Tue, Nov 26, 10:07 PM (235 days ago)
**J&J Snack Foods Corp. (JJSF) 2024 10-K Summary** J&J Snack Foods Corp. reported a slight revenue increase of 1.0%, reaching $1,574,755,000 for FY 2024, driven by growth across all segments, particularly Retail Supermarkets (+2.7%). Net income rose by 9.7% to $86,551,000, with earnings per share at $4.45. Operating expenses increased 2.3% to $368,580,000, mainly due to higher marketing costs related to new product launches. The gross profit margin improved to 30.9% from 30.1%, attributed to production efficiencies and stabilization of ingredient costs. The company faces risks from customer concentration, with top ten clients accounting for 45% of sales. A material weakness in internal controls was identified, prompting remediation plans. The company acquired Thinsters for $7 million, enhancing its product portfolio, while Dippin' Dots contributed $95 million in sales. Looking ahead, J&J aims to leverage operational efficiencies and expand market presence despite economic uncertainties and fluctuating commodity prices. The company maintains a strong liquidity position with $73,394,000 in cash and no outstanding debt as of fiscal year-end.