John B. Sanfilippo & Son, Inc. Reports Fiscal 2015 Fourth Quarter & Year End Results

ELGIN, Ill.--(BUSINESS WIRE)--John B. Sanfilippo & Son, Inc. announced record operating results for both its fiscal 2015 fourth quarter and fiscal year ended June 25, 2015. Net income for the fourth quarter of fiscal 2015 was $8.5 million, or $0.75 per share diluted, compared to net income of $6.6 million, or $0.59 per share diluted, for the fourth quarter of fiscal 2014. Net income for fiscal 2015 increased by 11.5% to $29.3 million compared to net income of $26.3 million for fiscal 2014. Diluted earnings per share for fiscal 2015 increased by 10.6% to $2.61 compared to $2.36 for fiscal 2014.

Fiscal 2015 fourth quarter net sales increased by 9.3% to $221.4 million from net sales of $202.5 million for the fourth quarter of fiscal 2014 primarily due to higher selling prices driven by increased commodity acquisition costs. Sales volume, which is defined as pounds sold to customers, was relatively unchanged in the quarterly comparison. Sales volume increased in all distribution channels except the consumer channel, which decreased by approximately 5.0% in the quarterly comparison. Sales volume increased for all major product types except for mixed nuts, peanuts and trail mixes. The decrease in sales volume in the consumer channel resulted primarily from lower sales of private brand snack nuts and trail mixes due to lost business with a customer that elected to self-manufacture these products and decreased promotional activity at an existing private brand customer. The decrease in sales volume of these private brand products was offset by significant increased sales volume of our branded products, including sales volume increases for Fisher recipe nuts, Orchard Valley Harvest produce products and new sales from the launch of the Fisher Nut Exactly snack bite product line. Sales volume in the contract packaging channel increased by 12.2% primarily due to increased sales with existing customers. Sales volume in the commercial ingredients channel increased by 4.2% mainly due to increased sales of almond and cashew products to an existing customer. Sales volume increased by 21.5% in the export channel primarily due to increased sales of bulk pecans and peanuts.

Fiscal 2015 net sales increased by 14.0% to $887.2 million from $778.6 million for fiscal 2014 due to higher selling prices resulting from increased commodity acquisition costs and a 5.4% increase in sales volume. Sales volume increased in the consumer channel by 7.9% and in the contract packaging channel by 8.0%. Sales volume was relatively unchanged in the commercial ingredients channel and declined by 4.6% in the export channel. Sales volume increased for all major product types except walnuts and pecans. The increase in sales volume in the consumer channel resulted primarily from increased sales of private brand snack nuts and trail mixes with existing customers. Increases in sales of Fisher recipe and snack nuts andOrchard Valley Harvest produce products also contributed to the increase in sales volume for the consumer channel. As was the case in the quarterly comparison, the increase in sales volume with existing customers in the contract packaging channel also contributed to the increase in sales volume in the annual comparison. In the commercial ingredients channel, increases in sales volume of almond and peanut products to existing customers were offset by a decline in sales volume of bulk pecans due to a smaller pecan crop and lower sales volume for walnuts and macadamia nuts due to lost business. The decline in sales volume for both the export channel and for walnuts was due to a significantly lower supply of bulk inshell walnuts available for the export market. Full report.