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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): November 5, 2003
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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 (Commission (I.R.S. Employer
Jurisdiction 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)
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
Exhibit Number Description of Document
99.1 Press Release dated November 5, 2003
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS
On November 5, 2003, J & J Snack Foods Corp. issued a press release regarding
its earnings for the fourth quarter of fiscal 2003 and for the year ended 2003.
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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: November 5, 2003
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EXHIBIT INDEX
Exhibit Number Description
99.1 Press Release dated November 5, 2003
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Exhibit 99.1
Record Sales & Earnings Reported by J & J Snack Foods
PENNSAUKEN, N.J.--(BUSINESS WIRE)--Nov. 5, 2003--J & J Snack Foods
Corp. (NASDAQ:JJSF) today reported record sales and earnings for its
2003 fiscal year.
Sales for the fiscal year ended September 27, 2003 increased 3% to
$364.6 million from $353.2 million in the fiscal year ended September
28, 2002. Net earnings increased 10% to $19.9 million in fiscal 2003
from $18.1 million in fiscal 2002. On a per diluted share basis,
earnings increased 11% to $2.20 from $1.99. Operating income increased
9% to $30.8 million this year from $28.3 million in the year ago
period.
For the fourth quarter ended September 27, 2003, sales increased
3% to $103.4 million from $100.1 million in the fourth quarter ended
September 28, 2002. Net earnings increased 6% to $7.9 million in the
current year quarter from $7.4 million. Earnings per diluted share
were $.88 this year compared to $.81 last year. Operating income
increased 6% to $12.3 million from $11.5 million in the year ago
period.
Gerald B. Shreiber, J & J's President and Chief Executive Officer,
commented, "Strong performances from our food service group, led by
continued growth of our core and new soft pretzel products, aided the
quarter and the year. Although we were impacted by poor weather
conditions during the spring and summer, we were able to partially
offset through expanded sales channels and new product offerings. Our
company continues to strengthen its (product) leadership positions and
anticipates continued positive performances through all of its major
business groups. Our financial position remains strong and we are
seeking growth opportunities through new product offerings and
possible acquisitions."
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(1) and
BARQ'S(2) frozen juice bars and ices, TIO PEPE'S churros, THE FUNNEL
CAKE FACTORY funnel cakes, and MRS. GOODCOOKIE and CAMDEN CREEK
cookies. J & J has manufacturing facilities in Pennsauken, Bridgeport
and Bellmawr, New Jersey; Scranton and Hatfield, Pennsylvania;
Carrollton, Texas and Vernon (Los Angeles), California.
(1) MINUTE MAID is a registered trademark of The Coca-Cola
Company.
(2) BARQ'S is a registered trademark of Barq's Inc.
Consolidated Statement of Operations
------------------------------------
Three Months Ended Year Ended
------------------ ----------
Sept. 27, Sept. 28, Sept. 27, Sept. 28,
2003 2002 2003 2002
--------- --------- --------- ---------
(in thousands)
Net sales $103,386 $100,050 $364,567 $353,187
Cost of goods sold 65,865 64,223 239,722 233,730
-------- -------- -------- --------
Gross profit 37,521 35,827 124,845 119,457
Operating expenses 25,264 24,288 93,998 91,191
-------- -------- -------- --------
Operating income 12,257 11,539 30,847 28,266
Other income (deductions) 75 49 249 (253)
-------- -------- -------- --------
Earnings before income
taxes 12,332 11,588 31,096 28,013
Income taxes 4,440 4,151 11,194 9,900
-------- -------- -------- --------
Net earnings $ 7,892 $ 7,437 $ 19,902 $ 18,113
======== ======== ======== ========
Earnings per diluted share $ .88 $ .81 $ 2.20 $ 1.99
Earnings per basic share $ .92 $ .84 $ 2.26 $ 2.07
Weighted average number
of diluted shares 8,963 9,185 9,051 9,093
Weighted average number
of basic shares 8,606 8,889 8,800 8,770
Consolidated Balance Sheets
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September 27, 2003 September 28, 2002
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(in thousands)
Current assets $ 100,405 $ 75,367
Property, plant & equipment, net 87,115 94,410
Goodwill 45,850 45,850
Other intangibles, net 1,231 1,539
Other assets 2,082 2,870
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Total $ 236,683 $ 220,036
============ ============
Current liabilities $ 40,058 $ 40,244
Deferred income taxes 13,374 10,806
Other long term obligations 687 277
Stockholders' equity 182,564 168,709
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Total $ 236,683 $ 220,036
============ ============
Consolidated Statements of
Cash Flows
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September 27, September 28,
2003 2002
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(in thousands)
Operating activities:
Net earnings $ 19,902 $ 18,113
Adjustments to reconcile net earnings
to net cash provided by operating
activities:
Depreciation and amortization of
fixed assets 24,234 30,252
Amortization of intangibles and
deferred costs 729 734
(Gains) losses from disposals and
write-downs of property &
equipment (389) 255
Increase (decrease) in deferred
income taxes 2,568 1,578
Changes in assets and liabilities,
net of effects from purchase of
companies:
Increase in accounts
receivable (285) (1,068)
Increase in inventories (829) (207)
Increase (decrease) in
prepaid expenses and
other (276) 125
Increase in accounts
payable and accrued
liabilities 711 1,301
-------- --------
Net cash provided by operating
activities 46,365 51,083
-------- --------
Investing activities:
Purchases of property, plant and
equipment (19,292) (20,479)
Proceeds from investments held to
maturity 400 840
Proceeds from disposal of property and
equipment 2,534 167
Other (144) (16)
-------- --------
Net cash used in investing
activities (16,502) (19,488)
-------- --------
Financing activities:
Proceeds from borrowings - 24,000
Proceeds from issuance of common stock 2,238 3,195
Payments to repurchase common stock (8,565) -
Payments of long-term debt - (52,069)
-------- --------
Net cash used in financing
activities (6,327) (24,874)
-------- --------
Net increase in cash & cash
equivalents 23,536 6,721
Cash and cash equivalents at
beginning of year 14,158 7,437
-------- --------
Cash and cash equivalents at end
of year $ 37,694 $ 14,158
======== ========
Segment Reporting
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Fiscal Year End
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September 27, 2003 September 28, 2002
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(in thousands)
Sales to external customers:
Food Service $ 200,528 $ 185,219
Retail Supermarket 39,702 41,366
The Restaurant Group 9,755 10,724
Frozen Beverages 114,582 115,878
----------------- -----------------
$ 364,567 $ 353,187
================= =================
Depreciation and Amortization:
Food Service $ 13,098 $ 13,547
Retail Supermarket - -
The Restaurant Group 558 682
Frozen Beverages 11,307 16,757
----------------- -----------------
$ 24,963 $ 30,986
================= =================
Operating Income (Loss):
Food Service $ 17,804 $ 17,382
Retail Supermarket 2,144 1,936
The Restaurant Group (975) (915)
Frozen Beverages 11,874 9,863
----------------- -----------------
$ 30,847 $ 28,266
================= =================
Capital Expenditures:
Food Service $ 9,929 $ 11,418
Retail Supermarket - -
The Restaurant Group 61 159
Frozen Beverages 9,302 8,902
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$ 19,292 $ 20,479
================= =================
Assets:
Food Service $ 151,000 $ 129,702
Retail Supermarket - -
The Restaurant Group 2,192 2,921
Frozen Beverages 83,491 87,413
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$ 236,683 $ 220,036
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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 G. Moore, 856-665-9533