J&J Snack earnings climb 14% in '11

by Eric Schroeder
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PENNSAUKEN, N.J. — Net income of J&J Snack Foods Corp. in the fiscal year ended Sept. 24 totaled $55,063,000, equal to $2.95 per share on the common stock, up 14% from $48,409,000, or $2.61 per share, in fiscal 2010. Fiscal 2011 results included a $6,580,000 gain on a bargain purchase of a business in the third quarter, without which the company’s full-year earnings would have been up narrowly from the prior year.
Sales for the full year were $744,071,000, up 7% from $696,703,000.

For the fourth quarter ended Sept. 24, net income was $15,984,000, or 85c per share, down from $16,457,000, or 89c per share, in the same period a year ago. Net sales were $219,380,000, up 9%.

“Our ICEE beverage group had a strong fourth quarter and year,” said Gerald B. Shreiber, president and chief executive officer. “The balance of our business was impacted by higher input costs and added costs of distribution.”

Sales to food service customers increased $25,756,000, or 6%, in fiscal 2011, to $463,562,000. Soft pretzel sales to the food service segment increased 3% to $103,943,000, while frozen juices and ices sales rose 5% to $49,740,000.

Bakery product sales, excluding biscuit and dumpling sales and fruit and fig bars, increased $9,190,000, or 5%, driven by higher sales to private label customers and to school food service. Biscuit and dumpling sales also rose, climbing 4% to $34,774,000. Sales of fruit and fig bars fell 11% during the quarter to $28,363,000.

Frozen beverage and related product sales increased 4% to $189,410,000, with beverage sales accounting for $133,372,000 of that total.

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