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J & J Snack Foods Reports Second Quarter Sales and Earnings

PENNSAUKEN, N.J., April 27, 2015 (GLOBE NEWSWIRE) -- J & J Snack Foods Corp. (Nasdaq:JJSF) today announced sales and earnings for the second quarter ended March 28, 2015.

Sales increased about 10% to $225.0 million from $205.3 million in last year's second quarter. Net earnings increased 8% to $14.6 million in the current quarter from $13.5 million last year. Earnings per diluted share increased 8% to $.78 for the second quarter from $.72 last year. Operating income increased 7% to $21.8 million in the current quarter from $20.3 million in the year ago quarter.

For the six months ended March 28, 2015, sales increased 7% to $437.8 million from $408.8 million in last year's first half. Net earnings were $25.9 million in both years' six months. Earnings per diluted share were $1.38 in both years. Operating income was essentially unchanged at $38.4 million this year and $38.3 million in the year ago period.

Gerald B. Shreiber, J & J's President and Chief Executive Officer, commented, "Our sales and earnings improvement this quarter was driven by an outstanding performance by our ICEE business. Although the sales increase in our food service segment was satisfactory, we are disappointed with the decrease in operating income in this part of our 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 Six months ended
March 28, March 29, March 28, March 29,
2015 2014 2015 2014
Net Sales $225,008 $205,321 $437,760 $408,844
Cost of goods sold 158,058 144,208 309,709 287,825
Gross Profit 66,950 61,113 128,051 121,019
Operating expenses
Marketing 19,986 17,519 39,473 35,551
Distribution 17,633 16,382 35,154 32,502
Administrative 7,462 6,781 14,987 13,765
Other general expense 64 99 22 898
45,145 40,781 89,636 82,716
Operating Income 21,805 20,332 38,415 38,303
Other income (expense)
Investment income 1,278 976 2,632 2,114
Interest expense & other (30) (27) (54) (63)
Earnings before income taxes 23,053 21,281 40,993 40,354
Income taxes 8,416 7,760 15,100 14,407
NET EARNINGS $14,637 $13,521 $25,893 $25,947
Earnings per diluted share $0.78 $0.72 $1.38 $1.38
Weighted average number of diluted shares 18,821 18,819 18,811 18,806
Earnings per basic share $0.78 $0.72 $1.39 $1.39
Weighted average number of basic shares 18,689 18,693 18,679 18,686
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
March 28, September 27,
2015 2014
(unaudited)
Cash and cash equivalents $ 88,615 $ 91,760
Other current assets 192,693 183,846
Property, plant and equipment, net 162,218 157,529
Goodwill 86,442 86,442
Other intangible assets, net 48,282 50,989
Marketable securities held to maturity -- 2,000
Marketable securities available for sale 127,754 128,117
Other 3,309 4,090
Total $ 709,313 $ 704,773
Current Liabilities $ 90,171 $95,957
Long-term obligations under capital leases 1,334 374
Deferred income taxes 44,915 44,785
Other long-term liabilities 1,037 1,139
Stockholders' Equity 571,856 562,518
Total $ 709,313 $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.