J&J Snack Foods Corp.
(
JJSF
), a food processing company,reported strong fiscal first-quarter
2013 (ending Dec 29, 2012) financial results. Both the earnings
as well as revenue surpassed the Zacks Consensus Estimate by a
huge margin.
The company reported first quarter earnings per share of 54
cents, 22.7% higher than the Zacks Consensus Estimate of 44
cents. The quarterly earnings improved 86.2% from the year-ago
earnings of 29 cents a share,
Revenue
Revenue increased 10.8% year over year to $191.4 million in
the reported quarter. It also surpassed the Zacks Consensus
Estimate of $185.0 million by 3.5%, due to improvement in
foodservice and frozen beverage businesses.
Sales in the
Food Service
segment increased 15.1% year over year to $130.2 million, led by
improvement in soft pretzels, churros and bakery product
sales.
Sales in the
Retail Supermarkets
segment remained almost flat year over year at $20.7 million in
the reported quarter, led by soft pretzel and handhelds
sales.
Frozen Beverages
segment revenue increase d 4.5% year-over year increase to $40.5
million, boosted by beverages as well as machine sales.
Costs/Margin
During the reported quarter, cost of goods sold edged up 8.7%
from the year-ago quarter to settle at $137.3 million. Gross
profit margin inched up 141 basis points from the year-ago
quarter, to 28.3%, led by higher volume in the foodservice
business.
Total operating expenses for 1Q13 came in at $39.1 million, an
increase of 3.0% year over year. However, the operating profit
margin dropped by 4 basis points to 4.86%.
Balance Sheet/Cash Flow Statement
J&J's cash and cash equivalents at the end of first
quarter were approximately $80.2 million, representing a decrease
of 48.0% from the previous quarter. Total debt decreased 19.0%
sequentially to $281 million as of Dec 29, 2012.
Total capital expenditure incurred for the quarter amounted to
$7.5 million against $8.9 million in the year-ago quarter. Net
operating cash flow experienced a decline of 16.5%, to settle at
$17.3 million.
The company is a manufacturer of nutritional snack foods and
frozen beverages. The stock currently bears a Zacks Rank #3
(Hold). Other stocks worth a look in the industry are
ConAgra Foods Inc.
(
CAG
),
H. J. Heinz Company
(
HNZ
) and
Campbell Soup Co.
(
CPB
); each holding a Zacks Rank #2 (Buy).
CONAGRA FOODS (CAG): Free Stock Analysis
Report
CAMPBELL SOUP (CPB): Free Stock Analysis
Report
HEINZ (HJ) CO (HNZ): Free Stock Analysis
Report
J&J SNACK FOODS (JJSF): Free Stock Analysis
Report
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