J&J Snack earnings up, excluding gain
by Eric Schroeder
PENNSAUKEN, N.J. — Net income at J&J Snack Foods Corp. totaled $18,672,000, equal to 99c per share on the common stock, in the third quarter ended June 23, down 20% from $23,326,000, or $1.25 per share, in the same period a year ago. Last year’s results included a $6.6 million gain on a purchase.
Excluding that gain, year-over-year income was up 12%.
Operating income in the third quarter was $29,891,000, up 10% from $27,061,000 in the same period a year ago, while net sales also rose 10% to $226,335,000 from $206,328,000.
“All of our business groups contributed to our results for the period,” said Gerald B. Shreiber, president and chief executive officer. “During the quarter, we completed the expansion of our Moscow Mills, Mo., and Carrollton, Texas, facilities. We continue to make progress expanding our soft pretzel products, including rolls and Bavarian sticks into new venues.”
Sales to food service customers increased $17,085,000, or 14%, in the third quarter, to $138,464,000.
Soft pretzel sales to the food service segment increased 11% to $29,579,000, while frozen juices and ices sales rose 15% to $19,680,000.
Bakery product sales, excluding biscuit and dumpling sales and fruit and fig bars, increased $8,674,000, or 15%, as sales increases were spread throughout the customer base.
Frozen beverage and related product sales increased 2% to $58,016,000.
For the nine months ended June 23 net income was $34,580,000, or $1.83 per share, down 12% from $39,079,000 in the same period a year ago. Excluding the $6.6 million gain last year, net income increased 6%. Net sales increased 5% to $54,627,000 from $51,988,000.