0001437749-12-007074.txt : 20120723 0001437749-12-007074.hdr.sgml : 20120723 20120723160252 ACCESSION NUMBER: 0001437749-12-007074 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120723 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120723 DATE AS OF CHANGE: 20120723 FILER: COMPANY DATA: COMPANY CONFORMED NAME: J&J SNACK FOODS CORP CENTRAL INDEX KEY: 0000785956 STANDARD INDUSTRIAL CLASSIFICATION: COOKIES & CRACKERS [2052] IRS NUMBER: 221935537 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14616 FILM NUMBER: 12974467 BUSINESS ADDRESS: STREET 1: 6000 CENTRAL HGWY CITY: PENNSAUKEN STATE: NJ ZIP: 08109 BUSINESS PHONE: 6096659533 MAIL ADDRESS: STREET 1: 6000 CENTRAL HIGHWAY CITY: PENNSAUKEN STATE: NJ ZIP: 08109 8-K 1 jjsnack_8k-072312.htm FORM 8-K jjsnack_8k-072312.htm

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July  23, 2012

J & J SNACK FOODS CORP.

(Exact name of registrant as specified in its charter)
 
 
New Jersey
0-14616
22-1935537
 
 
(State or Other
(Commission
(I.R.S. Employer
 
 
Jurisdiction of Organization)
File Number)
Identification No.)
 
 
6000 Central Highway, Pennsauken, NJ 08109
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (856) 665-9533

N/A
(Former name or former address, if changed since last report)



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

(  )      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

(  )      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

(  )      Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2(b))

(  )      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
1

 
 
ITEM 2.02.  RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS

On July 23, 2012, J & J Snack Foods Corp. issued a press release regarding its earnings for the third quarter of fiscal year 2012.

 
ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.

(c) Exhibits

Exhibit Number 
Description of Document

99.1 
Press Release dated July  23, 2012
 
 
2

 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
  J & J SNACK FOODS CORP.  
     
       
 
By:
/s/ Gerald B. Shreiber  
    Gerald B. Shreiber  
    President  
       
       
 
By:
/s/ Dennis G. Moore  
    Dennis G. Moore  
    Chief Financial Officer  
       
Date:  July  23, 2012
 
 
3

 

EXHIBIT INDEX
 
Exhibit Number 
Description of Document

99.1 
Press Release dated July  23, 2012

 
4
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
 
6000 Central Highway
  (856) 532-6603
Pennsauken, NJ 08109
              
                                                                                                                                                                                                                                                                            
J & J SNACK FOODS
ANNOUNCES
SALES AND EARNINGS
 
Pennsauken, NJ, July 23, 2012 - - J & J Snack Foods Corp. (NASDAQ-JJSF) today announced sales and earnings for its third quarter and nine months ended June 23, 2012.

Sales for the third quarter increased 10% to $226.3 million from $206.3 million in last year’s third quarter. For the nine months ended June 23, 2012, sales increased 12% to $588.6 million from $524.7 million in the last year’s nine months.  Last year’s net earnings for the third quarter and the nine months included a $6.6 million gain on bargain purchase of a business.  Without the benefit of this one time gain last year, net earnings increased 12% to $18.7 million ($0.99 per diluted share) in this year’s quarter compared to $16.7 million ($0.89 per diluted share) last year and for the nine months, earnings increased 6% to $34.6 million ($1.83 per diluted share) from $32.5 million ($1.73 per diluted share) last year.

Last year’s reported net earnings, which included the $6.6 million gain, were $23.3 million ($1.24 per diluted share) for the quarter and $39.1 million ($2.08 per diluted share) for the nine months.
 
Operating income increased 10% to $29.9 million this year from $27.1 million in the year ago period for the quarter.  For the nine months, operating income increased 5% to $54.6 million from $52.0 million in the year ago period.

Gerald B. Shreiber, J & J’s President and Chief Executive Officer, commented, “All of our business groups contributed to our results for the period.  During the quarter, we completed the expansion of our Moscow Mills, MO and Carrollton, TX facilities.  We continue to make progress expanding our soft pretzel products, including rolls and Bavarian sticks into new venues.”

J & J Snack Foods Corp.’s principal products include SUPERPRETZEL, PRETZEL FILLERS and other soft pretzels, ICEE and  SLUSH PUPPIE frozen beverages, LUIGI’S, MAMA TISH’S, SHAPE UPS, and 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, TIO PEPE’S and CALIFORNIA CHURROS churros, THE FUNNEL CAKE FACTORY funnel cakes,  MRS. GOODCOOKIE, CAMDEN CREEK, COUNTRY HOME and READI-BAKE cookies, PATIO burritos and HAND FULLS and HOLLY RIDGE BAKERY filled handheld  products.  J & J has manufacturing facilities in Pennsauken, Bridgeport and Bellmawr, New Jersey; Scranton, Hatfield and Chambersburg, Pennsylvania; Carrollton, Texas; Atlanta, Georgia; Moscow Mills, Missouri; Pensacola, Florida; Colton, Vernon  and Norwalk, California; Holly Ridge, North Carolina; and Weston, Oregon.
 
*MINUTE MAID is a registered trademark of The Coca-Cola Company.


- more -

 
 

 
 
   
Consolidated Statement of Operations
(unaudited)
(in thousands, except per share amounts)
 
             
 
 
Three months ended
   
Nine months ended
 
   
June 23,
   
June 25,
   
June 23,
   
June 25,
 
   
2012
   
2011
   
2012
   
2011
 
                         
Net Sales
  $ 226,335     $ 206,328     $ 588,575     $ 524,691  
                                 
Cost of goods sold
    153,828       138,787       415,675       362,027  
  Gross Profit
    72,507       67,541       172,900       162,664  
                                 
Operating expenses
                               
  Marketing
    19,892       18,462       54,955       51,404  
  Distribution
    16,034       15,133       44,465       40,805  
  Administrative
    6,873       6,355       19,158       17,890  
  Other general (income) expense
    (183 )     530       (305 )     577  
      42,616       40,480       118,273       110,676  
                                 
Operating Income
    29,891       27,061       54,627       51,988  
                                 
Other income (expense)
                               
  Gain on bargain purchase of
                               
    a business
    -       6,580       -       6,580  
  Investment income
    397       251       1,132       694  
  Interest expense & other
    11       (34 )     (32 )     (106 )
                                 
Earnings before
                               
  income taxes
    30,299       33,858       55,727       59,156  
 
                               
Income taxes
    11,627       10,532       21,147       20,077  
                                 
  NET EARNINGS
  $ 18,672     $ 23,326     $ 34,580     $ 39,079  
                                 
Earnings per diluted share
  $ 0.99     $ 1.24     $ 1.83     $ 2.08  
                                 
Weighted average number
                               
  of diluted shares
    18,947       18,829       18,917       18,766  
 
                               
Earnings per basic share
  $ 0.99     $ 1.25     $ 1.83     $ 2.10  
                                 
Weighted average number of
                               
  basic shares
    18,886       18,700       18,850       18,639  
 
 
-2-

 
 
   
Consolidated Balance Sheets
 
   
June 23, 2012
   
September 24, 2011
 
     (unaudited)        
    (in thousands)  
Cash & cash equivalents
  $ 109,481     $ 87,479  
Current marketable securities held to maturity
    15,454       25,506  
Other current assets
    163,689       146,865  
Property, plant & equipment, net
    135,615       124,650  
Goodwill
    76,899       70,070  
Other intangible assets, net
    49,586       52,005  
Marketable securities held to maturity
    39,479       42,000  
Other
    3,256       2,241  
Total
  $ 593,459     $ 550,816  
Current liabilities
  $ 87,519     $ 75,848  
Long-term obligations under capital leases
    301       523  
Deferred income taxes
    41,024       41,050  
Other long-term obligations
    928       1,007  
Stockholders’ equity
    463,687       432,388  
Total
  $ 593,459     $ 550,816  
 
 
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.




##
 

-3-
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