J&J Snack Foods has booked an increase in full-year sales and earnings, as its top- and bottom-line benefited from the growth of core products including soft pretzels and churros.
In the 12 months to 29 September, sales increased 12% to US$839.8m. Excluding the contribution of an extra week of trading in the fourth-quarter, sales rose 10% in the period.
Full-year net earnings also increased 12% to $52.4m, excluding a $6.6m one-off gain on "bargain grain", up from $48.5m last year. Operating income rose 11% to $85m.
The company said the result was driven by higher sales of core products and increased distribution. J&J added it is well-positioned to continue to expand revenues in the coming year "and beyond", having invested in expanding capacity at its production facilities in Texas, Missouri and New Jersey.
Pennsauken, NJ, November 8, 2012 - - J & J Snack Foods Corp. (NASDAQ-JJSF) today announced sales and earnings for its fourth quarter and year ended September 29, 2012.
Sales for the fourth quarter (14 weeks) increased 10% to $242.2 million from $219.4 million in last year's fourth quarter (13 weeks). For the year ended September 29, 2012 (53 weeks), sales increased 12% to $830.8 million from $744.1 million last year (52 weeks). Excluding sales from the extra week in 2012, sales increased approximately 3% for the fourth quarter and 10% for the year.
Last year's third quarter net earnings included a $6.6 million gain on bargain purchase of a business.
Net earnings increased 22% to $19.5 million ($1.03 per diluted share) in this year's fourth quarter compared to $16.0 million ($0.85 per diluted share) last year and for the year, without the benefit of the bargain gain last year, earnings increased 12% to $54.2 million ($2.86 per diluted share) from $48.5 million ($2.58 per diluted share).
