Exhibit 99.1
J & J Snack Foods Reports Record First Quarter Sales and Earnings
PENNSAUKEN, N.J.--(BUSINESS WIRE)--Jan. 21, 2004--J & J Snack
Foods Corp. (NASDAQ:JJSF) today announced record sales and increased
earnings for the first quarter ended December 27, 2003.
Sales increased 3% to $79.9 million from $77.2 million in last
year's first quarter. Net earnings increased 52% to $1.8 million in
the current quarter from $1.2 million last year. Earnings per diluted
share were $.20 for the first quarter compared to $.13 last year.
Operating income increased 54% to $2.8 million in the current quarter
from $1.8 million in the year ago quarter.
Gerald B. Shreiber, J & J's President and Chief Executive Officer,
commented, "Strong sales from our core pretzel and bakery products,
including several newly developed line extensions, helped increase
sales and earnings in both our food service and supermarket segments.
The addition of Country Home Bakers at the beginning of our second
quarter, a $55 million producer of frozen bread, cookies and biscuit
products, provides us with a unique opportunity to expand our
business. We are focused on integrating this business quickly and
efficiently and expect it to be accretive in 2004 and provide
significant earnings gains going forward."
J & J Snack Foods Corp.'s principal products include SUPERPRETZEL,
PRETZEL FILLERS and other soft pretzels, ICEE and ARCTIC BLAST frozen
beverages, LUIGI'S, MAMA TISH'S, SHAPE UPS, MINUTE MAID(1) and
BARQ'S(2) and CHILL frozen juice bars and ices, TIO PEPE'S churros,
THE FUNNEL CAKE FACTORY funnel cakes, and MRS. GOODCOOKIE and CAMDEN
CREEK cookies. J & J has manufacturing facilities in Pennsauken,
Bridgeport and Bellmawr, New Jersey; Scranton and Hatfield,
Pennsylvania; Carrollton, Texas and Vernon (Los Angeles), California.
(1)MINUTE MAID is a registered trademark of The Coca-Cola Company.
(2)BARQ'S is a registered trademark of Barq's Inc.
Consolidated Statement of Operations
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Three Months Ended
----------------------
December 27, December 28,
2003 2002
------ ------
(unaudited)
(in thousands)
Net sales $ 79,945 $ 77,244
Cost of goods sold 55,307 55,179
-------- --------
Gross profit 24,638 22,065
Operating expenses 21,859 20,255
-------- --------
Operating income 2,779 1,810
Other income 88 66
-------- --------
Earnings before income
taxes 2,867 1,876
Income taxes 1,042 675
--------- ---------
Net earnings $ 1,825 $ 1,201
========= =========
Earnings per diluted share $ .20 $ .13
Earnings per basic share $ .21 $ .14
Weighted average number
of diluted shares 9,039 9,235
Weighted average number
of basic shares 8,792 8,730
Consolidated Balance Sheets
-------------------------------
December 27, 2003 September 27, 2003
----------------- ------------------
(unaudited)
(in thousands)
Current assets $ 98,996 $100,405
Property, plant & equipment,
net 84,614 87,115
Goodwill 46,529 45,850
Other intangibles, net 1,154 1,231
Other assets 2,185 2,082
-------- --------
Total $233,478 $236,683
======== ========
Current liabilities $ 34,758 $ 40,058
Deferred income taxes 13,374 13,374
Other long term obligations 644 687
Stockholders' equity 184,702 182,564
-------- --------
Total $233,478 $236,683
======== ========
The forward-looking statements contained herein are subject to
certain risks and uncertainties that could cause actual results to
differ materially from those projected in the forward-looking
statements. Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect management's analysis only
as of the date hereof. The Company undertakes no obligation to
publicly revise or update these forward-looking statements to reflect
events or circumstances that arise after the date hereof.
CONTACT: J & J Snack Foods Corp.
Dennis G. Moore, 856-665-9533