J&J earnings down on 'disappointing' results
Jan. 24, 2012
by Eric Schroeder
PENNSAUKEN, N.J. — Net income of J&J Snack Foods Corp. in the first quarter ended Dec. 24, 2011, totaled $5,485,000, equal to 29c per share on the common stock, down 23% from $7,094,000, or 38c per share, in the same period of fiscal 2011.
Sales for the first quarter of fiscal 2012 were $172,686,000, up 11% from $155,632,000.
“ICEE improved significantly from last year,” said Gerald B. Shreiber, president and chief executive officer. “Other than ICEE, our results were disappointing. Contributing factors were weak volume, inability to offset ingredient and packaging cost increases and other increases in operating costs.”
Sales to food service customers increased $7,784,000, or 7%, in the first quarter, to $113,069,000. Soft pretzel sales to the food service segment increased 5% to $25,617,000, while frozen juices and ices sales rose 3% to $7,852,000.
Bakery product sales, excluding biscuit and dumpling sales and fruit and fig bars, increased $2,608,000, or 4%, as sales increases and decreases were spread throughout the customer base.
Frozen beverage and related product sales increased 7% to $38,783,000, with beverage sales accounting for $23,981,000 of that total.