Pennsauken / NJ. (jj) J+J Snack Foods Corporation announced sales and earnings for the first quarter ended December 29, 2018.
Sales increased 2 percent to USD 271.6 million from USD 265.2 million in last year’s first quarter. Net earnings decreased to USD 17.5 million in the current quarter from USD 36.2 million last year. Earnings per diluted share decreased to USD 0.93 for the first quarter from USD 1.93 last year. Operating income increased 4 percent to USD 22.1 million in the current quarter from USD 21.2 million in the year ago quarter.
Net earnings for last year’s quarter benefited from a USD 20.9 million, or USD 1.11 per diluted share, gain on the re-measurement of deferred tax liabilities and were impacted by a USD 1.2 million, or USD 0.06 per diluted share, provision for the one-time repatriation tax, both of which resulted from the Tax Cuts and Jobs Act enacted in December 2017. This year’s quarter benefited from a reduction of approximately USD 900,000 in income tax, or USD 0.5 per diluted share, as the one-time repatriation tax was recorded on an estimated basis at December 30, 2017 and was revised downward this quarter. Excluding the reduction in the provision for the one-time repatriation tax, our effective tax rate was 28.0 percent in this year’s quarter.
Gerald B. Shreiber, J+J’s President and Chief Executive Officer, commented, «Although we had only a modest sales increase this quarter, our operating income improved largely due to improved operations at several of our production facilities. We continue to focus on improving our margins and overall business going forward.»
