New
Jersey
|
22-1935537
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
incorporation
or organization)
|
Identification
No.)
|
Page
|
||||
Number
|
||||
Part
I. Financial Information
|
||||
Item
l. Consolidated Financial Statements
|
||||
Consolidated
Balance Sheets – June 27, 2009 (unaudited) and September 27,
2008
|
3 | |||
Consolidated
Statements of Earnings (unaudited) – Three Months and Nine Months Ended
June 27, 2009 and June 28, 2008
|
5 | |||
Consolidated
Statements of Cash Flows (unaudited) – Nine Months Ended June 27, 2009 and
June 28, 2008
|
6 | |||
Notes
to the Consolidated Financial Statements (unaudited)
|
7 | |||
Item
2. Management’s Discussion and Analysis of Financial Condition and Results
of Operations
|
25 | |||
Item
3. Quantitative and Qualitative Disclosures About Market
Risk
|
29 | |||
Item
4. Controls and Procedures
|
30 | |||
Part
II. Other Information
|
||||
Item
6. Exhibits and Reports on Form 8-K
|
31 |
June
27,
|
September 27,
|
|||||||
2009
|
2008
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current
assets
|
||||||||
Cash
and cash equivalents
|
$ | 59,116 | $ | 44,265 | ||||
Marketable
securities held to maturity
|
22,047 | 2,470 | ||||||
Auction
market preferred stock
|
- | 14,000 | ||||||
Accounts
receivable, net
|
59,954 | 61,853 | ||||||
Inventories,
net
|
52,244 | 49,095 | ||||||
Prepaid
expenses and other
|
2,292 | 1,962 | ||||||
Deferred
income taxes
|
3,677 | 3,555 | ||||||
199,330 | 177,200 | |||||||
Property,
plant and equipment, at cost
|
||||||||
Land
|
1,416 | 1,416 | ||||||
Buildings
|
8,672 | 8,672 | ||||||
Plant
machinery and equipment
|
130,489 | 124,591 | ||||||
Marketing
equipment
|
199,793 | 195,878 | ||||||
Transportation
equipment
|
2,729 | 2,878 | ||||||
Office
equipment
|
11,256 | 10,820 | ||||||
Improvements
|
18,297 | 17,694 | ||||||
Construction
in progress
|
2,522 | 2,215 | ||||||
375,174 | 364,164 | |||||||
Less
accumulated deprecia-tion and amortization
|
281,653 | 271,100 | ||||||
93,521 | 93,064 | |||||||
Other
assets
|
||||||||
Goodwill
|
60,314 | 60,314 | ||||||
Other
intangible assets, net
|
50,252 | 53,633 | ||||||
Marketable
securities held to maturity
|
20,402 | - | ||||||
Auction
market preferred stock
|
- | 21,200 | ||||||
Other
|
2,342 | 2,997 | ||||||
133,310 | 138,144 | |||||||
$ | 426,161 | $ | 408,408 |
|
June
27,
|
September 27,
|
||||||
|
2009
|
2008
|
||||||
(Unaudited)
|
||||||||
LIABILITIES
AND STOCKHOLDERS’
EQUITY
|
||||||||
Current
liabilities
|
||||||||
Current
obligations under capital leases
|
$ | 95 | $ | 93 | ||||
Accounts
payable
|
51,223 | 48,580 | ||||||
Accrued
liabilities
|
11,780 | 5,557 | ||||||
Accrued
compensation expense
|
9,081 | 10,232 | ||||||
Dividends
payable
|
1,798 | 1,732 | ||||||
73,977 | 66,194 | |||||||
Long-term
obligations under capital leases
|
309 | 381 | ||||||
Deferred
income taxes
|
23,056 | 23,056 | ||||||
Other
long-term liabilities
|
1,999 | 1,999 | ||||||
25,364 | 25,436 | |||||||
Stockholders’
equity
|
||||||||
Capital
stock
|
||||||||
Preferred,
$1 par value; authorized, 10,000 shares; none issued
|
- | - | ||||||
Common,
no par value; authorized 50,000 shares; issued and outstanding, 18,433 and
18,748 shares, respectively
|
38,705 | 48,415 | ||||||
Accumulated
other comprehen-sive loss
|
(3,368 | ) | (2,003 | ) | ||||
Retained
earnings
|
291,483 | 270,366 | ||||||
326,820 | 316,778 | |||||||
$ | 426,161 | $ | 408,408 |
Three
months ended
|
Nine
months ended
|
|||||||||||||||
June
27,
|
June
28,
|
June
27,
|
June
28,
|
|||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Net
Sales
|
$ | 179,761 | $ | 176,839 | $ | 470,255 | $ | 451,966 | ||||||||
Cost
of goods sold(1)
|
118,727 | 121,087 | 323,162 | 320,427 | ||||||||||||
Gross
profit
|
61,034 | 55,752 | 147,093 | 131,539 | ||||||||||||
Operating
expenses
|
||||||||||||||||
Marketing(2)
|
18,226 | 18,993 | 50,804 | 51,479 | ||||||||||||
Distribution(3)
|
12,829 | 14,072 | 36,403 | 39,051 | ||||||||||||
Administrative(4)
|
5,609 | 5,442 | 16,789 | 15,910 | ||||||||||||
Other
general (income)expense
|
(10 | ) | (209 | ) | 6 | (371 | ) | |||||||||
36,654 | 38,298 | 104,002 | 106,069 | |||||||||||||
Operating
income
|
24,380 | 17,454 | 43,091 | 25,470 | ||||||||||||
Other
income(expenses)
|
||||||||||||||||
Investment
income
|
290 | 552 | 1,049 | 2,055 | ||||||||||||
Interest
expense and other
|
(27 | ) | (20 | ) | (84 | ) | (86 | ) | ||||||||
Earnings
before income taxes
|
24,643 | 17,986 | 44,056 | 27,439 | ||||||||||||
Income
taxes
|
9,714 | 7,166 | 17,564 | 10,724 | ||||||||||||
NET
EARNINGS
|
$ | 14,929 | $ | 10,820 | $ | 26,492 | $ | 16,715 | ||||||||
Earnings
per diluted share
|
$ | .80 | $ | .57 | $ | 1.42 | $ | .88 | ||||||||
Weighted
average number of diluted shares
|
18,698 | 18,981 | 18,697 | 19,013 | ||||||||||||
Earnings
per basic share
|
$ | .81 | $ | .58 | $ | 1.43 | $ | .89 | ||||||||
Weighted
average number of basic shares
|
18,480 | 18,762 | 18,507 | 18,772 |
(1)
|
Includes
share-based compensation expense of $44 and $168 for the three and nine
months ended June 27, 2009, respectively and $59 and $170 for the three
and nine months ended June 28, 2008,
respectively.
|
(2)
|
Includes
share-based compensation expense of $158 and $583 for the three and nine
months ended June 27, 2009, respectively and $204 and $595 for the three
and nine months ended June 28, 2008,
respectively.
|
(3)
|
Includes
share-based compensation expense and $5 and $17 for the three and nine
months ended June 27, 2009, respectively and $6 and $17 for the three and
nine months
ended June 28, 2008,
respectively.
|
(4)
|
Includes
share-based compensation expense of $168 and $591 for the three and nine
months ended June 27, 2009, respectively and $204 and $595 for the three
and nine months ended June 28, 2008,
respectively.
|
Nine
months ended
|
||||||||
June
27,
|
June
28,
|
|||||||
2009
|
2008
|
|||||||
Operating
activities:
|
||||||||
Net
earnings
|
$ | 26,492 | $ | 16,715 | ||||
Adjustments
to reconcile net earnings to net cash provided by operating
activities:
|
||||||||
Depreciation
and amortization of fixed assets
|
16,796 | 16,560 | ||||||
Amortization
of intangibles and deferred costs
|
3,817 | 4,010 | ||||||
Share-based
compensation
|
1,359 | 1,377 | ||||||
Deferred
income taxes
|
(154 | ) | (225 | ) | ||||
Gain
from disposals and impairment of property, plant and
equipment
|
(19 | ) | (63 | ) | ||||
Changes
in assets and liabilities, net of effects from purchase of
companies
|
||||||||
Decrease
(increase) in accounts receivable
|
1,727 | (12,219 | ) | |||||
Increase
in inventories
|
(3,343 | ) | (5,749 | ) | ||||
Increase
in prepaid expenses
|
(344 | ) | (453 | ) | ||||
Increase
in accounts payable and accrued liabilities
|
8,199 | 10,059 | ||||||
Net
cash provided by operating activities
|
54,530 | 30,012 | ||||||
Investing
activities:
|
||||||||
Purchase
of property, plant and equipment
|
(17,524 | ) | (18,401 | ) | ||||
Purchase
of marketable securities
|
(46,408 | ) | - | |||||
Proceeds
from redemption and sales of marketable securities
|
6,430 | - | ||||||
Purchase
of auction market preferred stock
|
- | (10,500 | ) | |||||
Proceeds
from redemption and sales of auction market preferred
stock
|
35,200 | 16,500 | ||||||
Proceeds
from disposal of property and equipment
|
189 | 700 | ||||||
Other
|
18 | (364 | ) | |||||
Net
cash used in investing activities
|
(22,095 | ) | (12,065 | ) | ||||
Financing
activities:
|
||||||||
Payments
to repurchase common stock
|
(12,510 | ) | (3,539 | ) | ||||
Proceeds
from issuance of stock
|
1,258 | 908 | ||||||
Payments
on capitalized lease obligations
|
(70 | ) | (68 | ) | ||||
Payments
of cash dividend
|
(5,310 | ) | (5,049 | ) | ||||
Net
cash used in financing activities
|
(16,632 | ) | (7,748 | ) | ||||
Effect
of exchange rate on cash and cash equivalents
|
(952 | ) | 371 | |||||
Net
increase in cash and cash equivalents
|
14,851 | 10,570 | ||||||
Cash
and cash equivalents at beginning of period
|
44,265 | 15,819 | ||||||
Cash
and cash equivalents at end of period
|
$ | 59,116 | $ | 26,389 |
Note
1
|
In
the opinion of management, the accompanying unaudited consolidated
financial statements contain all adjustments (consisting of only normal
recurring adjustments) necessary to present fairly the financial position
and the results of operations and cash flows. Certain prior
period amounts have been reclassified to conform to the current period
presentation. These reclassifications had no effect on reported
net earnings.
|
Note
2
|
We
recognize revenue from Food Service, Retail Supermarkets, The Restaurant
Group and Frozen Beverage products at the time the products are shipped to
third parties. When we perform services under service contracts
for frozen beverage dispenser machines, revenue is recognized upon the
completion of the services on specified machines. We provide an
allowance for doubtful receivables after taking into consideration
historical experience and other factors. The allowance for
doubtful receivables was $1,141,000 and $926,000 at June 27, 2009 and
September 27, 2008, respectively.
|
Note
3
|
Depreciation
of equipment and buildings is provided for
by the straight-line method over the assets’ estimated useful lives.
Amortization of improvements is provided for by the straight-line method
over the term of the lease or the assets’ estimated useful lives,
whichever is shorter. Licenses and rights, customer relationships and non
compete agreements arising from acquisitions are amortized by the
straight-line method over periods ranging from 3 to 20
years.
|
Note
4
|
Our
calculation of earnings per share in accordance with SFAS No. 128,
“Earnings Per Share,” is as
follows:
|
Three
Months Ended June 27, 2009
|
||||||||||||
Income
|
Shares
|
Per
Share
|
||||||||||
(Numerator)
|
(Denominator)
|
Amount
|
||||||||||
(in
thousands, except per share amounts)
|
||||||||||||
Basic
EPS
|
||||||||||||
Net
Earnings available to common stockholders
|
$ | 14,929 | 18,480 | $ | .81 | |||||||
Effect
of Dilutive Securities
|
||||||||||||
Options
|
- | 218 | (.01 | ) | ||||||||
Diluted
EPS
|
||||||||||||
Net
Earnings available to common stockholders plus assumed
conversions
|
$ | 14,929 | 18,698 | $ | .80 |
Nine
Months Ended June 27, 2009
|
||||||||||||
Income
|
Shares
|
Per
Share
|
||||||||||
(Numerator)
|
(Denominator)
|
Amount
|
||||||||||
(in
thousands, except per share amounts)
|
||||||||||||
Basic
EPS
|
||||||||||||
Net
Earnings available to common stockholders
|
$ | 26,492 | 18,507 | $ | 1.43 | |||||||
Effect
of Dilutive Securities
|
||||||||||||
Options
|
- | 190 | (.01 | ) | ||||||||
Diluted
EPS
|
||||||||||||
Net
Earnings available to common stockholders plus assumed
conversions
|
$ | 26,492 | 18,697 | $ | 1.42 |
Three
Months Ended June 28, 2008
|
||||||||||||
Income
|
Shares
|
Per
Share
|
||||||||||
(Numerator)
|
(Denominator)
|
Amount
|
||||||||||
(in
thousands, except per share amounts)
|
||||||||||||
Basic
EPS
|
||||||||||||
Net
Earnings available to common stockholders
|
$ | 10,820 | 18,762 | $ | .58 | |||||||
Effect
of Dilutive Securities
|
||||||||||||
Options
|
- | 219 | (.01 | ) | ||||||||
Diluted
EPS
|
||||||||||||
Net
Earnings available to common stockholders plus assumed
conversions
|
$ | 10,820 | 18,981 | $ | .57 |
Nine
Months Ended June 28, 2008
|
||||||||||||
Income
|
Shares
|
Per
Share
|
||||||||||
(Numerator)
|
(Denominator)
|
Amount
|
||||||||||
(in
thousands, except per share amounts)
|
||||||||||||
Basic
EPS
|
||||||||||||
Net
Earnings available to common stockholders
|
$ | 16,715 | 18,772 | $ | .89 | |||||||
Effect
of Dilutive Securities
|
||||||||||||
Options
|
- | 241 | (.01 | ) | ||||||||
Diluted
EPS
|
||||||||||||
Net
Earnings available to common stockholders plus assumed
conversions
|
$ | 16,715 | 19,013 | $ | .88 |
Note
5
|
Our
calculation of comprehensive income is as
follows:
|
Three
months ended
|
Nine
months ended
|
|||||||||||||||
June
27,
|
June
28,
|
June
27,
|
June
28,
|
|||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
(in
thousands)
|
||||||||||||||||
Net
earnings
|
$ | 14,929 | $ | 10,820 | $ | 26,492 | $ | 16,715 | ||||||||
Foreign
currency translation adjustment
|
516 | 225 | (1,365 | ) | 371 | |||||||||||
Comprehensive
income
|
$ | 15,445 | $ | 11,045 | $ | 25,127 | $ | 17,086 |
Note
6
|
The
Company follows FASB Statement No. 123(R), “Share-Based
Payment”. Statement 123(R) requires that the compensation cost
relating to share-based payment transactions be recognized in financial
statements. That cost is measured based on the fair value of
the equity or liability instruments
issued.
|
|
Statement
123(R) covers a wide range of share-based compensation
arrangements including share options, restricted share plans,
performance-based awards, share appreciation rights, and employee share
purchase plans.
|
|
In
addition to the accounting standard that sets forth the financial
reporting objectives and related accounting principles, Statement 123(R)
includes an appendix of implementation guidance that provides expanded
guidance on measuring the fair value of share-based payment
awards.
|
|
At
June 27, 2009, the Company has three stock-based employee compensation
plans. Share-based compensation was recognized as
follows:
|
Three
months ended
|
Nine
months ended
|
|||||||||||||||
June
27,
|
June
28,
|
June
27,
|
June
28,
|
|||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
(in
thousands, except per share amounts)
|
||||||||||||||||
Stock
Options
|
$ | 109 | $ | 280 | $ | 597 | $ | 812 | ||||||||
Stock
purchase plan
|
32 | 28 | 206 | 104 | ||||||||||||
Deferred
stock issued to outside directors
|
34 | 34 | 103 | 103 | ||||||||||||
Restricted
stock issued to an employee
|
22 | 25 | 72 | 75 | ||||||||||||
$ | 197 | $ | 367 | $ | 978 | $ | 1,094 | |||||||||
Per
diluted share
|
$ | .01 | $ | .02 | $ | .05 | $ | .06 | ||||||||
The
above compensation is net of tax benefits
|
$ | 178 | $ | 106 | $ | 381 | $ | 283 |
Note
7
|
In
June 2006, the FASB issued Interpretation No. 48 (FIN 48), “Accounting for
Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109”
(SFAS 109).
|
Level
1
|
Observable
inputs such as quoted prices in active markets for identical assets or
liabilities and FDIC insurance on Certificates of Deposit placed through
the Certificate of Deposit Account Registry
Service;
|
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.
|
Note
8
|
Inventories
consist of the following:
|
June
27,
|
September
27,
|
|||||||
2009
|
2008
|
|||||||
(in
thousands)
|
||||||||
Finished
goods
|
$ | 25,134 | $ | 23,512 | ||||
Raw
materials
|
8,884 | 7,658 | ||||||
Packaging
materials
|
5,545 | 5,405 | ||||||
Equipment
parts & other
|
12,681 | 12,520 | ||||||
$ | 52,244 | $ | 49,095 | |||||
The
above inventories are net of reserves
|
$ | 4,087 | $ | 3,817 |
Note
9
|
We
principally sell our products to the food service and retail supermarket
industries. We also distribute our products directly to the
consumer through our chain of retail stores referred to as The Restaurant
Group. Sales and results of our frozen beverages business are
monitored separately from the balance of our food service business and
restaurant group because of different distribution and capital
requirements. We maintain separate and discrete financial
information for the four operating segments mentioned above which is
available to our Chief Operating Decision Makers. We have
applied no aggregate criteria to any of these operating segments in order
to determine reportable segments. Our four reportable segments
are Food Service, Retail Supermarkets, The Restaurant Group and Frozen
Beverages. All inter-segment net sales and expenses have been
eliminated in computing net sales and operating income
(loss). These segments are described
below.
|
As
of and For the
|
As
of and For the
|
|||||||||||||||
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
June
27,
|
June
28,
|
June
27,
|
June
28,
|
|||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
(in
thousands)
|
||||||||||||||||
Sales
to External Customers:
|
||||||||||||||||
Food
Service
|
$ | 109,363 | $ | 106,854 | $ | 306,812 | $ | 291,146 | ||||||||
Retail
Supermarket
|
20,939 | 17,165 | 44,501 | 40,819 | ||||||||||||
The
Restaurant Group
|
260 | 343 | 1,012 | 1,314 | ||||||||||||
Frozen
Beverages
|
49,199 | 52,477 | 117,930 | 118,687 | ||||||||||||
$ | 179,761 | $ | 176,839 | $ | 470,255 | $ | 451,966 | |||||||||
Depreciation
and Amortization:
|
||||||||||||||||
Food
Service
|
$ | 4,140 | $ | 4,154 | $ | 12,297 | $ | 12,543 | ||||||||
Retail
Supermarket
|
- | - | - | - | ||||||||||||
The
Restaurant Group
|
8 | 21 | 25 | 44 | ||||||||||||
Frozen
Beverages
|
2,850 | 2,852 | 8,291 | 7,983 | ||||||||||||
$ | 6,998 | $ | 7,027 | $ | 20,613 | $ | 20,570 | |||||||||
Operating
Income(Loss):
|
||||||||||||||||
Food
Service
|
$ | 14,444 | $ | 6,878 | $ | 32,571 | $ | 16,523 | ||||||||
Retail
Supermarket
|
2,330 | 1,649 | 4,419 | 2,496 | ||||||||||||
The
Restaurant Group
|
(51 | ) | (74 | ) | (31 | ) | (70 | ) | ||||||||
Frozen
Beverages
|
7,657 | 9,001 | 6,132 | 6,521 | ||||||||||||
$ | 24,380 | $ | 17,454 | $ | 43,091 | $ | 25,470 | |||||||||
Capital
Expenditures:
|
||||||||||||||||
Food
Service
|
$ | 3,007 | $ | 3,063 | $ | 8,884 | $ | 9,582 | ||||||||
Retail
Supermarket
|
- | - | - | - | ||||||||||||
The
Restaurant Group
|
- | - | - | - | ||||||||||||
Frozen
Beverages
|
4,447 | 3,443 | 8,640 | 8,819 | ||||||||||||
$ | 7,454 | $ | 6,506 | $ | 17,524 | $ | 18,401 | |||||||||
Assets:
|
||||||||||||||||
Food
Service
|
$ | 294,772 | $ | 262,312 | $ | 294,772 | $ | 262,312 | ||||||||
Retail
Supermarket
|
- | - | - | - | ||||||||||||
The
Restaurant Group
|
574 | 660 | 574 | 660 | ||||||||||||
Frozen
Beverages
|
130,815 | 138,089 | 130,815 | 138,089 | ||||||||||||
$ | 426,161 | $ | 401,061 | $ | 426,161 | $ | 401,061 |
Note
10
|
We
follow SFAS No. 142 “Goodwill and Intangible Assets”. SFAS No.
142 includes requirements to test goodwill and indefinite lived intangible
assets for impairment rather than amortize them; accordingly, we do not
amortize goodwill.
|
Gross
|
Net
|
|||||||||||
Carrying
|
Accumulated
|
Carrying
|
||||||||||
Amount
|
Amortization
|
Amount
|
||||||||||
(in thousands)
|
||||||||||||
FOOD
SERVICE
|
||||||||||||
Indefinite
lived intangible assets
|
||||||||||||
Trade
Names
|
$ | 8,180 | $ | - | $ | 8,180 | ||||||
Amortized
intangible assets
|
||||||||||||
Non
compete agreements
|
435 | 266 | 169 | |||||||||
Customer
relationships
|
33,287 | 10,666 | 22,621 | |||||||||
Licenses
and rights
|
3,606 | 2,004 | 1,602 | |||||||||
$ | 45,508 | $ | 12,936 | $ | 32,572 | |||||||
RETAIL
SUPERMARKETS
|
||||||||||||
Indefinite
lived intangible assets
|
||||||||||||
Trade
Names
|
$ | 2,731 | $ | - | $ | 2,731 | ||||||
THE
RESTAURANT GROUP
|
||||||||||||
Amortized
Intangible Assets Licenses and rights
|
$ | - | $ | - | $ | - | ||||||
FROZEN
BEVERAGES
|
||||||||||||
Indefinite
lived intangible assets
|
||||||||||||
Trade
Names
|
$ | 9,315 | $ | - | $ | 9,315 | ||||||
Amortized
intangible assets
|
||||||||||||
Non
compete agreements
|
148 | 130 | 18 | |||||||||
Customer
relationships
|
6,478 | 2,046 | 4,432 | |||||||||
Licenses
and rights
|
1,601 | 417 | 1,184 | |||||||||
$ | 17,542 | $ | 2,593 | $ | 14,949 |
Food
|
Retail
|
Restaurant
|
Frozen
|
|||||||||||||||||
Service
|
Supermarket
|
Group
|
Beverages
|
Total
|
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Balance
at June 27, 2009
|
$ | 23,988 | $ | - | $ | 386 | $ | 35,940 | $ | 60,314 |
Note
11
|
We
have classified our investment securities as marketable securities held to
maturity and auction market preferred stock (AMPS). Marketable
securities held to maturity values are derived solely from level 1
inputs. We have no holdings of AMPS at June 27,
2009.
|
Gross
|
Gross
|
Fair
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Market
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(in
thousands)
|
||||||||||||||||
US
Government Agency Debt
|
$ | 6,011 | $ | 23 | $ | - | $ | 6,034 | ||||||||
FDIC
Backed Corporate Debt
|
13,239 | 163 | 4 | 13,398 | ||||||||||||
Certificates
of Deposit
|
23,199 | 55 | 5 | 23,249 | ||||||||||||
$ | 42,449 | $ | 241 | $ | 9 | $ | 42,681 |
Certificates
of Deposit
|
$ | 2,470 | $ | - | $ | 6 | $ | 2,464 | ||||||||
$ | 2,470 | $ | - | $ | 6 | $ | 2,464 |
June 27, 2009
|
September 27, 2008
|
|||||||||||||||
(in thousands)
|
||||||||||||||||
Fair
|
Fair
|
|||||||||||||||
Amortized
|
Market
|
Amortized
|
Market
|
|||||||||||||
Cost
|
Value
|
Cost
|
Value
|
|||||||||||||
Due
in one year or less
|
$ | 22,047 | $ | 22,096 | $ | 2,470 | $ | 2,464 | ||||||||
Due
after one year through five years
|
20,402 | 20,585 | - | - | ||||||||||||
Total
held to maturity securities
|
$ | 42,449 | $ | 42,681 | $ | 2,470 | $ | 2,464 | ||||||||
Less
current portion
|
22,047 | 22,096 | 2,470 | 2,464 | ||||||||||||
Long
term held to maturity securities
|
$ | 20,402 | $ | 20,585 | $ | - | $ | - |
Gross
|
Gross
|
Fair
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Market
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Auction
Market Preferred Stock Equity Securities
|
$ | 35,200 | $ | - | $ | - | $ | 35,200 | ||||||||
$ | 35,200 | $ | - | $ | - | $ | 35,200 |
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
Item
3.
|
Quantitative
and Qualitative Disclosures About Market
Risk
|
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 27,
2009, 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.
|
Item
6.
|
Exhibits
and Reports on Form
8-K
|
a)
|
Exhibits
|
|||
31.1
&
|
Certification
Pursuant to Section 302 of
|
|||
31.2
|
the
Sarbanes-Oxley Act of 2002
|
|||
99.5
&
|
Certification
Pursuant to the 18 U.S.C.
|
|||
99.6
|
Section
1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
|||
b)
|
Reports on Form 8-K – Reports on Form 8-K were filed on April 23, 2009 and June 4, 2009 |
J
& J SNACK FOODS CORP.
|
||
Dated: July
23, 2009
|
/s/ Gerald B. Shreiber
|
|
Gerald
B. Shreiber
|
||
Chairman
of the Board,
|
||
President,
Chief Executive
|
||
Officer
and Director
|
||
(Principal
Executive Officer)
|
||
Dated: July
23, 2009
|
/s/ Dennis G. Moore
|
|
Dennis
G. Moore, Senior Vice
|
||
President,
Chief Financial
|
||
Officer
and Director
|
||
(Principal
Financial Officer)
|
||
(Principal
Accounting
Officer)
|