UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
X Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the period ended March 30, 2002
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Commission File Number:0-14616
J & J SNACK FOODS CORP.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
6000 Central Highway, Pennsauken, NJ 08109
(Address of principal executive offices)
Telephone (856) 665-9533
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
X Yes No
As of April 20, 2002, there were 8,804,528 shares of the Registrant's
Common Stock outstanding.
INDEX
Page
Number
Part I. Financial Information
Item l. Consolidated Financial Statements
Consolidated Balance Sheets - March 30, 2002
(unaudited) and September 29, 2001 3
Consolidated Statements of Earnings - Three
Months and Six Months Ended March 30, 2002
and March 31, 2001 (unaudited) 5
Consolidated Statements of Cash Flows - Six
Months Ended March 30, 2002 and March 31,
2001 (unaudited) 6
Notes to the Consolidated Financial Statements 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations 16
Item 3. Quantitative and Qualitative Disclosures
About Market Risk 19
Part II. Other Information
Item 4. Submission of Matters to a Vote of
Security Holders 20
Item 6. Exhibits and Reports on Form 8-K 20
PART I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
J & J SNACK FOODS CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
ASSETS
March 30, September 29,
20022001
(Unaudited)
Current assets
Cash and cash equivalents $ 7,713 $ 7,437
Accounts receivable 35,769 37,018
Inventories 24,932 21,749
Prepaid expenses and other 1,598 1,197
70,012 67,401
Property, plant and equipment,
at cost
Land 756 756
Buildings 5,456 5,456
Plant machinery and
equipment 84,822 85,312
Marketing equipment 166,301 164,381
Transportation equipment 848 796
Office equipment 6,465 7,420
Improvements 15,203 15,182
Construction in progress 866 120
280,717 279,423
Less accumulated deprecia-
tion and amortization 184,370 174,667
96,347 104,756
Other assets
Goodwill, less accumulated
amortization 45,850 45,850
Other intangible assets,
less accumulated
amortization 1,695 1,848
Long term investment
securities held to
maturity 910 1,515
Sundry 2,972 3,111
51,427 52,324
$217,786 $224,481
See accompanying notes to the consolidated financial statements.
3
J & J SNACK FOODS CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - Continued
(in thousands)
LIABILITIES AND March 30, September 29,
STOCKHOLDERS' EQUITY 2002 2001
Current liabilities
Current maturities of
long-term debt $ 112 $ 115
Accounts payable 24,764 24,515
Accrued liabilities 11,896 16,047
36,772 40,677
Long-term debt, less
current maturities 20,302 28,368
Deferred income taxes 9,228 9,228
Other long-term liabilities 145 65
29,675 37,661
Stockholders' equity
Capital stock
Preferred, $1 par value;
authorized, 5,000,000
shares; none issued - -
Common, no par value;
authorized 25,000
shares; issued and
outstanding, 8,654
and 8,636, respectively 31,350 29,421
Accumulated other comprehen-
sive loss (1,532) (1,641)
Retained earnings 121,521 118,363
151,339 146,143
$217,786 $224,481
See accompanying notes to the consolidated financial statements.
4
J & J SNACK FOODS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share amounts)
Three months ended Six months ended
March 30, March 31, March 30, March 31,
2002 2001 2002 2001
Net Sales $84,066 $76,807 $163,091 $146,877
Cost of goods sold 52,556 49,498 105,309 95,120
Gross profit 31,510 27,309 57,782 51,757
Operating expenses
Marketing 18,099 16,010 33,524 31,124
Distribution 6,163 6,130 12,093 12,116
Administrative 3,513 3,247 6,929 6,380
Amortization of
goodwill - 654 - 1,307
Other general
(income) expense 93 (122) 114 (145)
27,868 25,919 52,660 50,782
Operating income 3,642 1,390 5,122 975
Other income (deductions)
Investment income 76 90 142 171
Interest expense (124) (918) (406) (1,704)
Other - 20 - 40
Earnings (loss) before
income taxes 3,594 582 4,858 (518)
Income tax expense
(benefit) 1,258 215 1,700 (192)
NET EARNINGS(LOSS) $ 2,336 $ 367 $ 3,158 $ (326)
Earnings (loss) per
diluted share $.25 $.04 $.35 $(.04)
Weighted average number
of diluted shares 9,254 8,631 9,119 8,425
Earnings (loss) per
basic share $.27 $.04 $.36 $(.04)
Weighted average number
of basic shares 8,705 8,431 8,675 8,425
See accompanying notes to the consolidated financial statements
5
J & J SNACK FOODS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (in thousands)
Six months ended
March 30, March 31,
2002 2001
Operating activities:
Net earnings (loss) $ 3,158 $ (326)
Adjustments to reconcile net
earnings (loss) to net cash
provided by operating activities:
Depreciation and amortization
of fixed assets 15,468 14,907
Amortization of goodwill,
intangibles and deferred costs 381 1,637
Other adjustments 240 20
Changes in assets and liabilities,
net of effects from purchase of
companies
Decrease in accounts receivable 1,077 4,203
Increase in inventories (3,097) (6,685)
Increase in prepaid expenses (401) (580)
Decrease in accounts payable
and accrued liabilities (3,496) (1,050)
Net cash provided by operating
activities 13,330 12,126
Investing activities:
Purchase of property, plant
and equipment (7,244) (6,594)
Payments for purchases of
companies, net of cash
acquired and debt assumed - (11,330)
Proceeds from investments
held to maturity 605 70
Other 52 (16)
Net cash used in investing
activities (6,587) (17,870)
Financing activities:
Proceeds from issuance of stock 1,602 367
Proceeds from borrowings 24,000 13,000
Payments to repurchase common stock - (1,400)
Payments of long-term debt (32,069) (4,044)
Net cash (used in) provided by
financing activities (6,467) 7,923
Net increase in cash and
cash equivalents 276 2,179
Cash and cash equivalents at
beginning of period 7,437 1,379
Cash and cash equivalents at
end of period $ 7,713 $ 3,558
See accompanying notes to the consolidated financial statements
6
J & J SNACK FOODS CORP. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 1 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. Certain prior year amounts have
been reclassified to conform to the current period
presentation. These reclassifications had no effect on
reported net earnings.
The results of operations for the three months and six months
ended March 30, 2002 and March 31, 2001 are not necessarily
indicative of results for the full year. Sales of the
Company's retail stores are generally higher in the first
quarter due to the holiday shopping season. Sales of the
Company's frozen beverages and frozen juice bars and ices are
generally higher in the third and fourth quarters due to warmer
weather.
While the Company believes that the disclosures presented are
adequate to make the information not misleading, it is
suggested that these consolidated financial statements be read
in conjunction with the consolidated financial statements and
the notes included in the Company's Annual Report on Form 10-K
for the year ended September 29, 2001.
Note 2 The Company recognizes revenue from snack food and frozen
beverage products at the time the products are shipped to third
parties. When the Company performs services under its service
contracts for frozen beverage dispenser machines, revenue is
recognized upon the completion of the services on specified
machines.
Note 3 Depreciation of equipment and buildings is provided for by the
straight-line method over the assets' estimated useful lives.
Note 4 The Company's calculation of earnings per share in accordance
with SFAS No. 128, "Earnings Per Share," is as follows:
7
Three Months Ended March 30, 2002
Income Shares Per Share
(Numerator) (Denominator) Amount
(in thousands, except per share amounts)
Basic EPS
Net Earnings available
to common stockholders $2,336 8,705 $.27
Effect of Dilutive Securities
Options - 549 (.02)
Diluted EPS
Net Earnings available to
common stockholders plus
assumed conversions $2,336 9,254 $.25
Six Months Ended March 30, 2002
Income Shares Per Share
(Numerator) (Denominator) Amount
(in thousands, except per share amounts)
Basic EPS
Net Earnings available
to common stockholders $3,158 8,675 $.36
Effect of Dilutive Securities
Options - 444 (.01)
Diluted EPS
Net Earnings available to
common stockholders plus
assumed conversions $3,158 9,119 $.35
8
Three Months Ended March 31, 2001
Income Shares Per Share
(Numerator) (Denominator) Amount
(in thousands, except per share amounts)
Basic EPS
Net Earnings available
to common stockholders $ 367 8,431 $.04
Effect of Dilutive Securities
Options - 200 -
Diluted EPS
Net Loss available to
common stockholders plus
assumed conversions $ 367 8,631 $.04
Six Months Ended March 31, 2001
Income Shares Per Share
(Numerator) (Denominator) Amount
(in thousands, except per share amounts)
Basic EPS
Net Loss available
to common stockholders $ (326) 8,425 $(.04)
Effect of Dilutive Securities
Options* - - -
Diluted EPS
Net Income available to
common stockholders plus
assumed conversions $ ( 326) 8,425 $(.04)
*No effect was given to the options as inclusion would be
anti-dilutive.
Note 5 Inventories consist of the following:
March 30, September 29,
2002 2001
(in thousands)
Finished goods $13,341 $ 9,965
Raw materials 2,561 2,509
Packaging materials 2,854 3,146
Equipment parts & other 6,176 6,129
$24,932 $21,749
9
Note 6 Using the guidelines set forth in SFAS No. 131, the Company has
three reportable segments: Snack Foods, Restaurant Group and
Frozen Beverages. These segments are described below. The
segments are managed as strategic business units due in part,
but not limited to, their distinct production processes and
capital requirements.
Snack Foods
The primary products sold to the snack foods group are soft
pretzels, frozen juice treats and desserts, churros and bakery
products. The Company's customers in the snack foods group
include snack bars and food stands in chain, department and
discount stores, retail supermarkets, malls and shopping
centers; fast food outlets; stadiums and sports arenas; leisure
and theme parks; convenience stores; movie theatres; warehouse
club stores; schools, colleges and other institutions. Within
the snack foods group, the Company's products are purchased by
the consumer primarily for consumption at the point-of-sale and
at home.
Restaurant Group
The Company sells direct to the public through its restaurant
group, which operates BAVARIAN PRETZEL BAKERY and PRETZEL
GOURMET, our chain of specialty snack food retail outlets.
Frozen Beverages
The Company markets frozen beverages to the foodservice
industry primarily under the names ICEE and ARCTIC BLAST in the
United States, Mexico and Canada.
The Company evaluates each segment's performance based on
operating income, excluding corporate and other unallocated
expenses. Information regarding the operations in these
reportable segments is as follows:
10
Three Months Ended Six Months Ended
March 30, March 31, March 30, March 31,
2002 2001 2002 2001
(in thousands)
Sales to External Customers:
Snack Foods $ 58,976 $ 53,967 $110,608 $ 99,996
Restaurant Group 2,527 2,817 5,940 6,781
Frozen Beverages 22,563 20,023 46,543 40,100
$ 84,066 $ 76,807 $163,091 $146,877
Depreciation and Amortization (1):
Snack Foods $ 3,407 $ 3,500 $ 6,883 $ 6,902
Restaurant Group 167 210 360 431
Frozen Beverages 4,316 3,933 8,606 7,904
$ 7,890 $ 7,643 $ 15,849 $ 15,237
Operating Income(loss):
Snack Foods $ 5,734 $ 4,390 $ 8,217 $ 5,982
Restaurant Group (553) (468) (482) (187)
Frozen Beverages (1,539) (1,879) (2,613) (3,513)
$ 3,642 $ 2,043 $ 5,122 $ 2,282
Capital Expenditures:
Snack Foods $ 1,639 $ 983 $ 3,132 $ 2,631
Restaurant Group 63 146 65 229
Frozen Beverages 1,569 2,174 4,047 3,734
$ 3,271 $ 3,303 $ 7,244 $ 6,594
Assets:
Snack Foods $125,846 $129,247 $125,846 $129,247
Restaurant Group 3,143 4,898 3,143 4,898
Frozen Beverages 88,797 92,433 88,797 92,433
$217,786 $226,578 $217,786 $226,578
(1) 2001 depreciation and amortization excludes
amortization expense associated with goodwill.
The following represents segment information for the three fiscal
years ending September 29, 2001 which includes our new reportable
segment, Restaurant Group:
11
Fiscal Year Ended
September September September
29, 2001 30, 2000 25, 1999
Sales to External Customers:
Snack Foods $233,810 $201,497 $182,095
Restaurant Group 12,043 12,822 12,649
Frozen Beverages 105,843 104,171 91,749
$351,696 $318,490 $286,493
Depreciation and Amortization:
Snack Foods $ 15,242 $ 13,393 $ 12,208
Restaurant Group 953 880 831
Frozen Beverages 17,321 16,109 14,599
$ 33,516 $ 30,382 $ 27,638
Operating Income (loss):
Snack Foods $ 15,463 $ 11,973 $ 15,914
Restaurant Group (1,549) (863) (187)
Frozen Beverages 7,255 6,996 9,444
$ 21,169 $ 18,106 $ 25,171
Capital Expenditures:
Snack Foods $ 6,673 $ 16,295 $ 11,880
Restaurant Group 268 1,411 452
Frozen Beverages 10,186 17,222 14,274
$ 17,127 $ 34,928 $ 26,606
Assets:
Snack Foods $124,951 $112,248 $107,912
Restaurant Group 4,032 4,996 4,359
Frozen Beverages 95,498 102,795 101,409
$224,481 $220,039 $213,680
Note 7 On September 30, 2001, the Company adopted Statement of
Financial Accounting Standards No. 142 "Goodwill and
Intangible Assets" (SFAS 142). SFAS 142 includes requirements
to test goodwill and indefinite lived intangible assets for
impairment rather than amortize them; accordingly, the Company
no longer amortizes goodwill, thereby eliminating an annual
amortization charge of approximately $2,600,000.
The Company's three reporting units, which are also reportable
segments, are Snack Foods, Restaurant Group and Frozen
Beverages. Each of the segments have goodwill and indefinite
lived intangible assets.
12
The carrying amount of acquired intangible assets for the Snack Foods
and Frozen Beverage segments as of March 30, 2002 are as follows:
Gross Carrying Accumulated
Amount Amortization
(in thousands)
Snack Foods
Amortized intangible assets
Licenses and rights $2,066 $474
Restaurant Group
Amortized Intangible Assets
Licenses and rights $ 20 $ 17
Frozen Beverages
Amortized intangible assets
Licenses and rights $ 201 $101
Licenses and rights are being amortized by the straight-line
method over periods ranging from 4 to 20 years and amortization expense
is reflected throughout operating expenses. There were no changes in
the gross carrying amount of intangible assets for the three and six
months ended March 30, 2002. Additionally, the Company did not record
any transition intangible asset impairment loss upon adoption of SFAS
142. Aggregate amortization expense of intangible assets for the three
months ended March 30, 2002 and March 31, 2001 was $77,000 and $36,000,
respectively and for the six months ended March 30, 2002 and March 31,
2001 was $153,000 and $49,000, respectively.
Estimated amortization expense for the next five fiscal years is
approximately $300,000 in 2002, 2003 and 2004, $200,000 in 2005 and
$150,000 in 2006.
Goodwill
The carrying amounts of goodwill for the Snack Foods, Restaurant
Group and Frozen Beverage segments are as follows:
Snack Restaurant Frozen
Foods Group Beverages Total
(in thousands)
Balance at March 30, 2002 $14,241 $438 $31,171 $45,850
13
There were no changes in the carrying amount of goodwill for the
three and six months ended March 30, 2002.
The Company has completed documentation of its transitional
goodwill impairment tests and has not recorded any transitional goodwill
impairment loss as a result of its adoption of SFAS 142.
Reported net income for the three and six months ended March 30,
2002 and March 31, 2001, exclusive of amortization expense that is
related to goodwill that is no longer being amortized, would have been:
For the Three For the Six
Months EndedMonths Ended
March March March March
30, 31, 30, 31,
2002 2001 2002 2001
($000's except for earnings
per share amounts)
Reported net earnings (loss) $2,336 $ 367 $3,158 $(326)
Add back:Goodwill amortization - 411 - 823
Adjusted net earnings $2,336 $ 778 $3,158 $ 497
Basic earnings per share:
Reported net earnings (loss) $ .27 $ .04 $ .36 $(.04)
Goodwill amortization - .05 - .10
Adjusted net earnings $ .27 $ .09 $ .36 $ .06
Diluted earnings per share:
Reported net earnings (loss) $ .25 $ .04 $ .35 $(.04)
Goodwill amortization - .05 - .10
Adjusted net earnings $ .25 $ .09 $ .35 $ .06
Note 8 The following represents the unaudited quarterly financial
information of the Company for the fiscal years ending
September 29, 2001 and September 30, 2000, which have been
adjusted for certain reclasses of expenses to cost of goods
sold:
14
Fiscal Year Ended September 29, 2001
Net Earnings
Net (Loss) Per
Gross Earnings Diluted
Net Sales Profit (Loss) Share(1)
(in thousands, except per share information)
1st Quarter $ 70,070 $ 24,448 $ (693) $(0.08)
2nd Quarter 76,807 27,309 367 0.04
3rd Quarter 100,970 39,701 5,778 0.65
4th Quarter 103,849 40,623 6,424 0.72
Total $351,696 $132,081 $11,876 $ 1.33
Fiscal Year Ended September 30, 2000
Net Earnings
Net (Loss) Per
Gross Earnings Diluted
Net Sales Profit (Loss) Share(1)
(in thousands, except per share information)
1st Quarter $ 65,506 $ 23,194 $ 666 $ 0.07
2nd Quarter 67,813 25,971 740 0.08
3rd Quarter 88,888 37,291 5,010 0.56
4th Quarter 96,283 38,611 3,552 0.41
Total $318,490 $125,067 $ 9,968 $ 1.12
(1) Total of quarterly amounts do not necessarily
agree to the annual report amounts due to separate quarterly
calculations of weighted average shares outstanding.
15
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
Liquidity and Capital Resources
The Company's current cash and marketable securities balances and
cash expected to be provided by future operations are its primary
sources of liquidity. The Company believes that these sources, along
with its borrowing capacity, are sufficient to fund future growth and
expansion.
In the three months ended March 30, 2002 and March 31, 2001,
fluctuations in the valuation of the Mexican peso caused increases of
$38,000 and $32,000, respectively, in stockholders' equity because of
the revaluation of the net assets of the Company's Mexican frozen
beverage subsidiary. In the six month periods, there was an increase of
$109,000 in fiscal year 2002 and a decrease of $6,000 in fiscal year
2001.
In November 2000, the Company acquired the assets of Uptown
Bakeries for cash. Uptown Bakeries, located in Bridgeport, NJ, is a
fresh bakery products manufacturer with approximately $17,000,000 in
annual sales.
In December 2001, the Company refinanced its general-purpose bank
credit line. The new agreement provides for a $50,000,000 revolving
credit facility repayable in three years, with the availability of
repayments without penalty. The new agreement contains restrictive
covenants and requires commitment fees in accordance with standard
banking practice. The outstanding balance under the new facility was
$20,000,000 at March 30, 2002.
In December 2001, the Company borrowed $5,000,000 on its general-
purpose bank credit line to pay off early its $5,000,000 7.25%
redeemable economic development revenue bond payable December 2005.
Results of Operations
Net sales increased $7,259,000 or 9% for the three months and
$16,214,000 or 11% to $163,091,000 for the six months ended March 30,
2002 compared to the six months ended March 31, 2001. Excluding sales
resulting from the acquisition of Uptown Bakeries, sales increased
approximately 9% for the six month period compared to a year ago.
16
SNACK FOODS
Sales to foodservice customers increased $3,376,000 or 9% in the
second quarter to $42,703,000 and increased
$9,069,000 or 12% for the six months. Excluding sales resulting from
acquisitions, sales would have increased 9% for the six months. Soft
pretzel sales to the foodservice market increased 7% to $17,248,000 in
the second quarter and 8% to $32,918,000 in the six months due primarily
to sales of recently introduced PRETZEL FILLERS. Excluding sales
resulting from acquisitions, foodservice soft pretzel sales would have
increased 7% in the six month period. Sales of bakery products increased
$1,945,000 or 15% in the second quarter to $14,539,000 and increased
$5,529,000 or 22% for the six months due to increased unit sales across
our customer base and the acquisition of Uptown Bakeries. Italian Ice
and frozen juice and ices sales increased 4% to $6,561,000 in the three
months and 9% to $11,607,000 in the six months. Churro sales to
foodservice customers increased 7% to $3,122,000 in the second quarter
and 5% to $5,974,000 in the six months.
Sales of products to retail supermarkets increased
$1,633,000 or 11% to $16,273,000 in the second quarter and 6% to
$26,780,000 in the first half. Soft pretzel sales for the second
quarter were up 2% to $8,355,000 and were up less than 1% to $14,984,000
for the six months. Sales of our flagship SUPERPRETZEL brand soft
pretzels increased 3% in the second quarter and less than 1% for the six
months. Sales of frozen juices and ices increased $1,437,000 or 23% to
$7,735,000 in the second quarter and $1,524,000 or 15% to $11,678,000 in
the first half primarily due to increased consumer demand.
The increases in sales throughout the Snack Foods segment were
primarily the result of changes in unit volume.
THE RESTAURANT GROUP
Sales of our Restaurant Group decreased 10% to $2,527,000 in the
second quarter and 12% to $5,940,000 for the six month period. The
sales decreases were caused primarily by decreased mall traffic and the
closing of unprofitable stores.
FROZEN BEVERAGES
Frozen beverage and related product sales increased
$2,540,000 or 13% to $22,563,000 in the second quarter and $6,443,000 or
16% to $46,543,000 in the six month period. Beverage sales alone
increased 6% to $17,191,000 in the second quarter and 5% to $35,109,000
in the six months.
17
Service revenue increased 82% to $3,781,000 in the second quarter and
70% to $6,272,000 for the six months.
CONSOLIDATED
Gross profit as a percentage of sales increased to 37% in the
current year's three month period from 36% last year and was 35% in both
years' six months periods.
Total operating expenses increased $1,949,000 in the second
quarter and as a percentage of sales decreased about 1/2 of 1 percent to
33% from 34% in last year's same quarter. For the first half, operating
expenses increased $1,878,000 and as a percentage of sales decreased to
32% from 35% in the year ago period. Marketing expenses increased about
1/2 of 1 percent of sales to 22% in the second quarter and for the six
month period, marketing expenses were 21% of sales in both years.
Distribution expenses decreased to 7% of sales in this year's second
quarter and six months from 8% last year. The drop in distribution
expense percentage was caused by lower fuel costs and Uptown Bakeries
which has little distribution expense. Administrative expenses as a
percent of sales were at 4% for all periods reported.
Operating income increased $2,252,000 or 162% to $3,642,000 in the
second quarter and $4,147,000 or 425% to $5,122,000 in the first half.
For the three and six months, interest expense decreased $794,000
and $1,298,000, respectively, due to decreased debt and lower interest
rates.
The effective income tax rate has been estimated at 35% for this
years' periods and 37% for 2001 periods.
Net earnings increased $1,969,000 or 537% in the current three
month period to $2,336,000 and increased to $3,158,000 in the six months
this year compared to a net loss of $326,000 last year.
18
Item 3. Quantitative and Qualitative Disclosures About Market Risk
There has been no material change in the Company's assessment
of its sensitivity to market risk since its presentation set
forth, in item 7a. "Quantitative and Qualitative Disclosures
About Market Risk," in its 2000 annual report on Form 10-K
filed with the SEC.
19
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
The results of voting at the Annual Meeting of Shareholders held
on February 5, 2002 is as follows:
Absentees
Votes Cast and Broker
For Against Withheld Non Votes
Election of
Dennis G. Moore
as Director 6,976,951 - 386,012 -
The Company had 8,650,458 shares outstanding on December 3, 2001
the record date.
Item 6. Exhibits and Reports on Form 8-K
a) Exhibits - None
b) Reports on Form 8-K - There were no reports on Form 8-K for
the three months ended March 30, 2002.
20
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
J & J SNACK FOODS CORP.
Dated: April 24, 2002 /s/ Gerald B. Shreiber
Gerald B. Shreiber
President
Dated: April 24, 2002 /s/ Dennis G. Moore
Dennis G. Moore
Senior Vice President and
Chief Financial Officer