EX-99.1 2 a4624736ex99.txt EXHIBIT 99.1 PRESS RELEASE Exhibit 99.1 Profits Increase as J & J Snack Foods Corp. Announces Record Quarter PENNSAUKEN, N.J.--(BUSINESS WIRE)--April 20, 2004--J & J Snack Foods Corp. (NASDAQ:JJSF) today announced record sales and earnings for its second quarter and six months ended March 27, 2004. Sales for the second quarter increased 17% to $95.2 million from $81.4 million in last year's second quarter. Net earnings increased 11% to $3.3 million from $3.0 million last year. Earnings per diluted share were $.36 for the March quarter compared to $.33 last year. Operating income increased 11% to $5.1 million this year from $4.6 million in the year ago period. For the six months ended March 27, 2004, sales increased 10% to $175.2 million from $158.7 million in last year's first half. Net earnings increased 23% to $5.2 million in the six months from $4.2 million last year. Earnings per diluted share were $.57 for the six months compared to $.46 last year. Operating income increased 23% to $7.9 million from $6.4 million in the year ago period. The results of operations for the second quarter and six months ended March 27, 2004 include Country Home Bakers, Inc. which was acquired on January 5, 2004. Gerald B. Shreiber, J & J's President and Chief Executive Officer, commented, "We are pleased with our financial performance for the quarter and six month period. Excluding our retail restaurant group, all of our businesses, including the recently acquired Country Home Bakers, contributed to our record setting quarter." 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(1) and BARQ'S(2)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 and Hatfield, Pennsylvania; Carrollton, Texas, Atlanta, Georgia and Vernon (Los Angeles), California. (1)MINUTE MAID is a registered trademark of The Coca-Cola Company. (2)BARQ'S is a registered trademark of Barq's Inc. Consolidated Statement of Operations -------------------------------------- Three Months Ended Six Months Ended ------------------ ---------------- March 27, March 29, March 27, March 29, 2004 2003 2004 2003 ------- ------- -------- -------- (in thousands) Net sales $95,214 $81,408 $175,159 $158,652 Cost of goods sold 64,468 54,532 119,775 109,711 ------- ------- -------- -------- Gross profit 30,746 26,876 55,384 48,941 Operating expenses 25,623 22,253 47,482 42,508 ======= ======= ======== ======== Operating income 5,123 4,623 7,902 6,433 Other income 84 66 172 132 ------- ------- -------- -------- Earnings before income taxes 5,207 4,689 8,074 6,565 Income taxes 1,865 1,688 2,907 2,363 ------- ------- -------- ------- Net earnings $ 3,342 $ 3,001 $ 5,167 $ 4,202 ======= ======= ======== ======= Earnings per diluted share $ .36 $ .33 $.57 $.46 Earnings per basic share $ .38 $ .34 $.58 $.48 Weighted average number of diluted shares 9,170 9,069 9,105 9,152 Weighted average number of basic shares 8,877 8,737 8,834 8,734 Consolidated Balance Sheets ----------------------------- March 27, 2004 September 27, 2003 ---------------- -------------------- (in thousands) Current assets $107,026 $100,405 Property, plant & equipment, net 88,864 87,115 Goodwill, net 46,477 45,850 Other intangibles, net 2,656 1,231 Other assets 1,577 2,082 -------- -------- Total $246,600 $236,683 ======== ======== Current liabilities 42,579 40,058 Deferred income taxes 13,374 13,374 Other long term obligations 598 687 Stockholders' equity 190,049 182,564 -------- -------- Total $246,600 $236,683 ======== ======== 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 Moore, CFO, 856-665-9533