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J & J Snack Foods Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: January 21, 2010 05:16PM
J & J Snack Foods Corp. (JJSF) filed Quarterly Report for the period ended 2009-12-26.
Highlight of Business Operations:
In the three months ended December 26, 2009, we purchased and retired 153,703 shares of our common stock at a cost of $5,894,000 under a million share buyback authorization approved by the Company s Board of Directors in February 2008 leaving 260,576 as the number of shares that may yet be purchased under the share buyback authorization. We purchased and retired 450,597 shares at a cost of $12,510,000 in our fiscal year ended September 26, 2009. Of the shares purchased and retired in our fiscal year 2009, 400,000 shares were purchased at the purchase price of $27.90 per share from Gerald B. Shreiber, Chairman of the Board, Chief Executive Officer and Director of the Company.
In the three months ended December 26, 2009 and December 27, 2008, fluctuations in the valuation of the Mexican and Canadian currencies and the resulting translation of the net assets of our Mexican and Canadian subsidiaries caused a decrease of $266,000 in accumulated other comprehensive loss in the 2010 first quarter and a increase of $1,437,000 in the 2009 first quarter.
Sales to food service customers increased $3,726,000 or 4% in the first quarter to $101,261,000. Sales of funnel cake fries to Burger King accounted for over 80% of the food service sales increase. Soft pretzel sales to the food service market increased $96,000 or less than 1% from last year to $24,331,000 in this year s quarter. Italian ice and frozen juice treat and dessert sales decreased 7% to $7,727,000 in the three months primarily the result of lower sales to three customers. Churro sales to food service customers decreased 8% to $6,761,000 in the quarter with lower sales to one customer accounting for approximately 70% of the decrease. Sales of bakery products excluding biscuit and dumpling sales and fruit and fig bar sales increased $1,162,000, or 3% for the quarter driven by increased sales to private label customers. Biscuit and dumpling sales decreased less than 1% for the quarter to $9,659,000 this year and sales of fruit and fig bars were essentially unchanged at $7,801,000 in this year s quarter. Funnel cake sales increased by $3,651,000 to $4,858,000 primarily due to the sales to Burger King. The changes in sales throughout the food service segment were primarily the result of volume changes.
Sales of products to retail supermarkets increased $2,587,000 to $12,620,000 or 26% in the first quarter. Soft pretzel sales were up 13% to $7,702,000 on a unit volume increase of 8% and sales of frozen juices and ices increased 54% to $5,528,000 on a unit volume increase of 50%. Coupon expense increased by $264,000 or 52% in the quarter.
Frozen beverage and related product sales increased $1,758,000 or 5% to $34,899,000 in the first quarter. Beverage sales alone were up 12% to $22,432,000 for the quarter with increased sales to three customers accounting for over l/2 of the increase. Gallon sales were up 6% in our base ICEE business with over 80% of the increase resulting from sales to two new customers. Service revenue decreased 6% to $9,957,000 in this year s first quarter with about 2/3 of the decrease coming from lower sales to one customer.
Investment income decreased by $149,000 to $312,000 due to a general decline in the level of interest rates. We expect this trend to continue for the foreseeable future.