J & J Snack Foods(US:JJSF)2022-05-05 19:31Sales Performance - Net sales increased by 10% to $281,513,000 in the second quarter and by 21% to $600,003,000 for the six months ended March 26, 2022 compared to the same periods in the prior year[93]. - Sales to food service customers increased by 4% to $176,340,000 in the second quarter and by 18% to $388,072,000 for the six months compared to the respective prior year periods[95]. - Sales of frozen beverages increased by 50% to $64,416,000 in the second quarter and by 52% to $128,479,000 in the six months compared to the prior year[103]. - Sales of new products were approximately $2,000,000 in the second quarter and $4,000,000 in the six months, primarily driven by new bakery items[97]. Financial Performance - Operating income in the Food Service segment decreased by 91% to $536,000 in the second quarter and by 22% to $9,537,000 in the six months due to increased costs and ERP implementation impacts[98]. - Gross profit as a percentage of sales was 23.2% in the three-month period this year compared to 23.8% last year, reflecting inflationary pressures on margins[105]. - Total operating expenses increased by 14% to $61,260,000 in the second quarter and by 22% to $125,790,000 in the six months compared to the respective prior year periods[106]. - Net earnings decreased by 46% to $3,271,000 in the second quarter but increased by 83% to $14,362,000 in the six months compared to the prior year[111]. Tax and Financing - The effective tax rate was 26% in the six months compared to 20% in the prior year's six-month period, influenced by tax benefits related to share-based compensation[111]. - The company has a $50,000,000 revolving credit facility available until December 2026 to support future growth and expansion[91].