J & J Snack Foods Corp. (NASDAQ-JJSF) today announced increased sales and a net loss for the first quarter ended December 30, 2000.
Sales increased 7% to $70,654,000 from $65,950,000 in last year’s first quarter. The Company had a net loss of $693,000 in the current quarter compared to net earnings of $666,000 last year. Net loss per diluted share was $.08 based on 8,578,000 shares for the first quarter compared to net earnings of $.07 based on 9,381,000 shares last year. An operating loss of $438,000 in the current quarter compared to operating income of $1,534,000 in the year ago quarter.
Gerald B. Shreiber, J & J’s President and Chief Executive Officer, commented, “We experienced significant downturns in the major categories and channels of our business. These downturns that were across the board in food service and our ICEE beverage business were further impacted by an extremely disappointing December. We believe that the overall slow retail season and cold and icy weather in various regions of the country also hurt sales for all except our supermarket business. Although efforts are underway to provide solutions to these issues, we do not see any major improvement until at least the third quarter of our fiscal year which begins in April. Although the Company is confident these issues are not permanent in nature, we nevertheless cannot predict with certainty extended results for the year.”
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.
(1)Minute Maid and Hi-C are registered trademarks of The Coca-Cola Company.
Three Months Ended
——————
December 30, December 25,
2000 1999
—- —-Net Sales $ 70,654,000 $ 65,950,000
Net (Loss)
Earnings $ (693,000) $ 666,000
(Loss) Earnings
Per Diluted Share $ (.08) $ .07
Weighted Average
Number of
Diluted Shares 8,419,000 9,381,000
(Loss) Earnings
Per Basic Share $ (.08) $ .07
Weighted Average
Number of
Basic Shares 8,419,000 9,004,000
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.
