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Jj Snack Foods Corp (JJSF) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, September 24, 2022

Jj Snack Foods Corp

CIK: 785956 Ticker: JJSF

Exhibit 99.1

 

jj.jpg

J&J SNACK FOODS FISCAL 2022 FOURTH QUARTER REVENUE

INCREASES 23.9% TO A QUARTERLY RECORD $400.4M

 

Pennsauken, NJ, November 14, 2022

- J&J Snack Foods Corp. (NASDAQ: JJSF) (the “Company”) today reported financial results for the fourth quarter and full year ended September 24, 2022.

 

 

Fourth Quarter

Full-Year

 

Actuals

% v. LY

Actuals

% v. LY

Net Sales

$400.4M

23.9%

$1,381M

20.6%

Operating Income

$21.6M

-14.5%

$61.8M

-13.2%

Net Earnings

$17.3M

-8.3%

$47.2M

-15.1%

Earnings per Diluted Share

$0.90

-8.2%

$2.46

-15.5%

         

Adjusted EBITDA

$40.1M

3.7%

$124.1

-3.0%

Adjusted Earnings per Diluted Share

$1.05

-1.9%

$2.76

-12.1%

 

Dan Fachner, J&J Snack Foods President and CEO, commented, “We are pleased with our strong top-line growth across all three of our business segments, including a 24% increase in net sales for the fiscal fourth quarter and a 21% increase in net sales for the full year. These results mark a fourth consecutive quarterly revenue record, including full year revenue over $194 million greater than our prior highest annual revenue. Adjusted EBITDA increased 4% for the quarter compared to prior year even as we continue to experience unprecedented cost inflation. As a company, we remain focused improving profitability.”

 

“Our ability to deliver strong results in a very challenging cost and operating environment reflects the success of our sales-centric initiatives. Our focus on new product innovation, leveraging core-brands to create compelling product extensions, repositioning how we market our brands, and driving cross-selling opportunities is driving this sales momentum. In addition, we continue to see robust demand for our higher-margin core products along with continued strength across key sales channels and increased demand of our products with both new and existing customers. We are also making progress on our operational initiatives focused on continuous improvement, including specific plant projects focused on reducing cost and inefficiencies, centralizing our procurement and R&D functions, expanding and improving our production line capabilities, and optimizing our supply chain. We expect these actions will result in significant contributions to our overall results in the coming fiscal years, and help to offset the ongoing costs pressures across the business.

 

“Despite the record sales, we continue to experience historically high inflation pressures across just about every segment of the business including wages, fuel, packaging, shipping and commodities. While our profit has been significantly impacted by this dynamic, we are pleased with our quarterly sequential improvement in gross margin and expect to see further progress in the coming quarters as the effect of our most recent pricing, product mix, SKU management initiatives take hold.”

 

 

The following information was filed by Jj Snack Foods Corp (JJSF) on Monday, November 14, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Jj Snack Foods Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Earnings
Note A - Summary Of Significant Accounting Policies
Note A - Summary Of Significant Accounting Policies (Details Textual)
Note A - Summary Of Significant Accounting Policies (Tables)
Note A - Summary Of Significant Accounting Policies - Calculation Of Eps (Details)
Note A - Summary Of Significant Accounting Policies - Contract Liability (Details)
Note A - Summary Of Significant Accounting Policies - Recognized Share-Based Compensation (Details)
Note A - Summary Of Significant Accounting Policies - Unrecognized Tax Benefits (Details)
Note B - Acquisitions
Note B - Acquisitions (Details Textual)
Note B - Acquisitions (Tables)
Note B - Acquisitions - Acquired Intangible Assets (Details)
Note B - Acquisitions - Proforma Results From Acquisitions (Details)
Note B - Acquisitions - Purchase Price Allocation For Acquisitions (Details)
Note C - Investment Securities
Note C - Investment Securities (Details Textual)
Note C - Investment Securities (Tables)
Note C - Investment Securities - Held-To-Maturity Securities By Contractual Maturity (Details)
Note C - Investment Securities - Summary Of Securities (Details)
Note D - Inventories
Note D - Inventories (Tables)
Note D - Inventories - Summary Of Inventories (Details)
Note E - Property, Plant And Equipment
Note E - Property, Plant And Equipment (Details Textual)
Note E - Property, Plant And Equipment (Tables)
Note E - Property, Plant And Equipment - Summary Of Property, Plant And Equipment (Details)
Note F - Goodwill And Intangible Assets
Note F - Goodwill And Intangible Assets (Details Textual)
Note F - Goodwill And Intangible Assets (Tables)
Note F - Goodwill And Intangible Assets - Goodwill By Reporting Segment (Details)
Note F - Goodwill And Intangible Assets - Intangible Assets By Reporting Segment (Details)
Note G - Long-Term Debt
Note G - Long-Term Debt (Details Textual)
Note H - Income Taxes
Note H - Income Taxes (Details Textual)
Note H - Income Taxes (Tables)
Note H - Income Taxes - Deferred Tax Assets And Liabilities (Details)
Note H - Income Taxes - Effective Income Tax Rate Reconciliation (Details)
Note H - Income Taxes - Income Tax Expense (Benefit) (Details)
Note I - Commitments
Note I - Commitments (Details Textual)
Note J - Capital Stock
Note J - Capital Stock (Details Textual)
Note K - Stock-Based Compensation
Note K - Stock-Based Compensation (Details Textual)
Note K - Stock-Based Compensation (Tables)
Note K - Stock-Based Compensation - Incentive Stock Options By Exercise Price Range (Details)
Note K - Stock-Based Compensation - Nonqualified Stock Options By Exercise Price Range (Details)
Note K - Stock-Based Compensation - Stock Option Activity (Details)
Note L - 401(K) Profit-Sharing Plan
Note L - 401(K) Profit-Sharing Plan (Details Textual)
Note M - Cash Flow Information
Note M - Cash Flow Information (Tables)
Note M - Cash Flow Information - Supplemental Cash Flow Information (Details)
Note N - Segment Reporting
Note N - Segment Reporting (Details Textual)
Note N - Segment Reporting (Tables)
Note N - Segment Reporting - Operations Information By Reporting Segment (Details)
Note O - Accumulated Other Comprehensive Loss
Note O - Accumulated Other Comprehensive Loss (Tables)
Note O - Accumulated Other Comprehensive Loss - Changes To The Components Of Accumulated Other Comprehensive Loss (Details)
Note P - Leases
Note P - Leases (Details Textual)
Note P - Leases (Tables)
Note P - Leases - Components Of Lease Expense (Details)
Note P - Leases - Maturities Of Lease Liabilities (Details)
Note P - Leases - Supplemental Balance Sheet Information Related To Leases (Details)
Note P - Leases - Supplemental Cash Flow Information Related To Leases (Details)
Note Q - Related Parties
Note Q - Related Parties (Details Textual)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Tables)
Schedule Ii - Valuation And Qualifying Accounts - Valuation And Qualifying Accounts (Details)
Significant Accounting Policies (Policies)
Ticker: JJSF
CIK: 785956
Form Type: 10-K Annual Report
Accession Number: 0001437749-22-027923
Submitted to the SEC: Tue Nov 22 2022 5:00:44 PM EST
Accepted by the SEC: Tue Nov 22 2022
Period: Saturday, September 24, 2022
Industry: Cookies And Crackers

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