Exhibit 99.1
Profits Increase as J & J Snack
Foods Corp. Announces Record Quarter
PENNSAUKEN, N.J.--(BUSINESS WIRE)--April 20, 2005--J & J Snack
Foods Corp. (NASDAQ:JJSF) today announced record sales and earnings
for its second quarter and six months ended March 26, 2005.
Sales for the second quarter increased 4% to $99.4 million from
$95.2 million in last year's second quarter. Net earnings increased
13% to $3.8 million from $3.3 million last year. Earnings per diluted
share were $.41 for the March quarter compared to $.36 last year.
Operating income increased 11% to $5.7 million this year from $5.1
million in the year ago period.
For the six months ended March 26, 2005, sales increased 13% to
$197.9 million from $175.2 million in last year's first half. Net
earnings increased 21% to $6.3 million in the six months from $5.2
million last year. Earnings per diluted share were $.68 for the six
months compared to $.57 last year. Operating income increased 18% to
$9.3 million from $7.9 million in the year ago period.
Gerald B. Shreiber, J & J's President and Chief Executive Officer,
commented, "Improved performances in our food service and restaurant
groups helped achieve our financial gains in this quarter. Our retail
supermarket business was hampered by increased couponing costs in
connection with product expansion; although, we are hopeful these will
have a long-term positive impact."
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, Hatfield and Chambersburg, Pennsylvania; Carrollton, Texas;
Atlanta, Georgia and Vernon (Los Angeles) and Rancho Cucamonga,
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 Six Months Ended
------------------- -------------------
March 26, March 27, March 26, March 27,
2005 2004 2005 2004
--------- --------- --------- ---------
(in thousands)
Net sales $99,350 $95,214 $197,871 $175,159
Cost of goods sold 67,822 64,468 136,347 119,775
--------- --------- --------- ---------
Gross profit 31,528 30,746 61,524 55,384
Operating expenses 25,835 25,623 52,177 47,482
--------- --------- --------- ---------
Operating income 5,693 5,123 9,347 7,902
Other income 358 84 656 172
--------- --------- --------- ---------
Earnings before income taxes 6,051 5,207 10,003 8,074
Income taxes 2,261 1,865 3,731 2,907
--------- --------- --------- ---------
Net earnings $3,790 $3,342 $6,272 $5,167
========= ========= ========= =========
Earnings per diluted share $.41 $.36 $.68 $.57
Earnings per basic share $.42 $.38 $.69 $.58
Weighted average number of
diluted shares 9,290 9,170 9,263 9,105
Weighted average number of
basic shares 9,082 8,877 9,057 8,834
Consolidated Balance Sheets
-----------------------------------
March 26, 2005 September 25, 2004
---------------- ------------------
(in thousands)
Current assets $128,616 $138,412
Property, plant & equipment, net 88,938 89,474
Goodwill, net 51,477 46,477
Other intangibles, net 9,751 1,804
Other assets 1,232 1,257
---------------- ------------------
Total $280,014 $277,424
================ ==================
Current liabilities 45,111 47,646
Deferred income taxes 19,153 19,153
Other long term obligations 408 529
Stockholders' equity 215,342 210,096
---------------- ------------------
Total $280,014 $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