0001437749-22-002216 | 10-Q | XBRL Viewer

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Dec. 25, 2021	Jan. 28, 2022
Document Information [Line Items]
Entity Central Index Key	0000785956
Entity Registrant Name	J&J SNACK FOODS CORP
Amendment Flag	false
Current Fiscal Year End Date	--09-25
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 25, 2021
Document Transition Report	false
Entity File Number	0-14616
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	22-1935537
Entity Address, Address Line One	6000 Central Highway
Entity Address, City or Town	Pennsauken
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08109
City Area Code	856
Local Phone Number	665-9533
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	JJSF
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		19,109,667

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Dec. 25, 2021	Sep. 25, 2021
Current assets
Cash and cash equivalents	$ 268,460	$ 283,192
Marketable securities held to maturity	5,506	7,980
Accounts receivable, net	162,585	162,939
Inventories	132,724	123,160
Prepaid expenses and other	6,771	7,498
Total current assets	576,046	584,769
Property, plant and equipment, at cost
Land	2,494	2,494
Buildings	26,582	26,582
Plant machinery and equipment	340,980	343,716
Marketing equipment	260,273	258,624
Transportation equipment	10,514	10,315
Office equipment	34,819	34,648
Improvements	47,595	45,578
Construction in progress	43,253	35,285
Total Property, plant and equipment, at cost	766,510	757,242
Less accumulated depreciation and amortization	495,516	490,055
Property, plant and equipment, net	270,994	267,187
Other assets
Goodwill	121,833	121,833
Other intangible assets, net	77,191	77,776
Marketable securities held to maturity	2,038	4,047
Marketable securities available for sale	7,327	10,084
Operating lease right-of-use assets	54,195	54,555
Other	2,282	1,968
Total other assets	264,866	270,263
Total Assets	1,111,906	1,122,219
Current Liabilities
Current finance lease liabilities	146	182
Accounts payable	91,010	96,789
Accrued insurance liability	15,352	16,260
Accrued liabilities	13,307	10,955
Current operating lease liabilities	13,512	13,395
Accrued compensation expense	12,688	17,968
Dividends payable	12,083	12,080
Total current liabilities	158,098	167,629
Noncurrent finance lease liabilities	354	392
Noncurrent operating lease liabilities	45,970	46,557
Deferred income taxes	61,061	61,578
Other long-term liabilities	425	409
Stockholders' Equity
Preferred stock, $1 par value; authorized 10,000,000 shares; none issued	0	0
Common stock, no par value; authorized, 50,000,000 shares; issued and outstanding 19,089,000 and 19,084,000 respectively	75,386	73,597
Accumulated other comprehensive loss	(13,827)	(13,383)
Retained Earnings	784,439	785,440
Total stockholders' equity	845,998	845,654
Total Liabilities and Stockholders' Equity	$ 1,111,906	$ 1,122,219

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Dec. 25, 2021	Sep. 25, 2021
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	19,089,000	19,084,000
Common stock, shares outstanding (in shares)	19,089,000	19,084,000

Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 25, 2021	Dec. 26, 2020
Net Sales	$ 318,490	$ 240,997
Cost of goods sold	239,115	190,872
Gross Profit	79,375	50,125
Operating expenses
Marketing	20,907	17,301
Distribution	33,315	22,889
Administrative	10,369	9,440
Other general expense	(61)	(83)
Total Operating Expenses	64,530	49,547
Operating Income	14,845	578
Other income (expense)
Investment income	271	1,370
Interest expense & other	(18)	(15)
Earnings before income taxes	15,098	1,933
Income tax expense	4,007	155
NET EARNINGS	$ 11,091	$ 1,778
Earnings per diluted share (in dollars per share)	$ 0.58	$ 0.09
Weighted average number of diluted shares (in shares)	19,153	19,031
Earnings per basic share (in dollars per share)	$ 0.58	$ 0.09
Weighted average number of basic shares (in shares)	19,085	18,935

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 25, 2021	Dec. 26, 2020
Net Earnings	$ 11,091	$ 1,778
Foreign currency translation adjustments	(444)	2,279
Total other comprehensive (loss) income	(444)	2,279
Comprehensive Income	$ 10,647	$ 4,057

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock Including Additional Paid in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Sep. 26, 2020	18,915,000
Balance at Sep. 26, 2020	$ 49,268	$ (15,587)	$ 775,817	$ 809,498
Issuance of common stock upon exercise of stock options (in shares)	41,000
Issuance of common stock upon exercise of stock options	$ 4,390	0	0	4,390
Foreign currency translation adjustment	0	2,279	0	2,279
Dividends declared	0	0	(10,900)	(10,900)
Share-based compensation	1,244	0		1,244
Net earnings	$ 0	0	1,778	1,778
Balance (in shares) at Dec. 26, 2020	18,956,000
Balance at Dec. 26, 2020	$ 54,902	(13,308)	766,695	$ 808,289
Balance (in shares) at Sep. 25, 2021	19,084,000			19,084,000
Balance at Sep. 25, 2021	$ 73,597	(13,383)	785,440	$ 845,654
Issuance of common stock upon exercise of stock options (in shares)	5,000
Issuance of common stock upon exercise of stock options	$ 706	0	0	706
Foreign currency translation adjustment	0	(444)	0	(444)
Dividends declared	0	0	(12,092)	(12,092)
Share-based compensation	1,083	0	0	1,083
Net earnings	$ 0	0	11,091	$ 11,091
Balance (in shares) at Dec. 25, 2021	19,089,000			19,089,000
Balance at Dec. 25, 2021	$ 75,386	$ (13,827)	$ 784,439	$ 845,998

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Dec. 25, 2021	Dec. 26, 2020
Operating activities:
Net earnings	$ 11,091,000	$ 1,778,000
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation of fixed assets	11,923,000	12,269,000
Amortization of intangibles and deferred costs	588,000	679,000
Gains from disposals of property & equipment	(27,000)	0
Share-based compensation	1,083,000	1,244,000
Deferred income taxes	(529,000)	(8,000)
Loss (gain) on marketable securities	44,000	(681,000)
Other	(4,000)	(80,000)
Changes in assets and liabilities net of effects from purchase of companies
Decrease in accounts receivable	231,000	13,701,000
Increase in inventories	(9,958,000)	(5,641,000)
Decrease (increase) in prepaid expenses	719,000	(889,000)
Decrease in accounts payable and accrued liabilities	(9,707,000)	(1,068,000)
Net cash provided by operating activities	5,454,000	21,304,000
Investing activities:
Purchases of property, plant and equipment	(16,100,000)	(9,676,000)
Proceeds from redemption and sales of marketable securities	7,200,000	26,148,000
Proceeds from disposal of property and equipment	231,000	880,000
Other	0	15,000
Net cash provided by (used in) investing activities	(8,669,000)	17,367,000
Financing activities:
Proceeds from issuance of stock	706,000	4,390,000
Payments on finance lease obligations	(74,000)	(86,000)
Payment of cash dividend	(12,080,000)	(10,876,000)
Net cash used in financing activities	(11,448,000)	(6,572,000)
Effect of exchange rate on cash and cash equivalents	(69,000)	427,000
Net increase (decrease) in cash and cash equivalents	(14,732,000)	32,526,000
Cash and cash equivalents at beginning of period	283,192,000	195,809,000
Cash and cash equivalents at end of period	$ 268,460,000	$ 228,335,000

Note 1

3 Months Ended

Dec. 25, 2021

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

Note 1

The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. They do not include all information and notes required by generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended September 25, 2021.

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position and the results of operations and cash flows.

The results of operations for the three months ended December 25, 2021 and December 26, 2020 are not necessarily indicative of results for the full year. Sales of our frozen beverages and frozen juice bars are generally higher in the third and fourth quarters due to warmer weather. Also, approximately 2/3 of our sales are to venues and locations that previously shut down or sharply curtailed their foodservice operations as a result of COVID-19. While the majority of these venues have reopened, the extent of the future impact of COVID-19 on our operations depends on future developments of the virus and its effects which are uncertain at this time.

While we believe that the disclosures presented are adequate to make the information not misleading, it is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and the notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 25, 2021.

Note 2

3 Months Ended

Dec. 25, 2021

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

Note 2

Revenue Recognition

When Performance Obligations Are Satisfied

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account for revenue recognition. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied.

The singular performance obligation of our customer contracts for product and machine sales is determined by each individual purchase order and the respective products ordered, with revenue being recognized at a point-in-time when the obligation under the terms of the agreement is satisfied and product control is transferred to our customer. Specifically, control transfers to our customers when the product is delivered to, installed or picked up by our customers based upon applicable shipping terms, as our customers can direct the use and obtain substantially all of the remaining benefits from the product at this point in time. The performance obligations in our customer contracts for product are generally satisfied within 30 days.

The singular performance obligation of our customer contracts for time and material repair and maintenance equipment service is the performance of the repair and maintenance with revenue being recognized at a point-in-time when the repair and maintenance is completed.

The singular performance obligation of our customer repair and maintenance equipment service contracts is the performance of the repair and maintenance with revenue being recognized over the time the service is expected to be performed. Our customers are billed for service contracts in advance of performance and therefore we have contract liability recorded within Accrued liabilities on our balance sheet.

Significant Payment Terms

In general, within our customer contracts, the purchase order identifies the product, quantity, price, pick-up allowances, payment terms and final delivery terms. Although some payment terms may be more extended, presently the majority of our payment terms are 30 days. As a result, we have used the available practical expedient and, consequently, do not adjust our revenues for the effects of a significant financing component.

Shipping

All amounts billed to customers related to shipping and handling are classified as revenues; therefore, we recognize revenue for shipping and handling fees at the time the products are shipped or when services are performed. The cost of shipping products to the customer is recognized at the time the products are shipped to the customer and our policy is to classify them as Distribution expenses.

Variable Consideration

In addition to fixed contract consideration, our contracts include some form of variable consideration, including sales discounts, trade promotions and certain other sales and consumer incentives, including rebates and coupon redemptions. In general, variable consideration is treated as a reduction in revenue when the related revenue is recognized. Depending on the specific type of variable consideration, we use the most likely amount method to determine the variable consideration. We believe there will be no significant changes to our estimates of variable consideration when any related uncertainties are resolved with our customers. We review and update our estimates and related accruals of variable consideration each period based on historical experience. Our recorded liability for allowances, end-user pricing adjustments and trade spending was approximately $13.9 million at December 25, 2021 and $14.6 million at September 25, 2021.

Warranties & Returns

We provide all customers with a standard or assurance type warranty. Either stated or implied, we provide assurance the related products will comply with all agreed-upon specifications and other warranties provided under the law. No services beyond an assurance warranty are provided to our customers.

We do not grant a general right of return. However, customers may return defective or non-conforming products. Customer remedies may include either a cash refund or an exchange of the product. We do not estimate a right of return and related refund liability as returns of our products are rare.

Contract Balances

Our customers are billed for service contracts in advance of performance and therefore we have contract liability on our balance sheet as follows:

	Three Months Ended
	December 25,			December 26,
	2021			2020
	(in thousands)

Beginning Balance	$	1,097		$	1,327
Additions to contract liability		1,199			1,744
Amounts recognized as revenue		(1,266	)		(1,355	)
Ending Balance	$	1,030		$	1,716

Disaggregation of Revenue

See Note 9 for disaggregation of our net sales by class of similar product and type of customer.

Allowance for Doubtful Receivables

We provide an allowance for doubtful receivables after taking into consideration historical experience and other factors. On September 27, 2020, the Company adopted guidance issued by the FASB in ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which requires companies to recognize an allowance that reflects a current estimate of credit losses expected to be incurred over the life of the asset. Adoption of this new guidance did not have a material impact on the consolidated financial statements. The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses. The allowance for doubtful accounts considers a number of factors including the age of receivable balances, the history of losses, expectations of future credit losses, and the customers’ ability to pay off obligations. The allowance for doubtful receivables was $1,377,000 and $1,405,000 on December 25, 2021 and September 25, 2021, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Note 3

3 Months Ended

Dec. 25, 2021

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

Note 3

Depreciation of equipment and buildings is provided for by the straight-line method over the assets’ estimated useful lives. Amortization of improvements is provided for by the straight-line method over the term of the lease or the assets’ estimated useful lives, whichever is shorter. Licenses and rights, customer relationships and non-compete agreements arising from acquisitions are amortized by the straight-line method over periods ranging from 2 to 20 years. Depreciation expense was $11,923,000 and $12,269,000 for the three months ended December 25, 2021 and December 26, 2020, respectively.

Note 4

3 Months Ended

Dec. 25, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 4

Basic earnings per common share (EPS) excludes dilution and is computed by dividing income available to common shareholders by the weighted average common shares outstanding during the period. Diluted EPS takes into consideration the potential dilution that could occur if securities (stock options) or other contracts to issue common stock were exercised and converted into common stock. Our calculation of EPS is as follows:

	Three Months Ended December 25, 2021
	Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount

	(in thousands, except per share amounts)
Basic EPS
Net Earnings available to common stockholders	$	11,091		19,085	$	0.58

Effect of Dilutive Securities
Options		-		68		-

Diluted EPS
Net Earnings available to common stockholders plus assumed conversions	$	11,091		19,153	$	0.58

318,172 anti-dilutive shares have been excluded in the computation of EPS for the three months ended December 25, 2021.

	Three Months Ended December 26, 2020
	Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount

	(in thousands, except per share amounts)
Basic EPS
Net Earnings available to common stockholders	$	1,778		18,935	$	0.09

Effect of Dilutive Securities
Options		-		96		-

Diluted EPS
Net Earnings available to common stockholders plus assumed conversions	$	1,778		19,031	$	0.09

187,722 anti-dilutive shares have been excluded in the computation of EPS for the three months ended December 26, 2020.

Note 5

3 Months Ended

Dec. 25, 2021

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

Note 5

At December 25, 2021, the Company has three stock-based employee compensation plans. Share-based compensation expense was recognized as follows:

	Three months ended
	December 25,		December 26,
	2021		2020
	(in thousands)


Stock Options	$	814	$	546
Stock purchase plan		60		278
Stock issued to an outside director		11		-
Restricted stock units issued to employees		72		-
Performance stock units issued to employees		39		-
Total share-based compensation	$	996	$	824

The above compensation is net of tax benefits	$	87	$	420

The fair value of each option grant is estimated on the date of grant using the Black-Scholes options-pricing model.

The Company did not grant any stock options during the fiscal years 2022 and 2021 three-month periods, respectively.

During the fiscal year 2022 three-month period, the Company issued 8,873 service share unit’s (“RSU”)’s. Each RSU entitles the awardee to one share of common stock upon vesting. The fair value of the RSU’s was determined based upon the closing price of the Company’s common stock on the date of grant. No such RSU’s were issued in the fiscal year 2021 three-month period.

During the fiscal year 2022 three-month period, the Company also issued 8,868 performance share units (“PSU”)’s. Each PSU may result in the issuance of up to two shares of common stock upon vesting, dependent upon the level of achievement of the applicable Performance Goal. The fair value of the PSU’s was determined based upon the closing price of the Company’s common stock on the date of grant. Additionally, the Company applies a quarterly probability assessment in computing this non-cash compensation expense, and any change in estimate is reflected as a cumulative adjustment to expense in the quarter of the change. No such PSU’s were issued in the fiscal year 2021 three-month period.

Expected volatility is based on the historical volatility of the price of our common shares over the past 51 months for 5 year options and 10 years for 10 year options. We use historical information to estimate expected life and forfeitures within the valuation model. The expected term of awards represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Compensation cost is recognized using a straight-line method over the vesting or service period and is net of estimated forfeitures.

Note 6

3 Months Ended

Dec. 25, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note 6

We account for our income taxes under the liability method. Under the liability method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates that will be in effect when these differences reverse. Deferred tax expense is the result of changes in deferred tax assets and liabilities.

Additionally, we recognize a liability for income taxes and associated penalties and interest for tax positions taken or expected to be taken in a tax return which are more likely than not to be overturned by taxing authorities (“uncertain tax positions”). We have not recognized a tax benefit in our financial statements for these uncertain tax positions.

The total amount of gross unrecognized tax benefits is $343,000 on both December 25, 2021 and September 25, 2021, all of which would impact our effective tax rate over time, if recognized. We recognize interest and penalties related to uncertain tax positions as a part of the provision for income taxes. As of December 25, 2021 and September 25, 2021, the Company has $267,000 of accrued interest and penalties.

In addition to our federal tax return and tax returns for Mexico and Canada, we file tax returns in all states that have a corporate income tax with virtually all open for examination for three to four years.

Our effective tax rate for the three months ended December 25, 2021 was 27%. Our effective tax rate was 8% in last year’s quarter primarily due to a $420,000 tax benefit related to share based compensation.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Note 7

3 Months Ended

Dec. 25, 2021

Notes to Financial Statements

Accounting Standards Update and Change in Accounting Principle [Text Block]

Note 7

In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which changes the impairment model used to measure credit losses for most financial assets. We are required to recognize an allowance that reflects the Company’s current estimate of credit losses expected to be incurred over the life of the financial asset, including trade receivables and held-to-maturity debt securities.

The Company adopted this guidance in the first quarter of Fiscal 2021 using the modified retrospective transition method. The adoption of ASU 2016-13 did not have a material impact on the Company’s Consolidated Financial Statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Note 8

3 Months Ended

Dec. 25, 2021

Notes to Financial Statements

Inventory Disclosure [Text Block]

Note 8

Inventories consist of the following:

	December 25,		September 25,
	2021		2021
	(unaudited)
	(in thousands)

Finished goods	$	53,734	$	49,756
Raw materials		33,153		29,529
Packaging materials		13,172		11,168
Equipment parts and other		32,665		32,707
Total Inventories	$	132,724	$	123,160

Note 9

3 Months Ended

Dec. 25, 2021

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

Note 9

We principally sell our products to the food service and retail supermarket industries. Sales and results of our frozen beverages business are monitored separately from the balance of our food service business because of different distribution and capital requirements. We maintain separate and discrete financial information for the three operating segments mentioned above which is available to our Chief Operating Decision Maker.

Our three reportable segments are Food Service, Retail Supermarkets and Frozen Beverages. All inter-segment net sales and expenses have been eliminated in computing net sales and operating income. These segments are described below.

Food Service

The primary products sold by the food service segment are soft pretzels, frozen novelties, churros, handheld products and baked goods. Our customers in the food service segment include snack bars and food stands in chain, department and discount stores; malls and shopping centers; casual dining restaurants, fast food outlets; stadiums and sports arenas; leisure and theme parks; convenience stores; movie theatres; warehouse club stores; schools, colleges and other institutions. Within the food service industry, our products are purchased by the consumer primarily for consumption at the point-of-sale.

Retail Supermarkets

The primary products sold to the retail supermarket channel are soft pretzel products – including SUPERPRETZEL, frozen novelties including LUIGI’S Real Italian Ice, MINUTE MAID Juice Bars and Soft Frozen Lemonade, WHOLE FRUIT frozen fruit bars and sorbet, PHILLY SWIRL cups and sticks, ICEE Squeeze-Up Tubes and handheld products. Within the retail supermarket channel, our frozen and prepackaged products are purchased by the consumer for consumption at home.

Frozen Beverages

The Company markets frozen beverages primarily under the names ICEE, SLUSH PUPPIE and PARROT ICE which are sold primarily in the United States, Mexico and Canada. We also provide repair and maintenance service to customers for customers’ owned equipment.

The Chief Operating Decision Maker for Food Service, Retail Supermarkets and Frozen Beverages reviews monthly detailed operating income statements and sales reports in order to assess performance and allocate resources to each individual segment. Sales and operating income are key variables monitored by the Chief Operating Decision Maker and management when determining each segment’s and the Company’s financial condition and operating performance. In addition, the Chief Operating Decision Maker reviews and evaluates depreciation, capital spending and assets of each segment on a quarterly basis to monitor cash flow and asset needs of each segment. Information regarding the operations in these three reportable segments is as follows:

	Three months ended
	December 25,			December 26,
	2021			2020
	(unaudited)
	(in thousands)
Sales to External Customers:
Food Service
Soft pretzels	$	50,421		$	32,687
Frozen novelties		8,457			6,295
Churros		19,489			11,542
Handhelds		18,495			17,611
Bakery		107,831			88,964
Other		7,039			3,326
Total Food Service	$	211,732		$	160,425

Retail Supermarket
Soft pretzels	$	16,194		$	13,888
Frozen novelties		17,802			15,316
Biscuits		8,271			7,660
Handhelds		1,276			2,780
Coupon redemption		(896	)		(1,075	)
Other		48			525
Total Retail Supermarket	$	42,695		$	39,094

Frozen Beverages
Beverages	$	33,763		$	15,855
Repair and maintenance service		22,011			18,896
Machines revenue		7,847			6,489
Other		442			238
Total Frozen Beverages	$	64,063		$	41,478

Consolidated Sales	$	318,490		$	240,997

Depreciation and Amortization:
Food Service	$	6,669		$	6,786
Retail Supermarket		366			386
Frozen Beverages		5,476			5,776
Total Depreciation and Amortization	$	12,511		$	12,948

Operating Income :
Food Service	$	9,001		$	6,180
Retail Supermarket		4,984			4,723
Frozen Beverages		860			(10,325	)
Total Operating Income	$	14,845		$	578

Capital Expenditures:
Food Service	$	10,233		$	8,286
Retail Supermarket		2,529			21
Frozen Beverages		3,338			1,369
Total Capital Expenditures	$	16,100		$	9,676

Assets:
Food Service	$	794,819		$	744,277
Retail Supermarket		29,802			31,668
Frozen Beverages		287,285			275,898
Total Assets	$	1,111,906		$	1,051,843

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Note 10

3 Months Ended

Dec. 25, 2021

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

Note 10

Our three reporting units, which are also reportable segments, are Food Service, Retail Supermarkets and Frozen Beverages.

The carrying amounts of acquired intangible assets for the Food Service, Retail Supermarkets and Frozen Beverage segments as of December 25, 2021 and September 25, 2021 are as follows:

	December 25, 2021				September 25, 2021
	Gross				Gross
	Carrying		Accumulated		Carrying		Accumulated
	Amount		Amortization		Amount		Amortization
	(in thousands)
FOOD SERVICE

Indefinite lived intangible assets
Trade names	$	9,596	$	-	$	10,408	$	812

Amortized intangible assets
Non compete agreements		670		670		670		670
Customer relationships		13,000		6,513		13,000		6,188
License and rights		1,690		1,418		1,690		1,396
TOTAL FOOD SERVICE	$	24,956	$	8,601	$	25,768	$	9,066

RETAIL SUPERMARKETS

Indefinite lived intangible assets
Trade names	$	12,316	$	-	$	12,777	$	461

Amortized Intangible Assets
Trade names		649		649		649		649
Customer relationships		7,907		6,115		7,907		5,931
TOTAL RETAIL SUPERMARKETS	$	20,872	$	6,764	$	21,333	$	7,041


FROZEN BEVERAGES

Indefinite lived intangible assets
Trade names	$	9,315	$	-	$	9,315	$	-
Distribution rights		36,100		-		36,100		-

Amortized intangible assets
Customer relationships		1,439		437		1,439		400
Licenses and rights		1,400		1,089		1,400		1,072
TOTAL FROZEN BEVERAGES	$	48,254	$	1,526	$	48,254	$	1,472

CONSOLIDATED	$	94,082	$	16,891	$	95,355	$	17,579

Amortizing intangible assets are being amortized by the straight-line method over periods ranging from 2 to 20 years and amortization expense is reflected throughout operating expenses. Aggregate amortization expense of intangible assets for the three months ended December 25, 2021 and December 26, 2020 was $588,000 and $679,000, respectively.

Estimated amortization expense for the next five fiscal years is approximately $2,300,000 in 2022, $2,300,000 in 2023, $2,000,000 in 2024, $1,400,000 in 2025 and $1,400,000 in 2026. The weighted amortization period of the intangible assets is 11.2 years.

Goodwill

The carrying amounts of goodwill for the Food Service, Retail Supermarket and Frozen Beverage segments are as follows:

	Food Service		Retail Supermarket		Frozen Beverages		Total
	(in thousands)
Balance at December 25, 2021	$	61,189	$	4,146	$	56,498	$	121,833

Balance at September 25, 2021	$	61,189	$	4,146	$	56,498	$	121,833

Note 11

3 Months Ended

Dec. 25, 2021

Notes to Financial Statements

Fair Value Disclosures [Text Block]

Note 11

We have classified our investment securities as marketable securities held to maturity and available for sale. The FASB defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the FASB has established three levels of inputs that may be used to measure fair value:

Level 1

Observable input such as quoted prices in active markets for identical assets or liabilities;

Level 2

Observable inputs, other than Level 1 inputs in active markets, that are observable either directly or indirectly; and

Level 3

Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions.

Marketable securities held to maturity and available for sale consist primarily of investments in mutual funds, preferred stock and corporate bonds. The fair values of mutual funds are based on quoted market prices in active markets and are classified within Level 1 of the fair value hierarchy. The fair values of preferred stock, corporate bonds and certificates of deposit are based on quoted prices for identical or similar instruments in markets that are not active. As a result, preferred stock, corporate bonds and certificates of deposit are classified within Level 2 of the fair value hierarchy.

The amortized cost, unrealized gains and losses, and fair market values of our investment securities held to maturity at December 25, 2021 are summarized as follows:

			Gross		Gross		Fair
	*Amortized*		*Unrealized*		*Unrealized*		*Market*
	*Cost*		*Gains*		*Losses*		*Value*
	(in thousands)

Corporate Bonds	$	7,544	$	49	$	21	$	7,572
Total marketable securities held to maturity	$	7,544	$	49	$	21	$	7,572

The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at December 25, 2021 are summarized as follows:

			Gross		Gross		Fair
	*Amortized*		*Unrealized*		*Unrealized*		*Market*
	*Cost*		*Gains*		*Losses*		*Value*
	(in thousands)

Mutual Funds	$	3,588	$	-	$	547	$	3,041
Preferred Stock		4,139		155		8		4,286
Total marketable securities available for sale	$	7,727	$	155	$	555	$	7,327

The mutual funds seek current income with an emphasis on maintaining low volatility and overall moderate duration. The Fixed-to-Floating Perpetual Preferred Stock generate fixed income to call dates in 2025 and then income is based on a spread above LIBOR if the securities are not called. The mutual funds and Fixed-to-Floating Perpetual Preferred Stock do not have contractual maturities; however, we classify them as long-term assets as it is our intent to hold them for a period of over one year, although we may sell some or all of them depending on presently unanticipated needs for liquidity or market conditions. The corporate bonds generate fixed income to maturity dates in 2022 through 2023, with $8 million maturing within 2 years. Our expectation is that we will hold the corporate bonds to their maturity dates and redeem them at our amortized cost.

The amortized cost, unrealized gains and losses, and fair market values of our investment securities held to maturity at September 25, 2021 are summarized as follows:

			Gross		Gross		Fair
	*Amortized*		*Unrealized*		*Unrealized*		*Market*
	*Cost*		*Gains*		*Losses*		*Value*
	(in thousands)

Corporate Bonds	$	12,027	$	123	$	18	$	12,132
Total marketable securities held to maturity	$	12,027	$	123	$	18	$	12,132

The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at September 25, 2021 are summarized as follows:

			Gross		Gross		Fair
	*Amortized*		*Unrealized*		*Unrealized*		*Market*
	*Cost*		*Gains*		*Losses*		*Value*
	(in thousands)

Mutual Funds	$	3,588	$	-	$	536	$	3,052
Preferred Stock		6,892		175		35		7,032
Total marketable securities available for sale	$	10,480	$	175	$	571	$	10,084

The amortized cost and fair value of the Company’s held to maturity securities by contractual maturity at December 25, 2021 and September 25, 2021 are summarized as follows:

	December 25, 2021				September 25, 2021

			*Fair*				*Fair*
	*Amortized*		*Market*		*Amortized*		*Market*
	*Cost*		*Value*		*Cost*		*Value*
	(in thousands)
Due in one year or less	$	5,506	$	5,520	$	7,980	$	8,080
Due after one year through five years		2,038		2,052		4,047		4,052
Due after five years through ten years		-		-		-		-
Total held to maturity securities	$	7,544	$	7,572	$	12,027	$	12,132
Less current portion		5,506		5,520		7,980		8,080
Long term held to maturity securities	$	2,038	$	2,052	$	4,047	$	4,052

Proceeds from the redemption and sale of marketable securities were $7,200,000 in the three months ended December 25, 2021, and $26,148,000 in the three months ended December 26, 2020, respectively. Losses of $44,000 and $78,000 were recorded in the three months ended December 25, 2021 and December 26, 2020, respectively, which included an unrealized loss on marketable securities of $5,000 and an unrealized gain on marketable securities of $603,000 in the three months ended December 25, 2021 and December 26, 2020, respectively. We use the specific identification method to determine the cost of securities sold.

Total marketable securities held to maturity as of December 25, 2021 with credit ratings of BBB/BB/B had an amortized cost basis totaling $7,544,000. This rating information was obtained December 31, 2021.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 12

3 Months Ended

Dec. 25, 2021

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

Note 12

Changes to the components of accumulated other comprehensive loss are as follows:

	Three Months ended December 25, 2021
	(unaudited)
	(in thousands)


	*Foreign Currency*
	*Translation Adjustments*

Beginning Balance	$	(13,383	)

Other comprehensive income		(444	)
Ending Balance	$	(13,827	)

	Three Months ended December 26, 2020
	(unaudited)
	(in thousands)


	*Foreign Currency*
	*Translation Adjustments*

Beginning Balance	$	(15,587	)

Other comprehensive income		2,279
Ending Balance	$	(13,308	)

Note 13 - Leases

3 Months Ended

Dec. 25, 2021

Notes to Financial Statements

Lessee, Leases [Text Block]

Note 13 – Leases

General Lease Description

We have operating leases with initial noncancelable lease terms in excess of one year covering the rental of various facilities and equipment. Certain of these leases contain renewal options and some provide options to purchase during the lease term. Our operating leases include leases for real estate for some of our office and manufacturing facilities as well as manufacturing and non-manufacturing equipment used in our business. The remaining lease terms for these operating leases range from 1 month to 13 years.

We have finance leases with initial noncancelable lease terms in excess of one year covering the rental of various equipment. These leases are generally for manufacturing and non-manufacturing equipment used in our business. The remaining lease terms for these finance leases range from 1 year to 6 years.

Significant Assumptions and Judgments

Contract Contains a Lease

In evaluating our contracts to determine whether a contract is or contains a lease, we considered the following:

•	Whether explicitly or implicitly identified assets have been deployed in the contract; and

•	Whether we obtain substantially all of the economic benefits from the use of that underlying asset, and we can direct how and for what purpose the asset is used during the term of the contract.

Allocation of Consideration

In determining how to allocate consideration between lease and non-lease components in a contract that was deemed to contain a lease, we used judgment and consistent application of assumptions to reasonably allocate the consideration.

Options to Extend or Terminate Leases

We have leases which contain options to extend or terminate the leases. On a lease-by-lease basis, we have determined if the extension should be considered reasonably certain to be exercised and thus a right-of-use asset and a lease liability should be recorded.

Discount Rate

The discount rate for leases, if not explicitly stated in the lease, is the incremental borrowing rate, which is the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.

We used the discount rate to calculate the present value of the lease liability at the date of adoption. In the development of the discount rate, we considered our incremental borrowing rate as provided by our lender which was based on cash collateral and credit risk specific to us, and our lease portfolio characteristics.

As of December 25, 2021, the weighted-average discount rate of our operating and finance leases was 3.3% and 3.2%, respectively.

Practical Expedients and Accounting Policy Elections

We elected the package of practical expedients that permits us not to reassess our prior conclusions about lease identification, lease classification and initial direct costs and made an accounting policy election to exclude short-term leases with an initial term of 12 months or less from our Consolidated Balance Sheets.

Amounts Recognized in the Financial Statements

The components of lease expense were as follows:

	Three Months Ended		Three Months Ended
	December 25, 2021		December 26, 2020
	(in thousands)		(in thousands)

Operating lease cost in Cost of goods sold and Operating Expenses	$	1,458	$	1,356
Finance lease cost:
Amortization of assets in Cost of goods sold and Operating Expenses		72		412
Interest on lease liabilities in Interest expense & other		5		14
Total finance lease cost		77		426
Short-term lease cost in Cost of goods sold and Operating Expenses		-		-
Total net lease cost	$	1,535	$	1,782

Supplemental balance sheet information related to leases is as follows:

	December 25, 2021		September 25, 2021
	(in thousands)		(in thousands)
Operating Leases
Operating lease right-of-use assets	$	54,195	$	54,555

Current operating lease liabilities	$	13,512	$	13,395
Noncurrent operating lease liabilities		45,970		46,557
Total operating lease liabilities	$	59,482	$	59,952

Finance Leases
Finance lease right-of-use assets in Property, plant and equipment, net	$	171	$	561

Current finance lease liabilities	$	146	$	182
Noncurrent finance lease liabilities		354		392
Total finance lease liabilities	$	500	$	574

Supplemental cash flow information related to leases is as follows:

	Three Months Ended		Three Months Ended
	December 25, 2021		December 26, 2020
	(in thousands)		(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,534	$	1,427
Operating cash flows from finance leases	$	5	$	86
Financing cash flows from finance leases	$	74	$	14

Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets	$	1,143	$	776
Supplemental noncash information on lease liabilities removed due to purchase of leased asset	$	-	$	-

As of December 25, 2021, the maturities of lease liabilities were as follows:

	(in thousands)
	Operating Leases			Finance Leases
Nine months ending September 24, 2022	$	11,600		$	134
2023		13,520			136
2024		10,716			136
2025		7,478			65
2026		5,108			39
Thereafter		18,079			29
Total minimum payments	$	66,501		$	540
Less amount representing interest		(7,018	)		(40	)
Present value of lease obligations	$	59,482		$	500

As of December 25, 2021 the weighted-average remaining term of our operating and finance leases was 6.4 years and 4.0 years, respectively.

Note 2 (Tables)

3 Months Ended

Dec. 25, 2021

Notes Tables

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

	Three Months Ended
	December 25,			December 26,
	2021			2020
	(in thousands)

Beginning Balance	$	1,097		$	1,327
Additions to contract liability		1,199			1,744
Amounts recognized as revenue		(1,266	)		(1,355	)
Ending Balance	$	1,030		$	1,716

Note 4 (Tables)

3 Months Ended

Dec. 25, 2021

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended December 25, 2021
	Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount

	(in thousands, except per share amounts)
Basic EPS
Net Earnings available to common stockholders	$	11,091		19,085	$	0.58

Effect of Dilutive Securities
Options		-		68		-

Diluted EPS
Net Earnings available to common stockholders plus assumed conversions	$	11,091		19,153	$	0.58

	Three Months Ended December 26, 2020
	Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount

	(in thousands, except per share amounts)
Basic EPS
Net Earnings available to common stockholders	$	1,778		18,935	$	0.09

Effect of Dilutive Securities
Options		-		96		-

Diluted EPS
Net Earnings available to common stockholders plus assumed conversions	$	1,778		19,031	$	0.09

Note 5 (Tables)

3 Months Ended

Dec. 25, 2021

Notes Tables

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]

	Three months ended
	December 25,		December 26,
	2021		2020
	(in thousands)


Stock Options	$	814	$	546
Stock purchase plan		60		278
Stock issued to an outside director		11		-
Restricted stock units issued to employees		72		-
Performance stock units issued to employees		39		-
Total share-based compensation	$	996	$	824

The above compensation is net of tax benefits	$	87	$	420

Note 8 (Tables)

3 Months Ended

Dec. 25, 2021

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	December 25,		September 25,
	2021		2021
	(unaudited)
	(in thousands)

Finished goods	$	53,734	$	49,756
Raw materials		33,153		29,529
Packaging materials		13,172		11,168
Equipment parts and other		32,665		32,707
Total Inventories	$	132,724	$	123,160

Note 9 (Tables)

3 Months Ended

Dec. 25, 2021

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Three months ended
	December 25,			December 26,
	2021			2020
	(unaudited)
	(in thousands)
Sales to External Customers:
Food Service
Soft pretzels	$	50,421		$	32,687
Frozen novelties		8,457			6,295
Churros		19,489			11,542
Handhelds		18,495			17,611
Bakery		107,831			88,964
Other		7,039			3,326
Total Food Service	$	211,732		$	160,425

Retail Supermarket
Soft pretzels	$	16,194		$	13,888
Frozen novelties		17,802			15,316
Biscuits		8,271			7,660
Handhelds		1,276			2,780
Coupon redemption		(896	)		(1,075	)
Other		48			525
Total Retail Supermarket	$	42,695		$	39,094

Frozen Beverages
Beverages	$	33,763		$	15,855
Repair and maintenance service		22,011			18,896
Machines revenue		7,847			6,489
Other		442			238
Total Frozen Beverages	$	64,063		$	41,478

Consolidated Sales	$	318,490		$	240,997

Depreciation and Amortization:
Food Service	$	6,669		$	6,786
Retail Supermarket		366			386
Frozen Beverages		5,476			5,776
Total Depreciation and Amortization	$	12,511		$	12,948

Operating Income :
Food Service	$	9,001		$	6,180
Retail Supermarket		4,984			4,723
Frozen Beverages		860			(10,325	)
Total Operating Income	$	14,845		$	578

Capital Expenditures:
Food Service	$	10,233		$	8,286
Retail Supermarket		2,529			21
Frozen Beverages		3,338			1,369
Total Capital Expenditures	$	16,100		$	9,676

Assets:
Food Service	$	794,819		$	744,277
Retail Supermarket		29,802			31,668
Frozen Beverages		287,285			275,898
Total Assets	$	1,111,906		$	1,051,843

Note 10 (Tables)

3 Months Ended

Dec. 25, 2021

Notes Tables

Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block]

	December 25, 2021				September 25, 2021
	Gross				Gross
	Carrying		Accumulated		Carrying		Accumulated
	Amount		Amortization		Amount		Amortization
	(in thousands)
FOOD SERVICE

Indefinite lived intangible assets
Trade names	$	9,596	$	-	$	10,408	$	812

Amortized intangible assets
Non compete agreements		670		670		670		670
Customer relationships		13,000		6,513		13,000		6,188
License and rights		1,690		1,418		1,690		1,396
TOTAL FOOD SERVICE	$	24,956	$	8,601	$	25,768	$	9,066

RETAIL SUPERMARKETS

Indefinite lived intangible assets
Trade names	$	12,316	$	-	$	12,777	$	461

Amortized Intangible Assets
Trade names		649		649		649		649
Customer relationships		7,907		6,115		7,907		5,931
TOTAL RETAIL SUPERMARKETS	$	20,872	$	6,764	$	21,333	$	7,041


FROZEN BEVERAGES

Indefinite lived intangible assets
Trade names	$	9,315	$	-	$	9,315	$	-
Distribution rights		36,100		-		36,100		-

Amortized intangible assets
Customer relationships		1,439		437		1,439		400
Licenses and rights		1,400		1,089		1,400		1,072
TOTAL FROZEN BEVERAGES	$	48,254	$	1,526	$	48,254	$	1,472

CONSOLIDATED	$	94,082	$	16,891	$	95,355	$	17,579

Schedule of Goodwill [Table Text Block]

	Food Service		Retail Supermarket		Frozen Beverages		Total
	(in thousands)
Balance at December 25, 2021	$	61,189	$	4,146	$	56,498	$	121,833

Balance at September 25, 2021	$	61,189	$	4,146	$	56,498	$	121,833

Note 11 (Tables)

3 Months Ended

Dec. 25, 2021

Notes Tables

Unrealized Gain (Loss) on Investments [Table Text Block]

			Gross		Gross		Fair
	*Amortized*		*Unrealized*		*Unrealized*		*Market*
	*Cost*		*Gains*		*Losses*		*Value*
	(in thousands)

Corporate Bonds	$	7,544	$	49	$	21	$	7,572
Total marketable securities held to maturity	$	7,544	$	49	$	21	$	7,572

			Gross		Gross		Fair
	*Amortized*		*Unrealized*		*Unrealized*		*Market*
	*Cost*		*Gains*		*Losses*		*Value*
	(in thousands)

Mutual Funds	$	3,588	$	-	$	547	$	3,041
Preferred Stock		4,139		155		8		4,286
Total marketable securities available for sale	$	7,727	$	155	$	555	$	7,327

			Gross		Gross		Fair
	*Amortized*		*Unrealized*		*Unrealized*		*Market*
	*Cost*		*Gains*		*Losses*		*Value*
	(in thousands)

Corporate Bonds	$	12,027	$	123	$	18	$	12,132
Total marketable securities held to maturity	$	12,027	$	123	$	18	$	12,132

			Gross		Gross		Fair
	*Amortized*		*Unrealized*		*Unrealized*		*Market*
	*Cost*		*Gains*		*Losses*		*Value*
	(in thousands)

Mutual Funds	$	3,588	$	-	$	536	$	3,052
Preferred Stock		6,892		175		35		7,032
Total marketable securities available for sale	$	10,480	$	175	$	571	$	10,084

Investments Classified by Contractual Maturity Date [Table Text Block]

	December 25, 2021				September 25, 2021

			*Fair*				*Fair*
	*Amortized*		*Market*		*Amortized*		*Market*
	*Cost*		*Value*		*Cost*		*Value*
	(in thousands)
Due in one year or less	$	5,506	$	5,520	$	7,980	$	8,080
Due after one year through five years		2,038		2,052		4,047		4,052
Due after five years through ten years		-		-		-		-
Total held to maturity securities	$	7,544	$	7,572	$	12,027	$	12,132
Less current portion		5,506		5,520		7,980		8,080
Long term held to maturity securities	$	2,038	$	2,052	$	4,047	$	4,052

Note 12 (Tables)

3 Months Ended

Dec. 25, 2021

Notes Tables

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	Three Months ended December 25, 2021
	(unaudited)
	(in thousands)


	*Foreign Currency*
	*Translation Adjustments*

Beginning Balance	$	(13,383	)

Other comprehensive income		(444	)
Ending Balance	$	(13,827	)

	Three Months ended December 26, 2020
	(unaudited)
	(in thousands)


	*Foreign Currency*
	*Translation Adjustments*

Beginning Balance	$	(15,587	)

Other comprehensive income		2,279
Ending Balance	$	(13,308	)

Note 13 - Leases (Tables)

3 Months Ended

Dec. 25, 2021

Notes Tables

Lease, Cost [Table Text Block]

	Three Months Ended		Three Months Ended
	December 25, 2021		December 26, 2020
	(in thousands)		(in thousands)

Operating lease cost in Cost of goods sold and Operating Expenses	$	1,458	$	1,356
Finance lease cost:
Amortization of assets in Cost of goods sold and Operating Expenses		72		412
Interest on lease liabilities in Interest expense & other		5		14
Total finance lease cost		77		426
Short-term lease cost in Cost of goods sold and Operating Expenses		-		-
Total net lease cost	$	1,535	$	1,782

Assets and Liabilities, Lessee [Table Text Block]

	December 25, 2021		September 25, 2021
	(in thousands)		(in thousands)
Operating Leases
Operating lease right-of-use assets	$	54,195	$	54,555

Current operating lease liabilities	$	13,512	$	13,395
Noncurrent operating lease liabilities		45,970		46,557
Total operating lease liabilities	$	59,482	$	59,952

Finance Leases
Finance lease right-of-use assets in Property, plant and equipment, net	$	171	$	561

Current finance lease liabilities	$	146	$	182
Noncurrent finance lease liabilities		354		392
Total finance lease liabilities	$	500	$	574

Lessee, Cash Flow Information [Table Text Block]

	Three Months Ended		Three Months Ended
	December 25, 2021		December 26, 2020
	(in thousands)		(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,534	$	1,427
Operating cash flows from finance leases	$	5	$	86
Financing cash flows from finance leases	$	74	$	14

Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets	$	1,143	$	776
Supplemental noncash information on lease liabilities removed due to purchase of leased asset	$	-	$	-

Lessee, Lease Liability, Maturity [Table Text Block]

	(in thousands)
	Operating Leases			Finance Leases
Nine months ending September 24, 2022	$	11,600		$	134
2023		13,520			136
2024		10,716			136
2025		7,478			65
2026		5,108			39
Thereafter		18,079			29
Total minimum payments	$	66,501		$	540
Less amount representing interest		(7,018	)		(40	)
Present value of lease obligations	$	59,482		$	500

Note 2 (Details Textual) - USD ($)	Dec. 25, 2021	Sep. 25, 2021
Contract with Customer, Asset, Allowance for Deductions	$ 13,900,000	$ 14,600,000
Accounts Receivable, Allowance for Credit Loss, Ending Balance	$ 1,377,000	$ 1,405,000

Note 2 - Contract Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 25, 2021	Dec. 26, 2020
Beginning Balance	$ 1,097	$ 1,327
Additions to contract liability	1,199	1,744
Amounts recognized as revenue	(1,266)	(1,355)
Ending Balance	$ 1,030	$ 1,716

Note 3 (Details Textual) - USD ($)	3 Months Ended
Note 3 (Details Textual) - USD ($)	Dec. 25, 2021	Dec. 26, 2020
Depreciation, Total	$ 11,923,000	$ 12,269,000
Minimum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	2 years
Maximum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	20 years

Note 4 (Details Textual) - shares	3 Months Ended
Note 4 (Details Textual) - shares	Dec. 25, 2021	Dec. 26, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	318,172	187,722

Note 4 - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 25, 2021	Dec. 26, 2020
Net earnings available to common stockholders	$ 11,091	$ 1,778
Weighted average number of basic shares (in shares)	19,085	18,935
Earnings (loss) per basic share (in dollars per share)	$ 0.58	$ 0.09
Options	$ 0	$ 0
Options, shares (in shares)	68	96
Options, per share (in dollars per share)	$ 0	$ 0
Net earnings available to common stockholders plus assumed conversions	$ 11,091	$ 1,778
Weighted average number of diluted shares (in shares)	19,153	19,031
Earnings (loss) per diluted share (in dollars per share)	$ 0.58	$ 0.09

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Note 5 (Details Textual) - shares	3 Months Ended
Note 5 (Details Textual) - shares	Dec. 25, 2021	Dec. 26, 2020	Dec. 25, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Month)	51 months
Share Based Compensation Arrangement by Share Based Payment Award Fair Value Assumptions Volatility Calculation Term (Year)	10 years
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares)	8,873		0
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares)	8,868		0

Note 5 - Summary of Share-based Compensation Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 25, 2021	Dec. 26, 2020
Share-based compensation	$ 996	$ 824
The above compensation is net of tax benefits	87	420
Share-based Payment Arrangement, Option [Member]
Share-based compensation	814	546
Stock Purchase Plan [Member]
Share-based compensation	60	278
Stock Issued to Outside Directors [Member]
Share-based compensation	11	0
Restricted Stock Units (RSUs) [Member]
Share-based compensation	72	0
Performance Shares [Member]
Share-based compensation	$ 39	$ 0

Note 6 (Details Textual) - USD ($)	3 Months Ended
Note 6 (Details Textual) - USD ($)	Dec. 25, 2021	Sep. 25, 2021
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 343,000	$ 343,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	$ 267,000	$ 267,000
Effective Income Tax Rate Reconciliation, Percent, Total (Rate)	27.00%	8.00%
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount		$ 420,000

Note 8 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Dec. 25, 2021	Sep. 25, 2021
Finished goods	$ 53,734	$ 49,756
Raw materials	33,153	29,529
Packaging materials	13,172	11,168
Equipment parts and other	32,665	32,707
Total Inventories	$ 132,724	$ 123,160

Note 9 (Details Textual)	3 Months Ended
Note 9 (Details Textual)	Dec. 25, 2021
Number of Reportable Segments	3

Note 9 - Segment Reporting - Operations Information by Reporting Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Sep. 25, 2021
Sales	$ 318,490	$ 240,997
Depreciation and amortization	12,511	12,948
Operating income	14,845	578
Capital expenditures	16,100	9,676
Assets	1,111,906	1,051,843	$ 1,122,219
Food Service [Member]
Sales	211,732	160,425
Depreciation and amortization	6,669	6,786
Operating income	9,001	6,180
Capital expenditures	10,233	8,286
Assets	794,819	744,277
Retail Supermarket [Member]
Sales	42,695	39,094
Depreciation and amortization	366	386
Operating income	4,984	4,723
Capital expenditures	2,529	21
Assets	29,802	31,668
Frozen Beverages [Member]
Sales	64,063	41,478
Depreciation and amortization	5,476	5,776
Operating income	860	(10,325)
Capital expenditures	3,338	1,369
Assets	287,285	275,898
Soft Pretzels [Member] \| Food Service [Member]
Sales	50,421	32,687
Soft Pretzels [Member] \| Retail Supermarket [Member]
Sales	16,194	13,888
Frozen Juices and Ices [Member] \| Food Service [Member]
Sales	8,457	6,295
Frozen Juices and Ices [Member] \| Retail Supermarket [Member]
Sales	17,802	15,316
Churros [Member] \| Food Service [Member]
Sales	19,489	11,542
Handhelds [Member] \| Food Service [Member]
Sales	18,495	17,611
Handhelds [Member] \| Retail Supermarket [Member]
Sales	1,276	2,780
Bakery [Member] \| Food Service [Member]
Sales	107,831	88,964
Other Products [Member] \| Food Service [Member]
Sales	7,039	3,326
Other Products [Member] \| Retail Supermarket [Member]
Sales	48	525
Other Products [Member] \| Frozen Beverages [Member]
Sales	442	238
Biscuits [Member] \| Retail Supermarket [Member]
Sales	8,271	7,660
Coupon Redemtion [Member] \| Retail Supermarket [Member]
Sales	(896)	(1,075)
Beverage [Member] \| Frozen Beverages [Member]
Sales	33,763	15,855
Repair and Maintenance Service [Member] \| Frozen Beverages [Member]
Sales	22,011	18,896
Machine Sales [Member] \| Frozen Beverages [Member]
Sales	$ 7,847	$ 6,489

Note 10 (Details Textual)	3 Months Ended
Note 10 (Details Textual)	Dec. 25, 2021 USD ($)	Dec. 26, 2020 USD ($)
Number of Reportable Segments	3
Amortization of Intangible Assets, Total	$ 588,000	$ 679,000
Finite-Lived Intangible Asset, Expected Amortization, Year One	2,300,000
Finite-Lived Intangible Asset, Expected Amortization, Year Two	2,300,000
Finite-Lived Intangible Asset, Expected Amortization, Year Three	2,000,000
Finite-Lived Intangible Asset, Expected Amortization, Year Four	1,400,000
Finite-Lived Intangible Asset, Expected Amortization, Year Five	$ 1,400,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)	11 years 2 months 12 days
Minimum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	2 years
Maximum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	20 years

Note 10 - Intangible Assets by Reporting Segment (Details) - USD ($) $ in Thousands	Dec. 25, 2021	Sep. 25, 2021
Finite-lived intangible assets, accumulated amortization	$ 16,891	$ 17,579
Intangible assets	94,082	95,355
Food Service [Member]
Finite-lived intangible assets, accumulated amortization	8,601	9,066
Intangible assets	24,956	25,768
Food Service [Member] \| Noncompete Agreements [Member]
Finite-lived intangible assets, accumulated amortization	670	670
Finite-lived intangible assets, gross	670	670
Food Service [Member] \| Customer Relationships [Member]
Finite-lived intangible assets, accumulated amortization	6,513	6,188
Finite-lived intangible assets, gross	13,000	13,000
Food Service [Member] \| License and Rights [Member]
Finite-lived intangible assets, accumulated amortization	1,418	1,396
Finite-lived intangible assets, gross	1,690	1,690
Retail Supermarket [Member]
Finite-lived intangible assets, accumulated amortization	6,764	7,041
Intangible assets	20,872	21,333
Retail Supermarket [Member] \| Customer Relationships [Member]
Finite-lived intangible assets, accumulated amortization	6,115	5,931
Finite-lived intangible assets, gross	7,907	7,907
Retail Supermarket [Member] \| Finite-lived Trade Names [Member]
Finite-lived intangible assets, accumulated amortization	649	649
Finite-lived intangible assets, gross	649	649
Frozen Beverages [Member]
Finite-lived intangible assets, accumulated amortization	1,526	1,472
Intangible assets	48,254	48,254
Frozen Beverages [Member] \| Customer Relationships [Member]
Finite-lived intangible assets, accumulated amortization	437	400
Finite-lived intangible assets, gross	1,439	1,439
Frozen Beverages [Member] \| License and Rights [Member]
Finite-lived intangible assets, accumulated amortization	1,089	1,072
Finite-lived intangible assets, gross	1,400	1,400
Trade Names [Member] \| Food Service [Member]
Indefinite-lived intangible assets, gross	9,596	10,408
Finite-lived intangible assets, accumulated amortization	0	812
Trade Names [Member] \| Retail Supermarket [Member]
Indefinite-lived intangible assets, gross	12,316	12,777
Finite-lived intangible assets, accumulated amortization	0	461
Trade Names [Member] \| Frozen Beverages [Member]
Indefinite-lived intangible assets, gross	9,315	9,315
Distribution Rights, Indefinite-lived [Member] \| Frozen Beverages [Member]
Indefinite-lived intangible assets, gross	$ 36,100	$ 36,100

Note 10 - Goodwill by Reporting Segment (Details) - USD ($) $ in Thousands	Dec. 25, 2021	Sep. 25, 2021
Goodwill	$ 121,833	$ 121,833
Food Service [Member]
Goodwill	61,189	61,189
Retail Supermarket [Member]
Goodwill	4,146	4,146
Frozen Beverages [Member]
Goodwill	$ 56,498	$ 56,498

Note 11 (Details Textual) - USD ($)	3 Months Ended
Note 11 (Details Textual) - USD ($)	Dec. 25, 2021	Dec. 26, 2020	Sep. 25, 2021
Proceeds from Sale and Maturity of Marketable Securities, Total	$ 7,200,000	$ 26,148,000
Marketable Securities, Gain (Loss), Total	(44,000)	(78,000)
Marketable Securities, Unrealized Gain (Loss), Total	(5,000)	$ 603,000
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Total	7,544,000		$ 12,027,000
Corporate Bond Securities [Member]
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, without Single Maturity Date	$ 8,000,000
Investment Securities Maturity Term (Year)	2 years

Note 11 - Investment Securities - Summary of Securities (Details) - USD ($) $ in Thousands	Dec. 25, 2021	Sep. 25, 2021
Held-to-maturity securities, amortized cost	$ 7,544	$ 12,027
Held-to-maturity securities, gross unrealized gains	49	123
Held-to-maturity securities, gross unrealized losses	21	18
Held-to-maturity securities, fair market value	7,572	12,132
Investment securities, cost	7,727	10,480
Investment securities, gross unrealized gains	155	175
Investment securities, gross unrealized losses	555	571
Investment securities, fair market value	7,327	10,084
Corporate Bond Securities [Member]
Held-to-maturity securities, amortized cost	7,544	12,027
Held-to-maturity securities, gross unrealized gains	49	123
Held-to-maturity securities, gross unrealized losses	21	18
Held-to-maturity securities, fair market value	7,572	12,132
Mutual Funds [Member]
Investment securities, cost	3,588	3,588
Investment securities, gross unrealized gains	0	0
Investment securities, gross unrealized losses	547	536
Investment securities, fair market value	3,041	3,052
Preferred Stock [Member]
Investment securities, cost	4,139	6,892
Investment securities, gross unrealized gains	155	175
Investment securities, gross unrealized losses	8	35
Investment securities, fair market value	$ 4,286	$ 7,032

Note 11 - Investment Securities - Held-to-maturity Securities by Contractual Maturity (Details) - USD ($)	Dec. 25, 2021	Sep. 25, 2021
Due in one year or less, amortized cost	$ 5,506,000	$ 7,980,000
Due in one year or less, fair market value	5,520,000	8,080,000
Due after one year through five years, amortized cost	2,038,000	4,047,000
Due after one year through five years, fair market value	2,052,000	4,052,000
Due after five years through ten years, amortized cost	0	0
Due after five years through ten years, fair market value	0	0
Total held to maturity securities, amortized cost	7,544,000	12,027,000
Total held to maturity securities, fair market value	7,572,000	12,132,000
Less current portion, amortized cost	5,506,000	7,980,000
Less current portion, fair market value	5,520,000	8,080,000
Long term held to maturity securities, amortized cost	2,038,000	4,047,000
Long term held to maturity securities, fair market value	$ 2,052,000	$ 4,052,000

Note 12 - Changes to the Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 25, 2021	Dec. 26, 2020
Balance	$ 845,654	$ 809,498
Other comprehensive income (loss)	(444)	2,279
Balance	845,998	808,289
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	(13,383)	(15,587)
Other comprehensive income (loss)	(444)	2,279
Balance	$ (13,827)	$ (13,308)

- Definition

+ References

+ Details

Note 13 - Leases (Details Textual)	Dec. 25, 2021
Operating Lease, Weighted Average Discount Rate, Percent	3.30%
Finance Lease, Weighted Average Discount Rate, Percent	3.20%
Operating Lease, Weighted Average Remaining Lease Term (Year)	6 years 4 months 24 days
Finance Lease, Weighted Average Remaining Lease Term (Year)	4 years
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term (Month)	1 month
Lessee, Finance Lease, Remaining Lease Term (Year)	1 year
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term (Month)	13 years
Lessee, Finance Lease, Remaining Lease Term (Year)	6 years

Note 13 - Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 25, 2021	Dec. 26, 2020
Operating lease cost in Cost of goods sold and Operating Expenses	$ 1,458	$ 1,356
Amortization of assets in Cost of goods sold and Operating Expenses	72	412
Interest on lease liabilities in Interest expense & other	5	14
Total finance lease cost	77	426
Short-term lease cost in Cost of goods sold and Operating Expenses	0	0
Total net lease cost	$ 1,535	$ 1,782

Note 13 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Dec. 25, 2021	Sep. 25, 2021
Operating lease right-of-use assets	$ 54,195	$ 54,555
Current operating lease liabilities	13,512	13,395
Noncurrent operating lease liabilities	45,970	46,557
Total operating lease liabilities	59,482	59,952
Current finance lease liabilities	146	182
Noncurrent finance lease liabilities	354	392
Total finance lease liabilities	500	574
Property, Plant and Equipment, Net [Member]
Finance lease right-of-use assets in Property, plant and equipment, net	$ 171	$ 561

Note 13 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 25, 2021	Dec. 26, 2020
Operating cash flows from operating leases	$ 1,534	$ 1,427
Operating cash flows from finance leases	5	86
Financing cash flows from finance leases	74	14
Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets	$ 1,143	$ 776

Note 13 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 25, 2021	Sep. 25, 2021
Nine months ending September 24, 2022, operating leases	$ 11,600
Nine months ending September 24, 2022, finance leases	134
2023, operating leases	13,520
2023, finance leases	136
2024, operating leases	10,716
2024, finance leases	136
2025, operating leases	7,478
2025, finance leases	65
2026, operating leases	5,108
2026, finance leases	39
Thereafter	18,079
Thereafter, finance leases	29
Total minimum payments, operating leases	66,501
Total minimum payments, finance leases	540
Less amount representing interest, operating leases	(7,018)
Less amount representing interest, finance leases	(40)
Present value of lease obligations, operating leases	59,482	$ 59,952
Present value of lease obligations, finance leases	$ 500	$ 574