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New
Jersey
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22-1935537
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(State
or other jurisdiction of
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(I.R.S.
Employer
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incorporation
or organization)
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Identification
No.)
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Large
Accelerated filer
o
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Accelerated
filer
x
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Non-accelerated
filer
o
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Smaller
reporting company
o
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(Do
not check if a smaller reporting
company)
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Page
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Number
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|||
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Part
I.
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Financial
Information
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||
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Item
l.
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Consolidated
Financial Statements
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||
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Consolidated
Balance Sheets – March 27, 2010 (unaudited) and September 26,
2009
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3
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||
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Consolidated
Statements of Earnings (unaudited) – Three Months and Six Months Ended
March 27, 2010 and March 28, 2009
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5
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||
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Consolidated
Statements of Cash Flows (unaudited) – Six Months Ended March 27, 2010 and
March 28, 2009
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6
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||
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Notes
to the Consolidated Financial Statements
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|||
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(unaudited)
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7
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||
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Item
2.
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Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
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23
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Item
3.
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Quantitative
and Qualitative Disclosures About Market Risk
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28
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Item
4.
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Controls
and Procedures
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28
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Part
II.
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Other
Information
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||
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Item
4.
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Submission
of Matters to a Vote of Security Holders
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29
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Item
6.
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Exhibits
and Reports on Form 8-K
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29
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March 27,
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September 26,
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|||||||
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2010
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2009
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|||||||
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(Unaudited)
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||||||||
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Current
assets
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||||||||
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Cash
and cash equivalents
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$ | 60,003 | $ | 60,343 | ||||
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Marketable
securities held to maturity
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30,460 | 38,653 | ||||||
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Accounts
receivable, net
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59,361 | 60,542 | ||||||
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Inventories,
net
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53,627 | 46,004 | ||||||
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Prepaid
expenses and other
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2,378 | 1,910 | ||||||
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Deferred
income taxes
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3,704 | 3,659 | ||||||
| 209,533 | 211,111 | |||||||
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Property,
plant and equipment, at cost
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||||||||
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Land
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1,416 | 1,416 | ||||||
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Buildings
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8,672 | 8,672 | ||||||
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Plant
machinery and equipment
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139,082 | 133,758 | ||||||
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Marketing
equipment
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210,287 | 202,708 | ||||||
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Transportation
equipment
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2,935 | 2,733 | ||||||
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Office
equipment
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12,115 | 11,461 | ||||||
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Improvements
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19,044 | 18,454 | ||||||
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Construction
in progress
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2,074 | 3,954 | ||||||
| 395,625 | 383,156 | |||||||
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Less
accumulated deprecia
tion
and amortization
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296,422 | 285,983 | ||||||
| 99,203 | 97,173 | |||||||
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Other
assets
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||||||||
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Goodwill
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60,314 | 60,314 | ||||||
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Other
intangible assets, net
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46,930 | 49,125 | ||||||
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Marketable
securities held to maturity
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26,345 | 19,994 | ||||||
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Other
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1,899 | 2,110 | ||||||
| 135,488 | 131,543 | |||||||
| $ | 444,224 | $ | 439,827 | |||||
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LIABILITIES
AND
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March 27
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September 26
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||||||
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STOCKHOLDERS’
EQUITY
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2010
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2009
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||||||
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(Unaudited)
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||||||||
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Current
liabilities
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||||||||
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Current
obligations under capital leases
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$ | 97 | $ | 96 | ||||
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Accounts
payable
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47,344 | 48,204 | ||||||
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Accrued
liabilities
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5,559 | 5,919 | ||||||
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Accrued
compensation expense
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9,001 | 11,656 | ||||||
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Dividends
payable
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1,980 | 1,804 | ||||||
| 63,981 | 67,679 | |||||||
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Long-term
obligations under capital leases
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236 | 285 | ||||||
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Deferred
income taxes
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27,033 | 27,033 | ||||||
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Other
long-term liabilities
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1,936
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1,986 | ||||||
| 29,205 | 29,304 | |||||||
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Stockholders’
equity
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||||||||
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Capital
stock
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||||||||
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Preferred,
$1 par value; authorized, 10,000 shares; none issued
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- | - | ||||||
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Common,
no par value;
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||||||||
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authorized
50,000 shares;
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||||||||
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issued
and outstanding,
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||||||||
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18,414
and 18,526 shares,
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||||||||
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respectively
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37,287 | 41,777 | ||||||
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Accumulated
other comprehen
sive loss
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(2,880 | ) | (3,431 | ) | ||||
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Retained
earnings
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316,631 | 304,498 | ||||||
| 351,038 | 342,844 | |||||||
| $ | 444,224 | $ | 439,827 | |||||
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Three months ended
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Six months ended
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|||||||||||||||
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March 27,
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March 28,
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March 27,
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March 28,
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|||||||||||||
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2010
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2009
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2010
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2009
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|||||||||||||
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Net
Sales
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$ | 157,361 | $ | 149,352 | $ | 306,463 | $ | 290,494 | ||||||||
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Cost
of goods sold
(1)
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107,564 | 103,975 | 210,647 | 204,435 | ||||||||||||
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Gross
profit
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49,797 | 45,377 | 95,816 | 86,059 | ||||||||||||
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Operating
expenses
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||||||||||||||||
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Marketing
(2)
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16,428 | 16,138 | 32,887 | 32,578 | ||||||||||||
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Distribution
(3)
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12,564 | 11,800 | 24,988 | 23,574 | ||||||||||||
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Administrative
(4)
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5,972 | 5,567 | 11,626 | 11,180 | ||||||||||||
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Other
general
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||||||||||||||||
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expense
(income)
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13 | (8 | ) | 4 | 16 | |||||||||||
| 34,977 | 33,497 | 69,505 | 67,348 | |||||||||||||
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Operating
income
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14,820 | 11,880 | 26,311 | 18,711 | ||||||||||||
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Other
income (expenses)
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||||||||||||||||
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Investment
income
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282 | 298 | 594 | 759 | ||||||||||||
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Interest
expense & other
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(84 | ) | (28 | ) | (113 | ) | (57 | ) | ||||||||
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Earnings
before income taxes
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15,018 | 12,150 | 26,792 | 19,413 | ||||||||||||
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Income
taxes
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6,018 | 4,906 | 10,701 | 7,850 | ||||||||||||
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NET
EARNINGS
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$ | 9,000 | $ | 7,244 | $ | 16,091 | $ | 11,563 | ||||||||
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Earnings
per diluted share
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$ | .48 | $ | .39 | $ | .86 | $ | .62 | ||||||||
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Weighted
average number of diluted shares
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18,666 | 18,618 | 18,691 | 18,696 | ||||||||||||
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Earnings
per basic share
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$ | .49 | $ | .39 | $ | .87 | $ | .62 | ||||||||
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Weighted
average number of basic shares
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18,477 | 18,425 | 18,510 | 18,520 | ||||||||||||
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(1)
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Includes
share-based compensation expense of $41 and $99 for the three and six
months ended March 27, 2010, respectively and $45 and $124 for the three
and six months ended March 28, 2009,
respectively.
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(2)
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Includes
share-based compensation expense of $108 and $252 for the three and six
months ended March 27, 2010, respectively and $164 and $425 for the three
and six months ended March 28, 2009,
respectively.
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(3)
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Includes
share-based compensation expense of $5 and $12 for the three and six
months ended March 27, 2010, respectively and $4 and $12 for the three and
six months ended March 28, 2009,
respectively.
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(4)
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Includes
share-based compensation expense of $141 and $315 for the three and six
months ended March 27, 2010, respectively and $168 and $423 for the three
and six months ended March 28, 2009,
respectively.
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Six months ended
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||||||||
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March 27,
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March 28,
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|||||||
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2010
|
2009
|
|||||||
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Operating
activities:
|
||||||||
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Net
earnings
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$ | 16,091 | $ | 11,563 | ||||
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Adjustments
to reconcile net earnings to net cash provided by operating
activities:
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||||||||
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Depreciation
and amortization of fixed assets
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11,948 | 11,065 | ||||||
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Amortization
of intangibles and deferred costs
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2,567 | 2,550 | ||||||
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Share-based
compensation
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678 | 984 | ||||||
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Deferred
income taxes
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(41 | ) | (88 | ) | ||||
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Other
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3 | (11 | ) | |||||
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Changes
in assets and liabilities, net of effects from purchase of
companies
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||||||||
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Decrease
in accounts receivable
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1,259 | 3,702 | ||||||
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Increase
in inventories
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(7,647 | ) | (2,447 | ) | ||||
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Increase
in prepaid expenses
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(462 | ) | (531 | ) | ||||
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(Decrease)
increase in accounts payable and accrued liabilities
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(4,030 | ) | 210 | |||||
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Net
cash provided by operating activities
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20,366 | 26,997 | ||||||
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Investing
activities:
|
||||||||
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Payments
for purchases of companies, net of cash acquired
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(1,055 | ) | - | |||||
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Purchases
of property, plant and equipment
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(13,081 | ) | (10,070 | ) | ||||
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Purchase
of marketable securities
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(47,496 | ) | (33,295 | ) | ||||
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Proceeds
from redemption and sales of marketable securities
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49,338 | 3,075 | ||||||
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Proceeds
from redemption and sales of auction market preferred
stock
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- | 35,200 | ||||||
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Proceeds
from disposal of property and equipment
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207 | 142 | ||||||
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Other
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(6 | ) | 21 | |||||
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Net
cash used in investing activities
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(12,093 | ) | (4,927 | ) | ||||
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Financing
activities:
|
||||||||
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Payments
to repurchase common stock
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(5,894 | ) | (12,510 | ) | ||||
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Proceeds
from issuance of stock
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727 | 866 | ||||||
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Payments
on capitalized lease obligations
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(48 | ) | (46 | ) | ||||
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Payment
of cash dividend
|
(3,782 | ) | (3,518 | ) | ||||
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Net
cash used in financing activities
|
(8,997 | ) | (15,208 | ) | ||||
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Effect
of exchange rate on cash and cash equivalents
|
384 | (1,291 | ) | |||||
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Net
(decrease) increase in cash and cash equivalents
|
(340 | ) | 5,571 | |||||
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Cash
and cash equivalents at beginning of period
|
60,343 | 44,265 | ||||||
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Cash
and cash equivalents at end of period
|
$ | 60,003 | $ | 49,836 | ||||
|
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
year 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 our products when the products are shipped to our
customers. Repair and maintenance equipment service revenue is recorded
when it is performed provided the customer terms are that the
customer is to be
charged on a time and material basis or on a straight-line basis over the
term of the contract when the customer has signed a service contract.
Revenue is recognized only where persuasive evidence of an arrangement
exists, our price is fixed or estimable and collectability is reasonably
assured. We record offsets to revenue for allowances, end-user
pricing adjustments, trade spending, coupon redemption costs and returned
product. Customers generally do not have the right to return
product unless it is damaged or defective. We provide an
allowance for doubtful receivables after taking into
consideration historical experience and other factors. The
allowance for doubtful receivables was $830,000 and $623,000 at March 27,
2010 and September 26, 2009,
respectively.
|
|
Note
3
|
Depreciation of
equipment and buildings is provided for by the straight-line method over
the assets’ estimated useful lives. Amortization of improvements is
provided for by the straight-line method over the
term
of the lease or the assets’ estimated useful lives, whichever is
shorter. Licenses and rights, customer relationships
and non compete agreements arising from acquisitions are amortized by the
straight-line method over periods ranging from 3 to 20
years.
|
|
Note
4
|
Basic
earnings per common share (EPS) excludes dilution and is computed by
dividing income available to common shareholders by the weighted average
common shares outstanding during the period. Diluted EPS takes
into consideration the potential dilution that could occur if securities
(stock options) or other contracts to issue common stock were exercised
and converted into common stock. Our calculation of EPS is as
follows:
|
|
Three Months Ended March 27, 2010
|
||||||||||||
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Income
|
Shares
|
Per Share
|
||||||||||
|
(Numerator)
|
(Denominator)
|
Amount
|
||||||||||
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(in thousands, except per share amounts)
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||||||||||||
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Basic
EPS
|
||||||||||||
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Net
Earnings available to common stockholders
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$ | 9,000 | 18,477 | $ | .49 | |||||||
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Effect
of Dilutive Securities
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||||||||||||
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Options
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- | 189 | (.01 | ) | ||||||||
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Diluted
EPS
|
||||||||||||
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Net
Earnings available to common stockholders plus assumed
conversions
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$ | 9,000 | 18,666 | $ | .48 | |||||||
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Six Months Ended March 27, 2010
|
||||||||||||
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Income
|
Shares
|
Per Share
|
||||||||||
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(Numerator)
|
(Denominator)
|
Amount
|
||||||||||
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(in thousands, except per share amounts)
|
||||||||||||
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Basic
EPS
|
||||||||||||
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Net
Earnings available to common stockholders
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$ | 16,091 | 18,510 | $ | .87 | |||||||
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Effect
of Dilutive Securities
|
||||||||||||
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Options
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- | 181 | (.01 | ) | ||||||||
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Diluted
EPS
|
||||||||||||
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Net
Earnings available to common stockholders plus assumed
conversions
|
$ | 16,091 | 18,691 | $ | .86 | |||||||
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Three Months Ended March 28, 2009
|
||||||||||||
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Income
|
Shares
|
Per Share
|
||||||||||
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(Numerator)
|
(Denominator)
|
Amount
|
||||||||||
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(in thousands, except per share amounts)
|
||||||||||||
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Basic
EPS
|
||||||||||||
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Net
Earnings available to common stockholders
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$ | 7,244 | 18,425 | $ | .39 | |||||||
|
Effect
of Dilutive Securities
|
||||||||||||
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Options
|
- | 193 | - | |||||||||
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Diluted
EPS
|
||||||||||||
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Net
Earnings available to common stockholders plus assumed
conversions
|
$ | 7,244 | 18,618 | $ | .39 | |||||||
|
Six Months Ended March 28, 2009
|
||||||||||||
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Income
|
Shares
|
Per Share
|
||||||||||
|
(Numerator)
|
(Denominator)
|
Amount
|
||||||||||
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(in thousands, except per share amounts)
|
||||||||||||
|
Basic
EPS
|
||||||||||||
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Net
Earnings available to common stockholders
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$ | 11,563 | 18,520 | $ | .62 | |||||||
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Effect
of Dilutive Securities
|
||||||||||||
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Options
|
- | 176 | - | |||||||||
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Diluted
EPS
|
||||||||||||
|
Net
Earnings available to common stockholders plus assumed
conversions
|
$ | 11,563 | 18,696 | $ | .62 | |||||||
|
Note
5
|
Our
calculation of comprehensive income is as
follows:
|
|
Three months ended
|
Six months ended
|
|||||||||||||||
|
March 27,
|
March 28,
|
March 27,
|
March 28,
|
|||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
(in thousands)
|
||||||||||||||||
|
Net
earnings
|
$ | 9,000 | $ | 7,244 | $ | 16,091 | $ | 11,563 | ||||||||
|
Foreign
currency translation adjustment
|
285 | (444 | ) | 551 | (1,881 | ) | ||||||||||
|
Comprehensive
income
|
$ | 9,285 | $ | 6,800 | $ | 16,642 | $ | 9,682 | ||||||||
|
Note
6
|
At
March 27, 2010, the Company has three stock-based employee compensation
plans. Share-based compensation was recognized as
follows:
|
|
Three months ended
|
Six months ended
|
|||||||||||||||
|
March 27,
|
March 28,
|
March 27,
|
March 28,
|
|||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
(in thousands, except per share amounts)
|
||||||||||||||||
|
Stock
Options
|
$ | 154 | $ | 182 | $ | 373 | $ | 488 | ||||||||
|
Stock
purchase plan
|
32 | 30 | 99 | 174 | ||||||||||||
|
Deferred
stock issued to outside directors
|
34 | 34 | 69 | 69 | ||||||||||||
|
Restricted
stock issued to an employee
|
10 | 25 | 20 | 50 | ||||||||||||
| $ | 230 | $ | 271 | $ | 561 | $ | 781 | |||||||||
|
Per
diluted share
|
$ | .01 | $ | .01 | $ | .03 | $ | .04 | ||||||||
|
The
above compensation is net of tax benefits
|
$ | 65 | $ | 110 | $ | 117 | $ | 203 | ||||||||
|
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.
|
|
Note
8
|
In December 2007,
the FASB issued guidance expanding the definition of a business
combination and
requiring the fair
value of the purchase price of an acquisition, including the issuance of
equity securities, to be determined on the acquisition date. The guidance
also requires that
all assets, liabilities, contingent
considerations, and contingencies of an acquired business be recorded at
fair value at the acquisition date. In addition, the guidance requires
that acquisition costs generally be expensed in the period incurred and
changes in accounting for deferred tax asset valuation allowances and
acquired income tax uncertainties
after
the
measurement period to impact income tax expense. The effect of this
guidance on our consolidated financial statements will depend upon the
nature, terms and size of any acquisitions consummated in fiscal year 2010
or later.
|
|
Note
9
|
Inventories
consist of the following:
|
|
March 27,
|
September 26,
|
|||||||
|
2010
|
2009
|
|||||||
|
(unaudited)
|
||||||||
|
(in thousands)
|
||||||||
|
Finished
goods
|
$ | 26,405 | $ | 19,913 | ||||
|
Raw
materials
|
9,262 | 8,060 | ||||||
|
Packaging
materials
|
4,938 | 5,141 | ||||||
|
Equipment
parts & other
|
13,022 | 12,890 | ||||||
| 53,627 | $ | 46,004 | ||||||
|
The
above inventories are net of reserves
|
$ | 4,255 | $ | 4,209 | ||||
|
Note
10
|
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.
|
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
March 27,
|
March 28,
|
March 27,
|
March 28,
|
|||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
(in thousands)
|
||||||||||||||||
|
(unaudited)
|
||||||||||||||||
|
Sales
to External Customers:
|
||||||||||||||||
|
Food
Service
|
$ | 105,128 | $ | 99,914 | $ | 206,389 | $ | 197,449 | ||||||||
|
Retail
Supermarket
|
15,108 | 13,529 | 27,728 | 23,562 | ||||||||||||
|
The
Restaurant Group
|
217 | 319 | 539 | 752 | ||||||||||||
|
Frozen
Beverages
|
36,908 | 35,590 | 71,807 | 68,731 | ||||||||||||
| $ | 157,361 | $ | 149,352 | $ | 306,463 | $ | 290,494 | |||||||||
|
Depreciation
and Amortization:
|
||||||||||||||||
|
Food
Service
|
$ | 4,233 | $ | 4,093 | $ | 8,394 | $ | 8,157 | ||||||||
|
Retail
Supermarket
|
- | - | - | - | ||||||||||||
|
The
Restaurant Group
|
10 | 8 | 18 | 17 | ||||||||||||
|
Frozen
Beverages
|
3,122 | 2,743 | 6,103 | 5,441 | ||||||||||||
| $ | 7,365 | $ | 6,844 | $ | 14,515 | $ | 13,615 | |||||||||
|
Operating
Income(Loss):
|
||||||||||||||||
|
Food
Service
|
$ | 12,870 | $ | 10,846 | $ | 23,342 | $ | 18,127 | ||||||||
|
Retail
Supermarket
|
1,905 | 988 | 3,658 | 2,089 | ||||||||||||
|
The
Restaurant Group
|
(32 | ) | (18 | ) | (11 | ) | 20 | |||||||||
|
Frozen
Beverages
|
77 | 64 | (678 | ) | (1,525 | ) | ||||||||||
| $ | 14,820 | $ | 11,880 | $ | 26,311 | $ | 18,711 | |||||||||
|
Capital
Expenditures:
|
||||||||||||||||
|
Food
Service
|
$ | 2,561 | $ | 3,127 | $ | 5,734 | $ | 5,877 | ||||||||
|
Retail
Supermarket
|
- | - | - | - | ||||||||||||
|
The
Restaurant Group
|
- | - | - | - | ||||||||||||
|
Frozen
Beverages
|
3,070 | 2,447 | 7,347 | 4,193 | ||||||||||||
| $ | 5,631 | $ | 5,574 | $ | 13,081 | $ | 10,070 | |||||||||
|
Assets:
|
||||||||||||||||
|
Food
Service
|
$ | 313,475 | $ | 279,056 | $ | 313,475 | $ | 279,056 | ||||||||
|
Retail
Supermarket
|
- | - | - | - | ||||||||||||
|
The
Restaurant Group
|
550 | 550 | 550 | 550 | ||||||||||||
|
Frozen
Beverages
|
130,199 | 124,075 | 130,199 | 124,075 | ||||||||||||
| $ | 444,224 | $ | 403,681 | $ | 444,224 | $ | 403,681 | |||||||||
|
Note
11
|
Our
four reporting units, which are also reportable segments, are Food
Service, Retail Supermarkets, The Restaurant Group and Frozen
Beverages.
|
|
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 | 316 | 119 | |||||||||
|
Customer
relationships
|
33,287 | 13,246 | 20,041 | |||||||||
|
Licenses
and rights
|
3,606 | 2,174 | 1,432 | |||||||||
| $ | 45,508 | $ | 15,736 | $ | 29,772 | |||||||
|
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
|
198 | 152 | 46 | |||||||||
|
Customer
relationships
|
6,478 | 2,544 | 3,934 | |||||||||
|
Licenses
and rights
|
1,601 | 469 | 1,132 | |||||||||
| $ | 17,592 | $ | 3,165 | $ | 14,427 | |||||||
|
Food
|
Retail
|
Restaurant
|
Frozen
|
|
||||||||||||||||
|
Service
|
Supermarket
|
Group
|
Beverages
|
Total
|
||||||||||||||||
|
(in
thousands)
|
||||||||||||||||||||
|
Balance
at March 27, 2010
|
$ | 23,988 | $ | - | $ | 386 | $ | 35,940 | $ | 60,314 | ||||||||||
|
Note
12
|
We
have classified our investment securities as marketable securities held to
maturity and auction market preferred stock (AMPS). 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
inputs 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.
|
|
Gross
|
Gross
|
Fair
|
||||||||||||||
|
Amortized
|
Unrealized
|
Unrealized
|
Market
|
|||||||||||||
|
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
|
(in
thousands)
|
||||||||||||||||
|
US
Government Agency Debt
|
$ | 8,000 | $ | 2 | $ | 23 | $ | 7,979 | ||||||||
|
FDIC
Backed Corporate Debt
|
13,160 | 188 | - | 13,348 | ||||||||||||
|
Certificates
of Deposit
|
35,645 | 7 | 2 | 35,650 | ||||||||||||
| 56,805 | $ | 197 | $ | 25 | $ | 56,977 | ||||||||||
|
Gross
|
Gross
|
Fair
|
||||||||||||||
|
Amortized
|
Unrealized
|
Unrealized
|
Market
|
|||||||||||||
|
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
|
(in
thousands)
|
||||||||||||||||
|
US
Government Agency Debt
|
$ | 6,009 | $ | 22 | $ | 1 | $ | 6,030 | ||||||||
|
FDIC
Backed Corporate Debt
|
13,213 | 198 | - | 13,411 | ||||||||||||
|
Certificates
of Deposit
|
39,425 | 21 | 3 | 39,443 | ||||||||||||
| $ | 58,647 | $ | 241 | $ | 4 | $ | 58,884 | |||||||||
|
March
27, 2010
|
September
26, 2009
|
|||||||||||||||
|
(in
thousands)
|
||||||||||||||||
|
Fair
|
Fair
|
|||||||||||||||
|
Amortized
|
Market
|
Amortized
|
Market
|
|||||||||||||
|
Cost
|
Value
|
Cost
|
Value
|
|||||||||||||
|
Due
in one year or less
|
$ | 30,460 | $ | 30,537 | $ | 38,653 | $ | 38,668 | ||||||||
|
Due
after one year through five years
|
24,345 | 24,438 | 19,994 | 20,216 | ||||||||||||
|
Due
after five years through ten years
|
2,000 | 2,002 | - | - | ||||||||||||
|
Total
held to maturity securities
|
$ | 56,805 | $ | 56,977 | $ | 58,647 | $ | 58,884 | ||||||||
|
Less
current portion
|
30,460 | 30,537 | 38,653 | 38,668 | ||||||||||||
|
Long
term held to maturity securities
|
$ | 26,345 | $ | 26,440 | $ | 19,994 | $ | 20,216 | ||||||||
|
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
|
|
Item
4.
|
Submission
of Matters to a Vote of Security
Holders
|
|
Absentees
|
||||||||||||||||
|
Votes
Cast
|
|
and
Broker
|
||||||||||||||
|
For
|
Against
|
Withheld
|
Non
Votes
|
|||||||||||||
|
Election
of
|
||||||||||||||||
|
Gerald
B. Shreiber
|
||||||||||||||||
|
as
Director
|
15,329,361 | - | 1,169,650 | - | ||||||||||||
|
Item
6.
|
Exhibits
and Reports on Form 8-K
|
|
|
a)
|
Exhibits
|
|
31.1 &
31.2
|
Certification
Pursuant to Section 302 of
the
Sarbanes-Oxley Act of
2002
|
|
99.5 &
99.6
|
Certification
Pursuant to the 18 U.S.C.
Section
1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
|
b)
|
Report
on Form 8-K - Reports on Form 8-K were filed on January 22, 2010 and
February 11, 2010
|
|
J
& J SNACK FOODS CORP.
|
|
|
Dated: April
22, 2010
|
/s/ Gerald B. Shreiber
|
|
Gerald
B. Shreiber
|
|
|
Chairman
of the Board,
|
|
|
President,
Chief Executive
|
|
|
Officer
and Director
|
|
|
(Principal
Executive Officer)
|
|
|
Dated: April
22, 2010
|
/s/ Dennis G. Moore
|
|
Dennis
G. Moore, Senior Vice
|
|
|
President,
Chief Financial
|
|
|
Officer
and Director
|
|
|
(Principal
Financial Officer)
|
|
|
(Principal
Accounting Officer)
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|