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John B. Sanfilippo & Son, Inc. Announces Third Quarter Fiscal 2011 Operating Results

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

Quarterly Comparison Overview:
  • Net sales increased by 21.4%
  • Sales volume increased by 1.1%
  • Gross profit decreased by 26.3%
  • Net loss increased to $5.6 million

John B. Sanfilippo & Son, Inc. (Nasdaq: JBSS) (hereinafter the “Company”) today announced operating results for its fiscal 2011 third quarter. The net loss for the current quarter was $5.6 million, or $0.53 per share diluted, compared to a net loss of $1.9 million, or $0.18 per share diluted, for the third quarter of fiscal 2010. Net income for the first three quarters of fiscal 2011 was $0.6 million, or $0.06 per share diluted, compared to net income of $11.7 million, or $1.09 per share diluted, for the first three quarters of fiscal 2010.

Including the sales of products of Orchard Valley Harvest, Inc. (“OVH”) (the acquisition of OVH by the Company was completed in the fourth quarter of fiscal 2010), net sales increased to $137.4 million for the third quarter of fiscal 2011 from $113.2 million for the third quarter of fiscal 2010. Including sales volume associated with OVH products, sales volume for the current quarter, measured as pounds shipped to customers, increased by 1.1% in comparison to sales volume for the third quarter of fiscal 2010. The increase in net sales was primarily attributable to price increases implemented in the first three quarters of the current fiscal year. The sales volume increase primarily was driven by a volume increase in the consumer distribution channel, which was attributable to sales of OVH products. Before considering the sales of OVH products, third quarter net sales would have increased by 10.8%, and sales volume would have declined by 5.9% in the quarterly comparison.

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