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): April 14, 2003
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 File Number) Identification No.)
of Organization)
6000 Central Highway, Pennsauken, NJ 08109
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (856) 665-9533
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
Exhibit Number Description of Document
99.1 Press Release dated April 14, 2003 (furnished pursuant to
Items 9 and 12 hereof)
99.2 Press Release dated April 23, 2003 (furnished pursuant to
Items 9 and 12 hereof)
ITEM 9. REGULATION FD DISCLOSURES
(Information is being provided under Item 12 as well as under Item 9, in
accordance with SEC Release No. 33-8216.)
On April 14, 2003, J & J Snack Foods Corp. issued a press release regarding its
repurchase of Company stock and authorization to repurchase additional shares.
This press release is furnished in this report, pursuant to Items 9 and 12
hereof, as Exhibit 99.1.
On April 23, 2003, J & J Snack Foods Corp. issued a press release regarding its
earnings for the second quarter of fiscal 2003 and for fiscal 2003. This press
release is furnished in this report, pursuant to Items 9 and 12 hereof, as
Exhibit 99.2.
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
/s/ Dennis G. Moore
------------------------
Dennis G. Moore
Chief Financial Officer
Date: April 23, 2003
EXHIBIT INDEX
Exhibit Number Description
99.1 Press Release dated April 14, 2003 (furnished pursuant to
Items 9 and 12 hereof)
99.2 Press Release dated April 23, 2003 (furnished pursuant to I
tems 9 and 12 hereof)
Exhibit 1
J & J Snack Foods Buys Back 275,000 Shares;
Increases Buyback Authorization by 500,000 Shares
PENNSAUKEN, N.J.--(BUSINESS WIRE)--April 14, 2003--J & J Snack
Foods Corp. (NASDAQ-JJSF) announced today that it has purchased and
retired 275,000 shares of its common stock under an existing buyback
authorization and that its board of directors has approved the
purchase and retirement of an additional 500,000 shares.
The Company said that it had purchased the 275,000 shares over the
past 2-1/2 months.
Gerald B. Shreiber, J & J's President and Chief Executive Officer,
commented, "This is consistent with our previous stated and announced
policy of the repurchase of J & J Snack Foods shares from time to
time. We will continue to purchase shares from time to time when we
feel it is appropriate to do so."
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.
CONTACT: J & J Snack Foods Corp.
Dennis G. Moore, 856/665-9533
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