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Note 11 - Segment Information | 6 Months Ended
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Mar. 25, 2023
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
Note 11 | Segment Information
We principally sell our products to the food service and retail supermarket industries. Sales and results of our frozen beverages business are monitored separately from the balance of our food service business because of different distribution and capital requirements. We maintain separate and discrete financial information for the three operating segments mentioned above which is available to our Chief Operating Decision Maker. Our reportable segments are Food Service, Retail Supermarkets and Frozen Beverages. All inter-segment net sales and expenses have been eliminated in computing net sales and operating income. These segments are described below. Food Service The primary products sold by the food service segment are soft pretzels, frozen novelties, churros, handheld products and baked goods. Our customers in the food service segment include snack bars and food stands in chain, department and discount stores; malls and shopping centers; casual dining restaurants, fast food outlets; stadiums and sports arenas; leisure and theme parks; convenience stores; movie theatres; warehouse club stores; schools, colleges and other institutions. Within the food service industry, our products are purchased by the consumer primarily for consumption at the point-of-sale or for take-away. Retail Supermarkets The primary products sold to the retail supermarket channel are soft pretzel products – including SUPERPRETZEL, frozen novelties including LUIGI’S Real Italian Ice, MINUTE MAID Juice Bars and Soft Frozen Lemonade, WHOLE FRUIT frozen fruit bars and sorbet, DOGSTERS, PHILLY SWIRL cups and sticks, ICEE Squeeze-Up Tubes and handheld products. Within the retail supermarket channel, our frozen and prepackaged products are purchased by the consumer for consumption at home. Frozen Beverages The Company markets frozen beverages primarily under the names ICEE, SLUSH PUPPIE and PARROT ICE which are sold primarily in the United States, Mexico and Canada. We also provide repair and maintenance service to customers for customers’ owned equipment. The Chief Operating Decision Maker for Food Service, Retail Supermarkets and Frozen Beverages reviews monthly detailed operating income statements and sales reports in order to assess performance and allocate resources to each individual segment. Sales and operating income are key variables monitored by the Chief Operating Decision Maker and management when determining each segment’s, and the Company’s, financial condition and operating performance. In addition, the Chief Operating Decision Maker reviews and evaluates depreciation, capital spending and assets of each segment on a quarterly basis to monitor cash flow and asset needs of each segment. Information regarding the operations in these three reportable segments is as follows:
|  | Three months ended |  |  | Six months ended |
|  | March 25, |  |  | March 26, |  |  | March 25, |  |  | March 26, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (unaudited) |  |  | (unaudited) |
|  | (in thousands) |  |  | (in thousands) |
Sales to external customers: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Food Service |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Soft pretzels |  | $ | 55,492 |  |  | $ | 43,261 |  |  | $ | 107,715 |  |  | $ | 93,682 |
Frozen novelties |  |  | 26,607 |  |  |  | 7,305 |  |  |  | 48,372 |  |  |  | 15,762 |
Churros |  |  | 24,920 |  |  |  | 17,447 |  |  |  | 50,677 |  |  |  | 36,936 |
Handhelds |  |  | 20,309 |  |  |  | 20,506 |  |  |  | 43,881 |  |  |  | 39,001 |
Bakery |  |  | 85,300 |  |  |  | 83,967 |  |  |  | 194,248 |  |  |  | 191,798 |
Other |  |  | 5,653 |  |  |  | 3,854 |  |  |  | 11,685 |  |  |  | 10,893 |
Total Food Service |  | $ | 218,281 |  |  | $ | 176,340 |  |  | $ | 456,578 |  |  | $ | 388,072 |
Retail Supermarket |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Soft pretzels |  | $ | 16,013 |  |  | $ | 15,752 |  |  | $ | 30,498 |  |  | $ | 31,946 |
Frozen novelties |  |  | 20,770 |  |  |  | 18,919 |  |  |  | 38,739 |  |  |  | 36,721 |
Biscuits |  |  | 5,858 |  |  |  | 5,687 |  |  |  | 13,771 |  |  |  | 13,958 |
Handhelds |  |  | 4,099 |  |  |  | 1,069 |  |  |  | 6,991 |  |  |  | 2,345 |
Coupon redemption |  |  | (375 | ) |  |  | (726 | ) |  |  | (551 | ) |  |  | (1,622 | )
Other |  |  | (5 | ) |  |  | 56 |  |  |  | (15 | ) |  |  | 104 |
Total Retail Supermarket |  | $ | 46,360 |  |  | $ | 40,757 |  |  | $ | 89,433 |  |  | $ | 83,452 |
Frozen Beverages |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beverages |  | $ | 41,799 |  |  | $ | 35,365 |  |  | $ | 80,458 |  |  | $ | 69,128 |
Repair and maintenance service |  |  | 22,585 |  |  |  | 21,000 |  |  |  | 46,412 |  |  |  | 43,011 |
Machines revenue |  |  | 8,252 |  |  |  | 7,542 |  |  |  | 15,263 |  |  |  | 15,389 |
Other |  |  | 577 |  |  |  | 509 |  |  |  | 1,053 |  |  |  | 951 |
Total Frozen Beverages |  | $ | 73,213 |  |  | $ | 64,416 |  |  | $ | 143,186 |  |  | $ | 128,479 |
Consolidated sales |  | $ | 337,854 |  |  | $ | 281,513 |  |  | $ | 689,197 |  |  | $ | 600,003 |
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Food Service |  | $ | 9,597 |  |  | $ | 6,670 |  |  | $ | 19,055 |  |  | $ | 13,339 |
Retail Supermarket |  |  | 492 |  |  |  | 386 |  |  |  | 883 |  |  |  | 752 |
Frozen Beverages |  |  | 5,351 |  |  |  | 5,484 |  |  |  | 10,683 |  |  |  | 10,960 |
Total depreciation and amortization |  | $ | 15,440 |  |  | $ | 12,540 |  |  | $ | 30,621 |  |  | $ | 25,051 |
Operating Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Food Service |  | $ | 5,133 |  |  | $ | 536 |  |  | $ | 11,520 |  |  | $ | 9,537 |
Retail Supermarket |  |  | 487 |  |  |  | 1,091 |  |  |  | 1,598 |  |  |  | 6,075 |
Frozen Beverages |  |  | 4,573 |  |  |  | 2,461 |  |  |  | 6,403 |  |  |  | 3,321 |
Total operating income |  | $ | 10,193 |  |  | $ | 4,088 |  |  | $ | 19,521 |  |  | $ | 18,933 |
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Food Service |  | $ | 13,744 |  |  | $ | 13,851 |  |  | $ | 38,606 |  |  | $ | 24,084 |
Retail Supermarket |  |  | 105 |  |  |  | 1,094 |  |  |  | 1,479 |  |  |  | 3,623 |
Frozen Beverages |  |  | 4,365 |  |  |  | 4,261 |  |  |  | 9,039 |  |  |  | 7,599 |
Total capital expenditures |  | $ | 18,214 |  |  | $ | 19,206 |  |  | $ | 49,124 |  |  | $ | 35,306 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Food Service |  | $ | 910,573 |  |  | $ | 799,710 |  |  | $ | 910,573 |  |  | $ | 799,710 |
Retail Supermarket |  |  | 12,162 |  |  |  | 33,206 |  |  |  | 12,162 |  |  |  | 33,206 |
Frozen Beverages |  |  | 302,222 |  |  |  | 290,412 |  |  |  | 302,222 |  |  |  | 290,412 |
Total assets |  | $ | 1,224,957 |  |  | $ | 1,123,328 |  |  | $ | 1,224,957 |  |  | $ | 1,123,328 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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