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J & J Snack Foods Reports Record First Quarter Sales and Earnings

Posted on: Monday, 23 January 2006, 18:00 CST

J & J Snack Foods Corp. (NASDAQ:JJSF) today announced record sales and earnings for the first quarter ended December 24, 2005.

Sales increased 10% to $108.6 million from $98.5 million in last year's first quarter. Net earnings increased 21% to $3.0 million in the current quarter from $2.5 million last year. Earnings per diluted share were $.16 for the first quarter compared to $.13 last year. Operating income increased 15% to $4.2 million in the current quarter from $3.7 million in the year ago quarter.

Operating income in this year's quarter was impacted by $260,000 of share-based compensation expense (expensing of stock options) and net earnings were impacted by $171,000, or $.01 per diluted share. Excluding the impact of share-based compensation expense recognized this year and not last year, operating income increased 22% and net earnings increased 28%.

Gerald B. Shreiber, J & J's President and Chief Executive Officer, commented, "Continued strong performance by our food service business was largely responsible for our improvement."

J & J Snack Foods Corp.'s principal products include SUPERPRETZEL, PRETZEL FILLERS and other soft pretzels, ICEE and ARCTIC BLAST frozen beverages, LUIGI'S, MAMA TISH'S, SHAPE UPS, MINUTE MAID* and BARQ'S** and CHILL*** frozen juice bars and ices, TIO PEPE'S churros, THE FUNNEL CAKE FACTORY funnel cakes, and MRS. GOODCOOKIE, CAMDEN CREEK, COUNTRY HOME and READI-BAKE cookies. J & J has manufacturing facilities in Pennsauken, Bridgeport and Bellmawr, New Jersey; Scranton, Hatfield and Chambersburg, Pennsylvania; Carrollton, Texas; Atlanta, Georgia and Vernon, (Los Angeles) California.

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

**BARQ'S is a registered trademark of Barq's Inc.

***CHILL is a registered trademark of Wells Dairy, Inc. Consolidated Statement of Operations ------------------------------------ Three Months Ended ------------------ December 24, December 25, 2005 2004 ------------ ------------ (unaudited) (in thousands) Net sales $ 108,571 $ 98,521 Cost of goods sold 75,454 68,525 ------------ ------------ Gross profit 33,117 29,996 Operating expenses 28,920 26,342 ------------ ------------ Operating income 4,197 3,654 Other income 674 298 ------------ ------------ Earnings before income taxes 4,871 3,952 Income taxes 1,861 1,470 ------------ ------------ Net earnings $ 3,010 $ 2,482 ============ ============ Earnings per diluted share $.16 $.13 Earnings per basic share $.16 $.14 Weighted average number of diluted shares 18,697 18,470 Weighted average number of basic shares 18,328 18,064 Consolidated Balance Sheets --------------------------- December 24, 2005 September 24, 2005 ----------------- ------------------ (unaudited) (in thousands) Current assets $ 161,760 $ 154,233 Property, plant & equipment, net 87,953 89,045 Goodwill 53,622 53,622 Other intangibles, net 6,760 7,043 Other assets 2,178 1,981 ----------------- ------------------ Total $ 312,273 $ 305,924 ================= ================== Current liabilities $ 57,001 $ 52,902 Deferred income taxes 17,987 17,987 Other long term obligations 234 273 Stockholders' equity 237,051 234,762 ----------------- ------------------ Total $ 312,273 $ 305,924 ================= ==================

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.

Source: Business Wire

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