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27-10-2010 22:15:00

John B. Sanfilippo & Son, Inc. Announces Its First Quarter of Fiscal 2011 Operating Results

Quarterly Overview:

  • Net sales increased by $20.0 million or 15.8%

  • Sales volume in pounds shipped increased by 4.8%

  • Gross profit margin declined to 14.0%

  • Net income declined by $3.7 million

John B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) (the “Company”)

today announced operating results for its first quarter of fiscal 2011.

Net income for the current first quarter was $1.1 million, or $0.10 per

share diluted, compared to $4.8 million, or $0.45 per share diluted, for

the first quarter of fiscal 2010.

First quarter net sales increased by $20.0 million, or 15.8%, to $146.8

million in the first quarter of fiscal 2011 from net sales of $126.8

million for the first quarter of fiscal 2010. The increase in net sales

came mainly from higher selling prices and increased sales volume.

Primarily as a result of increased commodity costs, sales prices

increased for all major product types except peanuts. Sales volume,

which is defined as pounds shipped to customers, in the current first

quarter increased by 4.8% in comparison to sales volume for the first

quarter of fiscal 2010. Sales volume increased in the consumer,

industrial, food service and contract packaging distribution channels

and declined slightly in the export distribution channel. The net sales

and sales volume increases in the consumer distribution channel, which

accounted for approximately 50% of the increase in total net sales and

sales volume, was mainly attributable to volume associated with the

acquisition of Orchard Valley Harvest, Inc. (“OVH”), which was completed

in the fourth quarter of fiscal 2010. Sales volume increases in the

industrial, food service and contract manufacturing distribution

channels came primarily from increased business with existing customers.

The gross profit margin, as a percentage of net sales, decreased from

18.8% for the first quarter of fiscal 2010 to 14.0% for the first

quarter of fiscal 2011. Gross profit margins declined significantly on

sales of shelled walnuts and pecans because of the need to purchase high

cost shelled walnuts and pecans in the spot market during the current

quarter. The prices for shelled walnuts and pecans during the current

quarter were unusually high due to low inventories in the industry.

Gross profit margin also declined on sales of cashews because of

significantly higher acquisition costs. Gross profit margin was also

negatively impacted by $1.0 million due to a non-recurring inventory

charge associated with the opening purchase accounting for the OVH

acquisition.

Total operating expenses for the first quarter of fiscal 2011 increased

by $2.9 million to 11.6% of net sales from 11.2% for the first quarter

of fiscal 2010 primarily because of increased spending for advertising

and other brand support activities and an increase in base compensation

expense for our employees. A $0.6 million increase in the anticipated

liability for additional consideration to be paid for the OVH

acquisition and $0.5 million in expense for the amortization of

intangible assets acquired in the OVH acquisition also contributed to

the increase in total operating expenses. The increase in the

anticipated liability for additional consideration to be paid for the

OVH acquisition arose because of the strong sales performance of the OVH

product line during the current quarter. The increase in total operating

expenses from the preceding items was offset in part by a $1.4 million

decrease in incentive compensation expense.

Interest expense remained unchanged at $1.4 million in the quarterly

comparison.

The total value of inventories on hand at the end of the first quarter

of fiscal 2011 increased by $16.3 million, or 16.4% in comparison to the

total value of inventories on hand at the end of the first quarter of

fiscal 2010. Pounds of raw nut input stocks decreased by 22.6% or 7.7

million pounds for the first quarter of fiscal 2011 versus the same

period in the previous year. Due to higher acquisition costs for all

tree nuts that were purchased during the current quarter, the weighted

average cost per pound of raw nut input stocks on hand increased by

59.7% as of the end of the first quarter of fiscal 2011 when compared to

the weighted average cost per pound of raw input stocks at the end of

the same period in the prior year. The weighted average cost per pound

of raw nut input stocks on hand at the end of the current quarter was

35.2% higher than the weighted average cost per pound of raw input

stocks at the end of the fourth quarter of fiscal 2010.

“As we noted above, gross profit margin declined in the quarterly

comparison mainly because of increased purchases of walnuts, pecans and

cashews at higher prices to solidify existing customer relationships and

to take advantage of growth opportunities,” stated Jeffrey T.

Sanfilippo, Chairman and Chief Executive Officer. “Shelled walnut and

pecan purchases were made in the current quarter to supply Fisher and

private brand baking nuts sales with existing customers that in many

cases exceeded forecasted volume by a considerable amount. We also were

awarded significant new cashew business with an existing customer,” Mr.

Sanfilippo explained. “We anticipate that the increase in sales volume

for baking nuts will continue into the second quarter, when we will have

new crop walnuts and pecans available from our shelling operations,” Mr.

Sanfilippo added. “In addition to baking nut volume growth, we expect to

realize increased sales volume for produce items with existing non-OVH

customers in the second quarter. These gains are a direct result of

efforts to execute our strategy to expand the OVH product line with our

existing customers,” Mr. Sanfilippo stated. “These growth opportunities

will require us to purchase more tree nuts in markets that are rising

primarily because of increased global demand. This will put pressure on

gross profit margins in the near term while we are seeking and

implementing price increases, which was started in the first quarter and

should be completed by the middle of the third quarter,” Mr. Sanfilippo

stated. “In the long-term, we expect to benefit from increased tree nut

consumption, and as we explained above, we are spending on advertising

and other brand support activities to take advantage of these growth

opportunities,” Mr. Sanfilippo concluded.

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

September 23,

2010

September 24,

2009

Net sales

$

146,788

$

126,812

Cost of sales

126,247

102,938

Gross profit

20,541

23,874

Operating expenses:

Selling expenses

10,206

8,723

Administrative expenses

6,851

5,441

Total operating expenses

17,057

14,164

Income from operations

3,484

9,710

Other (expense):

Interest expense

(1,447

)

(1,447

)

Rental and miscellaneous (expense), net

(305

)

(416

)

Total other expense, net

(1,752

)

(1,863

)

Income before income taxes

1,732

7,847

Income tax expense

653

3,081

Net income

$

1,079

$

4,766

Basic and diluted earnings per common share

$

0.10

$

0.45

 

Weighted average shares outstanding

-- Basic

 

10,657,282

 

10,621,842

-- Diluted

 

10,765,566

 

10,664,725

JOHN B. SANFILIPPO & SON, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in thousands, except per share amounts)

 

September 23,

2010

June 24,

2010

September 24,

2009

ASSETS

CURRENT ASSETS:

Cash

$

874

$

1,437

$

1,011

Accounts receivable, net

47,184

39,894

34,172

Inventories

115,781

114,360

99,464

Deferred income taxes

4,274

4,486

4,182

Income taxes receivable

--

104

--

Prepaid expenses and other current assets

4,831

4,499

2,993

172,944

164,780

141,822

 

PROPERTIES, NET:

161,890

164,203

165,084

 

OTHER ASSETS:

Intangibles

15,499

16,121

462

Goodwill

5,662

5,454

--

Other

7,565

7,723

7,779

28,726

29,298

8,241

$

363,560

$

358,281

$

315,147

LIABILITIES & STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

Revolving credit facility borrowings

$

36,886

$

40,437

$

15,004

Current maturities of long-term debt

15,399

15,549

11,549

Accounts payable

43,104

29,625

30,581

Book overdraft

1,918

2,061

3,078

Accrued expenses

25,842

27,959

19,821

Income taxes payable

135

--

960

123,284

115,631

80,993

 

LONG-TERM LIABILITIES:

Long-term debt

41,840

42,680

48,285

Retirement plan

9,986

9,951

8,113

Deferred income taxes

4,539

4,569

5,881

Other

2,636

5,556

1,322

59,001

62,756

63,601

 

STOCKHOLDERS' EQUITY:

Class A Common Stock

26

26

26

Common Stock

82

82

81

Capital in excess of par value

101,969

101,787

101,305

Retained earnings

83,681

82,602

72,943

Accumulated other comprehensive loss

(3,279

)

(3,399

)

(2,598

)

Treasury stock

(1,204

)

(1,204

)

(1,204

)

181,275

179,894

170,553

$

363,560

$

358,281

$

315,147

John B. Sanfilippo & Son, Inc.

Michael J. Valentine,

Chief Financial Officer, 847-214-4509

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