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J & J Snack Foods Reports First Quarter Sales and Earnings

PENNSAUKEN, N.J., Jan. 26, 2015 (GLOBE NEWSWIRE) -- J & J Snack Foods Corp. (Nasdaq:JJSF) today announced sales and earnings for the first quarter ended December 27, 2014.

Sales increased 5% to $212.8 million from $203.5 million in last year's first quarter. Net earnings decreased 9% to $11.3 million in the current quarter from $12.4 million last year. Earnings per diluted share decreased 9% to $.60 for the first quarter from $.66 last year. Operating income decreased 8% to $16.6 million in the current quarter from $18.0 million in the year ago quarter.

Gerald B. Shreiber, J & J's President and Chief Executive Officer, commented, "In addition to the seasonal loss of our PHILLY SWIRL business which was acquired in May 2014, our operating income was impacted by higher operating expenses of our ICEE frozen beverage business during its seasonally low period and soft volume and higher costs in our food service business."

J&J Snack Foods Corp. is a leader and innovator in the snack food industry, providing nutritional and affordable branded niche snack foods and beverages to foodservice and retail supermarket outlets. Manufactured and distributed nationwide, our principal products include SUPERPRETZEL, BAVARIAN BAKERY and other soft pretzels, ICEE and SLUSH PUPPIE frozen beverages, LUIGI'S, PHILLY SWIRL, MINUTE MAID* frozen juice bars and ices, WHOLE FRUIT sorbet and frozen fruit bars, MARY B'S biscuits and dumplings, DADDY RAY'S fig and fruit bars, CALIFORNIA CHURROS and TIO PEPE'S churros, PATIO Burritos and other handheld sandwiches, THE FUNNEL CAKE FACTORY funnel cakes, and several cookie brands within COUNTRY HOME BAKERS. For more information, please visit us at www.jjsnack.com.

*MINUTE MAID is a registered trademark of The Coca-Cola Company

J & J SNACK FOODS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(in thousands, except per share amounts)
Three months ended
December 27, December 28,
2014 2013
Net Sales $212,752 $203,523
Cost of goods sold 151,651 143,617
Gross Profit 61,101 59,906
Operating expenses
Marketing 19,487 18,032
Distribution 17,521 16,120
Administrative 7,525 6,984
Other general(income)expense (42) 799
Total Operating Expenses 44,491 41,935
Operating Income 16,610 17,971
Other income (expense)
Investment income 1,354 1,138
Interest expense & other (24) (36)
Earnings before income taxes 17,940 19,073
Income taxes 6,684 6,647
NET EARNINGS $11,256 $12,426
Earnings per diluted share $0.60 $0.66
Weighted average number of diluted shares 18,801 18,793
Earnings per basic share $0.60 $0.67
Weighted average number of basic shares 18,669 18,679
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
December 27, September 27,
2014 2014
(unaudited)
Cash and cash equivalents $ 98,075 $ 91,760
Other current assets 177,261 183,846
Property, plant and equipment, net 159,891 157,529
Goodwill 86,442 86,442
Other intangible assets, net 49,634 50,989
Marketable securities held to maturity 2,000 2,000
Marketable securities available for sale 125,723 128,117
Other 3,838 4,090
Total $ 702,864 $ 704,773
Current Liabilities $ 93,482 $95,957
Long-term obligations under capital leases 348 374
Deferred income taxes 44,626 44,785
Other long-term liabilities 1,091 1,139
Stockholders' Equity 563,317 562,518
Total $ 702,864 $704,773

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: Dennis G. Moore Senior Vice President Chief Financial Officer (856) 532-6603

Source:J & J Snack Foods Corp.