John B. Sanfilippo & Son(JBSS)

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John B. Sanfilippo & Son(JBSS) - 2025 Q2 - Quarterly Report
2025-01-29 22:01
Financial Performance - Net sales for the second quarter of fiscal 2025 increased by $9.8 million, or 3.4%, to $301.1 million compared to $291.2 million in the second quarter of fiscal 2024[74]. - Gross profit margin decreased to 17.4% for the second quarter of fiscal 2025 from 19.9% in the same quarter of fiscal 2024, with a total gross profit decrease of $5.7 million[76]. - Net income for the second quarter of fiscal 2025 was $13.6 million, or $1.17 per common share, down from $19.2 million, or $1.65 per common share, in the same quarter of fiscal 2024[107]. - Cash flows from operating activities decreased to $19.9 million for the first twenty-six weeks of fiscal 2025, down from $61.2 million in the same period of fiscal 2024, primarily due to changes in working capital and lower net income[112]. - Interest expense decreased to $0.8 million for the second quarter of fiscal 2025, down from $1.1 million in the same quarter of fiscal 2024[102]. - The effective tax rate decreased to 24.0% for the second quarter of fiscal 2025, down from 26.1% in the same quarter of fiscal 2024, due to a larger than anticipated research and development credit[105]. Sales and Volume - Sales volume, measured as pounds sold to customers, increased by 7.1% in the second quarter of fiscal 2025 and by 14.9% for the first twenty-six weeks of fiscal 2025 compared to the same periods in fiscal 2024[75]. - Net sales in the consumer distribution channel increased by $55.0 million, or 12.9%, for the first twenty-six weeks of fiscal 2025 compared to the same period in fiscal 2024, driven by the Lakeville Acquisition[88]. - Sales of branded products accounted for approximately 21% of total consumer sales during the second quarter of fiscal 2025, with Fisher branded products representing about 72% of branded sales[84]. - Sales volume in the consumer distribution channel increased by 15.0% for the first twenty-six weeks of fiscal 2025, with private brand sales volume up 18.0% largely due to the Lakeville Acquisition[88]. Operating Expenses and Inventory - Total operating expenses for the second quarter of fiscal 2025 increased by $2.5 million, or 8.4%, compared to the second quarter of fiscal 2024, rising to 10.9% of net sales[77]. - Total inventories increased by $9.3 million, or 4.7%, to $205.8 million at December 26, 2024, primarily due to higher commodity acquisition costs for major tree nuts and chocolate[113]. - The total value of inventories on hand at the end of the second quarter of fiscal 2025 increased by $8.5 million, or 4.3%, compared to the same period in fiscal 2024[78]. Capital Expenditures and Investments - The company plans to allocate significant additional capital to purchase new equipment to expand production capabilities and enhance product offerings[65]. - The company plans to invest approximately $90.0 million in capital expenditures to expand production capabilities and enhance product offerings[110]. - Total capital expenditures for fiscal 2025 are expected to be approximately $65.0 million, primarily for equipment purchases to expand production capabilities[115]. Market Conditions and Challenges - The company anticipates ongoing challenges from higher food prices, supply chain disruptions, and potential economic downturns affecting consumer purchasing behavior[67]. - Cocoa market prices have reached new highs due to a third consecutive short crop, impacting ingredient costs and financial performance[72]. Financing Activities - Cash used in investing activities was $25.6 million during the first twenty-six weeks of fiscal 2025, a decrease from $69.9 million in the same period last year[115]. - Cash provided by financing activities was $5.6 million during the first twenty-six weeks of fiscal 2025, down from $8.8 million in the same period last year[116]. - Net borrowings under the Credit Facility were $29.3 million during the first twenty-six weeks of fiscal 2025, compared to $32.1 million in the same period last year[116]. - As of December 26, 2024, the weighted average interest rate for the Credit Facility was 6.7%[125]. - The Company had $95.6 million of available credit under the Credit Facility as of December 26, 2024[125]. Real Estate and Leasing - Approximately 68% of the rentable area in the office building at the Elgin Site is currently vacant, with 29% of the rentable area not built-out[117]. - The Company executed a 7.5-year lease for approximately 445,000 square feet of warehouse space in April 2024, utilized for finished goods inventory and distribution[118].
John B. Sanfilippo & Son(JBSS) - 2025 Q2 - Quarterly Results
2025-01-29 21:59
Financial Performance - Net sales for Q2 fiscal 2025 increased by $9.8 million, or 3.4%, to $301.1 million, driven by a 7.1% increase in sales volume [3] - Sales volume increased by 6.4 million pounds, or 7.1%, totaling 96.3 million pounds, with bars sales volume up approximately 28% year-over-year [4] - Gross profit decreased by $5.7 million to $52.3 million, resulting in a gross profit margin decline to 17.4% from 19.9% in the prior year [8] - Diluted EPS decreased by 29.3% to $1.16 per share [4] - Total operating expenses increased by $2.5 million, with operating expenses as a percentage of net sales rising to 10.9% from 10.4% [9] Inventory and Costs - The value of total inventories increased by $8.5 million, or 4.3%, primarily due to higher commodity acquisition costs [10] - The weighted average cost per pound of raw nut and dried fruit input stock increased by 33.7% year-over-year [10] - Inventories increased to $205.842 million in December 2024, compared to $196.563 million in June 2024, representing a rise of 4.1% [22] Operational Changes - The company plans to consolidate distribution operations into a new location in Huntley, Illinois, and add manufacturing equipment to increase production capabilities [13] - The company remains focused on enhancing profitability through operational efficiencies and optimized pricing strategies [2] Sales Growth - The company reported a 14.9% increase in sales volume for the first six months of fiscal 2025, attributed mainly to the impact of the Lakeville Acquisition [16] Assets and Liabilities - Total assets increased to $545.253 billion in December 2024, up from $515.575 billion in June 2024, representing a growth of 5.3% [22] - Cash decreased significantly to $336 million in December 2024 from $1.975 billion in December 2023, indicating a decline of 83.0% [22] - Accounts receivable increased to $81.2 million in December 2024, compared to $77.416 million in December 2023, reflecting a growth of 4.6% [22] - Current liabilities rose to $150.062 million in December 2024, up from $125.940 million in June 2024, marking an increase of 19.2% [22] - Long-term debt, less current maturities, decreased slightly to $5.969 million in December 2024 from $6.365 million in June 2024, a reduction of 6.2% [22] - Stockholders' equity increased to $325.631 million in December 2024, up from $322.613 million in June 2024, showing a growth of 0.6% [22] - Accrued expenses decreased to $32.937 million in December 2024 from $50.802 million in June 2024, a decline of 35.2% [22] - The company reported a total of $64.426 million in other long-term assets in December 2024, up from $56.396 million in June 2024, indicating a growth of 14.4% [22] - The company maintained its Class A Common Stock at 26 million shares, unchanged from previous periods [22]
John B. Sanfilippo & Son, Inc. 2nd Quarter Fiscal Year 2025 Operating Results Conference Call
Globenewswire· 2025-01-22 21:10
Core Viewpoint - John B. Sanfilippo & Son, Inc. is set to discuss its second quarter fiscal year 2025 operating results in a conference call scheduled for January 30, 2025, following the release of results on January 29, 2025 [1]. Company Overview - John B. Sanfilippo & Son, Inc. is based in Elgin, Illinois, and operates as a processor, packager, marketer, and distributor of nut and dried-fruit products, snack bars, and dried cheese [3]. - The company markets its products under several brand names, including Fisher, Orchard Valley Harvest, Squirrel Brand, Southern Style Nuts, and Just the Cheese, as well as various private brands [3].
John B. Sanfilippo & Son: A Robust Company With Great Fundamental Values
Seeking Alpha· 2024-10-25 10:47
Core Insights - Daniel Mellado is an economist with a Master's Degree in Statistics, specializing in agricultural commodities and financial investment portfolios [1] - He has experience managing trading and data analysis teams, focusing on investments in bonds, equities, and ETFs [1] - Mellado will provide analysis and valuation for companies in commodities, banking, technology, and pharmaceuticals sectors [1] - The investment recommendations will be based on financial statements, regulations, and macroeconomic variables [1]
John B. Sanfilippo & Son, Inc. 1st Quarter Fiscal Year 2025 Operating Results Conference Call
GlobeNewswire News Room· 2024-10-23 20:10
Elgin, IL, Oct. 23, 2024 (GLOBE NEWSWIRE) -- John B. Sanfilippo & Son, Inc. (NASDAQ: JBSS), a major processor and distributor of snack and recipe nut products and snack bar manufacturer, will hold its quarterly conference call to discuss its first quarter fiscal year 2025 operating results on Thursday, October 31, 2024 at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). First quarter fiscal 2025 results are expected to be released after the market closes on Wednesday, October 30, 2024. To register for the ...
John B. Sanfilippo & Son's Market Dip Has Given Investors An Opening
Seeking Alpha· 2024-10-18 18:43
I first wrote about John B. Sanfilippo & Son, Inc. (NASDAQ: JBSS ) on June 14 of this year. In that initial thesis, I argued that "Managers are properly incentivized to pursue shareholder interests, and they have done so, increasing the firm's economic profitability, generating An economics graduate with a passion for financial history; I apply my knowledge to markets in an effort to hopelessly predict trends and spot value. All opinions are my own and should not be taken seriously. Analyst's Disclosure: I/ ...
John B. Sanfilippo & Son, Inc. 4th Quarter and Full-Year 2024 Operating Results Conference Call
GlobeNewswire News Room· 2024-08-13 20:10
Elgin, IL, Aug. 13, 2024 (GLOBE NEWSWIRE) -- John B. Sanfilippo & Son, Inc. (NASDAQ: JBSS), a major processor and distributor of snack and recipe nut products, will hold its quarterly conference call to discuss its fourth quarter and full-year 2024 operating results on Wednesday, August 21, 2024 at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). Fourth quarter and full-year 2024 results are expected to be released after the market closes on Tuesday, August 20, 2024. To register for the call, please click ...
John B. Sanfilippo & Son(JBSS) - 2024 Q3 - Quarterly Report
2024-05-01 20:19
OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 28, 2024 Commission File Number: 0-19681 JOHN B. SANFILIPPO & SON, INC. (Exact Name of Registrant as Specified in its Charter) ( State or other jurisdiction of incorporation or organ ...
John B. Sanfilippo & Son(JBSS) - 2024 Q3 - Quarterly Results
2024-05-01 20:14
Exhibit 99.1 John B. Sanfilippo & Son, Inc. Reports Fiscal 2024 Third Quarter Results Sales Volume Increased 22.6% and Net Sales Increased 14.0% to $271.9M Driven by Snack Bar Sales from the Lakeville Acquisition* Elgin, IL, May 1, 2024 -- John B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) (the "Company") today announced financial results for its fiscal 2024 third quarter ended March 28, 2024. Third Quarter Summary* CEO Commentary Consumer Distribution Channel + 33.1% (+0.3% excluding the impact of the Lakeville ...
John B. Sanfilippo & Son, Inc. 3rd Quarter Fiscal Year 2024 Operating Results Conference Call
Globenewswire· 2024-04-24 20:10
Elgin, IL, April 24, 2024 (GLOBE NEWSWIRE) -- John B. Sanfilippo & Son, Inc. (NASDAQ: JBSS), a major processor and distributor of snack and recipe nut products, will hold its quarterly conference call to discuss its third quarter fiscal year 2024 operating results on Thursday, May 2, 2024 at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). Third quarter fiscal 2024 results are expected to be released after the market closes on Wednesday, May 1, 2024. To register for the call, please click on the Participan ...