Exhibit 99.1
J & J Snack Foods Reports Record First Quarter Sales and Earnings, Again
PENNSAUKEN, N.J.--(BUSINESS WIRE)--Jan. 20, 2005--J & J Snack Foods Corp.
(NASDAQ:JJSF) today announced record sales and earnings for the first quarter
ended December 25, 2004.
Sales increased 23% to $98.5 million from $79.9 million in last year's
first quarter. Net earnings increased 36% to $2.5 million in the current quarter
from $1.8 million last year. Earnings per diluted share were $.27 for the first
quarter compared to $.20 last year. Operating income increased 31% to $3.7
million in the current quarter from $2.8 million in the year ago quarter.
Gerald B. Shreiber, J & J's President and Chief Executive Officer,
commented, "We benefitted from strong sales gains and improved profitability in
our food service and retail supermarket business during the quarter. We
anticipate continued growth from the introduction of new products, continued
expansion to new channels of distribution and possible acquisitions."
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
------------------
December 25, December 27,
2004 2003
-------- --------
(unaudited)
(in thousands)
Net sales $ 98,521 $ 79,945
Cost of goods sold 68,525 55,307
-------- --------
Gross profit 29,996 24,638
Operating expenses 26,342 21,859
-------- --------
Operating income 3,654 2,779
Other income 298 88
-------- --------
Earnings before income
taxes 3,952 2,867
Income taxes 1,470 1,042
-------- --------
Net earnings $ 2,482 $ 1,825
======== ========
Earnings per diluted share $ .27 $ .20
Earnings per basic share $ .27 $ .21
Weighted average number
of diluted shares 9,235 9,039
Weighted average number
of basic shares 9,032 8,792
Consolidated Balance Sheets
---------------------------
December 25, 2004 September 25, 2004
----------------- ------------------
(unaudited)
(in thousands)
Current assets $136,233 $138,412
Property, plant & equipment, net 87,756 89,474
Goodwill 46,477 46,477
Other intangibles, net 1,681 1,804
Other assets 1,137 1,257
-------- --------
Total $273,284 $277,424
======== ========
Current liabilities $ 41,871 $ 47,646
Deferred income taxes 19,153 19,153
Other long term obligations 477 529
Stockholders' equity 211,783 210,096
-------- --------
Total $273,284 $277,424
======== ========
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