J & J Snack Foods Corp. (Nasdaq:JJSF) today announced record sales and lower earnings for its second quarter and a loss for the six months ended March 31, 2001.
The Company said, however, that its earnings for the quarter of $.04 per diluted share exceeded the consensus street estimate of a loss of $.02 per diluted share.
Sales for the second quarter increased 13% to $76,807,000 from $67,813,000 in last year’s second quarter. Net earnings decreased 50% to $367,000 compared to $740,000 last year. Earnings per diluted share decreased 50% to $.04 based on 8,631,000 shares for the March quarter from $.08 based on 9,329,000 shares last year.
Operating income decreased 20 % to $1,268,000 this year from $1,585,000 in the year ago period.
For the six months ended March 31, 2001, sales increased 10% to $146,877,000 from $133,319,000 in last year’s first half. The Company had a net loss of $326,000 in the current six months compared to net earnings of $1,406,000 last year. Net loss per diluted share was $.04 based on 8,425,000 shares for the six months compared to net earnings of $.15 based on 9,355,000 shares last year.
Operating income decreased 73% to $ 830,000 from $3,119,000 in the year ago period.
Gerald B. Shreiber, J & J’s President and Chief Executive Officer, commented, “We are making progress with the issues that effected our performance in the first quarter and are hopeful of continued improvements.”
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, Bridgeport and Bellmawr, New Jersey; Scranton and Hatfield, Pennsylvania; Carrollton, Texas and Vernon (Los Angeles), California.
Minute Maid and Hi-C are registered trademarks of The Coca-Cola Company.
Three Months Ended Six Months Ended
March 31, March 25, March 31, March 25,
2001 2000 2001 2000
—- —- —- —-
Net Sales $76,807,000 $67,813,000 $146,877,000 $133,319,000
(Loss) $ 367,000 $ 740,000 $ (326,000) $ 1,406,000
Diluted Share $ .04 $ .08 $ (.04) $ .15
Shares 8,631,000 9,329,000 8,425,000 9,355,000
Basic Share $ .04 $ .08 $ (.04) $ .16
Basic Shares 8,431,000 9,014,000 8,425,000 9,009,000
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.