8-K

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): January 27, 2014

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))

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ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS

On January 27, 2014, J & J Snack Foods Corp. issued a press release regarding its earnings for the first quarter of fiscal 2014.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(c) Exhibits

Exhibit Number	Description of Document
99.1	Press Release dated January 27, 2014

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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
		/s/     Dennis G. Moore
		Dennis G. Moore
		Chief Financial Officer
Date: January 27, 2014

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EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release dated January 27, 2014

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EX-99

Exhibit 99.1

IMMEDIATE RELEASE	Contact:	Dennis G. Moore
FOR:		Senior Vice President
		Chief Financial Officer
		(856) 532-6603

 

6000 Central Highway

Pennsauken, NJ 08109

J & J SNACK FOODS

REPORTS FIRST QUARTER SALES

AND EARNINGS

Pennsauken, NJ, January 27, 2014 - - J & J Snack Foods Corp. (NASDAQ-JJSF) today announced sales and earnings for the first quarter ended December 28, 2013.

Sales increased 6% to $203.5 million from $191.4 million in last year’s first quarter. Net earnings increased 22% to $12.4 million in the current quarter from $10.2 million last year. Earnings per diluted share increased 22% to $.66 for the first quarter from $.54 last year. Operating income increased 19% to $18.0 million in the current quarter from $15.1 million in the year ago quarter.

Gerald B. Shreiber, J & J’s President and Chief Executive Officer, commented, “Our food service group continues to perform well as we continue  to expand our  line of soft pretzels into restaurant chains.  We have expanded our manufacturing capabilities in anticipation of continued growth in this area.”

J&J Snack Foods Corp. is a leader and innovator in the snack food industry, providing nutritional and affordable branded niche snack foods and beverages to foodservice and retail supermarket outlets.  Manufactured and distributed nationwide, our principal products include SUPERPRETZEL, PRETZEL FILLERS and other soft pretzels, ICEE and SLUSH PUPPIE frozen beverages, LUIGI’S Italian ice, MINUTE MAID* frozen juice bars and ices, WHOLE FRUIT sorbet, 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, and READI-BAKE cookies.  For more information, please visit us at www.jjsnack.com.

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

J & J SNACK FOODS CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)

(in thousands, except per share amounts)

	Three months ended
	December 28,			December 29,
	2013			2012
Net Sales	$	203,523		$	191,408
Cost of goods sold		143,617			137,273
Gross Profit		59,906			54,135
Operating expenses
Marketing		18,032			17,136
Distribution		16,120			15,400
Administrative		6,984			6,599
Other general expense (income)		799			(61	)
		41,935			39,074
Operating Income		17,971			15,061
Other income (expense)
Investment income		1,138			776
Interest expense & other		(36	)		(25	)
Earnings before income taxes		19,073			15,812
Income taxes		6,647			5,586
NET EARNINGS	$	12,426		$	10,226
Earnings per diluted share	$	0.66		$	0.54
Weighted average number of diluted shares		18,793			18,870
Earnings per basic share	$	0.67		$	0.54
Weighted average number of basic shares		18,679			18,807

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CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

	(unaudited)
	December 28,		September 28,
	2013		2013
Cash and cash equivalents	$	105,749	$	97,345
Current marketable securities held to maturity		-		256
Other current assets		159,599		167,116
Property, plant and equipment, at cost		152,085		147,164
Goodwill		84,615		76,899
Other intangible assets, net		43,718		44,012
Marketable securities held to maturity		2,000		2,000
Marketable securities available for sale		107,876		107,664
Other		3,495		3,205
Total	$	659,137	$	645,661
Current Liabilities	$	88,918	$	83,239
Long-term obligations under capital leases		458		136
Deferred income taxes		45,193		45,183
Other long-term liabilities		535		538
Stockholders' Equity		524,033		516,565
Total	$	659,137	$	645,661

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.

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