J & J SNACK FOODS REPORTS FIRST QUARTER RESULTS
J & J SNACK FOODS REPORTS FIRST QUARTER RESULTS PENNSAUKEN, N.J., Jan. 24 /PRNewswire/ -- J & J Snack Foods Corp.
(NASDAQ: JJSF) today announced increased sales but decreased earnings for the first quarter ended Dec. 28, 1991.
Sales increased 9 percent to $27,043,000 from $24,729,000 in last year's first quarter. Net earnings decreased 27 percent to $830,000 in the current quarter from $1,139,000 last year. Earnings per share were $.08 based on 10,858,000 shares for the first quarter compared to $.14 based on 8,315,000 shares last year. Arnold J. Goldstein, J & J's chief financial officer, commented, "Although our frozen carbonated beverage division experiencel?ower- than-expected sales and earnings related to the recession, our food service and retail supermarket divisions produced good results for the quarter. Food service sales were up 13 percent and sales to supermarkets were up 39 percent. Our core businesses are fundamentally strong and we are optimistic about the balance of fiscal 1992 and beyond." On Jan. 10, 1992, J & J announced it expected earnings to be lower than last year's first quarter due primarily to lower-than-expected frozen carbonated beverage sales in the West and Midwest. J & J further indicated the costs of expanding its frozen carbonated beverage business will impact first half results but that it anticipated strong second half sales, the seasonal selling period for its beverage business. J & J Snack Foods manufactures and markets nutritional snack foods to the food service and retail supermarket industries. Its principal products include SUPERPRETZEL soft pretzels, ICEE 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. Corporate headquarters are in Pennsauken and frozen carbonated beverage divisions are headquartered in Ontario, Calif., and Oak Park, Mich. J & J SNACK FOODS CORP. Three months ended Dec. 28, 1991 Dec. 29, 1990 Net sales $27,043,000 $24,729,000 Net earnings 830,000 1,139,000 Earnings per share $.08 $.14 Weighted average shares 10,858,000 8,315,000 /delval/ -0- 1/24/92 R /CONTACT: Arnold J. Goldstein, senior vp and CFO of J & J Snack Foods, 609-665-9533/ (JJSF) CO: J & J Snack Foods Corp. ST: New Jersey IN: FOD SU: ERN
KA-MP -- PH031R -- 3236 01/24/92 16:10 EST
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|Date:||Jan 24, 1992|
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