J&J Snack Foods Corp. received a significant bargain when it bought a collection of brands and factories from ConAgra Foods in May for the previously undisclosed price of $8.8 million, according to its fiscal third-quarter earnings report.
The Pennsauken company booked a $6.6 million gain on the purchase, which values the purchased assets at $15.4 million. The gain propelled J&J to a 47 percent increase in net income compared with last year's third quarter.
Without the gain from ConAgra, J&J's net income was up 5 percent, to $16.7 million from $15.9 million in the comparable quarter a year ago.