Exhibit 99.1
J & J Continues to Post Gains; Reports Record Sales and Earnings
PENNSAUKEN, N.J.--(BUSINESS WIRE)--July 21, 2004--J & J Snack
Foods Corp. (NASDAQ:JJSF) today announced record sales and earnings
for its third quarter and nine months ended June 26, 2004.
Sales for the third quarter increased 16% to $119.0 million from
$102.5 million in last year's third quarter. Net earnings increased
11% to $8.7 from $7.8 million last year. Earnings per diluted share
were $.95 for the June quarter compared to $.87 last year. Operating
income increased 12% to $13.6 this year from $12.2 million in the year
ago period.
For the nine months ended June 26, 2004, sales increased 13% to
$294.1 million from $261.2 million in last year's nine months. Net
earnings increased 16% to $13.9 million in the nine months from $12.0
last year. Earnings per diluted share were $1.52 for the nine months
compared to $1.32 last year. Operating income increased 16% to $21.5
million from $18.6 million in the year ago period.
Gerald B. Shreiber, J & J's President and Chief Executive Officer,
commented; "All of our business groups contributed to our record
results for our third quarter. We benefited from strong results in our
food service business, particularly with our core pretzel and bakery
products, and our ICEE business."
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, CAMDEN
CREEK, COUNTRY HOME and READI-BAKE cookies. J & J has manufacturing
facilities in Pennsauken, Bridgeport and Bellmawr, New Jersey;
Scranton and Hatfield, Pennsylvania; Carrollton, Texas; Atlanta,
Georgia 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
------------------------------------
Three Months Ended Nine Months Ended
------------------ -----------------
June 26, June 28, June 26, June 28,
-------- -------- -------- --------
2004 2003 2004 2003
---- ---- ---- ----
(in thousands)
Net sales $118,952 $102,529 $294,111 $261,181
Cost of goods sold 76,702 64,146 196,477 173,857
-------- -------- -------- --------
Gross profit 42,250 38,383 97,634 87,324
Operating expenses 28,679 26,226 76,161 68,734
-------- -------- -------- --------
Operating income 13,571 12,157 21,473 18,590
Other income 93 42 265 174
-------- -------- -------- --------
Earnings before
income taxes 13,664 12,199 21,738 18,764
Income taxes 4,959 4,391 7,866 6,754
-------- -------- -------- --------
Net earnings $ 8,705 $ 7,808 $ 13,872 $ 12,010
======== ======== ======== ========
Earnings per diluted
share $ .95 $ .87 $1.52 $1.32
Earnings per basic
share $ .97 $ .91 $1.56 $1.38
Weighted average
number of diluted
shares 9,163 8,937 9,122 9,080
Weighted average
number of basic
shares 8,956 8,574 8,873 8,680
Consolidated Balance Sheets
---------------------------
June 26, 2004 September 27, 2003
------------- ------------------
(in thousands)
Current assets $124,402 $100,405
Property, plant & equipment, net 89,276 87,115
Goodwill 46,477 45,850
Other intangibles, net 2,492 1,231
Other assets 1,491 2,082
-------- --------
Total $264,138 $236,683
======== ========
Current liabilities $ 50,660 $ 40,058
Deferred income taxes 13,374 13,374
Other long term obligations 484 687
Stockholders' equity 199,620 182,564
-------- --------
Total $264,138 $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