UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Mark One)
| | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the period ended
or
| | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Commission File Number:
J & J SNACK FOODS CORP.
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of | (I.R.S. Employer |
| incorporation or organization) | Identification No.) |
(Address of principal executive offices)
Telephone (
Securities registered pursuant to Section 12(b) of the Exchange Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||
| The |
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.
| ☒ | ☐ | No |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).
| ☒ | ☐ | No |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Accelerated filer ☐ | ||
| Non-accelerated filer ☐ | ||
| Smaller reporting company | ||
| Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
At July 29, 2022 there were
INDEX
| Page Number |
|
| Part I. Financial Information |
|
| Item l. Consolidated Financial Statements |
|
| Consolidated Balance Sheets – June 25, 2022 (unaudited) and September 25, 2021 |
4 |
| Consolidated Statements of Earnings (unaudited) - Three and Nine Months Ended June 25, 2022 and June 26, 2021 |
5 |
| Consolidated Statements of Comprehensive Income (unaudited) – Three and Nine Months Ended June 25, 2022 and June 26, 2021 |
6 |
| Consolidated Statements of Changes In Stockholders’ Equity (unaudited) – Three and Nine Months Ended June 25, 2022 and June 26, 2021 |
7 |
|
|
|
| Consolidated Statements of Cash Flows (unaudited) – Nine Months Ended June 25, 2022 and June 26, 2021 |
8 |
|
|
|
| Notes to the Consolidated Financial Statements (unaudited) |
9 |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations |
31 |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk |
36 |
| Item 4. Controls and Procedures |
36 |
| Part II. Other Information |
37 |
| Item 6. Exhibits |
37 |
| J & J SNACK FOODS CORP. AND SUBSIDIARIES |
||||
| CONSOLIDATED BALANCE SHEETS |
||||
| (in thousands, except share amounts) |
| June 25, | ||||||||
| 2022 | September 25, | |||||||
| (unaudited) | 2021 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Marketable securities held to maturity | ||||||||
| Accounts receivable, net | ||||||||
| Inventories | ||||||||
| Prepaid expenses and other | ||||||||
| Total current assets | ||||||||
| Property, plant and equipment, at cost | ||||||||
| Land | ||||||||
| Buildings | ||||||||
| Plant machinery and equipment | ||||||||
| Marketing equipment | ||||||||
| Transportation equipment | ||||||||
| Office equipment | ||||||||
| Improvements | ||||||||
| Construction in progress | ||||||||
| Total Property, plant and equipment, at cost | ||||||||
| Less accumulated depreciation and amortization | ||||||||
| Property, plant and equipment, net | ||||||||
| Other assets | ||||||||
| Goodwill | ||||||||
| Other intangible assets, net | ||||||||
| Marketable securities held to maturity | ||||||||
| Marketable securities available for sale | ||||||||
| Operating lease right-of-use assets | ||||||||
| Other | ||||||||
| Total other assets | ||||||||
| Total Assets | $ | $ | ||||||
| Liabilities and Stockholders' Equity | ||||||||
| Current Liabilities | ||||||||
| Current finance lease liabilities | $ | $ | ||||||
| Accounts payable | ||||||||
| Accrued insurance liability | ||||||||
| Accrued liabilities | ||||||||
| Current operating lease liabilities | ||||||||
| Accrued compensation expense | ||||||||
| Dividends payable | ||||||||
| Total current liabilities | ||||||||
| Long-term debt | ||||||||
| Noncurrent finance lease liabilities | ||||||||
| Noncurrent operating lease liabilities | ||||||||
| Deferred income taxes | ||||||||
| Other long-term liabilities | ||||||||
| Stockholders' Equity | ||||||||
| Preferred stock, $ par value; authorized shares; issued | ||||||||
| Common stock, par value; authorized, shares; issued and outstanding and respectively | ||||||||
| Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
| Retained Earnings | ||||||||
| Total stockholders' equity | ||||||||
| Total Liabilities and Stockholders' Equity | $ | $ | ||||||
The accompanying notes are an integral part of these statements.
| J & J SNACK FOODS CORP. AND SUBSIDIARIES |
|||||||
| CONSOLIDATED STATEMENTS OF EARNINGS |
|||||||
| (Unaudited) |
|||||||
| (in thousands, except per share amounts) |
| Three Months Ended |
Nine Months Ended |
|||||||||||||||
| June 25, |
June 26, |
June 25, |
June 26, |
|||||||||||||
| 2022 |
2021 |
2022 |
2021 |
|||||||||||||
| Net sales |
$ | $ | $ | $ | ||||||||||||
| Cost of goods sold |
||||||||||||||||
| Gross profit |
||||||||||||||||
| Operating expenses |
||||||||||||||||
| Marketing |
||||||||||||||||
| Distribution |
||||||||||||||||
| Administrative |
||||||||||||||||
| Other general expense |
( |
) | ( |
) | ( |
) | ||||||||||
| Total operating expenses |
||||||||||||||||
| Operating income |
||||||||||||||||
| Other income (expense) |
||||||||||||||||
| Investment income |
||||||||||||||||
| Interest expense & other |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Earnings before income taxes |
||||||||||||||||
| Income taxes |
||||||||||||||||
| NET EARNINGS |
$ | $ | $ | $ | ||||||||||||
| Earnings per diluted share |
$ | $ | $ | $ | ||||||||||||
| Weighted average number of diluted shares |
||||||||||||||||
| Earnings per basic share |
$ | $ | $ | $ | ||||||||||||
| Weighted average number of basic shares |
||||||||||||||||
The accompanying notes are an integral part of these statements.
| J & J SNACK FOODS CORP. AND SUBSIDIARIES |
||||||||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
||||||||
| (Unaudited) |
||||||||
| (in thousands) |
| Three Months Ended |
Nine Months Ended |
|||||||||||||||
| June 25, |
June 26, |
June 25, |
June 26, |
|||||||||||||
| 2022 |
2021 |
2022 |
2021 |
|||||||||||||
| Net earnings |
$ | $ | $ | $ | ||||||||||||
| Foreign currency translation adjustments |
( |
) | ||||||||||||||
| Total other comprehensive (loss) income |
( |
) | ||||||||||||||
| Comprehensive income |
$ | $ | $ | $ | ||||||||||||
The accompanying notes are an integral part of these statements.
| J & J Snack Foods Corp. and Subsidiaries |
||||||||||
| CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY |
||||||||||
| (in thousands) |
| Accumulated |
||||||||||||||||||||
| Other |
||||||||||||||||||||
| Common Stock |
Comprehensive |
Retained |
||||||||||||||||||
| Shares |
Amount |
Loss |
Earnings |
Total |
||||||||||||||||
| Balance as September 25, 2021 |
$ | $ | ( |
) | $ | $ | ||||||||||||||
| Issuance of common stock upon exercise of stock options |
||||||||||||||||||||
| Foreign currency translation adjustment |
- | ( |
) | ( |
) | |||||||||||||||
| Dividends declared |
- | ( |
) | ( |
) | |||||||||||||||
| Share-based compensation |
- | |||||||||||||||||||
| Net earnings |
- | |||||||||||||||||||
| Balance at December 25, 2021 |
$ | $ | ( |
) | $ | $ | ||||||||||||||
| Issuance of common stock upon exercise of stock options |
||||||||||||||||||||
| Issuance of common stock for employee stock purchase plan |
||||||||||||||||||||
| Foreign currency translation adjustment |
- | |||||||||||||||||||
| Dividends declared |
- | ( |
) | ( |
) | |||||||||||||||
| Share-based compensation |
- | |||||||||||||||||||
| Net earnings |
- | |||||||||||||||||||
| Balance at March 26, 2022 |
$ | $ | ( |
) | $ | $ | ||||||||||||||
| Issuance of common stock upon exercise of stock options |
||||||||||||||||||||
| Issuance of common stock for employee stock purchase plan |
- | - | - | - | - | |||||||||||||||
| Foreign currency translation adjustment |
- | ( |
) | ( |
) | |||||||||||||||
| Dividends declared |
- | ( |
) | ( |
) | |||||||||||||||
| Share-based compensation |
- | |||||||||||||||||||
| Net earnings |
- | |||||||||||||||||||
| Balance at June 25, 2022 |
$ | $ | ( |
) | $ | $ | ||||||||||||||
| Accumulated |
||||||||||||||||||||
| Other |
||||||||||||||||||||
| Common Stock |
Comprehensive |
Retained |
||||||||||||||||||
| Shares |
Amount |
Loss |
Earnings |
Total |
||||||||||||||||
| Balance as September 26, 2020 |
$ | $ | ( |
) | $ | $ | ||||||||||||||
| Issuance of common stock upon exercise of stock options |
||||||||||||||||||||
| Foreign currency translation adjustment |
- | |||||||||||||||||||
| Dividends declared |
- | ( |
) | ( |
) | |||||||||||||||
| Share-based compensation |
- | |||||||||||||||||||
| Net earnings |
- | |||||||||||||||||||
| Balance at December 26, 2020 |
$ | $ | ( |
) | $ | $ | ||||||||||||||
| Issuance of common stock upon exercise of stock options |
||||||||||||||||||||
| Issuance of common stock for employee stock purchase plan |
||||||||||||||||||||
| Foreign currency translation adjustment |
- | ( |
) | ( |
) | |||||||||||||||
| Dividends declared |
- | ( |
) | ( |
) | |||||||||||||||
| Share-based compensation |
- | |||||||||||||||||||
| Net earnings |
- | |||||||||||||||||||
| Balance at March 27, 2021 |
$ | $ | ( |
) | $ | $ | ||||||||||||||
| Issuance of common stock upon exercise of stock options |
||||||||||||||||||||
| Issuance of common stock for employee stock purchase plan |
- | - | - | - | - | |||||||||||||||
| Foreign currency translation adjustment |
- | |||||||||||||||||||
| Dividends declared |
- | ( |
) | ( |
) | |||||||||||||||
| Share-based compensation |
- | |||||||||||||||||||
| Net earnings |
- | |||||||||||||||||||
| Balance at June 26, 2021 |
$ | $ | ( |
) | $ | $ | ||||||||||||||
The accompanying notes are an integral part of these statements.
| J & J SNACK FOODS CORP. AND SUBSIDIARIES |
|||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
| (Unaudited) |
|||||||
| (in thousands) |
| Nine Months Ended |
||||||||
| June 25, |
June 26, |
|||||||
| 2022 |
2021 |
|||||||
| Operating activities: |
||||||||
| Net earnings |
$ | $ | ||||||
| Adjustments to reconcile net earnings to net cash (used in) provided by operating activities: |
||||||||
| Depreciation of fixed assets |
||||||||
| Amortization of intangibles and deferred costs |
||||||||
| Loss from disposals of property & equipment |
||||||||
| Share-based compensation |
||||||||
| Deferred income taxes |
( |
) | ( |
) | ||||
| Loss (Gain) on marketable securities |
( |
) | ||||||
| Other |
( |
) | ( |
) | ||||
| Changes in assets and liabilities net of effects from purchase of companies |
||||||||
| Increase in accounts receivable |
( |
) | ( |
) | ||||
| Increase in inventories |
( |
) | ( |
) | ||||
| (Increase) decrease in prepaid expenses |
( |
) | ||||||
| Increase in accounts payable and accrued liabilities |
||||||||
| Net cash (used in) provided by operating activities |
( |
) | ||||||
| Investing activities: |
||||||||
| Payments for purchases of companies, net of cash acquired |
( |
) | ||||||
| Purchases of property, plant and equipment |
( |
) | ( |
) | ||||
| Proceeds from redemption and sales of marketable securities |
||||||||
| Proceeds from disposal of property and equipment |
||||||||
| Other |
||||||||
| Net cash (used in) provided by investing activities |
( |
) | ||||||
| Financing activities: |
||||||||
| Proceeds from issuance of stock |
||||||||
| Borrowings under credit facility | ||||||||
| Payments for debt issue costs |
( |
) | ||||||
| Payments on finance lease obligations |
( |
) | ( |
) | ||||
| Payment of cash dividend |
( |
) | ( |
) | ||||
| Net cash provided by (used in) financing activities |
( |
) | ||||||
| Effect of exchange rate on cash and cash equivalents |
||||||||
| Net (decrease) increase in cash and cash equivalents |
( |
) | ||||||
| Cash and cash equivalents at beginning of period |
||||||||
| Cash and cash equivalents at end of period |
$ | $ | ||||||
The accompanying notes are an integral part of these statements.
J & J SNACK FOODS CORP. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
| Note 1 |
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. They do not include all information and notes required by generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended September 25, 2021. |
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 Company’s financial position and the results of operations and cash flows.
The results of operations for the three and nine months ended June 25, 2022 and June 26, 2021 are not necessarily indicative of results for the full year. Sales of our frozen beverages and frozen novelties are generally higher in the third and fourth quarters due to warmer weather. Also, approximately 2/3 of our sales are to venues and locations that previously shut down or sharply curtailed their foodservice operations as a result of COVID-19. While the majority of these venues have reopened, the extent of the future impact of COVID-19 on our operations depends on future developments of the virus and its effects which are uncertain at this time.
While we believe that the disclosures presented are adequate to make the information not misleading, we suggest that these consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 25, 2021.
| Note 2 | On June 21, 2022, J & J Snack Foods Corp. and its wholly-owned subsidiary, DD Acquisition Holdings, LLC, completed the acquisition of one hundred percent ( |
Dippin’ Dots is a leading producer of flash-frozen beaded ice cream treats, and the acquisition will leverage synergies in entertainment and amusement locations, theaters, and convenience to continue to expand our business. The acquisition also includes the Doc Popcorn business operated by Dippin’ Dots.
The financial results of Dippin’ Dots have been included in our consolidated financial statements since the date of the acquisition. Sales and net earnings of Dippin’ Dots since the date of acquisition were $
Upon acquisition, the assets and liabilities of Dippin’ Dots were adjusted to their respective fair values as of the closing date of the transaction, including the identifiable intangible assets acquired. In addition, the excess of the purchase price over the fair value of the net assets acquired has been recorded as goodwill. The fair value estimates used in valuing certain acquired assets and liabilities are based, in part, on inputs that are unobservable. For intangible assets, these include, but are not limited to, forecasted future cash flows, revenue growth rates, attrition rates and discount rates.
The purchase price allocation as of the date of acquisition was based on a preliminary valuation and is subject to revision as more detailed analyses are completed and additional information about the fair value of assets acquired and liabilities assumed becomes available.
The major classes of assets and liabilities to which we have preliminarily allocated the purchase price were as follows:
Preliminary Dippin' Dots Purchase Price Allocation (1)
| (in thousands) | ||||
| June 21, | ||||
| 2022 | ||||
| Cash and cash equivalents | $ | |||
| Accounts receivable, net | ||||
| Inventories | ||||
| Prepaid expenses and other | ||||
| Property, plant and equipment, net | ||||
| Intangible assets | ||||
| Goodwill(2) | ||||
| Operating lease right-of-use assets | ||||
| Other noncurrent assets | ||||
| Total assets acquired | ||||
| Liabilities assumed: | ||||
| Current lease liabilities | ||||
| Accounts payable | ||||
| Other current liabilities | ||||
| Noncurrent lease liabilities | ||||
| Other noncurrent liabilities | ||||
| Total liabilities acquired | ||||
| Purchase price | $ | |||
| (1) | Due to the limited time since the date of the acquisition, the purchase price allocation remains preliminary. |
| (2) | Goodwill was assigned to our Food Services segment and was primarily attributed to the assembled workforce of the acquired business and to our expectations of favorable growth opportunities in entertainment and amusement locations, theaters, and convenience based on increased synergies that are expected to be achieved from the integration of Dippin’ Dots. |
| Acquired Intangible Assets | ||||||||
| (in thousands) | ||||||||
| Weighted average | June 21, | |||||||
| life (years) | 2022 | |||||||
| Amortizable | ||||||||
| Trade name | indefinite | |||||||
| Customer relationships | ||||||||
| Technology | ||||||||
| Franchise agreements | ||||||||
| Total acquired intangible assets | ||||||||
Dippin' Dots Results Included in the Company's Consolidated Results
| (in thousands) | ||||||||
| Three Months ended | Nine Months ended | |||||||
| June 25, | June 25, | |||||||
| 2022 | 2022 | |||||||
| Net sales | $ | $ | ||||||
| Net earnings | $ | $ | ||||||
The following unaudited pro forma information presents the consolidated results of operations as if the business combination in 2022 had occurred as of September 27, 2020, after giving effect to acquisition-related adjustments, including: (1) depreciation and amortization of assets; (2) amortization of unfavorable contracts related to the fair value adjustments of the assets acquired; (3) change in the effective tax rate; (4) interest expense on any debt incurred to fund the acquisitions which would have been incurred had such acquisitions occurred as of September 27, 2020; and (5) merger and acquisition costs.
J & J Snack Foods Corp and Dippin' Dots Unaudited Pro Forma Combined Financial Information
| (in thousands) | ||||||||||||||||
| Three Months ended | Nine Months ended | |||||||||||||||
| June 25, | June 26, | June 25, | June 26, | |||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Net sales | $ | $ | $ | $ | ||||||||||||
| Net earnings | $ | $ | $ | $ | ||||||||||||
| Earnings per diluted share | $ | $ | $ | $ | ||||||||||||
| Weighted average number of diluted shares | ||||||||||||||||
The pro forma information does not reflect the potential benefits of cost and funding synergies, opportunities to earn additional revenues, or other factors, and therefore does not represent what the actual Net sales and Net earnings would have been had the companies actually been combined as of this date.
Note 3
Revenue Recognition
When Performance Obligations Are Satisfied
A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account for revenue recognition. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied.
The singular performance obligation of our customer contracts for product and machine sales is determined by each individual purchase order and the respective products ordered, with revenue being recognized at a point-in-time when the obligation under the terms of the agreement is satisfied and product control is transferred to our customer. Specifically, control transfers to our customers when the product is delivered to, installed, or picked up by our customers based upon applicable shipping terms, as our customers can direct the use and obtain substantially all of the remaining benefits from the product at this point in time. The performance obligations in our customer contracts for product are generally satisfied within 30 days.
The singular performance obligation of our customer contracts for time and material repair and maintenance equipment service is the performance of the repair and maintenance with revenue being recognized at a point-in-time when the repair and maintenance is completed.
The singular performance obligation of our customer repair and maintenance equipment service contracts is the performance of the repair and maintenance with revenue being recognized over the time the service is expected to be performed. Our customers are billed for service contracts in advance of performance and therefore we have a contract liability recorded within Accrued liabilities on our balance sheet.
The Company is entitled to royalties under its agreements with franchisees. Sales-based royalties are related entirely to the Company’s performance obligation under the franchise agreements and are recognized on a monthly basis. Purchase-based royalties are related entirely to the Company’s performance obligation under the franchise agreements and are recognized on a weekly basis.
Under franchise agreements, the Company provides franchisees with a franchise license allowing the use of brand intellectual property and certain ongoing services. As the performance obligations are satisfied, over time, franchise, renewal and transfer fees are recognized on a straight-line basis over the terms of the franchise agreement.
Significant Payment Terms
In general, within our customer contracts, the purchase order identifies the product, quantity, price, pick-up allowances, payment terms and final delivery terms. Although some payment terms may be more extended, presently the majority of our payment terms are 30 days. As a result, we have used the available practical expedient and, consequently, do not adjust our revenues for the effects of a significant financing component.
Shipping
All amounts billed to customers related to shipping and handling are classified as revenues; therefore, we recognize revenue for shipping and handling fees at the time the products are shipped or when services are performed. The cost of shipping products to the customer is recognized at the time the products are shipped to the customer and our policy is to classify them as Distribution expenses.
Variable Consideration
In addition to fixed contract consideration, our contracts include some form of variable consideration, including sales discounts, trade promotions and certain other sales and consumer incentives, including rebates and coupon redemptions. In general, variable consideration is treated as a reduction in revenue when the related revenue is recognized. Depending on the specific type of variable consideration, we use the most likely amount method to determine the variable consideration. We believe there will be no significant changes to our estimates of variable consideration when any related uncertainties are resolved with our customers. We review and update our estimates and related accruals of variable consideration each period based on historical experience. Our recorded liability for allowances, end-user pricing adjustments and trade spending was $
Warranties & Returns
We provide all customers with a standard or assurance type warranty. Either stated or implied, we provide assurance the related products will comply with all agreed-upon specifications and other warranties provided under the law. No services beyond an assurance warranty are provided to our customers.
We do not grant a general right of return. However, customers may return defective or non-conforming products. Customer remedies may include either a cash refund or an exchange of the product. We do not estimate a right of return and related refund liability as returns of our products are rare.
Contract Balances
Contract liabilities consist of deferred revenue resulting from service contracts in our Frozen Beverages segment where our customers are billed for service in advance of performance. Contract liabilities also consist of deferred revenue in our Food Service segment resulting from initial franchise fees paid by franchisees, as well as renewal and transfer fees paid by franchisees and license fees paid by licensees which are generally recognized on a straight-line basis over the term of the underlying agreement. Therefore, we have contract liabilities on our balance sheet as follows:
| (in thousands) |
||||||||||||||||
| Three Months Ended |
Nine Months Ended |
|||||||||||||||
| June 25, |
June 26, |
June 25, |
June 26, |
|||||||||||||
| 2022 |
2021 |
2022 |
2021 |
|||||||||||||
| Beginning Balance |
$ | $ | $ | $ | ||||||||||||
| Additions to contract liability |
||||||||||||||||
| Amounts recognized as revenue |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Ending Balance |
$ | $ | $ | $ | ||||||||||||
Disaggregation of Revenue
See Note 11 for disaggregation of our net sales by class of similar product and type of customer.
Allowance for Doubtful Receivables
We provide an allowance for doubtful receivables after taking into consideration historical experience and other factors. On September 27, 2020, the Company adopted guidance issued by the FASB in ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which requires companies to recognize an allowance that reflects a current estimate of credit losses expected to be incurred over the life of the asset. Adoption of this new guidance did not have a material impact on the consolidated financial statements. The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses. The allowance for doubtful accounts considers a number of factors including the age of receivable balances, the history of losses, expectations of future credit losses and the customers’ ability to pay off obligations. The allowance for doubtful receivables was $
| Note 4 |
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, technology, and non-compete agreements arising from acquisitions are amortized by the straight-line method over periods ranging from |
| Note 5 |
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 June 25, 2022 |
||||||||||||
| Income |
Shares |
Per Share |
||||||||||
| (Numerator) |
(Denominator) |
Amount |
||||||||||
| (in thousands, except per share amounts) |
||||||||||||
| Basic EPS |
||||||||||||
| Net earnings available to common stockholders |
$ | $ | ||||||||||
| Effect of dilutive securities |
||||||||||||
| Options |
||||||||||||
| Diluted EPS |
||||||||||||
| Net earnings available to common stockholders plus assumed conversions |
$ | $ | ||||||||||
| Nine Months ended June 25, 2022 |
||||||||||||
| Income |
Shares |
Per Share |
||||||||||
| (Numerator) |
(Denominator) |
Amount |
||||||||||
| (in thousands, except per share amounts) |
||||||||||||
| Basic EPS |
||||||||||||
| Net earnings available to common stockholders |
$ | $ | ||||||||||
| Effect of dilutive securities |
||||||||||||
| Options |
||||||||||||
| Diluted EPS |
||||||||||||
| Net earnings available to common stockholders plus assumed conversions |
$ | $ | ||||||||||
| Three Months Ended June 26, 2021 |
||||||||||||
| Income |
Shares |
Per Share |
||||||||||
| (Numerator) |
(Denominator) |
Amount |
||||||||||
| (in thousands, except per share amounts) |
||||||||||||
| Basic EPS |
||||||||||||
| Net earnings available to common stockholders |
$ | $ | ||||||||||
| Effect of dilutive securities |
||||||||||||
| Options |
||||||||||||
| Diluted EPS |
||||||||||||
| Net earnings available to common stockholders plus assumed conversions |
$ | $ | ||||||||||
| Nine Months Ended June 26, 2021 |
||||||||||||
| Income |
Shares |
Per Share |
||||||||||
| (Numerator) |
(Denominator) |
Amount |
||||||||||
| (in thousands, except per share amounts) |
||||||||||||
| Basic EPS |
||||||||||||
| Net earnings available to common stockholders |
$ | $ | ||||||||||
| Effect of dilutive securities |
||||||||||||
| Options |
||||||||||||
| Diluted EPS |
||||||||||||
| Net earnings available to common stockholders plus assumed conversions |
$ | $ | ||||||||||
| Note 6 | At June 25, 2022, the Company has three stock-based employee compensation plans. Share-based compensation expense was recognized as follows: |
| Three Months Ended | Nine Months Ended | |||||||||||||||
| June 25, | June 26, | June 25, | June 26, | |||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Stock options | $ | $ | $ | $ | ||||||||||||
| Stock purchase plan | ||||||||||||||||
| Restricted stock issued to employees | ||||||||||||||||
| Performance stock issued to employees | ||||||||||||||||
| Total share-based compensation | $ | $ | $ | $ | ||||||||||||
| The above compensation is net of tax benefits | $ | $ | $ | $ | ||||||||||||
The fair value of each option grant is estimated on the date of grant using the Black-Scholes options-pricing model.
During the fiscal year 2022 nine-month period, the Company granted
During the fiscal year 2021 nine-month period, the Company granted
The Company issued
In November 2021, the Company also issued
Expected volatility is based on the historical volatility of the price of our common shares over the past
| Note 7 | 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 $
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.
Our effective tax rate was
| Note 8 |
In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which changes the impairment model used to measure credit losses for most financial assets. We are required to recognize an allowance that reflects the Company’s current estimate of credit losses expected to be incurred over the life of the financial asset, including trade receivables and held-to-maturity debt securities. |
The Company adopted this guidance in the first quarter of Fiscal 2021 using the modified retrospective transition method. The adoption of ASU 2016-13 did not have a material impact on the Company’s consolidated financial statements.
| Note 9 | In December 2021, the Company entered into an amended and restated loan agreement (the “Credit Agreement”) with our existing banks which provided for up to a $ |
Interest accrues, at the Company’s election at (i) the BSBY Rate (as defined in the Credit Agreement) plus an applicable margin, based upon the Consolidated Net Leverage Ratio, as defined in the Credit Agreement, or (ii) the Alternate Base Rate (a rate based on the higher of (a) the prime rate announced from time-to-time by the Administrative Agent, (b) the Federal Reserve System’s federal funds rate, plus
The Credit Agreement requires the Company to comply with various affirmative and negative covenants, including without limitation (i) covenants to maintain a minimum specified interest coverage ratio and maximum specified net leverage ratio, and (ii) subject to certain exceptions, covenants that prevent or restrict the Company’s ability to pay dividends, engage in certain mergers or acquisitions, make certain investments or loans, incur future indebtedness, alter its capital structure or line of business, prepay subordinated indebtedness, engage in certain transactions with affiliates, or amend its organizational documents. As of June 25, 2022, the Company is in compliance with all financial covenants of the Credit Agreement.
On June 21, 2022, the Company entered into an amendment to the Credit Agreement, the “Amended Credit Agreement” which provided for an incremental increase of $
As of June 25, 2022, $
| Note 10 |
Inventories consist of the following: |
| June 25, |
September 25, |
|||||||
| 2022 |
2021 |
|||||||
| (unaudited) |
||||||||
| (in thousands) |
||||||||
| Finished goods |
$ | $ | ||||||
| Raw materials |
||||||||
| Packaging materials |
||||||||
| Equipment parts and other |
||||||||
| Total inventories |
$ | $ | ||||||
| Note 11 |
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 Maker. |
Our
Food Service
The primary products sold by the food service segment are soft pretzels, frozen novelties, churros, handheld products and baked goods. Our customers in the food service segment include snack bars and food stands in chain, department and discount stores; malls and shopping centers; casual dining restaurants, 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 to the retail supermarket channel are soft pretzel products – including SUPERPRETZEL, frozen novelties including LUIGI’S Real Italian Ice, MINUTE MAID Juice Bars and Soft Frozen Lemonade, WHOLE FRUIT frozen fruit bars and sorbet, PHILLY SWIRL cups and sticks, ICEE Squeeze-Up Tubes and handheld products. Within the retail supermarket channel, our frozen and prepackaged products are purchased by the consumer for consumption at home.
Frozen Beverages
The Company markets frozen beverages primarily under the names ICEE, SLUSH PUPPIE and PARROT ICE which are sold primarily 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, Retail Supermarkets and Frozen Beverages reviews monthly detailed operating income statements and sales reports in order to assess performance and allocate resources to each individual segment. Sales and operating income are key variables monitored by the Chief Operating Decision Maker and management when determining each segment’s, and the Company’s, financial condition and operating performance. In addition, the Chief Operating Decision Maker reviews and evaluates 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 |
Nine Months Ended |
|||||||||||||||
| June 25, |
June 26, |
June 25, |
June 26, |
|||||||||||||
| 2022 |
2021 |
2022 |
2021 |
|||||||||||||
| Sales to external customers: |
||||||||||||||||
| Food Service |
||||||||||||||||
| Soft pretzels |
$ | $ | $ | $ | ||||||||||||
| Frozen novelties |
||||||||||||||||
| Churros |
||||||||||||||||
| Handhelds |
||||||||||||||||
| Bakery |
||||||||||||||||
| Other |
||||||||||||||||
| Total Food Service |
$ | $ | $ | $ | ||||||||||||
| Retail Supermarket |
||||||||||||||||
| Soft pretzels |
$ | $ | $ | $ | ||||||||||||
| Frozen novelties |
||||||||||||||||
| Biscuits |
||||||||||||||||
| Handhelds |
||||||||||||||||
| Coupon redemption |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Other |
||||||||||||||||
| Total Retail Supermarket |
$ | $ | $ | $ | ||||||||||||
| Frozen Beverages |
||||||||||||||||
| Beverages |
$ | $ | $ | $ | ||||||||||||
| Repair and |
||||||||||||||||
| maintenance service |
||||||||||||||||
| Machines revenue |
||||||||||||||||
| Other |
||||||||||||||||
| Total Frozen Beverages |
$ | $ | $ | $ | ||||||||||||
| Consolidated sales |
$ | $ | $ | $ | ||||||||||||
| Depreciation and amortization: |
||||||||||||||||
| Food Service |
$ | $ | $ | $ | ||||||||||||
| Retail Supermarket |
||||||||||||||||
| Frozen Beverages |
||||||||||||||||
| Total depreciation and amortization |
$ | $ | $ | $ | ||||||||||||
| Operating income: |
||||||||||||||||
| Food Service |
$ | $ | $ | $ | ||||||||||||
| Retail Supermarket |
||||||||||||||||
| Frozen Beverages |
( |
) | ||||||||||||||
| Total operating income |
$ | $ | $ | $ | ||||||||||||
| Capital expenditures: |
||||||||||||||||
| Food Service |
$ | $ | $ | $ | ||||||||||||
| Retail Supermarket |
||||||||||||||||
| Frozen Beverages |
||||||||||||||||
| Total capital expenditures |
$ | $ | $ | $ | ||||||||||||
| Assets: |
||||||||||||||||
| Food Service |
$ | $ | $ | $ | ||||||||||||
| Retail Supermarket |
||||||||||||||||
| Frozen Beverages |
||||||||||||||||
| Total assets |
$ | $ | $ | $ | ||||||||||||
| Note 12 |
Our 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 Beverages segments as of June 25, 2022 and September 25, 2021 are as follows:
| June 25, 2022 |
September 25, 2021 |
|||||||||||||||
| Gross |
Gross |
|||||||||||||||
| Carrying |
Accumulated |
Carrying |
Accumulated |
|||||||||||||
| Amount |
Amortization |
Amount |
Amortization |
|||||||||||||
| (in thousands) |
||||||||||||||||
| FOOD SERVICE |
||||||||||||||||
| Indefinite lived intangible assets |
||||||||||||||||
| Trade names |
$ | $ | $ | $ | ||||||||||||
| Amortized intangible assets |
||||||||||||||||
| Non compete agreements |
||||||||||||||||
| Franchise agreements | ||||||||||||||||
| Customer relationships |
||||||||||||||||
| Technology | ||||||||||||||||
| License and rights |
||||||||||||||||
| TOTAL FOOD SERVICE |
$ | $ | $ | $ | ||||||||||||
| RETAIL SUPERMARKETS |
||||||||||||||||
| Indefinite lived intangible assets |
||||||||||||||||
| Trade names |
$ | $ | $ | $ | ||||||||||||
| Amortized intangible Assets |
||||||||||||||||
| Trade names |
||||||||||||||||
| Customer relationships |
||||||||||||||||
| TOTAL RETAIL SUPERMARKETS |
$ | $ | $ | $ | ||||||||||||
| FROZEN BEVERAGES |
||||||||||||||||
| Indefinite lived intangible assets |
||||||||||||||||
| Trade names |
$ | $ | - | $ | $ | - | ||||||||||
| Distribution rights |
- | - | ||||||||||||||
| Amortized intangible assets |
||||||||||||||||
| Customer relationships |
||||||||||||||||
| Licenses and rights |
||||||||||||||||
| TOTAL FROZEN BEVERAGES |
$ | $ | $ | $ | ||||||||||||
| CONSOLIDATED |
$ | $ | $ | $ | ||||||||||||
Amortizing intangible assets are being amortized by the straight-line method over periods ranging from
Estimated amortization expense for the next five fiscal years is approximately $
The weighted amortization period of the intangible assets, in total, is
Goodwill
The carrying amounts of goodwill for the Food Service, Retail Supermarket and Frozen Beverages segments are as follows:
| Food | Retail | Frozen | ||||||||||||||
| Service | Supermarket | Beverages | Total | |||||||||||||
| (in thousands) | ||||||||||||||||
| Balance at June 25, 2022 |
$ | $ | $ | $ | ||||||||||||
| Balance at September 25, 2021 |
$ | $ | $ | $ | ||||||||||||
| Note 13 |
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. |
Marketable securities held to maturity and available for sale consist primarily of investments in mutual funds, preferred stock, and corporate bonds. The fair values of mutual funds are based on quoted market prices in active markets and are classified within Level 1 of the fair value hierarchy. The fair values of preferred stock and corporate bonds are based on quoted prices for identical or similar instruments in markets that are not active. As a result, preferred stock and corporate bonds are classified within Level 2 of the fair value hierarchy.
The amortized cost, unrealized gains and losses, and fair market values of our investment securities held to maturity at June 25, 2022 are summarized as follows:
| Gross |
Gross |
Fair |
||||||||||||||
| Amortized |
Unrealized |
Unrealized |
Market |
|||||||||||||
| Cost |
Gains |
Losses |
Value |
|||||||||||||
| (in thousands) |
||||||||||||||||
| Corporate bonds |
$ | $ | $ | $ | ||||||||||||
| Total marketable securities held to maturity |
$ | $ | $ | $ | ||||||||||||
The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at June 25, 2022 are summarized as follows:
| Gross |
Gross |
Fair |
||||||||||||||
| Amortized |
Unrealized |
Unrealized |
Market |
|||||||||||||
| Cost |
Gains |
Losses |
Value |
|||||||||||||
| (in thousands) |
||||||||||||||||
| Mutual funds |
$ | $ | $ | $ | ||||||||||||
| Preferred stock |
||||||||||||||||
| Total marketable securities available for sale |
$ | $ | $ | $ | ||||||||||||
The mutual funds seek current income with an emphasis on maintaining low volatility and overall moderate duration. The Fixed-to-Floating Perpetual Preferred Stock generate fixed income to call dates in 2025 and then income is based on a spread above LIBOR if the securities are not called. The mutual funds and Fixed-to-Floating Perpetual Preferred Stock do not have contractual maturities; however, we classify them as long-term assets as it is our intent to hold them for a period of over one year, although we may sell some or all of them depending on presently unanticipated needs for liquidity or market conditions. The corporate bonds generate fixed income to maturity dates in 2022 through 2023, with $
The amortized cost, unrealized gains and losses, and fair market values of our investment securities held to maturity at September 25, 2021 are summarized as follows:
| Gross |
Gross |
Fair |
||||||||||||||
| Amortized |
Unrealized |
Unrealized |
Market |
|||||||||||||
| Cost |
Gains |
Losses |
Value |
|||||||||||||
| (in thousands) |
||||||||||||||||
| Corporate bonds |
||||||||||||||||
| Total marketable securities held to maturity |
$ | $ | $ | $ | ||||||||||||
The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at September 25, 2021 are summarized as follows:
| Gross |
Gross |
Fair |
||||||||||||||
| Amortized |
Unrealized |
Unrealized |
Market |
|||||||||||||
| Cost |
Gains |
Losses |
Value |
|||||||||||||
| (in thousands) |
||||||||||||||||
| Mutual funds |
$ | $ | $ | $ | ||||||||||||
| Preferred stock |
||||||||||||||||
| Total marketable securities available for sale |
$ | $ | $ | $ | ||||||||||||
The amortized cost and fair value of the Company’s held to maturity securities by contractual maturity at June 25, 2022 and September 25, 2021 are summarized as follows:
| June 25, 2022 |
September 25, 2021 |
|||||||||||||||
| Fair |
Fair |
|||||||||||||||
| Amortized |
Market |
Amortized |
Market |
|||||||||||||
| Cost |
Value |
Cost |
Value |
|||||||||||||
| (in thousands) |
||||||||||||||||
| Due in one year or less |
$ | $ | $ | $ | ||||||||||||
| Due after one year through five years |
- | - | ||||||||||||||
| Total held to maturity securities |
$ | $ | $ | $ | ||||||||||||
| Less current portion |
||||||||||||||||
| Long term held to maturity securities |
$ | - | $ | - | $ | $ | ||||||||||
Proceeds from the redemption and sale of marketable securities were $
Total marketable securities held to maturity as of June 25, 2022, with credit ratings of BBB/BB/B had an amortized cost basis totaling $
| Note 14 |
Changes to the components of accumulated other comprehensive loss are as follows: |
| Three Months Ended |
Nine Months Ended |
|||||||
| June 25, 2022 |
June 25, 2022 |
|||||||
| Foreign Currency |
Foreign Currency |
|||||||
| Translation |
Translation |
|||||||
| Adjustments |
Adjustments |
|||||||
| (unaudited) |
(unaudited) |
|||||||
| (in thousands) |
(in thousands) |
|||||||
| Beginning balance |
$ | ( |
) | $ | ( |
) | ||
| Other comprehensive (loss) income | ( |
) | ||||||
| Ending balance |
$ | ( |
) | $ | ( |
) | ||
| Three Months Ended |
Nine Months Ended |
|||||||
| June 26, 2021 |
June 26, 2021 |
|||||||
| Foreign Currency |
Foreign Currency |
|||||||
| Translation |
Translation |
|||||||
| Adjustments |
Adjustments |
|||||||
| (unaudited) |
(unaudited) |
|||||||
| (in thousands) |
(in thousands) |
|||||||
| Beginning balance |
$ | ( |
) | $ | ( |
) | ||
| Other comprehensive income |
||||||||
| Ending balance |
$ | ( |
) | $ | ( |
) | ||
| Note 15 – |
Leases |
General Lease Description
We have operating leases with initial noncancelable lease terms in excess of one year covering the rental of various facilities and equipment. Certain of these leases contain renewal options and some provide options to purchase during the lease term. Our operating leases include leases for real estate for some of our office and manufacturing facilities as well as manufacturing and non-manufacturing equipment used in our business. The remaining lease terms for these operating leases range from
We have finance leases with initial noncancelable lease terms in excess of one year covering the rental of various equipment. These leases are generally for manufacturing and non-manufacturing equipment used in our business. The remaining lease terms for these finance leases range from
Significant Assumptions and Judgments
Contract Contains a Lease
In evaluating our contracts to determine whether a contract is or contains a lease, we considered the following:
• Whether explicitly or implicitly identified assets have been deployed in the contract; and
• Whether we obtain substantially all of the economic benefits from the use of that underlying asset, and we can direct how and for what purpose the asset is used during the term of the contract.
Allocation of Consideration
In determining how to allocate consideration between lease and non-lease components in a contract that was deemed to contain a lease, we used judgment and consistent application of assumptions to reasonably allocate the consideration.
Options to Extend or Terminate Leases
We have leases which contain options to extend or terminate the leases. On a lease-by-lease basis, we have determined if the extension should be considered reasonably certain to be exercised and thus a right-of-use asset and a lease liability should be recorded.
Discount Rate
The discount rate for leases, if not explicitly stated in the lease, is the incremental borrowing rate, which is the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.
We used the discount rate to calculate the present value of the lease liability at the date of adoption. In the development of the discount rate, we considered our incremental borrowing rate as provided by our lender which was based on cash collateral and credit risk specific to us, and our lease portfolio characteristics.
As of June 25, 2022, the weighted-average discount rate of our operating and finance leases was
Practical Expedients and Accounting Policy Elections
We elected the package of practical expedients that permits us not to reassess our prior conclusions about lease identification, lease classification and initial direct costs and made an accounting policy election to exclude short-term leases with an initial term of 12 months or less from our Consolidated Balance Sheets.
Amounts Recognized in the Financial Statements
The components of lease expense were as follows:
| Three Months Ended |
Three Months Ended |
Nine Months Ended |
Nine Months Ended |
|||||||||||||
| June 25, 2022 |
June 26, 2021 |
June 25, 2022 |
June 26, 2021 |
|||||||||||||
| (in thousands) |
(in thousands) |
(in thousands) |
(in thousands) |
|||||||||||||
| Operating lease cost in cost of goods sold and operating expenses |
$ | $ | $ | $ | ||||||||||||
| Finance lease cost: |
||||||||||||||||
| Amortization of assets in cost of goods sold and operating expenses |
||||||||||||||||
| Interest on lease liabilities in Interest expense & other |
||||||||||||||||
| Total finance lease cost | $ | $ | $ | $ | ||||||||||||
| Short-term lease cost in cost of goods sold and operating expenses |
||||||||||||||||
| Total net lease cost | $ | $ | $ | $ | ||||||||||||
Supplemental balance sheet information related to leases is as follows:
| June 25, 2022 |
September 25, 2021 |
|||||||
| (in thousands) |
(in thousands) |
|||||||
| Operating Leases |
||||||||
| Operating lease right-of-use assets |
$ | $ | ||||||
| Current operating lease liabilities |
$ | $ | ||||||
| Noncurrent operating lease liabilities |
||||||||
| Total operating lease liabilities | $ | $ | ||||||
| Finance Leases |
||||||||
| Finance lease right-of-use assets in property, plant and equipment, net |
$ | $ | ||||||
| Current finance lease liabilities |
$ | $ | ||||||
| Noncurrent finance lease liabilities |
||||||||
| Total finance lease liabilities | $ | $ | ||||||
Supplemental cash flow information related to leases is as follows:
| Three Months Ended |
Three Months Ended |
Nine Months Ended |
Nine Months Ended |
|||||||||||||
| June 25, 2022 |
June 26, 2021 |
June 25, 2022 |
June 26, 2021 |
|||||||||||||
| (in thousands) |
(in thousands) |
(in thousands) |
(in thousands) |
|||||||||||||
| Cash paid for amounts included in the measurement of lease liabilities: |
||||||||||||||||
| Operating cash flows from operating leases |
$ | $ | $ | $ | ||||||||||||
| Operating cash flows from finance leases |
$ | $ | $ | $ | ||||||||||||
| Financing cash flows from finance leases |
$ | $ | $ | $ | ||||||||||||
| Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets |
$ | $ | $ | $ | ||||||||||||
| Supplemental noncash information on lease liabilities removed due to purchase of leased asset |
$ | - | $ | - | $ | - | $ | - | ||||||||
As of June 25, 2022, the maturities of lease liabilities were as follows:
| (in thousands) |
||||||||
| Operating Leases |
Finance Leases |
|||||||
| Three months ending September 24, 2022 |
$ | $ | ||||||
| 2023 |
||||||||
| 2024 |
||||||||
| 2025 |
||||||||
| 2026 |
||||||||
| Thereafter |
||||||||
| Total minimum payments |
$ | $ | ||||||
| Less amount representing interest |
( |
) | ( |
) | ||||
| Present value of lease obligations |
$ | $ | ||||||
| Note 16 |
We have related party expenses for distribution and shipping related costs with NFI Industries, Inc. Our director, Sidney R. Brown, is CEO of NFI Industries, Inc. The Company paid $ |
| Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Statements made in this Form 10-Q that are not historical or current facts are “forward-looking statements” made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the “Act”) and Section 21E of the Securities Exchange Act of 1934 “the Exchange Act”. These statements often can be identified by the use of terms such as “may,” “will,” “expect,” “believe,” “anticipate,” “estimate,” “approximate,” “intend” or “continue,” or the negative thereof. We intend that such forward-looking statements be subject to the safe harbor provisions of the Act and the Exchange Act. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management’s best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties, assumptions, and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.
Liquidity and Capital Resources
Our current cash and cash equivalents balances, investments 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 working capital, capital spending, debt service requirements and future growth and expansion for at least the next twelve months. See Note 13 to these financial statements for a discussion of our investment securities.
The Company’s Board of Directors declared a regular quarterly cash dividend of $0.633 per share of its common stock payable on July 11, 2022, to shareholders of record as of the close of business on June 20, 2022.
On August 4, 2017 the Company’s Board of Directors authorized the purchase and retirement of 500,000 shares of the Company’s common stock; 318,858 shares remain to be purchased under this authorization. We did not purchase any shares of our common stock in the nine months ended June 25, 2022, nor did we purchase any shares of our common stock in fiscal year 2021.
In the three months ended June 25, 2022 and June 26, 2021, 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 $93,000 and a decrease of $657,000 in accumulated other comprehensive loss, respectively. In the nine months ended June 25, 2022 and June 26, 2021, 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 a decrease of $9,000 and $2,405,000 in accumulated other comprehensive loss, respectively.
In December 2021, the Company entered into an amended and restated loan agreement (the “Credit Agreement”) with our existing banks which provided for up to a $50,000,000 revolving credit facility repayable in December 2026.
On June 21, 2022, the Company entered into an amendment to the Credit Agreement, the “Amended Credit Agreement” which provided for an incremental increase of $175,000,000 in available borrowings. The Amended Credit Agreement also includes an option to increase the size of the revolving credit facility by up to an amount not to exceed in the aggregate the greater of $225,000,000 or $50,000,000 plus the Consolidated EBITDA of the Borrowers, subject to the satisfaction of certain terms and conditions.
As of June 25, 2022, $125,000,000 was outstanding under the Amended Credit Agreement. These borrowings have been classified as Long-Term Debt on the Company’s Balance Sheet. As of June 25, 2022, the amount available under the Amended Credit Agreement was $91,225,000, after giving effect to the outstanding letters of credit. As of September 25, 2021, there were no outstanding balances under the Credit Agreement. As of June 25, 2022, the Company is in compliance with all financial covenants of the Credit Agreement.
Critical Accounting Policies, Judgments and Estimates
There have been no material changes to our critical accounting policies, judgments and estimates from the information provided in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies, Judgments and Estimates, in our Annual Report on Form 10-K for the year ended September 25, 2021, as filed with the SEC on November 23, 2021.
RESULTS OF OPERATIONS
Net sales increased by 17% to $380,227,000 in the third quarter and by 19% to $980,230,000 for the nine months ended June 25, 2022 compared to the three and nine months ended June 26, 2021, respectively.
FOOD SERVICE
Sales to food service customers increased by 16% in the third quarter to $227,842,000 and by 17% to $615,914,000 for the nine months, compared to respective prior year periods. Sales were up across most product lines as many of the venues and locations where our products are sold that were previously shut down or operating at reduced capacity in the first nine months of 2021 have partially or fully re-opened in the first nine months of 2022. Theaters and outdoor venues, including stadiums and amusement parks, as well as schools, restaurants and strategic accounts continued to experience an increase in visitation that drove strong sales in our core products.
Soft pretzel sales to the food service market increased by 10% to $55,946,000 in the third quarter and by 24% to $149,628,000 in the nine months compared to respective prior year periods. Frozen novelties sales increased by 23% to $17,155,000 in the third quarter and increased by 7% to $32,917,000 in the nine months compared to respective prior year periods. Churro sales to food service customers increased by 27% to $25,614,000 in the third quarter and increased by 35% to $62,550,000 in the nine months compared to respective prior year periods. Sales of bakery products increased by 11% in the third quarter to $95,495,000 and increased 12% to $287,293,000 for the nine months compared to respective prior year periods. Sales of handhelds increased 36% in the third quarter to $25,740,000 and by 14% to $64,741,000 in the nine months compared to respective prior year periods.
Sales of new products in the first twelve months since their introduction were approximately $700,000 in the third quarter and $4,600,000 in the nine months, driven primarily by new bakery items, including a new empanada product with a major convenience customer. Price increases had a moderate impact on sales in the quarter, and the overall revenue growth included marginal volume increases as well.
Compared to prior year, operating income in our Food Service segment decreased by 85% to $2,640,000 in the third quarter and by 59% to $12,177,000 in the nine months reflecting the significant increase in ingredients, production and distribution costs year over year, as well as our ERP implementation which previously impacted our results in the fiscal second quarter.
RETAIL SUPERMARKETS
Compared to prior year, sales of products to retail supermarkets increased by 13% to $61,008,000 in the third quarter and increased by 6% to $144,460,000 in the nine months. Our SUPERPRETZEL brand has performed well helping to drive a 4% increase in sales of soft pretzels in the third quarter to $11,696,000 and a 7% increase in sales in the nine months to $43,642,000. Sales of frozen novelties increased by 13% to $41,865,000 in the third quarter and increased by 10% to $78,586,000 in the nine months compared to respective prior year periods, largely driven by the addition of new stock keeping units, and additional product placement with some of our key brands. Sales of biscuits increased by 33% to $6,066,000 in the third quarter and by 7% to $20,024,000 in the nine months compared to respective prior year periods. Handheld sales to retail supermarket customers increased by 33% to $1,589,000 in the third quarter but decreased by 37% to $3,934,000 in the nine months compared to respective prior year periods.
Sales of new products were approximately $400,000 for the third quarter and $900,000 in the nine months, primarily related to frozen novelty items. Price increases and volume increases both had a marginal impact on sales in the quarter.
Compared to prior year periods, operating income in our Retail Supermarkets segment decreased by 74% to $2,341,000 in the third quarter and by 58% to $8,416,000 in the nine months. The decreases in operating income were primarily attributable to higher cost of goods sold as well as higher shipping and distribution related costs, as well as our ERP implementation which previously impacted our results in the fiscal second quarter..
FROZEN BEVERAGES
Compared to prior year periods, frozen beverage and related product sales increased by 23% to $91,377,000 in the third quarter and by 39% to $219,856,000 in the nine months. Beverage related sales increased by 37% to $57,791,000 in the third quarter and by 66% to $126,919,000 in the nine months compared to respective prior year periods. Gallon sales were up 28% in the quarter and up 56% in the nine months compared to respective prior year periods. The increase in gallon sales reflects the strong demand across theaters, amusement parks, convenience and restaurants. In the amusement parks channel, we continue to see strong growth as both domestic and international visitation numbers continue to recover, and exceed, pre-COVID-19 levels. Theater sales continue on their upward trajectory as movie goers indulge in their favorite snacks and view highly anticipated movie releases. Service revenue remained relatively flat in the third quarter, but increased by 10% to $65,903,000 in the nine months, compared to respective prior year periods, led by an acceleration in maintenance calls and additional growth in one of our larger customers, earlier in the fiscal year. Machines revenue (primarily sales of frozen beverage machines) increased by 17% to $9,868,000 in the third quarter and by 23% to $25,257,000 in the nine months, compared to respective prior year periods, driven mainly by growth from large quick service restaurant (QSR) and convenience customers.
Our Frozen Beverage segment had operating income of $16,279,000 in the third quarter compared with $11,420,000 in the prior year third quarter. In the nine months, our Frozen Beverage segment had operating income of $19,600,000 compared with an operating loss of $4,094,000 in the prior year nine-month period. The comparative performance was primarily a result of higher beverage sales volume which drove leverage across the business.
CONSOLIDATED
Gross profit as a percentage of sales was 28.7% in the third quarter and 29.7% in the prior year quarter. Gross profit as a percentage of sales was 25.9% in the nine-month period this year and 25.2% last year. Inflation continued to build over the quarter and nine-month period which has significantly pressured margins. The impact was especially pronounced in key raw material purchases such as flour, eggs, dairy, chocolates and meats, as well as packaging and fuel. We have pricing and cost initiatives in place to offset these cost pressures, which included a price increase early in the third quarter.
Total operating expenses increased by 51% to $87,816,000 in the third quarter and by 32% to $213,606,000 in the nine months compared to respective prior year periods. As a percentage of net sales, operating expenses increased from 17.9% to 23.1% in the third quarter and from 19.6% to 21.8% in the nine months.
Marketing expenses remained flat at 6.3% of net sales in the third quarter and decreased to 6.7% in the nine months compared with 6.9% in prior year’s nine-month period. Distribution expenses increased to 12.7% of net sales in the third quarter from 8.4% in the prior year and to 11.2% in the nine months compared with 9.2% in prior year’s nine-month period, with the increases largely driven by higher truck driver wages and rising carrier, storage and fuel costs. Administrative expenses increased to 4.1% of net sales in the third quarter from 3.2% in prior year and to 3.9% in the nine months compared with 3.5% in prior year’s nine-month period, with the increase largely attributable to $3,088,000 of merger and acquisition costs which were incurred in the third quarter.
Compared to prior year, operating income decreased by 44% to $21,260,000 in the third quarter and by 13% to $40,193,000 in the nine months as a result of the aforementioned items.
Our investments generated before tax income of $106,000 in the third quarter, a $364,000 decrease over prior year. In the nine months, our investments generated before tax income of $537,000, a 78% decrease from the prior year period. The decrease in before tax investment income compared with prior year was due to decreases in the amount of investments as well as the impact of the rising interest rate environment on our investment holdings.
Compared to prior year, net earnings decreased by 46% to $15,563,000 in the third quarter and by 19% to $29,925,000 in the nine months. Our effective tax rate was 26% in the nine months compared with 24% in the prior year’s nine-month period, as prior year’s nine-month period effective tax rate was more favorably impacted by tax benefits related to share-based compensation. Our effective tax rate was 27% in the third quarter and was 25% in the prior year third quarter.
There are many factors which can impact our net earnings from year-to-year and in the long run, among including 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 2021 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 June 25, 2022, 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.
There has been no change in the Company’s internal control over financial reporting during the quarter ended June 25, 2022, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. During the third quarter of 2022, the Company completed the acquisition of Dippin’ Dots. As permitted by SEC staff interpretive guidance that an assessment of a recently acquired business may be omitted from the scope of evaluation for a period of up to one year following the acquisition, management excluded Dippin’ Dots from its interim evaluation of internal controls over financial reporting.
PART II. OTHER INFORMATION
| Item 6. |
Exhibits |
Exhibit No.
31.1 Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2 Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
101.1 The following financial information from J&J Snack Foods Corp.'s Quarterly Report on Form 10-Q for the quarter ended June 25, 2022, formatted in inline 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
104 Cover Page Interactive Data File (embedded within the Inline XBRL and contained in Exhibit 101)
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. |
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| Dated: August 4, 2022 |
/s/ Dan Fachner |
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Dan Fachner |
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President and Chief Executive Officer |
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| (Principal Executive Officer) | ||
| Dated: August 4, 2022 | /s/ Ken A. Plunk | |
| Ken A. Plunk, Senior Vice | ||
| President and Chief Financial Officer | ||
| (Principal Financial Officer) | ||
| (Principal Accounting Officer) |
Exhibit 31.1
CERTIFICATION PURSUANT TO
SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002
I, Dan Fachner, 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: August 4, 2022
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/s/ Dan Fachner Dan Fachner President and Chief Executive Officer (Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION PURSUANT TO
SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002
I, Ken A. Plunk, 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: August 4, 2022
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/s/ Ken A. Plunk Ken A. Plunk, Senior Vice President and Chief Financial Officer (Principal Financial Officer) (Principal Accounting Officer) |
Exhibit 32.1
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 June 25, 2022 (the “Report”) that:
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(1) |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
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(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Dated: August 4, 2022
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/s/ Dan Fachner Dan Fachner President and Chief Executive Officer (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.
Exhibit 32.2
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 June 25, 2022 (the “Report”) that:
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(1) |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
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(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Dated: August 4, 2022
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/s/ Ken A. Plunk Ken A. Plunk, Senior Vice President and Chief Financial Officer (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.
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares |
Jun. 25, 2022 |
Sep. 25, 2021 |
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| Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
| Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
| Preferred stock, shares issued (in shares) | 0 | 0 |
| Common stock, par value (in dollars per share) | $ 0 | $ 0 |
| Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
| Common stock, shares issued (in shares) | 19,184,000 | 19,084,000 |
| Common stock, shares outstanding (in shares) | 19,184,000 | 19,084,000 |
Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Jun. 25, 2022 |
Jun. 26, 2021 |
Jun. 25, 2022 |
Jun. 26, 2021 |
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| Net sales | $ 380,227 | $ 324,344 | $ 980,230 | $ 821,519 |
| Cost of goods sold | 271,151 | 228,170 | 726,431 | 614,324 |
| Gross profit | 109,076 | 96,174 | 253,799 | 207,195 |
| Operating expenses | ||||
| Marketing | 24,002 | 20,502 | 65,945 | 56,995 |
| Distribution | 48,157 | 27,311 | 109,821 | 75,643 |
| Administrative | 15,724 | 10,348 | 37,812 | 29,004 |
| Other general expense | (67) | (131) | 28 | (399) |
| Total operating expenses | 87,816 | 58,030 | 213,606 | 161,243 |
| Operating income | 21,260 | 38,144 | 40,193 | 45,952 |
| Other income (expense) | ||||
| Investment income | 106 | 470 | 537 | 2,419 |
| Interest expense & other | (156) | (8) | (231) | (19) |
| Earnings before income taxes | 21,210 | 38,606 | 40,499 | 48,352 |
| Income taxes | 5,647 | 9,713 | 10,574 | 11,620 |
| NET EARNINGS | $ 15,563 | $ 28,893 | $ 29,925 | $ 36,732 |
| Earnings per diluted share (in dollars per share) | $ 0.81 | $ 1.51 | $ 1.56 | $ 1.92 |
| Weighted average number of diluted shares (in shares) | 19,234 | 19,185 | 19,198 | 19,116 |
| Earnings per basic share (in dollars per share) | $ 0.81 | $ 1.52 | $ 1.56 | $ 1.93 |
| Weighted average number of basic shares (in shares) | 19,174 | 19,045 | 19,131 | 18,996 |
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Jun. 25, 2022 |
Jun. 26, 2021 |
Jun. 25, 2022 |
Jun. 26, 2021 |
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| Net earnings | $ 15,563 | $ 28,893 | $ 29,925 | $ 36,732 |
| Foreign currency translation adjustments | (93) | 657 | 9 | 2,405 |
| Total other comprehensive (loss) income | (93) | 657 | 9 | 2,405 |
| Comprehensive income | $ 15,470 | $ 29,550 | $ 29,934 | $ 39,137 |
Note 1 |
9 Months Ended | ||
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Jun. 25, 2022 | |||
| Notes to Financial Statements | |||
| Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] |
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 Company’s financial position and the results of operations and cash flows.
The results of operations for the three and nine months ended June 25, 2022 and June 26, 2021 are not necessarily indicative of results for the full year. Sales of our frozen beverages and frozen novelties are generally higher in the third and fourth quarters due to warmer weather. Also, approximately 2/3 of our sales are to venues and locations that previously shut down or sharply curtailed their foodservice operations as a result of COVID-19. While the majority of these venues have reopened, the extent of the future impact of COVID-19 on our operations depends on future developments of the virus and its effects which are uncertain at this time.
While we believe that the disclosures presented are adequate to make the information not misleading, we suggest that these consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 25, 2021. |
Note 2 |
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| Business Combination Disclosure [Text Block] |
Dippin’ Dots is a leading producer of flash-frozen beaded ice cream treats, and the acquisition will leverage synergies in entertainment and amusement locations, theaters, and convenience to continue to expand our business. The acquisition also includes the Doc Popcorn business operated by Dippin’ Dots.
The financial results of Dippin’ Dots have been included in our consolidated financial statements since the date of the acquisition. Sales and net earnings of Dippin’ Dots since the date of acquisition were $2,218,000 and $621,000 for the three and nine-months ended June 25, 2022. Dippin’ Dots is reported as part of our Food Service segment. Included within Administrative expenses for the quarter were $3,088,000 of acquisition costs.
Upon acquisition, the assets and liabilities of Dippin’ Dots were adjusted to their respective fair values as of the closing date of the transaction, including the identifiable intangible assets acquired. In addition, the excess of the purchase price over the fair value of the net assets acquired has been recorded as goodwill. The fair value estimates used in valuing certain acquired assets and liabilities are based, in part, on inputs that are unobservable. For intangible assets, these include, but are not limited to, forecasted future cash flows, revenue growth rates, attrition rates and discount rates.
The purchase price allocation as of the date of acquisition was based on a preliminary valuation and is subject to revision as more detailed analyses are completed and additional information about the fair value of assets acquired and liabilities assumed becomes available.
The major classes of assets and liabilities to which we have preliminarily allocated the purchase price were as follows:
Preliminary Dippin' Dots Purchase Price Allocation (1)
Dippin' Dots Results Included in the Company's Consolidated Results
The following unaudited pro forma information presents the consolidated results of operations as if the business combination in 2022 had occurred as of September 27, 2020, after giving effect to acquisition-related adjustments, including: (1) depreciation and amortization of assets; (2) amortization of unfavorable contracts related to the fair value adjustments of the assets acquired; (3) change in the effective tax rate; (4) interest expense on any debt incurred to fund the acquisitions which would have been incurred had such acquisitions occurred as of September 27, 2020; and (5) merger and acquisition costs.
J & J Snack Foods Corp and Dippin' Dots Unaudited Pro Forma Combined Financial Information
The pro forma information does not reflect the potential benefits of cost and funding synergies, opportunities to earn additional revenues, or other factors, and therefore does not represent what the actual Net sales and Net earnings would have been had the companies actually been combined as of this date. |
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| Revenue from Contract with Customer [Text Block] |
Note 3
Revenue Recognition
When Performance Obligations Are Satisfied A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account for revenue recognition. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied.
The singular performance obligation of our customer contracts for product and machine sales is determined by each individual purchase order and the respective products ordered, with revenue being recognized at a point-in-time when the obligation under the terms of the agreement is satisfied and product control is transferred to our customer. Specifically, control transfers to our customers when the product is delivered to, installed, or picked up by our customers based upon applicable shipping terms, as our customers can direct the use and obtain substantially all of the remaining benefits from the product at this point in time. The performance obligations in our customer contracts for product are generally satisfied within 30 days.
The singular performance obligation of our customer contracts for time and material repair and maintenance equipment service is the performance of the repair and maintenance with revenue being recognized at a point-in-time when the repair and maintenance is completed.
The singular performance obligation of our customer repair and maintenance equipment service contracts is the performance of the repair and maintenance with revenue being recognized over the time the service is expected to be performed. Our customers are billed for service contracts in advance of performance and therefore we have a contract liability recorded within Accrued liabilities on our balance sheet.
The Company is entitled to royalties under its agreements with franchisees. Sales-based royalties are related entirely to the Company’s performance obligation under the franchise agreements and are recognized on a monthly basis. Purchase-based royalties are related entirely to the Company’s performance obligation under the franchise agreements and are recognized on a weekly basis.
Under franchise agreements, the Company provides franchisees with a franchise license allowing the use of brand intellectual property and certain ongoing services. As the performance obligations are satisfied, over time, franchise, renewal and transfer fees are recognized on a straight-line basis over the terms of the franchise agreement.
Significant Payment Terms In general, within our customer contracts, the purchase order identifies the product, quantity, price, pick-up allowances, payment terms and final delivery terms. Although some payment terms may be more extended, presently the majority of our payment terms are 30 days. As a result, we have used the available practical expedient and, consequently, do not adjust our revenues for the effects of a significant financing component.
Shipping All amounts billed to customers related to shipping and handling are classified as revenues; therefore, we recognize revenue for shipping and handling fees at the time the products are shipped or when services are performed. The cost of shipping products to the customer is recognized at the time the products are shipped to the customer and our policy is to classify them as Distribution expenses.
Variable Consideration In addition to fixed contract consideration, our contracts include some form of variable consideration, including sales discounts, trade promotions and certain other sales and consumer incentives, including rebates and coupon redemptions. In general, variable consideration is treated as a reduction in revenue when the related revenue is recognized. Depending on the specific type of variable consideration, we use the most likely amount method to determine the variable consideration. We believe there will be no significant changes to our estimates of variable consideration when any related uncertainties are resolved with our customers. We review and update our estimates and related accruals of variable consideration each period based on historical experience. Our recorded liability for allowances, end-user pricing adjustments and trade spending was $16,907,000 at June 25, 2022 and $14,646,000 at September 25, 2021.
Warranties & Returns We provide all customers with a standard or assurance type warranty. Either stated or implied, we provide assurance the related products will comply with all agreed-upon specifications and other warranties provided under the law. No services beyond an assurance warranty are provided to our customers.
We do not grant a general right of return. However, customers may return defective or non-conforming products. Customer remedies may include either a cash refund or an exchange of the product. We do not estimate a right of return and related refund liability as returns of our products are rare.
Contract Balances Contract liabilities consist of deferred revenue resulting from service contracts in our Frozen Beverages segment where our customers are billed for service in advance of performance. Contract liabilities also consist of deferred revenue in our Food Service segment resulting from initial franchise fees paid by franchisees, as well as renewal and transfer fees paid by franchisees and license fees paid by licensees which are generally recognized on a straight-line basis over the term of the underlying agreement. Therefore, we have contract liabilities on our balance sheet as follows:
Disaggregation of Revenue See Note 11 for disaggregation of our net sales by class of similar product and type of customer.
Allowance for Doubtful Receivables
We provide an allowance for doubtful receivables after taking into consideration historical experience and other factors. On September 27, 2020, the Company adopted guidance issued by the FASB in ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which requires companies to recognize an allowance that reflects a current estimate of credit losses expected to be incurred over the life of the asset. Adoption of this new guidance did not have a material impact on the consolidated financial statements. The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses. The allowance for doubtful accounts considers a number of factors including the age of receivable balances, the history of losses, expectations of future credit losses and the customers’ ability to pay off obligations. The allowance for doubtful receivables was $1,629,000 and $1,405,000 on June 25, 2022 and September 25, 2021, respectively. |
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Note 4 |
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| Earnings Per Share [Text Block] |
382,431 anti-dilutive shares have been excluded in the computation of EPS for the three months ended June 25, 2022.
302,674 anti-dilutive shares have been excluded in the computation of EPS for the nine months ended June 25, 2022.
20,800 anti-dilutive shares have been excluded in the computation of EPS for the three months ended June 26, 2021.
289,692 anti-dilutive shares have been excluded in the computation of EPS for the nine months ended June 26, 2021.
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| Share-Based Payment Arrangement [Text Block] |
The fair value of each option grant is estimated on the date of grant using the Black-Scholes options-pricing model.
During the fiscal year 2022 nine-month period, the Company granted 115,700 stock options. The weighted-average grant date fair value of these options was $23.36.
During the fiscal year 2021 nine-month period, the Company granted 138,432 stock options. The weighted-average grant date fair value of these options was $31.20.
The Company issued 327 service share units (“RSU”)’s in the three-months ended June 25, 2022, and 9,200 RSU’s in the nine-months ended June 25, 2022. Each RSU entitles the awardee to one share of common stock upon vesting. The fair value of RSU’s was determined based upon the closing price of the Company’s common stock on the date of grant. No such RSU’s were issued in the three or nine-months ended June 26, 2021.
In November 2021, the Company also issued 8,868 performance share units (“PSU”)’s. Each PSU may result in the issuance of up to two shares of common stock upon vesting, dependent upon the level of achievement of the applicable Performance Goal. The fair value of the PSU’s was determined based upon the closing price of the Company’s common stock on the date of grant. Additionally, the Company applies a quarterly probability assessment in computing this non-cash compensation expense, and any change in estimate is reflected as a cumulative adjustment to expense in the quarter of the change. No such PSU’s were issued in the three-months ended June 25, 2022 or in the three or nine-months ended June 26, 2021.
Expected volatility is based on the historical volatility of the price of our common shares over the past 51 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.
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Note 7 |
9 Months Ended | ||
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Jun. 25, 2022 | |||
| Notes to Financial Statements | |||
| Income Tax Disclosure [Text Block] |
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 $343,000 on both June 25, 2022 and September 25, 2021, respectively, all of which would impact our effective tax rate over time, if recognized. We recognize interest and penalties related to uncertain tax positions as a part of the provision for income taxes. As of June 25, 2022, and September 25, 2021, the Company has $267,000 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.
Our effective tax rate was 26% for the nine months ended June 25, 2022 and 24% for the nine months ended June 26, 2021. Our effective tax rate was 27% for the three months ended June 25, 2022 and 25% for the three months ended June 26, 2021. |
Note 8 |
9 Months Ended | ||
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Jun. 25, 2022 | |||
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| Accounting Standards Update and Change in Accounting Principle [Text Block] |
The Company adopted this guidance in the first quarter of Fiscal 2021 using the modified retrospective transition method. The adoption of ASU 2016-13 did not have a material impact on the Company’s consolidated financial statements.
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Note 9 |
9 Months Ended | ||
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Jun. 25, 2022 | |||
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| Debt Disclosure [Text Block] |
Interest accrues, at the Company’s election at (i) the BSBY Rate (as defined in the Credit Agreement) plus an applicable margin, based upon the Consolidated Net Leverage Ratio, as defined in the Credit Agreement, or (ii) the Alternate Base Rate (a rate based on the higher of (a) the prime rate announced from time-to-time by the Administrative Agent, (b) the Federal Reserve System’s federal funds rate, plus 0.50% or (c) the Daily BSBY Rate, plus an applicable margin. The Alternate Base Rate is defined in the Credit Agreement.
The Credit Agreement requires the Company to comply with various affirmative and negative covenants, including without limitation (i) covenants to maintain a minimum specified interest coverage ratio and maximum specified net leverage ratio, and (ii) subject to certain exceptions, covenants that prevent or restrict the Company’s ability to pay dividends, engage in certain mergers or acquisitions, make certain investments or loans, incur future indebtedness, alter its capital structure or line of business, prepay subordinated indebtedness, engage in certain transactions with affiliates, or amend its organizational documents. As of June 25, 2022, the Company is in compliance with all financial covenants of the Credit Agreement.
On June 21, 2022, the Company entered into an amendment to the Credit Agreement, the “Amended Credit Agreement” which provided for an incremental increase of $175,000,000 in available borrowings. The Amended Credit Agreement also includes an option to increase the size of the revolving credit facility by up to an amount not to exceed in the aggregate the greater of $225,000,000 or, $50,000,000 plus the Consolidated EBITDA of the Borrowers, subject to the satisfaction of certain terms and conditions.
As of June 25, 2022, $125,000,000 was outstanding under the Amended Credit Agreement. These borrowings have been classified as Long-Term Debt on the Company’s Balance Sheet. As of June 25, 2022, the amount available under the Amended Credit Agreement was $91,225,000 million, after giving effect to the outstanding letters of credit. As of September 25, 2021, there were no outstanding balances under the Credit Agreement.
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| Inventory Disclosure [Text Block] |
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Note 11 |
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| Segment Reporting Disclosure [Text Block] |
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. These segments are described below.
Food Service
The primary products sold by the food service segment are soft pretzels, frozen novelties, churros, handheld products and baked goods. Our customers in the food service segment include snack bars and food stands in chain, department and discount stores; malls and shopping centers; casual dining restaurants, 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 to the retail supermarket channel are soft pretzel products – including SUPERPRETZEL, frozen novelties including LUIGI’S Real Italian Ice, MINUTE MAID Juice Bars and Soft Frozen Lemonade, WHOLE FRUIT frozen fruit bars and sorbet, PHILLY SWIRL cups and sticks, ICEE Squeeze-Up Tubes and handheld products. Within the retail supermarket channel, our frozen and prepackaged products are purchased by the consumer for consumption at home.
Frozen Beverages
The Company markets frozen beverages primarily under the names ICEE, SLUSH PUPPIE and PARROT ICE which are sold primarily 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, Retail Supermarkets and Frozen Beverages reviews monthly detailed operating income statements and sales reports in order to assess performance and allocate resources to each individual segment. Sales and operating income are key variables monitored by the Chief Operating Decision Maker and management when determining each segment’s, and the Company’s, financial condition and operating performance. In addition, the Chief Operating Decision Maker reviews and evaluates 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:
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Note 12 |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Goodwill and Intangible Assets Disclosure [Text Block] |
The carrying amounts of acquired intangible assets for the Food Service, Retail Supermarkets and Frozen Beverages segments as of June 25, 2022 and September 25, 2021 are as follows:
Amortizing intangible assets are being amortized by the straight-line method over periods ranging from 2 to 20 years and amortization expense is reflected throughout operating expenses. Aggregate amortization expense of intangible assets for the three months ended June 25, 2022 and June 26, 2021 was $584,000 and $639,000, respectively. Aggregate amortization expense of intangible assets for the nine months ended June 25, 2022 and June 26, 2021 was $1,766,000 and $2,096,000, respectively
Estimated amortization expense for the next five fiscal years is approximately $3,500,000 in 2022, $6,700,000 in 2023, $6,400,000 in 2024, $5,800,000 in 2025, and $5,800,000 in 2026.
The weighted amortization period of the intangible assets, in total, is 10.4 years. The weighted amortization period by intangible asset class is 10 years for Technology, 10 years for Customer relationships, 20 years for Licenses & rights, and 10 years for Franchise agreements.
Goodwill
The carrying amounts of goodwill for the Food Service, Retail Supermarket and Frozen Beverages segments are as follows:
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Note 13 |
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| Fair Value Disclosures [Text Block] |
Marketable securities held to maturity and available for sale consist primarily of investments in mutual funds, preferred stock, and corporate bonds. The fair values of mutual funds are based on quoted market prices in active markets and are classified within Level 1 of the fair value hierarchy. The fair values of preferred stock and corporate bonds are based on quoted prices for identical or similar instruments in markets that are not active. As a result, preferred stock and corporate bonds are classified within Level 2 of the fair value hierarchy.
The amortized cost, unrealized gains and losses, and fair market values of our investment securities held to maturity at June 25, 2022 are summarized as follows:
The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at June 25, 2022 are summarized as follows:
The mutual funds seek current income with an emphasis on maintaining low volatility and overall moderate duration. The Fixed-to-Floating Perpetual Preferred Stock generate fixed income to call dates in 2025 and then income is based on a spread above LIBOR if the securities are not called. The mutual funds and Fixed-to-Floating Perpetual Preferred Stock do not have contractual maturities; however, we classify them as long-term assets as it is our intent to hold them for a period of over one year, although we may sell some or all of them depending on presently unanticipated needs for liquidity or market conditions. The corporate bonds generate fixed income to maturity dates in 2022 through 2023, with $4.5 million maturing within the next 12 months. Our expectation is that we will hold the corporate bonds to their maturity dates and redeem them at our amortized cost.
The amortized cost, unrealized gains and losses, and fair market values of our investment securities held to maturity at September 25, 2021 are summarized as follows:
The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at September 25, 2021 are summarized as follows:
The amortized cost and fair value of the Company’s held to maturity securities by contractual maturity at June 25, 2022 and September 25, 2021 are summarized as follows:
Proceeds from the redemption and sale of marketable securities were $0 and $11,526,000 in the three and nine months ended June 25, 2022 and were $12,854,000 and $54,191,000 in the three and nine months ended June 26, 2021, respectively. Losses of $343,000 and $412,000 were recorded in the three and nine months ended June 25, 2022, and gains of $21,000 and $139,000 were recorded in the three and nine months ended June 26, 2021. Included in the gains and losses were unrealized losses of $401,000 and unrealized gains of $786,000 in the nine months ended June 25, 2022 and June 26, 2021, respectively. An unrealized loss of $343,000 and an unrealized gain of $137,000 were recorded in the three months ended June 25, 2022, and June 26, 2021, respectively. We use the specific identification method to determine the cost of securities sold.
Total marketable securities held to maturity as of June 25, 2022, with credit ratings of BBB/BB/B had an amortized cost basis totaling $4,520,000. This rating information was obtained June 30, 2022.
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| Comprehensive Income (Loss) Note [Text Block] |
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Note 15 - Leases |
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| Lessee, Leases [Text Block] |
General Lease Description
We have operating leases with initial noncancelable lease terms in excess of one year covering the rental of various facilities and equipment. Certain of these leases contain renewal options and some provide options to purchase during the lease term. Our operating leases include leases for real estate for some of our office and manufacturing facilities as well as manufacturing and non-manufacturing equipment used in our business. The remaining lease terms for these operating leases range from 1 month to 13 years.
We have finance leases with initial noncancelable lease terms in excess of one year covering the rental of various equipment. These leases are generally for manufacturing and non-manufacturing equipment used in our business. The remaining lease terms for these finance leases range from 1 year to 5 years.
Significant Assumptions and Judgments
Contract Contains a Lease In evaluating our contracts to determine whether a contract is or contains a lease, we considered the following:
• Whether explicitly or implicitly identified assets have been deployed in the contract; and • Whether we obtain substantially all of the economic benefits from the use of that underlying asset, and we can direct how and for what purpose the asset is used during the term of the contract.
Allocation of Consideration In determining how to allocate consideration between lease and non-lease components in a contract that was deemed to contain a lease, we used judgment and consistent application of assumptions to reasonably allocate the consideration.
Options to Extend or Terminate Leases We have leases which contain options to extend or terminate the leases. On a lease-by-lease basis, we have determined if the extension should be considered reasonably certain to be exercised and thus a right-of-use asset and a lease liability should be recorded.
Discount Rate The discount rate for leases, if not explicitly stated in the lease, is the incremental borrowing rate, which is the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.
We used the discount rate to calculate the present value of the lease liability at the date of adoption. In the development of the discount rate, we considered our incremental borrowing rate as provided by our lender which was based on cash collateral and credit risk specific to us, and our lease portfolio characteristics.
As of June 25, 2022, the weighted-average discount rate of our operating and finance leases was 3.3% and 3.2%, respectively. As of June 26, 2021, the weighted-average discount rate of our operating and finance leases was 3.2% and 3.2%, respectively.
Practical Expedients and Accounting Policy Elections
We elected the package of practical expedients that permits us not to reassess our prior conclusions about lease identification, lease classification and initial direct costs and made an accounting policy election to exclude short-term leases with an initial term of 12 months or less from our Consolidated Balance Sheets.
Amounts Recognized in the Financial Statements
The components of lease expense were as follows:
Supplemental balance sheet information related to leases is as follows:
Supplemental cash flow information related to leases is as follows:
As of June 25, 2022, the maturities of lease liabilities were as follows:
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Note 16 |
9 Months Ended | ||
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| Related Party Transactions Disclosure [Text Block] |
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Note 2 (Tables) |
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| Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
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Note 6 (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 25, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block] |
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Note 10 (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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| Schedule of Inventory, Current [Table Text Block] |
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Note 11 (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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| Notes Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reporting Information, by Segment [Table Text Block] |
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Note 12 (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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| Schedule of Acquired Finite-lived and Indefinite Lived Intangible Assets by Reportable Segment and Major Class [Table Text Block] |
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| Schedule of Goodwill [Table Text Block] |
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Note 13 (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Note 14 (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
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Note 15 - Leases (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Lease, Cost [Table Text Block] |
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| Assets and Liabilities, Lessee [Table Text Block] |
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| Lessee, Lease Liability, Maturity [Table Text Block] |
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Note 2 (Details Textual) - Dippin’ Dots Holding, L.L.C. [Member] - USD ($) |
3 Months Ended | 9 Months Ended | |
|---|---|---|---|
Jun. 21, 2022 |
Jun. 25, 2022 |
Jun. 25, 2022 |
|
| Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||
| Payments to Acquire Businesses, Gross | $ 223,561,000 | ||
| Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 2,218,000 | $ 2,218,000 | |
| Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 621,000 | $ 621,000 | |
| General and Administrative Expense [Member] | |||
| Business Combination, Acquisition Related Costs | $ 3,088,000 |
Note 2 - Purchase Price Allocation for Acquisitions (Details) - USD ($) $ in Thousands |
Jun. 25, 2022 |
Jun. 20, 2022 |
Sep. 25, 2021 |
||||
|---|---|---|---|---|---|---|---|
| Goodwill | $ 188,467 | $ 121,833 | |||||
| Dippin’ Dots Holding, L.L.C. [Member] | |||||||
| Cash and cash equivalents | [1] | $ 2,259 | |||||
| Accounts receivable, net | [1] | 12,257 | |||||
| Inventories | [1] | 8,812 | |||||
| Prepaid expenses and other | [1] | 1,215 | |||||
| Property, plant and equipment, net | [1] | 24,622 | |||||
| Intangible assets | [1] | 120,400 | |||||
| Goodwill | [1],[2] | 66,634 | |||||
| Operating lease right-of-use assets | [1] | 3,514 | |||||
| Other noncurrent assets | [1] | 243 | |||||
| Total assets acquired | [1] | 239,956 | |||||
| Liabilities assumed: | |||||||
| Current lease liabilities | [1] | 619 | |||||
| Accounts payable | [1] | 6,005 | |||||
| Other current liabilities | [1] | 3,532 | |||||
| Noncurrent lease liabilities | [1] | 2,954 | |||||
| Other noncurrent liabilities | [1] | 3,285 | |||||
| Total liabilities acquired | [1] | 16,395 | |||||
| Purchase price | [1] | $ 223,561 | |||||
| |||||||
Note 2 - Proforma Results from Acquisitions (Details) - Dippin’ Dots Holding, L.L.C. [Member] - USD ($) $ / shares in Units, shares in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Jun. 25, 2022 |
Jun. 26, 2021 |
Jun. 25, 2022 |
Jun. 26, 2021 |
|
| Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 2,218,000 | $ 2,218,000 | ||
| Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 621,000 | 621,000 | ||
| Net sales | 404,182,000 | $ 349,722,000 | 1,028,079,000 | $ 861,536,000 |
| Net earnings | $ 17,838,000 | $ 33,980,000 | $ 31,501,000 | $ 35,893,000 |
| Earnings per diluted share (in dollars per share) | $ 930 | $ 1,770 | $ 1,640 | $ 1,880 |
| Weighted average number of diluted shares (in shares) | 19,234 | 19,185 | 19,198 | 19,116 |
Note 3 (Details Textual) - USD ($) |
Jun. 25, 2022 |
Sep. 25, 2021 |
|---|---|---|
| Contract with Customer, Asset, Allowance for Deductions | $ 16,907,000 | $ 14,646,000 |
| Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 1,629,000 | $ 1,405,000 |
Note 3 - Contract Liability (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Jun. 25, 2022 |
Jun. 26, 2021 |
Jun. 25, 2022 |
Jun. 26, 2021 |
|
| Beginning Balance | $ 1,092 | $ 1,090 | $ 1,097 | $ 1,327 |
| Additions to contract liability | 2,270 | 1,237 | 4,843 | 4,182 |
| Amounts recognized as revenue | (1,276) | (1,283) | (3,854) | (4,465) |
| Ending Balance | $ 2,086 | $ 1,044 | $ 2,086 | $ 1,044 |
Note 4 (Details Textual) - USD ($) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Jun. 25, 2022 |
Jun. 26, 2021 |
Jun. 25, 2022 |
Jun. 26, 2021 |
|
| Depreciation, Total | $ 12,424,000 | $ 12,025,000 | $ 36,292,000 | $ 36,278,000 |
| Minimum [Member] | ||||
| Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | |||
| Maximum [Member] | ||||
| Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | |||
Note 5 (Details Textual) - shares |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Jun. 25, 2022 |
Jun. 26, 2021 |
Jun. 25, 2022 |
Jun. 26, 2021 |
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 382,431 | 20,800 | 302,674 | 289,692 |
Note 5 - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Jun. 25, 2022 |
Jun. 26, 2021 |
Jun. 25, 2022 |
Jun. 26, 2021 |
|
| Net earnings available to common stockholders | $ 15,563 | $ 28,893 | $ 29,925 | $ 36,732 |
| Weighted average number of basic shares (in shares) | 19,174 | 19,045 | 19,131 | 18,996 |
| Earnings (loss) per basic share (in dollars per share) | $ 0.81 | $ 1.52 | $ 1.56 | $ 1.93 |
| Options | $ 0 | $ 0 | $ 0 | $ 0 |
| Options, shares (in shares) | 60 | 140 | 67 | 120 |
| Options, per share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
| Net earnings available to common stockholders plus assumed conversions | $ 15,563 | $ 28,893 | $ 29,925 | $ 36,732 |
| Weighted average number of diluted shares (in shares) | 19,234 | 19,185 | 19,198 | 19,116 |
| Earnings (loss) per diluted share (in dollars per share) | $ 0.81 | $ 1.51 | $ 1.56 | $ 1.92 |
Note 6 (Details Textual) - $ / shares |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|---|
Nov. 30, 2021 |
Jun. 25, 2022 |
Jun. 26, 2021 |
Jun. 25, 2022 |
Jun. 26, 2021 |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 115,700 | 138,432 | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 23.36 | $ 31.20 | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Month) | 51 months | ||||
| Share Based Compensation Arrangement by Share Based Payment Award Fair Value Assumptions Volatility Calculation Term (Year) | 10 years | ||||
| Restricted Stock Units (RSUs) [Member] | |||||
| Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 327 | 0 | 9,200 | 0 | |
| Performance Shares [Member] | |||||
| Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 8,868 | 0 | 0 | 0 | |
Note 6 - Summary of Share-based Compensation Expense (Benefit) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Jun. 25, 2022 |
Jun. 26, 2021 |
Jun. 25, 2022 |
Jun. 26, 2021 |
|
| Employee share-based compensation | $ 1,018 | $ 717 | $ 2,935 | $ 2,121 |
| The above compensation is net of tax benefits | 116 | 265 | 549 | 1,131 |
| Share-Based Payment Arrangement, Option [Member] | ||||
| Employee share-based compensation | 693 | 523 | 2,115 | 1,538 |
| Stock Purchase Plan [Member] | ||||
| Employee share-based compensation | 90 | 171 | 240 | 513 |
| Restricted Stock [Member] | ||||
| Employee share-based compensation | 152 | 23 | 376 | 70 |
| Performance Shares [Member] | ||||
| Employee share-based compensation | $ 83 | $ 0 | $ 204 | $ 0 |
Note 7 (Details Textual) - USD ($) |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Jun. 25, 2022 |
Jun. 26, 2021 |
Jun. 25, 2022 |
Jun. 26, 2021 |
Sep. 25, 2021 |
|
| Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 343,000 | $ 343,000 | $ 343,000 | ||
| Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 267,000 | $ 267,000 | $ 267,000 | ||
| Effective Income Tax Rate Reconciliation, Percent, Total (Rate) | 27.00% | 25.00% | 26.00% | 24.00% | |
Note 9 (Details Textual) - USD ($) |
3 Months Ended | |||
|---|---|---|---|---|
Jun. 25, 2022 |
Jun. 21, 2022 |
Dec. 31, 2021 |
Sep. 25, 2021 |
|
| The Credit Agreement [Member] | ||||
| Long-Term Line of Credit, Total | $ 0 | |||
| The Credit Agreement [Member] | Federal Funds Rate [Member] | ||||
| Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
| The Amended Credit Agreement [Member] | ||||
| Long-Term Line of Credit, Total | $ 125,000,000 | |||
| Line of Credit Facility, Remaining Borrowing Capacity | $ 91,225,000 | |||
| Revolving Credit Facility [Member] | The Credit Agreement [Member] | ||||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | |||
| Revolving Credit Facility [Member] | The Amended Credit Agreement [Member] | ||||
| Line Of Credit Facility Increase In Maximum Borrowing Capacity | $ 175,000,000 | |||
| Line of Credit Facility, Options to Increase Size of Credit Facility, Value 1 | 225,000,000 | |||
| Line of Credit Facility, Options to Increase Size of Credit Facility, Value 2 | $ 50,000,000 |
Note 10 - Summary of Inventories (Details) - USD ($) $ in Thousands |
Jun. 25, 2022 |
Sep. 25, 2021 |
|---|---|---|
| Finished goods | $ 83,201 | $ 49,756 |
| Raw materials | 39,856 | 29,529 |
| Packaging materials | 15,832 | 11,168 |
| Equipment parts and other | 35,059 | 32,707 |
| Total inventories | $ 173,948 | $ 123,160 |
Note 11 (Details Textual) |
9 Months Ended |
|---|---|
Jun. 25, 2022 | |
| Number of Reportable Segments | 3 |
Note 11 - Operations Information by Reporting Segment (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Jun. 25, 2022 |
Jun. 26, 2021 |
Jun. 25, 2022 |
Jun. 26, 2021 |
Sep. 25, 2021 |
|
| Sales | $ 380,227 | $ 324,344 | $ 980,230 | $ 821,519 | |
| Depreciation and amortization | 13,016 | 12,664 | 38,067 | 38,374 | |
| Operating income | 21,260 | 38,144 | 40,193 | 45,952 | |
| Capital expenditures | 28,925 | 15,627 | 64,231 | 34,456 | |
| Assets | 1,291,242 | 1,101,546 | 1,291,242 | 1,101,546 | $ 1,122,219 |
| Food Service [Member] | |||||
| Sales | 227,842 | 196,479 | 615,914 | 526,226 | |
| Depreciation and amortization | 7,097 | 6,817 | 20,436 | 20,334 | |
| Operating income | 2,640 | 17,644 | 12,177 | 29,879 | |
| Capital expenditures | 21,673 | 10,383 | 45,757 | 25,915 | |
| Assets | 957,719 | 779,730 | 957,719 | 779,730 | |
| Retail Supermarket [Member] | |||||
| Sales | 61,008 | 53,857 | 144,460 | 136,859 | |
| Depreciation and amortization | 405 | 378 | 1,157 | 1,147 | |
| Operating income | 2,341 | 9,080 | 8,416 | 20,167 | |
| Capital expenditures | 2,815 | 93 | 6,438 | 194 | |
| Assets | 29,147 | 33,405 | 29,147 | 33,405 | |
| Frozen Beverages [Member] | |||||
| Sales | 91,377 | 74,008 | 219,856 | 158,434 | |
| Depreciation and amortization | 5,514 | 5,469 | 16,474 | 16,893 | |
| Operating income | 16,279 | 11,420 | 19,600 | (4,094) | |
| Capital expenditures | 4,437 | 5,151 | 12,036 | 8,347 | |
| Assets | 304,376 | 288,411 | 304,376 | 288,411 | |
| Soft Pretzels [Member] | Food Service [Member] | |||||
| Sales | 55,946 | 50,895 | 149,628 | 120,356 | |
| Soft Pretzels [Member] | Retail Supermarket [Member] | |||||
| Sales | 11,696 | 11,193 | 43,642 | 40,871 | |
| Frozen Juices and Ices [Member] | Food Service [Member] | |||||
| Sales | 17,155 | 13,927 | 32,917 | 30,812 | |
| Frozen Juices and Ices [Member] | Retail Supermarket [Member] | |||||
| Sales | 41,865 | 36,898 | 78,586 | 71,600 | |
| Churros [Member] | Food Service [Member] | |||||
| Sales | 25,614 | 20,096 | 62,550 | 46,358 | |
| Handhelds [Member] | Food Service [Member] | |||||
| Sales | 25,740 | 18,971 | 64,741 | 56,574 | |
| Handhelds [Member] | Retail Supermarket [Member] | |||||
| Sales | 1,589 | 1,191 | 3,934 | 6,215 | |
| Bakery [Member] | Food Service [Member] | |||||
| Sales | 95,495 | 85,706 | 287,293 | 257,580 | |
| Other Products [Member] | Food Service [Member] | |||||
| Sales | 7,892 | 6,884 | 18,785 | 14,546 | |
| Other Products [Member] | Retail Supermarket [Member] | |||||
| Sales | 397 | 526 | 501 | 1,652 | |
| Other Products [Member] | Frozen Beverages [Member] | |||||
| Sales | 826 | 536 | 1,777 | 1,312 | |
| Biscuits [Member] | Retail Supermarket [Member] | |||||
| Sales | 6,066 | 4,562 | 20,024 | 18,717 | |
| Coupon Redemtion [Member] | Retail Supermarket [Member] | |||||
| Sales | (605) | (513) | (2,227) | (2,196) | |
| Beverage [Member] | Frozen Beverages [Member] | |||||
| Sales | 57,791 | 42,279 | 126,919 | 76,663 | |
| Repair and Maintenance Service [Member] | Frozen Beverages [Member] | |||||
| Sales | 22,892 | 22,789 | 65,903 | 59,903 | |
| Machine Sales [Member] | Frozen Beverages [Member] | |||||
| Sales | $ 9,868 | $ 8,404 | $ 25,257 | $ 20,556 | |
Note 12 (Details Textual) - USD ($) |
3 Months Ended | 6 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|---|
Mar. 26, 2022 |
Mar. 27, 2021 |
Mar. 26, 2022 |
Mar. 27, 2021 |
Jun. 25, 2022 |
|
| Amortization of Intangible Assets | $ 584,000 | $ 639,000 | $ 1,766,000 | $ 2,096,000 | |
| Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 3,500,000 | ||||
| Finite-Lived Intangible Asset, Expected Amortization, Year Two | 6,700,000 | ||||
| Finite-Lived Intangible Asset, Expected Amortization, Year Three | 6,400,000 | ||||
| Finite-Lived Intangible Asset, Expected Amortization, Year Four | 5,800,000 | ||||
| Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 5,800,000 | ||||
| Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years 4 months 24 days | ||||
| Technology-Based Intangible Assets [Member] | |||||
| Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years | ||||
| Customer Relationships [Member] | |||||
| Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years | ||||
| License and Rights [Member] | |||||
| Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 20 years | ||||
| Franchise Rights [Member] | |||||
| Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years | ||||
| Minimum [Member] | |||||
| Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | ||||
| Maximum [Member] | |||||
| Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | ||||
Note 12 - Intangible Assets by Reporting Segment (Details) - USD ($) $ in Thousands |
Jun. 25, 2022 |
Sep. 25, 2021 |
|---|---|---|
| Finite-lived intangible assets, accumulated amortization | $ 18,075 | $ 17,579 |
| Intangible assets | 214,482 | 95,355 |
| Food Service [Member] | ||
| Finite-lived intangible assets, accumulated amortization | 9,293 | 9,066 |
| Intangible assets | 145,356 | 25,768 |
| Food Service [Member] | Noncompete Agreements [Member] | ||
| Finite-lived intangible assets, accumulated amortization | 670 | 670 |
| Finite-lived intangible assets, gross | 670 | 670 |
| Food Service [Member] | Franchise Rights [Member] | ||
| Finite-lived intangible assets, accumulated amortization | 0 | 0 |
| Finite-lived intangible assets, gross | 8,500 | 0 |
| Food Service [Member] | Customer Relationships [Member] | ||
| Finite-lived intangible assets, accumulated amortization | 7,163 | 6,188 |
| Finite-lived intangible assets, gross | 25,100 | 13,000 |
| Food Service [Member] | Technology-Based Intangible Assets [Member] | ||
| Finite-lived intangible assets, accumulated amortization | 0 | 0 |
| Finite-lived intangible assets, gross | 22,900 | 0 |
| Food Service [Member] | License and Rights [Member] | ||
| Finite-lived intangible assets, accumulated amortization | 1,460 | 1,396 |
| Finite-lived intangible assets, gross | 1,690 | 1,690 |
| Retail Supermarket [Member] | ||
| Finite-lived intangible assets, accumulated amortization | 7,149 | 7,041 |
| Intangible assets | 20,872 | 21,333 |
| Retail Supermarket [Member] | Customer Relationships [Member] | ||
| Finite-lived intangible assets, accumulated amortization | 6,500 | 5,931 |
| Finite-lived intangible assets, gross | 7,907 | 7,907 |
| Retail Supermarket [Member] | Finite-lived Trade Names [Member] | ||
| Finite-lived intangible assets, accumulated amortization | 649 | 649 |
| Finite-lived intangible assets, gross | 649 | 649 |
| Frozen Beverages [Member] | ||
| Finite-lived intangible assets, accumulated amortization | 1,633 | 1,472 |
| Intangible assets | 48,254 | 48,254 |
| Frozen Beverages [Member] | Customer Relationships [Member] | ||
| Finite-lived intangible assets, accumulated amortization | 509 | 400 |
| Finite-lived intangible assets, gross | 1,439 | 1,439 |
| Frozen Beverages [Member] | License and Rights [Member] | ||
| Finite-lived intangible assets, accumulated amortization | 1,124 | 1,072 |
| Finite-lived intangible assets, gross | 1,400 | 1,400 |
| Trade Names [Member] | Food Service [Member] | ||
| Indefinite-lived intangible assets, gross | 86,496 | 10,408 |
| Finite-lived intangible assets, accumulated amortization | 0 | 812 |
| Trade Names [Member] | Retail Supermarket [Member] | ||
| Indefinite-lived intangible assets, gross | 12,316 | 12,777 |
| Finite-lived intangible assets, accumulated amortization | 0 | 461 |
| Trade Names [Member] | Frozen Beverages [Member] | ||
| Indefinite-lived intangible assets, gross | 9,315 | 9,315 |
| Distribution Rights, Indefinite-lived [Member] | Frozen Beverages [Member] | ||
| Indefinite-lived intangible assets, gross | $ 36,100 | $ 36,100 |
Note 12 - Goodwill by Reporting Segment (Details) - USD ($) $ in Thousands |
Jun. 25, 2022 |
Sep. 25, 2021 |
|---|---|---|
| Balance at June 25, 2022 | $ 188,467 | $ 121,833 |
| Food Service [Member] | ||
| Balance at June 25, 2022 | 127,823 | 61,189 |
| Retail Supermarket [Member] | ||
| Balance at June 25, 2022 | 4,146 | 4,146 |
| Frozen Beverages [Member] | ||
| Balance at June 25, 2022 | $ 56,498 | $ 56,498 |
Note 13 (Details Textual) - USD ($) |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Jun. 25, 2022 |
Jun. 26, 2021 |
Jun. 25, 2022 |
Jun. 26, 2021 |
Sep. 25, 2021 |
|
| Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Total | $ 4,520,000 | $ 4,520,000 | $ 12,027,000 | ||
| Proceeds from Sale and Maturity of Marketable Securities | 0 | $ 12,854,000 | 11,526,000 | $ 54,191,000 | |
| Marketable Securities, Gain (Loss) | (343,000) | 21,000 | (412,000) | 139,000 | |
| Marketable Securities, Unrealized Gain (Loss) | (401,000) | $ (343,000) | 786,000 | $ 137,000 | |
| External Credit Rating, Investment Grade [Member] | |||||
| Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Total | 4,520,000 | 4,520,000 | |||
| Corporate Bond Securities [Member] | |||||
| Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Total | $ 4,500,000 | $ 4,500,000 | |||
| Investment Securities Maturity Term (Month) | 12 months | ||||
Note 13 - Investment Securities - Summary of Securities (Details) - USD ($) $ in Thousands |
Jun. 25, 2022 |
Sep. 25, 2021 |
|---|---|---|
| Held-to-maturity securities, amortized cost | $ 4,520 | $ 12,027 |
| Held-to-maturity securities, gross unrealized gains | 0 | 123 |
| Held-to-maturity securities, gross unrealized losses | 52 | 18 |
| Held-to-maturity securities, fair market value | 4,468 | 12,132 |
| Investment securities, cost | 6,404 | 10,480 |
| Investment securities, gross unrealized gains | 15 | 175 |
| Investment securities, gross unrealized losses | 811 | 571 |
| Investment securities, fair market value | 5,608 | 10,084 |
| Corporate Bond Securities [Member] | ||
| Held-to-maturity securities, amortized cost | 4,520 | 12,027 |
| Held-to-maturity securities, gross unrealized gains | 0 | 123 |
| Held-to-maturity securities, gross unrealized losses | 52 | 18 |
| Held-to-maturity securities, fair market value | 4,468 | 12,132 |
| Mutual Funds [Member] | ||
| Investment securities, cost | 3,588 | 3,588 |
| Investment securities, gross unrealized gains | 0 | 0 |
| Investment securities, gross unrealized losses | 742 | 536 |
| Investment securities, fair market value | 2,846 | 3,052 |
| Preferred Stock [Member] | ||
| Investment securities, cost | 2,816 | 6,892 |
| Investment securities, gross unrealized gains | 15 | 175 |
| Investment securities, gross unrealized losses | 69 | 35 |
| Investment securities, fair market value | $ 2,762 | $ 7,032 |
Note 13 - Investment Securities - Held-to-maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands |
Jun. 25, 2022 |
Sep. 25, 2021 |
|---|---|---|
| Due in one year or less, amortized cost | $ 4,520 | $ 7,980 |
| Due in one year or less, fair market value | 4,468 | 8,080 |
| Due after one year through five years, amortized cost | 4,047 | |
| Due after one year through five years, fair market value | 4,052 | |
| Total held to maturity securities, amortized cost | 4,520 | 12,027 |
| Total held to maturity securities, fair market value | 4,468 | 12,132 |
| Less current portion, amortized cost | 4,520 | 7,980 |
| Less current portion, fair market value | 4,468 | 8,080 |
| Long term held to maturity securities, amortized cost | $ 0 | 4,047 |
| Long term held to maturity securities, fair market value | $ 4,052 |
Note 14 - Changes to the Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Jun. 25, 2022 |
Jun. 26, 2021 |
Jun. 25, 2022 |
Jun. 26, 2021 |
|
| Balance | $ 849,981 | $ 813,000 | $ 845,654 | $ 809,498 |
| Other comprehensive (loss) income | (93) | 657 | 9 | 2,405 |
| Balance | 855,899 | 835,030 | 855,899 | 835,030 |
| Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
| Balance | (13,281) | (13,839) | (13,383) | (15,587) |
| Other comprehensive (loss) income | (93) | 657 | 9 | 2,405 |
| Balance | $ (13,374) | $ (13,182) | $ (13,374) | $ (13,182) |
Note 15 - Leases (Details Textual) |
Jun. 25, 2022 |
Jun. 26, 2021 |
|---|---|---|
| Operating Lease, Weighted Average Discount Rate, Percent | 3.30% | 3.20% |
| Finance Lease, Weighted Average Discount Rate, Percent | 3.20% | 3.20% |
| Minimum [Member] | ||
| Lessee, Operating Lease, Remaining Lease Term (Month) | 1 month | |
| Lessee, Finance Lease, Remaining Lease Term (Year) | 1 year | |
| Maximum [Member] | ||
| Lessee, Operating Lease, Remaining Lease Term (Month) | 13 years | |
| Lessee, Finance Lease, Remaining Lease Term (Year) | 5 years |
Note 15 - Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Jun. 25, 2022 |
Jun. 26, 2021 |
Jun. 25, 2022 |
Jun. 26, 2021 |
|
| Operating lease cost in cost of goods sold and operating expenses | $ 3,630 | $ 3,846 | $ 11,550 | $ 11,747 |
| Amortization of assets in cost of goods sold and operating expenses | 19 | 62 | 141 | 216 |
| Interest on lease liabilities in Interest expense & other | 1 | 5 | 8 | 30 |
| Total finance lease cost | 20 | 67 | 149 | 246 |
| Short-term lease cost in cost of goods sold and operating expenses | 0 | 0 | 0 | 0 |
| Total net lease cost | $ 3,650 | $ 3,913 | $ 11,699 | $ 11,993 |
Note 15 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Jun. 25, 2022 |
Sep. 25, 2021 |
|---|---|---|---|
| Operating lease right-of-use assets | $ 54,990 | $ 54,990 | $ 54,555 |
| Current operating lease liabilities | 14,062 | 14,062 | 13,395 |
| Noncurrent operating lease liabilities | 46,017 | 46,017 | 46,557 |
| Total operating lease liabilities | 60,079 | 60,079 | 59,952 |
| Current finance lease liabilities | 189 | 189 | 182 |
| Noncurrent finance lease liabilities | 318 | 318 | 392 |
| Total finance lease liabilities | 507 | $ 507 | 574 |
| Property, Plant and Equipment, Net [Member] | |||
| Finance lease right-of-use assets in property, plant and equipment, net | $ 441 | $ 561 |
Note 15 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Jun. 25, 2022 |
Jun. 26, 2021 |
Jun. 25, 2022 |
Jun. 26, 2021 |
|
| Operating cash flows from operating leases | $ 4,181 | $ 3,860 | $ 12,189 | $ 11,847 |
| Operating cash flows from finance leases | 1 | 64 | 8 | 237 |
| Financing cash flows from finance leases | 39 | 23 | 150 | 48 |
| Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets | $ 4,652 | $ 1,317 | $ 11,717 | $ 2,671 |
Note 15 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Jun. 25, 2022 |
Sep. 25, 2021 |
|---|---|---|---|
| Three months ending September 24, 2022, operating leases | $ 4,187 | ||
| Three months ending September 24, 2022, finance leases | 64 | ||
| 2023, operating leases | 14,973 | ||
| 2023, finance leases | 181 | ||
| 2024, operating leases | 12,251 | ||
| 2024, finance leases | 140 | ||
| 2025, operating leases | 8,753 | ||
| 2025, finance leases | 65 | ||
| 2026, operating leases | 5,666 | ||
| 2026, finance leases | 39 | ||
| Thereafter | 20,515 | ||
| Thereafter, finance leases | 33 | ||
| Total minimum payments, operating leases | 66,345 | ||
| Total minimum payments, finance leases | 522 | ||
| Less amount representing interest, operating leases | (6,266) | ||
| Less amount representing interest, finance leases | (15) | ||
| Present value of lease obligations, operating leases | $ 60,079 | 60,079 | $ 59,952 |
| Present value of lease obligations, finance leases | $ 507 | $ 507 | $ 574 |
Note 16 (Details Textual) - USD ($) |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Jun. 25, 2022 |
Jun. 26, 2021 |
Jun. 25, 2022 |
Jun. 26, 2021 |
Sep. 25, 2021 |
|
| Accounts Payable, Related Parties | $ 3,305,000 | $ 3,305,000 | $ 0 | ||
| NFI [Member] | Distribution and Shipping Costs [Member] | |||||
| Related Party Transaction, Amounts of Transaction | 12,004,000 | $ 15,984,000 | 19,000 | $ 115,000 | |
| NFI [Member] | Management Services [Member] | |||||
| Related Party Transaction, Amounts of Transaction | $ 149,000 | $ 19,000 | $ 403,000 | $ 115,000 | |
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