J&J Snack Foods Corp. (NASDAQ:JJSF)

J&J Snack Foods:
Products you know: ICEE, Luigi's italian ice, minute maid juice bars, superpretzel, whole fruit, etc.. You probably have something they make in your house, unless you only eat what bears eat, or are on some sort of paleo diet.
Cash: 3M in 2001 / 113M now
Debt: 520 grand. Xzibit spends more than this on diamond collars for his pitbulls.
Shares Out: 2001 17M / 2011 18.7M -Not too bad.
Current P/E: A little high? 18-ish.
Revenues 2001: 74.8M 2011 219M
Profit Margin: varies quarterly, but steady. Check out Ycharts (7-ish on the high end)
FCF: Never a problem, never negative.
Dividend.......: Cut in 1/2 in 2006. Steady increase since then. No idea why. Anybody know? Yeilds 1% or so now.
And the icing on the pretzel cake:
Book value per share: 8.50 in 2001. 23.16 now. I'm all about that one.
So the takeaway:
A little expensive, but appears to be a good company, with boring stuff, small cap, underfollowed (2-ish analysts) with a great record for growing shareholder value.
Executive pay:
Gerald Schreiber age 69 (CEO since Pleistocene era): 2.3M total, only 346 grand in options. Everybody else gets paid less than him. Not too bad.

There's my pitch. It's a get rich slow scheme. And if it doesn't pan out, I'll bury my head in the sand, claim that time will prove me right, and refuse to change my views!!!! kidding. This might be a dog, but I'm in with real money as soon as I can get some. Let me know if you have some you don't want.

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