J & J Snack Foods(JJSF) - 2024 Q4 - Annual Results

Financial Performance - Fiscal 2024 fourth quarter net sales decreased 3.9% to $426.8 million, but increased 3.9$1.57 billion, with a gross margin of 30.9% and net earnings of $86.6 million, leading to diluted EPS of$4.45[1][17]. - Adjusted EBITDA for fiscal 2024 reached a record $200.1 million, reflecting a 10.2$117.5 million, driven by top-line growth and improved gross margins[17]. - Net earnings for the fiscal year ended September 30, 2024, increased to $86,551,000, up from$78,906,000 in the previous year, representing a growth of 2.5%[34]. - Operating income for the fiscal year ended September 30, 2024, was $39,842,000, down from$41,703,000 in the previous year, reflecting a decline of 4.5%[35]. Segment Performance - Food Service segment sales declined 3.0% to $262.2 million in Q4, but increased 4.6$55.9 million in Q4, with a normalized decline of 5.7%[9][19]. - Frozen Beverages segment sales remained flat at $108.7 million in Q4, but increased 7.7$270,282 million, down from $262,150 million, with a normalized impact of$250,686 million[40]. - Total Retail Supermarket sales were $64,845 million, a decrease of 5.7$59,322 million[40]. - Total Frozen Beverages sales were $108,736 million, reflecting a 7.7$100,865 million[40]. Profitability Metrics - Gross profit as a percentage of sales was 31.8% in Q4, a decline of 110 basis points compared to Q4 fiscal 2023[10]. - Gross profit for the quarter was $145.744 million, resulting in a gross margin of 32.8$135.531 million and a gross margin of 30.8% in the prior year[32]. - Net earnings for the quarter were $30.421 million, translating to earnings per diluted share of$1.57, compared to $29.641 million and$1.52 per diluted share in the previous year[32]. - Adjusted operating income was $42,010 million, compared to$45,828 million in the previous quarter[38]. - Earnings per diluted share for the quarter were $1.52, down from$1.57 in the previous quarter[39]. Cash Flow and Assets - Cash and cash equivalents rose to $73.394 million, compared to$49.581 million in the previous year, indicating a significant increase of 47.9%[33]. - Total assets increased to $1.365 billion as of September 30, 2024, up from$1.277 billion a year earlier, representing a growth of 6.9%[33]. - Cash provided by operating activities for the fiscal year was $173,066,000, slightly up from$172,279,000 in the previous year[34]. - The company reported a net cash used in investing activities of $77,666,000, compared to$93,240,000 in the previous year, indicating improved cash management[34]. - The company experienced a decrease in accounts receivable by $7,931,000, compared to a decrease of$11,399,000 in the previous year, indicating improved collection efficiency[34]. Strategic Initiatives - The company anticipates growth potential in core products and new product launches, particularly in the Dippin Dots and Icee beverages channels[6][7]. - The company plans to continue focusing on operational efficiency projects to enhance future performance, although specific financial projections were not provided[30]. - The company made payments for purchases of companies amounting to $7,014,000 during the fiscal year, indicating ongoing strategic acquisitions[34]. - The company reported strategic business transformation costs of$768 million for the quarter[38].