J & J Snack Foods Q2 Profit Falls - Quick Facts

(RTTNews) - J & J Snack Foods Corp. (JJSF) reported that its second-quarter earnings per share decreased 65% to $0.38 from $1.08 last year. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.90, for the quarter. Analysts' estimates typically exclude special items.

Second quarter sales decreased 2% to $272.0 million from $276.3 million, prior year. Analysts expected revenue of $261.97 million for the quarter. Excluding sales from the acquisition of ICEE Distributors and BAMA ICEE, sales were down 2% for the quarter. Sales for the first 11 weeks of the second quarter increased approximately 2% and decreased approximately 20% in the last 2 weeks of the quarter.

J & J Snack Foods reported that its sales for the first 4 weeks of third quarter were down approximately 45% from a year ago. The company noted that it might have an operating loss in the quarter if sales continue to be down at the same rate.

Gerald Shreiber, J & J's CEO, said: "Today we have $267 million in cash and securities, we are protecting it and using it to prepare for the future as we monitor and shape what that looks like in this changing landscape."