J&J Snack Food income climbs 29% with acquisitions

by Eric Schroeder
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PENNSAUKEN, N.J. — Net income of J&J Snack Foods Corp. in the second quarter ended March 31 totaled $5,333,000, equal to 29c per share on the common stock, up 29% from $4,137,000, or 23c per share, in the same year-ago period.

Sales in the quarter were $130,040,000, up 16% from $112,044,000 a year ago. Approximately $13,200,000 of the sales increase resulted from the acquisitions of ICEE of Hawaii in January 2006, Slush Puppie in May 2006, and Hom/Ade Foods and Radar in January. Excluding these sales, sales increased about 4%.

For the first half of fiscal 2007, net income was $9,138,000, or 49c per share, up 28% from $7,147,000, or 39c per share, in the first half of fiscal 2006. Net sales were $244,182,000, up 10% from $220,615,000.

"We benefited from the successful integration of the Hom/Ade Foods and the Daddy Ray acquisitions completed during the quarter, as well as continued progress and gains in our core businesses," said Gerald B. Shreiber, president and chief executive officer.

Sales to food service customers increased $13,346,000, or 19%, in the second quarter, to $84,720,000. For the six months, sales increased $14,210,000, or 10%. Soft pretzel sales to the food service segment increased 3% to $24,537,000 during the quarter, and rose 2% to $48,368,000 in the six months.

Bakery product sales improved 6% during the first quarter, to $32,208,000, and rose 2% during the six months, primarily due to increased sales to private label customers.

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