Exhibit 99.1
Profits Increase as J & J Snack
Foods Corp. Announces Record Quarter
PENNSAUKEN, N.J.--(BUSINESS WIRE)--April 26, 2007--J & J Snack
Foods Corp. (NASDAQ:JJSF) today announced record sales and earnings
for its second quarter and six months ended March 31, 2007.
Sales for the second quarter increased 16% to $130.0 million from
$112.0 million in last year's second quarter. Net earnings increased
29% to $5.3 million from $4.1 million last year. Earnings per diluted
share were $.28 for the March quarter compared to $.22 last year.
Operating income increased 37% to $8.2 million this year from $6.0
million in the year ago period.
For the six months ended March 31, 2007, sales increased 11% to
$244.2 million from $220.6 million in last year's first half. Net
earnings increased 28% to $9.1 million in the six months from $7.1
million last year. Earnings per diluted share were $.48 for the six
months compared to $.38 last year. Operating income increased 31% to
$13.3 million from $10.2 million in the year ago period.
Gerald B. Shreiber, J & J's President and Chief Executive Officer,
commented, "We benefited from the successful integration of the
Hom/Ade Foods (a producer of frozen biscuits and dumplings selling
under the MARY B'S brand) and the DADDY RAY (a producer of fig and
fruit bars selling under the DADDY RAY'S brand) acquisitions completed
during the quarter, as well as continued progress and gains in our
core businesses."
J & J Snack Foods Corp.'s principal products include SUPERPRETZEL,
PRETZEL FILLERS and other soft pretzels, ICEE, SLUSH PUPPIE and ARCTIC
BLAST frozen beverages, LUIGI'S, MAMA TISH'S, SHAPE UPS, MINUTE MAID*
and BARQ'S** and CHILL*** frozen juice bars and ices, WHOLE FRUIT
sorbet, FRUIT-A-FREEZE frozen fruit bars, MARY B'S biscuits and
dumplings, DADDY RAY'S fig and fruit bars, 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; Moscow Mills, Missouri; Pensacola, Florida and
Vernon and Newport, California.
*MINUTE MAID is a registered trademark of The Coca-Cola Company.
**BARQ'S is a registered trademark of Barq's Inc.
***CHILL is a registered trademark of Wells Dairy, Inc.
Consolidated Statement of Operations
------------------------------------------
Three Months Ended Six Months Ended
-------------------- --------------------
March 31, March 25, March 31, March 25,
2007 2006 2007 2006
--------- --------- --------- ---------
(in thousands)
Net sales $ 130,040 $ 112,044 $ 244,182 $ 220,615
Cost of goods sold 87,633 76,818 166,527 152,272
--------- --------- --------- ---------
Gross profit 42,407 35,226 77,655 68,343
Operating expenses 34,212 29,232 64,325 58,152
--------- --------- --------- ---------
Operating income 8,195 5,994 13,330 10,191
Other income 507 725 1,463 1,399
--------- --------- --------- ---------
Earnings before income
taxes 8,702 6,719 14,793 11,590
Income taxes 3,369 2,582 5,655 4,443
--------- --------- --------- ---------
Net earnings $ 5,333 $ 4,137 $ 9,138 $ 7,147
========= ========= ========= =========
Earnings per diluted share $ .28 $ .22 $ .48 $ .38
Earnings per basic share $ .29 $ .23 $ .49 $ .39
Weighted average number of
diluted shares 19,014 18,811 18,954 18,754
Weighted average number of
basic shares 18,601 18,383 18,570 18,356
Consolidated Balance Sheets
-------------------------------
March 31, September
2007 30, 2006
--------- ---------
(in thousands)
Current assets $ 137,470 $ 172,244
Property, plant &
equipment, net 91,837 85,447
Goodwill, net 59,271 57,948
Other intangibles, net 57,654 22,669
Other assets 2,735 2,500
--------- ---------
Total $ 348,967 $ 340,808
========= =========
Current liabilities 59,025 59,089
Deferred income taxes 18,211 18,211
Other long term
obligations 553 635
Stockholders' equity 271,178 262,873
--------- ---------
Total $ 348,967 $ 340,808
========= =========
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, x 268