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): July 26, 2007
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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
(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 July 26, 2007, J & J Snack Foods Corp. issued a press release regarding its
earnings for the third quarter of fiscal 2007.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
Exhibit Number Description of Document
99.1 Press Release dated July 26, 2007
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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: July 26, 2007
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EXHIBIT INDEX
Exhibit Number Description
99.1 Press Release dated July 26, 2007
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Exhibit 99.1
Record Sales and Earnings Again for J & J Snack Foods
PENNSAUKEN, N.J.--(BUSINESS WIRE)--July 26, 2007--J & J Snack
Foods Corp. (NASDAQ:JJSF) today announced record sales and earnings
for its third quarter and nine months ended June 30, 2007.
Sales for the third quarter increased 16% to $162.5 million from
$140.1 million in last year's third quarter. Net earnings increased
16% to $12.5 million from $10.8 million last year. Earnings per
diluted share were $.66 for the June quarter compared to $.57 last
year. Operating income increased 12% to $18.8 million this year from
$16.7 million in the year ago period.
For the nine months ended June 30, 2007, sales increased 13% to
$406.7 million from $360.7 million in last year's nine months. Net
earnings increased 21% to $21.6 million in the nine months from $17.9
million last year. Earnings per diluted share were $1.14 for the nine
months compared to $.95 last year. Operating income increased 19% to
$32.1 million from $26.9 million in the year ago period.
Operating expenses in last year's quarter and nine months include
an impairment charge of $1.2 million for the writedown of robotic
packaging equipment. Excluding the writedown of this equipment in last
year's quarter, operating income increased $865,000, or 5%, for the
quarter and $4.0 million, or 14%, for the nine months.
Operating expenses were reduced by $896,000 of other general
income in this year's quarter compared to $71,000 in the year ago
period. Excluding the writedown of the robotic packaging equipment in
last year's quarter and the increase in other general income this
year, operating income was essentially unchanged for the quarter and
up $3.2 million, or 11%, for the nine months.
Gerald B. Shreiber, J & J's President and Chief Executive Officer,
commented; "Although we benefited from positive results from both of
our recently acquired companies, Hom/Ade Foods and Daddy Ray's, and a
strong showing by our ICEE and SLUSH PUPPIE business, our quarter's
results were impacted by continuing escalating costs of commodities
including flour and dairy products."
J & J Snack Foods Corp.'s principal products include SUPERPRETZEL,
PRETZEL FILLERS and other soft pretzels, ICEE, SLUSH PUPPIE and ARCTIC
BLAST frozen beverages, LUIGI'S, MAMA TISH'S, SHAPE UPS, MINUTE MAID*
and BARQ'S** and CHILL*** frozen juice bars and ices, WHOLE FRUIT
sorbet, FRUIT-A-FREEZE frozen fruit bars, MARY B'S biscuits and
dumplings, DADDY RAY'S fig and fruit bars, 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; Moscow Mills, Missouri; Pensacola, Florida and
Vernon and Newport, 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 Nine Months Ended
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June 30, June 24, June 30, June 24,
2007 2006 2007 2006
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(in thousands)
Net sales $ 162,510 $140,132 $ 406,692 $360,747
Cost of goods sold 106,852 89,399 273,379 241,671
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Gross profit 55,658 50,733 133,313 119,076
Operating expenses 36,852 33,985 101,177 92,137
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Operating income 18,806 16,748 32,136 26,939
Other income 451 746 1,914 2,145
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Earnings before income taxes 19,257 17,494 34,050 29,084
Income taxes 6,760 6,708 12,415 11,151
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Net earnings $ 12,497 $ 10,786 $ 21,635 $ 17,933
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Earnings per diluted share $ .66 $ .57 $ 1.14 $ .95
Earnings per basic share $ .67 $ .58 $ 1.16 $ .97
Weighted average number of
diluted shares 19,055 18,866 18,988 18,792
Weighted average number of basic
shares 18,677 18,469 18,606 18,394
Consolidated Balance Sheets
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June 30, 2007 September 30, 2006
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(in thousands)
Current assets $ 154,890 $ 172,244
Property, plant & equipment, net 93,003 85,447
Goodwill, net 59,874 57,948
Other intangibles, net 59,529 22,669
Other assets 2,666 2,500
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Total $ 369,962 $ 340,808
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Current liabilities 67,046 59,089
Deferred income taxes 18,211 18,211
Other long term obligations 487 635
Stockholders' equity 284,218 262,873
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Total $ 369,962 $ 340,808
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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
Senior Vice President
Chief Financial Officer
856-665-9533, x 268