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J & J Snack Foods Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: January 20, 2011 04:21PM
J & J Snack Foods Corp. (JJSF) filed Quarterly Report for the period ended 2010-12-25. J&j Snack Foods has a market cap of $854.5 million; its shares were traded at around $47.76 with a P/E ratio of 17.8 and P/S ratio of 1.3. The dividend yield of J&j Snack Foods stocks is 1%. J&j Snack Foods had an annual average earning growth of 11.7% over the past 10 years. GuruFocus rated J&j Snack Foods the business predictability rank of 5-star.
Hedge Fund Gurus that owns JJSF:Jim Simons of Renaissance Technologies LLC.
Mutual Fund and Other Gurus that owns JJSF:Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors.
For details of gurus' trades and ownership with JJSF, click here
Highlight of Business Operations:
Sales to food service customers increased $3,819,000 or 4% in the first quarter to $105,080,000. Excluding sales from the acquisition of California Churros, food service sales increased 1% for the quarter. Soft pretzel sales to the food service market increased $53,000 or less than 1% from last year to $24,384,000 in this year s quarter. Italian ice and frozen juice treat and dessert sales decreased 1% to $7,642,000 in the three months. Churro sales to food service customers increased 49% to $10,089,000 in the quarter. Without sales from California Churros, churros sales for the quarter increased 7% with sales increases spread among many customers.
Sales of funnel cake fries were down $349,000, or 7%, in the quarter with sales to one customer down $938,000, or 30%, from a year ago. That one customer accounted for $12.7 million of sales of funnel cake fries in our fiscal year 2010, of which $9.6 million were in the last nine months. We anticipate that sales to this customer will be significantly lower the last nine months of our fiscal year 2011 compared to the last nine months of our fiscal year 2010.
Operating income in our Food Service segment increased from $10,472,000 to $11,097,000 in the quarter primarily as a result of increased volume as discussed above. In the quarter, ingredients and packaging costs were about $2 million higher than a year ago.
Sales of products to retail supermarkets increased $1,502,000 to $14,122,000 or 12% in the first quarter. Soft pretzel sales were up 2% to $7,835,000 on a unit volume decrease of 1% and sales of frozen juices and ices increased 18% to $6,501,000 on a unit volume increase of 24%. Coupon redemption costs, a reduction of sales, decreased by $79,000 or 10% in the quarter.
Frozen beverage and related product sales increased $1,326,000 or 4% to $36,225,000 in the first quarter. Beverage sales alone were up 6% to $23,687,000 for the quarter with increased sales spread across our customer base. Gallon sales were up 3% in our base ICEE business with over 75% of the increase resulting from sales to one customer. Service revenue decreased 1% to $9,813,000 in this year s first quarter.
Sales of beverage machines, which tend to fluctuate from year to year while following no specific trend, were $255,000 higher this year than last in the three month period. The estimated number of company owned frozen beverage dispensers was 39,100 and 38,600 at December 25, 2010 and September 25, 2010, respectively. Operating loss in our Frozen Beverage segment increased $1,466,000 in the quarter primarily because of higher payroll expenses and expenses related to the maintenance of company owned frozen beverage dispensers. Higher gasoline costs of approximately $160,000 impacted the December quarter. We expect higher gasoline costs to impact operating income for at least the balance of our fiscal year.
Stocks Discussed: JJSF,