS Net earnings available to common stockholders plus assumed conversions $ 29,925 19,198 $ 1.56 |
Note 6 - Share-based Compensa_2
Note 6 - Share-based Compensation and Post-retirement Benefits (Tables) | 9 Months Ended |
Jun. 24, 2023 | |
Notes Tables | |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block] | Three months ended Nine months ended June 24, June 25, June 24, June 25, 2023 2022 2023 2022 (in thousands) (in thousands) Stock options $ 449 $ 693 $ 1,628 $ 2,115 Stock purchase plan 118 90 542 240 Stock issued to outside directors 39 - 66 - Restricted stock issued to employees 295 152 669 376 Performance stock issued to employees 177 83 420 204 Total share-based compensation $ 1,078 $ 1,018 $ 3,325 $ 2,935 The above compensation is net of tax benefits $ 305 $ 116 $ 610 $ 549 |
Note 10 - Inventory (Tables)
Note 10 - Inventory (Tables) | 9 Months Ended |
Jun. 24, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 24, September 24, 2023 2022 (unaudited) (in thousands) Finished goods $ 88,390 $ 86,464 Raw materials 35,534 41,505 Packaging materials 14,475 16,637 Equipment parts and other 39,221 35,867 Total inventories $ 177,620 $ 180,473 |
Note 11 - Segment Information (
Note 11 - Segment Information (Tables) | 9 Months Ended |
Jun. 24, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended Nine months ended June 24, June 25, June 24, June 25, 2023 2022 2023 2022 Sales to external customers: Food Service Soft pretzels $ 63,527 $ 55,946 $ 171,242 $ 149,628 Frozen novelties 47,410 17,155 95,782 32,917 Churros 30,470 25,614 81,147 62,550 Handhelds 17,003 25,740 60,884 64,741 Bakery 87,582 95,495 281,830 287,293 Other 8,988 7,892 20,673 18,785 Total Food Service $ 254,980 $ 227,842 $ 711,558 $ 615,914 Retail Supermarket Soft pretzels $ 10,269 $ 11,696 $ 40,767 $ 43,642 Frozen novelties 41,684 41,865 80,423 78,586 Biscuits 5,135 6,066 18,906 20,024 Handhelds 4,452 1,589 11,443 3,934 Coupon redemption (385 ) (605 ) (936 ) (2,227 ) Other (5 ) 397 (20 ) 501 Total Retail Supermarket $ 61,150 $ 61,008 $ 150,583 $ 144,460 Frozen Beverages Beverages $ 72,878 $ 57,791 $ 153,336 $ 126,919 Repair and maintenance service 24,144 22,892 70,556 65,903 Machines revenue 11,554 9,868 26,817 25,257 Other 1,063 826 2,116 1,777 Total Frozen Beverages $ 109,639 $ 91,377 $ 252,825 $ 219,856 Consolidated sales $ 425,769 $ 380,227 $ 1,114,966 $ 980,230 Depreciation and amortization: Food Service $ 9,797 $ 7,097 $ 28,852 $ 20,436 Retail Supermarket 540 405 1,423 1,157 Frozen Beverages 5,426 5,514 16,109 16,474 Total depreciation and amortization $ 15,763 $ 13,016 $ 46,384 $ 38,067 Operating Income: Food Service $ 20,786 $ 2,640 $ 32,306 $ 12,177 Retail Supermarket 4,168 2,341 5,766 8,416 Frozen Beverages 23,340 16,279 29,743 19,600 Total operating income $ 48,294 $ 21,260 $ 67,815 $ 40,193 Capital expenditures: Food Service $ 20,015 $ 21,673 $ 58,621 $ 45,757 Retail Supermarket 345 2,815 1,824 6,438 Frozen Beverages 6,988 4,437 16,027 12,036 Total capital expenditures $ 27,348 $ 28,925 $ 76,472 $ 64,231 Assets: Food Service $ 959,657 $ 957,719 $ 959,657 $ 957,719 Retail Supermarket 12,327 29,147 12,327 29,147 Frozen Beverages 332,113 304,376 332,113 304,376 Total assets $ 1,304,097 $ 1,291,242 $ 1,304,097 $ 1,291,242 |
Note 12 - Intangible Assets a_2
Note 12 - Intangible Assets and Goodwill (Tables) | 9 Months Ended |
Jun. 24, 2023 | |
Notes Tables | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | June 24, 2023 September 24, 2022 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (in thousands) FOOD SERVICE Indefinite lived intangible assets Trade names $ 85,872 $ - $ 85,872 $ - Amortized intangible assets Non compete agreements - - 670 670 Franchise agreements 8,500 850 8,500 212 Customer relationships 22,900 9,673 22,900 7,790 Technology 23,110 2,307 23,110 576 License and rights 1,690 1,544 1,690 1,481 TOTAL FOOD SERVICE $ 142,072 $ 14,374 $ 142,742 $ 10,729 RETAIL SUPERMARKETS Indefinite lived intangible assets Trade names $ 11,938 $ - $ 11,938 $ - Amortized intangible Assets Trade names - - 649 649 Customer relationships 7,687 7,063 7,907 6,693 TOTAL RETAIL SUPERMARKETS $ 19,625 $ 7,063 $ 20,494 $ 7,342 FROZEN BEVERAGES Indefinite lived intangible assets Trade names $ 9,315 $ - $ 9,315 $ - Distribution rights 36,100 - 36,100 - Amortized intangible assets Customer relationships 1,439 653 1,439 545 Licenses and rights 1,400 1,194 1,400 1,142 TOTAL FROZEN BEVERAGES $ 48,254 $ 1,847 $ 48,254 $ 1,687 CONSOLIDATED $ 209,951 $ 23,284 $ 211,490 $ 19,758 |
Schedule of Goodwill [Table Text Block] | Food Retail Frozen Service Supermarket Beverages Total (in thousands) June 24, 2023 $ 124,426 $ 4,146 $ 56,498 $ 185,070 September 24, 2022 $ 123,776 $ 4,146 $ 56,498 $ 184,420 |
Note 13 - Investments (Tables)
Note 13 - Investments (Tables) | 9 Months Ended |
Jun. 24, 2023 | |
Notes Tables | |
Unrealized Gain (Loss) on Investments [Table Text Block] | Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 3,588 $ - $ 709 $ 2,879 Preferred Stock 1,487 147 - 1,634 Total marketable securities available for sale $ 5,075 $ 147 $ 709 $ 4,513 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Corporate Bonds 4,011 - 21 3,990 Total marketable securities held to maturity $ 4,011 $ - $ 21 $ 3,990 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 3,588 $ - $ 742 $ 2,846 Preferred Stock 2,816 46 - 2,862 Total marketable securities available for sale $ 6,404 $ 46 $ 742 $ 5,708 |
Investments Classified by Contractual Maturity Date [Table Text Block] | June 24, 2023 September 24, 2022 Fair Fair Amortized Market Amortized Market Cost Value Cost Value (in thousands) Due in one year or less $ - $ - $ 4,011 $ 3,990 Due after one year through five years - - - - Due after five years through ten years - - - - Total held to maturity securities $ - $ - $ 4,011 $ 3,990 Less current portion - - 4,011 3,990 Long term held to maturity securities $ - $ - $ - $ - |
Note 14 - Accumulated Other C_2
Note 14 - Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Jun. 24, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three months ended Nine months ended June 24, 2023 June 24, 2023 (in thousands) (in thousands) Foreign Currency Foreign Currency Translation Adjustments Translation Adjustments Beginning Balance $ (11,774 ) $ (13,713 ) Other comprehensive income 2,775 4,714 Ending Balance $ (8,999 ) $ (8,999 ) Three months ended Nine months ended June 25, 2022 June 25, 2022 (in thousands) (in thousands) Foreign Currency Foreign Currency Translation Adjustments Translation Adjustments Beginning Balance $ (13,281 ) $ (13,383 ) Other comprehensive (loss) income (93 ) 9 Ending Balance $ (13,374 ) $ (13,374 ) |
Note 15 - Leases (Tables)
Note 15 - Leases (Tables) | 9 Months Ended |
Jun. 24, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three months ended Three months ended Nine months ended Nine months ended June 24, 2023 June 25, 2022 June 24, 2023 June 25, 2022 Operating lease cost in Cost of goods sold and Operating expenses $ 4,327 $ 3,630 $ 12,077 $ 11,550 Finance lease cost: Amortization of assets in Cost of goods sold and Operating expenses $ 71 $ 19 $ 127 $ 141 Interest on lease liabilities in Interest expense & other 11 1 15 8 Total finance lease cost $ 82 $ 20 $ 142 $ 149 Short-term lease cost in Cost of goods sold and Operating expenses - - - - Total net lease cost $ 4,409 $ 3,650 $ 12,219 $ 11,699 |
Assets and Liabilities, Lessee [Table Text Block] | June 24, 2023 September 24, 2022 Operating Leases Operating lease right-of-use assets $ 83,089 $ 51,137 Current operating lease liabilities $ 14,675 $ 13,524 Noncurrent operating lease liabilities 73,361 42,660 Total operating lease liabilities $ 88,036 $ 56,184 Finance Leases Finance lease right-of-use assets in Property, plant and equipment, net $ 839 $ 328 Current finance lease liabilities $ 188 $ 124 Noncurrent finance lease liabilities 650 254 Total finance lease liabilities $ 838 $ 378 |
Lessee, Cash Flow Information [Table Text Block] | Three months ended Three months ended Nine months ended Nine months ended June 24, 2023 June 25, 2022 June 24, 2023 June 25, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,422 $ 4,181 $ 12,201 $ 12,189 Operating cash flows from finance leases $ 11 $ 1 $ 15 $ 8 Financing cash flows from finance leases $ 79 $ 39 $ 150 $ 150 Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets $ 37,030 $ 4,652 $ 43,527 $ 11,717 Supplemental noncash information on lease liabilities removed due to purchase of leased asset $ - $ - $ - $ - |
Lessee, Lease Liability, Maturity [Table Text Block] | Operating Leases Finance Leases Three months ending September 30, 2023 4,716 74 2024 17,447 244 2025 14,033 189 2026 10,808 154 2027 9,807 153 Thereafter 56,572 110 Total minimum payments 113,383 $ 924 Less amount representing interest (25,347 ) (86 ) Present value of lease obligations $ 88,036 $ 838 |
Note 2 - Business Combination_2
Note 2 - Business Combinations (Details Textual) - Dippin’ Dots Holding, L.L.C. [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jun. 21, 2022 | Jun. 24, 2023 | Mar. 25, 2023 | Jun. 25, 2022 | Jun. 24, 2023 | Mar. 25, 2023 | Jun. 25, 2022 | Sep. 24, 2022 | |
Business Acquisition, Percentage of Voting Interests Acquired | 100% | |||||||
Payments to Acquire Businesses, Gross | $ 223,600 | |||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 31,417 | $ 2,218 | $ 60,762 | $ 2,218 | ||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 6,786 | 621 | 5,956 | 621 | ||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 6,786 | $ 621 | $ 5,956 | $ 621 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Liabilities, Current | $ 700 | $ 650 | ||||||
Goodwill, Purchase Accounting Adjustments | $ 700 | (3,397) | $ 4,000 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 6,548 | 6,500 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (2,200) | 2,200 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | $ (301) | $ 300 |
Note 2 - Business Combination_3
Note 2 - Business Combinations - Proforma Results from Acquisitions (Details) - Dippin’ Dots Holding, L.L.C. [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 24, 2023 | Jun. 25, 2022 | Jun. 24, 2023 | Jun. 25, 2022 | |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 31,417 | $ 2,218 | $ 60,762 | $ 2,218 |
Net sales | 404,182 | 1,028,079 | ||
Net earnings (loss) | 17,838 | 31,501 | ||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 6,786 | $ 621 | $ 5,956 | $ 621 |
Earnings per diluted share (in dollars per share) | $ 0.93 | $ 1.64 | ||
Weighted average number of diluted shares (in shares) | 19,234 | 19,198 |
Note 2 - Business Combination_4
Note 2 - Business Combinations - Purchase Price Allocation for Acquisitions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 25, 2023 | Mar. 25, 2023 | Sep. 24, 2022 | Jun. 24, 2023 | Jun. 25, 2022 | Jun. 21, 2022 | |
Goodwill (2) | $ 184,420 | $ 185,070 | ||||
Liabilities assumed: | ||||||
Other current liabilities | $ 4,182 | $ 4,182 | ||||
Dippin’ Dots Holding, L.L.C. [Member] | ||||||
Cash and cash equivalents | 2,259 | 2,259 | $ 2,259 | |||
Accounts receivable, net | 12,257 | 12,257 | 12,257 | |||
Inventories | 8,511 | 8,511 | 8,812 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | (301) | 300 | ||||
Prepaid expenses and other | 1,215 | 1,215 | 1,215 | |||
Property, plant and equipment, net | 31,170 | 31,170 | 24,622 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 6,548 | 6,500 | ||||
Intangible assets | 118,200 | 118,200 | 120,400 | $ 118,200 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (2,200) | 2,200 | ||||
Goodwill (2) | 63,237 | 63,237 | 66,634 | |||
Goodwill, Purchase Accounting Adjustments | 700 | (3,397) | $ 4,000 | |||
Operating lease right-of-use assets | 3,514 | 3,514 | 3,514 | |||
Other noncurrent assets | 243 | 243 | 243 | |||
Total assets acquired | 240,606 | 240,606 | 239,956 | |||
Total assets acquired | 650 | |||||
Liabilities assumed: | ||||||
Current lease liabilities | 619 | 619 | 619 | |||
Accounts payable | 6,005 | 6,005 | 6,005 | |||
Other current liabilities | 3,532 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Liabilities, Current | 700 | 650 | ||||
Noncurrent lease liabilities | 2,954 | 2,954 | 2,954 | |||
Other noncurrent liabilities | 3,285 | 3,285 | 3,285 | |||
Total liabilities acquired | 17,045 | 17,045 | 16,395 | |||
Total liabilities acquired | 650 | |||||
Purchase price | $ 223,561 | $ 223,561 | $ 223,561 |
Note 2 - Business Combination_5
Note 2 - Business Combinations - Acquired Intangible Assets (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Jun. 21, 2022 | Jun. 24, 2023 | Mar. 25, 2023 | Jun. 25, 2022 | |
Acquired indefinite-lived intangible assets | $ 76.9 | |||
acquired finite-lived intangible assets, weighted average life (Year) | 10 years 4 months 24 days | |||
Dippin’ Dots Holding, L.L.C. [Member] | ||||
Total acquired intangible assets | $ 118.2 | $ 118.2 | $ 120.4 | |
Developed Technology Rights [Member] | Dippin’ Dots Holding, L.L.C. [Member] | ||||
acquired finite-lived intangible assets, weighted average life (Year) | 10 years | |||
Acquired finite-lived intangible assets | $ 22.9 | |||
Customer Relationships [Member] | ||||
acquired finite-lived intangible assets, weighted average life (Year) | 10 years | |||
Customer Relationships [Member] | Dippin’ Dots Holding, L.L.C. [Member] | ||||
acquired finite-lived intangible assets, weighted average life (Year) | 10 years | |||
Acquired finite-lived intangible assets | $ 9.9 | |||
Franchise Rights [Member] | ||||
acquired finite-lived intangible assets, weighted average life (Year) | 10 years | |||
Franchise Rights [Member] | Dippin’ Dots Holding, L.L.C. [Member] | ||||
acquired finite-lived intangible assets, weighted average life (Year) | 10 years | |||
Acquired finite-lived intangible assets | $ 8.5 |
Note 3 - Revenue Recognition (D
Note 3 - Revenue Recognition (Details Textual) - USD ($) $ in Millions | Jun. 24, 2023 | Sep. 24, 2022 |
Contract with Customer, Asset, Allowance for Deductions | $ 17.7 | $ 14.7 |
Accounts Receivable, Allowance for Credit Loss | $ 3.4 | $ 2.2 |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Contract Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 24, 2023 | Jun. 25, 2022 | Jun. 24, 2023 | Jun. 25, 2022 | |
Beginning balance | $ 4,829 | $ 1,092 | $ 4,926 | $ 1,097 |
Additions to contract liability | 2,281 | 2,270 | 5,198 | 4,843 |
Amounts recognized as revenue | (1,651) | (1,276) | (4,665) | (3,854) |
Ending balance | $ 5,459 | $ 2,086 | $ 5,459 | $ 2,086 |
Note 4 - Depreciation and Amo_2
Note 4 - Depreciation and Amortization Expense (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 24, 2023 | Jun. 25, 2022 | Jun. 24, 2023 | Jun. 25, 2022 | |
Depreciation | $ 14,100 | $ 12,400 | $ 41,319 | $ 36,292 |
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 2 years | 2 years | ||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 20 years | 20 years |
Note 5 - Earnings Per Share (De
Note 5 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Jun. 24, 2023 | Jun. 25, 2022 | Jun. 24, 2023 | Jun. 25, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 249,440 | 382,431 | 379,920 | 302,674 |
Note 5 - Earnings Per Share - C
Note 5 - Earnings Per Share - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 24, 2023 | Jun. 25, 2022 | Jun. 24, 2023 | Jun. 25, 2022 | |
Net earnings available to common stockholders | $ 34,981 | $ 15,563 | $ 48,485 | $ 29,925 |
Net earnings available to common stockholders (in shares) | 19,257 | 19,174 | 19,239 | 19,131 |
Net earnings available to common stockholders (in dollars per share) | $ 1.82 | $ 0.81 | $ 2.52 | $ 1.56 |
Options | $ 0 | $ 0 | $ 0 | $ 0 |
RSU's and options (in shares) | 70 | 60 | 60 | 67 |
RSU's and options (in dollars per share) | $ (0.01) | $ 0 | $ (0.01) | $ 0 |
Net earnings available to common stockholders plus assumed conversions | $ 34,981 | $ 15,563 | $ 48,485 | $ 29,925 |
Net earnings available to common stockholders plus assumed conversions (in shares) | 19,327 | 19,234 | 19,299 | 19,198 |
Net earnings available to common stockholders plus assumed conversions (in dollars per share) | $ 1.81 | $ 0.81 | $ 2.51 | $ 1.56 |
Note 6 - Share-based Compensa_3
Note 6 - Share-based Compensation and Post-retirement Benefits (Details Textual) - $ / shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 24, 2023 | Jun. 25, 2022 | Jun. 24, 2023 | Jun. 25, 2022 | Sep. 24, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term | 51 months | ||||
Share Based Compensation Arrangement by Share Based Payment Award Fair Value Assumptions Volatility Calculation Term | 10 years | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 115,700 | 115,700 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 23.36 | $ 23.36 | |||
Restricted Stock Units (RSUs) [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | 11,964 | 327 | 21,864 | 9,200 | |
Performance Shares [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | 2,619 | 0 | 21,260 | 8,868 |
Note 6 - Share-based Compensa_4
Note 6 - Share-based Compensation and Post-retirement Benefits - Summary of Share-based Compensation Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 24, 2023 | Jun. 25, 2022 | Jun. 24, 2023 | Jun. 25, 2022 | |
Employee share-based compensation | $ 1,078 | $ 1,018 | $ 3,325 | $ 2,935 |
The above compensation is net of tax benefits | 305 | 116 | 610 | 549 |
Share-Based Payment Arrangement, Option [Member] | ||||
Employee share-based compensation | 449 | 693 | 1,628 | 2,115 |
Stock Purchase Plan [Member] | ||||
Employee share-based compensation | 118 | 90 | 542 | 240 |
Stock Issued to Outside Directors [Member] | ||||
Employee share-based compensation | 39 | 0 | 66 | 0 |
Restricted Stock Units (RSUs) [Member] | ||||
Employee share-based compensation | 295 | 152 | 669 | 376 |
Performance Shares [Member] | ||||
Employee share-based compensation | $ 177 | $ 83 | $ 420 | $ 204 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jun. 24, 2023 | Jun. 25, 2022 | Jun. 24, 2023 | Jun. 25, 2022 | Sep. 24, 2022 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 0.3 | $ 0.3 | $ 0.3 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0.3 | $ 0.3 | $ 0.3 | ||
Effective Income Tax Rate Reconciliation, Percent | 26.50% | 26.60% | 26.40% | 26.10% |
Note 9 - Long-term Debt (Detail
Note 9 - Long-term Debt (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |||
Jun. 24, 2023 | Sep. 24, 2022 | Jun. 21, 2022 | Dec. 31, 2021 | |
The Amended Credit Agreement [Member] | ||||
Long-Term Line of Credit | $ 83 | $ 55 | ||
Debt, Weighted Average Interest Rate | 6.12% | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 132.2 | $ 160.2 | ||
The Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50 | |||
Line Of Credit Facility Increase In Maximum Borrowing Capacity | $ 175 | |||
Line of Credit Facility, Options to Increase Size of Credit Facility, Value 1 | 225 | |||
Line of Credit Facility, Options to Increase Size of Credit Facility, Value 2 | $ 50 | |||
The Credit Agreement [Member] | Federal Funds Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% |
Note 10 - Inventory - Summary o
Note 10 - Inventory - Summary of Inventories (Details) - USD ($) $ in Thousands | Jun. 24, 2023 | Sep. 24, 2022 |
Finished goods | $ 88,390 | $ 86,464 |
Raw materials | 35,534 | 41,505 |
Packaging materials | 14,475 | 16,637 |
Equipment parts and other | 39,221 | 35,867 |
Total inventories | $ 177,620 | $ 180,473 |
Note 11 - Segment Information -
Note 11 - Segment Information - Operations Information by Reporting Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 24, 2023 | Jun. 25, 2022 | Jun. 24, 2023 | Jun. 25, 2022 | Sep. 24, 2022 | |
Sales | $ 425,769 | $ 380,227 | $ 1,114,966 | $ 980,230 | |
Depreciation and amortization | 15,763 | 13,016 | 46,384 | 38,067 | |
Operating income | 48,294 | 21,260 | 67,815 | 40,193 | |
Capital expenditures | 27,348 | 28,925 | 76,472 | 64,231 | |
Assets | 1,304,097 | 1,291,242 | 1,304,097 | 1,291,242 | $ 1,216,966 |
Food Service [Member] | |||||
Sales | 254,980 | 227,842 | 711,558 | 615,914 | |
Depreciation and amortization | 9,797 | 7,097 | 28,852 | 20,436 | |
Operating income | 20,786 | 2,640 | 32,306 | 12,177 | |
Capital expenditures | 20,015 | 21,673 | 58,621 | 45,757 | |
Assets | 959,657 | 957,719 | 959,657 | 957,719 | |
Food Service [Member] | Soft Pretzels [Member] | |||||
Sales | 63,527 | 55,946 | 171,242 | 149,628 | |
Food Service [Member] | Frozen Juices and Ices [Member] | |||||
Sales | 47,410 | 17,155 | 95,782 | 32,917 | |
Food Service [Member] | Churros [Member] | |||||
Sales | 30,470 | 25,614 | 81,147 | 62,550 | |
Food Service [Member] | Handhelds [Member] | |||||
Sales | 17,003 | 25,740 | 60,884 | 64,741 | |
Food Service [Member] | Bakery [Member] | |||||
Sales | 87,582 | 95,495 | 281,830 | 287,293 | |
Food Service [Member] | Other Products [Member] | |||||
Sales | 8,988 | 7,892 | 20,673 | 18,785 | |
Retail Supermarket [Member] | |||||
Sales | 61,150 | 61,008 | 150,583 | 144,460 | |
Depreciation and amortization | 540 | 405 | 1,423 | 1,157 | |
Operating income | 4,168 | 2,341 | 5,766 | 8,416 | |
Capital expenditures | 345 | 2,815 | 1,824 | 6,438 | |
Assets | 12,327 | 29,147 | 12,327 | 29,147 | |
Retail Supermarket [Member] | Soft Pretzels [Member] | |||||
Sales | 10,269 | 11,696 | 40,767 | 43,642 | |
Retail Supermarket [Member] | Frozen Juices and Ices [Member] | |||||
Sales | 41,684 | 41,865 | 80,423 | 78,586 | |
Retail Supermarket [Member] | Handhelds [Member] | |||||
Sales | 4,452 | 1,589 | 11,443 | 3,934 | |
Retail Supermarket [Member] | Other Products [Member] | |||||
Sales | (5) | 397 | (20) | 501 | |
Retail Supermarket [Member] | Biscuits [Member] | |||||
Sales | 5,135 | 6,066 | 18,906 | 20,024 | |
Retail Supermarket [Member] | Coupon Redemtion [Member] | |||||
Coupon redemption | (385) | (605) | (936) | (2,227) | |
Frozen Beverages [Member] | |||||
Sales | 109,639 | 91,377 | 252,825 | 219,856 | |
Depreciation and amortization | 5,426 | 5,514 | 16,109 | 16,474 | |
Operating income | 23,340 | 16,279 | 29,743 | 19,600 | |
Capital expenditures | 6,988 | 4,437 | 16,027 | 12,036 | |
Assets | 332,113 | 304,376 | 332,113 | 304,376 | |
Frozen Beverages [Member] | Other Products [Member] | |||||
Sales | 1,063 | 826 | 2,116 | 1,777 | |
Frozen Beverages [Member] | Beverage [Member] | |||||
Sales | 72,878 | 57,791 | 153,336 | 126,919 | |
Frozen Beverages [Member] | Repair and Maintenance Service [Member] | |||||
Sales | 24,144 | 22,892 | 70,556 | 65,903 | |
Frozen Beverages [Member] | Machine Sales [Member] | |||||
Sales | $ 11,554 | $ 9,868 | $ 26,817 | $ 25,257 |
Note 12 - Intangible Assets a_3
Note 12 - Intangible Assets and Goodwill (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 24, 2023 | Jun. 25, 2022 | Jun. 24, 2023 | Jun. 25, 2022 | |
Amortization of Intangible Assets | $ 1.7 | $ 0.6 | $ 5.1 | $ 1.8 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 1.6 | 1.6 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 6.2 | 6.2 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 5.6 | 5.6 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 5.6 | 5.6 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 4.6 | $ 4.6 | ||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 10 years 4 months 24 days | |||
Technology-Based Intangible Assets [Member] | ||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 10 years | |||
Customer Relationships [Member] | ||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 10 years | |||
License and Rights [Member] | ||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 20 years | |||
Franchise Rights [Member] | ||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 10 years | |||
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 2 years | 2 years | ||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 20 years | 20 years |
Note 12 - Intangible Assets a_4
Note 12 - Intangible Assets and Goodwill - Intangible Assets by Reporting Segment (Details) - USD ($) $ in Thousands | Jun. 24, 2023 | Sep. 24, 2022 |
Finite-lived intangible assets, accumulated amortization | $ 23,284 | $ 19,758 |
Intangible assets | 209,951 | 211,490 |
Food Service [Member] | ||
Finite-lived intangible assets, accumulated amortization | 14,374 | 10,729 |
Intangible assets | 142,072 | 142,742 |
Retail Supermarket [Member] | ||
Finite-lived intangible assets, accumulated amortization | 7,063 | 7,342 |
Intangible assets | 19,625 | 20,494 |
Frozen Beverages [Member] | ||
Finite-lived intangible assets, accumulated amortization | 1,847 | 1,687 |
Intangible assets | 48,254 | 48,254 |
Frozen Beverages [Member] | Distribution Rights, Indefinite-lived [Member] | ||
Indefinite-lived intangible assets, gross | 36,100 | 36,100 |
Trade Names [Member] | Food Service [Member] | ||
Indefinite-lived intangible assets, gross | 85,872 | 85,872 |
Trade Names [Member] | Retail Supermarket [Member] | ||
Indefinite-lived intangible assets, gross | 11,938 | 11,938 |
Finite-lived intangible assets, gross | 0 | 649 |
Finite-lived intangible assets, accumulated amortization | 0 | 649 |
Trade Names [Member] | Frozen Beverages [Member] | ||
Indefinite-lived intangible assets, gross | 9,315 | 9,315 |
Noncompete Agreements [Member] | Food Service [Member] | ||
Finite-lived intangible assets, gross | 0 | 670 |
Finite-lived intangible assets, accumulated amortization | 0 | 670 |
Franchise Rights [Member] | Food Service [Member] | ||
Finite-lived intangible assets, gross | 8,500 | 8,500 |
Finite-lived intangible assets, accumulated amortization | 850 | 212 |
Customer Relationships [Member] | Food Service [Member] | ||
Finite-lived intangible assets, gross | 22,900 | 22,900 |
Finite-lived intangible assets, accumulated amortization | 9,673 | 7,790 |
Customer Relationships [Member] | Retail Supermarket [Member] | ||
Finite-lived intangible assets, gross | 7,687 | 7,907 |
Finite-lived intangible assets, accumulated amortization | 7,063 | 6,693 |
Customer Relationships [Member] | Frozen Beverages [Member] | ||
Finite-lived intangible assets, gross | 1,439 | 1,439 |
Finite-lived intangible assets, accumulated amortization | 653 | 545 |
Developed Technology Rights [Member] | Food Service [Member] | ||
Finite-lived intangible assets, gross | 23,110 | 23,110 |
Finite-lived intangible assets, accumulated amortization | 2,307 | 576 |
Food Service [Member] | License and Rights [Member] | ||
Finite-lived intangible assets, gross | 1,690 | 1,690 |
Finite-lived intangible assets, accumulated amortization | 1,544 | 1,481 |
License and Rights [Member] | Frozen Beverages [Member] | ||
Finite-lived intangible assets, gross | 1,400 | 1,400 |
Finite-lived intangible assets, accumulated amortization | $ 1,194 | $ 1,142 |
Note 12 - Intangible Assets a_5
Note 12 - Intangible Assets and Goodwill - Goodwill by Reporting Segment (Details) - USD ($) $ in Thousands | Jun. 24, 2023 | Sep. 24, 2022 |
Goodwill | $ 185,070 | $ 184,420 |
Food Service [Member] | ||
Goodwill | 124,426 | 123,776 |
Retail Supermarket [Member] | ||
Goodwill | 4,146 | 4,146 |
Frozen Beverages [Member] | ||
Goodwill | $ 56,498 | $ 56,498 |
Note 13 - Investments (Details
Note 13 - Investments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 24, 2023 | Jun. 25, 2022 | Jun. 24, 2023 | Jun. 25, 2022 | |
Proceeds from Sale and Maturity of Marketable Securities | $ 0 | $ 0 | $ 5,300 | $ 11,526 |
Marketable Securities, Gain (Loss) | 100 | (300) | 100 | (400) |
Marketable Security, Unrealized Gain (Loss) | $ 100 | $ (300) | $ 100 | $ (400) |
Note 13 - Investments - Summary
Note 13 - Investments - Summary of Securities (Details) - USD ($) $ in Thousands | Jun. 24, 2023 | Sep. 24, 2022 |
Investment securities, amortized cost | $ 5,075 | $ 6,404 |
Held-to-maturity securities, amortized cost | 4,011 | |
Investment securities, gross unrealized gains | 147 | 46 |
Held-to-maturity securities, gross unrealized gains | 0 | |
Investment securities, gross unrealized losses | 709 | 742 |
Held-to-maturity securities, gross unrealized losses | 21 | |
Investment securities, gross unrealized losses | 4,513 | 5,708 |
Held-to-maturity securities, fair market value | 0 | 3,990 |
Mutual Funds [Member] | ||
Investment securities, amortized cost | 3,588 | 3,588 |
Investment securities, gross unrealized gains | 0 | 0 |
Investment securities, gross unrealized losses | 709 | 742 |
Investment securities, gross unrealized losses | 2,879 | 2,846 |
Corporate Bond Securities [Member] | ||
Held-to-maturity securities, amortized cost | 4,011 | |
Held-to-maturity securities, gross unrealized gains | 0 | |
Held-to-maturity securities, gross unrealized losses | 21 | |
Held-to-maturity securities, fair market value | 3,990 | |
Preferred Stock [Member] | ||
Investment securities, amortized cost | 1,487 | 2,816 |
Investment securities, gross unrealized gains | 147 | 46 |
Investment securities, gross unrealized losses | 0 | 0 |
Investment securities, gross unrealized losses | $ 1,634 | $ 2,862 |
Note 13 - Investments - Held-to
Note 13 - Investments - Held-to-maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 24, 2023 | Sep. 24, 2022 |
Due in one year or less, amortized cost | $ 0 | $ 4,011 |
Due in one year or less, fair market value | 0 | 3,990 |
Due after one year through five years, amortized cost | 0 | 0 |
Due after one year through five years, fair market value | 0 | 0 |
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 | 0 | 4,011 |
Held-to-maturity securities, fair market value | 0 | 3,990 |
Marketable securities held to maturity | 0 | 4,011 |
Less current portion, fair market value | 0 | 3,990 |
Long term held to maturity securities, amortized cost | 0 | 0 |
Long term held to maturity securities, fair market value | $ 0 | $ 0 |
Note 14 - Accumulated Other C_3
Note 14 - Accumulated Other Comprehensive Income (Loss) - Changes to the Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 24, 2023 | Jun. 25, 2022 | Jun. 24, 2023 | Jun. 25, 2022 | |
Balance | $ 858,287 | $ 849,981 | $ 863,169 | $ 845,654 |
Other comprehensive income (loss) | 2,775 | (93) | 4,714 | 9 |
Balance | 886,167 | 855,899 | 886,167 | 855,899 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Balance | (11,774) | (13,281) | (13,713) | (13,383) |
Other comprehensive income (loss) | 2,775 | (93) | 4,714 | 9 |
Balance | $ (8,999) | $ (13,374) | $ (8,999) | $ (13,374) |
Note 15 - Leases (Details Textu
Note 15 - Leases (Details Textual) | Jun. 24, 2023 | Sep. 24, 2022 | Jun. 25, 2022 |
Operating Lease, Weighted Average Discount Rate, Percent | 4.30% | 3.30% | |
Finance Lease, Weighted Average Discount Rate, Percent | 3.90% | 3.20% | |
Operating Lease, Weighted Average Remaining Lease Term | 10 years 10 months 24 days | 5 years 9 months 18 days | |
Finance Lease, Weighted Average Remaining Lease Term | 4 years 4 months 24 days | 3 years 3 months 18 days | |
Minimum [Member] | |||
Lessee, Operating Lease, Remaining Lease Term | 1 month | ||
Lessee, Finance Lease, Remaining Lease Term | 1 year | ||
Maximum [Member] | |||
Lessee, Operating Lease, Remaining Lease Term | 20 years | ||
Lessee, Finance Lease, Remaining Lease Term | 6 years |
Note 15 - Leases - Components o
Note 15 - Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 24, 2023 | Jun. 25, 2022 | Jun. 24, 2023 | Jun. 25, 2022 | |
Operating lease cost in Cost of goods sold and Operating Expenses | $ 4,327 | $ 3,630 | $ 12,077 | $ 11,550 |
Amortization of assets in Cost of goods sold and Operating Expenses | 71 | 19 | 127 | 141 |
Interest on lease liabilities in Interest expense & other | 11 | 1 | 15 | 8 |
Total finance lease cost | 82 | 20 | 142 | 149 |
Short-term lease cost in Cost of goods sold and Operating Expenses | 0 | 0 | 0 | 0 |
Total net lease cost | $ 4,409 | $ 3,650 | $ 12,219 | $ 11,699 |
Note 15 - Leases - Supplemental
Note 15 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Jun. 24, 2023 | Sep. 24, 2022 |
Operating lease right-of-use assets | $ 83,089 | $ 51,137 |
Current operating lease liabilities | 14,675 | 13,524 |
Noncurrent operating lease liabilities | 73,361 | 42,660 |
Total operating lease liabilities | 88,036 | 56,184 |
Current finance lease liabilities | 188 | 124 |
Noncurrent finance lease liabilities | 650 | 254 |
Total finance lease liabilities | 838 | 378 |
Property, Plant and Equipment, Net [Member] | ||
Finance lease right-of-use assets in Property, plant and equipment, net | $ 839 | $ 328 |
Note 15 - Leases - Supplement_2
Note 15 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 24, 2023 | Jun. 25, 2022 | Jun. 24, 2023 | Jun. 25, 2022 | |
Operating cash flows from operating leases | $ 4,422 | $ 4,181 | $ 12,201 | $ 12,189 |
Operating cash flows from finance leases | 11 | 1 | 15 | 8 |
Financing cash flows from finance leases | 79 | 39 | 150 | 150 |
Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets | 37,030 | 4,652 | 43,527 | 11,717 |
Supplemental noncash information on lease liabilities removed due to purchase of leased asset | $ 0 | $ 0 | $ 0 | $ 0 |
Note 15 - Leases - Maturities o
Note 15 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 24, 2023 | Sep. 24, 2022 |
Three months ending September 30, 2023, operating leases | $ 4,716 | |
Three months ending September 30, 2023, finance leases | 74 | |
2023, operating leases | 17,447 | |
2023, finance leases | 244 | |
2024, operating leases | 14,033 | |
2024, finance leases | 189 | |
2025, operating leases | 10,808 | |
2025, finance leases | 154 | |
2026, operating leases | 9,807 | |
2026, finance leases | 153 | |
Thereafter, operating leases | 56,572 | |
Thereafter, finance leases | 110 | |
Total minimum payments, operating leases | 113,383 | |
Total minimum payments, finance leases | 924 | |
Less amount representing interest, operating leases | (25,347) | |
Less amount representing interest, finance leases | (86) | |
Present value of lease obligations, operating leases | 88,036 | $ 56,184 |
Present value of lease obligations, finance leases | $ 838 | $ 378 |
Note 16 - Related Parties (Deta
Note 16 - Related Parties (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 24, 2023 | Jun. 25, 2022 | Jun. 24, 2023 | Jun. 25, 2022 | Sep. 24, 2022 | |
Operating Lease, Right-of-Use Asset | $ 83,089 | $ 83,089 | $ 51,137 | ||
Operating Lease, Liability, Current | 14,675 | 14,675 | 13,524 | ||
Operating Lease, Liability, Noncurrent | 73,361 | 73,361 | 42,660 | ||
NFI [Member] | |||||
Operating Lease, Right-of-Use Asset | 28,700 | 28,700 | |||
Operating Lease, Liability, Current | 200 | 200 | |||
Operating Lease, Liability, Noncurrent | 28,500 | 28,500 | |||
NFI [Member] | Distribution and Shipping Costs [Member] | |||||
Related Party Transaction, Amounts of Transaction | 13,500 | $ 12,000 | 41,100 | $ 16,000 | |
NFI [Member] | Management Services [Member] | |||||
Related Party Transaction, Amounts of Transaction | 300 | $ 100 | 600 | $ 400 | |
Related Party [Member] | |||||
Accounts Payable, Trade | $ 4,100 | $ 4,100 | $ 2,900 |