John B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) (hereinafter the “Company”) today announced operating results for its fiscal 2013 fourth quarter and fiscal year ended June 27, 2013. Net income for the fourth quarter of fiscal 2013 was $5.6 million, or $0.51 per share diluted, compared to net income of $3.9 million, or $0.36 per share diluted, for the fourth quarter of fiscal 2012. Net income for fiscal 2013 was $21.8 million, or $1.98 per share diluted, compared to net income of $17.1 million, or $1.58 per share diluted, for fiscal 2012.
Fiscal 2013 fourth quarter net sales increased by 6.4% to $177.4 million from net sales of $166.7 million for the fourth quarter of fiscal 2012 primarily due to a 16.4% increase in sales volume, which is defined as pounds sold to customers. Sales volume increased in all distribution channels and for all major product types except walnuts. Sales volume for walnuts was relatively unchanged in the quarterly comparison. Approximately 50% of the total sales volume increase occurred in the consumer distribution channel. The increase in sales volume in the consumer distribution channel came primarily from increased distribution of Fisher and private brand snack nuts and the favorable impact of lower selling prices on consumer demand. The increase in sales volume in the commercial ingredients distribution channel primarily was attributable to increased sales of peanut and pecan products due to lower selling prices and increased almond sales as a result of distribution gains achieved by a major existing customer. The increase in sales volume in the contract packaging distribution channel was attributable to new snack mix product launches and increased promotional activity implemented by a major existing customer.
Fiscal 2013 net sales increased by 4.8% to $734.3 million from $700.6 million for fiscal 2012 primarily as a result of a 4.3% increase in sales volume. Sales volume increased in all distribution channels except the export channel and increased for all major product types except walnuts. Sales volume for walnuts was relatively unchanged in the yearly comparison. As was the case in the quarterly comparison, the increase in sales volume in the consumer distribution channel came mainly from increased distribution of Fisher and private brand snack nuts in addition to the favorable impact of lower selling prices on consumer demand during the second half of the current fiscal year. An increase in sales volume for Fisher recipe nuts (formerly referred to as baking nuts) in the second and third quarters of the current fiscal year also contributed to the sales volume increase in the yearly comparison. The increases in sales volume in the commercial ingredients and contract packaging channels primarily were attributable to the same reasons noted for the sales volume increases in these two channels in the quarterly comparison above.
Gross profit margin for the fourth quarter of fiscal 2013 increased to 16.8% of net sales from 16.6% for the fourth quarter of fiscal 2012, and gross profit increased by $2.1 million, or 7.5%. The increases in gross profit margin and gross profit were primarily due to manufacturing efficiency improvements achieved in the fourth quarter of fiscal 2013 and increased sales volume.
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