PENNSAUKEN, N.J.  (Food-News.net)  J & J Snack Foods Corp. (NASDAQ:JJSF) today announced record sales and earnings for its third quarter and nine months ended June 26, 2010.

Sales for the third quarter increased 6% to $189.7 million from $179.8 million in last year’s third quarter. Net earnings increased 6% to $15.9 million from $14.9 million last year. Earnings per diluted share were $.85 for the June quarter compared to $.80 last year. Operating income increased 7% to $26.1 million this year from $24.4 million in the year ago period.

For the nine months ended June 26, 2010, sales increased 6% to $496.2 million from $470.3 million in last year’s nine months. Net earnings increased 21% to $32.0 million in the nine months from $26.5 million last year. Earnings per diluted share were $1.71 for the nine months compared to $1.42 last year. Operating income increased 22% to $52.4 million from $43.1 million in the year ago period.

Gerald B. Shreiber, J & J’s President and Chief Executive Officer, commented: “All of our business groups, led by our ICEE beverage and supermarket businesses, contributed to our record setting sales performance. In a difficult economy, we were able to continue to grow our business.”

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** 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 and CALIFORNIA CHURROS 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 Norwalk, California.

*MINUTE MAID is a registered trademark of The Coca-Cola Company.

**BARQ’S is a registered trademark of Barq’s Inc.

       
    Unaudited Consolidated Statement of Operations  
    Three Months Ended     Nine Months Ended  
    June 26,   June 27,     June 26,   June 27,  
    2010   2009     2010   2009  
    (in thousands)  
Net sales   $ 189,729   $ 179,761     $ 496,192   $ 470,255  
Cost of goods sold     124,698     118,727       335,345     323,162  
Gross profit     65,031     61,034       160,847     147,093  
Operating expenses     38,969     36,654       108,474     104,002  
Operating income     26,062     24,380       52,373     43,091  
Other income     236     263       717     965  
Earnings before income taxes     26,298     24,643       53,090     44,056  
Income taxes     10,437     9,714       21,138     17,564  
Net earnings   $ 15,861   $ 14,929     $ 31,952   $ 26,492  
   
Earnings per diluted share   $ .85   $ .80     $ 1.71   $ 1.42  
Earnings per basic share   $ .86   $ .81     $ 1.73   $ 1.43  
Weighted average number of diluted shares     18,731     18,698       18,705     18,697  
Weighted average number of basic shares     18,529     18,480       18,516     18,507  
                     
        Consolidated Balance Sheets  
        June 26, 2010         September 26, 2009
        (Unaudited)            
        (in thousands)  
   
Cash & cash equivalents       $ 54,293         $ 60,343  
Current marketable securities held to maturity         26,865           38,653  
Other current assets         125,504           112,115  
Property, plant & equipment, net         103,718           97,173  
Goodwill         70,070           60,314  
Other intangible assets, net         56,577           49,125  
Long-term marketable securities held to maturity         28,322           19,994  
Other         1,893           2,110  
Total       $ 467,242         $ 439,827  
   
Current liabilities       $ 72,689         $ 67,679  
Long-term obligations under capital leases         211           285  
Deferred income taxes         27,033           27,033  
Other long-term liabilities         1,983           1,986  
Stockholders’ equity         365,326           342,844  
Total       $ 467,242         $ 439,827  
                         

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.



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