J & J Snack Foods Corp. has posted record sales and earnings for its Q2 and H1 ended 30 March.
Sales for the Q2 increased 9% to US$84.06m year on year and net earnings were up 200% to US$2.3m, not including US$411,000 of after tax amortization expense associated with goodwill, last year.
Earnings per diluted share increased 178% to US$.25 based on 9,254,000 shares for the March quarter from US$.09, not including US$.05 per share of amortization expense associated with goodwill, based on 8,631,000 shares last year. Operating income increased 162% to US$3.64m this year from US$1.39m in the year ago period.
For the H1, sales increased 11% to US$163.09m from US$146.87m in last year’s H1. Net earnings increased 535% to US$3.158m in the six months from US$497,000, not including US$823,000 of after tax amortization expense associated with goodwill, last year.
Earnings per diluted share increased 483% to US$.35 based on 9,119,000 shares for the H1 from US$.06, not including US$.10 per share of amortization expense associated with goodwill, based on 8,425,000 shares last year. Operating income increased 425% to US$5.12m from US$975,000 in the year ago period.
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By GlobalDataGerald B. Shreiber, president and CEO, commented: “Once again, our core business and products demonstrated strong showing and improvements. New products, including Pretzel Fillers, Gourmet Twists, and frozen juice bar products, including Minute Maid licensed products, continue to grow across all market channels. Programs that were initiated previously are now bearing fruit.
“We are confident that these trends will continue for the remainder of the fiscal year and beyond.”
Three Months Ended Six Months Ended
—————— —————-
March 30, March 31, March 30, March 31,
2002 2001(a) 2002 2001(a)
—- —- —- —-
Net Sales $84,066,000 $76,807,000 $163,091,000 $146,877,000
Net Earnings $2,336,000 $778,000 $3,158,000 $497,000
Earnings Per
Diluted share $.25 $.09 $.35 $.06
Weighted Average
Number of
Diluted Shares 9,254,000 8,631,000 9,119,000 8,605,000
Earnings Per
Basic Share $.27 $.09 $.36 $.06
Weighted Average
Number of Basic
Shares 8,705,000 8,431,000 8,675,000 8,425,000
(a) Net earnings and per share data is shown without the effect of amortization expense associated with goodwill.