J&J Snack net soars 81% in second quarter

by Eric Schroeder
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PENNSAUKEN, N.J. — Net income of J&J Snack Foods Corp. in the second quarter ended March 28 totaled $7,244,000, equal to 39c per share on the common stock, up 81% from $3,998,000, or 21c per share, in the same year-ago period.

Sales in the quarter were $149,352,000, up 4% from $144,229,000 a year ago.

"We are pleased with our overall financial performance for the quarter, particularly considering the challenges in the overall economy," said Gerald B. Shreiber, president and chief executive officer. "All of our business groups contributed as our company continues to outperform others in our sector."

Operating income in the food service segment totaled $10,846,000, up 100% from $5,429,000 in the same period a year ago. Sales to food service customers increased $5,031,000, or 5%, in the second quarter, to $99,914,000. During the quarter, soft pretzel sales to the food service segment fell 1% to $24,853,000.

Bakery product sales, excluding biscuit and dumpling sales and fruit and fig bar sales, increased $1,933,000, or 5%, driven by higher sales to private label customers. Biscuit and dumpling sales decreased 4% to $7,967,000 in the quarter, while fig and fruit bar sales increased 23% to $7,585,000.

Frozen beverage and related product sales decreased 1% to $35,590,000, with beverage sales accounting for $22,148,000 of that total.

For the six months ended March 28 net income totaled $11,563,000, or 62c per share, up 96% from $5,895,000, or 31c per share in the first six months of fiscal 2008. Net sales totaled $290,494,000, up 6% from $275,127,000 in the same period a year ago.

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