J & J Snack Foods Corp. (NASDAQ:JJSF – news) today announced record sales and lower earnings for the three and nine months ended June 24, 2000.
Sales for the third quarter increased 9% to $89,579,000 from $82,094,000 in last year’s third quarter. Net earnings decreased 12% to $5,010,000 compared to $5,705,000 last year. Operating income decreased 11% to $8,620,000 from $9,668,000 a year ago. Earnings per diluted share were $.56 based on 8,890,000 shares for the June quarter and $.60 based on 9,471,000 shares last year.
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For the nine months ended June 24, 2000, sales increased 9% to $223,770,000 from $205,551,000 in last year’s period. Net earnings decreased 14% to $6,416,000 for the nine months compared to $7,465,000 last year. Operating income decreased 13% to $11,739,000 from $13,544,000 in the year ago period.
Earnings per diluted share were $.70 based on 9,200,000 shares for the nine months compared to $.78 based on 9,540,000 shares last year.
J & J also announced that it has purchased and retired 583,000 shares of its common stock at a cost of $9,390,000 through the end of its third quarter under an authorization announced in December 1999 to buy back and retire up to 1,000,000 shares of its common stock.
Gerald B. Shreiber, J & J’s President and Chief Executive Officer, commented; “Our sales for the quarter, although up 9% from last year, were less than planned due in large part to lower sales of our core foodservice products and less than expected sales of our ICEE subsidiary. Earnings were further impacted by higher costs and production shortfalls at our Mia frozen juice bar plant during the period along with expenses and sales issues associated with our voluntary recall of our Minute Maid® brand licensed products.”
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By GlobalDataJ & 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.
Three Months Ended Nine Months Ended
—————— —————–
June 24, June 26, June 24, June 26,
2000 1999 2000 1999
—- —- —- —-
Net Sales $89,579,000 $82,094,000 $223,770,000 $205,551,000
Net
Earnings $ 5,010,000 $ 5,705,000 $ 6,416,000 7,465,000
Earnings
Per
Diluted
Share $.56 $.60 $.70 $.78
Weighted
Average
Number
of Diluted
Shares 8,890,000 9,471,000 9,200,000 9,540,000
Earnings Per
Basic Share $.57 $.64 $.72 $.83
Weighted
Average
Number
of Basic
Shares 8,728,000 8,984,000 8,915,000 9,038,000
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.
Minute Maid and Hi-C are registered trademarks of The Coca-Cola Company.
