EX-99 4 a4381819ex2.txt EXHIBIT 2 Exhibit 2 Profits Increase as J & J Snack Foods Corp. Announces Record Quarter PENNSAUKEN, N.J.--(BUSINESS WIRE)--April 23, 2003--J & J Snack Foods Corp. (NASDAQ:JJSF) today announced record sales and earnings for its second quarter and six months ended March 29, 2003. Sales for the second quarter increased 5% to $81.4 million from $77.7 million in last year's second quarter. Net earnings increased 28% to $3.0 million from $2.3 million last year. Earnings per diluted share were $.33 for the March quarter compared to $.25 last year. Operating income increased 27% to $4.6 million this year from $3.6 million in the year ago period. For the six months ended March 29, 2003, sales increased 4% to $158.7 million from $152.5 million in last year's first half. Net earnings increased 33% to $4.2 million in the six months from $3.2 million last year. Earnings per diluted share were $.46 for the six months compared to $.35 last year. Operating income increased 26% to $6.4 million from $5.1 million in the year ago period. Gerald B. Shreiber, J & J's President and Chief Executive Officer, commented, "We are pleased with our overall financial performance for the quarter. Several factors including new product sales, strong food service sales and reduction of certain expenses including depreciation contributed to our record quarter. We remain committed to addressing the factors affecting our economy and our industry and growing our business and enhancing shareholder value over the long term." J & J Snack Foods Corp.'s principal products include SUPERPRETZEL soft pretzels, ICEE and ARCTIC BLAST frozen beverages, LUIGI'S, MAMA TISH'S, SHAPE-UPS and MINUTE MAID(1) frozen juice bars and ices, TIO PEPE'S churros and MRS. GOODCOOKIE and CAMDEN CREEK cookies. J & J has manufacturing facilities in Pennsauken, Bridgeport and Bellmawr, New Jersey; Scranton and Hatfield, Pennsylvania; Carrollton, Texas and Vernon (Los Angeles), California. (1) MINUTE MAID is a registered trademark of The Coca-Cola Company. Consolidated Statement of Operations ------------------------------------ Three Months Ended Six Months Ended March 29, March 30, March 29, March 30, 2003 2002 2003 2002 -------- -------- -------- -------- (in thousands) Net sales $81,408 $77,712 $158,652 $152,509 Cost of goods sold 54,532 52,556 109,711 105,309 -------- -------- -------- -------- Gross profit 26,876 25,156 48,941 47,200 Operating expenses 22,253 21,514 42,508 42,078 -------- -------- -------- -------- Operating income 4,623 3,642 6,433 5,122 Other income (deductions) 66 (48) 132 (264) -------- -------- -------- -------- Earnings before income taxes 4,689 3,594 6,565 4,858 Income taxes 1,688 1,258 2,363 1,700 -------- -------- -------- -------- Net earnings $ 3,001 $ 2,336 $ 4,202 $ 3,158 ======== ======== ======== ======== Earnings per diluted share $.33 $.25 $.46 $.35 Earnings per basic share $.34 $.27 $.48 $.36 Weighted average number of diluted shares 9,069 9,254 9,152 9,119 Weighted average number of basic shares 8,737 8,705 8,734 8,675 Consolidated Balance Sheets --------------------------- March 29, 2003 September 28, 2002 -------------- ------------------ (in thousands) Current assets $80,996 $75,367 Property, plant & equipment, net 88,147 94,410 Goodwill, net 45,850 45,850 Other intangibles, net 1,384 1,539 Other assets 2,536 2,870 -------- -------- Total $218,913 $220,036 ======== ======== Current liabilities 40,380 40,244 Deferred income taxes 10,806 10,806 Other long term obligations 243 277 Stockholder's equity 167,484 168,709 -------- -------- Total $218,913 $220,036 ======== ======== 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: J & J Snack Foods Corp. Dennis G. Moore, 856/665-9533