J&J Snack earnings rise 48% in '09

by Eric Schroeder
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PENNSAUKEN, N.J. — Strong results at Country Home Bakers helped propel a 48% gain in profits at J&J Snack Foods Corp. in fiscal 2009. Net income of J&J Snack Foods in the year ended Sept. 26 totaled $41,312,000, equal to $2.23 per share on the common stock, up 48% from $27,908,000, or $1.49 per share, in fiscal 2008.

Sales in fiscal 2009 were $653,047,000, up 4% from $629,359,000 a year ago.

For the fourth quarter ended Sept. 26, net income was $14,820,000, or 80c per share, up 32% from $11,193,000, or 60c per share, in the same period a year ago. Net sales totaled $182,792,000, up from $177,393,000.

"Continued strong and improving performances from all our business groups contributed to our results for the quarter and the year," said Gerald B. Shreiber, president and chief executive officer. "Country Home Bakers, our cookie, biscuit and specialty bread business, had an outstanding year. Overall, we benefitted from cost containment while driving sales value."

Operating income in the food service segment totaled $45,024,000, up 82% from $24,784,000 in fiscal 2008. Sales to food service customers increased $17,559,000, or 4%, in fiscal 2009, to $417,753,000. During the year, soft pretzel sales to the food service segment fell 3% to $24,853,000.

Bakery product sales, excluding biscuit and dumpling sales and fruit and fig bar sales, increased $6,607,000, or 4%. Biscuit and dumpling sales increased 8% to $32,845,000 in the year on increased distribution and new product offerings, while fig and fruit bar sales increased 11% to $29,497,000 behind strong volume.

Frozen beverage and related product sales decreased 1% to $168,879,000.

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