Exhibit 99.1
J & J Continues to Post Gains; Reports Record Sales And Earnings
PENNSAUKEN, N.J.--(BUSINESS WIRE)--July 21, 2005--J & J Snack Foods Corp.
(NASDAQ-JJSF) today announced record sales and earnings for its third quarter
and nine months ended June 25, 2005.
Sales for the third quarter increased 9% to $129.5 million from $119.0
million in last year's third quarter. Net earnings increased 13% to $9.9 million
from $8.7 million last year. Earnings per diluted share were $1.06 for the June
quarter compared to $.95 last year. Operating income increased 14% to $15.5
million this year from $13.6 million in the year ago period.
For the nine months ended June 25, 2005, sales increased 11% to $327.3
million from $294.1 million in last year's nine months. Net earnings increased
16% to $16.2 million in the nine months from $13.9 million last year. Earnings
per diluted share were $1.74 for the nine months compared to $1.52 last year.
Operating income increased 16% to $24.9 million from $21.5 million in the year
ago period.
Gerald B. Shreiber, J & J's President and Chief Executive Officer,
commented; "Strong sales and continued improvements in our food service group
highlighted our third quarter performance. Our core soft pretzel business
increased sharply benefiting from both sales of new products and new business
channels."
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* and BARQ'S** 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.
*MINUTE MAID is a registered trademark of The Coca-Cola Company.
**BARQ'S is a registered trademark of Barq's Inc.
Consolidated Statement of Operations
---------------------------------------
Three Months Ended Nine Months Ended
------------------- -------------------
June 25, June 26, June 25, June 26,
2005 2004 2005 2004
--------- --------- --------- ---------
(in thousands)
Net sales $129,452 $118,952 $327,323 $294,111
Cost of goods sold 83,177 76,702 218,856 196,477
--------- --------- --------- ---------
Gross profit 46,275 42,250 108,467 97,634
Operating expenses 30,738 28,679 83,583 76,161
--------- --------- --------- ---------
Operating income 15,537 13,571 24,884 21,473
Other income 384 93 1,040 265
--------- --------- --------- ---------
Earnings before income taxes 15,921 13,664 25,924 21,738
Income taxes 6,042 4,959 9,773 7,866
--------- --------- --------- ---------
Net earnings $ 9,879 $ 8,705 $ 16,151 $ 13,872
========= ========= ========= =========
Earnings per diluted share $1.06 $.95 $1.74 $1.52
Earnings per basic share $1.08 $.97 $1.78 $1.56
Weighted average number of
diluted shares 9,324 9,163 9,283 9,122
Weighted average number of
basic shares 9,121 8,956 9,078 8,873
Consolidated Balance Sheets
-------------------------------------
June 25, 2005 September 25, 2004
------------------ ------------------
(in thousands)
Current assets $ 146,266 $ 138,412
Property, plant & equipment, net 89,281 89,474
Goodwill 51,477 46,477
Other intangibles, net 9,348 1,804
Other assets 1,539 1,257
------------------ ------------------
Total $ 297,911 $ 277,424
================== ==================
Current liabilities $ 53,535 $ 47,646
Deferred income taxes 19,153 19,153
Other long term obligations 323 529
Stockholders' equity 224,900 210,096
------------------ ------------------
Total $ 297,911 $ 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., Pennsauken
Dennis G. Moore, 856-665-9533