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 20, 2004
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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 5. OTHER EVENTS AND REGULATION FD DISCLOSURE
On April 20, 2004, J & J Snack Foods Corp. issued a press release regarding
sales and earnings for the second quarter and six months ended March 27, 2004.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
Exhibit Number Description of Document
99.1 Press Release dated April 20, 2004
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
J & J SNACK FOODS CORP.
By: /s/ Gerald B. Shreiber
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Gerald B. Shreiber
President
/s/ Dennis G. Moore
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Dennis G. Moore
Chief Financial Officer
Date: April 20, 2004
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EXHIBIT INDEX
Exhibit Number Description
99.1 Press Release dated April 20, 2004
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Exhibit 99.1
Profits Increase as J & J Snack Foods Corp. Announces Record Quarter
PENNSAUKEN, N.J.--(BUSINESS WIRE)--April 20, 2004--J & J Snack
Foods Corp. (NASDAQ:JJSF) today announced record sales and earnings
for its second quarter and six months ended March 27, 2004.
Sales for the second quarter increased 17% to $95.2 million from
$81.4 million in last year's second quarter. Net earnings increased
11% to $3.3 million from $3.0 million last year. Earnings per diluted
share were $.36 for the March quarter compared to $.33 last year.
Operating income increased 11% to $5.1 million this year from $4.6
million in the year ago period.
For the six months ended March 27, 2004, sales increased 10% to
$175.2 million from $158.7 million in last year's first half. Net
earnings increased 23% to $5.2 million in the six months from $4.2
million last year. Earnings per diluted share were $.57 for the six
months compared to $.46 last year. Operating income increased 23% to
$7.9 million from $6.4 million in the year ago period.
The results of operations for the second quarter and six months
ended March 27, 2004 include Country Home Bakers, Inc. which was
acquired on January 5, 2004.
Gerald B. Shreiber, J & J's President and Chief Executive Officer,
commented, "We are pleased with our financial performance for the
quarter and six month period. Excluding our retail restaurant group,
all of our businesses, including the recently acquired Country Home
Bakers, contributed to our record setting quarter."
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)and CHILL frozen juice bars and ices, TIO PEPE'S churros, THE
FUNNEL CAKE FACTORY funnel cakes, and MRS. GOODCOOKIE, CAMDEN CREEK,
COUNTRY HOME and READI-BAKE cookies. J & J has manufacturing
facilities in Pennsauken, Bridgeport and Bellmawr, New Jersey;
Scranton and Hatfield, Pennsylvania; Carrollton, Texas, Atlanta,
Georgia 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
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Three Months Ended Six Months Ended
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March 27, March 29, March 27, March 29,
2004 2003 2004 2003
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(in thousands)
Net sales $95,214 $81,408 $175,159 $158,652
Cost of goods sold 64,468 54,532 119,775 109,711
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Gross profit 30,746 26,876 55,384 48,941
Operating expenses 25,623 22,253 47,482 42,508
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Operating income 5,123 4,623 7,902 6,433
Other income 84 66 172 132
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Earnings before
income taxes 5,207 4,689 8,074 6,565
Income taxes 1,865 1,688 2,907 2,363
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Net earnings $ 3,342 $ 3,001 $ 5,167 $ 4,202
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Earnings per diluted
share $ .36 $ .33 $.57 $.46
Earnings per basic
share $ .38 $ .34 $.58 $.48
Weighted average number
of diluted shares 9,170 9,069 9,105 9,152
Weighted average number
of basic shares 8,877 8,737 8,834 8,734
Consolidated Balance Sheets
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March 27, 2004 September 27, 2003
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(in thousands)
Current assets $107,026 $100,405
Property, plant & equipment,
net 88,864 87,115
Goodwill, net 46,477 45,850
Other intangibles, net 2,656 1,231
Other assets 1,577 2,082
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Total $246,600 $236,683
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Current liabilities 42,579 40,058
Deferred income taxes 13,374 13,374
Other long term obligations 598 687
Stockholders' equity 190,049 182,564
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Total $246,600 $236,683
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The forward-looking statements contained herein are subject to
certain risks and uncertainties that could cause actual results to
differ materially from those projected in the forward-looking
statements. Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect management's analysis only
as of the date hereof. The Company undertakes no obligation to
publicly revise or update these forward-looking statements to reflect
events or circumstances that arise after the date hereof.
CONTACT: J & J Snack Foods Corp.
Dennis Moore, CFO, 856-665-9533