J & J Snack Foods Reports Fiscal 2025 Third Quarter Results
J&J Snack Foods (NASDAQ: JJSF) reported strong Q3 2025 financial results with record net sales of $454.3 million, up 3.3% year-over-year, and adjusted EBITDA of $72.0 million. The company's Food Service segment grew 4.8%, while Frozen Beverage segment increased 6.1%, offset by a 7.1% decline in Retail sales.
Net earnings reached $44.2 million, a 22% increase, with earnings per diluted share of $2.26. The company's gross profit improved to $150.0 million, though gross margin slightly declined to 33.0%. Notable growth came from pretzel sales, up 12.8%, while churro sales declined 13.2%. The company received a $10.6 million insurance gain and recorded a $1.5 million intangible asset impairment charge.
J&J Snack Foods (NASDAQ: JJSF) ha riportato risultati finanziari solidi nel terzo trimestre del 2025 con vendite nette record di 454,3 milioni di dollari, in crescita del 3,3% rispetto all'anno precedente, e un EBITDA rettificato di 72,0 milioni di dollari. Il segmento Food Service è cresciuto del 4,8%, mentre il segmento Frozen Beverage è aumentato del 6,1%, compensati da un calo del 7,1% nelle vendite al dettaglio.
L'utile netto ha raggiunto 44,2 milioni di dollari, con un aumento del 22%, e un utile per azione diluita di 2,26 dollari. Il margine lordo è migliorato a 150,0 milioni di dollari, anche se il margine lordo percentuale è leggermente sceso al 33,0%. Una crescita significativa è stata registrata nelle vendite di pretzel, aumentate del 12,8%, mentre le vendite di churro sono diminuite del 13,2%. L'azienda ha ottenuto un guadagno assicurativo di 10,6 milioni di dollari e ha registrato una svalutazione di 1,5 milioni di dollari su beni immateriali.
J&J Snack Foods (NASDAQ: JJSF) reportó sólidos resultados financieros en el tercer trimestre de 2025 con ventas netas récord de 454,3 millones de dólares, un aumento del 3,3% interanual, y un EBITDA ajustado de 72,0 millones de dólares. El segmento de Food Service creció un 4,8%, mientras que el segmento de Frozen Beverage aumentó un 6,1%, compensado por una caída del 7,1% en las ventas minoristas.
Las ganancias netas alcanzaron los 44,2 millones de dólares, un incremento del 22%, con ganancias por acción diluida de 2,26 dólares. La utilidad bruta mejoró a 150,0 millones de dólares, aunque el margen bruto disminuyó ligeramente al 33,0%. El crecimiento más destacado provino de las ventas de pretzels, que aumentaron un 12,8%, mientras que las ventas de churros disminuyeron un 13,2%. La compañía recibió una ganancia por seguro de 10,6 millones de dólares y registró un cargo por deterioro de activos intangibles de 1,5 millones de dólares.
J&J 스낵 푸즈 (NASDAQ: JJSF)� 2025� 3분기� 기록적인 순매� 4� 5,430� 달러� 보고했으�, 전년 대� 3.3% 증가� 조정 EBITDA 7,200� 달러� 기록했습니다. 식품 서비� 부문은 4.8% 성장했고, 냉동 음료 부문은 6.1% 증가했으� 소매 판매� 7.1% 감소했습니다.
숵ӝ익은 4,420� 달러� 22% 증가했으�, 희석 주당숵ӝ익은 2.26달러였습니�. 총이익은 1� 5,000� 달러� 개선되었으나 총이익률은 다소 하락하여 33.0%� 기록했습니다. 프레� 판매� 12.8% 증가하며 눈에 띄는 성장� 보였�, 츄로 판매� 13.2% 감소했습니다. 회사� 1,060� 달러� 보험 이익� 받았으며, 무형자산 손상차손으로 150� 달러� 기록했습니다.
J&J Snack Foods (NASDAQ : JJSF) a publié de solides résultats financiers pour le troisième trimestre 2025 avec des ventes nettes record de 454,3 millions de dollars, en hausse de 3,3 % d'une année sur l'autre, et un EBITDA ajusté de 72,0 millions de dollars. Le segment Food Service a progressé de 4,8 %, tandis que le segment Frozen Beverage a augmenté de 6,1 %, compensé par une baisse de 7,1 % des ventes au détail.
Le bénéfice net a atteint 44,2 millions de dollars, soit une augmentation de 22 %, avec un bénéfice par action dilué de 2,26 dollars. La marge brute s'est améliorée à 150,0 millions de dollars, bien que la marge brute en pourcentage ait légèrement diminué à 33,0 %. Une croissance notable a été enregistrée dans les ventes de bretzels, en hausse de 12,8 %, tandis que les ventes de churros ont diminué de 13,2 %. La société a reçu un gain d'assurance de 10,6 millions de dollars et a enregistré une charge de dépréciation d'actifs incorporels de 1,5 million de dollars.
J&J Snack Foods (NASDAQ: JJSF) meldete starke Finanzergebnisse für das dritte Quartal 2025 mit rekordverdächtigen Nettoumsätzen von 454,3 Millionen US-Dollar, ein Anstieg von 3,3 % im Jahresvergleich, und einem bereinigten EBITDA von 72,0 Millionen US-Dollar. Das Food-Service-Segment wuchs um 4,8 %, während das Segment Frozen Beverage um 6,1 % zunahm, was durch einen Rückgang der Einzelhandelsumsätze um 7,1 % ausgeglichen wurde.
Der Nettogewinn erreichte 44,2 Millionen US-Dollar, ein Anstieg von 22 %, mit einem verwässerten Gewinn je Aktie von 2,26 US-Dollar. Der Bruttogewinn verbesserte sich auf 150,0 Millionen US-Dollar, obwohl die Bruttomarge leicht auf 33,0 % sank. Bemerkenswertes Wachstum verzeichneten die Brezelverkäufe, die um 12,8 % stiegen, während die Churro-Verkäufe um 13,2 % zurückgingen. Das Unternehmen erzielte einen Versicherungsertrag von 10,6 Millionen US-Dollar und verbuchte eine Wertminderung von 1,5 Millionen US-Dollar auf immaterielle Vermögenswerte.
- Record Q3 net sales of $454.3M, up 3.3% year-over-year
- Net earnings increased 22% to $44.2M
- Food Service segment sales grew 4.8%, led by 12.8% growth in pretzel sales
- Operating income increased 21% to $60.6M
- Distribution costs improved due to logistics optimization and lower fuel expenses
- $10.6M insurance gain received for property damage
- Retail segment sales declined 7.1% year-over-year
- Gross margin decreased from 33.6% to 33.0%
- Churro sales declined 13.2%
- Handheld sales down 21% due to facility fire capacity constraints
- Management cautious about Q4 outlook due to consumer backdrop and tariff risks
Insights
J&J Snack Foods delivered strong Q3 with 22% earnings growth despite mixed segment performance and consumer caution.
J&J Snack Foods posted
Segment performance was mixed. The Food Service division (their largest) grew
Gross margin contracted slightly from
Management's outlook is cautious, citing consumer spending concerns, potential tariff impacts, and projected weakness in theater box office sales for Q4. For fiscal 2026, the company is emphasizing innovation, including high-protein pretzels, clean-label novelties, and new frozen beverage offerings. The measured tone suggests management sees both opportunities and challenges ahead in a difficult consumer environment.
MOUNT LAUREL, N.J., Aug. 05, 2025 (GLOBE NEWSWIRE) -- J & J Snack Foods Corp. (NASDAQ: JJSF) (the “Company�) today reported financial results for the third quarter ended June 28, 2025.
Third Quarter | |||
Actuals | $ vs. LY | % vs. LY | |
Net Sales | |||
Gross Profit | |||
Operating Income | |||
Net Earnings | |||
Earnings per Diluted Share | |||
Adjusted Operating Income | |||
Adjusted EBITDA | |||
Adjusted Earnings per Diluted Share | |||
This press release contains non-GAAP financial measures. Please refer to the Non-GAAP Financial Measures section below for reconciliations to the most comparable GAAP measures.
Dan Fachner, J&J Snack Foods Chairman, President, and CEO stated, “We delivered strong third quarter results, achieving record performance across key financial metrics, including net sales of
“Our performance was led by sales growth within our Food Service and Frozen Beverage segments, with meaningful sales growth in our core soft pretzel, bakery, and Dippin� Dots businesses. Retail sales fell as we reduced promotional activity for frozen novelties while handheld sales declined due to capacity constraints resulting from a facility fire last year. We are implementing a solution to restore handheld capacity by the end of the calendar year. Sequential margin expansion was supported by a seasonal mix shift toward our higher-margin products, as well as recent pricing initiatives designed to offset persistent input cost inflation.
“As we close out our fiscal fourth quarter, we remain cautious given the consumer backdrop, tariff-related risks, and projections for box office sales to be down in the fourth quarter. Looking ahead to fiscal 2026, we remain focused on execution and innovation, with several key product launches and customer pilots underway across pretzels, churros and frozen beverages. We are also making progress on better-for-you innovation, including high protein pretzels and clean-label novelties with functional benefits. We remain committed to driving sustainable growth and long-term value for our customers, partners and shareholders.�
Third Quarter Highlights
Net sales increased
Key highlights include:
- Food Service segment sales increased
4.8% - Retail Supermarket segment sales decreased
7.1% - Frozen Beverage segment sales increased
6.1%
Gross profit increased from
Total operating expenses of
- Marketing and selling expenses were
$33.8 million or7.5% of sales, up slightly from7.4% in the prior year quarter, and increased3.8% . The increase was primarily related to expenses for summer promotions in our Frozen Beverages and Dippin� Dots businesses. - Distribution expenses were
$44.7 million or9.8% of sales, down from10.2% in the prior year quarter. Distribution cost improvements were driven by our exit from third-party logistics facilities, lower outbound freight costs from freight optimization initiatives, and lower fuel expenses. - Administrative expenses were
$20.0 million or4.4% of sales, down slightly from4.5% in the prior year quarter. Administrative expenses were materially flat to the prior year quarter, reflecting expense control discipline.
Operating income was
Food Service Segment Third Quarter Highlights
- Food Service sales increased
4.8% to$277.2 million . - Pretzel sales increased
12.8% , with a significant portion of the growth attributable to our Bavarian varieties. Churro sales declined13.2% , reflecting the wind-down of a limited time offer program in the prior year. - Sales of new products and added placement with new customers were approximately
$8.4 million in the quarter, driven primarily by the addition of frozen novelties and churro related products, as well as new distribution of cookies. - Operating income increased by
$11.3 million , or55.7% to$31.5 million , which included the net$9.1 b enefit of the non-recurring insurance gain on proceeds received for property, plant and equipment, and the intangible asset impairment charge.
Retail Supermarket Segment Third Quarter Highlights
- Retail sales decreased
7.1% to$63.9 million - Frozen novelties sales decreased
8.5% and were impacted by lower promotional activity in the quarter. Although frozen novelty sales declined in total, Dogsters and Dippin� Dots Sundaes continued to deliver sales growth in the quarter. Retail handheld sales declined21% as continued capacity constraints from the fire at our North Carolina facility last year limited sales. Soft pretzel sales increased3.3% . - Sales of new products and added placement with new customers were approximately
$3.3 million in the quarter driven by the recent launch of our Dippin� Dots Sundaes as well as additional distribution of pretzel dogs. - Operating income decreased
26.3% to$5.8 million .
Frozen Beverages Segment Third Quarter Highlights
- Frozen beverage segment sales increased
6.1% to$113.3 million . - Beverage sales declined
1.5% which included the impact of unfavorable foreign exchange rates. - Machine Service revenues increased
2.7% on higher call volumes, while machine sales increased73.4% , primarily due to a major convenience customer upgrading its equipment across its store network. - Operating income increased
5.8% to$23.3 million driven primarily by the increase in equipment sales as well as focused expense management.
Conference Call
J&J Snack Foods Corp. will host a conference call to discuss results and business outlook on August 5, 2025, at 10:00 a.m. Eastern Time. Conference call participants should register by clicking on thisto receive the dial-in number and a personal PIN, which are required to access the conference call. A live audio webcast of the conference call will also be available on the Investors homepage at .
About J & J Snack Foods Corp.
J & J Snack Foods Corp. (NASDAQ: JJSF) is a leader and innovator in the snack food industry, providing innovative, niche, and affordable branded snack foods and beverages to foodservice and retail supermarket outlets. Manufactured and distributed nationwide, our principal products include SUPERPRETZEL, the #1 soft pretzel brand in the world, as well as internationally known ICEE and SLUSH PUPPIE frozen beverages, DIPPIN� DOTS ice cream, LUIGI’S AG˹ٷ Italian Ice, MINUTE MAID* frozen ices, WHOLE FRUIT sorbet and frozen fruit bars, HOLA! CHURROS, and THE FUNNEL CAKE FACTORY funnel cakes and several bakery brands within DADDY RAY’S, COUNTRY HOME BAKERS and HILL & VALLEY. For more information, please visit .
*MINUTE MAID is a registered trademark of The Coca-Cola Company.
Cautionary Statement Regarding Forward-Looking Information
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company’s expected future financial position, results of operations, revenue growth and profit levels, cash flows, business strategy, budgets, projected costs, capital expenditures, products, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as “anticipate,� “if,� “believe,� “plan,� “goals,� “estimate,� “expect,� “intend,� “may,� “could,� “should,� “will,� and other similar expressions are forward-looking statements. This includes, without limitation, our statements, and expectations regarding any current or future recovery in our industry and the future impact of our operational efficiency projects. Such forward-looking statements are inherently uncertain, and readers must recognize that actual results may differ materially from the expectations of management. We do not undertake a duty to update such forward-looking statements. Factors that may cause actual results to differ materially from those in the forward-looking statements include consumer spending, price competition, acceptance of new products, the pricing and availability of raw materials, transportation costs, changes in the competitive marketplace the uncertainty and ultimate economic impact of the COVID-19 pandemic or similar health outbreaks, and other risks identified in our annual report on Form 10-K, and our other filings with the Securities and Exchange Commission. Many of these factors are outside of the Company’s control.
Non-GAAP Financial Measures
Adjusted EBITDA consists of net earnings adjusted to exclude: income taxes (benefit); investment income; interest expense; depreciation and amortization; share-based compensation expense; net (gain) loss on sale or disposal of assets; impairment charges, restructuring costs, merger and acquisition costs, acquisition related inventory adjustments, strategic business transformation costs, integration costs, non-recurring legal fee settlements and gain on insurance proceeds received for damage to property, plant and equipment.
Adjusted Operating Income consists of operating income adjusted to exclude: impairment charges, restructuring costs, merger and acquisition costs, acquisition related amortization expenses and inventory adjustments, strategic business transformation costs, integration costs, non-recurring legal fee settlements, and gain on insurance proceeds received for damage to property, plant and equipment.
Adjusted Earnings per Diluted Share consists of net earnings adjusted to exclude: impairment charges, restructuring costs, merger and acquisition costs, acquisition related amortization expenses and inventory adjustment, strategic business transformation costs, integration costs, non-recurring legal fee settlements, and gain on insurance proceeds received for damage to property, plant and equipment. For purposes of comparability, the income tax effect of pre-tax adjustments is determined using statutory tax rates.
This press release contains certain non-GAAP financial measures; Adjusted EBITDA, Adjusted Operating Income, and Adjusted Earnings per Diluted Share. A "non-GAAP financial measure" is a numerical measure of a company's financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with U.S. generally accepted accounting principles ("GAAP") in the statements of income, balance sheets, or statements of cash flow of the company. Pursuant to applicable reporting requirements, the company has provided reconciliations below of non-GAAP financial measures to the most directly comparable GAAP measure.
The non-GAAP financial measures presented within the Company's earnings release are not indicators of our financial performance under GAAP and should not be considered as an alternative to the applicable GAAP measure. These non-GAAP measures have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP. In addition, in evaluating these non-GAAP measures, you should be aware that in the future we may incur income, expenses, gains and losses, similar to the adjustments in this press release. Our presentation of these non-GAAP measures should not be construed as an inference that our future results will be unaffected by unusual or infrequent items. We compensate for these limitations by providing equal prominence to our GAAP results and using non-GAAP measures only as supplemental presentations.
The non-GAAP measures presented are utilized by management to evaluate the Company's business performance and profitability by excluding certain items that may not be indicative of our recurring core business operating results. The Company believes that these measures provide additional clarity for investors by excluding specific income, expenses, gains, and losses, in an effort to show comparable business operating results for the periods presented. Similarly, Management believes these adjusted measures are useful performance measures because certain items included in the calculations may either mask or exaggerate trends in the Company’s ongoing operating performance. See the reconciliation of Non-GAAP Financial Measures below.
Investor Contact:
Joseph Jaffoni, Norberto Aja, or Jennifer Neuman
JCIR
(212) 835-8500
J & J SNACK FOODS CORP. AND SUBSIDIARIES | |||||||||||||||
CONSOLIDATED STATEMENTS OF EARNINGS | |||||||||||||||
(Unaudited) | |||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
Three months ended | Nine months ended | ||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||
Net sales | $ | 454,293 | $ | 439,957 | $ | 1,172,990 | $ | 1,147,999 | |||||||
Cost of goods sold | 304,248 | 292,191 | 833,341 | 797,405 | |||||||||||
Gross profit | 150,045 | 147,766 | 339,649 | 350,594 | |||||||||||
Operating expenses | |||||||||||||||
Marketing | 33,847 | 32,598 | 91,023 | 87,720 | |||||||||||
Distribution | 44,685 | 45,074 | 126,128 | 129,626 | |||||||||||
Administrative | 20,028 | 19,880 | 58,685 | 56,600 | |||||||||||
Intangible asset impairment charges | 1,500 | - | 1,500 | - | |||||||||||
Gain on insurance proceeds received for damage to property, plant, and equipment | (10,622 | ) | - | (10,622 | ) | - | |||||||||
Other general expense | 10 | 98 | 76 | (1,055 | ) | ||||||||||
Total operating expenses | 89,448 | 97,650 | 266,790 | 272,891 | |||||||||||
Operating income | 60,597 | 50,116 | 72,859 | 77,703 | |||||||||||
Other income (expense) | |||||||||||||||
Investment income | 622 | 783 | 2,348 | 2,265 | |||||||||||
Interest expense | (441 | ) | (543 | ) | (738 | ) | (1,532 | ) | |||||||
Earnings before income taxes | 60,778 | 50,356 | 74,469 | 78,436 | |||||||||||
Income tax expense | 16,531 | 14,057 | 20,255 | 21,526 | |||||||||||
NET EARNINGS | $ | 44,247 | $ | 36,299 | $ | 54,214 | $ | 56,910 | |||||||
Earnings per diluted share | $ | 2.26 | $ | 1.87 | $ | 2.77 | $ | 2.93 | |||||||
Weighted average number of diluted shares | 19,537 | 19,456 | 19,554 | 19,423 | |||||||||||
Earnings per basic share | $ | 2.27 | $ | 1.87 | $ | 2.78 | $ | 2.94 | |||||||
Weighted average number of basic shares | 19,455 | 19,396 | 19,471 | 19,373 | |||||||||||
J & J SNACK FOODS CORP. AND SUBSIDIARIES | |||||||
CONSOLIDATED BALANCE SHEETS | |||||||
(Unaudited) | |||||||
(in thousands, except share amounts) | |||||||
June 28, | September 28, | ||||||
2025 | 2024 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 77,377 | $ | 73,394 | |||
Accounts receivable, net | 205,965 | 189,233 | |||||
Inventories | 194,965 | 173,141 | |||||
Prepaid expenses and other | 10,142 | 14,646 | |||||
Total current assets | 488,449 | 450,414 | |||||
Property, plant and equipment, at cost | 1,046,546 | 1,012,043 | |||||
Less accumulated depreciation and amortization | 641,563 | 620,858 | |||||
Property, plant and equipment, net | 404,983 | 391,185 | |||||
Other assets | |||||||
Goodwill | 185,070 | 185,070 | |||||
Trade name intangible assets, net | 106,677 | 109,695 | |||||
Other intangible assets, net | 68,184 | 72,561 | |||||
Operating lease right-of-use assets | 156,763 | 152,383 | |||||
Other | 3,803 | 3,793 | |||||
Total other assets | 520,497 | 523,502 | |||||
Total Assets | $ | 1,413,929 | $ | 1,365,101 | |||
Liabilities and Stockholders' Equity | |||||||
Current Liabilities | |||||||
Current finance lease liabilities | $ | 557 | $ | 243 | |||
Accounts payable | 104,405 | 89,268 | |||||
Accrued insurance liability | 18,132 | 16,933 | |||||
Accrued liabilities | 23,171 | 10,063 | |||||
Current operating lease liabilities | 21,129 | 19,063 | |||||
Accrued compensation expense | 22,253 | 23,325 | |||||
Dividends payable | 15,175 | 15,178 | |||||
Total current liabilities | 204,822 | 174,073 | |||||
Long-term debt | - | - | |||||
Noncurrent finance lease liabilities | 1,525 | 445 | |||||
Noncurrent operating lease liabilities | 143,975 | 140,751 | |||||
Deferred income taxes | 87,908 | 87,824 | |||||
Other long-term liabilities | 5,774 | 5,038 | |||||
Stockholders' Equity | |||||||
Preferred stock, | - | - | |||||
Common stock, no par value; authorized, 50,000,000 shares; issued and outstanding 19,455,000 and 19,460,000 respectively | 139,200 | 136,516 | |||||
Accumulated other comprehensive loss | (13,670 | ) | (15,299 | ) | |||
Retained Earnings | 844,395 | 835,753 | |||||
Total stockholders' equity | 969,925 | 956,970 | |||||
Total Liabilities and Stockholders' Equity | $ | 1,413,929 | $ | 1,365,101 | |||
J & J SNACK FOODS CORP. AND SUBSIDIARIES | |||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(Unaudited) | |||||||
(in thousands) | |||||||
Nine months ended | |||||||
June 28, | June 29, | ||||||
2025 | 2024 | ||||||
Operating activities: | |||||||
Net earnings | $ | 54,214 | $ | 56,910 | |||
Adjustments to reconcile net earnings to net cash provided by operating activities | |||||||
Depreciation of fixed assets | 48,296 | 47,141 | |||||
Amortization of intangibles and deferred costs | 5,871 | 5,244 | |||||
Intangible asset impairment charges | 1,500 | - | |||||
(Gains) from disposals of property & equipment | (394 | ) | (23 | ) | |||
Share-based compensation | 4,580 | 4,841 | |||||
Deferred income taxes | 127 | 310 | |||||
Gain on insurance proceeds received for damage to property, plant, and equipment | (10,622 | ) | - | ||||
Gain on insurance proceeds received in excess of operating losses recognized | (799 | ) | - | ||||
Other | 212 | 268 | |||||
Changes in assets and liabilities, net of effects from purchase of companies | |||||||
(Increase) in accounts receivable | (16,491 | ) | (10,949 | ) | |||
(Increase) in inventories | (21,634 | ) | (7,264 | ) | |||
Net changes in other operating assets and liabilities | 33,837 | 30,268 | |||||
Net cash provided by operating activities | 98,697 | 126,746 | |||||
Investing activities: | |||||||
Payments for acquisitions | - | (7,014 | ) | ||||
Purchases of property, plant and equipment | (61,264 | ) | (56,371 | ) | |||
Proceeds from disposal of property and equipment | 1,413 | 484 | |||||
Proceeds from insurance for fixed assets | 11,421 | - | |||||
Net cash (used in) investing activities | (48,430 | ) | (62,901 | ) | |||
Financing activities: | |||||||
Payments to repurchase common stock | (5,000 | ) | - | ||||
Proceeds from issuance of stock | 3,104 | 9,657 | |||||
Borrowings under credit facility | 40,000 | 57,000 | |||||
Repayment of borrowings under credit facility | (40,000 | ) | (72,000 | ) | |||
Payments on finance lease obligations | (182 | ) | (120 | ) | |||
Payment of cash dividend | (45,575 | ) | (42,693 | ) | |||
Net cash (used in) financing activities | (47,653 | ) | (48,156 | ) | |||
Effect of exchange rates on cash and cash equivalents | 1,369 | (1,223 | ) | ||||
Net increase in cash and cash equivalents | 3,983 | 14,466 | |||||
Cash and cash equivalents at beginning of period | 73,394 | 49,581 | |||||
Cash and cash equivalents at end of period | $ | 77,377 | $ | 64,047 | |||
J & J SNACK FOODS CORP. AND SUBSIDIARIES | |||||||||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||||
(Unaudited) (in thousands) | |||||||||||||||
Three months ended | Nine months ended | ||||||||||||||
June 28, | June 29, | June 28, | June 29, | ||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||
Sales to external customers: | |||||||||||||||
Food Service | |||||||||||||||
Soft pretzels | $ | 67,142 | $ | 59,529 | $ | 169,693 | $ | 163,985 | |||||||
Frozen novelties | 52,804 | 51,701 | 104,764 | 100,464 | |||||||||||
Churros | 26,269 | 30,269 | 76,803 | 89,155 | |||||||||||
Handhelds | 21,281 | 21,300 | 67,348 | 62,851 | |||||||||||
Bakery | 101,744 | 93,566 | 304,497 | 287,455 | |||||||||||
Other | 7,930 | 8,081 | 19,001 | 19,135 | |||||||||||
Total Food Service | $ | 277,170 | $ | 264,446 | $ | 742,106 | $ | 723,045 | |||||||
Retail Supermarket | |||||||||||||||
Soft pretzels | $ | 11,482 | $ | 11,110 | $ | 44,565 | $ | 46,010 | |||||||
Frozen novelties | 42,297 | 46,210 | 85,558 | 82,747 | |||||||||||
Biscuits | 4,440 | 4,839 | 17,295 | 18,078 | |||||||||||
Handhelds | 5,957 | 7,562 | 16,243 | 20,266 | |||||||||||
Coupon redemption | (506 | ) | (931 | ) | (1,409 | ) | (2,032 | ) | |||||||
Other | 190 | (67 | ) | 173 | 303 | ||||||||||
Total Retail Supermarket | $ | 63,860 | $ | 68,723 | $ | 162,425 | $ | 165,372 | |||||||
Frozen Beverages | |||||||||||||||
Beverages | $ | 71,040 | $ | 72,092 | $ | 157,197 | $ | 158,708 | |||||||
Repair and maintenance service | 24,378 | 23,748 | 72,232 | 71,538 | |||||||||||
Machines revenue | 16,940 | 9,769 | 36,603 | 26,879 | |||||||||||
Other | 905 | 1,179 | 2,427 | 2,457 | |||||||||||
Total Frozen Beverages | $ | 113,263 | $ | 106,788 | $ | 268,459 | $ | 259,582 | |||||||
Consolidated sales | $ | 454,293 | $ | 439,957 | $ | 1,172,990 | $ | 1,147,999 | |||||||
Depreciation and amortization: | |||||||||||||||
Food Service | $ | 12,752 | $ | 12,130 | 36,639 | $ | 33,976 | ||||||||
Retail Supermarket | 289 | 396 | 855 | 1,448 | |||||||||||
Frozen Beverages | 5,616 | 5,667 | 16,673 | 16,961 | |||||||||||
Total depreciation and amortization | $ | 18,657 | $ | 18,193 | $ | 54,167 | $ | 52,385 | |||||||
Operating Income: | |||||||||||||||
Food Service | $ | 31,515 | $ | 20,247 | $ | 34,432 | $ | 34,194 | |||||||
Retail Supermarket | 5,755 | 7,812 | 8,919 | 13,374 | |||||||||||
Frozen Beverages | 23,327 | 22,057 | 29,508 | 30,135 | |||||||||||
Total operating income | $ | 60,597 | $ | 50,116 | $ | 72,859 | $ | 77,703 | |||||||
Capital expenditures: | |||||||||||||||
Food Service | $ | 16,764 | $ | 12,717 | $ | 43,268 | $ | 33,946 | |||||||
Retail Supermarket | 44 | - | 189 | 2 | |||||||||||
Frozen Beverages | 5,926 | 7,028 | 17,807 | 22,423 | |||||||||||
Total capital expenditures | $ | 22,734 | $ | 19,745 | $ | 61,264 | $ | 56,371 | |||||||
Assets: | |||||||||||||||
Food Service | $ | 1,010,849 | $ | 991,815 | $ | 1,010,849 | $ | 991,815 | |||||||
Retail Supermarket | 33,116 | 36,719 | 33,116 | 36,719 | |||||||||||
Frozen Beverages | 369,964 | 352,141 | 369,964 | 352,141 | |||||||||||
Total assets | $ | 1,413,929 | $ | 1,380,675 | $ | 1,413,929 | $ | 1,380,675 | |||||||
J & J SNACK FOODS CORP. AND SUBSIDIARIES | ||||||||||||||||
NON-GAAP FINANCIAL MEASURES | ||||||||||||||||
(Unaudited) (in thousands) | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Reconciliation of GAAP Net Earnings to Adjusted EBITDA | ||||||||||||||||
Net Earnings | $ | 44,247 | $ | 36,299 | $ | 54,214 | $ | 56,910 | ||||||||
Income Taxes | 16,531 | 14,057 | 20,255 | 21,526 | ||||||||||||
Investment Income | (622 | ) | (783 | ) | (2,348 | ) | (2,265 | ) | ||||||||
Interest Expense | 441 | 543 | 738 | 1,532 | ||||||||||||
Depreciation and Amortization | 18,657 | 18,193 | 54,167 | 52,385 | ||||||||||||
Share-Based Compensation | 1,828 | 1,634 | 4,580 | 4,842 | ||||||||||||
Strategic Business Transformation Costs (2) | - | 295 | - | 4,848 | ||||||||||||
Gain on insurance proceeds received for damage to property, plant, and equipment | (10,622 | ) | - | (10,622 | ) | - | ||||||||||
Restructuring Costs | - | - | 260 | - | ||||||||||||
Non-recurring Legal Expenses | - | - | 591 | - | ||||||||||||
Net (Gain) Loss on Sale or Disposal of Assets | 72 | (6 | ) | 149 | (23 | ) | ||||||||||
Impairment Costs | 1,500 | - | 1,500 | - | ||||||||||||
Acquisition Related Inventory Adjustment | - | 183 | - | 183 | ||||||||||||
Merger and Acquisition Costs | - | 250 | - | 250 | ||||||||||||
Integration Costs | - | 205 | - | 205 | ||||||||||||
Adjusted EBITDA | $ | 72,032 | $ | 70,870 | $ | 123,484 | $ | 140,393 | ||||||||
Reconciliation of GAAP Operating Income to Adjusted Operating Income | ||||||||||||||||
Operating Income | 60,597 | 50,116 | 72,859 | 77,703 | ||||||||||||
Strategic Business Transformation Costs (2) | - | 295 | - | 4,848 | ||||||||||||
Gain oninsurance proceeds received for damage to property, plant, and equipment | (10,622 | ) | - | (10,622 | ) | - | ||||||||||
Restructuring Costs | - | - | 260 | - | ||||||||||||
Non-recurring Legal Expenses | - | - | 591 | - | ||||||||||||
Acquisition Related Amortization Expenses | 1,946 | 2,012 | 5,871 | 5,244 | ||||||||||||
Impairment Costs | 1,500 | - | 1,500 | - | ||||||||||||
Acquisition Related Inventory Adjustment | - | 183 | - | 183 | ||||||||||||
Merger and Acquisition Costs | - | 250 | - | 250 | ||||||||||||
Integration Costs | - | 205 | - | 205 | ||||||||||||
Adjusted Operating Income | $ | 53,421 | $ | 53,061 | $ | 70,459 | $ | 88,433 | ||||||||
Reconciliation of GAAP Earnings per Diluted Share to Adjusted Earnings per Diluted Share | ||||||||||||||||
Earnings per Diluted Share | $ | 2.26 | $ | 1.87 | $ | 2.77 | $ | 2.93 | ||||||||
Strategic Business Transformation Costs (2) | - | 0.02 | - | 0.25 | ||||||||||||
Gain oninsurance proceeds received for damage to property, plant, and equipment | (0.54 | ) | - | (0.54 | ) | - | ||||||||||
Restructuring Costs | - | - | 0.01 | - | ||||||||||||
Non-recurring Legal Expenses | - | - | 0.03 | - | ||||||||||||
Acquisition Related Amortization Expenses | 0.10 | 0.10 | 0.30 | 0.27 | ||||||||||||
Impairment Costs | 0.08 | - | 0.08 | - | ||||||||||||
Acquisition Related Inventory Adjustment | - | 0.01 | - | 0.01 | ||||||||||||
Merger and Acquisition Costs | - | 0.01 | - | 0.01 | ||||||||||||
Integration Costs | - | 0.01 | - | 0.01 | ||||||||||||
Tax Effect of Non-GAAP Adjustments (1) | 0.10 | (0.04 | ) | 0.03 | (0.15 | ) | ||||||||||
Adjusted Earnings per Diluted Share | $ | 2.00 | $ | 1.98 | $ | 2.68 | $ | 3.33 | ||||||||
(1) Income taxes associated with pre-tax adjustments determined using statutory tax rates | ||||||||||||||||
(2) Strategic business transformation costs are start-up costs related to our regional distribution center supply chain transformation. | ||||||||||||||||
