J & J Snack Foods Announces Lower Earnings On Record Sales

J & J Snack Foods Corp. announced record sales and lower earnings for its second quarter and six months ended March 26, 2011.

Sales increased 3 percent to $162.7 million from $157.4 million in last year’s second quarter. Net earnings decreased 4 percent to $8.7 million from $9.0 million last year. Earnings per diluted share were $.46 for the March quarter compared to $.48 last year. Operating income decreased 6 percent to $14.0 million this year from $14.8 million in the year ago period.

For the six months ended March 26, 2011, sales increased 4 percent to $318.4 million from $306.5 million in last year’s first half. Net earnings decreased 2% to $15.8 million in the six months from $16.1 million last year. Earnings per diluted share were $.84 for the six months compared to $.86 last year. Operating income decreased 5 percent to $24.9 million from $26.3 million in the year ago period.

Gerald B. Shreiber, J & J’s president and chief executive officer, said in a prepared statement, "Although our overall sales grew modestly, higher input costs and operating expenses impacted our profitability for the period and the six months."

Loading