Funnel cake fries sales boost J&J Snack profit

by Eric Schroeder
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PENNSAUKEN, N.J. — Strong results across the food service, retail supermarket and frozen beverage businesses of J&J Snack Foods Corp. helped drive a 17% earnings gain in fiscal 2010. Net income in the year ended Sept. 25 totaled $48,409,000, equal to $2.61 per share on the common stock, up from $41,312,000, or $2.23 per share, in fiscal 2009.

Sales in fiscal 2010 were $696,703,000, up 7% from $653,047,000 a year ago.

For the fourth quarter ended Sept. 25, net income was $16,457,000, or 89c per share, up 11% from $14,820,000, or 80c per share, in the same period a year ago. Net sales totaled $200,511,000, up 10% from $182,792,000.

“We had another successful year,” said Gerald B. Shreiber, president and chief executive officer. “Each of our major businesses contributed to our record sales and earnings.”

Operating income in the food service segment totaled $50,255,000, up 12% from $45,024,000 in fiscal 2009. Sales to food service customers increased $19,206,000, or 5%, in fiscal 2010, to $436,959,000. During the year, sales of funnel cake fries to Burger King accounted for more than 66% of the food service sales increase. Soft pretzel sales to the food service segment rose 1% to $100,694,000.

Bakery product sales, excluding biscuit and dumpling sales and fruit and fig bar sales, increased $5,606,000, or 3%. Biscuit and dumpling sales increased 1% to $33,326,000 in the year, while fig and fruit bar sales decreased 4% to $31,715,000 due primarily to lower sales to one customer who discontinued a particular product.
J&J Snack said sales of new products in the first 12 months since their introduction were approximately $29 million in fiscal 2010.

Frozen beverage and related product sales increased 8% to $182,778,000.

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