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J&J SNACK FOODS CORP

J&J SNACK FOODS CORPJJSFEarnings & Financial Report

Nasdaq · Consumer Staples · Cookies & Crackers

J&J Snack Foods Corp. (JJSFC) is an American manufacturer, marketer, and distributor of name brand snack foods and frozen beverages. Headquartered in Mt. Laurel, NJ, JJSF uses over 175 facilities for manufacturing, warehousing, and distributing located in 44 states, Mexico, and Canada. The company is listed on the NASDAQ Global Select Market as "JJSFC", and serves both national and international markets.

What changed in J&J SNACK FOODS CORP's 10-K — 2024 vs 2025

Top changes in J&J SNACK FOODS CORP's 2025 10-K

168 paragraphs added · 166 removed · 123 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

66 edited+11 added−14 removed84 unchanged
These customers typically do not enter into long-term contracts and make purchase decisions based on a combination of price, product quality, consumer demand and customer service performance. If our sales to one or more of these customers are reduced, this reduction may adversely affect our business.
These customers typically do not enter long-term contracts and make purchase decisions based on a combination of price, product quality, consumer demand and customer service performance. If our sales to one or more of these customers are reduced, this reduction may adversely affect our business.
These higher costs could have a material adverse effect on our business, results of operations, financial condition, and cash flows. 11 Risks Relating to Manufacturing Capacity Constraints Our current manufacturing resources may be inadequate to meet significantly increased demand for some of our products.
These higher costs could have a material adverse effect on our business, results of operations, financial condition, and cash flows. Risks Relating to Manufacturing Capacity Constraints Our current manufacturing resources may be inadequate to meet significantly increased demand for some of our products.
Any economic downturn caused by any pandemic, epidemic, or other disease outbreak may also cause substantial changes in consumer behavior and our supply chain operations, some of which may materially affect our operations and results of operations. 9 General Risks of the Food Industry We are subject to the risks of adverse changes in general economic conditions; evolving consumer preferences and nutritional and health-related concerns; changes in food distribution channels; federal, state and local food processing controls or other mandates; changes in federal, state, local and international laws and regulations, or in the application of such laws and regulations; consumer product labeling and liability claims; risks of product tampering and contamination; and negative publicity surrounding actual or perceived product safety deficiencies.
Any economic downturn caused by any pandemic, epidemic, or other disease outbreak may also cause substantial changes in consumer behavior and our supply chain operations, some of which may materially affect our operations and results of operations. 8 General Risks of the Food Industry We are subject to the risks of adverse changes in general economic conditions; evolving consumer preferences and nutritional and health-related concerns; changes in food distribution channels; federal, state and local food processing controls or other mandates; changes in federal, state, local and international laws and regulations, or in the application of such laws and regulations; consumer product labeling and liability claims; risks of product tampering and contamination; and negative publicity surrounding actual or perceived product safety deficiencies.
The information on the website listed above is not and should not be considered part of this annual report on Form 10-K and is not incorporated by reference in this document. Item 1A. Risk Factors Our business is subject to numerous risks and uncertainties.
The information on the website listed above is not and should not be considered part of this annual report on Form 10-K and is not incorporated by reference in this document. 7 Item 1A. Risk Factors Our business is subject to numerous risks and uncertainties.
If our sales to one or more of these customers are reduced, this reduction may adversely affect our business. If receivables from one or more of these customers become uncollectible, our operating income would be adversely impacted. Risks Relating to Competition Our businesses operate in highly competitive markets.
If our sales to one or more of these customers are reduced, this reduction may adversely affect our business. If receivables from one or more of these customers become uncollectible, our operating income would be adversely impacted. 9 Risks Relating to Competition Our businesses operate in highly competitive markets.
Any of these events could have a material adverse effect on our business, results of operations, financial condition, and cash flows. 14 Risks Associated with our Intellectual Property Rights We consider our intellectual property rights, particularly our trademarks, to be a significant and valuable aspect of our business.
Any of these events could have a material adverse effect on our business, results of operations, financial condition, and cash flows. Risks Associated with our Intellectual Property Rights We consider our intellectual property rights, particularly our trademarks, to be a significant and valuable aspect of our business.
Pepper, Inc., the Pepsi Cola Company, and Jogue, Inc. Cups. Straws and lids are readily available from various suppliers. Parts for frozen beverage dispensing machines are purchased from several sources. 6 Competition Snack food and bakery products markets are highly competitive.
Pepper, Inc., the Pepsi Cola Company, and Jogue, Inc. Cups. Straws and lids are readily available from various suppliers. Parts for frozen beverage dispensing machines are purchased from several sources. Competition Snack food and bakery products markets are highly competitive.
Compensation We believe in equal pay for equal work and that compensation should match talent, experience and skill set of a person. 8 Available Information The Company’s internet address is www.jjsnack.com.
Compensation We believe in equal pay for equal work and that compensation should match talent, experience and skill set of a person. Available Information The Company’s internet address is www.jjsnack.com.
Because of seasonal fluctuations, there can be no assurance that the results of any particular quarter will be indicative of results for the full year or for future years. 15
Because of seasonal fluctuations, there can be no assurance that the results of any particular quarter will be indicative of results for the full year or for future years.
In addition, the Chief Operating Decision Maker reviews and evaluates depreciation, capital spending and assets of each segment on a quarterly basis to monitor cash flow and asset needs of each segment (see Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 8 – Financial Statements and Supplementary Data for financial information about segments).
In addition, the Chief Operating Decision Maker reviews and evaluates capital spending of each segment on a quarterly basis to monitor cash flow and asset needs of each segment (see Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 8 – Financial Statements and Supplementary Data for financial information about segments).
Revenue from equipment sales and repair and maintenance services totaled 9% of the Company’s sales in each of the fiscal years 2024, 2023, and 2022. Each new frozen carbonated customer location requires a frozen beverage dispenser supplied by the Company or by the customer. Company-supplied frozen carbonated dispensers are purchased from outside vendors or rebuilt by the Company.
Revenue from equipment sales and repair and maintenance services totaled 9% of the Company’s sales in each of the fiscal years 2025, 2024, and 2023. Each new frozen carbonated customer location requires a frozen beverage dispenser supplied by the Company or by the customer. Company-supplied frozen carbonated dispensers are purchased from outside vendors or rebuilt by the Company.
About 1,500 production and distribution employees throughout the Company are covered by collective bargaining agreements. The Company considers its culture and employee relations to be positive. Employee Safety We maintain a safety culture grounded on the premise of eliminating workplace incidents, risks and hazards.
About 1,400 production and distribution employees throughout the Company are covered by collective bargaining agreements. The Company considers its culture and employee relations to be positive. Employee Safety We maintain a safety culture grounded on the premise of eliminating workplace incidents, risks and hazards.
Based upon available information, the cost of compliance with these laws and regulations did not have a material effect upon the level of capital expenditures, earnings, or competitive position in fiscal 2024 and is not expected to have a material impact in fiscal 2025.
Based upon available information, the cost of compliance with these laws and regulations did not have a material effect upon the level of capital expenditures, earnings, or competitive position in fiscal 2025 and is not expected to have a material impact in fiscal 2026.
Some of this equipment is proprietary, including combination warmer and display cases that rebake frozen soft pretzels while displaying them, thus eliminating the need for an oven. The Company retains ownership of the equipment placed in customer locations, and as a result, customers are not required to make an investment in equipment.
Some of this equipment is proprietary, including combination warmer and display cases that re-bake frozen soft pretzels while displaying them, thus eliminating the need for an oven. The Company retains ownership of the equipment placed in customer locations, and as a result, customers are not required to make an investment in equipment.
Five of the ten customers in 2024 are food distributors who sell our product to many end users. The loss of one or more of our large customers could adversely affect our results of operations.
Five of the ten customers in 2025 are food distributors who sell our product to many end users. The loss of one or more of our large customers could adversely affect our results of operations.
The Company’s principal snack food products are soft pretzels marketed primarily under the brand names SUPERPRETZEL, BRAUHAUS and BAVARIAN BAKERY, frozen novelties marketed primarily under the DIPPIN’ DOTS, LUIGI’S, WHOLE FRUIT, ICEE, DOGSTERS, PHILLY SWIRL and MINUTE MAID* brand names, churros marketed primarily under the ¡HOLA! and CALIFORNIA CHURROS brand names and bakery products sold primarily under the READI-BAKE, COUNTRY HOME, MARY B’S, DADDY RAY’S and HILL & VALLEY brand names as well as for private label and contract packing.
The Company’s principal snack food products are soft pretzels marketed primarily under the brand names SUPERPRETZEL, BRAUHAUS, FEDERAL PRETZEL, and BAVARIAN BAKERY, frozen novelties marketed primarily under the DIPPIN’ DOTS, LUIGI’S, WHOLE FRUIT, ICEE, DOGSTERS, PHILLY SWIRL and MINUTE MAID* brand names, churros marketed primarily under the ¡HOLA! brand name, and bakery products sold primarily under the READI-BAKE, COUNTRY HOME, MARY B’S, DADDY RAY’S and HILL & VALLEY brand names as well as for private label and contract packing.
The Company’s products are shipped in frozen and other vehicles from the Company’s manufacturing and warehouse facilities on a fleet of Company operated tractor-trailers, trucks, and vans, as well as by independent carriers. Seasonality The Company’s sales are seasonal because frozen beverage sales and frozen novelties sales are generally higher during the warmer months.
The Company’s products are shipped in frozen form from the Company’s manufacturing and warehouse facilities on a fleet of Company operated tractor-trailers, trucks, and vans, as well as by independent carriers. Seasonality The Company’s sales are seasonal because frozen beverage sales and frozen novelties sales are generally higher during warmer months.
Competitive factors in these markets include product quality, innovation, customer service, taste, price, identity and brand name awareness, method of distribution and sales promotions. The Company believes it is the only national distributor of soft pretzels.
Competitive factors in these markets include product quality, innovation, customer service, taste, price, identity and brand name awareness, method of distribution and sales promotions. The Company believes it is one of the only national distributors of soft pretzels.
For the Food Service and Frozen Beverages segments’ customers, these marketing programs includes providing ovens, mobile merchandisers, display cases, freezers, kiosks, warmers, frozen beverage dispensers and other merchandising equipment for the individual customer’s requirements and point-of-sale materials as well as participating in trade shows and in-store demonstrations.
For the Food Service and Frozen Beverages segments’ customers, these marketing programs include providing ovens, mobile merchandisers, display cases, freezers, kiosks, warmers, frozen beverage dispensers and other merchandising equipment for the individual customer requirements and point-of-sale materials as well as participating in trade shows and in-store demonstrations.
Frozen Novelties The Company’s frozen novelties are marketed primarily under the DIPPIN’DOTS, LUIGI’S, WHOLE FRUIT, DOGSTERS, PHILLY SWIRL, ICEE and MINUTE MAID brand names. Frozen novelties are sold in the Food Service and Retail Supermarkets segments. Frozen novelties sales were 17% of the Company’s revenue in fiscal year 2024, 17% in fiscal year 2023, and 14% in fiscal year 2022.
Frozen Novelties The Company’s frozen novelties are marketed primarily under the DIPPIN’DOTS, LUIGI’S, WHOLE FRUIT, DOGSTERS, PHILLY SWIRL, ICEE and MINUTE MAID brand names. Frozen novelties are sold in the Food Service and Retail Supermarkets segments. Frozen novelties sales were 16% of the Company’s revenue in fiscal year 2025, 17% in fiscal year 2024, and 17% in fiscal year 2023.
Soft pretzel sales amounted to 18% of the Company’s revenue in fiscal year 2024, 19% in fiscal year 2023, and 19% in fiscal year 2022.
Soft pretzel sales amounted to 18% of the Company’s revenue in fiscal year 2025, 18% in fiscal year 2024, and 19% in fiscal year 2023.
These changes could force us to rapidly adapt to those new patterns, and, if we do not, our business could be materially and adversely affected. Additionally, pandemics, epidemics or other disease outbreaks may depress or otherwise impact demand for our products because quarantines may inhibit consumption or as the result of other factors.
These changes could force us to rapidly adapt to those new patterns, and, if we do not, our business could be materially and adversely affected. Additionally, pandemics, epidemics or other disease outbreaks may depress or otherwise impact demand for our products because quarantines may inhibit consumption.
Frozen beverages are reported in the Frozen Beverages segment. Frozen beverage sales amounted to 15% of the Company’s revenue in fiscal year 2024, 14% in fiscal year 2023, and 13% in fiscal year 2022.
Frozen beverages are reported in the Frozen Beverages segment. Frozen beverage sales amounted to 14% of the Company’s revenue in fiscal year 2025, 15% in fiscal year 2024, and 14% in fiscal year 2023.
Bakery products sales amounted to 26% of the Company’s sales in fiscal year 2024, 26% in fiscal year 2023, and 29% in fiscal year 2022. Frozen Beverages The Company markets frozen beverages primarily under the names ICEE, SLUSH PUPPIE and PARROT ICE which are sold primarily in the United States, Mexico, and Canada.
Bakery products sales amounted to 27% of the Company’s sales in fiscal year 2025, 26% in fiscal year 2024, and 26% in fiscal year 2023. 3 Frozen Beverages The Company markets frozen beverages primarily under the names ICEE, SLUSH PUPPIE and PARROT ICE which are sold primarily in the United States, Mexico, and Canada.
Louis), Missouri; Pensacola and Tampa, Florida; Solon, Ohio; Weston, Oregon; Holly Ridge, North Carolina; Rock Island, Illinois; Glendale, Arizona; and Paducah, Kentucky. Frozen beverages and machine parts are distributed from 172 Company managed warehouse and distribution facilities located in 45 states, Mexico, and Canada, which allow the Company to directly service its customers in the surrounding areas.
Louis), Missouri; Tampa, Florida; Weston, Oregon; Rock Island, Illinois; Glendale, Arizona; and Paducah, Kentucky. Frozen beverages and machine parts are distributed from 172 Company managed warehouse and distribution facilities located in 45 states, Mexico, and Canada, which allow the Company to directly service its customers in the surrounding areas.
Provisions of our Amended and Restated Certificate of Incorporation and Bylaws that could delay, deter or prevent a future acquisition include the following: -- a classified Board of Directors; -- the requirement that our shareholders may only remove Directors for cause; -- limitations on share holdings and voting of certain persons who exceed the “Voting Threshold” specified in the Amended and Restated Certificate of Incorporation; -- special Director voting rights are granted to certain “Experienced Directors” only in the event of a “hostile change of Board control,” as such terms are defined in the Amended and Restated Certificate of Incorporation; -- the ability of the Board of Directors to consider the interests of various constituencies, including our employees, customers, suppliers, creditors and the local communities in which we operate; -- shareholders do not generally have the right to call special meetings or to act by written consent; -- our Bylaws contain advance notice procedures for nominations of Directors or submission of shareholder proposals at an annual meeting; and -- our Bylaws contain a forum selection clause providing that certain litigation against the Company can only be brought in New Jersey state or federal courts.
Provisions of our Amended and Restated Certificate of Incorporation and Bylaws that could delay, deter or prevent a future acquisition include the following: ● a classified Board of Directors; ● the requirement that our shareholders may only remove Directors for cause; ● limitations on share holdings and voting of certain persons who exceed the “Voting Threshold” specified in the Amended and Restated Certificate of Incorporation; ● special Director voting rights are granted to certain “Experienced Directors” only in the event of a “hostile change of Board control,” as such terms are defined in the Amended and Restated Certificate of Incorporation; ● the ability of the Board of Directors to consider the interests of various constituencies, including our employees, customers, suppliers, creditors and the local communities in which we operate; ● shareholders do not generally have the right to call special meetings or to act by written consent; ● our Bylaws contain advance notice procedures for nominations of Directors or submission of shareholder proposals at an annual meeting; and ● our Bylaws contain a forum selection clause providing that certain litigation against the Company can only be brought in New Jersey state or federal courts. 11 Risk Related to Increases in our Health Insurance Costs The costs of employee health care insurance have been increasing in recent years due to rising health care costs, legislative changes, and general economic conditions.
GOODCOOKIE, READI-BAKE, COUNTRY HOME, CAMDEN CREEK, MARY B’S, DADDY RAY’S, and HILL & VALLEY for its bakery products. The Company markets frozen beverages under the trademark ICEE in all of the United States and in Mexico and Canada. Additionally, the Company has the international rights to the trademark ICEE.
GOODCOOKIE, READI-BAKE, COUNTRY HOME, CAMDEN CREEK, MARY B’S, DADDY RAY’S, and HILL & VALLEY for its bakery products. The Company markets frozen beverages under the trademark ICEE in all the United States and in Mexico and Canada.
Our top ten customers accounted for 45%, 43% and 43% of our sales during fiscal years 2024, 2023, and 2022, respectively, with our largest customer accounting for 9% of our sales in fiscal 2024, 9% of our sales in fiscal 2023, and 8% of our sales in fiscal 2022.
Our top ten customers accounted for 46%, 45% and 43% of our sales during fiscal years 2025, 2024, and 2023, respectively, with our largest customer accounting for 10% of our sales in fiscal 2025, 9% of our sales in fiscal 2024, and 9% of our sales in fiscal 2023.
These products are sold in the Food Service and Frozen Beverages segments. Customers The Company sells its products to two principal channels: foodservice and retail supermarkets. The primary products sold to the foodservice channel are soft pretzels, frozen beverages, frozen novelties, churros, handheld products and baked goods.
Customers The Company sells its products to two principal channels: foodservice and retail supermarkets. The primary products sold to the foodservice channel are soft pretzels, frozen beverages, frozen novelties, churros, handheld products and baked goods. The primary products sold to the retail supermarket channel are soft pretzels, frozen novelties and handheld products.
The trademarks, when renewed and continuously used, have an indefinite term and are considered important to the Company as a means of identifying its products. The Company considers its trademarks important to the success of its business. The Company has numerous patents related to the manufacturing and marketing of its products.
The trademarks, when renewed and continuously used, have an indefinite term and are considered important to the Company as a means of identifying its products. The Company considers its trademarks important to the success of its business.
Machines and machine parts are sold to other food and beverage companies. Within the food service industry, the Company’s products are purchased by the consumer primarily for consumption at the point-of-sale. The Company sells its products to an estimated 85-90% of supermarkets in the United States.
Machines and machine parts are sold to other food and beverage companies. Within the food service industry, the Company’s products are purchased by the consumer primarily for consumption at the point-of-sale. 4 The Company sells its products to a large majority of supermarkets in the United States.
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 foodservice industry primarily under the names ICEE, SLUSH PUPPIE and PARROT ICE in the United States, Mexico, and Canada.
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 foodservice industry primarily under the names ICEE, SLUSH PUPPIE and PARROT ICE in the United States, Mexico, and Canada. We also provide repair and maintenance services to customers for customer-owned equipment.
Additionally, a shortage in the labor pool and other general inflationary pressures or changes, and applicable laws and regulations could increase labor costs, which could have a material adverse effect on our consolidated operating results or financial condition.
Any such loss or failure could adversely affect our product sales, financial condition, and operating results. Additionally, a shortage in the labor pool and other general inflationary pressures or changes, and applicable laws and regulations could increase labor costs, which could have a material adverse effect on our consolidated operating results or financial condition.
The Company’s ongoing advertising and promotional campaigns for its Retail Supermarket segment’s products include consumer advertising campaigns across traditional and digital channels, and print/digital media with value added shopper offers and promotions. 5 The Company develops and introduces new products on a routine basis.
The Company’s ongoing advertising and promotional campaigns for its Retail Supermarket segment’s products include consumer advertising campaigns across traditional and digital channels, and print/digital media with value added shopper offers and promotions. The Company develops and introduces new products on a routine basis. The Company evaluates the success of new product introductions on the basis of sales and profit levels.
As part of the onboarding process, and throughout their careers, employees are engaged in food safety discussions and trainings to provide safe, high-quality products to customers and consumers. 7 Human Capital Management Employees and Labor Relations The Company has approximately 5,000 full and part-time employees and approximately 700 workers employed by staffing agencies as of September 28, 2024.
As part of the onboarding process, and throughout their careers, employees are engaged in food safety discussions and trainings to provide safe, high-quality products to customers and consumers. 6 Human Capital Management Employees and Labor Relations The Company has approximately 4,600 full and part-time employees and approximately 600 workers employed by staffing agencies as of September 27, 2025.
Our top ten customers accounted for 45% of our sales during fiscal year 2024 and 43% of our sales during fiscal years 2023 and 2022, with our largest customer accounting for 9% of our sales in 2024, 9% of our sales in 2023, and 8% of our sales in 2022.
Our top ten customers accounted for 46% of our sales during fiscal year 2025, 45% of our sales during fiscal year 2024 and 43% of our sales during fiscal year 2023, with our largest customer accounting for 10% of our sales in 2025, 9% of our sales in 2024, and 9% of our sales in 2023.
Certain of the Company’s soft pretzels qualify under USDA regulations as the nutritional equivalent of grains for purposes of the USDA school nutrition program, thereby enabling a participating school to obtain partial reimbursement for the cost of the Company’s soft pretzels from the USDA. The Company’s soft pretzels are manufactured according to a proprietary formula.
Certain of the Company’s soft pretzels (whole grain) qualify under USDA regulations as the nutritional equivalent of grains for purposes of the USDA school nutrition program, thereby enabling a participating school to obtain partial reimbursement for the cost of the Company’s soft pretzels from the USDA. 2 The Company’s soft pretzels are manufactured according to a proprietary formula, ranging in size from one to twenty-four ounces in weight.
The raw materials and energy which we use for the production and distribution of our products are largely commodities that are subject to price volatility and fluctuations in availability caused by changes in global supply and demand, weather conditions, agricultural uncertainty, or governmental controls. We purchase these materials and energy mainly in the open market.
The raw materials and energy which we use for the production and distribution of our products are largely commodities that are subject to price volatility and fluctuations in availability caused by changes in global supply and demand, weather conditions, agricultural uncertainty, or governmental policies and regulations, which can include the imposition of tariffs.
In situations where acquisitions and divestitures are not successfully implemented or completed, or the expected benefits of such acquisitions or divestitures are not otherwise realized, the Company’s business or financial results could be negatively impacted. 12 New Jersey Law and Provisions of Our Amended and Restated Certificate of Incorporation and Bylaws May Inhibit a Change In Control The New Jersey Shareholders' Protection Act, N.J.S.A. 14A:10A-1, et seq., may delay, deter or prevent a change in control by prohibiting the Company from engaging in a business combination transaction with an interested shareholder for a period of five years after the person becomes an interested stockholder, even if a majority of our shareholders believe a change in control would be in the best interests of the Company and its shareholders.
New Jersey Law and Provisions of Our Amended and Restated Certificate of Incorporation and Bylaws May Inhibit a Change In Control The New Jersey Shareholders' Protection Act, N.J.S.A. 14A:10A-1, et seq., may delay, deter or prevent a change in control by prohibiting the Company from engaging in a business combination transaction with an interested shareholder for a period of five years after the person becomes an interested stockholder, even if a majority of our shareholders believe a change in control would be in the best interests of the Company and its shareholders.
We also provide repair and maintenance services to customers for customer-owned equipment. 2 Products Soft Pretzels The Company’s soft pretzels are sold under many brand names; some of which are: SUPERPRETZEL, SUPERPRETZEL BAVARIAN, NEW YORK PRETZEL, FEDERAL PRETZEL, AND BRAUHAUS; and, to a lesser extent, under private labels. Soft pretzels are sold in the Food Service and Retail Supermarket segments.
Products Soft Pretzels The Company’s soft pretzels are sold under many brand names; some of which are: SUPERPRETZEL, SUPERPRETZEL BAVARIAN, NEW YORK PRETZEL, FEDERAL PRETZEL, AND BRAUHAUS; and, to a lesser extent, under private labels. Soft pretzels are sold in the Food Service and Retail Supermarket segments.
Soft pretzels, ranging in size from one to twenty-four ounces in weight, are shaped and formed by the Company’s twister machines. These soft pretzel tying machines are automated, high-speed machines for twisting dough into the traditional pretzel shape. Additionally, we make soft pretzels which are extruded or shaped by hand. Soft pretzels, after baking, are quick-frozen and packaged for delivery.
A portion of the Company’s soft pretzels are shaped and formed by the Company’s twister machines. These soft pretzel tying machines are automated, high-speed machines for twisting dough into the traditional pretzel shape. Additionally, we make soft pretzels which are extruded or shaped by hand. Soft pretzels, after baking, are quick-frozen and packaged for delivery.
Sales from our foreign operations were $73.4 million, $70.2 million and $45.2 million in fiscal years 2024, 2023, and 2022, respectively. At September 28, 2024, the total assets in our foreign operations were $67.6 million or 5.0% of total assets. At September 30, 2023, the total assets in our foreign operations were $61.5 million or 4.8% of total assets.
Sales from our foreign operations were $69.6 million, $73.4 million and $70.2 million in fiscal years 2025, 2024, and 2023, respectively. At September 27, 2025, the total assets in our foreign operations were $79.1 million or 5.7% of total assets. At September 28, 2024, the total assets in our foreign operations were $67.6 million or 5.0% of total assets.
Sales of our foreign operations were $73.4 million, $70.2 million, and $45.2 million in fiscal years 2024, 2023, and 2022, respectively. At September 28, 2024, the total assets of our foreign operations were approximately $67.6 million or 5.0% of total assets. At September 30, 2023, the total assets of our foreign operations were $61.5 million or 4.8% of total assets.
Sales of our foreign operations were $69.6 million, $73.4 million, and $70.2 million in fiscal years 2025, 2024, and 2023, respectively. At September 27, 2025, the total assets of our foreign operations were approximately $79.1 million or 5.7% of total assets. At September 28, 2024, the total assets of our foreign operations were $67.6 million or 5.0% of total assets.
Additionally, the failure by any one or more of our suppliers to comply with applicable federal, state, and local laws and regulations relating to the protection of the environment, or allegations of non-compliance, may disrupt their operations and could result in accompanying disruptions to our operations. 10 Risks Resulting from Customer Concentration We have several large customers that account for a significant portion of our sales.
Additionally, the failure by any one or more of our suppliers to comply with applicable federal, state, and local laws and regulations relating to the protection of the environment, or allegations of non-compliance, may disrupt their operations and could result in accompanying disruptions to our operations.
For its snack food products, the Company maintains warehouse and distribution facilities in Pennsauken, Bellmawr, Bridgeport, and Woolwich, New Jersey; Vernon (Los Angeles), Colton and Lancaster, California; Brooklyn, New York; Scranton and Hatfield, Pennsylvania; Carrollton (Dallas) and Terrell, Texas; Atlanta, Georgia; Moscow Mills (St.
The Company’s products are sold through a network of food brokers, independent sales distributors, and the Company’s own direct sales force. For its snack food products, the Company maintains warehouse and distribution facilities in Pennsauken, Bellmawr, Bridgeport, and Woolwich, New Jersey; Vernon (Los Angeles), California; Brooklyn, New York; Scranton and Hatfield, Pennsylvania; Carrollton (Dallas) and Terrell, Texas; Moscow Mills (St.
The increased buying power of large supermarket chains, other retail outlets and wholesale food vendors could result in greater resistance to price increases and could alter customer inventory levels and access to shelf space. Risks of Shortages or Increased Costs of Labor Our businesses operate in highly competitive markets. The labor market in the United States is very competitive.
The increased buying power of large supermarket chains, other retail outlets and wholesale food vendors could result in greater resistance to price increases and could alter customer inventory levels and access to shelf space.
Acquisitions, including future acquisitions, require us to efficiently integrate the acquired business or businesses, which involves a significant degree of difficulty, including the following: -- integrating the operations and business cultures of the acquired businesses; -- the possibility of faulty assumptions underlying our expectations regarding the prospects of the acquired businesses; -- attracting and retaining the necessary personnel associated with the acquisitions; -- creating uniform standards, controls, procedures, policies, and information systems and controlling the costs associated with such matters; and -- expectations about the performance of acquired trademarks and brands and the fair value of such trademarks and brands.
The success of any acquisition or divestiture depends on the Company’s ability to identify opportunities that help the Company meet its strategic objectives, consummate a transaction on favorable contractual terms, and achieve expected returns and other financial benefits. 10 Acquisitions, require us to efficiently integrate the acquired business or businesses, which involves a significant degree of difficulty, including the following: ● integrating the operations and business cultures of the acquired businesses; ● the possibility of faulty assumptions underlying our expectations regarding the prospects of the acquired businesses; ● attracting and retaining the necessary personnel associated with the acquisitions; ● creating uniform standards, controls, procedures, policies, and information systems and controlling the costs associated with such matters; and ● expectations about the performance of acquired trademarks and brands and the fair value of such trademarks and brands.
We cannot be sure if our new products, product improvements, or packaging initiatives will be accepted by customers. 13 Risks Associated with Foreign Operations Foreign economies may differ favorably or unfavorably from the United States’ economy in such respects as the level of inflation and debt, which may result in fluctuations in the value of the country’s currency.
Risks Associated with Foreign Operations Foreign economies may differ favorably or unfavorably from the United States’ economy in such respects as the level of inflation and debt, which may result in fluctuations in the value of the country’s currency.
Risk Related to Product Changes There are risks in the marketplace related to trade and consumer acceptance of product improvements, packaging initiatives and new product introductions.
Risk Related to Product Changes There are risks in the marketplace related to trade and consumer acceptance of product improvements, packaging initiatives and new product introductions. We cannot be sure if our new products, product improvements, or packaging initiatives will be accepted by customers.
Seasonality and Quarterly Fluctuations Our sales are affected by the seasonal demand for our products. Demand is greater during the summer months primarily as a result of the warm weather demand for our ICEE and frozen novelties products.
If we do not continue to effectively manage costs and achieve additional efficiencies, our competitiveness and profitability could decrease. 13 Seasonality and Quarterly Fluctuations Our sales are affected by the seasonal demand for our products. Demand is greater during the summer months primarily as a result of the warm weather demand for our ICEE and frozen novelties products.
The Company’s school foodservice LUIGI’S and WHOLE FRUIT frozen juice cups are produced in various flavors and contain one half of a cup of fruit equivalent made of 100% juice with no added sugar and in accordance with USDA guidelines.
The Company’s LUIGI’S and WHOLE FRUIT frozen juice cups for schools are produced in various flavors and contain one half of a cup of fruit equivalent made of 100% juice with no added sugar and in accordance with USDA guidelines. The Company’s DIPPIN’ DOTS’ frozen novelty products are cryogenically frozen beads, created using liquid nitrogen at -320 degrees Fahrenheit.
Our “Food Safety & Quality Plans” are validated and verified to ensure product safety and quality. We have implemented Corporate Standards which are aligned with GFSI and Regulatory standards and routinely conduct audits to ensure compliance. We provide bi-weekly support calls for FSQA and Plant Leadership and annual Food Safety Summit Meetings to develop and strengthen our facility teams.
Our “Food Safety & Quality Plans” are validated and verified to ensure product safety and quality. We have implemented Corporate Standards which are aligned with GFSI and Regulatory standards and routinely conduct audits to ensure compliance.
We depend on the skills, working relationships, and continued services of employees, including our experienced management team. We must hire, train, and develop effective employees. We compete with other companies both within and outside of our industry for talented employees, and we may lose key personnel or fail to attract, train, and retain other talented personnel.
We must hire, train, and develop effective employees. We compete with other companies both within and outside of our industry for talented employees, and we may lose key personnel or fail to attract, train, and retain other talented personnel. In addition, our ability to achieve our operating goals depends on our ability to identify, hire, train, and retain qualified individuals.
Although we continue to monitor our information technology networks, if we are unable to prevent physical and electronic break-ins, cyber-attacks, and other information security breaches, we may suffer material financial and reputational damage, be subject to litigation or incur significant remediation costs or penalties.
Although we continue to monitor our information technology networks, if we are unable to prevent physical and electronic break-ins, cyber-attacks, and other information security breaches, we may suffer material financial and reputational damage, be subject to litigation or incur significant remediation costs or penalties. 12 Risks Associated with Real or Perceived Safety Issues Regarding our Food Products We sell food products for human consumption, which involves risks such as product contamination or spoilage, product tampering, other adulteration of food products, mislabeling, and misbranding.
Suppliers The Company’s manufactured products are produced from raw materials which are readily available from numerous sources.
The Company has numerous patents related to the manufacturing and marketing of its products. 5 Suppliers The Company’s manufactured products are produced from raw materials which are readily available from numerous sources.
GOODCOOKIE, READI-BAKE, COUNTRY HOME, MARY B’S, DADDY RAY’S and HILL & VALLEY brand names, and under private labels. Bakery products include primarily fig and fruit bars, cookies, breads, rolls, crumb, muffins, and donuts. Bakery products are sold to the Food Service segment.
Bakery products include primarily fig and fruit bars, cookies, breads, rolls, crumb, muffins, and donuts. Bakery products are sold to the Food Service segment.
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. If commodity price changes result in increases in raw materials and energy costs, we may not be able to increase our prices to offset these increased costs without suffering reduced revenue and operating income.
We purchase these materials and energy mainly in the open market. 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.
In addition, changes in tax or interest rates, whether due to recession, efforts to combat inflation, financial and credit market disruptions or other reasons, could negatively impact us. Risks of Shortages or Increased Cost of Raw Materials We are exposed to market risks arising from adverse changes in commodity prices, affecting the cost of our raw materials and energy.
Risks of Shortages or Increased Cost of Raw Materials and Packaging We are exposed to market risks arising from adverse changes in commodity prices, affecting the cost of our raw materials and energy.
At food service point-of-sale they are reheated and topped with a cinnamon sugar mixture. The Company also sells chocolate-filled, fruit-filled, and crème-filled churros. The Company supplies churro merchandising equipment similar to that used for its soft pretzels. Handheld Products The Company's handheld products are sold primarily under private label names.
The Company supplies churro merchandising equipment similar to that used for its soft pretzels. Handheld Products The Company's handheld products are sold primarily under private label names. Handheld products are sold to the Food Service and Retail Supermarket segments.
The Company’s DIPPIN’ DOTS’ frozen novelty products are cryogenically frozen beads of ice cream, created using liquid nitrogen at -320 degrees Fahrenheit. Product variations include ice cream (milk and cream based), flavored ice (water based) and frozen yogurt branded YoDots. The product is served to consumers by the cup, or via individual serving packages.
Product variations include ice cream (milk and cream based), flavored ice (water based) and frozen yogurt branded YODOTS. The product is served to consumers by the cup, or via individual serving packages. The balance of the Company’s frozen novelties products are manufactured from water, sweeteners and fruit juice concentrates in various flavors and packaging including cups, tubes, and sticks.
Handheld products are sold to the Food Service and Retail Supermarket segments. Handheld product sales amounted to 7% of the Company’s sales in fiscal year 2024, 6% in fiscal year 2023, and 7% in fiscal year 2022. Bakery Products The Company’s bakery products are marketed under the MRS.
Handheld product sales amounted to 7% of the Company’s sales in fiscal year 2025, 7% in fiscal year 2024, and 6% in fiscal year 2023. Bakery Products The Company’s bakery products are marketed under the MRS. GOODCOOKIE, READI-BAKE, COUNTRY HOME, MARY B’S, DADDY RAY’S and HILL & VALLEY brand names, and under private labels.
The primary products sold to the retail supermarket channel are soft pretzels, frozen novelties and handheld products. We have several large customers that account for a significant portion of our sales.
We have several large customers that account for a significant portion of our sales.
The Company has the rights to market and distribute frozen beverages under the name ICEE and Slush Puppie to the entire continental United States as well as internationally. 4 Other Products Other products sold by the Company include funnel cakes sold under the FUNNEL CAKE FACTORY brand name and smaller amounts of various other food products.
The Company provides managed service and/or products to approximately 132,000 Company-owned and customer-owned dispensers. Other Products Other products sold by the Company include funnel cakes sold under the FUNNEL CAKE FACTORY brand name and smaller amounts of various other food products. These products are sold in the Food Service and Frozen Beverages segments.
Churros are sold to the Food Service and Retail Supermarkets segments. Churro sales were 7% of the Company’s sales in fiscal year 2024, 7% in fiscal year 2023, and 6% in fiscal year 2022. Churros are pastries in stick form which the Company produces in several sizes according to a proprietary formula. The churros are deep fried, frozen, and packaged.
Churros are pastries in stick form which the Company produces in several sizes according to a proprietary formula. The churros are deep fried, frozen, and packaged. At food service point-of-sale they are reheated and topped with a cinnamon sugar mixture. The Company also sells chocolate-filled, fruit-filled, and crème-filled churros.
These increased costs, if not offset, may have a significant impact on our profits. Risks Relating to Pandemics, Epidemics, or Other Disease Outbreaks Pandemics, epidemics, or other disease outbreaks could significantly change consumption patterns for our products.
If maintained, the announced U.S. tariffs, as well as related measures that could be taken by other countries, could affect our results of operations. Risks Relating to Pandemics, Epidemics, or Other Disease Outbreaks Pandemics, epidemics, or other disease outbreaks could significantly change consumption patterns for our products.
The balance of the Company’s frozen novelties products are manufactured from water, sweeteners and fruit juice concentrates in various flavors and packaging including cups, tubes, and sticks. Several of the products contain ice cream and WHOLE FRUIT bars contains pieces of fruit. 3 Churros The Company’s churros are sold primarily under the ¡HOLA! and CALIFORNIA CHURROS brand names.
Several of the products contain ice cream and WHOLE FRUIT bars contains real fruit. Churros The Company’s churros are sold primarily under the ¡HOLA! brand name. Churros are sold to the Food Service and Retail Supermarkets segments. Churro sales were 6% of the Company’s sales in fiscal year 2025, 7% in fiscal year 2024, and 7% in fiscal year 2023.
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The Company provides managed service and/or products to approximately 132,000 Company-owned and customer-owned dispensers.
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We provide bi-weekly support calls and mentorship programs for FSQA and Plant Leadership and annual Food Safety Summit Meetings to develop and strengthen our facility teams.
Removed
The Company evaluates the success of new product introductions on the basis of sales and profit levels. The Company’s products are sold through a network of food brokers, independent sales distributors, and the Company’s own direct sales force.
Added
In addition, changes in tax or interest rates, current or future governmental policies or regulations, which include the imposition of tariffs, efforts to combat inflation, financial and credit market disruptions or other reasons, could negatively impact us.
Removed
In addition, our ability to achieve our operating goals depends on our ability to identify, hire, train, and retain qualified individuals. Any such loss or failure could adversely affect our product sales, financial condition, and operating results.
Added
If commodity price changes result in increases in raw materials and energy costs, we may not be able to increase our prices to offset these increased costs without suffering reduced revenue and operating income. These increased costs, if not offset, may have a significant impact on our profits.
Removed
The success of any acquisition or divestiture depends on the Company’s ability to identify opportunities that help the Company meet its strategic objectives, consummate a transaction on favorable contractual terms, and achieve expected returns and other financial benefits.
Added
U.S. trade policies, including the imposition of tariffs, and potential related actions by other countries are outside of our control and may affect our results of operations.
Removed
Risks Relating to Gerald B. Shreiber Gerald B. Shreiber is the founder and a Director of the Company. He is currently beneficial owner of approximately 20% of its outstanding common stock, held in a trust for his benefit. Our Amended and Restated Certificate of Incorporation provides Mr.
Added
Recently, the United States announced tariffs on imports from a broad range of countries which we anticipate will cause inflationary pressures, possible retaliatory tariffs and higher costs on certain of our raw materials and packaging imported from the affected countries.
Removed
Shreiber with certain special voting rights with respect to any matters to be voted on by the Board of Directors. As a result, as of the date of this Report, Mr. Shreiber is entitled to cast six (6) votes on all matters upon which the Board of Directors is entitled to vote.
Added
Federal or state actions targeting specific food ingredients (including bans or phase-outs of certain dyes, preservatives or processing aids) – or actions that incentivize removal of those ingredients – could require us to reformulate existing products, incur higher ingredient or manufacturing costs, reduce shelf life, or change product functionality and taste.
Removed
Risk Related to Increases in our Health Insurance Costs The costs of employee health care insurance have been increasing in recent years due to rising health care costs, legislative changes, and general economic conditions.
Added
These changes could result in lost sales, customer dissatisfaction, increased recall risk or material expenses. Further, new rules requiring front-of-pack nutrition labels, warnings, or expanded ingredient disclosures may require redesign of packaging, increase unit costs, and influence consumer purchase decisions. These requirements may restrict certain claims we make and could lead to product delisting or store exclusion in some channels.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Additional information on cybersecurity-related risks is discussed under the heading “Risks Associated with our Information Technology Systems” under Item 1A, which should be read in conjunction with Item 1C. Cybersecurity Governance Our Board of Directors has delegated oversight responsibilities for enterprise risk, including cybersecurity risk, to the Audit Committee.
Additional information on cybersecurity-related risks is discussed under the heading “Risks Associated with our Information Technology Systems” under Item 1A, which should be read in conjunction with Item 1C. 14 Cybersecurity Governance Our Board of Directors has delegated oversight responsibilities for enterprise risk, including cybersecurity risk, to the Audit Committee.
In addition, the Company performs an annual review of independent attestation reports of the third-party service providers’ control environments designed to ensure that the controls meet Company security requirements and that any identified issues in the independent attestation reports do not present material cybersecurity risks to the Company. 16 To date, we have not identified any cybersecurity threats or incidents which have materially affected, or are reasonably likely to materially affect, the Company, including its business strategy, results of operations or financial condition; however, there is no guarantee that we will not be the subject of future successful cybersecurity threats or incidents that may materially and adversely affect the Company, including its business strategy, financial condition, results of operations or prospects.
To date, we have not identified any cybersecurity threats or incidents which have materially affected, or are reasonably likely to materially affect, the Company, including its business strategy, results of operations or financial condition; however, there is no guarantee that we will not be the subject of future successful cybersecurity threats or incidents that may materially and adversely affect the Company, including its business strategy, financial condition, results of operations or prospects.
Added
In addition, the Company performs an annual review of independent attestation reports of the third-party service providers’ control environments designed to ensure that the controls meet Company security requirements and that any identified issues in the independent attestation reports do not present material cybersecurity risks to the Company.

Item 2. Properties

Properties — owned and leased real estate

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Laurel, NJ Food Service/Retail Supermarket Office N/A - 30,000 30,000 Bellmawr, NJ Food Service/Retail Supermarket Manufacturing Soft Pretzels, Bakery Products 150,000 - 150,000 Vernon, CA Food Service Manufacturing Soft Pretzels, Churros, Bakery Products - 107,000 107,000 Vernon, CA Food Service Warehousing/Distribution N/A - 30,000 30,000 Vernon, CA Food Service Office/Warehousing N/A - 80,000 80,000 Brooklyn, NY Food Service Manufacturing Soft Pretzels - 20,000 20,000 Colton, CA Food Service Manufacturing Churros, Bakery Products - 45,000 45,000 Atlanta, GA Food Service/Retail Supermarket Manufacturing Bakery Products - 85,000 85,000 Rock Island, IL Food Service Manufacturing Bakery Products - 129,000 129,000 Scranton, PA Food Service/Retail Supermarket Manufacturing Frozen Novelties 46,000 - 46,000 Scranton, PA Food Service/Retail Supermarket Warehousing N/A 42,000 - 42,000 Hatfield, PA Food Service Manufacturing Soft Pretzels - 29,600 29,600 Carrollton, TX Food Service Manufacturing Soft Pretzels - 48,000 48,000 Carrollton, TX Food Service Warehousing N/A - 6,500 6,500 Bridgeport, NJ Food Service Manufacturing Bakery Products - 133,000 133,000 Moscow Mills, MO Food Service Manufacturing Bakery Products 165,000 - 165,000 Holly Ridge, NC Food Service/Retail Supermarket Manufacturing Handheld Products 84,000 - 84,000 Weston, OR Food Service/Retail Supermarket Manufacturing Handheld Products - 70,000 70,000 Weston, OR Food Service/Retail Supermarket Warehousing N/A - 11,300 11,300 Paducah, KY Food Service Manufacturing Frozen Novelties 183,000 - 183,000 Paducah, KY Food Service Office N/A - 34,000 34,000 Lancaster, CA Food Service Warehousing N/A - - - Tampa, FL Retail Supermarket Manufacturing Frozen Novelties - 67,000 67,000 LaVergne, TN Frozen Beverages Office N/A - 84,000 84,000 Terrell, TX Food Service/Retail Supermarket Warehousing N/A - 117,000 117,000 Woolwich, NJ Food Service/Retail Supermarket Warehousing N/A - 201,000 201,000 Glendale, AZ Food Service/Retail Supermarket Warehousing N/A - 87,000 87,000 911,000 1,414,400 2,325,400 17 The Company also leases approximately 172 smaller warehouse and distribution facilities in 45 states, Mexico, Canada, Australia, and China.
Laurel, NJ Food Service/Retail Supermarket/Frozen Beverages Office N/A - 30,000 30,000 Bellmawr, NJ Food Service/Retail Supermarket Manufacturing Soft Pretzels, Bakery Products 150,000 - 150,000 Vernon, CA Food Service Manufacturing Soft Pretzels, Churros, Bakery Products - 107,000 107,000 Vernon, CA Food Service Warehousing/Distribution N/A - 30,000 30,000 Vernon, CA Food Service Office/Warehousing N/A - 80,000 80,000 Brooklyn, NY Food Service Manufacturing Soft Pretzels - 20,000 20,000 Colton, CA Food Service Manufacturing Churros, Bakery Products - 45,000 45,000 Atlanta, GA Food Service/Retail Supermarket Manufacturing Bakery Products - 85,000 85,000 Rock Island, IL Food Service Manufacturing Bakery Products - 129,000 129,000 Scranton, PA Food Service/Retail Supermarket Manufacturing Frozen Novelties 46,000 - 46,000 Scranton, PA Food Service/Retail Supermarket Warehousing N/A 42,000 - 42,000 Hatfield, PA Food Service Manufacturing Soft Pretzels - 30,000 30,000 Carrollton, TX Food Service Manufacturing Soft Pretzels - 48,000 48,000 Carrollton, TX Food Service Warehousing N/A - 7,000 7,000 Bridgeport, NJ Food Service Manufacturing Bakery Products - 133,000 133,000 Moscow Mills, MO Food Service Manufacturing Bakery Products 165,000 - 165,000 Holly Ridge, NC Food Service/Retail Supermarket Manufacturing Handheld Products 84,000 - 84,000 Weston, OR Food Service/Retail Supermarket Manufacturing Handheld Products - 70,000 70,000 Weston, OR Food Service/Retail Supermarket Warehousing N/A - 11,000 11,000 Little Rock, AR Food Service Office N/A - 3,000 3,000 Paducah, KY Food Service Manufacturing Frozen Novelties 130,000 - 183,000 Paducah, KY Food Service Office N/A - 59,000 59,000 Lancaster, CA Food Service Warehousing N/A - 23,000 23,000 Tampa, FL Retail Supermarket Manufacturing Frozen Novelties - 67,000 67,000 LaVergne, TN Frozen Beverages Office N/A - 84,000 84,000 Terrell, TX Food Service/Retail Supermarket Warehousing N/A - 117,000 117,000 Woolwich, NJ Food Service/Retail Supermarket Warehousing N/A - 201,000 201,000 Glendale, AZ Food Service/Retail Supermarket Warehousing N/A - 87,000 87,000 858,000 1,466,000 2,324,000 The Company also leases approximately 170 smaller warehouse and distribution facilities in 45 states, Mexico, Canada, Australia, and China.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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For information on the Company’s Equity Compensation Plans, please see Item 12 herein. 18 The following graph shows a five-year comparison of cumulative total returns for our stock, the Nasdaq Composite Index and our peer group, the Standard & Poor’s (“S&P”) Packaged Foods & Meats Index.
As of September 27, 2025, there remains $42.0 million of share repurchase availability under the 2025 Share Repurchase Program. 16 Performance Graph The following graph shows a five-year comparison of cumulative total returns for our stock, the Nasdaq Composite Index and our peer group, the Standard & Poor’s (“S&P”) Packaged Foods & Meats Index.
Item 5. Market For Registrant ’ s Common Equity, Related Stockholder Matters And Issuer Purchases Of Equity Securities The Company’s common stock is traded on the NASDAQ Global Select Market under the symbol “JJSF.” As of September 28, 2024, we had approximately 71 stockholders of record of our common stock.
Item 5. Market For Registrant ’ s Common Equity, Related Stockholder Matters And Issuer Purchases Of Equity Securities We have, issued and outstanding, one class of capital stock, Common Stock. Holders of Common Stock are generally entitled to one vote per share on matters submitted to shareholders for approval.
Removed
We did not purchase any shares of our common stock in our fiscal fourth quarter, and no shares were withheld in our fiscal fourth quarter to cover taxes associated with the vesting of certain restricted stock units held by officers and employees.
Added
As of September 27, 2025, we had approximately 66 stockholders of record of our common stock.
Removed
A plan to purchase 500,000 shares was announced on August 4, 2017 with no expiration date. 318,858 shares remain available to be purchased under this plan.
Added
Market Information The Company’s common stock is traded on the NASDAQ Global Select Market under the symbol “JJSF.” Issuer Purchases of Equity Securities The following tables sets forth repurchases of our common stock during the fourth quarter of 2025: Total number of shares Approximate dollar value Total number Average purchased as part of of shares that may yet of shares price paid publicly announced be purchased under Period purchased (1) per share plans or programs (2) plans or programs (2) (in thousands) June 29, 2025 to July 26, 2025 - - - $ 45,000 July 27, 2025 to August 23, 2025 27,715 $ 108.24 27,715 42,000 August 24, 2025 to September 27, 2025 - - - 42,000 Three months ended September 27, 2025 27,715 108.24 27,715 42,000 (1) There were 27,715 shares repurchased as part of our publicly announced share repurchase program during the quarter ended September 27, 2025.
Added
(2) On February 3, 2025, the Company announced that the Board of Directors authorized a share repurchase program (the 2025 Share Repurchase Program) pursuant to which the Company could repurchase up to $50.0 million of the Company’s common stock, exclusive of any fees, commissions, and other expenses related to such repurchases.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Future adverse changes in market conditions or poor operating results of these underlying assets could result in losses or an inability to recover the carrying value of the asset that may not be reflected in the asset’s current carrying value, thereby possibly requiring impairment charges in the future. Indefinite lived intangibles are reviewed annually for impairment.
Future adverse changes in market conditions or poor operating results of these underlying assets could result in losses or an inability to recover the carrying value of the asset that may not be reflected in the asset’s current carrying value, thereby possibly requiring impairment charges in the future. 28 Indefinite lived intangibles are reviewed annually for impairment.
Insurance Reserves We have a self-insured medical plan which covers approximately 1,800 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.
Insurance Reserves We have a self-insured medical plan which covers approximately 1,800 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.
Interest accrues, at the Company’s election at (i) the BSBY Rate (as defined in the Credit Agreement), plus an applicable margin, based upon the Consolidated Net Leverage Ratio, as defined in the Credit Agreement, or (ii) the Alternate Base Rate (a rate based on the higher of (a) the prime rate announced from time-to-time by the Administrative Agent, (b) the Federal Reserve System’s federal funds rate, plus 0.50% or (c) the Daily BSBY Rate, plus an applicable margin).
Interest accrues, at the Company’s election at (i) the SOFR Rate (as defined in the Credit Agreement), plus an applicable margin, based upon the Consolidated Net Leverage Ratio, as defined in the Credit Agreement, or (ii) the Alternate Base Rate (a rate based on the higher of (a) the prime rate announced from time-to-time by the Administrative Agent, (b) the Federal Reserve System’s federal funds rate, plus 0.50% or (c) the Daily SOFR Rate, plus an applicable margin).
However, if actual results are not consistent with our estimates or assumptions, we may be exposed to impairment charges that could be material. 32
However, if actual results are not consistent with our estimates or assumptions, we may be exposed to impairment charges that could be material.
Considering that we have stop loss coverage of $225,000 for each individual plan subscriber, the general consistency of claims payments and the short time lag, we believe that there is not a material exposure for this liability. 31 We self-insure, up to loss limits, workers’ compensation, automobile and general liability claims.
Considering that we have stop loss coverage of $300,000 for each individual plan subscriber, the general consistency of claims payments and the short time lag, we believe that there is not a material exposure for this liability. We self-insure, up to loss limits, workers’ compensation, automobile and general liability claims.
RESULTS OF OPERATIONS: Fiscal Year 2023 (53 weeks) Compared to Fiscal Year 2022 (52 weeks) The discussion of our results of operations for Fiscal Year 2023 (53 weeks) compared to Fiscal Year 2022 (52 weeks) can be found in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023 and such discussion is incorporated by reference herein.
RESULTS OF OPERATIONS: Fiscal Year 2024 (52 weeks) Compared to Fiscal Year 2023 (53 weeks) The discussion of our results of operations for Fiscal Year 2024 (52 weeks) compared to Fiscal Year 2023 (53 weeks) can be found in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended September 28, 2024 and such discussion is incorporated by reference herein.
Our tests at September 28, 2024 show that the fair value of each of our reporting units with goodwill exceeded its carrying value by at least 50%. Therefore, no further analysis was required. The inputs and assumptions used involve considerable management judgment and are based upon assumptions about expected future operating performance.
Our tests at September 27, 2025 show that the fair value of each of our reporting units with goodwill exceeded its carrying value by at least 50%. Therefore, no further analysis was required. The inputs and assumptions used involve considerable management judgment and are based upon assumptions about expected future operating performance.
Some recent examples of implementing these strategies include: ● Our recently completed strategic supply chain transformation in which we opened three regional distribution centers which is projected to drive significant cost reductions around warehousing and distribution costs. ● The recent addition of six new production lines which has significantly expanded upon our capacity and allowed us to meet growth opportunities across our core products such as pretzels, churros and frozen novelties. ● Implementation of a new ERP system in fiscal 2022 which has helped to create efficiencies and streamline internal processes. ● Many examples of successful cross-selling and leveraging our brands across customer channels, including our recent expansion of the breadth and depth of our Dippin’ Dots brand across the theater channel, as well as looking to penetrate that brand into the retail market. ● Further expansion of our SuperPretzel brand across the retail market through the launch of Bavarian Sticks. ● Our fiscal year 2023 rollout of our new Hola!
Some recent examples of implementing these strategies include: ● Our recently completed strategic supply chain transformation in which we opened three regional distribution centers which is projected to drive cost reductions around warehousing and distribution. ● The recent addition of six new production lines which has significantly expanded our capacity and allowed us to meet growth opportunities across our core products such as pretzels, churros and frozen novelties. ● Implementation of a new ERP system in fiscal 2022 which has helped to create efficiencies and streamline internal processes. ● Many examples of successful cross-selling and leveraging our brands across customer channels, including our recent expansion of Dippin’ Dots brand into retail and further into the theater channel. ● Further expansion of our SuperPretzel brand across the retail market through the launch of Bavarian Sticks. ● Our fiscal year 2023 rollout of our new Hola!
Off – Balance Sheet Arrangements The Company has off-balance sheet arrangements for purchase commitments as of September 28, 2024. Critical Accounting Policies, Judgments and Estimates We prepare our financial statements in conformity with accounting principles generally accepted in the United States of America.
Off – Balance Sheet Arrangements The Company has off-balance sheet arrangements for purchase commitments as of September 27, 2025. Critical Accounting Policies, Judgments and Estimates We prepare our financial statements in conformity with accounting principles generally accepted in the United States of America.
The Company’s fiscal years 2024 and 2022 spanned 52 weeks each, whereas fiscal year 2023 spanned 53 weeks. 20 RESULTS OF OPERATIONS: Fiscal Year 2024 (52 weeks) Compared to Fiscal Year 2023 (53 weeks) Results of Consolidated Operations The following discussion provides a review of results for the fiscal year ended September 28, 2024 as compared with the fiscal year ended September 30, 2023.
The Company’s fiscal years 2025 and 2024 spanned 52 weeks each, whereas fiscal year 2023 spanned 53 weeks. RESULTS OF OPERATIONS: Fiscal Year 2025 Compared to Fiscal Year 2024 Results of Consolidated Operations The following discussion provides a review of results for the fiscal year ended September 27, 2025 as compared with the fiscal year ended September 28, 2024.
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, 2024, we have approximately $122 million of such commitments.
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 27, 2025, we have approximately $133 million of such commitments.
Liquidity As of September 28, 2024, we had $73.4 million of cash and cash equivalents. In December 2021, the Company entered into an amended and restated loan agreement (the “Credit Agreement”) with our existing banks which provided for up to a $50 million revolving credit facility repayable in December 2026.
Liquidity As of September 27, 2025, we had $105.9 million of cash and cash equivalents. In December 2021, the Company entered into an amended and restated loan agreement (the “Credit Agreement”) with our existing banks which provided for up to a $50 million revolving credit facility repayable in December 2026.
The Company’s Food Service and Frozen Beverages sales are made primarily to foodservice customers including snack bar and food stand locations in leading chain, department, discount, warehouse club and convenience stores; malls and shopping centers; fast food and casual dining restaurants; stadiums and sports arenas; leisure and theme parks; movie theatres; independent retailers; and schools, colleges and other institutions.
The Company’s principal frozen beverage products are the ICEE brand frozen carbonated beverage and the SLUSH PUPPIE brand frozen non-carbonated beverage. 17 The Company’s Food Service and Frozen Beverages sales are made primarily to foodservice customers including snack bar and food stand locations in leading chain, department, discount, warehouse club and convenience stores; malls and shopping centers; fast food and casual dining restaurants; stadiums and sports arenas; leisure and theme parks; movie theatres; independent retailers; and schools, colleges and other institutions.
Sales of new products in the first twelve months since their introduction were approximately $24.7 million for the fiscal year, driven primarily by the addition of churros to the menu of a major QSR customer.
Sales of new products in the first twelve months since their introduction were approximately $3.9 million for the fiscal year, driven primarily by the addition of churros to the menu of a major fast-food customer.
The performance obligations in our customer contracts for product are generally satisfied within 30 days. The singular performance obligation of our customer contracts for time and material repair and maintenance equipment service is the performance of the repair and maintenance with revenue being recognized at a point-in-time when the repair and maintenance is completed.
The singular performance obligation of our customer contracts for time and material repair and maintenance equipment service is the performance of the repair and maintenance with revenue being recognized at a point-in-time when the repair and maintenance is completed.
Our operating leases include leases for real estate from some of our office, distribution and manufacturing facilities as well as manufacturing and non-manufacturing equipment used in our business. As of September 28, 2024, we have operating lease payment obligations of $159.8 million, with $19.1 million payable within 12 months.
Our operating leases include leases for real estate from some of our office, distribution and manufacturing facilities as well as manufacturing and non-manufacturing equipment used in our business. As of September 27, 2025, we have operating lease payment obligations of $161.6 million, with $21.6 million payable within 12 months.
We perform impairment tests at year end for our reporting units, which are also the operating segment levels with recorded goodwill utilizing primarily the discounted cash flow method.
Valuation of Goodwill We have three reporting units with goodwill. Goodwill is evaluated annually by the Company for impairment. We perform impairment tests at year end for our reporting units, which are also the operating segment levels with recorded goodwill utilizing primarily the discounted cash flow method.
An additional week is included in the last fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters, which occurred in the Company’s fourth quarter of fiscal 2023.
Fiscal Period The Company’s fiscal year is the 52- or 53- week period that ends on the last Saturday of September. An additional week is included in the last fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters, which occurred in the Company’s fourth quarter of fiscal 2023.
Interest expense decreased by $2.9 million, or 62%, to $1.8 million in fiscal 2024 due to the reduction in the Company’s average outstanding borrowings under the Amended Credit Agreement throughout the fiscal year. INCOME TAX EXPENSE Our effective tax rate in fiscal 2024 was 27.2%. Our effective tax rate in fiscal 2023 was 26.6%.
Interest expense decreased by $0.3 million, or 18%, to $1.5 million in fiscal 2025 due to the reduction in the Company’s average outstanding borrowings under the Amended Credit Agreement throughout the fiscal year. INCOME TAX EXPENSE Our effective tax rate in fiscal 2025 was 24.1%. Our effective tax rate in fiscal 2024 was 27.2%.
NET EARNINGS Net earnings increased $7.6 million, or 10%, in fiscal 2024 to $86.6 million, or $4.45 per diluted share, from $78.9 million or $4.08 per diluted share, in fiscal 2023 as a result of the aforementioned items. 22 There are many factors which can impact our net earnings from year to year, among which are the supply and cost of raw materials and labor, insurance costs, factors impacting sales as noted above, the continuing consolidation of our customers, our ability to manage our manufacturing, marketing and distribution activities, our ability to make and integrate acquisitions and changes in tax laws and interest rates.
There are many factors which can impact our net earnings from year to year, among which are the supply and cost of raw materials and labor, insurance costs, factors impacting sales as noted above, the continuing consolidation of our customers, our ability to manage our manufacturing, marketing and distribution activities, our ability to make and integrate acquisitions and changes in tax laws and interest rates.
Specifically, control transfers to our customers when the product is delivered to, installed, or picked up by our customers based upon applicable shipping terms, as our customers can direct the use and obtain substantially all of the remaining benefits from the product at this point in time.
Specifically, control transfers to our customers when the product is delivered to, installed, or picked up by our customers based upon applicable shipping terms, which is when our customers can direct the use and obtain substantially all of the remaining benefits from the product. The performance obligations in our customer contracts for product are generally satisfied within 30 days.
The Chief Operating Decision Maker for Food Service, Retail Supermarkets and Frozen Beverages reviews monthly detailed operating income statements and sales reports in order to assess performance and allocate resources to each individual segment.
Results of Operations – Segments We have three reportable segments, as disclosed in the accompanying notes to the consolidated financial statements: Food Service, Retail Supermarkets and Frozen Beverages. The Chief Operating Decision Maker for Food Service, Retail Supermarkets and Frozen Beverages reviews monthly detailed operating income statements and sales reports to assess performance and allocate resources to each individual segment.
The singular performance obligation of our customer repair and maintenance equipment service contracts is the performance of the repair and maintenance with revenue being recognized over the time the service is expected to be performed. Our customers are billed for service contracts in advance of performance and therefore we have contract liability on our balance sheet.
The singular performance obligation of our customer repair and maintenance equipment service contracts is the performance of the repair and maintenance with revenue being recognized over the time the service is expected to be performed.
We do not believe that there is a reasonable likelihood that there will be a material change in the estimates or assumptions used to value our accounts receivable.
We do not believe that there is a reasonable likelihood that there will be a material change in the estimates or assumptions used to value our accounts receivable. Since adoption of the new guidance on September 27, 2020, we have not made any material changes in the accounting methodology used to value accounts receivable.
Revenue is measured by the transaction price, which is defined as the amount of consideration we expect to receive in exchange for satisfying the performance obligations noted above. The transaction price is adjusted for estimates of known or expected variable consideration which includes sales discounts, trade promotions and certain other sales and customer incentives, including rebates and coupon redemptions.
The transaction price is adjusted for estimates of known or expected variable consideration which includes sales discounts, trade promotions and certain other sales and customer incentives, including rebates and coupon redemptions.
Handheld sales to food service customers increased 5% to $86.1 million in fiscal 2024, with the increase largely attributable to pricing increases related to the contractual pricing true-up of costing on certain raw material ingredients, as well as some volume increases amongst certain customers in the product category.
Handheld sales to food service customers increased 7% to $92.0 million in fiscal 2025, with the increase largely attributable to a combination of strong volume increases across our core food service handhelds as well as pricing increases related to the contractual pricing true-up of costing on certain raw material ingredients.
Following are some of the areas requiring significant judgments and estimates: revenue recognition, allowance for estimated credit losses, valuation of goodwill and long-lived and intangible assets, insurance reserves, and income taxes and business combinations. 29 Revenue Recognition The singular performance obligation of our customer contracts for product and machine sales is determined by each individual purchase order and the respective products ordered, with revenue being recognized at a point-in-time when the obligation under the terms of the agreement is satisfied and product control is transferred to our customer.
Revenue Recognition The performance obligations of our customer contracts for product and machine sales are determined by each individual purchase order and the respective products ordered, with revenue being recognized at a point-in-time when the obligation under the terms of the agreement is satisfied and product control is transferred to our customer.
Some decreases in distribution expenses driven by the benefits of our strategic initiatives to improve logistics management and increase efficiency across our distribution network and supply chain were more than offset by approximately $5 million of non-recurring start-up costs related to the opening of two additional regional distribution centers in fiscal 2024.
Distribution expenses as a percentage of sales decreased to 10.6% in fiscal 2025 from 11.2% in fiscal 2024, with the decrease driven by the continued benefits of our strategic initiatives to improve logistics management and increase efficiency across our distribution network and supply chain, as well as approximately $5 million of non-recurring start-up costs related to the opening of regional distribution centers in fiscal 2024.
Refer to the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023 for additional information related to the discussion and analysis of our financial condition and results of operations for the fiscal year ended September 30, 2023 compared to the fiscal year ended September 24, 2022. 19 Business Overview The Company manufactures snack foods and distributes frozen beverages which it markets nationally to the foodservice and retail supermarket industries.
Refer to the Company’s Annual Report on Form 10-K for the fiscal year ended September 28, 2024 for additional information related to the discussion and analysis of our financial condition and results of operations for the fiscal year ended September 28, 2024 compared to the fiscal year ended September 30, 2023.
The Company’s material cash requirements include the following contractual and other obligations: Purchase Commitments Our most significant raw material requirements include flour, packaging, shortening, corn syrup, sugar, juice, cheese, chocolate, and a variety of nuts.
As of September 27, 2025, we had $210.2 million of additional borrowing capacity, after giving effect to the $14.8 million of letters of credit outstanding. 26 The Company’s material cash requirements include the following contractual and other obligations: Purchase Commitments Our most significant raw material requirements include flour, packaging, shortening, corn syrup, sugar, juice, cheese, chocolate, and a variety of nuts.
As of September 28, 2024, the Company is in compliance with all financial covenants of the Credit Agreement. 28 As of September 28, 2024, we had no outstanding borrowings drawn on the Amended Credit Agreement. As of September 28, 2024, we had $212.7 million of additional borrowing capacity, after giving effect to the $12.3 million of letters of credit outstanding.
As of September 27, 2025, the Company is in compliance with all financial covenants of the Credit Agreement. As of September 27, 2025, we had no outstanding borrowings drawn on the Amended Credit Agreement.
In addition, the Chief Operating Decision Maker reviews and evaluates depreciation, capital spending and assets of each segment on a quarterly basis to monitor cash flow and asset needs of each segment. The following table is a summary of sales and operating income, which is how we measure segment profit.
Sales and operating income are the key variables monitored by the Chief Operating Decision Maker when determining each segment and the Company’s financial condition and operating performance. In addition, the Chief Operating Decision Maker reviews and evaluates capital spending of each segment on a quarterly basis to monitor cash flow and asset needs of each segment.
FROZEN BEVERAGES SEGMENT RESULTS Fiscal year ended September 28, September 30, 2024 2023 (52 weeks) (53 weeks) % Change (in thousands) Frozen Beverages Beverages $ 230,030 $ 224,655 2.4 % Repair and maintenance service 96,589 95,941 0.7 % Machines revenue 38,188 37,933 0.7 % Other 3,445 3,032 13.6 % Total Frozen Beverages $ 368,252 $ 361,561 1.9 % Frozen Beverages Operating Income $ 51,459 $ 50,365 2.2 % 25 Total frozen beverage segment sales increased $6.7 million or 2% to $368.3 million in fiscal 2024.
FROZEN BEVERAGES SEGMENT RESULTS Fiscal year ended September 27, September 28, 2025 2024 (52 weeks) (52 weeks) % Change (in thousands) Frozen Beverages Beverages $ 219,312 $ 230,030 (4.7 )% Repair and maintenance service 97,392 96,589 0.8 % Machines revenue 47,807 38,188 25.2 % Other 3,552 3,445 3.1 % Total Frozen Beverages $ 368,063 $ 368,252 (0.1 )% Frozen Beverages Operating Income $ 49,529 $ 52,996 (6.5 )% Total frozen beverage segment sales decreased slightly by $0.2 million, to $368.0 in fiscal 2025.
Service revenue increased 1% to $96.6 million in fiscal 2024 and machines revenue, primarily sales of frozen beverage machines, increased 1% to $38.2 million in fiscal 2024. The estimated number of Company-owned frozen beverage dispensers was 24,000 and 23,000 at September 28, 2024 and September 30, 2023, respectively.
Service revenue increased 1% to $97.4 million in fiscal 2025 and machines revenue, primarily sales of frozen beverage machines, increased 25% to $47.8 million in fiscal 2025, primarily driven by strong growth from theater and convenience customers. The estimated number of Company-owned frozen beverage dispensers was 24,000 at both September 27, 2025 and September 28, 2024.
The Company’s principal snack food products are soft pretzels, frozen novelties, churros and bakery products. We are the largest manufacturer of soft pretzels in the United States. Other snack food products include funnel cake and handheld products. The Company’s principal frozen beverage products are the ICEE brand frozen carbonated beverage and the SLUSH PUPPIE brand frozen non-carbonated beverage.
Business Overview The Company manufactures snack foods and distributes frozen beverages which it markets nationally to the foodservice and retail supermarket industries. The Company’s principal snack food products are soft pretzels, frozen novelties, churros and bakery products. We are the largest manufacturer of soft pretzels in the United States. Other snack food products include funnel cake and handheld products.
We have not made any material changes in the accounting methodology used to account for business combinations during the past three fiscal years.
For significant acquisitions, we may use independent third-party valuation specialists to assist us in determining the fair value of assets acquired and liabilities assumed. 29 We have not made any material changes in the accounting methodology used to account for business combinations during the past three fiscal years.
Summary of Results Fiscal year ended September 28, September 30, 2024 2023 (52 weeks) (53 weeks) % Change (in thousands) Net Sales $ 1,574,755 $ 1,558,829 1.0 % Cost of goods sold 1,088,630 1,088,964 0.0 % Gross Profit 486,125 469,865 3.5 % Operating expenses Marketing 118,805 110,258 7.8 % Distribution 175,601 172,804 1.6 % Administrative 74,771 75,425 (0.9 )% Intangible asset impairment charges - 1,678 Other general expense (597 ) 182 (428.0 )% Total Operating Expenses 368,580 360,347 2.3 % Operating Income 117,545 109,518 7.3 % Other income (expense) Investment income 3,228 2,743 17.7 % Interest expense (1,826 ) (4,747 ) (61.5 )% Earnings before income taxes 118,947 107,514 10.6 % Income tax expense 32,396 28,608 13.2 % NET EARNINGS $ 86,551 $ 78,906 9.7 % Comparisons as a Percentage of Net Sales Fiscal year ended September 28, September 30, 2024 2023 Basis Pt Chg Gross profit 30.9 % 30.1 % 80 Marketing 7.5 % 7.1 % 40 Distribution 11.2 % 11.1 % 10 Administrative 4.7 % 4.8 % (10 ) Operating income 7.5 % 7.0 % 50 Earnings before income taxes 7.6 % 6.9 % 70 Net earnings 5.5 % 5.1 % 40 NET SALES Net sales increased by $15.9 million, or 1%, to $1,574.8 million in fiscal 2024.
Summary of Results Fiscal year ended September 27, September 28, 2025 2024 (52 weeks) (52 weeks) % Change (in thousands) Net Sales $ 1,583,233 $ 1,574,755 0.5 % Cost of goods sold 1,113,351 1,088,630 2.3 % Gross Profit 469,882 486,125 (3.3 )% Operating expenses Marketing 123,606 118,805 4.0 % Distribution 168,305 175,601 (4.2 )% Administrative 77,787 74,771 4.0 % Intangible asset impairment charges 2,257 - 100.0 % Gain on insurance proceeds received for damage to property, plant, and equipment (10,622 ) - 100.0 % Plant closure expense 24,073 - 100.0 % Other general expense 150 (597 ) (125.1 )% Total Operating Expenses 385,556 368,580 4.6 % Operating Income 84,326 117,545 (28.3 )% Other income (expense) Investment income 3,596 3,228 11.4 % Interest expense (1,493 ) (1,826 ) (18.2 )% Earnings before income taxes 86,429 118,947 (27.3 )% Income tax expense 20,834 32,396 (35.7 )% NET EARNINGS $ 65,595 $ 86,551 (24.2 )% 19 Comparisons as a Percentage of Net Sales Fiscal year ended September 27, September 28, 2025 2024 Basis Pt Chg Gross profit 29.7 % 30.9 % (120 ) Marketing 7.8 % 7.5 % 30 Distribution 10.6 % 11.2 % (60 ) Administrative 4.9 % 4.7 % 20 Operating income 5.3 % 7.5 % (220 ) Earnings before income taxes 5.5 % 7.6 % (210 ) Net earnings 4.1 % 5.5 % (140 ) NET SALES Net sales increased by $8.5 million, or 1%, to $1,583.2 million in fiscal 2025, with the increase led by sales growth in our foodservice segment, somewhat offset by a decrease in our retail supermarket segment.
Operating income in our Food Service segment remained relatively flat, with a slight decrease from $49.8 million in fiscal 2023 to $49.5 million in fiscal 2024, driven by the impact of the additional week in fiscal 2023 offsetting some slight improved gross margin performance. 24 RETAIL SUPERMARKETS SEGMENT RESULTS Fiscal year ended September 28, September 30, 2024 2023 (52 weeks) (53 weeks) % Change (in thousands) Retail Supermarket Sales to External Customers Soft pretzels $ 61,744 $ 60,272 2.4 % Frozen novelties 112,192 115,807 (3.1 )% Biscuits 24,229 25,074 (3.4 )% Handhelds 26,253 16,655 57.6 % Coupon redemption (3,162 ) (2,561 ) 23.5 % Other 52 181 (71.3 )% Total Retail Supermarket $ 221,308 $ 215,428 2.7 % Retail Supermarket Operating Income $ 16,632 $ 9,375 77.4 % Sales of products to retail supermarkets increased $5.9 million, or 3%, to $221.3 million in fiscal year 2024.
RETAIL SUPERMARKETS SEGMENT RESULTS Fiscal year ended September 27, September 28, 2025 2024 (52 weeks) (52 weeks) % Change (in thousands) Retail Supermarket Sales to External Customers Soft pretzels $ 61,713 $ 61,744 (0.1 )% Frozen novelties 110,286 112,192 (1.7 )% Biscuits 23,123 24,229 (4.6 )% Handhelds 21,578 26,253 (17.8 )% Coupon redemption (2,707 ) (3,162 ) (14.4 )% Other (184 ) 52 (453.8 )% Total Retail Supermarket $ 213,809 $ 221,308 (3.4 )% Retail Supermarket Operating Income $ 13,318 $ 19,192 (30.6 )% Sales of products to retail supermarkets decreased $7.5 million, or 3%, to $213.8 million in fiscal year 2025.
Fiscal year ended September 28, September 30, 2024 2023 (52 weeks) (53 weeks) % Change (in thousands) Net Sales Food Service $ 985,195 $ 981,840 0.3 % Retail Supermarket 221,308 215,428 2.7 % Frozen Beverages 368,252 361,561 1.9 % Total Sales $ 1,574,755 $ 1,558,829 1.0 % Fiscal year ended September 28, September 30, 2024 2023 (52 weeks) (53 weeks) % Change (in thousands) Operating Income Food Service $ 49,454 $ 49,778 (0.7 )% Retail Supermarket 16,632 9,375 77.4 % Frozen Beverages 51,459 50,365 2.2 % Total Operating Income $ 117,545 $ 109,518 7.3 % 23 FOOD SERVICE SEGMENT RESULTS Fiscal year ended September 28, September 30, 2024 2023 (52 weeks) (53 weeks) % Change (in thousands) Food Service Sales to External Customers Soft pretzels $ 222,237 $ 235,572 (5.7 )% Frozen novelties 147,995 145,425 1.8 % Churros 114,306 108,927 4.9 % Handhelds 86,053 82,292 4.6 % Bakery 387,129 378,149 2.4 % Other 27,475 31,475 (12.7 )% Total Food Service $ 985,195 $ 981,840 0.3 % Food Service Operating Income $ 49,454 $ 49,778 (0.7 )% Sales to food service customers increased $3.4 million, or 0.3%, to $985.2 million in fiscal 2024.
Fiscal year ended September 27, September 28, 2025 2024 (52 weeks) (52 weeks) % Change (in thousands) Net Sales Food Service $ 1,001,361 $ 985,195 1.6 % Retail Supermarket 213,809 221,308 (3.4 )% Frozen Beverages 368,063 368,252 (0.1 )% Total Sales $ 1,583,233 $ 1,574,755 0.5 % Fiscal year ended September 27, September 28, 2025 2024 (52 weeks) (52 weeks) % Change (in thousands) Operating Income Food Service $ 64,794 $ 74,214 (12.7 )% Retail Supermarket 13,318 19,192 (30.6 )% Frozen Beverages 49,529 52,996 (6.5 )% General corporate expenses (29,864 ) (28,857 ) 3.5 % Gain on insurance proceeds received for damage to property, plant, and equipment 10,622 - 100.0 % Plant closure expense (24,073 ) - 100.0 % Total Operating Income $ 84,326 $ 117,545 (28.3 )% FOOD SERVICE SEGMENT RESULTS Fiscal year ended September 27, September 28, 2025 2024 (52 weeks) (52 weeks) % Change (in thousands) Food Service Sales to External Customers Soft pretzels $ 230,070 $ 222,237 3.5 % Frozen novelties 149,884 147,995 1.3 % Churros 97,867 114,306 (14.4 )% Handhelds 92,018 86,053 6.9 % Bakery 405,909 387,129 4.9 % Other 25,613 27,475 (6.8 )% Total Food Service $ 1,001,361 $ 985,195 1.6 % Food Service Operating Income $ 64,794 $ 74,214 (12.7 )% 22 Sales to food service customers increased $16.2 million, or 1.6%, to $1,001.4 million in fiscal 2025.
As a percentage of sales, marketing and selling expenses as a percentage of sales increased from 7.1% in fiscal 2023 to 7.5% in fiscal 2024, with the increase driven by the additional investment in marketing spend associated with new product launches and the promotion of our core brands, along with the incremental licensing fees on new churro business during the fiscal year.
Marketing and selling expenses as a percentage of sales increased from 7.5% in fiscal 2024 to 7.8% in fiscal 2025, with the increase primarily driven by the higher promotional marketing spend and sponsorships.
The acquisition was accounted for under the purchase method of accounting, and its operations are included in the accompanying consolidated financial statements from their respective acquisition dates. Thinsters Acquisition On April 8, 2024, J & J Snack Foods Corp. completed the acquisition of the Thinsters cookie business from Hain Celestial Group.
ACQUISITIONS Thinsters Acquisition On April 8, 2024, J & J Snack Foods Corp. completed the acquisition of the Thinsters cookie business from Hain Celestial Group. The purchase price was approximately $7.0 million, consisting entirely of cash.
The slight increase between periods was primarily attributable to a slightly higher blended state tax rate.
The decrease in rate between periods was primarily attributable to a change in estimate on blended state tax rate and the impact on the valuation of net deferred tax liabilities.
The projected cash flows are discounted to determine the present value of the assets at the date of acquisition. For significant acquisitions, we may use independent third-party valuation specialists to assist us in determining the fair value of assets acquired and liabilities assumed.
The projected cash flows are discounted to determine the present value of the assets at the date of acquisition.
Administrative expenses as a percentage of sales decreased slightly from 4.8% in fiscal 2023 to 4.7% in fiscal 2024, with the decrease largely attributable to improved management of expenses, and leverage from higher sales.
Administrative expenses as a percentage of sales increased slightly from 4.7% in fiscal 2024 to 4.9% in fiscal 2025, with the increase largely attributable to higher compensation costs. OTHER INCOME AND EXPENSE Investment income increased by $0.4 million, or 11%, to $3.6 million in fiscal 2025 due to higher average cash balances during the year.
The benefit of the wrap of prior year price increases, as well as some current year contractual pricing true-up of costing on certain raw material ingredients had a slight favorable impact on sales in the fiscal year, and more than offset some very slight volume declines that were primarily attributable to the additional week in fiscal 2023.
Sales in the fiscal year benefited from the impact of mid-single digit percentage price increases, with those price increases primarily related to the contractual pricing true-up of costing on certain raw material ingredients, as well as some targeted, non-contractual price increases taken in an attempt to offset the rising costs on certain raw material ingredients.
Sales of bakery products increased $9.0 million, or 2%, to $387.1 million for the year, with the increase attributable to contractual pricing true-up on costing on certain raw material ingredients, as well as, some volume increases amongst certain customers in the product category.
Sales of bakery products increased $18.8 million, or 5%, to $405.9 million for the year, with the increase attributable to contractual pricing true-up on costing on certain raw material ingredients, as well as some targeted, non-contractual price increases taken to offset the rising costs on certain raw material ingredients, offset somewhat by volume declines, most notably in our first fiscal quarter related to our pie portfolio and the loss of some seasonal business with a declining margin profile that we bid on, but did not retain.
September 28, September 30, 2024 2023 (in thousands) Cash flows from financing activities Proceeds from issuance of stock 15,740 15,212 Borrowings under credit facility 71,000 114,000 Repayment of borrowings under credit facility (98,000 ) (142,000 ) Payments on finance lease obligations (151 ) (180 ) Payment of cash dividends (56,957 ) (53,877 ) Net cash (used in) financing activities $ (68,368 ) $ (66,845 ) ● Borrowings under credit facility and repayment of borrowings under credit facility relate to the Company’s cash draws and repayments made to primarily fund working capital needs and represent the continued net pay-down of borrowings outstanding across both fiscal periods. ● Dividends paid during fiscal 2024 increased as our quarterly dividend was raised during fiscal 2024.
September 27, September 28, 2025 2024 (in thousands) Cash flows from investing activities Payments for purchases of companies, net of cash acquired - (7,014 ) Purchases of property, plant and equipment (82,873 ) (73,569 ) Proceeds from disposal of property and equipment 1,401 699 Proceeds from insurance for fixed assets 11,421 2,218 Net cash (used in) investing activities $ (70,051 ) $ (77,666 ) ● The payments for purchases of companies, net of cash acquired, in fiscal 2024 related to the Thinsters acquisition. ● Purchases of property, plant and equipment include spending for production growth, in addition to acquiring new equipment, infrastructure replacements, and upgrades to maintain competitive standing and position us for future opportunities. ● Proceeds from insurance for fixed assets related to insurance recoveries related to the Holly Ridge fire. 25 September 27, September 28, 2025 2024 (in thousands) Cash flows from financing activities Payments to repurchase common stock (8,000 ) - Proceeds from issuance of stock 4,282 15,740 Borrowings under credit facility 50,000 71,000 Repayment of borrowings under credit facility (50,000 ) (98,000 ) Payments on finance lease obligations (238 ) (151 ) Payment of cash dividends (60,751 ) (56,957 ) Net cash (used in) financing activities $ (64,707 ) $ (68,368 ) ● In fiscal 2025, the Company repurchased 66,776 shares of common stock of the Company at an average price of $119.80 per share on the open market, pursuant to the share repurchase program. ● Proceeds from issuance of stock decreased in fiscal 2025 as the quantity of stock options being exercised continues to decline as the Company began to issue service share units and performance units as forms of stock-based compensation in recent years. ● Borrowings under the credit facility and repayment of borrowings under the credit facility relate to the Company’s cash draws and repayments made to primarily fund working capital needs and represent the continued net pay-down of borrowings outstanding across both fiscal periods. ● Dividends paid during fiscal 2025 increased as our quarterly dividend was raised during fiscal 2025.
To help combat these potential headwinds, we strategically look to improve our operational efficiencies and margins, as well expand our growth opportunities across our various channels and customers.
Additionally, the ultimate impact of tariffs may be difficult to predict as tariff rates and duration remain uncertain, which can make our planning process more challenging. To help combat these potential headwinds, we continue to pursue operational improvements, as well as expand growth opportunities across our various channels and customers.
LIQUIDITY AND CAPITAL RESOURCES Although there are many factors that could impact our operating cash flow, most notably net earnings, we believe that our future operating cash flow, along with our borrowing capacity, our current cash and cash equivalent balances and our investment securities is sufficient to satisfy our cash requirements over the next twelve months and beyond, as well as fund future growth and expansion. 26 Fiscal 2024 Compared to Fiscal 2023 September 28, September 30, 2024 2023 (in thousands) Cash flows from operating activities Net earnings $ 86,551 $ 78,906 Non-cash items in net income: Depreciation of fixed assets 63,411 56,616 Amortization of intangibles and deferred costs 7,190 6,525 Intangible asset impairment charges - 1,678 Losses (Gains) from disposals of property & equipment 11 (409 ) Share-based compensation 6,220 5,318 Deferred income taxes 6,434 10,935 (Gain) on marketable securities - (8 ) Other (199 ) 323 Changes in assets and liabilities, net of effects from purchase of companies 3,448 12,395 Net cash provided by operating activities $ 173,066 $ 172,279 ● The increase in depreciation of fixed assets was largely due to prior year purchases of property, plant and equipment. ● The decrease in deferred income taxes was primarily related to higher increased deferred tax liabilities in the prior year which arose in connection with overall depreciation related temporary differences in fiscal year 2023. ● Cash flows associated with changes in assets and liabilities, net effects from purchase of companies, generated approximately $3.4 million of cash in fiscal 2024 compared with $12.4 million of cash in fiscal 2023.
Fiscal 2025 Compared to Fiscal 2024 September 27, September 28, 2025 2024 (in thousands) Cash flows from operating activities Net earnings $ 65,595 $ 86,551 Non-cash items in net income: Depreciation of fixed assets 66,018 63,411 Amortization of intangibles and deferred costs 7,314 7,190 Intangible asset impairment charges 2,257 - Losses from disposals of property & equipment 320 11 Non-cash plant shutdown expenses 20,845 - Share-based compensation 6,320 6,220 Deferred income taxes 3,949 6,434 Gain on insurance proceeds received for damage to property, plant, and equipment (10,622 ) - Gain on insurance proceeds received in excess of operating losses recognized (799 ) - Other 95 (199 ) Changes in assets and liabilities, net of effects from purchase of companies 3,834 3,448 Net cash provided by operating activities $ 165,126 $ 173,066 ● Non-cash plant shutdown costs relate to the write-down and write-off of assets in connection with the Company’s shutdown of its Holly Ridge, NC, Atlanta, GA, and Colton, CA manufacturing plants. ● Gain on insurance proceeds received related to insurance recoveries related to the Holly Ridge fire and totaled approximately $11.4 million. ● Cash flows associated with changes in assets and liabilities, net effects from purchase of companies, generated approximately $3.8 million of cash in fiscal 2025 compared with $3.4 million of cash in fiscal 2024.
Sales of frozen novelties decreased $3.6 million, or 3%, to $112.2 million in fiscal 2024, with the decrease mostly attributable to the impact of the additional week in fiscal 2023. The favorable impact of very strong fiscal second and fiscal third quarters was mostly offset by a weaker fiscal fourth quarter for a majority of our frozen novelty brands.
Soft pretzel sales to retail supermarkets remained materially flat at $61.7 million, with a strong fiscal fourth quarter offsetting some declines earlier in the fiscal year. Sales of frozen novelties decreased $1.9 million, or 2%, to $110.3 million in fiscal 2025, with the decrease mostly attributable to volume declines seen in the second half of our fiscal year.
Removed
Churros brand. ● Our recent fiscal year 2024 acquisition of Thinsters Fiscal Period The Company’s fiscal year is the 52- or 53- week period that ends on the last Saturday of September.
Added
In fiscal year 2025, we encountered significant headwinds associated with certain cost inputs, most notably, rising cocoa costs. Record high cocoa costs were fueled by supply deficits, led by significant production declines among the largest producers. Despite an anticipated supply recovery, cocoa market prices continued to remain volatile, and touched record highs in fiscal 2025.
Removed
Despite the headwind of the comparative extra week in fiscal 2023, organic sales growth was driven by growth across all three of the Company’s business segments. The organic sales growth was largely driven by improved marketing, new customers, and additional product placement. 21 GROSS PROFIT Gross profit increased by $16.3 million, or 4%, to $486.1 million in fiscal 2024.
Added
These rising costs pressured margins, primarily during the first half of our fiscal year, as they outweighed pricing actions up to that point in time.
Removed
Gross profit as a percentage of sales increased to 30.9% in fiscal 2024 from 30.1% in fiscal 2023. The increase in gross profit as a percentage of sales was driven by enhanced production efficiencies and a better product mix, along with the continued stabilization of inflationary pressures.
Added
While overall packaging and raw material inflation, inclusive of the cocoa market, appears to be moderating for fiscal 2026, uncertainty within the supply chain surrounding impacts from the U.S. government’s tariffs on imports could be a potential headwind for the Company in fiscal 2026.
Removed
The cost of key ingredients including flour, oils, cheese and dairy, mixes and eggs either declined, or remained materially flat, though some increases were seen in certain ingredients, with the largest being cocoa, and to a lesser extent, sugar/sweeteners, and meats. The increases in cocoa negatively impact margins on certain products, the largest being baked goods.
Added
Tariffs may increase the cost of certain raw materials and packaging that we use in our business, and our financial performance may be adversely impacted if we are unable to pass on the cost increases in the form of price increases to our customers.
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OPERATING EXPENSES Total operating expenses increased by $8.2 million, or 2%, to $368.6 million in fiscal 2024 and increased as a percentage of sales to 23.4% in fiscal 2024 compared with 23.1% in fiscal 2023.
Added
Churro brand. ● Our recently announced transformation program, “Project Apollo,” which is anticipated to generate sustainable efficiencies and cost savings across the enterprise. The above-referenced Project Apollo is expected to generate at least $20 million of run-rate operating income for the initiatives that are expected to be implemented by fiscal 2026.
Removed
The slight increase was primarily related to the higher marketing expenses to support our new product launches, along with incremental licensing fees on new churro business during the fiscal year. Operating expenses included intangible asset impairment charges of $1.7 million in fiscal 2023, with no such charges incurred in fiscal 2024.
Added
The initial focus of the project is the consolidation and optimization of our manufacturing network. During the fourth quarter of fiscal 2025, we announced the closure of two manufacturing facilities, our plant in Holly Ridge, North Carolina, and our plant in Atlanta, Georgia.
Removed
Distribution expenses as a percentage of sales increased slightly to 11.2% in fiscal 2024 from 11.1% in fiscal 2023.
Added
In October 2025, we subsequently announced the closure of a third manufacturing facility, our plant in Colton, California. Production from these facilities will either be consolidated into various other facilities across our network, or it will be discontinued as part of our ongoing sales portfolio optimization.
Removed
OTHER INCOME AND EXPENSE Investment income increased by $0.5 million, or 18%, to $3.2 million in fiscal 2024 due to higher average cash balances and higher interest rates on foreign cash balances.
Added
This consolidation was enabled by the investments we have made in our plants to modernize and expand capacity for our core products, as well as our investments made to build out our three regional distribution centers.
Removed
Results of Operations – Segments We have three reportable segments, as disclosed in the accompanying notes to the consolidated financial statements: Food Service, Retail Supermarkets and Frozen Beverages.
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In connection with the closing of our three facilities, we recorded plant closure costs of approximately $24 million in the fourth quarter of fiscal 2025, which primarily related to non-cash write-downs and write-offs related to inventory and to property, plant and equipment, as well as severance and benefit costs.
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Sales and operating income are the key variables monitored by the Chief Operating Decision Maker and management when determining each segment’s and the Company’s financial condition and operating performance.
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We expect to continue to incur non-recurring costs related to this optimization of our manufacturing network into fiscal 2026. 18 In addition to plant consolidation, as part of the first phase of Project Apollo, we are expecting to optimally reposition production within our network, which we are expecting to generate additional freight savings in fiscal 2026 and beyond, and to streamline our corporate functions, which is expected to generate general and administrative expense savings in fiscal 2026 and beyond.
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Soft pretzel sales to the food service market decreased 6% to $222.2 million for the year, with the decrease attributable to soft consumer spending in key channels, as well as the impact of the additional week in fiscal 2023.
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GROSS PROFIT Gross profit decreased by $16.3 million, or 3%, to $469.8 million in fiscal 2025. Gross profit as a percentage of sales decreased to 29.7% in fiscal 2025 from 30.9% in fiscal 2024.
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Frozen novelties sales increased $2.6 million, or 2%, to $148.0 million for the year, with a strong fiscal year performance seen across multiple brands within our frozen novelties portfolio despite the soft channel performance in amusement and convenience, which are key sales venues for Dippin’ Dots.
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This decrease primarily reflected the negative margin impacts from comparatively rising raw material costs and other inflationary pressures that had outweighed pricing actions through the first half of our fiscal year.
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Churro sales to food service customers were up 5% to $114.3 million for the year led by customer expansion and growing menu penetration.
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Additionally, the loss of some limited time offer churro volumes from prior year, the impact of mix and foreign exchange related headwinds in our frozen beverages segment, and mix changes within our bakery business negatively impacted current period gross profit when compared to prior year. 20 OPERATING EXPENSES Total operating expenses increased by $17.0 million, or 5%, to $385.6 million in fiscal 2025 and increased as a percentage of sales to 24.4% in fiscal 2025, compared to 23.4% in fiscal 2024.
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Soft pretzel sales to retail supermarkets were $61.7 million, an increase of $1.5 million, or 2%, from sales in fiscal 2023, with the increase largely attributable to the incremental distribution of our core soft pretzel brands.
Added
In fiscal 2025, operating expenses included $24.1 million of plant closure expense, $2.3 million of intangible asset impairment charges, and a partly offsetting $10.6 million gain on insurance proceeds received for damage to property, plant, and equipment. The net impact of these items increased operating expenses as a percentage of sales by approximately 100 bps.
Removed
Sales of biscuits and dumplings decreased 3% to $24.2 million in fiscal 2024. Handheld sales to retail supermarket customers increased 58% to $26.3 million in fiscal 2024, with the increase largely driven by expanded placements of product with a major retailer. Sales of new products in retail supermarkets were minimal in fiscal 2024.
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NET EARNINGS Net earnings decreased by $21.0 million, or 24%, in fiscal 2025 to $65.6 million, or $3.36 per diluted share, from $86.6 million or $4.45 per diluted share, in fiscal 2024 as a result of the aforementioned items.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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As of September 28, 2024, the Company had no interest rate swap contracts. Interest Rate Risk At September 28, 2024, the Company had no debt outstanding. Purchasing Risk The Company’s most significant raw material requirements include flour, shortening, corn syrup, sugar, juice, cheese, chocolate, and a variety of nuts.
As of September 27, 2025, the Company had no interest rate swap contracts. Interest Rate Risk At September 27, 2025, the Company had no debt outstanding. Purchasing Risk The Company’s most significant raw material requirements include flour, shortening, corn syrup, sugar, juice, cheese, chocolate, and a variety of nuts.
Foreign Exchange Rate Risk The Company has not entered into any forward exchange contracts to hedge its foreign currency rate risk as of September 28, 2024, because it does not believe its foreign exchange exposure is significant. Item 8.
Foreign Exchange Rate Risk The Company has not entered into any forward exchange contracts to hedge its foreign currency rate risk as of September 27, 2025, because it does not believe its foreign exchange exposure is significant. Item 8.

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