0001437749-13-000753.txt : 20130128 0001437749-13-000753.hdr.sgml : 20130128 20130128155955 ACCESSION NUMBER: 0001437749-13-000753 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20121229 FILED AS OF DATE: 20130128 DATE AS OF CHANGE: 20130128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: J&J SNACK FOODS CORP CENTRAL INDEX KEY: 0000785956 STANDARD INDUSTRIAL CLASSIFICATION: COOKIES & CRACKERS [2052] IRS NUMBER: 221935537 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-14616 FILM NUMBER: 13551688 BUSINESS ADDRESS: STREET 1: 6000 CENTRAL HGWY CITY: PENNSAUKEN STATE: NJ ZIP: 08109 BUSINESS PHONE: 6096659533 MAIL ADDRESS: STREET 1: 6000 CENTRAL HIGHWAY CITY: PENNSAUKEN STATE: NJ ZIP: 08109 10-Q 1 jjsf_10q-122912.htm FORM 10-Q jjsf_10q-122912.htm
UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 10-Q

(Mark One)

X      Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the period ended December 29, 2012
or
 
  Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Commission File Number:            0-14616
 
J & J SNACK FOODS CORP.
(Exact name of registrant as specified in its charter)
 
New Jersey   22-1935537    
(State or other jurisdiction of   (I.R.S. Employer    
incorporation or organization)    Identification No.)    
 
6000 Central Highway, Pennsauken, NJ 08109
(Address of principal executive offices)

Telephone (856) 665-9533


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
X
Yes
No
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
X
Yes
No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  (Check one):
 
Large Accelerated filer (X)
 
Accelerated filer ( )
     
Non-accelerated filer (  )
  Smaller reporting company (  )
 (Do not check if a smaller reporting company)
 
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
 
Yes
X
No
 

As January 21, 2013, there were 18,797,826 shares of the Registrant’s Common Stock outstanding.
 
 
1

 

INDEX

 
   
Page
Number
Part I.            Financial Information    
     
Item l.            Consolidated Financial Statements
   
     
Consolidated Balance Sheets – December 29, 2012 (unaudited) and September 29, 2012
   3
     
Consolidated Statements of Earnings (unaudited) – Three Months Ended December 29, 2012 and December 24, 2011
   4
     
Consolidated Statements of Comprehensive Income (unaudited) – Three Months Ended December 29, 2012 and December 24, 2011
   5
     
Consolidated Statements of Cash Flows (unaudited) – Three Months Ended December 29, 2012 and December 24, 2011
   6
     
Notes to the Consolidated Financial Statements (unaudited)
   7
     
Item 2.            Management’s Discussion and Analysis of Financial Condition and Results of Operations
  18
     
Item 3.            Quantitative and Qualitative Disclosures About Market Risk 
  21
     
Item 4.            Controls and Procedures
  21
     
Part II.            Other Information    
     
Item 6.            Exhibits
  22
 
 
2

 

J & J SNACK FOODS CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
 
    December 29,
2012
    September 29,
2012
 
   
(unaudited)
   
 
 
Assets
           
Current assets
           
Cash and cash equivalents
  $ 80,216     $ 154,198  
Marketable securities held to maturity
    976       1,214  
Accounts receivable, net
    66,640       76,414  
Inventories, net
    76,855       69,761  
Prepaid expenses and other
    2,702       2,220  
Deferred income taxes
    4,319       4,261  
Total current assets
    231,708       308,068  
                 
Property, plant and equipment, at cost
               
Land
    2,496       2,496  
Buildings
    26,741       26,741  
Plant machinery and equipment
    173,785       172,529  
Marketing equipment
    235,179       233,612  
Transportation equipment
    4,911       4,879  
Office equipment
    15,266       14,987  
Improvements
    23,421       22,889  
Construction in progress
    7,885       5,740  
      489,684       483,873  
Less accumulated depreciation and amortization
    347,734       342,329  
      141,950       141,544  
Other assets
               
Goodwill
    76,899       76,899  
Other intangible assets, net
    47,345       48,464  
Marketable securities held to maturity
    24,998       24,998  
Marketable securities available for sale
    80,029       -  
Other
    3,309       3,071  
      232,580       153,432  
    $ 606,238     $ 603,044  
Liability and Stockholder's Equity
               
Current Liabilities
               
Current obligations under capital leases
  $ 318     $ 340  
Accounts payable
    49,528       53,047  
Accrued insurance liability
    8,934       7,532  
Accrued income taxes
    5,660       962  
Accrued liabilities
    3,945       4,027  
Accrued compensation expense
    9,652       13,151  
Dividends payable
    -       2,446  
Total current liabilities
    78,037       81,505  
                 
                 
Long-term obligations under capital leases
    281       347  
Deferred income taxes
    44,954       44,874  
Other long-term liabilities
    776       831  
                 
Stockholders' Equity
               
Preferred stock, $1 par value; authorized 10,000,000 shares; none issued
    -       -  
Common stock, no par value; authorized, 50,000,000 shares; issued and outstanding 18,783,000 and 18,780,000 respectively
    42,596       43,011  
Accumulated other comprehensive loss
    (3,237 )     (3,132 )
Retained Earnings
    442,831       435,608  
      482,190       475,487  
    $ 606,238     $ 603,044  
The accompanying notes are an integral part of these statements
 
 
3

 

J & J SNACK FOODS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(in thousands, except per share amounts)
 
 
 
Three months ended
 
   
December 29,
2012
   
December 24,
2011
 
             
Net Sales
  $ 191,408     $ 172,686  
                 
Cost of goods sold(1)
    137,273       126,280  
Gross Profit
    54,135       46,406  
                 
Operating expenses
               
Marketing (2)
    17,136       17,659  
Distribution (3)
    15,400       14,219  
Administrative (4)
    6,599       6,066  
Other general income
    (61 )     (1 )
      39,074       37,943  
                 
Operating Income
    15,061       8,463  
                 
Other income (expense)
               
Investment income
    776       355  
Interest expense & other
    (25 )     (39 )
                 
Earnings before income taxes
    15,812       8,779  
 
               
Income taxes
    5,586       3,294  
                 
NET EARNINGS
  $ 10,226     $ 5,485  
                 
Earnings per diluted share
  $ 0.54     $ 0.29  
                 
Weighted average number of diluted shares
    18,870       18,874  
 
               
Earnings per basic share
  $ 0.54     $ 0.29  
                 
Weighted average number of basic shares
    18,807       18,806  
 
(1)
Includes share-based compensation expense of $125 and $64 for the three months ended December 29, 2012 and December 24, 2011, respectively.
(2)
Includes share-based compensation expense of $173 and $95  for the three months ended December 29, 2012 and December 24, 2011, respectively.
(3)
Includes share-based compensation expense of $8 and $6 for the three months ended December 29, 2012 and December 24, 2011, respectively.
(4)
Includes share-based compensation expense of $201 and $129 for the three months ended December 29, 2012 and December 24, 2011, respectively.

See accompanying notes to the consolidated financial statements
 
 
4

 
 
J&J SNACK FOODS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(in thousands)
 
   
Three months ended
 
   
December 29,
2012
   
December 24,
2011
 
             
Net Earnings
  $ 10,226     $ 5,485  
                 
Foreign currency translation adjustments
    (123 )     (156 )
Unrealized holding gain on marketable securities
    29       -  
Tax effect
    (11 )     -  
                 
Total Other Comprehensive Loss, net of tax
    (105 )     (156 )
                 
Comprehensive Income
  $ 10,121     $ 5,329  

 
5

 

J&J SNACK FOODS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)     (in thousands)
 
   
Three months ended
 
   
December 29,
2012
   
December 24,
2011
 
Operating activities:
           
Net earnings
  $ 10,226     $ 5,485  
Adjustments to reconcile net earnings to net cash provided by operating activities:
               
Depreciation of fixed assets
    6,790       6,357  
Amortization of intangibles and deferred costs
    1,197       1,213  
Share-based compensation
    507       294  
Deferred income taxes
    15       (85 )
Other
    (2 )     (23 )
Changes in assets and liabilities net of effects from purchase of companies
               
Decrease in accounts receivable
    9,787       19,112  
Increase in inventories
    (6,994 )     (2,941 )
(Increase) decrease in prepaid expenses
    (483 )     1,896  
Decrease in accounts payable and accrued liabilities
    (3,781 )     (10,640 )
Net cash provided by operating activities
    17,262       20,668  
Investing activities:
               
Purchases of property, plant and equipment
    (7,481 )     (8,869 )
Purchases of marketable securities
    (80,002 )     (37,454 )
Proceeds from redemption of marketable securities
    240       33,310  
Proceeds from disposal of property and equipment
    261       102  
Other
    (37 )     (611 )
Net cash used in investing activities
    (87,019 )     (13,522 )
Financing activities:
               
Payments to repurchase common stock
    (2,763 )     -  
Proceeds from issuance of stock
    1,700       1,825  
Payments on capitalized lease obligations
    (88 )     (69 )
Payment of cash dividend
    (3,004 )     (2,200 )
Net cash used in financing activities
    (4,155 )     (444 )
Effect of exchange rate on cash and cash equivalents
    (70 )     (90 )
Net (decrease) increase in cash and cash equivalents
    (73,982 )     6,612  
Cash and cash equivalents at beginning of period
    154,198       87,479  
Cash and cash equivalents at end of period
  $ 80,216     $ 94,091  
 
See accompanying notes to the consolidated financial statements.
 
 
6

 

J & J SNACK FOODS CORP. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

 
Note 1            In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position nd the results of operations and cash flows.  Certain prior year amounts have been reclassified to conform to the current period presentation.  These reclassifications had no effect on reported net earnings.
 
The results of operations for the three months ended December 29, 2012 and December 24, 2011 are not necessarily indicative of results for the full year.  Sales of our frozen beverages and frozen juice bars and ices are generally higher in the third and fourth quarters due to warmer weather.

While we believe that the disclosures presented are adequate to make the information not misleading, it is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and the notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 29, 2012.
 
Note 2            We recognize revenue from our products when the products are shipped to our customers. Repair and maintenance equipment service revenue is recorded when it is performed provided the customer terms are that the customer is to be charged on a time and material basis or on a straight-line basis over the term of the contract when the customer has signed a service contract. Revenue is recognized only where persuasive evidence of an arrangement exists, our price is fixed or estimable and collectability is reasonably assured.  We record offsets to revenue for allowances, end-user pricing adjustments, trade spending, coupon redemption costs and returned product.  Customers generally do not have the right to return product unless it is damaged or defective.   We provide an allowance for doubtful receivables after taking into consideration historical experience and other factors.  The allowance for doubtful receivables was $987,000 and $685,000 at December 29, 2012 and September 29, 2012, respectively.
 
Note 3            Depreciation of equipment and buildings is provided for by the straight-line method over the assets’ estimated useful lives. Amortization of improvements is provided for by the straight-line method over the term of the lease or the assets’ estimated useful lives, whichever is shorter.  Licenses and rights, customer relationships and non compete agreements arising from acquisitions are amortized by the straight-line method over periods ranging from 3 to 20 years. Depreciation expense was $6,790,000 and $6,357,000 for the three months ended December 29, 2012 and December 24, 2011, respectively.
 
 
7

 
 
Note 4            Basic earnings per common share (EPS) excludes dilution and is computed by dividing income available to common shareholders by the weighted average common shares outstanding during the period.  Diluted EPS takes into consideration the potential dilution that could occur if securities (stock options) or other contracts to issue common stock were exercised and converted into common stock. Our calculation of EPS is as follows:
 
   
Three Months Ended December 29, 2012
 
   
Income
   
Shares
   
Per Share
 
   
(Numerator)
   
(Denominator)
   
Amount
 
                   
   
(in thousands, except per share amounts)
 
Basic EPS
                 
Net Earnings available to common stockholders
  $ 10,226       18,807     $ 0.54  
                         
Effect of Dilutive Securities
                       
Options
    -       63       -  
                         
Diluted EPS
                       
Net Earnings available to common stockholders plus assumed conversions
  $ 10,226       18,870     $ 0.54  
 
 
   
Three Months Ended December 24, 2011
 
   
Income
   
Shares
   
Per Share
 
   
(Numerator)
   
(Denominator)
   
Amount
 
                   
   
(in thousands, except per share amounts)
 
Basic EPS
                 
Net Earnings available to common stockholders
  $ 5,485       18,806     $ 0.29  
                         
Effect of Dilutive Securities
                       
Options
    -       68       -  
                         
Diluted EPS
                       
Net Earnings available to common stockholders plus assumed conversions
  $ 5,485       18,874     $ 0.29  
 
 
8

 
 
Note 5            At December 29, 2012, the Company has three stock-based employee compensation plans.  Share-based compensation was recognized as follows:
 
   
Three months ended
 
   
December 29,
   
December 24,
 
   
2012
   
2011
 
   
(in thousands, except per share amounts)
 
             
             
Stock Options
  $ 175     $ 95  
Stock purchase plan
    92       65  
Stock issued to outside directors
    12       -  
Restricted stock issued to an employee
    4       -  
    $ 283     $ 160  
                 
Per diluted share
  $ 0.01     $ 0.01  
                 
The above compensation is net of tax benefits
  $ 224     $ 134  
 
The Company anticipates that share-based compensation will not exceed $1.2 million net of tax benefits, or approximately $.06 per share for the fiscal year ending September 28, 2013.

The fair value of each option grant is estimated on the date of grant using the Black-Scholes options-pricing model with the following weighted average assumptions used for grants in fiscal 2013 first three months: expected volatility of 26%; risk-free interest rate of .67%; dividend rate of .9% and expected lives of 5 years.

During the 2013 three month period, the Company granted 1,100 stock options.  The weighted-average grant date fair value of these options was $12.24. During the 2012 three month period, the Company granted 1,500 stock options.  The weighted-average grant date fair value of these options was $11.62.

Expected volatility is based on the historical volatility of the price of our common shares over the past 55 months for 5 year options and 10 years for 10 year options.  We use historical information to estimate expected life and forfeitures within the valuation model.  The expected term of awards represents the period of time that options granted are expected to be outstanding.  The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury yield curve in effect at the time of grant.  Compensation cost is recognized using a straight-line method over the vesting or service period and is net of estimated forfeitures.
 
 
9

 
 
Note 6            We account for our income taxes under the liability method.  Under the liability method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates that will be in effect when these differences reverse.  Deferred tax expense is the result of changes in deferred tax assets and liabilities.
 
Additionally, we recognize a liability for income taxes and associated penalties and interest for tax positions taken or expected to be taken in a tax return which are more likely than not to be overturned by taxing authorities (“uncertain tax positions”).  We have not recognized a tax benefit in our financial statements for these uncertain tax positions.  
 
The total amount of gross unrecognized tax benefits is $510,000 and $541,000 on December 29, 2012 and September 29, 2012, respectively, all of which would impact our effective tax rate over time, if recognized.  We recognize interest and penalties related to income tax matters as a part of the provision for income taxes.  As of December 29, 2012 and September 29, 2012, respectively, the Company has $287,000 and $284,000 of accrued interest and penalties.
 
In addition to our federal tax return and tax returns for Mexico and Canada, we file tax returns in all states that have a corporate income tax with virtually all open for examination for three to four years.
 
Note 7            In June 2011, the FASB issued guidance which gives us the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both options, we are required to present each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. This guidance eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. The amendments in this guidance do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income.  This guidance was adopted in our fiscal year 2013 first quarter and did not have a material impact on our financial statements.

 
10

 

Note 8             Inventories consist of the following:
 
   
December 29,
   
September 29,
 
   
2012
   
2012
 
   
(unaudited)
       
   
(in thousands)
 
             
Finished goods
  $ 36,884     $ 32,439  
Raw Materials
    16,927       14,584  
Packaging materials
    6,348       5,985  
Equipment parts & other
    16,696       16,753  
    $ 76,855     $ 69,761  
                 
The above inventories are net of reserves
  $ 3,943     $ 3,883  
 
Note 9            We principally sell our products to the food service and retail supermarket industries.  Sales and results of our frozen beverages business are monitored separately from the balance of our food service business because of different distribution and capital requirements.  We maintain separate and discrete financial information for the three operating segments mentioned above which is available to our Chief Operating Decision Makers.

We have applied no aggregation criteria to any of these operating segments in order to determine reportable segments.  Our three reportable segments are Food Service, Retail Supermarkets and Frozen Beverages. All inter-segment net sales and expenses have been eliminated in computing net sales and operating income (loss). These segments are described below.

Food Service

The primary products sold by the food service group are soft pretzels, frozen juice treats and desserts, churros, dough enrobed handheld products and baked goods.  Our customers in the food service industry include snack bars and food stands in chain, department and discount stores; malls and shopping centers; fast food outlets; stadiums and sports arenas; leisure and theme parks; convenience stores; movie theatres; warehouse club stores; schools, colleges and other institutions.  Within the food service industry, our products are purchased by the consumer primarily for consumption at the point-of-sale.

Retail Supermarkets

The primary products sold by the retail supermarket segment are soft pretzel products – including SUPERPRETZEL, frozen juice treats and desserts including LUIGI’S Real Italian Ice, MINUTE MAID Juice Bars and Soft Frozen Lemonade, WHOLE FRUIT frozen fruit bars, WHOLE FRUIT Sorbet, ICEE Squeeze-Up Tubes, dough enrobed handheld products and TIO PEPE’S Churros.  Within the retail supermarket channel, our frozen and prepackaged products are purchased by the consumer for consumption at home.

 
11

 

Frozen Beverages

We sell frozen beverages and related products to the food service industry primarily under the names ICEE, SLUSH PUPPIE, PARROT ICE and ARCTIC BLAST in the United States, Mexico and Canada.  We also provide repair and maintenance service to customers for customers’ owned equipment.

The Chief Operating Decision Maker for Food Service and Retail Supermarkets and the Chief Operating Decision Maker for Frozen Beverages monthly review detailed operating income statements and sales reports in order to assess performance and allocate resources to each individual segment.  In addition, the Chief Operating Decision Makers review and evaluate depreciation, capital spending and assets of each segment on a quarterly basis to monitor cash flow and asset needs of each segment. Information regarding the operations in these three reportable segments is as follows:
 
   
Three months ended
 
   
December 29,
   
December 24,
 
   
2012
   
2011
 
    (unaudited)  
   
(in thousands)
 
Sales to External Customers:
           
Food Service
           
Soft pretzels
  $ 32,594     $ 25,617  
Frozen juices and ices
    7,527       7,852  
Churros
    13,807       10,386  
Handhelds
    6,314       6,414  
Bakery
    68,305       60,820  
Other
    1,640       1,980  
    $ 130,187     $ 113,069  
                 
Retail Supermarket
               
Soft pretzels
  $ 8,578     $ 8,134  
Frozen juices and ices
    6,470       7,080  
Handhelds
    6,313       5,881  
Coupon redemption
    (789 )     (757 )
Other
    131       496  
    $ 20,703     $ 20,834  
                 
Frozen Beverages
               
Beverages
  $ 25,297     $ 23,981  
Repair and maintenance service
    11,842       11,543  
Machines sales
    3,048       2,913  
Other
    331       346  
    $ 40,518     $ 38,783  
                 
Consolidated Sales
  $ 191,408     $ 172,686  
                 
Depreciation and Amortization:
               
Food Service
  $ 4,509     $ 4,200  
Retail Supermarket
    8       5  
Frozen Beverages
    3,470       3,365  
    $ 7,987     $ 7,570  
                 
Operating Income (loss):
               
Food Service
  $ 12,597     $ 7,254  
Retail Supermarket
    1,570       1,824  
Frozen Beverages
    894       (615 )
    $ 15,061     $ 8,463  
                 
Capital Expenditures:
               
Food Service
  $ 5,260     $ 6,313  
Retail Supermarket
    -       -  
Frozen Beverages
    2,221       2,556  
    $ 7,481     $ 8,869  
                 
Assets:
               
Food Service
  $ 460,524     $ 406,275  
Retail Supermarket
    6,090       4,087  
Frozen Beverages
    139,624       134,933  
    $ 606,238     $ 545,295  
 
 
12

 

Note 10          Our three reporting units, which are also reportable segments, are Food Service, Retail Supermarkets and Frozen Beverages.

The carrying amounts of acquired intangible assets for the Food Service, Retail Supermarkets and Frozen Beverage segments as of December 29, 2012 and September 29, 2012 are as follows:
 
   
December 29, 2012
   
September 29, 2012
 
   
Gross
         
Gross
       
   
Carrying
   
Accumulated
   
Carrying
   
Accumulated
 
   
Amount
   
Amortization
   
Amount
   
Amortization
 
         
(in thousands)
       
                         
FOOD SERVICE
                       
Indefinite lived intangible assets
                       
Trade Names
  $ 12,880       -     $ 12,880     $ -  
                                 
Amortized intangible assets
                               
Non compete agreements
    545       461       545       456  
Customer relationships
    40,187       23,483       40,187       22,582  
License and rights
    3,606       2,543       3,606       2,519  
    $ 57,218     $ 26,487     $ 57,218     $ 25,557  
                                 
RETAIL SUPERMARKETS
                               
                                 
Indefinite lived intangible assets
                               
Trade Names
  $ 4,006     $ -     $ 4,006     $ -  
                                 
Amortized Intangible Assets
                               
Customer relationships
    279       39       279       31  
    $ 4,285     $ 39     $ 4,285     $ 31  
                                 
                                 
FROZEN BEVERAGES
                               
                                 
Indefinite lived intangible assets
                               
Trade Names
  $ 9,315     $ -     $ 9,315     $ -  
                                 
Amortized intangible assets
                               
Non compete agreements
    198       198       198       198  
Customer relationships
    6,478       4,364       6,478       4,201  
Licenses and rights
    1,601       662       1,601       644  
    $ 17,592     $ 5,224     $ 17,592     $ 5,043  
                                 
CONSOLIDATED
  $ 79,095     $ 31,750     $ 79,095     $ 30,631  
 
 
13

 
 
Amortized intangible assets are being amortized by the straight-line method over periods ranging from 3 to 20 years and amortization expense is reflected throughout operating expenses. No intangible assets were acquired in the three months ended December 29, 2012.  Aggregate amortization expense of intangible assets for the three months ended December 29, 2012 and December 24, 2011 was $1,119,000 and $1,132,000, respectively.

Estimated amortization expense for the next five fiscal years is approximately $4,500,000 in 2013, $4,400,000 in 2014 and 2015 and $4,200,000 in 2016 and $1,700,000 in 2017. The weighted average amortization period of the intangible assets is 10.1 years.

Goodwill

The carrying amounts of goodwill for the Food Service, Retail Supermarket and Frozen Beverage segments are as follows:
 
   
Food
Service
   
Retail
Supermarket
   
Frozen
Beverages
   
Total
 
   
(in thousands)
 
Balance at December 29, 2012
  $ 39,115     $ 1,844     $ 35,940     $ 76,899  
 
There were no changes in the carrying amounts of goodwill for the three months ended December 29, 2012.
 
Note 11          We have classified our investment securities as marketable securities held to maturity and available for sale.  The FASB defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the FASB has established three levels of inputs that may be used to measure fair value:
 
Level 1              Observable input such as quoted prices in active markets for identical assets or liabilities;
 
Level 2              Observable inputs, other than Level 1 inputs in active markets, that are observable either directly or indirectly; and
 
Level 3              Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions.
 
 
14

 

Marketable securities held to maturity and available for sale values are derived solely from level 1 inputs.

The amortized cost, unrealized gains and losses, and fair market values of our investment securities held to maturity at December 29, 2012 are summarized as follows:
 
         
Gross
   
Gross
   
Fair
 
   
Amortized
   
Unrealized
   
Unrealized
   
Market
 
   
Cost
   
Gains
   
Losses
   
Value
 
         
(in thousands)
       
US Government Agency Debt
  $ 24,998     $ 74     $ 11     $ 25,061  
Certificates of Deposit
    976       1       -       977  
    $ 25,974     $ 75     $ 11     $ 26,038  
 
The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at December 29, 2012 are summarized as follows:
 
         
Gross
   
Gross
   
Fair
 
   
Amortized
   
Unrealized
   
Unrealized
   
Market
 
   
Cost
   
Gains
   
Losses
   
Value
 
         
(in thousands)
       
Mutual Funds
  $ 80,000     $ 159     $ 130     $ 80,029  
                                 
    $ 80,000     $ 159     $ 130     $ 80,029  
 
The mutual funds seek current income with an emphasis on maintaining low volatility and overall moderate duration.

All of the certificates of deposit are within the FDIC limits for insurance coverage.

The amortized cost, unrealized gains and losses, and fair market values of our investment securities held to maturity at September 29, 2012 are summarized as follows:
 
         
Gross
   
Gross
   
Fair
 
   
Amortized
   
Unrealized
   
Unrealized
   
Market
 
   
Cost
   
Gains
   
Losses
   
Value
 
         
(in thousands)
       
US Government Agency Debt
  $ 24,998     $ 126     $ -     $ 25,124  
Certificates of Deposit
    1,214       -       -       1,214  
    $ 26,212     $ 126     $ -     $ 26,338  
 
All of the certificates of deposit are within the FDIC limits for insurance coverage.
 
 
15

 
 
The amortized cost and fair value of the Company’s held to maturity securities by contractual maturity at December 29, 2012 and September 29, 2012 are summarized as follows:
 
   
December 29, 2012
   
September 29, 2012
 
                         
         
Fair
         
Fair
 
   
Amortized
   
Market
   
Amortized
   
Market
 
   
Cost
   
Value
   
Cost
   
Value
 
         
(in thousands)
       
Due in one year or less
  $ 976     $ 977     $ 1,214     $ 1,214  
Due after one year through five years
    -       -       -       -  
Due after five years through ten years
    24,998       25,061       24,998       25,124  
Total held to maturity securities
  $ 25,974     $ 26,038     $ 26,212     $ 26,338  
Less current portion
    976       977       1,214       1,214  
Long term held to maturity securities
  $ 24,998     $ 25,061     $ 24,998     $ 25,124  

Proceeds from the redemption and sale of marketable securities were $240,000 and $33,310,000 in the three months ended December 29, 2012 and December 24, 2011, respectively, with no gain or loss recorded.  We use the specific identification method to determine the cost of securities sold.
 
Note 12          In May 2011, we acquired the frozen handheld business of ConAgra Foods.  This business had sales of approximately $50 million over the prior twelve months to food service and retail supermarket customers and sales of $18.3 million in our 2011 fiscal year from the acquisition date.

In June 2012, we acquired the assets of Kim & Scott’s Gourmet Pretzels, Inc., a manufacturer and seller of a premium brand soft pretzel.  This business had sales of approximately $8 million over the prior twelve months to food service and retail supermarket customers and had sales of approximately $1.8 million in our 2012 fiscal year from the acquisition date.

These acquisitions were and will be accounted for under the purchase method of accounting, and their operations are and will be included in the consolidated financial statements from their respective acquisition dates.

 
16

 
 
The purchase price allocation for the handhelds acquisition is as follows:
 
    (in thousands)  
       
Working Capital
  $ 6,955  
Property, plant & equipment
    11,036  
Trade Names
    1,325  
Customer Relationships
    207  
Deferred tax liability
    (4,137 )
         
         
Net Assets Acquired
    15,386  
         
Purchase Price
    8,806  
         
Gain on bargain purchase
  $ 6,580  
 
The purchase price allocation resulted in the recognition of a gain on bargain purchase of approximately $6,580,000 which is included in other income in the consolidated statement of earnings for the three and nine months ended June 25, 2011.  The gain on bargain purchase resulted from the fair value of the identifiable net assets acquired exceeding the purchase price.

Acquisition costs of $546,000 for the handhelds acquisition are included in other general expense in the consolidated statements of earnings for the year September 24, 2011.

The purchase price allocation for the Kim and Scott’s acquisition is as follows:
 
   
(in thousands)
 
       
Working Capital
  $ (89 )
Property, plant & equipment
    724  
Trade Names
    126  
Customer Relationships
    235  
Non Compete Agreement
    75  
Goodwill
    6,829  
         
         
Purchase Price
  $ 7,900  
 
Acquisition costs of $155,000 for the Kim & Scott’s acquisition are included in other general expense in the consolidated statements of earnings for the year ended September 29, 2012.

The goodwill and intangible assets acquired in the business combinations are recorded at fair value.  To measure fair value for such assets, we use techniques including discounted expected future cash flows (Level 3 input).
 
 
17

 

Item 2.             Management’s Discussion and Analysis of Financial Condition and Results of Operations

Liquidity and Capital Resources

Our current cash and cash equivalents balances and cash expected to be provided by future operations are our primary sources of liquidity.  We believe that these sources, along with our borrowing capacity, are sufficient to fund future growth and expansion.  See Note 11 to these financial statements for a discussion of our investment securities.

The Company’s Board of Directors declared a regular quarterly cash dividend of $.16 per share of its common stock payable on December 27, 2012, to shareholders of record as of the close of business on December 11, 2012.

In our fiscal year ended September 29, 2012, we purchased and retired 142,038 shares of our common stock at a cost of $8,167,125.  All of the shares were purchased in the fourth quarter.  Subsequent to September 29, 2012 and through October 31, 2012, we purchased and retired 48,255 shares of our common stock at a cost of $2,762,602.  On November 8, 2012 the Company’s Board of Directors authorized the purchase and retirement of an additional 500,000 shares of the Company’s common stock.

In the three months ended December 29, 2012 and December 24, 2011, fluctuations in the valuation of the Mexican and Canadian currencies and the resulting translation of the net assets of our Mexican and Canadian subsidiaries caused an increase of $123,000 in accumulated other comprehensive loss in the 2013 first quarter and an increase of $156,000 in accumulated other comprehensive loss in the 2012 first quarter.
 
Our general-purpose bank credit line which expires in December 2016 provides for up to a $50,000,000 revolving credit facility.  The agreement contains restrictive covenants and requires commitment fees in accordance with standard banking practice. There were no outstanding balances under this facility at December 29, 2012.

Results of Operations

Net sales increased $18,722,000 or 11% to $191,408,000 for the three months ended December 29, 2012 compared to the three months ended December 24, 2011.

Excluding sales resulting from the acquisition of Kim & Scott’s Gourmet Pretzels in June 2012, sales increased approximately 10% for the three months.
 
 
18

 

FOOD SERVICE

Sales to food service customers increased $17,118,000 or 15% in the first quarter to $130,187,000.  Excluding Kim & Scott’s sales, food service sales increased approximately 14% for the quarter.  Soft pretzel sales to the food service market increased 27% to $32,594,000 in the first quarter due to increased sales to restaurant chains, warehouse club stores and throughout our customer base. Increased sales to two customers accounted for approximately 50% of the increase in pretzel sales in the quarter. Without Kim & Scott’s, pretzel sales increased about 23%.  Frozen juices and ices sales decreased 4% to $7,527,000 in the three months resulting from lower sales to school food service accounts partially offset by higher sales to warehouse club stores.  Churro sales to food service customers increased 33% to $13,807,000 in the first quarter with sales to one restaurant chain accounting for 85% of the increase.

Sales of bakery products increased $7,485,000 or 12% in the first quarter to $68,305,000 as sales increases were spread throughout our customer base.

Sales of new products in the first twelve months since their introduction were approximately $4.8 million in this quarter. Price increases accounted for approximately $3.0 million of sales in the quarter and net volume increases, including new product sales as defined above and sales resulting from the acquisition of Kim & Scott’s, accounted for approximately $14.1 million of sales in the quarter.

Operating income in our Food Service segment increased from $7,254,000 to $12,597,000 in the quarter. Operating income for the quarter benefited from increased sales volume and price increases. Additionally, last year’s quarter was impacted by a management and sales meeting expense of about $550,000.

RETAIL SUPERMARKETS

Sales of products to retail supermarkets decreased $131,000 or less than 1% to $20,703,000 the first quarter.  Excluding Kim & Scott’s sales, sales decreased 2% for the first quarter.  Soft pretzel sales for the first quarter were up 5% to $8,578,000 on a  unit volume increase of 6% for the quarter. Excluding Kim & Scott’s sales, soft pretzel sales increased about 2% for this quarter.  Sales of frozen juices and ices decreased $610,000 or 9% to $6,470,000 in the first quarter on a unit volume decrease of 14% in this quarter. Coupon redemption costs, a reduction of sales, increased 4% or about $32,000 for the quarter. Handheld sales to retail supermarket customers increased 7% to $6,313,000 in the quarter.

Sales of new products in the first twelve months since their introduction were approximately $1.2 million in the first quarter. Price increases accounted for approximately $200,000 of sales in the quarter and net volume decreases, including new product sales as defined above and Kim & Scott’s sales and net of increased coupon costs, accounted for approximately $300,000 of the sales decrease in this quarter. Operating income in our Retail Supermarkets segment decreased from $1,824,000 to $1,570,000 in the quarter primarily because of increased allowances for the introduction of products into additional retailers, lower sales and increased advertising expenses.
 
 
19

 
 
FROZEN BEVERAGES

Frozen beverage and related product sales increased 4% to $40,518,000 in the first quarter.  Beverage related sales alone were up 5% in the first quarter. Gallon sales were up 2% for the three months.  Service revenue increased 3% to $11,842,000 in the first quarter with sales increases and decreases spread throughout our customer base.

Sales of beverage machines, which tend to fluctuate from year to year while following no specific trend, were $135,000 or 5% higher in  the three month period. The approximate number of company owned frozen beverage dispensers was 42,700 and 42,500 at December 29, 2012 and September 29, 2012, respectively.  Operating income in our Frozen Beverage segment was $894,000 in this year’s quarter compared to an operating loss of $615,000 last year.  The improvement in operating results was from a combination of higher sales and a reduction of expenses.  Last year’s quarter included a management and sales meeting expense of about $200,000.

CONSOLIDATED

Gross profit as a percentage of sales increased to 28.28% in the three month period from 26.87% last year.  Higher volume in our food service segment was the primary reason for the improved gross profit margin.  Ingredient and packaging costs can be extremely volatile and may be significantly different from what we are presently expecting and therefore we cannot project the impact of ingredient and packaging costs on our business going forward; however, there has been a very significant increase in the market cost of flour and packaging as well as lesser used ingredients over the past nine months which we anticipate will result in higher costs over the balance of our fiscal year, although there was no impact in our first quarter.

Total operating expenses increased $1,131,000 in this quarter but as a percentage of sales decreased from 22% percent to 20%.  The drop in percentage was generally because of increased sales and lower expenses in our frozen beverage segment and the overall reduction of $800,000 in expense because of the management and sales meeting we had last year.  Marketing expenses decreased from 10% of sales last year to 9% this year also because of higher sales and reduction of expenses.  Distribution expenses were 8% of sales in both years’ quarter.  Administrative expenses were 3.45% of sales this year compared to 3.51% of sales last year.
 
 
20

 

Operating income increased $6,598,000 or 78% to $15,061,000 in the first quarter as a result of the aforementioned items.

Investment income increased by $421,000 in the quarter due primarily to increased investments of marketable securities.  We invested $80 million in this quarter in mutual funds that seek current income with an emphasis on maintaining low volatility and overall moderate duration.  We estimate yield from these funds to approximate 4%.

The effective income tax rate has been estimated at 35% and 38% for the quarter this year and last year, respectively. We are estimating an effective income tax rate of between 36 1/2% and 37% for the year.  The first quarter benefitted from a reduction of tax expense because of changes in estimates related to a prior year.

Net earnings increased $4,741,000 or 86% in the current three month period to $10,226,000 as a result of the aforementioned items.
 
There are many factors which can impact our net earnings from year to year and in the long run, among which are the supply and cost of raw materials and labor, insurance costs, factors impacting sales as noted above, the continuing consolidation of our customers, our ability to manage our manufacturing, marketing and distribution activities, our ability to make and integrate acquisitions and changes in tax laws and interest rates.

Item 3.            Quantitative and Qualitative Disclosures About Market Risk

There has been no material change in the Company’s assessment of its sensitivity to market risk since its presentation set forth, in item 7a. “Quantitative and Qualitative Disclosures About Market Risk,” in its 2012 annual report on Form 10-K filed with the SEC.

Item 4.           Controls and Procedures
 
The Chief Executive Officer and the Chief Financial Officer of the Company (its principal executive officer and principal financial officer, respectively) have concluded, based on their evaluation as of December 29, 2012, that the Company’s disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in the reports filed or submitted by it under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and include controls and procedures designed to ensure that information required to be disclosed by the Company in such reports is accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
 
 
21

 

There has been no change in the Company’s internal control over financial reporting during the quarter ended December 29, 2012, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
 
 PART II.  OTHER INFORMATION
 
Item 6.     Exhibits    
       
                 Exhibit No.    
 
  31.1 &
Certification Pursuant to Section 302 of
  31.2  
the Sarbanes-Oxley Act of 2002
       
 
99.5
&
Certification Pursuant to the 18 U.S.C.
 
99.6
 
Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
       
  101   The following financial information from J&J Snack Foods Corp.'s Quarterly Report on Form 10-Q for the quarter ended December 29, 2012, formatted in XBRL (eXtensible Business Reporting Language):
      (i)     Consolidated Balance Sheets,
      (ii)    Consolidated Statements of Earnings,
      (iii)   Consolidated Statements of Comprehensive Income,
      (iv)   Consolidated Statements of Cash Flows and
      (v)    the Notes to the Consolidated Financial Statements
 
 
22

 

SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
    J & J SNACK FOODS CORP.  
       
       
       
Dated: January 28, 2013   /s/ Gerald B. Shreiber  
    Gerald B. Shreiber  
    Chairman of the Board,  
    President, Chief Executive  
    Officer and Director  
    (Principal Executive Officer)  
       
 
       
       
       
Dated: January 28, 2013   /s/ Dennis G. Moore  
    Dennis G. Moore, Senior Vice  
    President, Chief Financial  
    Officer and Director  
    (Principal Financial Officer)  
    (Principal Accounting Officer)  
 
23
 
EX-31.1 2 ex31-1.htm EXHIBIT 31.1 ex31-1.htm
Exhibit 31.1

CERTIFICATION PURSUANT TO
 SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002

I, Dennis G. Moore, certify that:

1.           I have reviewed this report on Form 10-Q of J & J Snack Foods Corp.;

2.           Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.           Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.           The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls and procedures for financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)           designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)           designed such internal controls and procedures for financial reporting, or caused such internal controls over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation offinancial statements for external purposes in accordance with generally accepted accounting principles;

c)           evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)           disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s first fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.           The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a)           all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)           any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date:  January 28, 2013
 
    /s/ Dennis G. Moore  
    Dennis G. Moore, Senior Vice  
    President, Chief Financial  
    Officer and Director  
    (Principal Financial Officer)  
    (Principal Accounting Officer)  
 
EX-31.2 3 ex31-2.htm EXHIBIT 31.2 ex31-2.htm
Exhibit 31.2

CERTIFICATION PURSUANT TO
SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002

I, Gerald B. Shreiber, certify that:

1.           I have reviewed this report on Form 10-Q of J & J Snack Foods Corp.;

2.           Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.           Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.           The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls and procedures for financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)           designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)           designed such internal controls and procedures for financial reporting, or caused such internal controls over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)           evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)           disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s first fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.           The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a)           all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)           any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.

Date:  January 28, 2013
 
    /s/ Gerald B. Shreiber  
    Gerald B. Shreiber  
    Chairman of the Board,  
    President, Chief Executive  
    Officer and Director  
    (Principal Executive Officer)  
       
 
EX-99.5 4 ex99-5.htm EXHIBIT 99.5 ex99-5.htm
Exhibit 99.5

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Section 1350 of Chapter 63 of Title 18 of the United States Code), each of the undersigned officers of J & J Snack Foods Corp. (the “Company”), does hereby certify with respect to the Quarterly Report of the Company on Form 10-Q for the quarter ended December 29, 2012 (the “Report”) that:

 
(1)
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:  January 28, 2013
 
    /s/ Dennis G. Moore  
    Dennis G. Moore, Senior Vice  
    President, Chief Financial  
    Officer and Director  
    (Principal Financial Officer)  
    (Principal Accounting Officer)  
 
 
The foregoing certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Section 1350 of Chapter 63 of Title 18 of the United States Code) and is not being filed as part of the Report or as a separate disclosure document.
 
EX-99.6 5 ex99-6.htm EXHIBIT 99.6 ex99-6.htm
Exhibit 99.6

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Section 1350 of Chapter 63 of Title 18 of the United States Code), each of the undersigned officers of J & J Snack Foods Corp. (the “Company”), does hereby certify with respect to the Quarterly Report of the Company on Form 10-Q for the quarter ended December 29, 2012 (the “Report”) that:

 
(1)
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
Dated: January 28, 2013
 
    /s/ Gerald B. Shreiber  
    Gerald B. Shreiber  
    Chairman of the Board,  
    President, Chief Executive  
    Officer and Director  
    (Principal Executive Officer)  


The foregoing certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Section 1350 of Chapter 63 of Title 18 of the United States Code) and is not being filed as part of the Report or as a separate disclosure document.

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