J & J Snack Foods Corp. (Nasdaq:JJSF) announced today that it expects that its earnings for its fourth quarter which ends September 30, 2000 will be significantly lower than its earnings in the year ago period.
The Company said that its net earnings for the quarter may come in about $4.4 Million, or $.50 per fully diluted share, compared to the $6.8 Million, or $.72 per fully diluted share, it earned in the fourth quarter 1999.
Net earnings for the year ending September 30, 2000 may come in about $10.9 Million, or $1.20 per fully diluted share, compared to $14.3 Million, or $1.50 per fully diluted share, earned by J & J in the year ended September 25, 1999.
The Company’s EBITDA (net earnings before income taxes, interest expense, depreciation and amortization) for the 2000 year will be approximately $50 Million compared to EBITDA of $53.5 Million in 1999.
Gerald B. Shreiber, J & J’s President and Chief Executive Officer, commented; “Although we will report increased sales for the quarter and for the year, earnings will be impacted by lower sales of our core foodservice products, weakness in our ICEE subsidiary and higher costs and production shortfalls at our Mia frozen juice bar plant.” Mr. Shreiber added, “We believe that the combination of factors that interrupted our earnings growth for the year are temporary in nature and will be improved for our next fiscal year beginning October 1.”
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®(1) and Hi-C®(1) 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.
(1) Minute Maid and Hi-C are registered trademarks of The Coca-Cola