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 29, 2013
J & J SNACK FOODS CORP.
(Exact name of registrant as specified in its charter)
|
New Jersey |
0-14616 |
22-1935537 |
|
(State or Other |
(Commission |
(I.R.S. Employer |
|
Jurisdiction of Organization) |
File Number) |
Identification No.) |
6000 Central Highway, Pennsauken, NJ 08109
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (856) 665-9533
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
( ) Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
( ) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
( ) Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2(b))
( ) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS
On April 29, 2013, J & J Snack Foods Corp. issued a press release regarding its earnings for the second quarter of fiscal 2013.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
Exhibit Number Description of Document
99.1 Press Release dated April 29, 2013
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.
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J & J SNACK FOODS CORP. |
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| By: | /s/ Gerald B. Shreiber | ||
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Gerald B. Shreiber |
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President |
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/s/ Dennis G. Moore |
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Dennis G. Moore |
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Chief Financial Officer |
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Date: April 29, 2013
EXHIBIT INDEX
Exhibit Number Description
99.1 Press Release dated April 29, 2013
4
Exhibit 99.1
IMMEDIATE RELEASE Contact: Dennis G. Moore FOR: Senior Vice President Chief Financial Officer (856) 532-6603
6000 Central Highway
Pennsauken, NJ 08109
J & J SNACK FOODS
REPORTS SECOND QUARTER SALES
AND EARNINGS
Pennsauken, NJ, April 29, 2013 - - J & J Snack Foods Corp. (NASDAQ-JJSF) today announced sales and earnings for the second quarter ended March 30, 2013.
Sales increased 6% to $201.3 million from $189.6 million in last year’s second quarter. Net earnings increased 21% to $12.7 million in the current quarter from $10.4 million last year. Earnings per diluted share increased 22% to $.67 for the second quarter from $.55 last year. Operating income increased 18% to $19.2 million in the current quarter from $16.3 million in the year ago quarter.
For the six months ended March 30, 2013, sales increased 8% to $392.8 million from $362.2 million in last year’s first half. Net earnings increased 44% to $22.9 million in the six months from $15.9 million last year. Earnings per diluted share increased to 44% to $1.21 for the six months from $.84 last year. Operating income increased 38% to $34.2 million from $24.7 million in the year ago period.
Gerald B. Shreiber, J & J’s President and Chief Executive Officer, commented,
“We are pleased with our overall performance for our second quarter. Our food service group, with sharp increases in soft pretzel and churro sales, had a particularly strong quarter.”
J&J Snack Foods Corp. is a leader and innovator in the snack food industry, providing nutritional and affordable branded niche snack foods and beverages to foodservice and retail supermarket outlets. Manufactured and distributed nationwide, our principal products include SUPERPRETZEL, PRETZEL FILLERS and other soft pretzels, ICEE, SLUSH PUPPIE and ARCTIC BLAST frozen beverages, LUIGI’S Italian ice, MINUTE MAID* frozen juice bars and ices, WHOLE FRUIT sorbet, MARY B’S biscuits and dumplings, DADDY RAY’S fig and fruit bars, TIO PEPE’S and CALIFORNIA CHURROS churros, THE FUNNEL CAKE FACTORY funnel cakes, and READI-BAKE cookies. For more information, please visit us at www.jjsnack.com.
*MINUTE MAID is a registered trademark of The Coca-Cola Company.
- more
J & J SNACK FOODS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(in thousands, except per share amounts)
Three months ended Six months ended March 30, March 24, March 30, March 24, 2013 2012 2013 2012 Net Sales Cost of goods sold Gross Profit Operating expenses Marketing Distribution Administrative Other general expense (income) Operating Income Other income (expense) Investment income Interest expense & other Earnings before income taxes Income taxes NET EARNINGS Earnings per diluted share Weighted average number of diluted shares Earnings per basic share Weighted average number of basic shares
$
201,326
$
189,554
$
392,734
$
362,240
$
143,175
135,567
280,448
261,847
58,151
53,987
112,286
100,393
$
16,809
17,404
33,945
35,063
$
15,713
14,212
31,113
28,431
$
6,460
6,219
13,059
12,285
$
10
(121
)
(51
)
(122
)
38,992
37,714
78,066
75,657
19,159
16,273
34,220
24,736
$
896
380
1,672
735
$
(28
)
(4
)
(53
)
(43
)
20,027
16,649
35,839
25,428
$
7,367
6,226
12,953
9,520
$
12,660
$
10,423
$
22,886
$
15,908
$
0.67
$
0.55
$
1.21
$
0.84
18,886
18,930
18,878
18,902
$
0.67
$
0.55
$
1.22
$
0.84
18,800
18,858
18,803
18,832
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CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
(unaudited) March 30, September 29, 2013 2012 Cash and cash equivalents Current marketable securities held to maturity Other current assets Property, plant and equipment, at cost Goodwill Other intangible assets, net Marketable securities held to maturity Marketable securities available for sale Other Total Current Liabilities Long-term obligations under capital leases Deferred income taxes Other long-term liabilities Stockholders' Equity Total
$
102,338
$
154,198
4,077
1,214
161,824
152,656
142,954
141,544
76,899
76,899
46,232
48,464
2,000
24,998
80,292
-
3,217
3,071
$
619,833
$
603,044
$
80,014
$
81,505
214
347
45,023
44,874
673
831
493,909
475,487
$
619,833
$
603,044
The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s analysis only as of the date hereof. The Company undertakes no obligation to publicly revise or update these forward-looking statements to reflect events or circumstances that arise after the date hereof.
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