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): January 23, 2006
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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)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneouusly 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))
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ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS
On January 23, 2006, J & J Snack Foods Corp. issued a press release regarding
its earnings for the first quarter of fiscal 2006.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
Exhibit Number Description of Document
99.1 Press Release dated January 23, 2006
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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: January 23, 2006
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EXHIBIT INDEX
Exhibit Number Description
99.1 Press Release dated January 23, 2006
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Exhibit 99.1
J & J Snack Foods Reports Record First Quarter Sales and Earnings
PENNSAUKEN, N.J.--(BUSINESS WIRE)--Jan. 23, 2006--J & J Snack Foods Corp.
(NASDAQ:JJSF) today announced record sales and earnings for the first quarter
ended December 24, 2005.
Sales increased 10% to $108.6 million from $98.5 million in last year's
first quarter. Net earnings increased 21% to $3.0 million in the current quarter
from $2.5 million last year. Earnings per diluted share were $.16 for the first
quarter compared to $.13 last year. Operating income increased 15% to $4.2
million in the current quarter from $3.7 million in the year ago quarter.
Operating income in this year's quarter was impacted by $260,000 of
share-based compensation expense (expensing of stock options) and net earnings
were impacted by $171,000, or $.01 per diluted share. Excluding the impact of
share-based compensation expense recognized this year and not last year,
operating income increased 22% and net earnings increased 28%.
Gerald B. Shreiber, J & J's President and Chief Executive Officer,
commented, "Continued strong performance by our food service business was
largely responsible for our improvement."
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* and BARQ'S** 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, Hatfield and Chambersburg, Pennsylvania; Carrollton, Texas; Atlanta,
Georgia and Vernon, (Los Angeles) California.
* MINUTE MAID is a registered trademark of The Coca-Cola Company.
** BARQ'S is a registered trademark of Barq's Inc.
*** CHILL is a registered trademark of Wells Dairy, Inc.
Consolidated Statement of Operations
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Three Months Ended
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December 24, December 25,
2005 2004
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(unaudited)
(in thousands)
Net sales $ 108,571 $ 98,521
Cost of goods sold 75,454 68,525
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Gross profit 33,117 29,996
Operating expenses 28,920 26,342
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Operating income 4,197 3,654
Other income 674 298
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Earnings before income
taxes 4,871 3,952
Income taxes 1,861 1,470
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Net earnings $ 3,010 $ 2,482
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Earnings per diluted share $.16 $.13
Earnings per basic share $.16 $.14
Weighted average number
of diluted shares 18,697 18,470
Weighted average number
of basic shares 18,328 18,064
Consolidated Balance Sheets
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December 24, 2005 September 24, 2005
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(unaudited)
(in thousands)
Current assets $ 161,760 $ 154,233
Property, plant & equipment,
net 87,953 89,045
Goodwill 53,622 53,622
Other intangibles, net 6,760 7,043
Other assets 2,178 1,981
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Total $ 312,273 $ 305,924
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Current liabilities $ 57,001 $ 52,902
Deferred income taxes 17,987 17,987
Other long term obligations 234 273
Stockholders' equity 237,051 234,762
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Total $ 312,273 $ 305,924
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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, CFO, 856-665-9533