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John B. Sanfilippo & Son, Inc. Announces 4th Quarter And Fiscal 2011 Year End Operating Results

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

Quarterly Comparison Overview:
  • Net sales increased by 17.5%
  • Sales volume increased by 0.5%
  • Gross profit increased by 7.3%
  • Income before income taxes decreased by $1.7 million to $2.5 million
  • Income before income taxes, excluding goodwill impairment, increased by $3.9 million to $8.2 million*

John B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) (hereinafter the “Company”) today announced operating results for its fiscal 2011 fourth quarter and fiscal year ended June 30, 2011. When considering year over year comparisons made in this release, it should be noted that the fourth quarter of fiscal 2011 and fiscal year 2011 were thirteen week and fifty-three week periods, respectively, while the fourth quarter of fiscal 2010 and fiscal year 2010 were twelve week and fifty-two week periods, respectively.

Net income for the fourth quarter of fiscal 2011 was $2.2 million, or $0.21 per share diluted, compared to net income of $2.7 million, or $0.25 per share diluted, for the fourth quarter of fiscal 2010. Net income for fiscal year 2011 was $2.8 million, or $0.26 per share diluted, compared to net income of $14.4 million, or $1.34 per share diluted, for fiscal year 2010.

Income before income taxes for the fourth quarter of fiscal 2011 of $2.5 million included a goodwill impairment charge of $5.7 million. The goodwill arose from the acquisition of Orchard Valley Harvest, Inc. (“OVH”), which was completed in the fourth quarter of fiscal 2010. The OVH goodwill was assigned to the Company’s single reporting unit. As a result of the annual impairment review performed in the fourth quarter of fiscal 2011, the Company concluded that the entire goodwill balance was impaired. The impairment was due to the significant decline in the market value and operating results of the Company for fiscal 2011, which have been negatively impacted by the challenging market conditions.

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