J & J Snack Foods Corp. (NASDAQ-JJSF) said that its voluntary recall of one SKU of its Minute Maid® brand licensed products, which was announced earlier today, will have an adverse impact on the Company’s earnings for its fiscal year 2000 which ends in September. The products involved are Minute Maid Frozen Juice Bars in a 12-pack variety box containing orange, cherry and grape flavors produced at the Company’s Scranton, PA frozen novelty plant. These products are being recalled because a packaging defect has caused a very small number of packages to contain non-toxic food grade plastic particles that could present a potential choking hazard. No injuries have been reported; the recall is being done as a voluntary precaution.
Gerald B. Shreiber, Chief Executive Officer and Chairman, commented, “Although it is too early to assess the full consequences of the recall, we are confident that it will not have a long term impact. However, we expect that it will impact earnings for this year and make it difficult for J & J to increase earnings in our fiscal year 2000 above the $1.50 per share we earned in fiscal year 1999.” Mr. Shreiber added, “We have the full confidence and support of The Minute Maid Company going forward and we feel strongly that we will minimize the effects of this incident in time. We expect sales of our Minute Maid brand licensed products to be a significant contributor the balance of this year and to grow significantly in the years ahead.”
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J & J Snack Foods Corp.’s principal products include SUPERPRETZEL soft pretzels, ICEE and ARCTIC BLAST frozen beverages, LUIGI’S, MAMA TISH’S, SHAPE-UPS, Minute Maid and Hi-C® frozen juice bars and ices, TIO PEPE’S churros and MRS. GOODCOOKIE and CAMDEN CREEK cookies. J & J has manufacturing facilities in Pennsauken, New Jersey; Scranton and Hatfield, Pennsylvania; Carrollton, Texas and Vernon (Los Angeles), California.
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.
Minute Maid and Hi-C are registered trademarks of The Coca-Cola Company.
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