John B. Sanfilippo & Son, Inc. (Nasdaq: JBSS):Quarterly Comparison Overview:
Net sales increased by 11.9%
Sales volume was unchanged
Gross profit margin increased to 14.4% from 7.3%
Net income was $1.4 million compared to a net loss of $5.6 million for last year’s third quarter
John B. Sanfilippo & Son, Inc. (Nasdaq: JBSS) (hereinafter the “Company”) today announced operating results for its fiscal 2012 third quarter. Net income for the third quarter of fiscal 2012 was $1.4 million, or $0.13 per share diluted, compared to a net loss of $5.6 million, or $0.53 loss per share diluted, for the third quarter of fiscal 2011. Net income for the first three quarters of fiscal 2012 was $13.2 million, or $1.23 per share diluted, compared to net income of $0.6 million, or $0.06 per share diluted, for the first three quarters of fiscal 2011. Net sales increased to $153.8 million for the third quarter of fiscal 2012 from $137.4 million for the third quarter of fiscal 2011. The increase in net sales was primarily attributable to price increases implemented over the last twelve months for virtually all nuts except almonds in response to rising tree nut and peanut acquisition costs. Sales volume for the third quarter of fiscal 2012, which is measured as pounds sold to customers, was virtually unchanged in comparison to sales volume for the third quarter of fiscal 2011. Sales volume increases in the commercial ingredients and contract packaging distribution channels, primarily resulting from increased almond sales and new sales of roasting services, were offset by sales volume declines in the consumer and export distribution channels. The declines in sales volumes in these distribution channels were mainly attributable to the unfavorable impact of high cashew, pecan and peanut prices on consumer demand for products containing these nuts. The loss of some low margin private label business in the latter part of fiscal 2011 also contributed to the decline in sales volume in the consumer distribution channel in the quarterly comparison.