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 21, 2006
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J & J SNACK FOODS CORP.
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(Exact name of registrant as specified in its charter)
New Jersey 0-14616 22-1935537
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Organization) File Number) Identification No.)
6000 Central Highway, Pennsauken, NJ 08109
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (856) 665-9533
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N/A
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneouusly 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 April 21, 2006, J & J Snack Foods Corp. issued a press release regarding its
earnings for the second quarter of fiscal 2006.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
Exhibit Number Description of Document
99.1 Press Release dated April 21, 2006
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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
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Gerald B. Shreiber
President
/s/ Dennis G. Moore
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Dennis G. Moore
Chief Financial Officer
Date: April 21, 2006
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EXHIBIT INDEX
Exhibit Number Description
99.1 Press Release dated April 21, 2006
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Exhibit 99.1
Profits Increase as J & J Snack
Foods Corp. Announces Record Quarter
PENNSAUKEN, N.J.--(BUSINESS WIRE)--April 21, 2006--J & J Snack
Foods Corp. (NASDAQ:JJSF) today announced record sales and earnings
for its second quarter and six months ended March 25, 2006.
Sales for the second quarter increased 13% to $112.0 million from
$99.4 million in last year's second quarter. Net earnings increased 9%
to $4.1 million from $3.8 million last year. Earnings per diluted
share were $.22 for the March quarter compared to $.20 last year.
Operating income increased 5% to $6.0 million this year from $5.7
million in the year ago period.
Operating income in this year's quarter was impacted by $357,000
of share-based compensation expense (expensing of stock options) and
net earnings were impacted by $250,000, or $.013 per diluted share.
Excluding the impact of share-based compensation expense recognized
this year and not last year, operating income increased 12% and net
earnings increased 16%.
For the six months ended March 25, 2006, sales increased 11% to
$220.7 million from $197.9 million in last year's first half. Net
earnings increased 14% to $7.1 million in the six months from $6.3
million last year. Earnings per diluted share were $.38 for the six
months compared to $.34 last year. Operating income increased 9% to
$10.2 million from $9.3 million in the year ago period.
Operating income in this year's six months was impacted by
$617,000 of share-based compensation expense (expensing of stock
options) and net earnings were impacted by $422,000, or $.023 per
diluted share. Excluding the impact of share-based compensation
expense recognized this year and not last year, operating income
increased 16% and net earnings increased 21%.
Gerald B. Shreiber, J & J's President and Chief Executive Officer,
commented, "We are reasonably pleased with our financial performance
given the escalating increase in our raw materials, packaging and
energy costs. Improvements in our food service and ICEE business
contributed to our increased earnings."
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* and BARQ'S**
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, Hatfield and Chambersburg, Pennsylvania; Carrollton, Texas;
Atlanta, Georgia and Vernon, (Los Angeles) California.
*MINUTE MAID is a registered trademark of The Coca-Cola Company.
**BARQ'S is a registered trademark of Barq's Inc.
***CHILL is a registered trademark of Wells Dairy, Inc.
Consolidated Statement of Operations
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Three Months Ended Six Months Ended
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March 25, March 26, March 25, March 26,
2006 2005 2006 2005
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(in thousands)
Net sales $ 112,044 $ 99,350 $ 220,615 $ 197,871
Cost of goods sold 76,818 67,154 152,272 135,679
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Gross profit 35,226 32,196 68,343 62,192
Operating expenses 29,232 26,503 58,152 52,845
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Operating income 5,994 5,693 10,191 9,347
Other income 725 358 1,399 656
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Earnings before
income taxes 6,719 6,051 11,590 10,003
Income taxes 2,582 2,261 4,443 3,731
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Net earnings $ 4,137 $ 3,790 $ 7,147 $ 6,272
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Earnings per diluted
share $ .22 $ .20 $ .38 $ .34
Earnings per basic
share $ .23 $ .21 $ .39 $ .35
Weighted average
number of diluted
shares 18,811 18,581 18,754 18,526
Weighted average
number of basic
shares 18,383 18,165 18,356 18,114
Consolidated Balance Sheets
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March 25, September 24,
2006 2005
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(in thousands)
Current assets $ 159,962 $ 154,233
Property, plant & equipment, net 88,640 89,045
Goodwill, net 54,122 53,622
Other intangibles, net 8,314 7,043
Other assets 2,161 1,981
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Total $ 313,199 $ 305,924
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Current liabilities 53,701 52,902
Deferred income taxes 17,987 17,987
Other long term obligations 743 273
Stockholders' equity 240,768 234,762
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Total $ 313,199 $ 305,924
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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