RECORD SALES AND EARNINGS ANNOUNCED FOR J & J SNACK FOODS
PENNSAUKEN, N.J., Nov. 7 /PRNewswire/ -- J & J Snack Foods Corp. (NASDAQ: JJSF) today reported it has continued its string of record sales for the 20th consecutive year since its inception and achieved record earnings for the 19th time in its history in fiscal 1991.
Sales for the fiscal year ended Sept. 28, 1991, increased 14 percent to $109,666,000 from $96,443,000 in the fiscal year ended Sept. 29, 1990. Net earnings increased 64 percent to $6,079,000 in fiscal 1991 from $3,702,000 in fiscal 1990. On a per-share basis, earnings increased to $.67 based on 9,136,000 shares this year from $.44 on 8,467,000 shares last year.
For the fourth quarter ended Sept. 28, 1991, sales increased 10 percent to $31,326,000 from $28,510,000 in the fourth quarter ended Sept. 29, 1990. Net earnings increased 60 percent to $2,689,000 in the current year quarter from $1,680,000 in last year's comparable period. Earnings per share increased to $.25 based on 10,873,000 shares from $.20 based on 8,373,000 shares.
"Despite unfavorable weather conditions during the important summer season in key West Coast markets which affected our frozen carbonated beverage sales, we are pleased with our fourth quarter sales and earnings gains," said Arnold J. Goldstein, J & J's chief financial officer.
Gerald B. Shreiber, J & J's chief executive officer, commented, "We are extremely pleased with the overall results for fiscal 1991. Each of our principal business divisions -- food service, supermarket and frozen carbonated beverage -- made significant contributions and advances this year. More importantly, we continue to build momentum for fiscal 1992 and beyond."
J & J also announced it has been ranked among the 200 best small companies in America by Forbes in its Nov. 11, 1991, issue. This is the second time in the last four years that J & J has been selected.
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.
J & J SNACK FOODS CORP.
Periods ended Three months Year
Sept. 28 Sept. 29 Sept. 28 Sept. 29
1991 1990 1991 1990
Net sales $31,326,000 $28,510,000 $109,666,000 $96,443,000
Net earnings 2,689,000 1,680,000 6,079,000 3,702,000
Earnings per share $.25 $.20 $.67 $.44
shares 10,873,000 8,373,000 9,136,000 8,467,000
/CONTACT: Arnold J. Goldstein, senior vp and chief financial officer of J & J Snack Foods, 609-665-9533/
(JJSF) CO: J & J Snack Foods Corp. ST: New Jersey IN: FOD SU: ERN CC-MK -- PH002 -- 2026 11/07/91 08:02 EST