ex99-1.htm

EX-99.1 2 ex99-1.htm EXHIBIT 99.1 ex99-1.htm

Exhibit 99.1

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

6000 Central Highway

Pennsauken, NJ 08109

J & J SNACK FOODS

REPORTS SECOND QUARTER SALES

AND EARNINGS

Pennsauken, NJ, April 27, 2015 - - 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

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	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

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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.

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