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John B. Sanfilippo & Son(JBSS) - 2022 Q4 - Earnings Call Transcript
2022-08-25 18:51
John B. Sanfilippo & Son, Inc. (NASDAQ:JBSS) Q4 2022 Earnings Conference Call August 25, 2022 10:00 AM ET Company Representatives Jeffrey Sanfilippo - Chief Executive Officer Jasper B Sanfilippo Jr. - Chief Operating Officer Mike Valentine - Group President Frank Pellegrino - Chief Financial Officer Conference Call Participants Operator Good day, and thank you for standing by. Welcome to the John B. Sanfilippo & Son, Incorporated Fourth Quarter and Fiscal 2022 Year-End Operating Results Conference Call. At ...
John B. Sanfilippo & Son(JBSS) - 2022 Q4 - Annual Report
2022-08-24 20:13
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-19681 JOHN B. SANFILIPPO & SON, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 36-2419677 (State or Other Jurisdiction o ...
John B. Sanfilippo & Son(JBSS) - 2022 Q3 - Earnings Call Transcript
2022-04-29 21:39
John B. Sanfilippo & Son, Inc. (NASDAQ:JBSS) Q3 2022 Earnings Conference Call April 28, 2022 11:00 AM ET Company Participants Frank Pellegrino - Chief Financial Officer Jeffrey Sanfilippo - Chief Executive Officer Jasper Sanfilippo - Chief Operating Officer Conference Call Participants Chris McGinnis - Sidoti & Company Operator Welcome to the John B. Sanfilippo & Son Incorporated Third Quarter Fiscal 2022 Operating Results Conference Call. My name is James and I will be your operator for today's call. At th ...
John B. Sanfilippo & Son(JBSS) - 2022 Q3 - Quarterly Report
2022-04-27 20:06
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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 24, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 0-19681 JOHN B. SANFILIPPO & SON, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 36-2419677 (State or Other Jurisdiction of In ...
John B. Sanfilippo & Son(JBSS) - 2022 Q2 - Earnings Call Transcript
2022-01-28 19:59
Financial Data and Key Metrics Changes - Net sales for Q2 fiscal 2022 increased by 8.4% to $253.2 million compared to $233.6 million in Q2 fiscal 2021, driven by a 6% increase in sales volume and a 2.3% increase in the weighted average selling price per pound [4][8] - Gross profit for Q2 decreased by $600,000 or 1.1%, with gross profit margin dropping to 20.6% from 22.6% year-over-year, primarily due to supply chain inefficiencies and inflationary cost increases [9] - Net income for Q2 was $13.2 million or $1.14 per share diluted, down from $19.9 million or $1.72 per share diluted in Q2 fiscal 2021 [11] Business Line Data and Key Metrics Changes - Sales volume in the consumer distribution channel increased by 2.2%, with a 7.6% increase in private brand sales volume, while the commercial ingredients channel saw a 27.1% increase, mainly due to a 42.7% increase in foodservice sales volume [5][8] - Sales volume for Fisher recipe nuts increased by 9.6%, while Fisher snack nuts declined by 45% due to product line discontinuance [6][7] Market Data and Key Metrics Changes - The total nut category was up 1% in dollars but flat in pound volume in Q2, with strong growth in trail mix and produce categories offsetting declines in recipe and snack nut categories [24] - The recipe nut category declined 5% in dollar sales and 4% in pound sales, while the snack category declined 2% in dollar sales and 3% in pound sales [25][26] Company Strategy and Development Direction - The company aims to become a $2 billion business in the future, focusing on brand investment, private brand growth, and potential acquisitions in other snack segments [17][18] - An ESG task force has been created to expand efforts in social and environmental programs, with plans to set ambitious targets and communicate them to stockholders [19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from supply chain issues and inflationary costs but expressed confidence in the company's ability to implement pricing actions to offset these costs [15] - The company is focused on continuous improvement projects and optimizing supply chain efficiencies while maintaining high service levels [16][29] Other Important Information - The company celebrated its 100th anniversary in business, marking a significant milestone [30] - The management team is actively engaging with an investor relations firm to enhance outreach efforts to the investor community [19] Q&A Session Summary Question: What are the driving factors for gaining new customers? - The company has reorganized marketing strategies and focused on innovation and consumer insights to better meet market demands [34] Question: Was the increase in foodservice locations due to pandemic closures? - The increase is attributed to gaining distribution in locations that were previously closed during the pandemic, resulting in incremental new business [35] Question: How does the company envision reaching the $2 billion target? - The target will be achieved through a combination of current business growth, private brand expansion, and potential M&A opportunities [39] Question: What changes are being made in labor practices? - The company is increasing labor rates and investing in automation to address labor shortages and improve operational efficiency [45][46] Question: How is the competitive landscape evolving? - The competitive environment remains active, with notable activity from competitors like Hormel, but no significant surprises have been reported [42]
John B. Sanfilippo & Son(JBSS) - 2022 Q2 - Quarterly Report
2022-01-27 21:17
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Commission File Number 0-19681 JOHN B. SANFILIPPO & SON, INC. (Exact Name of Registrant as Specified in Its Charter) Washington, D.C. 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 December 23, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Delaware 36-2419677 (State or Other Jurisdiction of Incorporation or ...
John B. Sanfilippo & Son(JBSS) - 2022 Q1 - Quarterly Report
2021-10-27 20:03
Financial Performance - Net sales for the first quarter of fiscal 2022 increased by 7.6% to $226.3 million compared to $210.3 million in the first quarter of fiscal 2021[84]. - Sales volume, measured as pounds sold, increased by 14.0% in the first quarter of fiscal 2022 compared to the same period in fiscal 2021[86]. - Gross profit increased by $12.4 million, or 31.7%, to $51.8 million, with a gross profit margin of 22.9% for the first quarter of fiscal 2022, up from 18.7% in the prior year[98]. - Income from operations increased to $27.3 million, representing 12.1% of net sales, compared to $18.9 million, or 9.0% of net sales, in the first quarter of fiscal 2021[103]. - Net income for the first quarter of fiscal 2022 was $19.2 million, or $1.67 per common share basic, compared to $12.8 million, or $1.12 per common share basic, for the same period in fiscal 2021, representing a 50% increase in net income[108]. Operating Expenses - Total operating expenses rose by $4.0 million, or 19.6%, to $24.5 million, increasing as a percentage of net sales from 9.7% to 10.8%[87]. - Selling expenses for the first quarter of fiscal 2022 were $17.7 million, an increase of $5.7 million, or 46.8%, from the first quarter of fiscal 2021[100]. Inventory and Cash Flow - Operating cash flow decreased to $0.9 million in the first quarter of fiscal 2022 from $20.6 million in the same period of fiscal 2021, primarily due to increased working capital for inventory[112]. - Total inventories increased by $4.6 million, or 3.1%, to $152.6 million at September 23, 2021, compared to the previous quarter, driven by higher quantities of almonds and ingredients[113]. Investment and Financing Activities - Cash used in investing activities was $1.2 million in the first quarter of fiscal 2022, a decrease from $6.0 million in the same period last year, due to net proceeds from property dispositions[115]. - Cash provided by financing activities was $0.2 million in the first quarter of fiscal 2022, compared to a cash outflow of $15.4 million in the same period last year, with net short-term borrowings increasing to $36.6 million[116]. Future Outlook and Strategies - The company expects acquisition costs for dried fruit and major tree nuts to increase in the 2021 crop year, impacting future financial results[89]. - The company plans to increase promotional and advertising activity to drive growth across key categories, focusing on e-commerce and new consumer engagement strategies[77]. - The company expects total capital expenditures for fiscal 2022 to be approximately $18.0 million, focusing on new equipment and facility upgrades[115]. - The company anticipates that net cash flow generated from operations will be sufficient to fund operations for the next twelve months[110]. - The company is exploring growth strategies outlined in its Strategic Plan, including expanding branded and private label nut programs[110]. Compliance and Credit Facilities - The weighted average interest rate for the Credit Facility was 2.1% as of September 23, 2021, with $68.0 million of available credit under the facility[122]. - The company has been in compliance with all covenants under its Credit Facility and Mortgage Facility as of September 23, 2021[123].
John B. Sanfilippo & Son(JBSS) - 2022 Q1 - Earnings Call Transcript
2021-10-26 16:50
John B. Sanfilippo & Son, Inc. (NASDAQ:JBSS) Q1 2022 Earnings Conference Call October 26, 2021 10:00 AM ET Company Participants Frank Pellegrino - Chief Financial Officer Jeffrey Sanfilippo - Chief Executive Officer Mike Valentine - Group President Conference Call Participants Chris McGinnis - Sidoti & Company Operator Good day, and thank you for standing by. Welcome to the John B. Sanfilippo & Son Incorporated First Quarter Fiscal 2022 Operating Results Conference Call. At this time, all participants are i ...
John B. Sanfilippo & Son(JBSS) - 2021 Q4 - Annual Report
2021-08-18 20:27
UNITED STATES SECURITIES AND EXCHANGE COMMISSION JOHN B. SANFILIPPO & SON, INC. WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 24, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-19681 (Exact Name of Registrant as Specified in its Charter) Delaware 36-2419677 (State or Other Jurisdiction o ...
John B. Sanfilippo & Son(JBSS) - 2021 Q3 - Earnings Call Transcript
2021-05-02 13:23
Financial Data and Key Metrics Changes - Net sales for Q3 fiscal 2021 decreased 1.8% to $207.9 million from $211.6 million in Q3 fiscal 2020, primarily due to a 1.2% decrease in sales volume [5][20] - Gross profit increased by $3.2 million, with gross profit margin rising to 22.1% from 20.2% year-over-year, attributed to lower commodity acquisition costs for tree nuts [14][15] - Net income reached $14.7 million or $1.27 per diluted share, compared to $13.5 million or $1.17 per diluted share in the prior year, marking record results for a third quarter [20] Business Line Data and Key Metrics Changes - Sales volume in the consumer distribution channel increased by 9.1%, driven by an 11.8% increase in private brand snack nuts and trail mixes [6] - Sales volume for Fisher recipe nuts fell 6.4% due to loss of distribution at two grocery customers, while Orchard Valley Harvest saw a 21.4% decrease in sales volume [7] - Sales volume in the commercial ingredients channel decreased by 29.8%, primarily due to a 25.7% decline in foodservice sales volume [9][12] Market Data and Key Metrics Changes - The consumer distribution channel accounted for 77.7% of total sales volume in Q3 [6] - Net sales in the consumer distribution channel increased by 6.8% in Q3, benefiting from elevated at-home food demand [33] - Net sales in the commercial ingredient distribution channel decreased by 30.5% due to reduced away-from-home demand [35] Company Strategy and Development Direction - The company is focusing on strengthening brand positioning and product differentiation, particularly for the Fisher and Orchard Valley Harvest brands [34][57] - A major investment is being made to enter a new product category, with benefits expected to materialize in fiscal 2023 [66] - The company is adapting to post-pandemic challenges by enhancing workforce flexibility and addressing supply chain issues [29][30] Management's Comments on Operating Environment and Future Outlook - Management noted a strong recovery in the foodservice channel and expects continued improvement as COVID-19 restrictions ease [23][32] - The company anticipates stable commodity prices in the near term, with potential fluctuations depending on crop yields [50][52] - Management expressed confidence in handling increased demand across various channels, supported by dedicated equipment and ongoing investments [74] Other Important Information - The total value of inventories decreased by $36.8 million or 19.5% compared to the previous year, primarily due to lower commodity acquisition costs [21][22] - The company organized a COVID-19 immunization clinic for employees, reflecting its commitment to employee health and safety [26] Q&A Session Summary Question: Outlook on raw material costs - Management indicated that they are well-covered through the fall and expect stable commodity prices unless crop disasters occur [50][52] Question: Sustainability of margin profile - Management expects at-home demand to continue, with gradual increases in foodservice and contract packaging channels as consumer comfort grows [53] Question: Strategy for lost distribution channels - The company is focusing on building brand equity and product innovation to regain lost distribution, particularly for the Fisher recipe brand [55][56] Question: Growth potential in trail and snack mix - Management noted strong growth in health and wellness trail mixes and expects continued development in this segment [62] Question: Competitive landscape and pricing strategy - Management has not observed significant competitive price changes and is focused on managing promotions effectively during the pandemic [63] Question: M&A opportunities - The company is always looking at M&A opportunities but has focused on core business and brand reimagining this past year [65] Question: Capacity to handle increased demand - Management confirmed that they are well-prepared to meet increased demand with dedicated equipment and ongoing investments [74]