An increase in sales has helped quarterly profits to grow at US pretzel manufacturer J&J Snack Foods.
The company booked a 12% increase in underlying net earnings to US$18.7m for the three months to 23 June, the third quarter of its financial year. Underlying earnings excluded a one-time gain J &J booked in last year's third quarter.
Operating income was up 10% at $29.9m. The firm also said sales increased 10% in the quarter to $226.3m.
President and CEO Gerald Shreiber said: "All of our business groups contributed to our results for the period. During the quarter, we completed the expansion of our Moscow Mills, Montana and Carrollton, Texas facilities. We continue to make progress expanding our soft pretzel products, including rolls and Bavarian sticks into new venues."
The third-quarter results contributed to an increase in nine-month sales and profits.
J & J Snack Foods Announces Sales and Earnings
PENNSAUKEN, N.J., July 23, 2012 (GLOBE NEWSWIRE) -- J & J Snack Foods Corp. (Nasdaq:JJSF) today announced sales and earnings for its third quarter and nine months ended June 23, 2012.
Sales for the third quarter increased 10% to $226.3 million from $206.3 million in last year's third quarter. For the nine months ended June 23, 2012, sales increased 12% to $588.6 million from $524.7 million in the last year's nine months. Last year's net earnings for the third quarter and the nine months included a $6.6 million gain on bargain purchase of a business. Without the benefit of this one time gain last year, net earnings increased 12% to $18.7 million ($0.99 per diluted share) in this year's quarter compared to $16.7 million ($0.89 per diluted share) last year and for the nine months, earnings increased 6% to $34.6 million ($1.83 per diluted share) from $32.5 million ($1.73 per diluted share) last year.
Last year's reported net earnings, which included the $6.6 million gain, were $23.3 million ($1.24 per diluted share) for the quarter and $39.1 million ($2.08 per diluted share) for the nine months.
Operating income increased 10% to $29.9 million this year from $27.1 million in the year ago period for the quarter. For the nine months, operating income increased 5% to $54.6 million from $52.0 million in the year ago period.
Gerald B. Shreiber, J & J's President and Chief Executive Officer, commented, "All of our business groups contributed to our results for the period. During the quarter, we completed the expansion of our Moscow Mills, MO and Carrollton, TX facilities. We continue to make progress expanding our soft pretzel products, including rolls and Bavarian sticks into new venues."
