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 23, 2009
J
& J SNACK FOODS CORP.
(Exact
name of registrant as specified in its charter)
|
New Jersey |
0-14616 |
22-1935537 |
||
|
(State or Other Jurisdiction of Organization) |
(Commission File Number) |
(I.R.S. Employer 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))
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On April 23, 2009, J & J Snack Foods Corp. issued a press release regarding its earnings for the second quarter of fiscal 2009.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
| Exhibit Number | Description of Document | |
| 99.1 | Press Release dated April 23, 2009 | |
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, 2009 |
||
EXHIBIT INDEX
|
Exhibit Number |
Description |
| 99.1 |
Press Release dated April 23, 2009 |
4
Exhibit 99.1
J & J Snack Foods Reports Second Quarter Sales and Earnings
PENNSAUKEN, N.J.--(BUSINESS WIRE)--April 23, 2009--J & J Snack Foods Corp. (NASDAQ-JJSF) today announced record sales and increased earnings for its second quarter and six months ended March 28, 2009.
Sales increased 4% to $149.4 million from $144.2 million in last year's second quarter. Net earnings increased 81% to $7.2 million from $4.0 million last year. Earnings per diluted share were $.39 for the March quarter compared to $.21 last year. Operating income increased 109% to $11.9 million this year from $5.7 million in the year ago period.
For the six months ended March 28, 2009, sales increased 6% to $290.5 million from $275.1 million in last year’s first half. Net earnings increased 96% to $11.6 million in the six months from $5.9 million last year. Earnings per diluted share were $.62 for the six months compared to $.31 last year. Operating income increased 133% to $18.7 million from $8.0 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 particularly considering the challenges in the overall economy. All of our business groups contributed as our Company continues to outperform others in our sector.”
J & J Snack Foods Corp.’s principal products include SUPERPRETZEL, PRETZEL FILLERS and other soft pretzels, ICEE, SLUSH PUPPIE and ARCTIC BLAST frozen beverages, LUIGI’S, MAMA TISH’S, SHAPE UPS, MINUTE MAID* and BARQ’S** frozen juice bars and ices, WHOLE FRUIT sorbet, FRUIT-A-FREEZE frozen fruit bars, MARY B’S biscuits and dumplings, DADDY RAY’S fig and fruit bars, 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; Moscow Mills, Missouri; Pensacola, Florida and Vernon and Newport, California.
*MINUTE MAID is a registered trademark of The Coca-Cola Company.
**BARQ’S is a registered trademark of Barq’s Inc.
|
|
Consolidated Statement of Operations |
|||||||||||
|
Three Months Ended |
Six Months Ended |
|||||||||||
| March 28, | March 29, | March 28, | March 29, | |||||||||
|
2009 |
2008 |
2009 |
2008 |
|||||||||
| (in thousands) | ||||||||||||
| Net sales | $ | 149,352 | $ | 144,229 | $ | 290,494 | $ | 275,127 | ||||
| Cost of goods sold | 103,975 | 103,829 | 204,435 | 199,340 | ||||||||
| Gross profit | 45,377 | 40,400 | 86,059 | 75,787 | ||||||||
| Operating expenses | 33,497 | 34,720 | 67,348 | 67,771 | ||||||||
| Operating income | 11,880 | 5,680 | 18,711 | 8,016 | ||||||||
| Other income | 270 | 658 | 702 | 1,437 | ||||||||
|
Earnings before income taxes |
12,150 | 6,338 | 19,413 | 9,453 | ||||||||
| Income taxes | 4,906 | 2,340 | 7,850 | 3,558 | ||||||||
| Net earnings | $ | 7,244 | $ | 3,998 | $ | 11,563 | $ | 5,895 | ||||
| Earnings per diluted share | $.39 | $.21 | $.62 | $.31 | ||||||||
| Earnings per basic share | $.39 | $.21 | $.62 | $.31 | ||||||||
|
Weighted average number of diluted shares |
18,618 | 18,982 | 18,696 | 19,029 | ||||||||
|
Weighted average number of basic shares |
18,425 | 18,785 | 18,520 | 18,777 | ||||||||
|
Consolidated Balance Sheets |
||||||
|
March 28, 2009 |
September 27, 2008 |
|||||
| (in thousands) | ||||||
| Cash & cash equivalents | $ | 49,836 | $ | 44,265 | ||
| Current marketable securities held to maturity | 14,307 | 2,470 | ||||
| Current auction market preferred stock | - | 14,000 | ||||
| Other current assets | 115,330 | 116,465 | ||||
| Property, plant & equipment, net | 91,688 | 93,064 | ||||
| Goodwill | 60,314 | 60,314 | ||||
| Other intangible assets, net | 51,379 | 53,633 | ||||
| Long-term auction market preferred stock | - | 21,200 | ||||
|
Long-term marketable securities held to maturity |
18,383 | - | ||||
| Other | 2,444 | 2,997 | ||||
| Total | $ | 403,681 | $ | 408,408 | ||
| Current liabilities | $ | 65,919 | $ | 66,194 | ||
| Long-term obligations under capital leases | 333 | 381 | ||||
| Deferred income taxes | 23,056 | 23,056 | ||||
| Other long-term liabilities | 1,970 | 1,999 | ||||
| Stockholders’ equity | 312,403 | 316,778 | ||||
| Total | $ | 403,681 | $ | 408,408 | ||
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
Senior
Vice President Chief Financial Officer
856-532-6603