J&J Snack earnings fall 13% in year

by Eric Schroeder
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PENNSAUKEN, N.J. — For the year ended Sept. 27, J&J Snack Foods Corp. posted net earnings of $27,908,000, equal to $1.49 per share on the common stock, down 13% from $32,112,000, or $1.72 per share, during fiscal 2007.

Net sales for the year were $629,359,000, up 11% from $568,901,000 during the previous year.

"As previously reported throughout the year, our earnings were impacted by higher input costs, particularly wheat and dairy based products," said Gerald B. Shreiber, president and chief executive officer. "We are gratified that we were able to grow our overall business by 11% and maintain key market shares during these challenging economic times."

In the Food Service segment, the company posted operating income of $24,784,000, down 26% from $33,417,000 during the previous year. Sales in the segment were $400,194,000, up 12% from $355,764,000.

The Retail Supermarket segment posted operating income of $4,665,000, which compared with a loss of $2,000 in the previous year. Sales in the segment were $57,112,000, 10% from $52,131,000.

The Restaurant Group suffered an operating loss of $140,000, which compared with operating income of $31,000 during the previous year. Sales for the segment were $1,635,000, down 41% from $2,766,000 during the previous year.

The Frozen Beverages segment posted operating income of $14,027,000, down 7% from $15,134,000 in the previous year. Sales for the segment were $170,418,000, up from $158,240,000 in the previous year.

For the fourth quarter ended Sept. 27, the company had net earnings of $11,193,000, or 60c per share, up from $10,477,000, or 56c per share, during the same quarter of the previous year. Net sales for the quarter were $177,393,000, up 9% from $162,209,000 during the same quarter of the previous year.

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