J&J Snack profit climbs 24% in second quarter
April 23, 2010
by Eric Schroeder
PENNSAUKEN, N.J. — Net income of J&J Snack Foods Corp. in the second quarter ended March 27 totaled $9,000,000, equal to 49c per share on the common stock, up 24% from $7,244,000, or 39c per share, in the same period a year ago. Sales in the quarter were $157,361,000, up 5% from $149,352,000.
Sales to food service customers increased $5,214,000, or 5%, in the second quarter, to $105,128,000. J&J Snack Food said more than 80% of that increase was due to sales of funnel cake fries to Burger King. Soft pretzel sales to the food service segment increased 2% to $25,437,000.
Bakery product sales, excluding biscuit and dumpling sales and fruit and fig bars, increased $1,040,000, or 3%, driven by higher sales to private label customers. Biscuit and dumpling sales also rose, climbing 13% to $9,039,000 behind increased sales of products introduced over a year ago. Sales of fruit and fig bars fell 3% during the quarter to $8,205,000, primarily due to lower sales to a customer who discontinued a particular product.
Frozen beverage and related product sales increased 4% to $36,908,000, with beverage sales accounting for $25,191,000 of that total.
“Strong performances by our food service and retail supermarket groups contributed to our record quarter,” said Gerald B. Shreiber, president and chief executive officer. “Our management team continues to strengthen and our innovation efforts are being increased. Despite the current challenges in the economy, we are optimistic for the future.”
For the six months ended March 27, net income was $16,091,000, or 87c per share, up from $11,563,000, or 62c per share, in the same period of fiscal 2009. Net sales rose 5% to $306,463,000 from $290,494,000.