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John B. Sanfilippo & Son, Inc. Announces 1st Quarter Fiscal 2012 Operating Results

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

Quarterly Overview:

  • Net sales increased by $10.0 million or 6.8%
  • Sales volume in pounds shipped decreased by 6.8%
  • Gross profit increased by $1.2 million or 6.0%
  • Net income increased by $1.4 million or 126.3%

John B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) (the “Company”) today announced operating results for its first quarter of fiscal 2012. Net income for the first quarter of fiscal 2012 was $2.4 million, or $0.23 per share diluted, compared to $1.1 million, or $0.10 per share diluted, for the first quarter of fiscal 2011.

Net sales increased by $10.0 million, or 6.8%, to $156.8 million in the first quarter of fiscal 2012 from net sales of $146.8 million for the first quarter of fiscal 2011. The increase in net sales resulted from higher selling prices generated by pricing actions taken since the first quarter of fiscal 2011. Sales prices increased for all major product types due to higher commodity acquisition costs. Sales volume, which is defined as pounds shipped to customers, in the first quarter of fiscal 2012 decreased by 6.8% in comparison to sales volume for the first quarter of fiscal 2011. Sales volume decreased in all distribution channels mainly because of the impact of higher selling prices on consumer demand.

Gross profit increased by $1.2 million, and gross profit margin, as a percentage of net sales, decreased nominally to 13.9% for the first quarter of fiscal 2012 compared to 14.0% for the first quarter of fiscal 2011. The nominal decline in gross profit margin occurred as a result of a decline in gross profit margins on sales of cashews and products containing cashews, such as fruit and nut mixes and mixed nuts, due to a significant increase in cashew acquisition costs since the first quarter of fiscal 2011. The decline in gross profit margins on sales of these cashew products were offset by increases in gross profit margins on sales of walnuts, almonds, peanuts, pistachios and pine nuts. The increase in gross profit margins on sales of these products primarily led to the $1.2 million increase in gross profit.

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