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J & J Snack Foods Reports First Quarter Sales and Earnings

PENNSAUKEN, N.J., Jan. 25, 2016 (GLOBE NEWSWIRE) -- J & J Snack Foods Corp. (NASDAQ:JJSF) today announced sales and earnings for the first quarter ended December 26, 2015.

Sales increased 5% to $222.8 million from $212.8 million in last year’s first quarter. Net earnings increased 11% to $12.5 million in the current quarter from $11.3 million last year. Earnings per diluted share increased 10% to $.66 for the first quarter from $.60 last year. Operating income increased 11% to $18.4 million in the current quarter from $16.6 million in the year ago quarter.

Gerald B. Shreiber, J & J’s President and Chief Executive Officer, commented, “Led by a particularly strong performance by our ICEE beverage group, all of our businesses contributed to our improved results in sales and net earnings.”

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 26, December 27,
2015 2014
Net Sales$222,850 $212,752
Cost of goods sold 159,015 151,651
Gross Profit 63,835 61,101
Operating expenses
Marketing 19,629 19,487
Distribution 18,256 17,521
Administrative 7,690 7,525
Other general income (100) (42)
Total Operating Expenses 45,475 44,491
Operating Income 18,360 16,610
Other income (expense)
Investment income 1,160 1,354
Interest expense & other (32) (24)
Earnings before
income taxes 19,488 17,940
Income taxes 7,009 6,684
NET EARNINGS$12,479 $11,256
Earnings per diluted share$0.66 $0.60
Weighted average number
of diluted shares 18,839 18,801
Earnings per basic share$0.67 $0.60
Weighted average number of
basic shares 18,687 18,669

J & J SNACK FOODS CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
December 26, September 26,
2015 2015
(unaudited)
Cash and cash equivalents$ 111,922 $ 133,689
Other current assets 193,331 195,129
Property, plant and equipment, net 176,646 172,054
Goodwill 86,442 86,442
Other intangible assets, net 44,490 45,819
Marketable securities held to maturity 87,772 66,660
Marketable securities available for sale 37,508 39,638
Other 3,527 3,504
Total$ 741,638 $ 742,935
Current Liabilities$ 94,211 $97,116
Long-term obligations under capital leases 1,126 1,196
Deferred income taxes 43,719 43,789
Other long-term liabilities 888 915
Stockholders' Equity 601,694 599,919
Total$ 741,638 $742,935


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.