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18-08-2010 22:33:00

John B. Sanfilippo & Son, Inc. Announces Its Fourth Quarter and Fiscal 2010 Year End Operating Results

Quarterly Overview:

  • Income before income taxes was $4.3 million in the fourth quarter of

    fiscal 2010 compared to $3.3 million in the fourth quarter of fiscal

    2009; a tax benefit of $0.7 million was recorded in the fourth quarter

    of fiscal 2009 due to the release of an income tax valuation allowance

  • Unit volume sold was unchanged in the fourth quarter of fiscal 2010,

    while net sales increased by 11.0%, in comparison to unit volume sold

    and net sales for the fourth quarter of fiscal 2009

  • Gross profit margin increased to 17.4% of net sales for the fourth

    quarter of fiscal 2010 from 16.0% for the fourth quarter of fiscal 2009

John B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) (hereinafter

the “Company”) today announced operating results for its fiscal 2010

fourth quarter and fiscal year ended June 24, 2010. Net income for the

fourth quarter of fiscal 2010 was $2.7 million, or $0.25 per share

diluted, compared to net income of $4.0 million, or $0.37 per share

diluted, for the fourth quarter of fiscal 2009. Net income for fiscal

year 2010 was $14.4 million, or $1.34 per share diluted, compared to net

income of $6.9 million, or $0.65 per share diluted, for fiscal year 2009.

As a result of the release of an income tax valuation allowance of $3.0

million during fiscal 2009, net income for the fourth quarter of fiscal

2009 and fiscal year 2009 included an income tax benefit of $0.7 million

and $0.3 million, respectively. In comparison, net income for the fourth

quarter of fiscal 2010 and fiscal year 2010 included a normalized income

tax expense of $1.5 million and $8.4 million, respectively.

On May 21, 2010, the Company completed the acquisition of certain assets

and the assumption of certain liabilities of Orchard Valley Harvest,

Inc. (“OVH”). Amounts set forth in this earnings release include the

results of the OVH operations from the closing date of the OVH

acquisition to the end of the current quarter.

Fiscal 2010 fourth quarter net sales increased by $14.1 million, or

11.0%, to $141.6 million from net sales of $127.5 million for the fourth

quarter of fiscal 2009. The increase in net sales in the quarterly

comparison came mainly from increased sales prices for pecans and

walnuts, which were implemented during the current quarter as a result

of higher acquisition costs. OVH net sales were $4.0 million during the

period from the closing date of the OVH acquisition to the end of the

current quarter. Unit volume, which is defined as pounds of all products

shipped to customers, was relatively unchanged in the quarterly

comparison. Increases in unit volume sold occurred in the consumer

distribution channel as a result of increases in the sales of fruit and

nut mixes and OVH produce products and also occurred in the food service

channel as a result of an increase in sales of peanut butter. The total

increase in unit volume in these two channels was offset by a decline in

the sales of peanuts in the industrial channel to other peanut shellers

and peanut oil processors.

Fiscal year 2010 net sales increased by $7.8 million to $561.6 million

from $553.8 million for fiscal year 2009 primarily as a result of a 3.0%

increase in unit volume sold. The increase in unit volume sold in the

fiscal year comparison came primarily from increases in the sales of

fruit and nut mixes and walnuts in the consumer distribution channel and

peanut butter in the food service distribution channel. Increases in the

unit volume sold for these products were offset in part by declines in

the sales of peanuts and pecans in the industrial distribution channel

and walnuts in the export distribution channel.

The gross profit margin for the fourth quarter of fiscal 2010 increased

from 16.0% of net sales for the fourth quarter of fiscal 2009 to 17.4%

of net sales. The improvement in gross profit margin in the quarterly

comparison came primarily from a significant improvement in gross profit

margins on the sales of fruit and nut mixes, almonds and peanut butter

that were attributable mainly to lower raw material acquisition costs.

The improvement in gross profit margins on the sales of these products

were offset in part by lower gross profit margins on the sales of

walnuts, macadamia nuts and cashews due to higher raw material

acquisition costs.

Gross profit margin increased from 13.1% of net sales for fiscal 2009 to

16.9% for fiscal 2010. In the fiscal year comparison, gross profit

margins improved on the sales of most major products due to lower raw

material acquisitions costs in the first half of fiscal 2010. Walnut

gross profit margins declined in the fiscal year comparison because of

higher raw material acquisition costs during the last three quarters of

fiscal 2010.

Total operating expenses for the fourth quarter of fiscal 2010 increased

to 13.2% of net sales from 11.9% for the fourth quarter of fiscal 2009.

The increase in total operating expenses in the quarterly comparison, as

a percentage of net sales, mainly resulted from increases in expenses

for compensation, shipping and handling and amortization expense of OVH

intangible assets of $0.2 million. Total compensation expenses in the

quarterly and fiscal year comparison increased primarily as a result of

increased incentive compensation expense from improved operating

results. Total operating expenses for fiscal year 2010 increased to

11.6% of net sales from 10.3% for fiscal year 2009. The increase in

total operating expenses in the fiscal year comparison, as a percentage

of net sales, resulted primarily from an increase in total compensation

expenses. Total operating expenses for the current fiscal year included

$0.7 million for transaction costs related to the OVH acquisition, the

majority of which were incurred prior to the current quarter.

Interest expense decreased to $1.5 million for the fourth quarter of

fiscal 2010 from $1.6 million for the fourth quarter of fiscal 2009

because of lower average total debt levels during the current quarter.

As was the case in the quarterly comparison, interest expense decreased

to $5.7 million for fiscal 2010 from $7.6 million for fiscal 2009 due to

lower average total debt levels during the current fiscal year.

“I am proud of the success that our employees have achieved in what has

been a challenging economic environment. Fiscal 2010 marks the first

increase in year over year unit volume sold since fiscal 2004. The

increase in unit volume over fiscal 2009 occurred as a result of

focusing our efforts to expand our business for both Fisher and private

branded products with existing customers in the consumer and food

service channels. In many cases, the expansion of our business with

existing customers was achieved by introducing new innovative products

during the current fiscal year. The shipment of OVH produce products

during the current quarter also contributed to the increase in volume,”

stated Jeffrey T. Sanfilippo, Chief Executive Officer. “These sources of

increased volume during fiscal 2010 demonstrate our commitment to

executing key growth strategies in our strategic plan,” Mr. Sanfilippo

added. “As we noted above, compensation expenses increased in the yearly

comparison. A significant portion of this increase stems from investment

in our people as we added approximately fifteen experienced individuals

to our sales, marketing and innovation teams to position us to further

execute our key growth strategies,” Mr. Sanfilippo explained. “We are

creating a culture that focuses on the needs of our customers. We are

also allocating our resources more effectively in order to fulfill the

demands of our customers and to target new markets that are consistent

with our customer centric value proposition,” concluded Mr. Sanfilippo.

Some of the statements of Jeffrey T. Sanfilippo in this release are

forward-looking. These forward-looking statements may be generally

identified by the use of forward-looking words and phrases such as

“will”, “intends”, “may”, “believes”, and “expects” and are based on the

Company’s current expectations or beliefs concerning future events and

involve risks and uncertainties. Consequently, the Company’s actual

results could differ materially. The Company undertakes no obligation to

update publicly or otherwise revise any forward-looking statements,

whether as a result of new information, future events or other factors

that affect the subject of these statements, except where expressly

required to do so by law. Among the factors that could cause results to

differ materially from current expectations are: (i) the risks

associated with our vertically integrated model with respect to pecans,

peanuts and walnuts; (ii) sales activity for the Company’s products,

including a decline in sales to one or more key customers; (iii) changes

in the availability and costs of raw materials and the impact of fixed

price commitments with customers; (iv) the ability to measure and

estimate bulk inventory, fluctuations in the value and quantity of the

Company’s nut inventories due to fluctuations in the market prices of

nuts and bulk inventory estimation adjustments, respectively, and

decreases in the value of inventory held for other entities, where the

Company is financially responsible for such losses; (v) the Company’s

ability to lessen the negative impact of competitive and pricing

pressures; (vi) losses associated with product recalls or the potential

for lost sales or product liability if customers lose confidence in the

safety of the Company’s products or in nuts or nut products in general,

or are harmed as a result of using the Company’s products; (vii) the

ability of the Company to retain key personnel; (viii) the effect of the

group that owns the majority of the Company’s voting securities (which

may make a takeover or change in control more difficult), including the

effect of the agreements pursuant to which such group has pledged a

substantial amount of the Company’s securities that it owns; (ix) the

potential negative impact of government regulations, including the

Public Health Security and Bioterrorism Preparedness and Response Act

and laws and regulations pertaining to food safety; (x) the Company’s

ability to do business in emerging markets; (xi) uncertainty in economic

conditions, including the potential for another economic downturn; (xii)

the Company’s ability to obtain additional capital, if needed; (xiii)

the risk that expected synergies, operational efficiencies and cost

savings from the OVH acquisition may not be fully realized or realized

within the expected timeframe and the risk that unexpected liabilities

may arise from the OVH acquisition; and (xiv) the timing and occurrence

(or nonoccurrence) of other transactions and events which may be subject

to circumstances beyond the Company’s control.

John B. Sanfilippo & Son, Inc. is a processor, packager, marketer and

distributor of nut based products that are sold under a variety of

private labels and under the Company’s Fisher®, Orchard Valley HarvestTM

and Sunshine Country® brand names.

JOHN B. SANFILIPPO & SON, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in thousands, except earnings per share)

 

 

For the Quarter Ended

For the Year Ended

June 24,

2010

 

June 25,

2009

June 24,

2010

 

June 25,

2009

Net sales

$

141,557

$

127,478

$

561,633

$

553,846

Cost of sales

116,934

107,020

466,847

481,447

Gross profit

24,623

20,458

94,786

72,399

Operating expenses:

Selling expenses

11,318

10,409

40,494

36,465

Administrative expenses

7,325

4,791

24,620

20,685

Restructuring expenses

--

--

--

(332

)

Total operating expenses

18,643

15,200

65,114

56,818

Income from operations

5,980

5,258

29,672

15,581

Other (expense):

Interest expense

(1,501

)

(1,627

)

(5,653

)

(7,646

)

Rental and miscellaneous (expense), net

(221

)

(332

)

(1,147

)

(1,277

)

Total other expense, net

(1,722

)

(1,959

)

(6,800

)

(8,923

)

Income before income taxes

4,258

3,299

22,872

6,658

Income tax expense (benefit)

1,519

(652

)

8,447

(259

)

Net income

$

2,739

$

3,951

$

14,425

$

6,917

Basic earnings per common share

$

0.26

$

0.37

$

1.36

$

0.65

Diluted earnings per common share

$

0.25

$

0.37

$

1.34

$

0.65

 

Weighted average shares outstanding

-- Basic

 

10,656,375

 

10,618,587

 

10,642,824

 

10,618,240

-- Diluted

 

10,757,629

 

10,631,574

 

10,725,108

 

10,635,277

 

 

JOHN B. SANFILIPPO & SON, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in thousands, except per share amounts)

 

 

June 24,

2010

June 25,

2009

ASSETS

CURRENT ASSETS:

Cash

$

1,437

$

863

Accounts receivable, net

42,074

34,760

Inventories

114,360

106,289

Deferred income taxes

4,486

4,108

Income taxes receivable

104

--

Prepaid expenses and other current assets

2,319

1,784

164,780

147,804

 

PROPERTIES, NET:

164,203

166,345

 

OTHER ASSETS:

Intangibles

16,121

569

Goodwill

5,454

--

Other

7,723

7,981

29,298

8,550

$

358,281

$

322,699

 

LIABILITIES & STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

Revolving credit facility borrowings

$

40,437

$

33,232

Current maturities of long-term debt

15,549

11,690

Accounts payable

29,625

23,479

Book overdraft

2,061

5,632

Accrued expenses

27,959

21,021

Income taxes payable

--

49

115,631

95,103

 

LONG-TERM LIABILITIES:

Long-term debt

42,680

49,016

Retirement plan

9,951

8,095

Deferred income taxes

4,569

3,634

Other

5,556

1,352

62,756

62,097

 

STOCKHOLDERS' EQUITY:

Class A Common Stock

26

26

Common Stock

82

81

Capital in excess of par value

101,787

101,119

Retained earnings

82,602

68,177

Accumulated other comprehensive loss

(3,399

)

(2,700

)

Treasury stock

(1,204

)

(1,204

)

179,894

165,499

$

358,281

$

322,699

John B. Sanfilippo & Son, Inc.

Michael J. Valentine

Chief

Financial Officer

847-214-4509

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