John B. Sanfilippo & Son, Inc. (NASDAQ: JBSS):
Quarterly Comparison Overview:
Note: The current quarter contained thirteen weeks compared to fourteen weeks for the comparable quarter of fiscal 2011*
- Net sales of $166.7 million for the thirteen-week quarter exceeded net sales of $166.4 million for the fourteen-week fourth quarter of fiscal 2011
- Sales volume decreased by 12.0%
- Gross profit increased by 5.0%
- Net income increased by 75.9%
* When considering year over year comparisons made in this release, it should be noted that the fourth quarter of fiscal 2012 and fiscal year 2012 were thirteen week and fifty-two week periods, respectively, while the fourth quarter of fiscal 2011 and fiscal year 2011 were fourteen week and fifty-three week periods, respectively. Where applicable, we present material changes below which result from the additional week in the fiscal 2011 period.John B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) (hereinafter the “Company”) today announced operating results for its fiscal 2012 fourth quarter and fiscal year ended June 28, 2012. Net income for the fourth quarter of fiscal 2012 was $3.9 million, or $0.36 per share diluted, compared to net income of $2.2 million, or $0.21 per share diluted, for the fourth quarter of fiscal 2011. Net income for fiscal 2012 was $17.1 million, or $1.58 per share diluted, compared to net income of $2.8 million, or $0.26 per share diluted, for fiscal 2011. Fiscal 2012 fourth quarter net sales increased to $166.7 million from net sales of $166.4 million for the fourth quarter of fiscal 2011 primarily due to price increases for most major product types resulting from higher acquisition costs for tree nuts and peanuts. The fiscal 2011 fourth quarter, a fourteen-week quarter, included the impact from an additional week of net sales of approximately $12.6 million. Sales volume, which is defined as pounds of all products sold to customers, decreased by 12.0% in the quarterly comparison. The decrease in sales volume occurred in the consumer, commercial ingredients and export distribution channels mainly as a result of a decline in peanut sales, which were negatively affected by the impact of high prices on consumer demand and limited peanut supplies due to a smaller crop. Approximately 62% of the sales volume decrease in the quarterly comparison was attributable to the additional week in the fourth quarter of fiscal 2011.
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