Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Sep. 28, 2013 | Nov. 15, 2013 | Mar. 29, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'J&J SNACK FOODS CORP | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--09-28 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 18,678,012 | ' |
Entity Public Float | ' | ' | $1,142,800,154 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000785956 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Document Period End Date | 28-Sep-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 28, 2013 | Sep. 29, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $97,345 | $154,198 |
Marketable securities held to maturity | 256 | 1,214 |
Accounts receivable, net | 87,545 | 76,414 |
Inventories, net | 71,785 | 69,761 |
Prepaid expenses and other | 3,284 | 2,220 |
Deferred income taxes | 4,502 | 4,261 |
Total current assets | 264,717 | 308,068 |
Property, plant and equipment, at cost | 510,442 | 483,873 |
Less accumulated depreciation and amortization | 363,278 | 342,329 |
147,164 | 141,544 | |
Other assets | ' | ' |
Goodwill | 76,899 | 76,899 |
Other intangible assets, net | 44,012 | 48,464 |
Marketable securities held to maturity | 2,000 | 24,998 |
Marketable securities available for sale | 107,664 | ' |
Other | 3,205 | 3,071 |
233,780 | 153,432 | |
645,661 | 603,044 | |
Current Liabilities | ' | ' |
Current obligations under capital leases | 211 | 340 |
Accounts payable | 50,906 | 52,755 |
Accrued insurance liability | 9,954 | 7,824 |
Accrued income taxes | 1,740 | 962 |
Accrued liabilities | 3,769 | 4,027 |
Accrued compensation expense | 13,671 | 13,151 |
Dividends payable | 2,988 | 2,446 |
Total current liabilities | 83,239 | 81,505 |
Long-term obligations under capital leases | 136 | 347 |
Deferred income taxes | 45,183 | 44,874 |
Other long-term liabilities | 538 | 831 |
Stockholders' Equity | ' | ' |
Preferred stock, $1 par value; authorized 10,000,000 shares; none issued | 0 | 0 |
Common stock, no par value; authorized, 50,000,000 shares; issued and outstanding 18,677,000 and 18,780,000 respectively | 34,516 | 43,011 |
Accumulated other comprehensive loss | -5,930 | -3,132 |
Retained Earnings | 487,979 | 435,608 |
516,565 | 475,487 | |
$645,661 | $603,044 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Sep. 28, 2013 | Sep. 29, 2012 |
Preferred, par value (in Dollars per share) | $1 | $1 |
Preferred, shares authorized | 10,000,000 | 10,000,000 |
Preferred, shares issued | 0 | 0 |
Common, par value (in Dollars per share) | $0 | $0 |
Common, shares authorized | 50,000,000 | 50,000,000 |
Common, shares issued | 18,677,000 | 18,780,000 |
Common, shares outstanding | 18,677,000 | 18,780,000 |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (USD $) | 12 Months Ended | |||||
Share data in Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | |||
Net Sales | $867,683,000 | $830,796,000 | $744,071,000 | |||
Cost of goods sold (1) | 604,381,000 | [1] | 580,611,000 | [1] | 514,297,000 | [1] |
Gross Profit | 263,302,000 | 250,185,000 | 229,774,000 | |||
Operating expenses | ' | ' | ' | |||
Marketing (2) | 74,076,000 | [2] | 76,318,000 | [2] | 70,637,000 | [2] |
Distribution (3) | 65,025,000 | [3] | 62,250,000 | [3] | 57,462,000 | [3] |
Administrative (4) | 27,448,000 | [4] | 26,192,000 | [4] | 24,568,000 | [4] |
Other general (income) expense | -651,000 | 458,000 | 524,000 | |||
165,898,000 | 165,218,000 | 153,191,000 | ||||
Operating Income | 97,404,000 | 84,967,000 | 76,583,000 | |||
Other income (expenses) | ' | ' | ' | |||
Gain on bargain purchase of a business | ' | ' | 6,580,000 | |||
Investment income | 3,492,000 | 1,392,000 | 1,041,000 | |||
Interest expense & other | -106,000 | -73,000 | -138,000 | |||
Earnings before income taxes | 100,790,000 | 86,286,000 | 84,066,000 | |||
Income taxes | 36,409,000 | 32,168,000 | 29,003,000 | |||
NET EARNINGS | $64,381,000 | $54,118,000 | $55,063,000 | |||
Earnings per diluted share (in Dollars per share) | $3.41 | [5] | $2.86 | [5] | $2.93 | |
Weighted average number of diluted shares (in Shares) | 18,878 | 18,917 | 18,789 | |||
Earnings per basic share (in Dollars per share) | $3.43 | $2.87 | $2.95 | |||
Weighted average number of basic shares (in Shares) | 18,785 | 18,854 | 18,672 | |||
[1] | Includes share-based compensation expense of $463 for the year ended September 28, 2013, $270 for the year ended September 29, 2012 and $157 for the year ended September 24, 2011. | |||||
[2] | Includes share-based compensation expense of $635 for the year ended September 28, 2013, $403 for the year ended September 29, 2012 and $347 for the year ended September 24, 2011. | |||||
[3] | Includes share-based compensation expense of $30 for the year ended September 28, 2013, $27 for the year ended September 29, 2012 and $18 for the year ended September 24, 2011. | |||||
[4] | Includes share-based compensation expense of $742 for the year ended September 28, 2013, $546 for the year ended September 29, 2012 and $396 for the year ended September 24, 2011. | |||||
[5] | Total of quarterly amounts do not necessarily agree to the annual report amounts due to separate quarterly calculations of weighted average shares outstanding. |
Consolidated_Statements_of_Ear1
Consolidated Statements of Earnings (Parentheticals) (USD $) | 12 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | |
Cost of Sales [Member] | ' | ' | ' |
Allocated Share Based Compensation | $463,000 | $270,000 | $157,000 |
Selling and Marketing Expense [Member] | ' | ' | ' |
Allocated Share Based Compensation | 635,000 | 403,000 | 347,000 |
Distribution [Member] | ' | ' | ' |
Allocated Share Based Compensation | 30,000 | 27,000 | 18,000 |
General and Administrative Expense [Member] | ' | ' | ' |
Allocated Share Based Compensation | $742,000 | $546,000 | $396,000 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 |
Net Earnings | $64,381 | $54,118 | $55,063 |
Foreign currency translation adjustments | -571 | 782 | -1,060 |
Unrealized holding loss on marketable securities | -2,227 | 0 | 0 |
Total Other Comprehensive (Loss) Income, net of tax | -2,798 | 782 | -1,060 |
Comprehensive Income | $61,583 | $54,900 | $54,003 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity (USD $) | Common Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total |
In Thousands, except Share data | ||||
Balance at Sep. 25, 2010 | $38,453 | ($2,854) | $344,976 | $380,575 |
Balance (in Shares) at Sep. 25, 2010 | 18,491,000 | ' | ' | ' |
Issuance of common stock upon exercise of stock options | 4,608 | ' | ' | 4,608 |
Issuance of common stock upon exercise of stock options (in Shares) | 214,000 | ' | ' | ' |
Issuance of common stock for employee stock purchase plan | 769 | ' | ' | 769 |
Issuance of common stock for employee stock purchase plan (in Shares) | 20,000 | ' | ' | ' |
Foreign currency translation adjustment | ' | -1,060 | ' | -1,060 |
Issuance of common stock to directors | 75 | ' | ' | 75 |
Issuance of common stock to directors (in Shares) | 2,000 | ' | ' | ' |
Dividends declared | ' | ' | -8,754 | -8,754 |
Share-based compensation | 1,112 | ' | ' | 1,112 |
Net earnings | ' | ' | 55,063 | 55,063 |
Balance at Sep. 24, 2011 | 45,017 | -3,914 | 391,285 | 432,388 |
Balance (in Shares) at Sep. 24, 2011 | 18,727,000 | ' | ' | ' |
Issuance of common stock upon exercise of stock options | 3,332 | ' | ' | 3,332 |
Issuance of common stock upon exercise of stock options (in Shares) | 105,000 | ' | ' | ' |
Issuance of common stock for employee stock purchase plan | 896 | ' | ' | 896 |
Issuance of common stock for employee stock purchase plan (in Shares) | 20,000 | ' | ' | ' |
Foreign currency translation adjustment | ' | 782 | ' | 782 |
Issuance of common stock under deferred stock plan | 687 | ' | ' | 687 |
Issuance of common stock under deferred stock plan (in Shares) | 70,000 | ' | ' | ' |
Dividends declared | ' | ' | -9,795 | -9,795 |
Share-based compensation | 1,246 | ' | ' | 1,246 |
Repurchase of common stock | -8,167 | ' | ' | -8,167 |
Repurchase of common stock (in Shares) | -142,000 | ' | ' | -142,038 |
Net earnings | ' | ' | 54,118 | 54,118 |
Balance at Sep. 29, 2012 | 43,011 | -3,132 | 435,608 | 475,487 |
Balance (in Shares) at Sep. 29, 2012 | 18,780,000 | ' | ' | 18,780,000 |
Issuance of common stock upon exercise of stock options | 2,905 | ' | ' | 2,905 |
Issuance of common stock upon exercise of stock options (in Shares) | 80,000 | ' | ' | ' |
Issuance of common stock for employee stock purchase plan | 1,043 | ' | ' | 1,043 |
Issuance of common stock for employee stock purchase plan (in Shares) | 20,000 | ' | ' | ' |
Foreign currency translation adjustment | ' | -571 | ' | -571 |
Unrealized holding loss on marketable securities | ' | -2,227 | ' | -2,227 |
Issuance of common stock under deferred stock plan | 103 | ' | ' | 103 |
Issuance of common stock under deferred stock plan (in Shares) | 1,000 | ' | ' | ' |
Dividends declared | ' | ' | -12,010 | -12,010 |
Share-based compensation | 1,954 | ' | ' | 1,954 |
Repurchase of common stock | -14,500 | ' | ' | -14,500 |
Repurchase of common stock (in Shares) | -204,000 | ' | ' | -204,397 |
Net earnings | ' | ' | 64,381 | 64,381 |
Balance at Sep. 28, 2013 | $34,516 | ($5,930) | $487,979 | $516,565 |
Balance (in Shares) at Sep. 28, 2013 | 18,677,000 | ' | ' | 18,677,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | |
Operating activities: | ' | ' | ' |
Net earnings | $64,381,000 | $54,118,000 | $55,063,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' | ' |
Depreciation of fixed assets | 28,801,000 | 26,175,000 | 25,046,000 |
Amortization of intangibles and deferred costs | 4,751,000 | 4,762,000 | 5,188,000 |
Losses (gains) from disposals and impairment of property & equipment | 126,000 | -146,000 | 52,000 |
Share-based compensation | 1,870,000 | 1,246,000 | 918,000 |
Gain on bargain purchase of a business | ' | ' | -6,580,000 |
Deferred income taxes | 68,000 | 3,771,000 | 6,117,000 |
Changes in assets and liabilities, net of effects from purchase of companies: | ' | ' | ' |
Increase in accounts receivable, net | -11,148,000 | -605,000 | -5,231,000 |
Increase in inventories | -1,819,000 | -6,463,000 | -6,262,000 |
(Increase) decrease in prepaid expenses and other | -1,067,000 | 1,982,000 | 1,870,000 |
Increase in accounts payable and accrued liabilities | 579,000 | 5,248,000 | 4,284,000 |
Net cash provided by operating activities | 86,548,000 | 89,425,000 | 80,456,000 |
Investing activities: | ' | ' | ' |
Payments for purchases of companies, net of cash acquired | ' | -7,900,000 | -8,806,000 |
Purchases of property, plant and equipment | -35,821,000 | -42,800,000 | -29,124,000 |
Purchases of marketable securities | -111,241,000 | -68,450,000 | -63,293,000 |
Proceeds from redemption and sales of marketable securities | 25,307,000 | 109,744,000 | 37,568,000 |
Proceeds from disposal of property and equipment | 1,199,000 | 1,038,000 | 394,000 |
Other | -281,000 | -950,000 | -644,000 |
Net cash used in investing activities | -120,837,000 | -9,318,000 | -63,905,000 |
Financing activities: | ' | ' | ' |
Payments to repurchase common stock | -14,500,215 | -8,167,125 | ' |
Proceeds from issuance of common stock | 3,948,000 | 4,228,000 | 5,377,000 |
Payments on capitalized lease obligations | -340,000 | -312,000 | -244,000 |
Payment of cash dividend | -11,468,000 | -9,549,000 | -8,540,000 |
Net cash used in financing activities | -22,360,000 | -13,800,000 | -3,407,000 |
Effect of exchange rates on cash and cash equivalents | -204,000 | 412,000 | -330,000 |
Net (decrease) increase in cash and cash equivalents | -56,853,000 | 66,719,000 | 12,814,000 |
Cash and cash equivalents at beginning of year | 154,198,000 | 87,479,000 | 74,665,000 |
Cash and cash equivalents at end of year | 97,345,000 | 154,198,000 | 87,479,000 |
Excluding Noncash Effect [Member] | ' | ' | ' |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' | ' |
Deferred income taxes | $74,000 | $3,108,000 | $6,108,000 |
Note_A_Summary_of_Significant_
Note A - Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||||||
NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||
J & J Snack Foods Corp. and Subsidiaries (the Company) manufactures, markets and distributes a variety of nutritional snack foods and beverages to the food service and retail supermarket industries. A summary of the significant accounting policies consistently applied in the preparation of the accompanying consolidated financial statements follows. | |||||||||||||
1. Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of J & J Snack Foods Corp. and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated in the consolidated financial statements. | |||||||||||||
2. Revenue Recognition | |||||||||||||
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. Our recorded liability for allowances, end-user pricing adjustments and trade spending was approximately $10 million at September 28, 2013 and $12 million at September 29, 2012. | |||||||||||||
All amounts billed to customers related to shipping and handling are classified as revenues. Our product costs include amounts for shipping and handling, therefore, we charge our customers shipping and handling fees at the time the products are shipped or when services are performed. The cost of shipping products to the customer is recognized at the time the products are shipped to the customer and our policy is to classify them as Distribution expenses. The cost of shipping products to the customer classified as Distribution expenses was $65,025,000, $62,250,000 and $57,462,000 for the fiscal years ended 2013, 2012 and 2011, respectively. | |||||||||||||
During the years ended September 28, 2013, September 29, 2012 and September 24, 2011, we sold $22,836,000, $20,324,000 and $18,711,000, respectively, of repair and maintenance service contracts in our frozen beverage business. At September 28, 2013 and September 29, 2012, deferred income on repair and maintenance service contracts was $1,454,000 and $1,398,000, respectively, of which $45,000 and $6,000 is included in other long-term liabilities as of September 28, 2013 and September 29, 2012, respectively and the balance is reflected as short-term and included in accrued liabilities on the consolidated balance sheet. Repair and maintenance service contract income of $22,780,000, $20,309,000 and $18,744,000 was recognized for the fiscal years ended 2013, 2012 and 2011, respectively. | |||||||||||||
3. Foreign Currency | |||||||||||||
Assets and liabilities in foreign currencies are translated into U.S. dollars at the rate of exchange prevailing at the balance sheet date. Revenues and expenses are translated at the average rate of exchange for the period. The cumulative translation adjustment is recorded as a separate component of stockholders’ equity and changes to such are included in comprehensive income. | |||||||||||||
4. Use of Estimates | |||||||||||||
In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
5. Cash Equivalents | |||||||||||||
Cash equivalents are short-term, highly liquid investments with original maturities of three months or less. | |||||||||||||
6. Concentrations of Credit Risk and Accounts Receivable | |||||||||||||
We maintain cash balances at financial institutions located in various states. We have cash balances at two banks totalling approximately $55 million that is in excess of FDIC insurance of $250,000 per bank. | |||||||||||||
Financial instruments that could potentially subject us to concentrations of credit risk are trade accounts receivable; however, such risks are limited due to the large number of customers comprising our customer base and their dispersion across geographic regions. We usually have approximately 15 customers with accounts receivable balances of between $1 million and $10 million. | |||||||||||||
We have several large customers that account for a significant portion of our sales. Our top ten customers accounted for 43%, 41% and 43% of our sales during fiscal years 2013, 2012 and 2011, respectively, with our largest customer accounting for 8% of our sales in 2013, 8% of our sales in 2012 and 8% in 2011. Three of the ten customers are food distributors who sell our product to many end users. | |||||||||||||
The majority of our accounts receivable are due from trade customers. Credit is extended based on evaluation of our customers’ financial condition and collateral is not required. Accounts receivable payment terms vary and are stated in the financial statements at amounts due from customers net of an allowance for doubtful accounts. At September 28, 2013 and September 29, 2012, our accounts receivables were $87,545,000 and $76,414,000 net of an allowance for doubtful accounts of $854,000 and $987,000. Accounts receivable outstanding longer than the payment terms are considered past due. We determine our allowance by considering a number of factors, including the length of time trade accounts receivable are past due, our previous loss history, customers’ current ability to pay their obligations to us, and the condition of the general economy and the industry as a whole. We write off accounts receivable when they become uncollectible, and payments subsequently received on such receivables are credited to the allowance for doubtful accounts. | |||||||||||||
7. Inventories | |||||||||||||
Inventories are valued at the lower of cost (determined by the first-in, first-out or weighted-average method) or market. We recognize abnormal amounts of idle facilities, freight, handling costs, and spoilage as charges of the current period. Additionally, we allocate fixed production overhead to inventories based on the normal capacity of our production facilities. We calculate normal capacity as the production expected to be achieved over a number of periods or seasons under normal circumstances, taking into account the loss of capacity resulting from planned maintenance. This requires us to use judgment to determine when production is outside the range of expected variation in production (either abnormally low or abnormally high). In periods of abnormally low production (for example, periods in which there is significantly lower demand, labor and material shortages exist, or there is unplanned equipment downtime) the amount of fixed overhead allocated to each unit of production is not increased. However, in periods of abnormally high production the amount of fixed overhead allocated to each unit of production is decreased to assure inventories are not measured above cost. | |||||||||||||
We review for slow moving and obsolete inventory and a reserve is established for the value of inventory that we estimate will not be used. At September 28, 2013 and September 29, 2012, our reserve for inventory was $4,449,000 and $3,883,000, respectively. | |||||||||||||
8. Investment Securities | |||||||||||||
We classify our investment securities in one of three categories: held to maturity, trading, or available for sale. Our investment portfolio at September 28, 2013, consists of investments classified as held to maturity and available for sale. The mutual funds in our available for sale portfolio do not have contractual maturities; however, we classify them as long term assets as it is our intent to hold them for a period of over one year, although we may sell some or all of them depending on presently unanticipated needs for liquidity or market conditions. See Note C for further information on our holdings of investment securities. | |||||||||||||
9. Depreciation and Amortization | |||||||||||||
Depreciation of equipment and buildings is provided for by the straight-line method over the assets’ estimated useful lives. We review our equipment and buildings to ensure that they provide economic benefit and are not impaired. | |||||||||||||
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 are being amortized by the straight-line method over periods ranging from 3 to 20 years and amortization expense is reflected throughout operating expenses. | |||||||||||||
Long-lived assets, including fixed assets and amortizing intangibles, are reviewed for impairment as events or changes in circumstances occur indicating that the carrying amount of the asset may not be recoverable. Indefinite lived intangibles are reviewed annually for impairment. Cash flow and sales analyses are used to assess impairment. The estimates of future cash flows and sales involve considerable management judgment and are based upon assumptions about expected future operating performance. Assumptions used in these forecasts are consistent with internal planning. The actual cash flows and sales could differ from management’s estimates due to changes in business conditions, operating performance, economic conditions, competition and consumer preferences. | |||||||||||||
10. Fair Value of Financial Instruments | |||||||||||||
The carrying value of our short-term financial instruments, such as accounts receivables and accounts payable, approximate their fair values, based on the short-term maturities of these instruments. | |||||||||||||
11. Income Taxes | |||||||||||||
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. | |||||||||||||
As of September 28, 2013 and September 29, 2012, the total amount of gross unrecognized tax benefits is $438,000 and $541,000, respectively, all of which would impact our effective tax rate over time, if recognized. We recognize interest and penalties related to income tax matters as a part of the provision for income taxes. The Company had $224,000 and $284,000 of accrued interest and penalties as of September 28, 2013 and September 29, 2012, respectively. We recognized $11,000, $10,000 and $8,000 of penalties and interest in the years ended September 28, 2013, September 29, 2012 and September 24, 2011 respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
(in thousands) | |||||||||||||
Balance at September 29, 2012 | $ | 541 | |||||||||||
Additions based on tax positions related to the current year | 42 | ||||||||||||
Reductions for tax positions of prior years | (88 | ) | |||||||||||
Settlements | (57 | ) | |||||||||||
Balance at September 28, 2013 | $ | 438 | |||||||||||
In addition to our federal tax return and tax returns for Mexico and Canada, we file tax returns in all states that have a corporate income tax. Virtually all the returns noted above are open for examination for three to four years. | |||||||||||||
12. Earnings Per Common Share | |||||||||||||
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: | |||||||||||||
Fiscal Year Ended September 28, 2013 | |||||||||||||
Income | Shares | Per Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Earnings Per Basic Share | |||||||||||||
Net Income available to common stockholders | $ | 64,381 | 18,785 | $ | 3.43 | ||||||||
Effect of Dilutive Securities | |||||||||||||
Options | - | 93 | (0.02 | ) | |||||||||
Earnings Per Diluted Share | |||||||||||||
Net Income available to common stockholders plus assumed conversions | $ | 64,381 | 18,878 | $ | 3.41 | ||||||||
No anti-dilutive shares have been excluded in the computation of 2013 diluted EPS. | |||||||||||||
Fiscal Year Ended September 29, 2012 | |||||||||||||
Income | Shares | Per Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Earnings Per Basic Share | |||||||||||||
Net Income available to common stockholders | $ | 54,118 | 18,854 | $ | 2.87 | ||||||||
Effect of Dilutive Securities | |||||||||||||
Options | - | 63 | (0.01 | ) | |||||||||
Earnings Per Diluted Share | |||||||||||||
Net Income available to common stockholders plus assumed conversions | $ | 54,118 | 18,917 | $ | 2.86 | ||||||||
162,142 anti-dilutive shares have been excluded in the computation of 2012 diluted EPS because the options' exercise price is greater than the average market price of the common stock. | |||||||||||||
Fiscal Year Ended September 24, 2011 | |||||||||||||
Income | Shares | Per Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Earnings Per Basic Share | |||||||||||||
Net Income available to common stockholders | $ | 55,063 | 18,672 | $ | 2.95 | ||||||||
Effect of Dilutive Securities | |||||||||||||
Options | - | 117 | (0.02 | ) | |||||||||
Earnings Per Diluted Share | |||||||||||||
Net Income available to common stockholders plus assumed conversions | $ | 55,063 | 18,789 | $ | 2.93 | ||||||||
143,515 anti-dilutive shares have been excluded in the computation of 2011 diluted EPS because the options' exercise price is greater than the average market price of the common stock. | |||||||||||||
13. Accounting for Stock-Based Compensation | |||||||||||||
At September 28, 2013, the Company has three stock-based employee compensation plans. Share-based compensation was recognized as follows: | |||||||||||||
Fiscal year ended | |||||||||||||
September 28, | September 29, | September 24, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Stock options | $ | 795 | $ | 684 | $ | 288 | |||||||
Stock purchase plan | 363 | 256 | 203 | ||||||||||
Deferred stock issued to outside directors | 47 | - | 46 | ||||||||||
Restricted stock issued to an employee | 18 | 1 | - | ||||||||||
$ | 1,223 | $ | 941 | $ | 537 | ||||||||
Per diluted share | $ | 0.06 | $ | 0.05 | $ | 0.03 | |||||||
The above compensation is net of tax benefits | $ | 647 | $ | 305 | $ | 381 | |||||||
At September 28, 2013, the Company has unrecognized compensation expense of approximately $2.4 million to be recognized over the next three fiscal years. | |||||||||||||
The fair value of each option grant is estimated on the date of grant using the Black-Scholes options-pricing model with the following weighted average assumptions used for grants in fiscal 2013, 2012 and 2011: expected volatility of 25.7% for fiscal year 2013, 28.3% for fiscal year 2012 and 28.6% for fiscal year 2011: weighted average risk-free interest rates of 2.64%, .81% and 1.56%; dividend rate of .8%, .9% and .9% and expected lives ranging between 5 and 10 years for all years. An expected forfeiture rate of 20% was used for 2013, 18% was used for 2012 and 13% was used for fiscal year 2011. | |||||||||||||
Expected volatility is based on the historical volatility of the price of our common shares over the past 52 to 55 months for 5 year options and 10 years for 10 year options. We use historical information to estimate expected life and forfeitures within the valuation model. The expected term of awards represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Compensation cost is recognized using a straight-line method over the vesting or service period and is net of estimated forfeitures. | |||||||||||||
14. Advertising Costs | |||||||||||||
Advertising costs are expensed as incurred. Total advertising expense was $3,069,000, $2,571,000 and $1,919,000 for the fiscal years 2013, 2012 and 2011, respectively. | |||||||||||||
15. Commodity Price Risk Management | |||||||||||||
Our most significant raw material requirements include flour, packaging, shortening, corn syrup, sugar, juice, cheese, chocolate, and a variety of nuts. We attempt to minimize the effect of future price fluctuations related to the purchase of raw materials primarily through forward purchasing to cover future manufacturing requirements, generally for periods from 1 to 12 months. As of September 28, 2013, we have approximately $40 million of such commitments. Futures contracts are not used in combination with forward purchasing of these raw materials. Our procurement practices are intended to reduce the risk of future price increases, but also may potentially limit the ability to benefit from possible price decreases. Our policy is to recognize estimated losses on purchase commitments when they occur. At each of the last three fiscal year ends, we did not have any material losses on our purchase commitments. | |||||||||||||
16. Research and Development Costs | |||||||||||||
Research and development costs are expensed as incurred. Total research and development expense was $478,000, $501,000 and $941,000 for the fiscal years 2013, 2012 and 2011, respectively. | |||||||||||||
17. Recent Accounting Pronouncements | |||||||||||||
In June 2011, the FASB issued guidance which gives us the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both options, we are required to present each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. This guidance eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. The amendments in this guidance do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. In December 2011, the FASB issued an update deferring the effective date for amendments to the presentation of reclassifications of items out of accumulated other comprehensive income. This guidance was effective for our fiscal year 2013, and its adoption did not have a material impact on our financial statements. | |||||||||||||
In July 2012, the FASB issued guidance which allows us the option to first assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that an indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, we conclude that it is not more likely than not that the indefinite-lived intangible asset is impaired, then we are not required to take further action. We also have the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative impairment test. We would be able to resume performing the qualitative assessment in any subsequent period. The amendments are effective for annual and interim impairment tests performed for our 2013 fiscal year. Early adoption is permitted, including for annual and interim impairment tests performed as of a date before July 27, 2012, if our financial statements for the most recent annual or interim period had not yet been issued. We adopted this guidance in our fiscal year 2013. The adoption of this guidance did not have a significant impact on our consolidated financial statements. | |||||||||||||
In February 2013, the FASB issued guidance which requires us to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, we are required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts not required under U.S. GAAP to be reclassified in their entirety to net income, we are required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. This guidance is effective for our fiscal year 2014. We do not believe that the adoption of this guidance will have a significant effect on our consolidated financial statements. | |||||||||||||
18. Reclassifications | |||||||||||||
Certain prior year financial statement amounts have been reclassified to be consistent with the presentation for the current year. |
Note_B_Acquisitions
Note B - Acquisitions | 12 Months Ended |
Sep. 28, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ' |
NOTE B – ACQUISITIONS | |
In May 2011, we acquired the frozen handheld business of ConAgra Foods. This business had sales of approximately $50 million over the prior twelve months to food service and retail supermarket customers and sales of $18.3 million in our 2011 fiscal year from the acquisition date. | |
The purchase price allocation resulted in the recognition of a gain on bargain purchase of approximately $6,580,000 which is included in other income in the consolidated statement of earnings for the year ended September 24, 2011. The gain on bargain purchase resulted from the fair value of the identifiable net assets acquired exceeding the purchase price. | |
Acquisition costs of $546,000 for the handhelds acquisition are included in other general expense in the consolidated statements of earnings for the year ended September 24, 2011. | |
In June 2012, we acquired the assets of Kim & Scott’s Gourmet Pretzels, Inc., a manufacturer and seller of a premium brand soft pretzel. This business had sales of approximately $8 million over the prior twelve months to food service and retail supermarket customers, and had sales of approximately $1.8 million in our 2012 fiscal year from the acquisition date. | |
Acquisition costs of $155,000 for the Kim & Scott’s acquisition are included in other general expense in the consolidated statements of earnings for the year ended September 29, 2012. | |
The goodwill and intangible assets acquired in the business combinations are recorded at fair value. To measure fair value for such assets, we use techniques including discounted expected future cash flows (Level 3 input). |
Note_C_Investment_Securities
Note C - Investment Securities | 12 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' | ||||||||||||||||
NOTE C – INVESTMENT SECURITIES | |||||||||||||||||
We have classified our investment securities as marketable securities held to maturity and available for sale. 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. | ||||||||||||||||
Our marketable securities held to maturity and available for sale values are derived solely from level 1 inputs. | |||||||||||||||||
The amortized cost, unrealized gains and losses, and fair market values of our investment securities held to maturity at September 28, 2013 are summarized as follows: | |||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||
Cost | Unrealized | Unrealized | Market | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
(in thousands) | |||||||||||||||||
US Government Agency Debt | $ | 2,000 | $ | - | $ | 50 | $ | 1,950 | |||||||||
Certificates of Deposit | 256 | - | - | 256 | |||||||||||||
$ | 2,256 | $ | - | $ | 50 | $ | 2,206 | ||||||||||
All of the certificates of deposit are within the FDIC limits for insurance coverage. | |||||||||||||||||
The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at September 28, 2013 are summarized as follows: | |||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||
Cost | Unrealized | Unrealized | Market | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
(in thousands) | |||||||||||||||||
Mutual Funds | $ | 109,891 | $ | 254 | $ | 2,481 | $ | 107,664 | |||||||||
$ | 109,891 | $ | 254 | $ | 2,481 | $ | 107,664 | ||||||||||
The mutual funds are primarily fixed income funds that seek current income with an emphasis on maintaining low volatility and overall moderate duration. The funds do not have contractual maturities; however, we classify them as long term assets as it is our intent to hold them for a period of over one year, although we may sell some or all of them depending on presently unanticipated needs for liquidity or market conditions. | |||||||||||||||||
The amortized cost, unrealized gains and losses, and fair market values of our investment securities held to maturity at September 29, 2012 are summarized as follows: | |||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||
Cost | Unrealized | Unrealized | Market | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
(in thousands) | |||||||||||||||||
US Government Agency Debt | $ | 24,998 | $ | 126 | $ | - | $ | 25,124 | |||||||||
Certificates of Deposit | 1,214 | - | - | 1,214 | |||||||||||||
$ | 26,212 | $ | 126 | $ | - | $ | 26,338 | ||||||||||
All of the certificates of deposit are within the FDIC limits for insurance coverage | |||||||||||||||||
The amortized cost and fair value of the Company’s held to maturity securities by contractual maturity at September 28, 2013 and September 29, 2012 are summarized as follows: | |||||||||||||||||
28-Sep-13 | 29-Sep-12 | ||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||
Cost | Market | Cost | Market | ||||||||||||||
Value | Value | ||||||||||||||||
(in thousands) | |||||||||||||||||
Due in one year or less | $ | 256 | $ | 256 | $ | 1,214 | $ | 1,214 | |||||||||
Due after one year through five years | - | - | - | - | |||||||||||||
Due after five years through ten years | 2,000 | 1,950 | 24,998 | 25,124 | |||||||||||||
Total held to maturity securities | $ | 2,256 | $ | 2,206 | $ | 26,212 | $ | 26,338 | |||||||||
Less current portion | 256 | 256 | 1,214 | 1,214 | |||||||||||||
Long term held to maturity securities | $ | 2,000 | $ | 1,950 | $ | 24,998 | $ | 25,124 | |||||||||
Proceeds from the sale and redemption of marketable securities were $25,307,000, $109,744,000 and $37,568,000 in the years ended September 28, 2013, September 29, 2012 and September 24, 2011, respectively; with a loss of $108,000 recorded in 2013 and no gain or loss recorded in 2012 and 2011. We use the specific identification method to determine the cost of securities sold. |
Note_D_Inventories
Note D - Inventories | 12 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
NOTE D – INVENTORIES | |||||||||
Inventories consist of the following: | |||||||||
September 28, | September 29, | ||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Finished goods | $ | 33,013 | $ | 32,439 | |||||
Raw materials | 14,489 | 14,584 | |||||||
Packaging materials | 5,937 | 5,985 | |||||||
Equipment parts and other | 18,346 | 16,753 | |||||||
$ | 71,785 | $ | 69,761 | ||||||
Inventory is presented net of an allowance for obsolescence of $4,449,000 and $3,883,000 as of fiscal year ends 2013 and 2012, respectively. |
Note_E_Property_Plant_and_Equi
Note E - Property, Plant and Equipment | 12 Months Ended | |||||||||||||
Sep. 28, 2013 | ||||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||||||||
NOTE E – PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||
Property, plant and equipment consist of the following: | ||||||||||||||
September 28, | September 29, | Estimated | ||||||||||||
2013 | 2012 | Useful Lives (in years) | ||||||||||||
(in thousands) | ||||||||||||||
Land | $ | 2,496 | $ | 2,496 | - | |||||||||
Buildings | 26,741 | 26,741 | 15 | - | 39.5 | |||||||||
Plant machinery and equipment | 179,331 | 172,529 | 5 | - | 20 | |||||||||
Marketing equipment | 244,770 | 233,612 | 5 | - | 7 | |||||||||
Transportation equipment | 5,953 | 4,879 | 5 | |||||||||||
Office equipment | 16,282 | 14,987 | 3 | - | 5 | |||||||||
Improvements | 24,917 | 22,889 | 5 | - | 20 | |||||||||
Construction in Progress | 9,952 | 5,740 | - | |||||||||||
$ | 510,442 | $ | 483,873 | |||||||||||
Depreciation expense was $28,801,000, $26,175,000 and $25,046,000 for fiscal years 2013, 2012 and 2011, respectively. |
Note_F_Goodwill_and_Intangible
Note F - Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||
NOTE F – GOODWILL AND INTANGIBLE ASSETS | |||||||||||||||||
Our three reporting units, which are also reportable segments, are Food Service, Retail Supermarket and Frozen Beverages. | |||||||||||||||||
The carrying amount of acquired intangible assets for the reportable segments are as follows: | |||||||||||||||||
28-Sep-13 | 29-Sep-12 | ||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||
Amount | Amount | ||||||||||||||||
(in thousands) | |||||||||||||||||
FOOD SERVICE | |||||||||||||||||
Indefinite lived intangible assets | |||||||||||||||||
Trade Names | $ | 12,880 | $ | - | $ | 12,880 | $ | - | |||||||||
Amortized intangible assets | |||||||||||||||||
Non compete agreements | 545 | 478 | 545 | 456 | |||||||||||||
Customer relationships | 40,187 | 26,187 | 40,187 | 22,582 | |||||||||||||
License and rights | 3,606 | 2,614 | 3,606 | 2,519 | |||||||||||||
$ | 57,218 | $ | 29,279 | $ | 57,218 | $ | 25,557 | ||||||||||
RETAIL SUPERMARKETS | |||||||||||||||||
Indefinite lived intangible assets | |||||||||||||||||
Trade Names | $ | 4,006 | $ | - | $ | 4,006 | $ | - | |||||||||
Amortized Intangible Assets | |||||||||||||||||
Customer relationships | 279 | 62 | 279 | 31 | |||||||||||||
$ | 4,285 | $ | 62 | $ | 4,285 | $ | 31 | ||||||||||
FROZEN BEVERAGES | |||||||||||||||||
Indefinite lived intangible assets | |||||||||||||||||
Trade Names | $ | 9,315 | $ | - | $ | 9,315 | $ | - | |||||||||
Amortized intangible assets | |||||||||||||||||
Non compete agreements | 198 | 198 | 198 | 198 | |||||||||||||
Customer relationships | 6,478 | 4,830 | 6,478 | 4,201 | |||||||||||||
Licenses and rights | 1,601 | 714 | 1,601 | 644 | |||||||||||||
$ | 17,592 | $ | 5,742 | $ | 17,592 | $ | 5,043 | ||||||||||
CONSOLIDATED | $ | 79,095 | $ | 35,083 | $ | 79,095 | $ | 30,631 | |||||||||
The gross carrying amount of intangible assets is determined by applying a discounted cash flow model to the future sales and earnings associated with each intangible asset or is set by contract cost. The amortization period used for definite lived intangible assets is set by contract period or by the period over which the bulk of the discounted cash flow is expected to be generated. We currently believe that we will receive the benefit from the use of the trade names classified as indefinite lived intangible assets indefinitely and they are therefore not amortized. | |||||||||||||||||
Licenses and rights, customer relationships and non compete agreements are being amortized by the straight-line method over periods ranging from 3 to 20 years and amortization expense is reflected throughout operating expenses. | |||||||||||||||||
Amortizing intangibles are reviewed for impairment as events or changes in circumstances occur indicating that the carrying amount of the asset may not be recoverable. Indefinite lived intangibles are reviewed annually for impairment. Cash flow and sales analyses are used to assess impairment. The estimates of future cash flows and sales involve considerable management judgment and are based upon assumptions about expected future operating performance which include Level 3 inputs such as annual growth rates and discount rates. Assumptions used in these forecasts are consistent with internal planning. The actual cash flows and sales could differ from management’s estimates due to changes in business conditions, operating performance, economic conditions, competition and consumer preferences. | |||||||||||||||||
Intangible assets of $198,000 and $238,000 were acquired in the food service and retail supermarket segments, respectively, in the Kim and Scott’s acquisition in fiscal year 2012. | |||||||||||||||||
Separately, an intangible asset of $500,000 was purchased in the retail supermarket segment in fiscal year 2012. | |||||||||||||||||
There were no intangible assets acquired in fiscal year 2013. | |||||||||||||||||
Aggregate amortization expense of intangible assets for the fiscal years 2013, 2012 and 2011 was $4,452,000, $4,477,000 and $4,811,000, respectively. | |||||||||||||||||
Estimated amortization expense for the next five fiscal years is approximately $4,400,000 in 2014 and 2015, $4,200,000 in 2016, $1,700,000 in 2017 and $900,000 in 2018. The weighted average amortization period of the intangible assets is 10.1 years. | |||||||||||||||||
Goodwill | |||||||||||||||||
The carrying amounts of goodwill for the reportable segments are as follows: | |||||||||||||||||
Food | Retail | Frozen | Total | ||||||||||||||
Service | Supermarkets | Beverages | |||||||||||||||
Balance at September 28, 2013 | $ | 39,115 | $ | 1,844 | $ | 35,940 | $ | 76,899 | |||||||||
Balance at September 29, 2012 | $ | 39,115 | $ | 1,844 | $ | 35,940 | $ | 76,899 | |||||||||
The carrying value of goodwill is determined based on the excess of the purchase price of acquisitions over the estimated fair value of tangible and intangible net assets. Goodwill is not amortized but is evaluated annually by management for impairment. Our impairment analysis for 2013 and 2012 was based on a combination of the income approach, which estimates the fair value of discounted cash flows, and the market approach, which estimates the fair value based on comparable market prices. Under the income approach the Company used a discounted cash flow which requires Level 3 inputs such as: annual growth rates, discount rates based upon the weighted average cost of capital and terminal values based upon our stock market multiples. Our impairment analysis for 2011 was a qualitative assessment in which we have considered historical net cash provided by operating activities and purchases of property, plant and equipment, their relationship to the carrying value of goodwill, recent fair value calculations of our reporting units and our assessment of the likelihood, based on an assessment of what we know about our Company’s products and markets, costs and general economic conditions, that the relationship of cash flow to the carrying value of goodwill will change significantly in the foreseeable future. There were no impairment charges in 2013, 2012 or 2011. | |||||||||||||||||
Goodwill of $6,829,000 was acquired in the Kim and Scott’s acquisition in fiscal year 2012 which was allocated $4,985,000 to the food service segment and $1,844,000 to the retail supermarkets segment. No goodwill was acquired in fiscal year 2013. |
Note_G_LongTerm_Debt
Note G - Long-Term Debt | 12 Months Ended |
Sep. 28, 2013 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
NOTE G – LONG-TERM DEBT | |
In November 2011, we entered into an amended and restated loan agreement with our existing banks which provides for up to a $50,000,000 revolving credit facility repayable in November 2016, with the availability of repayments without penalty. The agreement contains restrictive covenants and requires commitment fees in accordance with standard banking practice. As of September 28, 2013 and September 29, 2012, there were no outstanding balances under the facility. |
Note_H_Obligations_Under_Capit
Note H - Obligations Under Capital Leases | 12 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Leases, Capital [Abstract] | ' | ||||||||
Capital Leases in Financial Statements of Lessee Disclosure [Text Block] | ' | ||||||||
NOTE H – OBLIGATIONS UNDER CAPITAL LEASES | |||||||||
Obligations under capital leases consist of the following: | |||||||||
September 28, | September 29, | ||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Capital lease obligations, with interest at 6.25%, payable in monthly installments of $6,030, through March 2015 | $ | 103 | $ | 167 | |||||
Capital lease obligations, with interest at 7.6%, payable in monthly installments of $3,162, through November 2017 | 130 | 157 | |||||||
Capital lease obligations, with interest at 5.8%, payable in monthly installments of $14,625, through May 2014 | 114 | 277 | |||||||
Capital lease obligations, with interest at 2.6%, payable in monthly installments of $8,700, through August 2013 | - | 86 | |||||||
347 | 687 | ||||||||
Less current portion | 211 | 340 | |||||||
$ | 136 | $ | 347 | ||||||
Note_I_Income_Taxes
Note I - Income Taxes | 12 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||
NOTE I – INCOME TAXES | |||||||||||||
Income tax expense (benefit) is as follows: | |||||||||||||
Fiscal year ended | |||||||||||||
September 28, | September 29, | September 24, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Current | |||||||||||||
U.S. Federal | $ | 26,492 | $ | 21,573 | $ | 17,065 | |||||||
Foreign | 2,289 | 1,408 | 950 | ||||||||||
State | 7,560 | 5,416 | 4,871 | ||||||||||
36,341 | 28,397 | 22,886 | |||||||||||
Deferred | |||||||||||||
U.S. Federal | $ | 64 | $ | 3,124 | $ | 3,988 | |||||||
Foreign | (10 | ) | (14 | ) | 409 | ||||||||
State | 14 | 661 | 1,720 | ||||||||||
68 | 3,771 | 6,117 | |||||||||||
$ | 36,409 | $ | 32,168 | $ | 29,003 | ||||||||
The provisions for income taxes differ from the amounts computed by applying the statutory federal income tax rate of approximately 35% to earnings before income taxes for the following reasons: | |||||||||||||
Fiscal year ended | |||||||||||||
September 28, | September 29, | September 24, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Income taxes at statutory rates | $ | 35,277 | $ | 30,200 | $ | 29,423 | |||||||
Increase (decrease)in taxes resulting from: | |||||||||||||
State income taxes, net of federal income tax benefit | 4,346 | 3,777 | 3,279 | ||||||||||
Domestic production activities deduction | (1,540 | ) | (1,553 | ) | (1,500 | ) | |||||||
Gain on bargain purchase | - | - | (2,303 | ) | |||||||||
Reduction of gross unrecognized tax benefits | (346 | ) | (307 | ) | (310 | ) | |||||||
Other, net | (1,328 | ) | 51 | 414 | |||||||||
$ | 36,409 | $ | 32,168 | $ | 29,003 | ||||||||
Deferred tax assets and liabilities consist of the following: | |||||||||||||
September 28, | September 29, | ||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Deferred tax assets | |||||||||||||
Vacation accrual | $ | 1,445 | $ | 1,422 | |||||||||
Insurance accrual | 3,306 | 2,722 | |||||||||||
Deferred income | 32 | 13 | |||||||||||
Allowances | 2,348 | 2,130 | |||||||||||
Inventory capitalization | 709 | 709 | |||||||||||
Share-based compensation | 1,023 | 794 | |||||||||||
Other, net | - | 11 | |||||||||||
8,863 | 7,801 | ||||||||||||
Deferred tax liabilities | |||||||||||||
Amortization of goodwill and other intangible assets | 20,283 | 19,030 | |||||||||||
Depreciation of property and equipment | 29,261 | 29,360 | |||||||||||
Other, net | - | 24 | |||||||||||
49,544 | 48,414 | ||||||||||||
$ | 40,681 | $ | 40,613 | ||||||||||
Note_J_Commitments
Note J - Commitments | 12 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||||||
NOTE J - COMMITMENTS | |||||||||||||
1. Lease Commitments | |||||||||||||
The following is a summary of approximate future minimum rental commitments for non-cancelable operating leases with terms of more than one year as of September 28, 2013: | |||||||||||||
Plants and | Equipment | Total | |||||||||||
Offices | |||||||||||||
(in thousands) | |||||||||||||
2014 | $ | 5,194 | $ | 3,362 | $ | 8,556 | |||||||
2015 | 4,943 | 2,602 | 7,545 | ||||||||||
2016 | 3,564 | 2,256 | 5,820 | ||||||||||
2017 | 3,013 | 1,792 | 4,805 | ||||||||||
2018 | 2,428 | 644 | 3,072 | ||||||||||
2019 and thereafter | 15,573 | 49 | 15,622 | ||||||||||
$ | 34,715 | $ | 10,705 | $ | 45,420 | ||||||||
Total rent expense was $13,575,000, $13,215,000 and $14,076,000 for fiscal years 2013, 2012 and 2011, respectively. | |||||||||||||
2. Other Commitments | |||||||||||||
We are a party to litigation which has arisen in the normal course of business which management currently believes will not have a material adverse effect on our financial condition or results of operations. | |||||||||||||
We self-insure, up to loss limits, certain insurable risks such as worker’s compensation and automobile liability claims. Accruals for claims under our self-insurance program are recorded on a claims incurred basis. Our total recorded liability for all years’ claims incurred but not yet paid was $8,500,000 and $6,200,000 at September 28, 2013 and September 29, 2012, respectively. In connection with certain self-insurance agreements, we customarily enter into letters of credit arrangements with our insurers. At each of September 28, 2013 and September 29, 2012, we had outstanding letters of credit totaling $8,175,000. | |||||||||||||
We have a self-insured medical plan which covers approximately 1,400 of our employees. We record a liability for incurred but not yet reported or paid claims based on our historical experience of claims payments and a calculated lag time period. Our recorded liability at September 28, 2013 and September 29, 2012 was $1,516,000 and $1,332,000, respectively. |
Note_K_Capital_Stock
Note K - Capital Stock | 12 Months Ended |
Sep. 28, 2013 | |
Disclosure Text Block [Abstract] | ' |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | ' |
NOTE K - CAPITAL STOCK | |
In our fiscal year ended September 28, 2013, we purchased and retired 204,397 shares of our common stock at a cost of $14,500,215. In our first quarter, we purchased and retired 48,255 shares at a cost of $2,762,622. In our third quarter, we purchased and retired 58,840 shares at a cost of $4,435,078. In our fourth quarter, we purchased and retired 97,302 shares at a cost of $7,302,515. | |
In our fiscal year ended September 29, 2012, we purchased and retired 142,038 shares of our common stock at a cost of $8,167,125. | |
In our fiscal year ended September 24, 2011, we did not purchase and retire any shares of our common stock. |
Note_L_Stock_Options
Note L - Stock Options | 12 Months Ended | ||||||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||||||||||
NOTE L – STOCK OPTIONS | |||||||||||||||||||||||||
We have a Stock Option Plan (the “Plan”). Pursuant to the Plan, stock options may be granted to officers and our key employees which qualify as incentive stock options as well as stock options which are nonqualified. The exercise price of incentive stock options is at least the fair market value of the common stock on the date of grant. The exercise price for nonqualified options is determined by a committee of the Board of Directors. The options are generally exercisable after three years and expire no later than ten years from date of grant. There were 800,000 shares reserved under the Plan; options for 620,000 shares remain unissued as of September 28, 2013. There are options that were issued under an option plan that has since expired that are still outstanding. | |||||||||||||||||||||||||
We have an Employee Stock Purchase Plan (“ESPP”) whereby employees purchase stock by making contributions through payroll deductions for six month periods. The purchase price of the stock is 85% of the lower of the market price of the stock at the beginning of the six-month period or the end of the six-month period. In fiscal years 2013, 2012 and 2011 employees purchased 19,804, 20,318 and 19,708 shares at average purchase prices of $52.61, $44.11 and $39.04, respectively. ESPP expense of $363,000, $256,000 and $203,000 was recognized for fiscal years 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
A summary of the status of our stock option plans as of fiscal years 2013, 2012 and 2011 and the changes during the years ended on those dates is represented below: | |||||||||||||||||||||||||
Incentive Stock Options | Nonqualified Stock Options | ||||||||||||||||||||||||
Stock | Weighted- | Stock | Weighted- | ||||||||||||||||||||||
Options | Average | Options | Average | ||||||||||||||||||||||
Outstanding | Exercise | Outstanding | Exercise | ||||||||||||||||||||||
Price | Price | ||||||||||||||||||||||||
Balance, September 26, 2010 | 418,009 | $ | 30.86 | 244,000 | $ | 23.38 | |||||||||||||||||||
Granted | 101,200 | 50.93 | 45,315 | 49.57 | |||||||||||||||||||||
Exercised | (186,039 | ) | 23.52 | (62,000 | ) | 10.3 | |||||||||||||||||||
Canceled | (10,050 | ) | 36.77 | - | - | ||||||||||||||||||||
Balance, September 24, 2011 | 323,120 | 41.18 | 227,315 | 32.17 | |||||||||||||||||||||
Granted | 118,210 | 57.87 | 45,932 | 57.7 | |||||||||||||||||||||
Exercised | (71,350 | ) | 39.03 | (62,000 | ) | 19.77 | |||||||||||||||||||
Canceled | (14,300 | ) | 41.13 | - | - | ||||||||||||||||||||
Balance, September 29, 2012 | 355,680 | 47.16 | 211,247 | 41.36 | |||||||||||||||||||||
Granted | 1,600 | 63.13 | 20,000 | 80.79 | |||||||||||||||||||||
Exercised | (84,628 | ) | 34.58 | - | - | ||||||||||||||||||||
Canceled | (12,800 | ) | 51.01 | - | - | ||||||||||||||||||||
Balance, September 28, 2013 | 259,852 | $ | 51.17 | 231,247 | $ | 44.77 | |||||||||||||||||||
Exercisable Options September 28, 2013 | 51,892 | 120,000 | |||||||||||||||||||||||
The weighted-average fair value of incentive options granted during fiscal years ended September 28, 2013, September 29, 2012 and September 24, 2011 was $13.76, $13.43 and $12.52, respectively. The weighted-average fair value of non-qualified stock options granted during the fiscal years ended September 28, 2013, September 29, 2012 and September 24, 2011 was $28.30, $16.32 and $14.95, respectively. The total intrinsic value of stock options exercised was $2.7 million, $3.2 million and $7.0 million in fiscal years 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
The total cash received from these option exercises was $2.6 million, $2.4 million and $3.4 million in fiscal years 2013, 2012 and 2011, respectively; and the actual tax benefit realized from the tax deductions from these option exercises was $666,000, $1.0 million and $1.4 million in fiscal years 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
The following table summarizes information about incentive stock options outstanding at September 28, 2013: | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Range of Exercise Prices | Number | Weighted- | Weighted- | Number | Weighted- | ||||||||||||||||||||
Outstanding | Average | Average | Exercisable | Average | |||||||||||||||||||||
at | Remaining | Exercise | at | Exercise | |||||||||||||||||||||
September 28, | Contractual | Price | September 28, | Price | |||||||||||||||||||||
2013 | Life (in years) | 2013 | |||||||||||||||||||||||
$36.71 | - | $51.14 | 147,542 | 2.2 | $ | 45.86 | 51,892 | $ | 36.73 | ||||||||||||||||
$57.15 | - | $76.27 | 112,310 | 3.9 | $ | 58.06 | - | $ | - | ||||||||||||||||
259,852 | 51,892 | ||||||||||||||||||||||||
The following table summarizes information about nonqualified stock options outstanding at September 28, 2013: | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Range of Exercise Prices | Number | Weighted- | Weighted- | Number | Weighted- | ||||||||||||||||||||
Outstanding | Average | Average | Exercisable | Average | |||||||||||||||||||||
at | Remaining | Exercise | at | Exercise | |||||||||||||||||||||
September 28, | Contractual | Price | September 28, | Price | |||||||||||||||||||||
2013 | Life (in years) | 2013 | |||||||||||||||||||||||
$20.43 | - | $29.78 | 40,000 | 1.6 | $ | 25.1 | 40,000 | $ | 25.1 | ||||||||||||||||
$31.10 | - | $41.75 | 80,000 | 4.7 | $ | 35.46 | 80,000 | $ | 35.46 | ||||||||||||||||
$47.59 | - | $57.99 | 91,247 | 5.6 | $ | 53.67 | - | $ | - | ||||||||||||||||
$80.79 | - | $80.79 | 20,000 | 10 | $ | 80.79 | - | $ | - | ||||||||||||||||
231,247 | 120,000 | ||||||||||||||||||||||||
Note_M_401k_ProfitSharing_Plan
Note M - 401(k) Profit-Sharing Plan | 12 Months Ended |
Sep. 28, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' |
NOTE M – 401(k) PROFIT-SHARING PLAN | |
We maintain a 401(k) profit-sharing plan for our employees. Under this plan, we may make discretionary profit-sharing and matching 401(k) contributions. Contributions of $1,624,000, $1,662,000 and $1,480,000 were made in fiscal years 2013, 2012 and 2011, respectively. |
Note_N_Cash_Flow_Information
Note N - Cash Flow Information | 12 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Cash Flow, Supplemental Disclosures [Text Block] | ' | ||||||||||||
NOTE N – CASH FLOW INFORMATION | |||||||||||||
The following is supplemental cash flow information: | |||||||||||||
Fiscal Year Ended | |||||||||||||
September 28, | September 29, | September 24, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Cash paid for: | |||||||||||||
Interest | $ | 50 | $ | 70 | $ | 36 | |||||||
Income taxes | 35,496 | 23,864 | 19,594 | ||||||||||
Non cash items: | |||||||||||||
Capital leases | $ | - | $ | 198 | $ | 182 | |||||||
Note_O_Segment_Reporting
Note O - Segment Reporting | 12 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||
NOTE O – SEGMENT REPORTING | |||||||||||||
We principally sell our products to the food service and retail supermarket industries. Sales and results of our frozen beverages business are monitored separately from the balance of our food service business because of different distribution and capital requirements. We maintain separate and discrete financial information for the three 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 three reportable segments are Food Service, Retail Supermarkets and Frozen Beverages. All inter-segment net sales and expenses have been eliminated in computing net sales and operating income. These segments are described below. | |||||||||||||
Food Service | |||||||||||||
The primary products sold by the food service segment are soft pretzels, frozen juice treats and desserts, churros, dough enrobed handheld products and baked goods. Our customers in the food service segment include snack bars and food stands in chain, department and discount stores; malls and shopping centers; casual dining restaurants; fast food outlets; stadiums and sports arenas; leisure and theme parks; convenience stores; movie theatres; warehouse club stores; schools, colleges and other institutions. Within the food service industry, our products are purchased by the consumer primarily for consumption at the point-of-sale. | |||||||||||||
Retail Supermarkets | |||||||||||||
The primary products sold to the retail supermarket channel are soft pretzel products – including SUPERPRETZEL, frozen juice treats and desserts including LUIGI’S Real Italian Ice, MINUTE MAID Juice Bars and Soft Frozen Lemonade, WHOLE FRUIT frozen fruit bars and sorbet, ICEE Squeeze-Up Tubes and dough enrobed handheld products including PATIO burritos. Within the retail supermarket channel, our frozen and prepackaged products are purchased by the consumer for consumption at home. | |||||||||||||
Frozen Beverages | |||||||||||||
We sell frozen beverages to the food service industry primarily under the names ICEE, SLUSH PUPPIE and PARROT ICE in the United States, Mexico and Canada. We also provide repair and maintenance service to customers for customers’ owned equipment. | |||||||||||||
The Chief Operating Decision Maker for Food Service and Retail Supermarkets and the Chief Operating Decision Maker for Frozen Beverages monthly review detailed operating income statements and sales reports in order to assess performance and allocate resources to each individual segment. Sales is considered to be the one and only key variable monitored by the Chief Operating Decision Makers and management when determining each segment’s and the company’s financial condition and operating performance. In addition, the Chief Operating Decision Makers review and evaluate depreciation, capital spending and assets of each segment on a quarterly basis to monitor cash flow and asset needs of each segment. Information regarding the operations in these three reportable segments is as follows: | |||||||||||||
Fiscal year ended | |||||||||||||
September 28, | September 29, | September 24, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Sales to External Customers: | |||||||||||||
Food Service | |||||||||||||
Soft pretzels | $ | 145,026 | $ | 118,014 | $ | 103,943 | |||||||
Frozen juices and ices | 48,831 | 53,813 | 49,740 | ||||||||||
Churros | 56,099 | 45,974 | 41,583 | ||||||||||
Handhelds | 26,488 | 27,818 | 8,865 | ||||||||||
Bakery | 274,783 | 266,192 | 241,288 | ||||||||||
Other | 9,532 | 9,451 | 18,143 | ||||||||||
$ | 560,759 | $ | 521,262 | $ | 463,562 | ||||||||
Retail Supermarket | |||||||||||||
Soft pretzels | $ | 34,597 | $ | 33,842 | $ | 32,044 | |||||||
Frozen juices and ices | 48,077 | 53,673 | 51,940 | ||||||||||
Handhelds | 22,528 | 24,358 | 9,424 | ||||||||||
Coupon redemption | (3,681 | ) | (3,222 | ) | (3,857 | ) | |||||||
Other | 818 | 1,217 | 1,548 | ||||||||||
$ | 102,339 | $ | 109,868 | $ | 91,099 | ||||||||
Frozen Beverages | |||||||||||||
Beverages | $ | 132,274 | $ | 135,436 | $ | 133,372 | |||||||
Repair and maintenance service | 52,813 | 49,115 | 42,608 | ||||||||||
Machines sales | 17,376 | 13,136 | 11,362 | ||||||||||
Other | 2,122 | 1,979 | 2,068 | ||||||||||
$ | 204,585 | $ | 199,666 | $ | 189,410 | ||||||||
Consolidated Sales | $ | 867,683 | $ | 830,796 | $ | 744,071 | |||||||
Depreciation and Amortization: | |||||||||||||
Food Service | $ | 18,999 | $ | 17,287 | $ | 16,986 | |||||||
Retail Supermarket | 31 | 23 | 8 | ||||||||||
Frozen Beverages | 14,522 | 13,627 | 13,240 | ||||||||||
$ | 33,552 | $ | 30,937 | $ | 30,234 | ||||||||
Operating Income: | |||||||||||||
Food Service | $ | 65,907 | $ | 49,770 | $ | 46,171 | |||||||
Retail Supermarket | 8,594 | 13,316 | 11,830 | ||||||||||
Frozen Beverages | 22,903 | 21,881 | 18,582 | ||||||||||
$ | 97,404 | $ | 84,967 | $ | 76,583 | ||||||||
Capital Expenditures: | |||||||||||||
Food Service | $ | 19,097 | $ | 28,504 | $ | 14,905 | |||||||
Retail Supermarket | - | - | - | ||||||||||
Frozen Beverages | 16,724 | 14,296 | 14,219 | ||||||||||
$ | 35,821 | $ | 42,800 | $ | 29,124 | ||||||||
Assets: | |||||||||||||
Food Service | $ | 486,015 | $ | 453,509 | $ | 405,927 | |||||||
Retail Supermarket | 6,067 | 6,098 | 3,579 | ||||||||||
Frozen Beverages | 153,579 | 143,437 | 141,310 | ||||||||||
$ | 645,661 | $ | 603,044 | $ | 550,816 | ||||||||
Note_P_Quarterly_Financial_Dat
Note P - Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||
NOTE P - QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||||
Fiscal Year Ended September 28, 2013 | |||||||||||||||||
Net Sales | Gross | Net | Net Earnings | ||||||||||||||
Profit | Earnings | Per | |||||||||||||||
Diluted | |||||||||||||||||
Share(1) | |||||||||||||||||
(in thousands, except per share information) | |||||||||||||||||
1st Quarter | $ | 191,408 | $ | 54,135 | $ | 10,226 | $ | 0.54 | |||||||||
2nd Quarter | 201,326 | 58,151 | 12,660 | 0.67 | |||||||||||||
3rd Quarter | 237,036 | 75,322 | 21,172 | 1.12 | |||||||||||||
4th Quarter | 237,913 | 75,694 | 20,323 | 1.08 | |||||||||||||
Total | $ | 867,683 | $ | 263,302 | $ | 64,381 | $ | 3.41 | |||||||||
Fiscal Year Ended September 29, 2012 | |||||||||||||||||
Net Sales | Gross | Net | Net Earnings | ||||||||||||||
Profit | Earnings | Per | |||||||||||||||
Diluted | |||||||||||||||||
Share(1) | |||||||||||||||||
(in thousands, except per share information) | |||||||||||||||||
1st Quarter | $ | 172,686 | $ | 46,406 | $ | 5,485 | $ | 0.29 | |||||||||
2nd Quarter | 189,554 | 53,987 | 10,423 | 0.55 | |||||||||||||
3rd Quarter | 226,335 | 72,507 | 18,672 | 0.99 | |||||||||||||
4th Quarter | 242,221 | 77,285 | 19,538 | 1.03 | |||||||||||||
Total | $ | 830,796 | $ | 250,185 | $ | 54,118 | $ | 2.86 | |||||||||
(1) Total of quarterly amounts do not necessarily agree to the annual report amounts due to separate quarterly calculations of weighted average shares outstanding. |
Note_Q_Subsequent_Event
Note Q - Subsequent Event | 12 Months Ended |
Sep. 28, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
NOTE Q – SUBSEQUENT EVENT | |
On October 14, 2013, we acquired certain assets and assumed certain liabilities of New York Pretzel, a manufacturer and distributor of soft pretzels selling primarily in the northeast to food service and retail locations. The acquisition is not material to our financial statements. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | ||||||||||||||||||||
Year | Description | Opening | Charged to | Deductions | Closing | ||||||||||||||||
Balance | Expense | Balance | |||||||||||||||||||
2013 | Allowance for doubtful accounts | $ | 987,000 | $ | (70,000 | ) | $ | 63,000 | -1 | $ | 854,000 | ||||||||||
2012 | Allowance for doubtful accounts | $ | 955,000 | $ | 276,000 | $ | 244,000 | -1 | $ | 987,000 | |||||||||||
2011 | Allowance for doubtful accounts | $ | 893,000 | $ | 423,000 | $ | 361,000 | -1 | $ | 955,000 | |||||||||||
2013 | Inventory Reserve | $ | 3,883,000 | $ | 2,768,000 | $ | 2,202,000 | -2 | $ | 4,449,000 | |||||||||||
2012 | Inventory Reserve | $ | 4,615,000 | $ | 1,291,000 | $ | 2,023,000 | -2 | $ | 3,883,000 | |||||||||||
2011 | Inventory Reserve | $ | 4,189,000 | $ | 1,931,000 | $ | 1,505,000 | -2 | $ | 4,615,000 | |||||||||||
(1) Write-offs of uncollectible accounts receivable. | |||||||||||||||||||||
(2) Disposals of obsolete inventory. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||||||
1. Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of J & J Snack Foods Corp. and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated in the consolidated financial statements. | |||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||||||
2. Revenue Recognition | |||||||||||||
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. Our recorded liability for allowances, end-user pricing adjustments and trade spending was approximately $10 million at September 28, 2013 and $12 million at September 29, 2012. | |||||||||||||
All amounts billed to customers related to shipping and handling are classified as revenues. Our product costs include amounts for shipping and handling, therefore, we charge our customers shipping and handling fees at the time the products are shipped or when services are performed. The cost of shipping products to the customer is recognized at the time the products are shipped to the customer and our policy is to classify them as Distribution expenses. The cost of shipping products to the customer classified as Distribution expenses was $65,025,000, $62,250,000 and $57,462,000 for the fiscal years ended 2013, 2012 and 2011, respectively. | |||||||||||||
During the years ended September 28, 2013, September 29, 2012 and September 24, 2011, we sold $22,836,000, $20,324,000 and $18,711,000, respectively, of repair and maintenance service contracts in our frozen beverage business. At September 28, 2013 and September 29, 2012, deferred income on repair and maintenance service contracts was $1,454,000 and $1,398,000, respectively, of which $45,000 and $6,000 is included in other long-term liabilities as of September 28, 2013 and September 29, 2012, respectively and the balance is reflected as short-term and included in accrued liabilities on the consolidated balance sheet. Repair and maintenance service contract income of $22,780,000, $20,309,000 and $18,744,000 was recognized for the fiscal years ended 2013, 2012 and 2011, respectively. | |||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | ||||||||||||
3. Foreign Currency | |||||||||||||
Assets and liabilities in foreign currencies are translated into U.S. dollars at the rate of exchange prevailing at the balance sheet date. Revenues and expenses are translated at the average rate of exchange for the period. The cumulative translation adjustment is recorded as a separate component of stockholders’ equity and changes to such are included in comprehensive income. | |||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||||||
4. Use of Estimates | |||||||||||||
In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||||
5. Cash Equivalents | |||||||||||||
Cash equivalents are short-term, highly liquid investments with original maturities of three months or less. | |||||||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | ||||||||||||
6. Concentrations of Credit Risk and Accounts Receivable | |||||||||||||
We maintain cash balances at financial institutions located in various states. We have cash balances at two banks totalling approximately $55 million that is in excess of FDIC insurance of $250,000 per bank. | |||||||||||||
Financial instruments that could potentially subject us to concentrations of credit risk are trade accounts receivable; however, such risks are limited due to the large number of customers comprising our customer base and their dispersion across geographic regions. We usually have approximately 15 customers with accounts receivable balances of between $1 million and $10 million. | |||||||||||||
We have several large customers that account for a significant portion of our sales. Our top ten customers accounted for 43%, 41% and 43% of our sales during fiscal years 2013, 2012 and 2011, respectively, with our largest customer accounting for 8% of our sales in 2013, 8% of our sales in 2012 and 8% in 2011. Three of the ten customers are food distributors who sell our product to many end users. | |||||||||||||
The majority of our accounts receivable are due from trade customers. Credit is extended based on evaluation of our customers’ financial condition and collateral is not required. Accounts receivable payment terms vary and are stated in the financial statements at amounts due from customers net of an allowance for doubtful accounts. At September 28, 2013 and September 29, 2012, our accounts receivables were $87,545,000 and $76,414,000 net of an allowance for doubtful accounts of $854,000 and $987,000. Accounts receivable outstanding longer than the payment terms are considered past due. We determine our allowance by considering a number of factors, including the length of time trade accounts receivable are past due, our previous loss history, customers’ current ability to pay their obligations to us, and the condition of the general economy and the industry as a whole. We write off accounts receivable when they become uncollectible, and payments subsequently received on such receivables are credited to the allowance for doubtful accounts. | |||||||||||||
Inventory, Policy [Policy Text Block] | ' | ||||||||||||
7. Inventories | |||||||||||||
Inventories are valued at the lower of cost (determined by the first-in, first-out or weighted-average method) or market. We recognize abnormal amounts of idle facilities, freight, handling costs, and spoilage as charges of the current period. Additionally, we allocate fixed production overhead to inventories based on the normal capacity of our production facilities. We calculate normal capacity as the production expected to be achieved over a number of periods or seasons under normal circumstances, taking into account the loss of capacity resulting from planned maintenance. This requires us to use judgment to determine when production is outside the range of expected variation in production (either abnormally low or abnormally high). In periods of abnormally low production (for example, periods in which there is significantly lower demand, labor and material shortages exist, or there is unplanned equipment downtime) the amount of fixed overhead allocated to each unit of production is not increased. However, in periods of abnormally high production the amount of fixed overhead allocated to each unit of production is decreased to assure inventories are not measured above cost. | |||||||||||||
We review for slow moving and obsolete inventory and a reserve is established for the value of inventory that we estimate will not be used. At September 28, 2013 and September 29, 2012, our reserve for inventory was $4,449,000 and $3,883,000, respectively. | |||||||||||||
Marketable Securities, Policy [Policy Text Block] | ' | ||||||||||||
8. Investment Securities | |||||||||||||
We classify our investment securities in one of three categories: held to maturity, trading, or available for sale. Our investment portfolio at September 28, 2013, consists of investments classified as held to maturity and available for sale. The mutual funds in our available for sale portfolio do not have contractual maturities; however, we classify them as long term assets as it is our intent to hold them for a period of over one year, although we may sell some or all of them depending on presently unanticipated needs for liquidity or market conditions. See Note C for further information on our holdings of investment securities. | |||||||||||||
Depreciation, Depletion, and Amortization [Policy Text Block] | ' | ||||||||||||
9. Depreciation and Amortization | |||||||||||||
Depreciation of equipment and buildings is provided for by the straight-line method over the assets’ estimated useful lives. We review our equipment and buildings to ensure that they provide economic benefit and are not impaired. | |||||||||||||
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 are being amortized by the straight-line method over periods ranging from 3 to 20 years and amortization expense is reflected throughout operating expenses. | |||||||||||||
Long-lived assets, including fixed assets and amortizing intangibles, are reviewed for impairment as events or changes in circumstances occur indicating that the carrying amount of the asset may not be recoverable. Indefinite lived intangibles are reviewed annually for impairment. Cash flow and sales analyses are used to assess impairment. The estimates of future cash flows and sales involve considerable management judgment and are based upon assumptions about expected future operating performance. Assumptions used in these forecasts are consistent with internal planning. The actual cash flows and sales could differ from management’s estimates due to changes in business conditions, operating performance, economic conditions, competition and consumer preferences. | |||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | ||||||||||||
10. Fair Value of Financial Instruments | |||||||||||||
The carrying value of our short-term financial instruments, such as accounts receivables and accounts payable, approximate their fair values, based on the short-term maturities of these instruments. | |||||||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||||||
11. Income Taxes | |||||||||||||
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. | |||||||||||||
As of September 28, 2013 and September 29, 2012, the total amount of gross unrecognized tax benefits is $438,000 and $541,000, respectively, all of which would impact our effective tax rate over time, if recognized. We recognize interest and penalties related to income tax matters as a part of the provision for income taxes. The Company had $224,000 and $284,000 of accrued interest and penalties as of September 28, 2013 and September 29, 2012, respectively. We recognized $11,000, $10,000 and $8,000 of penalties and interest in the years ended September 28, 2013, September 29, 2012 and September 24, 2011 respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
(in thousands) | |||||||||||||
Balance at September 29, 2012 | $ | 541 | |||||||||||
Additions based on tax positions related to the current year | 42 | ||||||||||||
Reductions for tax positions of prior years | (88 | ) | |||||||||||
Settlements | (57 | ) | |||||||||||
Balance at September 28, 2013 | $ | 438 | |||||||||||
In addition to our federal tax return and tax returns for Mexico and Canada, we file tax returns in all states that have a corporate income tax. Virtually all the returns noted above are open for examination for three to four years. | |||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||||||
12. Earnings Per Common Share | |||||||||||||
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. | |||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||||||
13. Accounting for Stock-Based Compensation | |||||||||||||
At September 28, 2013, the Company has three stock-based employee compensation plans. Share-based compensation was recognized as follows: | |||||||||||||
Fiscal year ended | |||||||||||||
September 28, | September 29, | September 24, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Stock options | $ | 795 | $ | 684 | $ | 288 | |||||||
Stock purchase plan | 363 | 256 | 203 | ||||||||||
Deferred stock issued to outside directors | 47 | - | 46 | ||||||||||
Restricted stock issued to an employee | 18 | 1 | - | ||||||||||
$ | 1,223 | $ | 941 | $ | 537 | ||||||||
Per diluted share | $ | 0.06 | $ | 0.05 | $ | 0.03 | |||||||
The above compensation is net of tax benefits | $ | 647 | $ | 305 | $ | 381 | |||||||
At September 28, 2013, the Company has unrecognized compensation expense of approximately $2.4 million to be recognized over the next three fiscal years. | |||||||||||||
The fair value of each option grant is estimated on the date of grant using the Black-Scholes options-pricing model with the following weighted average assumptions used for grants in fiscal 2013, 2012 and 2011: expected volatility of 25.7% for fiscal year 2013, 28.3% for fiscal year 2012 and 28.6% for fiscal year 2011: weighted average risk-free interest rates of 2.64%, .81% and 1.56%; dividend rate of .8%, .9% and .9% and expected lives ranging between 5 and 10 years for all years. An expected forfeiture rate of 20% was used for 2013, 18% was used for 2012 and 13% was used for fiscal year 2011. | |||||||||||||
Expected volatility is based on the historical volatility of the price of our common shares over the past 52 to 55 months for 5 year options and 10 years for 10 year options. We use historical information to estimate expected life and forfeitures within the valuation model. The expected term of awards represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Compensation cost is recognized using a straight-line method over the vesting or service period and is net of estimated forfeitures. | |||||||||||||
Advertising Costs, Policy [Policy Text Block] | ' | ||||||||||||
14. Advertising Costs | |||||||||||||
Advertising costs are expensed as incurred. Total advertising expense was $3,069,000, $2,571,000 and $1,919,000 for the fiscal years 2013, 2012 and 2011, respectively. | |||||||||||||
Derivatives, Hedge Discontinuances [Policy Text Block] | ' | ||||||||||||
15. Commodity Price Risk Management | |||||||||||||
Our most significant raw material requirements include flour, packaging, shortening, corn syrup, sugar, juice, cheese, chocolate, and a variety of nuts. We attempt to minimize the effect of future price fluctuations related to the purchase of raw materials primarily through forward purchasing to cover future manufacturing requirements, generally for periods from 1 to 12 months. As of September 28, 2013, we have approximately $40 million of such commitments. Futures contracts are not used in combination with forward purchasing of these raw materials. Our procurement practices are intended to reduce the risk of future price increases, but also may potentially limit the ability to benefit from possible price decreases. Our policy is to recognize estimated losses on purchase commitments when they occur. At each of the last three fiscal year ends, we did not have any material losses on our purchase commitments. | |||||||||||||
Research, Development, and Computer Software, Policy [Policy Text Block] | ' | ||||||||||||
16. Research and Development Costs | |||||||||||||
Research and development costs are expensed as incurred. Total research and development expense was $478,000, $501,000 and $941,000 for the fiscal years 2013, 2012 and 2011, respectively. | |||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||||
17. Recent Accounting Pronouncements | |||||||||||||
In June 2011, the FASB issued guidance which gives us the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both options, we are required to present each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. This guidance eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. The amendments in this guidance do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. In December 2011, the FASB issued an update deferring the effective date for amendments to the presentation of reclassifications of items out of accumulated other comprehensive income. This guidance was effective for our fiscal year 2013, and its adoption did not have a material impact on our financial statements. | |||||||||||||
In July 2012, the FASB issued guidance which allows us the option to first assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that an indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, we conclude that it is not more likely than not that the indefinite-lived intangible asset is impaired, then we are not required to take further action. We also have the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative impairment test. We would be able to resume performing the qualitative assessment in any subsequent period. The amendments are effective for annual and interim impairment tests performed for our 2013 fiscal year. Early adoption is permitted, including for annual and interim impairment tests performed as of a date before July 27, 2012, if our financial statements for the most recent annual or interim period had not yet been issued. We adopted this guidance in our fiscal year 2013. The adoption of this guidance did not have a significant impact on our consolidated financial statements. | |||||||||||||
In February 2013, the FASB issued guidance which requires us to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, we are required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts not required under U.S. GAAP to be reclassified in their entirety to net income, we are required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. This guidance is effective for our fiscal year 2014. We do not believe that the adoption of this guidance will have a significant effect on our consolidated financial statements. | |||||||||||||
Reclassification, Policy [Policy Text Block] | ' | ||||||||||||
18. Reclassifications | |||||||||||||
Certain prior year financial statement amounts have been reclassified to be consistent with the presentation for the current year. |
Note_A_Summary_of_Significant_1
Note A - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | ' | ||||||||||||
(in thousands) | |||||||||||||
Balance at September 29, 2012 | $ | 541 | |||||||||||
Additions based on tax positions related to the current year | 42 | ||||||||||||
Reductions for tax positions of prior years | (88 | ) | |||||||||||
Settlements | (57 | ) | |||||||||||
Balance at September 28, 2013 | $ | 438 | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
Fiscal Year Ended September 28, 2013 | |||||||||||||
Income | Shares | Per Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Earnings Per Basic Share | |||||||||||||
Net Income available to common stockholders | $ | 64,381 | 18,785 | $ | 3.43 | ||||||||
Effect of Dilutive Securities | |||||||||||||
Options | - | 93 | (0.02 | ) | |||||||||
Earnings Per Diluted Share | |||||||||||||
Net Income available to common stockholders plus assumed conversions | $ | 64,381 | 18,878 | $ | 3.41 | ||||||||
Fiscal Year Ended September 29, 2012 | |||||||||||||
Income | Shares | Per Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Earnings Per Basic Share | |||||||||||||
Net Income available to common stockholders | $ | 54,118 | 18,854 | $ | 2.87 | ||||||||
Effect of Dilutive Securities | |||||||||||||
Options | - | 63 | (0.01 | ) | |||||||||
Earnings Per Diluted Share | |||||||||||||
Net Income available to common stockholders plus assumed conversions | $ | 54,118 | 18,917 | $ | 2.86 | ||||||||
Fiscal Year Ended September 24, 2011 | |||||||||||||
Income | Shares | Per Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Earnings Per Basic Share | |||||||||||||
Net Income available to common stockholders | $ | 55,063 | 18,672 | $ | 2.95 | ||||||||
Effect of Dilutive Securities | |||||||||||||
Options | - | 117 | (0.02 | ) | |||||||||
Earnings Per Diluted Share | |||||||||||||
Net Income available to common stockholders plus assumed conversions | $ | 55,063 | 18,789 | $ | 2.93 | ||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | ' | ||||||||||||
Fiscal year ended | |||||||||||||
September 28, | September 29, | September 24, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Stock options | $ | 795 | $ | 684 | $ | 288 | |||||||
Stock purchase plan | 363 | 256 | 203 | ||||||||||
Deferred stock issued to outside directors | 47 | - | 46 | ||||||||||
Restricted stock issued to an employee | 18 | 1 | - | ||||||||||
$ | 1,223 | $ | 941 | $ | 537 | ||||||||
Per diluted share | $ | 0.06 | $ | 0.05 | $ | 0.03 | |||||||
The above compensation is net of tax benefits | $ | 647 | $ | 305 | $ | 381 |
Note_C_Investment_Securities_T
Note C - Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Held-to-maturity Securities [Table Text Block] | ' | ||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||
Cost | Unrealized | Unrealized | Market | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
(in thousands) | |||||||||||||||||
US Government Agency Debt | $ | 2,000 | $ | - | $ | 50 | $ | 1,950 | |||||||||
Certificates of Deposit | 256 | - | - | 256 | |||||||||||||
$ | 2,256 | $ | - | $ | 50 | $ | 2,206 | ||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||
Cost | Unrealized | Unrealized | Market | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
(in thousands) | |||||||||||||||||
Mutual Funds | $ | 109,891 | $ | 254 | $ | 2,481 | $ | 107,664 | |||||||||
$ | 109,891 | $ | 254 | $ | 2,481 | $ | 107,664 | ||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||
Cost | Unrealized | Unrealized | Market | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
(in thousands) | |||||||||||||||||
US Government Agency Debt | $ | 24,998 | $ | 126 | $ | - | $ | 25,124 | |||||||||
Certificates of Deposit | 1,214 | - | - | 1,214 | |||||||||||||
$ | 26,212 | $ | 126 | $ | - | $ | 26,338 | ||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | ' | ||||||||||||||||
28-Sep-13 | 29-Sep-12 | ||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||
Cost | Market | Cost | Market | ||||||||||||||
Value | Value | ||||||||||||||||
(in thousands) | |||||||||||||||||
Due in one year or less | $ | 256 | $ | 256 | $ | 1,214 | $ | 1,214 | |||||||||
Due after one year through five years | - | - | - | - | |||||||||||||
Due after five years through ten years | 2,000 | 1,950 | 24,998 | 25,124 | |||||||||||||
Total held to maturity securities | $ | 2,256 | $ | 2,206 | $ | 26,212 | $ | 26,338 | |||||||||
Less current portion | 256 | 256 | 1,214 | 1,214 | |||||||||||||
Long term held to maturity securities | $ | 2,000 | $ | 1,950 | $ | 24,998 | $ | 25,124 |
Note_D_Inventories_Tables
Note D - Inventories (Tables) | 12 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
September 28, | September 29, | ||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Finished goods | $ | 33,013 | $ | 32,439 | |||||
Raw materials | 14,489 | 14,584 | |||||||
Packaging materials | 5,937 | 5,985 | |||||||
Equipment parts and other | 18,346 | 16,753 | |||||||
$ | 71,785 | $ | 69,761 |
Note_E_Property_Plant_and_Equi1
Note E - Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||||||||
Sep. 28, 2013 | ||||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||||||||
September 28, | September 29, | Estimated | ||||||||||||
2013 | 2012 | Useful Lives (in years) | ||||||||||||
(in thousands) | ||||||||||||||
Land | $ | 2,496 | $ | 2,496 | - | |||||||||
Buildings | 26,741 | 26,741 | 15 | - | 39.5 | |||||||||
Plant machinery and equipment | 179,331 | 172,529 | 5 | - | 20 | |||||||||
Marketing equipment | 244,770 | 233,612 | 5 | - | 7 | |||||||||
Transportation equipment | 5,953 | 4,879 | 5 | |||||||||||
Office equipment | 16,282 | 14,987 | 3 | - | 5 | |||||||||
Improvements | 24,917 | 22,889 | 5 | - | 20 | |||||||||
Construction in Progress | 9,952 | 5,740 | - | |||||||||||
$ | 510,442 | $ | 483,873 |
Note_F_Goodwill_and_Intangible1
Note F - Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | ' | ||||||||||||||||
28-Sep-13 | 29-Sep-12 | ||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||
Amount | Amount | ||||||||||||||||
(in thousands) | |||||||||||||||||
FOOD SERVICE | |||||||||||||||||
Indefinite lived intangible assets | |||||||||||||||||
Trade Names | $ | 12,880 | $ | - | $ | 12,880 | $ | - | |||||||||
Amortized intangible assets | |||||||||||||||||
Non compete agreements | 545 | 478 | 545 | 456 | |||||||||||||
Customer relationships | 40,187 | 26,187 | 40,187 | 22,582 | |||||||||||||
License and rights | 3,606 | 2,614 | 3,606 | 2,519 | |||||||||||||
$ | 57,218 | $ | 29,279 | $ | 57,218 | $ | 25,557 | ||||||||||
RETAIL SUPERMARKETS | |||||||||||||||||
Indefinite lived intangible assets | |||||||||||||||||
Trade Names | $ | 4,006 | $ | - | $ | 4,006 | $ | - | |||||||||
Amortized Intangible Assets | |||||||||||||||||
Customer relationships | 279 | 62 | 279 | 31 | |||||||||||||
$ | 4,285 | $ | 62 | $ | 4,285 | $ | 31 | ||||||||||
FROZEN BEVERAGES | |||||||||||||||||
Indefinite lived intangible assets | |||||||||||||||||
Trade Names | $ | 9,315 | $ | - | $ | 9,315 | $ | - | |||||||||
Amortized intangible assets | |||||||||||||||||
Non compete agreements | 198 | 198 | 198 | 198 | |||||||||||||
Customer relationships | 6,478 | 4,830 | 6,478 | 4,201 | |||||||||||||
Licenses and rights | 1,601 | 714 | 1,601 | 644 | |||||||||||||
$ | 17,592 | $ | 5,742 | $ | 17,592 | $ | 5,043 | ||||||||||
CONSOLIDATED | $ | 79,095 | $ | 35,083 | $ | 79,095 | $ | 30,631 | |||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||||||
Food | Retail | Frozen | Total | ||||||||||||||
Service | Supermarkets | Beverages | |||||||||||||||
Balance at September 28, 2013 | $ | 39,115 | $ | 1,844 | $ | 35,940 | $ | 76,899 | |||||||||
Balance at September 29, 2012 | $ | 39,115 | $ | 1,844 | $ | 35,940 | $ | 76,899 |
Note_H_Obligations_Under_Capit1
Note H - Obligations Under Capital Leases (Tables) | 12 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Leases, Capital [Abstract] | ' | ||||||||
Schedule of Capital Lease Obligations [Table Text Block] | ' | ||||||||
September 28, | September 29, | ||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Capital lease obligations, with interest at 6.25%, payable in monthly installments of $6,030, through March 2015 | $ | 103 | $ | 167 | |||||
Capital lease obligations, with interest at 7.6%, payable in monthly installments of $3,162, through November 2017 | 130 | 157 | |||||||
Capital lease obligations, with interest at 5.8%, payable in monthly installments of $14,625, through May 2014 | 114 | 277 | |||||||
Capital lease obligations, with interest at 2.6%, payable in monthly installments of $8,700, through August 2013 | - | 86 | |||||||
347 | 687 | ||||||||
Less current portion | 211 | 340 | |||||||
$ | 136 | $ | 347 |
Note_I_Income_Taxes_Tables
Note I - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
Fiscal year ended | |||||||||||||
September 28, | September 29, | September 24, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Current | |||||||||||||
U.S. Federal | $ | 26,492 | $ | 21,573 | $ | 17,065 | |||||||
Foreign | 2,289 | 1,408 | 950 | ||||||||||
State | 7,560 | 5,416 | 4,871 | ||||||||||
36,341 | 28,397 | 22,886 | |||||||||||
Deferred | |||||||||||||
U.S. Federal | $ | 64 | $ | 3,124 | $ | 3,988 | |||||||
Foreign | (10 | ) | (14 | ) | 409 | ||||||||
State | 14 | 661 | 1,720 | ||||||||||
68 | 3,771 | 6,117 | |||||||||||
$ | 36,409 | $ | 32,168 | $ | 29,003 | ||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
Fiscal year ended | |||||||||||||
September 28, | September 29, | September 24, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Income taxes at statutory rates | $ | 35,277 | $ | 30,200 | $ | 29,423 | |||||||
Increase (decrease)in taxes resulting from: | |||||||||||||
State income taxes, net of federal income tax benefit | 4,346 | 3,777 | 3,279 | ||||||||||
Domestic production activities deduction | (1,540 | ) | (1,553 | ) | (1,500 | ) | |||||||
Gain on bargain purchase | - | - | (2,303 | ) | |||||||||
Reduction of gross unrecognized tax benefits | (346 | ) | (307 | ) | (310 | ) | |||||||
Other, net | (1,328 | ) | 51 | 414 | |||||||||
$ | 36,409 | $ | 32,168 | $ | 29,003 | ||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
September 28, | September 29, | ||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Deferred tax assets | |||||||||||||
Vacation accrual | $ | 1,445 | $ | 1,422 | |||||||||
Insurance accrual | 3,306 | 2,722 | |||||||||||
Deferred income | 32 | 13 | |||||||||||
Allowances | 2,348 | 2,130 | |||||||||||
Inventory capitalization | 709 | 709 | |||||||||||
Share-based compensation | 1,023 | 794 | |||||||||||
Other, net | - | 11 | |||||||||||
8,863 | 7,801 | ||||||||||||
Deferred tax liabilities | |||||||||||||
Amortization of goodwill and other intangible assets | 20,283 | 19,030 | |||||||||||
Depreciation of property and equipment | 29,261 | 29,360 | |||||||||||
Other, net | - | 24 | |||||||||||
49,544 | 48,414 | ||||||||||||
$ | 40,681 | $ | 40,613 |
Note_J_Commitments_Tables
Note J - Commitments (Tables) | 12 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||||||||||
Plants and | Equipment | Total | |||||||||||
Offices | |||||||||||||
(in thousands) | |||||||||||||
2014 | $ | 5,194 | $ | 3,362 | $ | 8,556 | |||||||
2015 | 4,943 | 2,602 | 7,545 | ||||||||||
2016 | 3,564 | 2,256 | 5,820 | ||||||||||
2017 | 3,013 | 1,792 | 4,805 | ||||||||||
2018 | 2,428 | 644 | 3,072 | ||||||||||
2019 and thereafter | 15,573 | 49 | 15,622 | ||||||||||
$ | 34,715 | $ | 10,705 | $ | 45,420 |
Note_L_Stock_Options_Tables
Note L - Stock Options (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||||||
Note L - Stock Options (Tables) [Line Items] | ' | ||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||||||||||
Incentive Stock Options | Nonqualified Stock Options | ||||||||||||||||||||||||
Stock | Weighted- | Stock | Weighted- | ||||||||||||||||||||||
Options | Average | Options | Average | ||||||||||||||||||||||
Outstanding | Exercise | Outstanding | Exercise | ||||||||||||||||||||||
Price | Price | ||||||||||||||||||||||||
Balance, September 26, 2010 | 418,009 | $ | 30.86 | 244,000 | $ | 23.38 | |||||||||||||||||||
Granted | 101,200 | 50.93 | 45,315 | 49.57 | |||||||||||||||||||||
Exercised | (186,039 | ) | 23.52 | (62,000 | ) | 10.3 | |||||||||||||||||||
Canceled | (10,050 | ) | 36.77 | - | - | ||||||||||||||||||||
Balance, September 24, 2011 | 323,120 | 41.18 | 227,315 | 32.17 | |||||||||||||||||||||
Granted | 118,210 | 57.87 | 45,932 | 57.7 | |||||||||||||||||||||
Exercised | (71,350 | ) | 39.03 | (62,000 | ) | 19.77 | |||||||||||||||||||
Canceled | (14,300 | ) | 41.13 | - | - | ||||||||||||||||||||
Balance, September 29, 2012 | 355,680 | 47.16 | 211,247 | 41.36 | |||||||||||||||||||||
Granted | 1,600 | 63.13 | 20,000 | 80.79 | |||||||||||||||||||||
Exercised | (84,628 | ) | 34.58 | - | - | ||||||||||||||||||||
Canceled | (12,800 | ) | 51.01 | - | - | ||||||||||||||||||||
Balance, September 28, 2013 | 259,852 | $ | 51.17 | 231,247 | $ | 44.77 | |||||||||||||||||||
Exercisable Options September 28, 2013 | 51,892 | 120,000 | |||||||||||||||||||||||
Incentive Stock Options [Member] | ' | ||||||||||||||||||||||||
Note L - Stock Options (Tables) [Line Items] | ' | ||||||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Range of Exercise Prices | Number | Weighted- | Weighted- | Number | Weighted- | ||||||||||||||||||||
Outstanding | Average | Average | Exercisable | Average | |||||||||||||||||||||
at | Remaining | Exercise | at | Exercise | |||||||||||||||||||||
September 28, | Contractual | Price | September 28, | Price | |||||||||||||||||||||
2013 | Life (in years) | 2013 | |||||||||||||||||||||||
$36.71 | - | $51.14 | 147,542 | 2.2 | $ | 45.86 | 51,892 | $ | 36.73 | ||||||||||||||||
$57.15 | - | $76.27 | 112,310 | 3.9 | $ | 58.06 | - | $ | - | ||||||||||||||||
259,852 | 51,892 | ||||||||||||||||||||||||
Nonqualified Stock Options [Member] | ' | ||||||||||||||||||||||||
Note L - Stock Options (Tables) [Line Items] | ' | ||||||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Range of Exercise Prices | Number | Weighted- | Weighted- | Number | Weighted- | ||||||||||||||||||||
Outstanding | Average | Average | Exercisable | Average | |||||||||||||||||||||
at | Remaining | Exercise | at | Exercise | |||||||||||||||||||||
September 28, | Contractual | Price | September 28, | Price | |||||||||||||||||||||
2013 | Life (in years) | 2013 | |||||||||||||||||||||||
$20.43 | - | $29.78 | 40,000 | 1.6 | $ | 25.1 | 40,000 | $ | 25.1 | ||||||||||||||||
$31.10 | - | $41.75 | 80,000 | 4.7 | $ | 35.46 | 80,000 | $ | 35.46 | ||||||||||||||||
$47.59 | - | $57.99 | 91,247 | 5.6 | $ | 53.67 | - | $ | - | ||||||||||||||||
$80.79 | - | $80.79 | 20,000 | 10 | $ | 80.79 | - | $ | - | ||||||||||||||||
231,247 | 120,000 |
Note_N_Cash_Flow_Information_T
Note N - Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ' | ||||||||||||
Fiscal Year Ended | |||||||||||||
September 28, | September 29, | September 24, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Cash paid for: | |||||||||||||
Interest | $ | 50 | $ | 70 | $ | 36 | |||||||
Income taxes | 35,496 | 23,864 | 19,594 | ||||||||||
Non cash items: | |||||||||||||
Capital leases | $ | - | $ | 198 | $ | 182 |
Note_O_Segment_Reporting_Table
Note O - Segment Reporting (Tables) | 12 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||
Fiscal year ended | |||||||||||||
September 28, | September 29, | September 24, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Sales to External Customers: | |||||||||||||
Food Service | |||||||||||||
Soft pretzels | $ | 145,026 | $ | 118,014 | $ | 103,943 | |||||||
Frozen juices and ices | 48,831 | 53,813 | 49,740 | ||||||||||
Churros | 56,099 | 45,974 | 41,583 | ||||||||||
Handhelds | 26,488 | 27,818 | 8,865 | ||||||||||
Bakery | 274,783 | 266,192 | 241,288 | ||||||||||
Other | 9,532 | 9,451 | 18,143 | ||||||||||
$ | 560,759 | $ | 521,262 | $ | 463,562 | ||||||||
Retail Supermarket | |||||||||||||
Soft pretzels | $ | 34,597 | $ | 33,842 | $ | 32,044 | |||||||
Frozen juices and ices | 48,077 | 53,673 | 51,940 | ||||||||||
Handhelds | 22,528 | 24,358 | 9,424 | ||||||||||
Coupon redemption | (3,681 | ) | (3,222 | ) | (3,857 | ) | |||||||
Other | 818 | 1,217 | 1,548 | ||||||||||
$ | 102,339 | $ | 109,868 | $ | 91,099 | ||||||||
Frozen Beverages | |||||||||||||
Beverages | $ | 132,274 | $ | 135,436 | $ | 133,372 | |||||||
Repair and maintenance service | 52,813 | 49,115 | 42,608 | ||||||||||
Machines sales | 17,376 | 13,136 | 11,362 | ||||||||||
Other | 2,122 | 1,979 | 2,068 | ||||||||||
$ | 204,585 | $ | 199,666 | $ | 189,410 | ||||||||
Consolidated Sales | $ | 867,683 | $ | 830,796 | $ | 744,071 | |||||||
Depreciation and Amortization: | |||||||||||||
Food Service | $ | 18,999 | $ | 17,287 | $ | 16,986 | |||||||
Retail Supermarket | 31 | 23 | 8 | ||||||||||
Frozen Beverages | 14,522 | 13,627 | 13,240 | ||||||||||
$ | 33,552 | $ | 30,937 | $ | 30,234 | ||||||||
Operating Income: | |||||||||||||
Food Service | $ | 65,907 | $ | 49,770 | $ | 46,171 | |||||||
Retail Supermarket | 8,594 | 13,316 | 11,830 | ||||||||||
Frozen Beverages | 22,903 | 21,881 | 18,582 | ||||||||||
$ | 97,404 | $ | 84,967 | $ | 76,583 | ||||||||
Capital Expenditures: | |||||||||||||
Food Service | $ | 19,097 | $ | 28,504 | $ | 14,905 | |||||||
Retail Supermarket | - | - | - | ||||||||||
Frozen Beverages | 16,724 | 14,296 | 14,219 | ||||||||||
$ | 35,821 | $ | 42,800 | $ | 29,124 | ||||||||
Assets: | |||||||||||||
Food Service | $ | 486,015 | $ | 453,509 | $ | 405,927 | |||||||
Retail Supermarket | 6,067 | 6,098 | 3,579 | ||||||||||
Frozen Beverages | 153,579 | 143,437 | 141,310 | ||||||||||
$ | 645,661 | $ | 603,044 | $ | 550,816 |
Note_P_Quarterly_Financial_Dat1
Note P - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||
Fiscal Year Ended September 28, 2013 | |||||||||||||||||
Net Sales | Gross | Net | Net Earnings | ||||||||||||||
Profit | Earnings | Per | |||||||||||||||
Diluted | |||||||||||||||||
Share(1) | |||||||||||||||||
(in thousands, except per share information) | |||||||||||||||||
1st Quarter | $ | 191,408 | $ | 54,135 | $ | 10,226 | $ | 0.54 | |||||||||
2nd Quarter | 201,326 | 58,151 | 12,660 | 0.67 | |||||||||||||
3rd Quarter | 237,036 | 75,322 | 21,172 | 1.12 | |||||||||||||
4th Quarter | 237,913 | 75,694 | 20,323 | 1.08 | |||||||||||||
Total | $ | 867,683 | $ | 263,302 | $ | 64,381 | $ | 3.41 | |||||||||
Fiscal Year Ended September 29, 2012 | |||||||||||||||||
Net Sales | Gross | Net | Net Earnings | ||||||||||||||
Profit | Earnings | Per | |||||||||||||||
Diluted | |||||||||||||||||
Share(1) | |||||||||||||||||
(in thousands, except per share information) | |||||||||||||||||
1st Quarter | $ | 172,686 | $ | 46,406 | $ | 5,485 | $ | 0.29 | |||||||||
2nd Quarter | 189,554 | 53,987 | 10,423 | 0.55 | |||||||||||||
3rd Quarter | 226,335 | 72,507 | 18,672 | 0.99 | |||||||||||||
4th Quarter | 242,221 | 77,285 | 19,538 | 1.03 | |||||||||||||
Total | $ | 830,796 | $ | 250,185 | $ | 54,118 | $ | 2.86 |
Note_A_Summary_of_Significant_2
Note A - Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |||||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | ||||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | |||
Deferred Revenue | $10,000,000 | $12,000,000 | ' | |||
Shipping, Handling and Transportation Costs | 65,025,000 | [1] | 62,250,000 | [1] | 57,462,000 | [1] |
Revenue, Net | 867,683,000 | 830,796,000 | 744,071,000 | |||
Cash, Uninsured Amount | 55,000,000 | ' | ' | |||
Cash, FDIC Insured Amount | 250,000 | ' | ' | |||
Accounts Receivable, Net | 87,545,000 | 76,414,000 | ' | |||
Allowance for Doubtful Accounts Receivable | 854,000 | 987,000 | ' | |||
Inventory Valuation Reserves | 4,449,000 | 3,883,000 | ' | |||
Unrecognized Tax Benefits | 438,000 | 541,000 | ' | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 224,000 | 284,000 | ' | |||
Income Tax Examination, Penalties and Interest Expense | 11,000 | 10,000 | 8,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 2,400,000 | ' | ' | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '3 years | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 25.70% | 28.30% | 28.60% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.64% | 0.81% | 1.56% | |||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate | 20.00% | 18.00% | 13.00% | |||
Advertising Expense | 3,069,000 | 2,571,000 | 1,919,000 | |||
Commodity Futures Contracts and Spot Commodities, Proprietary Capital Charges | 40,000,000 | ' | ' | |||
Research and Development Expense | 478,000 | 501,000 | 941,000 | |||
Customers Group One [Member] | Minimum [Member] | ' | ' | ' | |||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | |||
Accounts Receivable, Net | ' | 1,000,000 | ' | |||
Customers Group One [Member] | Maximum [Member] | ' | ' | ' | |||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | |||
Accounts Receivable, Net | ' | 10,000,000 | ' | |||
Largest Customer [Member] | Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | ' | ' | ' | |||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | |||
Concentration Risk, Percentage | 8.00% | 8.00% | 8.00% | |||
Repair And Maintenance Service [Member] | ' | ' | ' | |||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | |||
Deferred Revenue | 1,454,000 | 1,398,000 | ' | |||
Revenue, Net | 22,780,000 | 20,309,000 | 18,744,000 | |||
Deferred Revenue, Noncurrent | 45,000 | 6,000 | ' | |||
Frozen Beverages [Member] | Machines Sales [Member] | ' | ' | ' | |||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | |||
Revenue, Net | $22,836,000 | $20,324,000 | $18,711,000 | |||
5 Year Options [Member] | Minimum [Member] | ' | ' | ' | |||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | |||
Expected Volatility Term | '52 months | ' | ' | |||
5 Year Options [Member] | Maximum [Member] | ' | ' | ' | |||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | |||
Expected Volatility Term | '55 months | ' | ' | |||
10 Year Options [Member] | ' | ' | ' | |||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | |||
Expected Volatility Term | '10 years | ' | ' | |||
Employee Stock Option [Member] | ' | ' | ' | |||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | ' | 162,142 | 143,515 | |||
Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | ' | ' | ' | |||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | |||
Concentration Risk, Percentage | 43.00% | 41.00% | 43.00% | |||
Minimum [Member] | ' | ' | ' | |||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | |||
Finite-Lived Intangible Asset, Useful Life | '3 years | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '5 years | '5 years | '5 years | |||
Maximum [Member] | ' | ' | ' | |||
Note A - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | |||
Finite-Lived Intangible Asset, Useful Life | '20 years | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '10 years | '10 years | '10 years | |||
[1] | Includes share-based compensation expense of $30 for the year ended September 28, 2013, $27 for the year ended September 29, 2012 and $18 for the year ended September 24, 2011. |
Note_A_Summary_of_Significant_3
Note A - Summary of Significant Accounting Policies (Details) - Unrecognized Tax Benefits (USD $) | 12 Months Ended | |
Sep. 28, 2013 | Sep. 29, 2012 | |
Unrecognized Tax Benefits [Abstract] | ' | ' |
Balance | $438,000 | $541,000 |
Additions based on tax positions related to the current year | 42,000 | ' |
Reductions for tax positions of prior years | -88,000 | ' |
Settlements | ($57,000) | ' |
Note_A_Summary_of_Significant_4
Note A - Summary of Significant Accounting Policies (Details) - Calculation of EPS (USD $) | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | ||
Earnings Per Basic Share | ' | ' | ' | ||
Net Income available to common stockholders (in Dollars) | $64,381 | $54,118 | $55,063 | ||
Net Income available to common stockholders (in Shares) | 18,785 | 18,854 | 18,672 | ||
Net Income available to common stockholders | $3.43 | $2.87 | $2.95 | ||
Effect of Dilutive Securities | ' | ' | ' | ||
Options (in Dollars) | 93 | 63 | 117 | ||
Options | ($0.02) | ($0.01) | ($0.02) | ||
Earnings Per Diluted Share | ' | ' | ' | ||
Net Income available to common stockholders plus assumed conversions (in Dollars) | $64,381 | $54,118 | $55,063 | ||
Net Income available to common stockholders plus assumed conversions (in Shares) | 18,878 | 18,917 | 18,789 | ||
Net Income available to common stockholders plus assumed conversions | $3.41 | [1] | $2.86 | [1] | $2.93 |
[1] | Total of quarterly amounts do not necessarily agree to the annual report amounts due to separate quarterly calculations of weighted average shares outstanding. |
Note_A_Summary_of_Significant_5
Note A - Summary of Significant Accounting Policies (Details) - Recognized Share-based Compensation (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation, Recognized | $1,223 | $941 | $537 |
Per diluted share | '$0.06 | '$0.05 | '$0.03 |
The above compensation is net of tax benefits | 647 | 305 | 381 |
Employee Stock Option [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation, Recognized | 795 | 684 | 288 |
Stock Compensation Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation, Recognized | 363 | 256 | 203 |
Deferred Stock Issued To Outside Directors [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation, Recognized | 47 | ' | 46 |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation, Recognized | $18 | $1 | ' |
Note_B_Acquisitions_Details
Note B - Acquisitions (Details) (USD $) | 12 Months Ended | 4 Months Ended | 12 Months Ended | |||||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | Sep. 24, 2011 | Apr. 30, 2011 | Sep. 29, 2012 | Sep. 29, 2012 | 31-May-12 | |
ConAgra [Member] | ConAgra [Member] | Kim and Scott's [Member] | Kim and Scott's [Member] | Kim and Scott's [Member] | ||||
Note B - Acquisitions (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, Net | $867,683,000 | $830,796,000 | $744,071,000 | $18,300,000 | $50,000,000 | $1,800,000 | ' | $8,000,000 |
Business Combination, Bargain Purchase, Gain Recognized, Amount | ' | ' | 6,580,000 | 6,580,000 | ' | ' | ' | ' |
Other General and Administrative Expense | ' | ' | ' | $546,000 | ' | ' | $155,000 | ' |
Note_C_Investment_Securities_D
Note C - Investment Securities (Details) (USD $) | 12 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' |
Proceeds from Sale and Maturity of Marketable Securities | $25,307,000 | $109,744,000 | $37,568,000 |
Marketable Securities, Gain (Loss) | $108,000 | $0 | $0 |
Note_C_Investment_Securities_D1
Note C - Investment Securities (Details) - Summary of Held to Maturity Securities (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | $2,256 | $26,212 |
Gross Unrealized Gains | ' | 126 |
Gross Unrealized Losses | 50 | ' |
Fair Market Value | 2,206 | 26,338 |
Amortized Cost | 109,891 | ' |
Gross Unrealized Gains | 254 | ' |
Gross Unrealized Losses | 2,481 | ' |
Fair Market Value | 107,664 | ' |
US Government Corporations and Agencies Securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 2,000 | 24,998 |
Gross Unrealized Gains | ' | 126 |
Gross Unrealized Losses | 50 | ' |
Fair Market Value | 1,950 | 25,124 |
Certificates of Deposit [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 256 | 1,214 |
Fair Market Value | 256 | 1,214 |
Mutual Funds [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 109,891 | ' |
Gross Unrealized Gains | 254 | ' |
Gross Unrealized Losses | 2,481 | ' |
Fair Market Value | $107,664 | ' |
Note_C_Investment_Securities_D2
Note C - Investment Securities (Details) - Investments Classified by Contractual Maturity Date (USD $) | Sep. 28, 2013 | Sep. 29, 2012 |
In Thousands, unless otherwise specified | ||
Investments Classified by Contractual Maturity Date [Abstract] | ' | ' |
Due in one year or less | $256 | $1,214 |
Due in one year or less | 256 | 1,214 |
Due after five years through ten years | 2,000 | 24,998 |
Due after five years through ten years | 1,950 | 25,124 |
Total held to maturity securities | 2,256 | 26,212 |
Total held to maturity securities | 2,206 | 26,338 |
Less current portion | 256 | 1,214 |
Less current portion | 256 | 1,214 |
Long term held to maturity securities | 2,000 | 24,998 |
Long term held to maturity securities | $1,950 | $25,124 |
Note_D_Inventories_Details
Note D - Inventories (Details) (USD $) | Sep. 28, 2013 | Sep. 29, 2012 |
Inventory Disclosure [Abstract] | ' | ' |
Inventory Valuation Reserves | $4,449,000 | $3,883,000 |
Note_D_Inventories_Details_Inv
Note D - Inventories (Details) - Inventories (USD $) | Sep. 28, 2013 | Sep. 29, 2012 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Finished goods | $33,013 | $32,439 |
Equipment parts and other | 18,346 | 16,753 |
71,785 | 69,761 | |
Raw Materials [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Raw Materials | 14,489 | 14,584 |
Packaging Materials [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Raw Materials | $5,937 | $5,985 |
Note_E_Property_Plant_and_Equi2
Note E - Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation, Amortization and Accretion, Net | $28,801,000 | $26,175,000 | $25,046,000 |
Note_E_Property_Plant_and_Equi3
Note E - Property, Plant and Equipment (Details) - Property, Plant and Equipment (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment | $510,442 | $483,873 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment | 2,496 | 2,496 |
Property, Plant and Equipment, Estimated Usful Lives | '- | ' |
Building [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment | 26,741 | 26,741 |
Property, Plant and Equipment, Estimated Usful Lives | '- | ' |
Building [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Estimated Usful Lives | '15 | ' |
Building [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Estimated Usful Lives | '39.5 | ' |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment | 179,331 | 172,529 |
Property, Plant and Equipment, Estimated Usful Lives | '- | ' |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Estimated Usful Lives | '5 | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Estimated Usful Lives | '20 | ' |
Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment | 244,770 | 233,612 |
Property, Plant and Equipment, Estimated Usful Lives | '- | ' |
Equipment [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Estimated Usful Lives | '5 | ' |
Equipment [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Estimated Usful Lives | '7 | ' |
Transportation Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment | 5,953 | 4,879 |
Property, Plant and Equipment, Estimated Usful Lives | '5 | ' |
Office Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment | 16,282 | 14,987 |
Property, Plant and Equipment, Estimated Usful Lives | '- | ' |
Office Equipment [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Estimated Usful Lives | '3 | ' |
Office Equipment [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Estimated Usful Lives | '5 | ' |
Building Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment | 24,917 | 22,889 |
Property, Plant and Equipment, Estimated Usful Lives | '- | ' |
Building Improvements [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Estimated Usful Lives | '5 | ' |
Building Improvements [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Estimated Usful Lives | '20 | ' |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment | $9,952 | $5,740 |
Property, Plant and Equipment, Estimated Usful Lives | '- | ' |
Note_F_Goodwill_and_Intangible2
Note F - Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | |
Note F - Goodwill and Intangible Assets (Details) [Line Items] | ' | ' | ' |
Number of Reportable Segments | 3 | ' | ' |
Indefinite-lived Intangible Assets Acquired | $0 | ' | ' |
Amortization of Intangible Assets | 4,452,000 | 4,477,000 | 4,811,000 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 4,400,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 4,400,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 4,200,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 1,700,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 900,000 | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '10 years 36 days | ' | ' |
Goodwill, Impairment Loss | 0 | 0 | 0 |
Goodwill, Acquired During Period | 0 | ' | ' |
Food Service [Member] | Kim and Scott's [Member] | ' | ' | ' |
Note F - Goodwill and Intangible Assets (Details) [Line Items] | ' | ' | ' |
Indefinite-lived Intangible Assets Acquired | ' | 198,000 | ' |
Goodwill, Acquired During Period | ' | 4,985,000 | ' |
Retail Supermarket [Member] | Kim and Scott's [Member] | ' | ' | ' |
Note F - Goodwill and Intangible Assets (Details) [Line Items] | ' | ' | ' |
Indefinite-lived Intangible Assets Acquired | ' | 238,000 | ' |
Goodwill, Acquired During Period | ' | 1,844,000 | ' |
Retail Supermarket [Member] | ' | ' | ' |
Note F - Goodwill and Intangible Assets (Details) [Line Items] | ' | ' | ' |
Indefinite-lived Intangible Assets Acquired | ' | 500,000 | ' |
Kim and Scott's [Member] | ' | ' | ' |
Note F - Goodwill and Intangible Assets (Details) [Line Items] | ' | ' | ' |
Goodwill, Acquired During Period | ' | $6,829,000 | ' |
Minimum [Member] | ' | ' | ' |
Note F - Goodwill and Intangible Assets (Details) [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Note F - Goodwill and Intangible Assets (Details) [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '20 years | ' | ' |
Note_F_Goodwill_and_Intangible3
Note F - Goodwill and Intangible Assets (Details) - Acquired Intangible Assets (USD $) | 12 Months Ended | |
Sep. 28, 2013 | Sep. 29, 2012 | |
Indefinite lived intangible assets | ' | ' |
Gross Carrying Amount | $0 | ' |
Amortized intangible assets | ' | ' |
Gross Carrying Amount | 79,095,000 | 79,095,000 |
Accumulated Amortization | 35,083,000 | 30,631,000 |
Food Service [Member] | Trade Names [Member] | ' | ' |
Indefinite lived intangible assets | ' | ' |
Gross Carrying Amount | 12,880,000 | 12,880,000 |
Food Service [Member] | Noncompete Agreements [Member] | ' | ' |
Amortized intangible assets | ' | ' |
Gross Carrying Amount | 545,000 | 545,000 |
Accumulated Amortization | 478,000 | 456,000 |
Food Service [Member] | Customer Relationships [Member] | ' | ' |
Amortized intangible assets | ' | ' |
Gross Carrying Amount | 40,187,000 | 40,187,000 |
Accumulated Amortization | 26,187,000 | 22,582,000 |
Food Service [Member] | Licensing Agreements [Member] | ' | ' |
Amortized intangible assets | ' | ' |
Gross Carrying Amount | 3,606,000 | 3,606,000 |
Accumulated Amortization | 2,614,000 | 2,519,000 |
Food Service [Member] | ' | ' |
Amortized intangible assets | ' | ' |
Gross Carrying Amount | 57,218,000 | 57,218,000 |
Accumulated Amortization | 29,279,000 | 25,557,000 |
Retail Supermarket [Member] | Trade Names [Member] | ' | ' |
Indefinite lived intangible assets | ' | ' |
Gross Carrying Amount | 4,006,000 | 4,006,000 |
Retail Supermarket [Member] | Customer Relationships [Member] | ' | ' |
Amortized intangible assets | ' | ' |
Gross Carrying Amount | 279,000 | 279,000 |
Accumulated Amortization | 62,000 | 31,000 |
Retail Supermarket [Member] | ' | ' |
Indefinite lived intangible assets | ' | ' |
Gross Carrying Amount | ' | 500,000 |
Amortized intangible assets | ' | ' |
Gross Carrying Amount | 4,285,000 | 4,285,000 |
Accumulated Amortization | 62,000 | 31,000 |
Frozen Beverages [Member] | Trade Names [Member] | ' | ' |
Indefinite lived intangible assets | ' | ' |
Gross Carrying Amount | 9,315,000 | 9,315,000 |
Frozen Beverages [Member] | Noncompete Agreements [Member] | ' | ' |
Amortized intangible assets | ' | ' |
Gross Carrying Amount | 198,000 | 198,000 |
Accumulated Amortization | 198,000 | 198,000 |
Frozen Beverages [Member] | Customer Relationships [Member] | ' | ' |
Amortized intangible assets | ' | ' |
Gross Carrying Amount | 6,478,000 | 6,478,000 |
Accumulated Amortization | 4,830,000 | 4,201,000 |
Frozen Beverages [Member] | Licensing Agreements [Member] | ' | ' |
Amortized intangible assets | ' | ' |
Gross Carrying Amount | 1,601,000 | 1,601,000 |
Accumulated Amortization | 714,000 | 644,000 |
Frozen Beverages [Member] | ' | ' |
Amortized intangible assets | ' | ' |
Gross Carrying Amount | 17,592,000 | 17,592,000 |
Accumulated Amortization | $5,742,000 | $5,043,000 |
Note_F_Goodwill_and_Intangible4
Note F - Goodwill and Intangible Assets (Details) - Goodwill (USD $) | Sep. 28, 2013 | Sep. 29, 2012 |
In Thousands, unless otherwise specified | ||
Goodwill [Line Items] | ' | ' |
Goodwill | $76,899 | $76,899 |
Food Service [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 39,115 | 39,115 |
Retail Supermarket [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 1,844 | 1,844 |
Frozen Beverages [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | $35,940 | $35,940 |
Note_G_LongTerm_Debt_Details
Note G - Long-Term Debt (Details) (USD $) | Sep. 28, 2013 | Sep. 29, 2012 |
Debt Disclosure [Abstract] | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $50,000,000 | ' |
Line of Credit Facility, Amount Outstanding | $0 | $0 |
Note_H_Obligations_Under_Capit2
Note H - Obligations Under Capital Leases (Details) - Obligations under Capital Leases (USD $) | Sep. 28, 2013 | Sep. 29, 2012 |
In Thousands, unless otherwise specified | ||
Note H - Obligations Under Capital Leases (Details) - Obligations under Capital Leases [Line Items] | ' | ' |
Capital lease obligations, with interest at 6.25%, payable in monthly installments of $6,030, through March 2015 | $103 | $167 |
Capital lease obligations, with interest at 7.6%, payable in monthly installments of $3,162, through November 2017 | 130 | 157 |
Capital lease obligations, with interest at 5.8%, payable in monthly installments of $14,625, through May 2014 | 114 | 277 |
Capital lease obligations, with interest at 2.6%, payable in monthly installments of $8,700, through August 2013 | ' | 86 |
347 | 687 | |
Less current portion | 211 | 340 |
$136 | $347 |
Note_H_Obligations_Under_Capit3
Note H - Obligations Under Capital Leases (Details) - Obligations under Capital Leases (Parentheticals) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Due March 2015 [Member] | ' | ' |
Note H - Obligations Under Capital Leases (Details) - Obligations under Capital Leases (Parentheticals) [Line Items] | ' | ' |
Capital lease obligations, interest | 6.25% | 6.25% |
Capital lease obligations, monthly installments (in Dollars) | $6,030 | $6,030 |
Due November 2017 [Member] | ' | ' |
Note H - Obligations Under Capital Leases (Details) - Obligations under Capital Leases (Parentheticals) [Line Items] | ' | ' |
Capital lease obligations, interest | 7.60% | 7.60% |
Capital lease obligations, monthly installments (in Dollars) | 3,162 | 3,162 |
Due May 2014 [Member] | ' | ' |
Note H - Obligations Under Capital Leases (Details) - Obligations under Capital Leases (Parentheticals) [Line Items] | ' | ' |
Capital lease obligations, interest | 5.80% | 5.80% |
Capital lease obligations, monthly installments (in Dollars) | 14,625 | 14,625 |
Due August 2013 [Member] | ' | ' |
Note H - Obligations Under Capital Leases (Details) - Obligations under Capital Leases (Parentheticals) [Line Items] | ' | ' |
Capital lease obligations, interest | 2.60% | 2.60% |
Capital lease obligations, monthly installments (in Dollars) | $8,700 | $8,700 |
Note_I_Income_Taxes_Details
Note I - Income Taxes (Details) | 12 Months Ended |
Sep. 28, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% |
Note_I_Income_Taxes_Details_In
Note I - Income Taxes (Details) - Income Tax Expense (Benefit) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 |
Current | ' | ' | ' |
U.S. Federal | $26,492 | $21,573 | $17,065 |
Foreign | 2,289 | 1,408 | 950 |
State | 7,560 | 5,416 | 4,871 |
36,341 | 28,397 | 22,886 | |
Deferred | ' | ' | ' |
U.S. Federal | 64 | 3,124 | 3,988 |
Foreign | -10 | -14 | 409 |
State | 14 | 661 | 1,720 |
68 | 3,771 | 6,117 | |
$36,409 | $32,168 | $29,003 |
Note_I_Income_Taxes_Details_Ef
Note I - Income Taxes (Details) - Effective Income Tax Rate Reconciliation (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 |
Effective Income Tax Rate Reconciliation [Abstract] | ' | ' | ' |
Income taxes at statutory rates | $35,277 | $30,200 | $29,423 |
Increase (decrease)in taxes resulting from: | ' | ' | ' |
State income taxes, net of federal income tax benefit | 4,346 | 3,777 | 3,279 |
Domestic production activities deduction | -1,540 | -1,553 | -1,500 |
Gain on bargain purchase | ' | ' | -2,303 |
Reduction of gross unrecognized tax benefits | -346 | -307 | -310 |
Other, net | -1,328 | 51 | 414 |
$36,409 | $32,168 | $29,003 |
Note_I_Income_Taxes_Details_De
Note I - Income Taxes (Details) - Deferred Tax Assets and Liabilities (USD $) | Sep. 28, 2013 | Sep. 29, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets | ' | ' |
Vacation accrual | $1,445 | $1,422 |
Insurance accrual | 3,306 | 2,722 |
Deferred income | 32 | 13 |
Allowances | 2,348 | 2,130 |
Inventory capitalization | 709 | 709 |
Share-based compensation | 1,023 | 794 |
Other, net | ' | 11 |
8,863 | 7,801 | |
Deferred tax liabilities | ' | ' |
Amortization of goodwill and other intangible assets | 20,283 | 19,030 |
Depreciation of property and equipment | 29,261 | 29,360 |
Other, net | ' | 24 |
49,544 | 48,414 | |
$40,681 | $40,613 |
Note_J_Commitments_Details
Note J - Commitments (Details) (USD $) | 12 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Operating Leases, Rent Expense | $13,575,000 | $13,215,000 | $14,076,000 |
Accrued Insurance | 8,500,000 | 6,200,000 | ' |
Letters of Credit Outstanding, Amount | 8,175,000 | 8,175,000 | ' |
Entity Number of Employees | 1,400 | ' | ' |
Self Insurance Reserve | $1,516,000 | $1,332,000 | ' |
Note_J_Commitments_Details_Fut
Note J - Commitments (Details) - Future Minimum Rental Payments for Operating Leases (USD $) | Sep. 28, 2013 |
In Thousands, unless otherwise specified | |
Note J - Commitments (Details) - Future Minimum Rental Payments for Operating Leases [Line Items] | ' |
2014 | $8,556 |
2015 | 7,545 |
2016 | 5,820 |
2017 | 4,805 |
2018 | 3,072 |
2019 and thereafter | 15,622 |
45,420 | |
Building [Member] | ' |
Note J - Commitments (Details) - Future Minimum Rental Payments for Operating Leases [Line Items] | ' |
2014 | 5,194 |
2015 | 4,943 |
2016 | 3,564 |
2017 | 3,013 |
2018 | 2,428 |
2019 and thereafter | 15,573 |
34,715 | |
Equipment [Member] | ' |
Note J - Commitments (Details) - Future Minimum Rental Payments for Operating Leases [Line Items] | ' |
2014 | 3,362 |
2015 | 2,602 |
2016 | 2,256 |
2017 | 1,792 |
2018 | 644 |
2019 and thereafter | 49 |
$10,705 |
Note_K_Capital_Stock_Details
Note K - Capital Stock (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Sep. 28, 2013 | Jun. 29, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
Disclosure Text Block [Abstract] | ' | ' | ' | ' | ' |
Stock Repurchased and Retired During Period, Shares | 97,302 | 58,840 | 48,255 | 204,397 | 142,038 |
Payments for Repurchase of Common Stock (in Dollars) | $7,302,515 | $4,435,078 | $2,762,622 | $14,500,215 | $8,167,125 |
Note_L_Stock_Options_Details
Note L - Stock Options (Details) (USD $) | 12 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | |
Note L - Stock Options (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | '10 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 800,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 620,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $2,700,000 | $3,200,000 | $7,000,000 |
Proceeds from Stock Options Exercised | 2,600,000 | 2,400,000 | 3,400,000 |
Deferred Tax Expense from Stock Options Exercised | 666,000 | 1,000,000 | 1,400,000 |
Incentive Stock Options [Member] | ' | ' | ' |
Note L - Stock Options (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $13.76 | $13.43 | $12.52 |
Nonqualified Stock Options [Member] | ' | ' | ' |
Note L - Stock Options (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $28.30 | $16.32 | $14.95 |
Employee Stock Purchase Plan [Member] | ' | ' | ' |
Note L - Stock Options (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 85.00% | ' | ' |
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in Shares) | 19,804 | 20,318 | 19,708 |
Share Price (in Dollars per share) | $52.61 | $44.11 | $39.04 |
Allocated Share-based Compensation Expense | $363,000 | $256,000 | $203,000 |
Note_L_Stock_Options_Details_S
Note L - Stock Options (Details) - Stock Options Activity (USD $) | 12 Months Ended | |||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | Sep. 25, 2010 | |
Incentive Stock Options [Member] | ' | ' | ' | ' |
Note L - Stock Options (Details) - Stock Options Activity [Line Items] | ' | ' | ' | ' |
Stock Options, Outstanding | 259,852 | 355,680 | 323,120 | 418,009 |
Stock Options, Weighted Average Exercise Price (in Dollars per share) | $51.17 | $47.16 | $41.18 | $30.86 |
Exercisable Options September 28, 2013 | 51,892 | ' | ' | ' |
Exercisable Options September 28, 2013 (in Dollars per share) | $0 | ' | ' | ' |
Granted | 1,600 | 118,210 | 101,200 | ' |
Granted, Weighted Average Exercise Price (in Dollars per share) | $63.13 | $57.87 | $50.93 | ' |
Exercised | -84,628 | -71,350 | -186,039 | ' |
Exercised, Weighted Average Exercise Price (in Dollars per share) | $34.58 | $39.03 | $23.52 | ' |
Cancelled | -12,800 | -14,300 | -10,050 | ' |
Cancelled, Weighted Average Exercise Price (in Dollars per share) | $51.01 | $41.13 | $36.77 | ' |
Nonqualified Stock Options [Member] | ' | ' | ' | ' |
Note L - Stock Options (Details) - Stock Options Activity [Line Items] | ' | ' | ' | ' |
Stock Options, Outstanding | 231,247 | 211,247 | 227,315 | 244,000 |
Stock Options, Weighted Average Exercise Price (in Dollars per share) | $44.77 | $41.36 | $32.17 | $23.38 |
Exercisable Options September 28, 2013 | 120,000 | ' | ' | ' |
Exercisable Options September 28, 2013 (in Dollars per share) | $0 | ' | ' | ' |
Granted | 20,000 | 45,932 | 45,315 | ' |
Granted, Weighted Average Exercise Price (in Dollars per share) | $80.79 | $57.70 | $49.57 | ' |
Exercised | ' | -62,000 | -62,000 | ' |
Exercised, Weighted Average Exercise Price (in Dollars per share) | ' | $19.77 | $10.30 | ' |
Note_L_Stock_Options_Details_I
Note L - Stock Options (Details) - Incentive Stock Options by Exercise Price Range (Incentive Stock Options [Member], USD $) | 12 Months Ended | |||||
Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | Sep. 25, 2010 | |
$36.71 - $51.14 [Member] | $57.15 - $76.27 [Member] | |||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | ' |
Range of exercise prices, lower range limit | $36.71 | $57.15 | ' | ' | ' | ' |
Range of exercise prices, upper range limit | $51.14 | $76.27 | ' | ' | ' | ' |
Options outstanding, number (in Shares) | 147,542 | 112,310 | 259,852 | 355,680 | 323,120 | 418,009 |
Options outstanding, weighted average remaining contractual life | '2 years 73 days | '3 years 328 days | ' | ' | ' | ' |
Options outstanding, weighted average exercise price | $45.86 | $58.06 | $51.17 | $47.16 | $41.18 | $30.86 |
Options exercisable, number (in Shares) | 51,892 | ' | 51,892 | ' | ' | ' |
Options exercisable, weighted average exercise price | $36.73 | ' | ' | ' | ' | ' |
Note_L_Stock_Options_Details_N
Note L - Stock Options (Details) - Nonqualified Stock Options by Exercise Price Range (Nonqualified Stock Options [Member], USD $) | 12 Months Ended | |||||||
Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | Sep. 25, 2010 | |
$20.43 - $29.78 [Member] | $31.10 to $41.75 [Member] | $47.59 to $57.99 [Member] | $80.79 - $80.79 [Member] | |||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Range of exercise prices, lower range limit | $20.43 | $31.10 | $47.59 | $80.79 | ' | ' | ' | ' |
Range of exercise prices, upper range limit | $29.78 | $41.75 | $57.99 | $80.79 | ' | ' | ' | ' |
Options outstanding, number (in Shares) | 40,000 | 80,000 | 91,247 | 20,000 | 231,247 | 211,247 | 227,315 | 244,000 |
Options outstanding, weighted average remaining contractual life | '1 year 219 days | '4 years 255 days | '5 years 219 days | '10 years | ' | ' | ' | ' |
Options outstanding, weighted average exercise price | $25.10 | $35.46 | $53.67 | $80.79 | $44.77 | $41.36 | $32.17 | $23.38 |
Options exercisable. number (in Shares) | 40,000 | 80,000 | ' | ' | 120,000 | ' | ' | ' |
Options exercisable, weighted average exercise price | $25.10 | $35.46 | ' | ' | ' | ' | ' | ' |
Note_M_401k_ProfitSharing_Plan1
Note M - 401(k) Profit-Sharing Plan (Details) (USD $) | 12 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Pension Contributions | $1,624,000 | $1,662,000 | $1,480,000 |
Note_N_Cash_Flow_Information_D
Note N - Cash Flow Information (Details) - Supplemental Cash Flow Information (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 |
Cash paid for: | ' | ' | ' |
Interest | $50 | $70 | $36 |
Income taxes | 35,496 | 23,864 | 19,594 |
Non cash items: | ' | ' | ' |
Capital leases | ' | $198 | $182 |
Note_O_Segment_Reporting_Detai
Note O - Segment Reporting (Details) | 12 Months Ended |
Sep. 28, 2013 | |
Segment Reporting [Abstract] | ' |
Number of Operating Segments | 3 |
Number of Reportable Segments | 3 |
Note_O_Segment_Reporting_Detai1
Note O - Segment Reporting (Details) - Segment Reporting Information (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 |
Food Service | ' | ' | ' |
Sales to external customers | $867,683 | $830,796 | $744,071 |
Depreciation and Amortization: | ' | ' | ' |
Depreciation and amortization | 33,552 | 30,937 | 30,234 |
Operating Income: | ' | ' | ' |
Operating income | 97,404 | 84,967 | 76,583 |
Capital Expenditures: | ' | ' | ' |
Capital expenditures | 35,821 | 42,800 | 29,124 |
Assets: | ' | ' | ' |
Assets | 645,661 | 603,044 | 550,816 |
Soft Pretzels [Member] | Food Service [Member] | ' | ' | ' |
Food Service | ' | ' | ' |
Sales to external customers | 145,026 | 118,014 | 103,943 |
Soft Pretzels [Member] | Retail Supermarket [Member] | ' | ' | ' |
Food Service | ' | ' | ' |
Sales to external customers | 34,597 | 33,842 | 32,044 |
Frozen Juices And Ices [Member] | Food Service [Member] | ' | ' | ' |
Food Service | ' | ' | ' |
Sales to external customers | 48,831 | 53,813 | 49,740 |
Frozen Juices And Ices [Member] | Retail Supermarket [Member] | ' | ' | ' |
Food Service | ' | ' | ' |
Sales to external customers | 48,077 | 53,673 | 51,940 |
Churros [Member] | Food Service [Member] | ' | ' | ' |
Food Service | ' | ' | ' |
Sales to external customers | 56,099 | 45,974 | 41,583 |
Handhelds [Member] | Food Service [Member] | ' | ' | ' |
Food Service | ' | ' | ' |
Sales to external customers | 26,488 | 27,818 | 8,865 |
Handhelds [Member] | Retail Supermarket [Member] | ' | ' | ' |
Food Service | ' | ' | ' |
Sales to external customers | 22,528 | 24,358 | 9,424 |
Bakery [Member] | Food Service [Member] | ' | ' | ' |
Food Service | ' | ' | ' |
Sales to external customers | 274,783 | 266,192 | 241,288 |
Other [Member] | Food Service [Member] | ' | ' | ' |
Food Service | ' | ' | ' |
Sales to external customers | 9,532 | 9,451 | 18,143 |
Other [Member] | Retail Supermarket [Member] | ' | ' | ' |
Food Service | ' | ' | ' |
Sales to external customers | 818 | 1,217 | 1,548 |
Other [Member] | Frozen Beverages [Member] | ' | ' | ' |
Food Service | ' | ' | ' |
Sales to external customers | 2,122 | 1,979 | 2,068 |
Coupon Redemtion [Member] | Retail Supermarket [Member] | ' | ' | ' |
Food Service | ' | ' | ' |
Sales to external customers | -3,681 | -3,222 | -3,857 |
Beverages [Member] | Frozen Beverages [Member] | ' | ' | ' |
Food Service | ' | ' | ' |
Sales to external customers | 132,274 | 135,436 | 133,372 |
Repair And Maintenance Service [Member] | Frozen Beverages [Member] | ' | ' | ' |
Food Service | ' | ' | ' |
Sales to external customers | 52,813 | 49,115 | 42,608 |
Machines Sales [Member] | Frozen Beverages [Member] | ' | ' | ' |
Food Service | ' | ' | ' |
Sales to external customers | 17,376 | 13,136 | 11,362 |
Food Service [Member] | ' | ' | ' |
Food Service | ' | ' | ' |
Sales to external customers | 560,759 | 521,262 | 463,562 |
Depreciation and Amortization: | ' | ' | ' |
Depreciation and amortization | 18,999 | 17,287 | 16,986 |
Operating Income: | ' | ' | ' |
Operating income | 65,907 | 49,770 | 46,171 |
Capital Expenditures: | ' | ' | ' |
Capital expenditures | 19,097 | 28,504 | 14,905 |
Assets: | ' | ' | ' |
Assets | 486,015 | 453,509 | 405,927 |
Retail Supermarket [Member] | ' | ' | ' |
Food Service | ' | ' | ' |
Sales to external customers | 102,339 | 109,868 | 91,099 |
Depreciation and Amortization: | ' | ' | ' |
Depreciation and amortization | 31 | 23 | 8 |
Operating Income: | ' | ' | ' |
Operating income | 8,594 | 13,316 | 11,830 |
Assets: | ' | ' | ' |
Assets | 6,067 | 6,098 | 3,579 |
Frozen Beverages [Member] | ' | ' | ' |
Food Service | ' | ' | ' |
Sales to external customers | 204,585 | 199,666 | 189,410 |
Depreciation and Amortization: | ' | ' | ' |
Depreciation and amortization | 14,522 | 13,627 | 13,240 |
Operating Income: | ' | ' | ' |
Operating income | 22,903 | 21,881 | 18,582 |
Capital Expenditures: | ' | ' | ' |
Capital expenditures | 16,724 | 14,296 | 14,219 |
Assets: | ' | ' | ' |
Assets | $153,579 | $143,437 | $141,310 |
Note_P_Quarterly_Financial_Dat2
Note P - Quarterly Financial Data (Unaudited) (Details) - Quarterly Financial Information (USD $) | 12 Months Ended | ||||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | |||
Note P - Quarterly Financial Data (Unaudited) (Details) - Quarterly Financial Information [Line Items] | ' | ' | ' | ||
Net sales | $867,683,000 | $830,796,000 | $744,071,000 | ||
Gross profit | 263,302,000 | 250,185,000 | 229,774,000 | ||
Net earnings | 64,381,000 | 54,118,000 | 55,063,000 | ||
Net earnings per diluted share (in Dollars per share) | $3.41 | [1] | $2.86 | [1] | $2.93 |
1st Quarter [Member] | ' | ' | ' | ||
Note P - Quarterly Financial Data (Unaudited) (Details) - Quarterly Financial Information [Line Items] | ' | ' | ' | ||
Net sales | 191,408,000 | 172,686,000 | ' | ||
Gross profit | 54,135,000 | 46,406,000 | ' | ||
Net earnings | 10,226,000 | 5,485,000 | ' | ||
Net earnings per diluted share (in Dollars per share) | $0.54 | [1] | $0.29 | [1] | ' |
2nd Quarter [Member] | ' | ' | ' | ||
Note P - Quarterly Financial Data (Unaudited) (Details) - Quarterly Financial Information [Line Items] | ' | ' | ' | ||
Net sales | 201,326,000 | 189,554,000 | ' | ||
Gross profit | 58,151,000 | 53,987,000 | ' | ||
Net earnings | 12,660,000 | 10,423,000 | ' | ||
Net earnings per diluted share (in Dollars per share) | $0.67 | [1] | $0.55 | [1] | ' |
3rd Quarter [Member] | ' | ' | ' | ||
Note P - Quarterly Financial Data (Unaudited) (Details) - Quarterly Financial Information [Line Items] | ' | ' | ' | ||
Net sales | 237,036,000 | 226,335,000 | ' | ||
Gross profit | 75,322,000 | 72,507,000 | ' | ||
Net earnings | 21,172,000 | 18,672,000 | ' | ||
Net earnings per diluted share (in Dollars per share) | $1.12 | [1] | $0.99 | [1] | ' |
4th Quarter [Member] | ' | ' | ' | ||
Note P - Quarterly Financial Data (Unaudited) (Details) - Quarterly Financial Information [Line Items] | ' | ' | ' | ||
Net sales | 237,913,000 | 242,221,000 | ' | ||
Gross profit | 75,694,000 | 77,285,000 | ' | ||
Net earnings | $20,323,000 | $19,538,000 | ' | ||
Net earnings per diluted share (in Dollars per share) | $1.08 | [1] | $1.03 | [1] | ' |
[1] | Total of quarterly amounts do not necessarily agree to the annual report amounts due to separate quarterly calculations of weighted average shares outstanding. |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation and Qualifying Accounts (USD $) | 12 Months Ended | |||||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | ||||
Allowance for Doubtful Accounts [Member] | ' | ' | ' | |||
Valuation Allowance [Line Items] | ' | ' | ' | |||
Opening balance | $987,000 | $955,000 | $893,000 | |||
Charged to expense | -70,000 | 276,000 | 423,000 | |||
Deductions | 63,000 | [1] | 244,000 | [1] | 361,000 | [1] |
Closing balance | 854,000 | 987,000 | 955,000 | |||
Inventory Valuation Reserve [Member] | ' | ' | ' | |||
Valuation Allowance [Line Items] | ' | ' | ' | |||
Opening balance | 3,883,000 | 4,615,000 | 4,189,000 | |||
Charged to expense | 2,768,000 | 1,291,000 | 1,931,000 | |||
Deductions | 2,202,000 | [2] | 2,023,000 | [2] | 1,505,000 | [2] |
Closing balance | $4,449,000 | $3,883,000 | $4,615,000 | |||
[1] | Write-offs of uncollectible accounts receivable. | |||||
[2] | Disposals of obsolete inventory. |