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John B. Sanfilippo & Son, Inc. EPS Rose To A Third Quarter Record $0.33 Per Share Diluted

John B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) (hereinafter the “Company”) today announced operating results for its fiscal 2014 third quarter. Net income for the third quarter of fiscal 2014 was $3.7 million, or $0.33 per share diluted, compared to net income of $0.3 million, or $0.03 per share diluted, for the third quarter of fiscal 2013. Net income for the first three quarters of fiscal 2014 was $19.7 million, or $1.77 per share diluted, compared to net income of $16.2 million, or $1.47 per share diluted, for the first three quarters of fiscal 2013. Net income for the current third quarter and year to date period included a reduction in income tax expense of $0.6 million, or $0.06 per share diluted. The reduction in income tax expense for both periods was attributable to the tax benefit that resulted from an income tax loss from the divestiture of the Company’s investment in ARMA Energy, Inc. (“AEI”). Even before considering the reduction in income tax expense from the AEI divestiture, both net income and earnings per share diluted were the highest amounts ever reported by the Company for a fiscal quarter ending in March.

Net sales increased to $174.3 million for the third quarter of fiscal 2014 from $163.8 million for the third quarter of fiscal 2013. The increase in net sales was primarily attributable to an 8.1% increase in the weighted average sales price per pound, which was driven mainly by higher selling prices for almonds, mixed nuts (which contain almonds) and walnuts. Sales volume, which is defined as pounds sold to customers, declined by 1.6% in the quarterly comparison. The decline in sales volume was attributable to lower sales of inshell walnuts in the export distribution channel due to decreased amounts of inshell walnuts available for export and lower sales of raw bulk peanuts to other peanut processors in the commercial ingredients channel due to a smaller peanut crop. The declines in sales volume in these two channels were largely offset by a 4.2% increase in sales volume in the consumer distribution channel. The increase in volume in the consumer distribution channel was driven by increased sales of private brand snack nuts and a 50.2% sales volume increase for Fisher recipe nuts. The substantial increase in sales volume for Fisher recipe nuts was due to increased in-store merchandising activity and product line expansion to larger package sizes by total weight.

Net sales increased to $576.1 million for the first three quarters of fiscal 2014 from $556.9 million for the first three quarters of fiscal 2013. The increase in net sales was primarily attributable to an 8.0% increase in sales volume. Sales volume increased significantly in the consumer, commercial ingredients and contract packaging channels in the year to date comparison. The volume increase in the consumer channel was driven by increased sales of Fisher recipe nuts and increased sales of private brand snack nuts and trail mixes. The sales volume increase in the commercial ingredients channel mainly came from increased sales of almonds to a major customer and increased sales of pecans due to product line expansion at an existing customer. The contract packaging sales volume increase primarily resulted from increased sales of almonds, trail mixes and chocolate- and yogurt-coated products due to new product launches executed by key customers in this channel.

Gross profit margin declined to 13.1% of net sales for the third quarter of fiscal 2014 from 14.0% for the third quarter of fiscal 2013 while gross profit remained relatively unchanged. The gross profit margin decline occurred because selling price increases for almonds, mixed nuts and walnuts were not fully implemented until the end of January while higher commodity acquisition costs for these products affected the entire month of January.

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