J & J SNACK FOODS ANNOUNCES STOCK BUY-BACK PROGRAM
J & J SNACK FOODS ANNOUNCES STOCK BUY-BACK PROGRAM PENNSAUKEN, N.J., June 18 /PRNewswire/ -- J & J Snack Foods Corp.
(NASDAQ: JJSF) announced today that its board of directors authorized the repurchase of up to 500,000 shares of the company's common stock through open market or negotiated transactions.
J & J currently has 10,859,000 outstanding shares. According to Gerald B. Shreiber, chairman, president and chief executive officer, "We believe the market may be overreacting to our news release of June 17, 1992, where we estimated probable lower earnings for our third quarter ending June 27, 1992. We remain confident and optimistic with our core businesses and our long-term prospects. We believe this stock repurchase plan provides significant opportunities at current trading levels." J & J Snack Foods manufactures and markets nutritional snack foods to the food service and retail supermarket industries. Its principal products include SUPERPRETZEL(R) soft pretzels, ICEE(R) and FROZEN COKE frozen carbonated beverages, frozen treats and desserts, churros and baked goods. J & J has plant facilities in Pennsauken; Scranton and Hatfield, Pa.; Vernon (Los Angeles) and Santa Fe Springs, Calif.; and Chicago Heights, Ill. /delval/ -0- 6/18/92 /CONTACT: Gerald B. Sheriber, president and CEO of J & J Snack Foods, 609-665-9533/ (JJSF) CO: J & J Snack Foods Corp. ST: New Jersey IN: FOD SU:
MK-CC -- PH019 -- 1487 06/18/92 12:01 EDT
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|Date:||Jun 18, 1992|
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