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|FOR IMMEDIATE RELEASE||Contact:||
Dennis G. Moore
|FOR:||Senior Vice President|
|Chief Financial Officer|
6000 Central Highway
Pennsauken, NJ 08109
SALES AND EARNINGS
REPORTED BY J & J SNACK FOODS
Pennsauken, NJ, November 7, 2019 - - J & J Snack Foods Corp. (NASDAQ-JJSF) today announced sales and earnings for its fourth quarter and year ended September 28, 2019.
Sales for the fourth quarter this year increased 4% to $311.9 million from $300.7 million in last year’s fourth quarter. For the year ended September 28, 2019, sales increased 4% to $1.186 billion from $1.138 billion last year. Net earnings increased 11% to $26.1 million ($1.36 per diluted share) in this year’s fourth quarter compared to $23.4 million ($1.24 per diluted share) last year and for the year earnings decreased 8% to $94.8 million ($5.00 per diluted share) from $103.6 million ($5.51 per diluted share).
Operating income was $31.1 million in both year’s fourth quarter. For the year, operating income increased 6% to $117.0 million from $110.8 million last year.
Net earnings for last year’s quarter were negatively impacted by a $1.4 million, or $0.07 per diluted share, increase in income taxes because of changes to New Jersey tax regulations enacted in July 2018 requiring the re-measurement of deferred tax liabilities.
Net earnings for last year benefited from a $20.9 million, or $1.11 per diluted share, gain on the re-measurement of deferred tax liabilities and were impacted by a $1.2 million, or $.06 per diluted share, provision for the one-time repatriation tax both of which resulted from the Tax Cuts and Jobs Act enacted in December 2017 and were also impacted by a $1.4 million, or $0.07 per diluted share, increase in income taxes because of the changes to New Jersey tax regulations.
Gerald B. Shreiber, J & J’s President and Chief Executive Officer, commented, “We are pleased that all of our business segments had increased operating income for the year. We will continue to work diligently toward improving revenues, margins and operating income going forward.”
J&J Snack Foods Corp. (NASDAQ: JJSF) is a leader and innovator in the snack food industry, providing innovative, niche and affordable branded snack foods and beverages to foodservice and retail supermarket outlets. Manufactured and distributed nationwide, our principal products include SUPERPRETZEL, the #1 soft pretzel brand in the world, as well as internationally known ICEE and SLUSH PUPPIE frozen beverages, LUIGI’S Real Italian Ice, MINUTE MAID* frozen ices, WHOLE FRUIT sorbet and frozen fruit bars, SOUR PATCH KIDS** Flavored Ice Pops, Tio Pepe’s & CALIFORNIA CHURROS, and THE FUNNEL CAKE FACTORY funnel cakes and several bakery brands within DADDY RAY’S, COUNTRY HOME BAKERS and HILL & VALLEY. With nearly twenty manufacturing facilities, and more than $1 billion in annual revenue, J&J Snack Foods Corp. has continued to see steady growth as a company, reaching record sales for 48 consecutive years. The company consistently seeks out opportunities to expand its unique niche market product offering while bringing smiles to families worldwide. For more information, please visit http://www.jjsnack.com.
*MINUTE MAID is a registered trademark of The Coca-Cola Company
**SOUR PATCH KIDS is a registered trademark of Mondelēz International group, used under license.
The following information was filed by Jj Snack Foods Corp (JJSF) on Thursday, November 7, 2019 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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