J & J Snack Foods Corp. reported sales and earnings for its 2011 fiscal year.
Sales for the fiscal year ended Sept. 24, 2011 increased 7 percent to $744.1 million from $696.7 million in the fiscal year ended Sept. 25, 2010. Net earnings increased 14 percent to $55.1 million in fiscal 2011 from $48.4 million in fiscal 2010. On a per diluted share basis, earnings increased 13 percent to $2.93 from $2.59. Operating income decreased 1 percent to $76.6 million this year from $77.2 million in the year ago period.
For the fourth quarter ended Sept. 24, 2011, sales increased 9 percent to $219.4 million from $200.5 million in the fourth quarter ended September 25, 2010. Net earnings decreased 3 percent to $16.0 million in the current year quarter from $16.5 million. Earnings per diluted share were $.85 this year compared to $.88 last year. Operating income decreased 1 percent to $24.6 million from $24.8 million in the year ago period.
Net earnings for the fiscal year included a $6.6 million gain on bargain purchase of a business. Without this gain, net earnings were $48.5 million, or $2.58 per diluted share, for the fiscal year.
Gerald B. Shreiber, J & J's president and chief executive officer, said in a prepared statement, "Our ICEE beverage group had a strong fourth quarter and year. The balance of our business was impacted by higher input costs and added costs of distribution."
