John B. Sanfilippo & Son, Inc. (NASDAQ:JBSS) Q1 2021 Earnings Conference Call October 27, 2020 10:00 AM ET Company Participants Michael Valentine - Chief Financial Officer Jeffrey Sanfilippo - Chairman, Chief Executive Officer Jasper Sanfilippo - COO Conference Call Participants Chris McGinnis - Sidoti & Company Tim Call - The Capital Management Corporation Operator Ladies and gentlemen, thank you for standing by and welcome to the John B. Sanfilippo & Son, Incorporated First Quarter Fiscal 2021 Operating R ...

Financial Performance - John B Sanfilippo & Son Inc's net sales for fiscal year 2020 were approximately $880 million[4] - Net sales increased by approximately 13% from fiscal year 2014 to fiscal year 2020[9] - The company's diluted EPS approximately doubled from fiscal year 2014 to fiscal year 2020[8] - EBITDA margin as a percentage of net sales reached 105% in fiscal year 2020[44] Sales Breakdown by Channel (Fiscal Year 2020) - Consumer channel net sales were $674 million, representing 77% of total net sales, a 79% increase compared to fiscal year 2019[21, 23] - Commercial Ingredients channel net sales were $118 million, accounting for 13% of total net sales, a 16% decrease compared to fiscal year 2019[21, 24] - Contract Packaging channel net sales were $88 million, making up 10% of total net sales, a 207% decrease compared to fiscal year 2019[21, 26] Brand Performance (Fiscal Year 2020 vs Fiscal Year 2019) - Fisher Recipe brand experienced a 29% decrease in dollar net sales and a 24% decrease in pound sales in the consumer channel[62] - Fisher Snack Nuts saw flat dollar net sales and a slight 11% decline in pound sales in the consumer channel[65] - Orchard Valley Harvest experienced a 57% decrease in dollar net sales and a 106% decrease in pound sales in the consumer channel[69] - Squirrel Brand grew by 114% in dollar net sales and 109% in pound sales in the consumer channel[73] - Southern Style Nuts grew significantly with a 281% increase in dollar net sales and an unspecified increase in pound sales in the consumer channel[73]

John B. Sanfilippo & Son, Inc. (NASDAQ:JBSS) Q4 2020 Results Earnings Conference Call August 20, 2020 10:00 AM ET Company Participants Michael Valentine - Chief Financial Officer Jeffrey Sanfilippo - Chairman, Chief Executive Officer Conference Call Participants Chris McGinnis - Sidoti & Company Operator Ladies and gentlemen, thank you for standing by and welcome to the John B. Sanfilippo & Son, Incorporated fourth quarter and fiscal 2020 year-end operating results conference call. At this time, all partici ...

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 25, 2020 ☐ 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, Inc. (NASDAQ:JBSS) Q3 2020 Earnings Conference Call April 30, 2020 10:00 AM ET Company Participants Michael Valentine - Chief Financial Officer, Group President and Secretary Jeffrey Sanfilippo - Chief Executive Officer Conference Call Participants Christopher McGinnis - Sidoti & Company, LLC Tim Call - Capital Management Corporation Operator Ladies and gentlemen, thank you for standing by, and welcome to the John B. Sanfilippo & Son, Incorporated Third Quarter fiscal 2020 Operatin ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) 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 Organization) 1703 North Randall Road Elgin, Illinois 60123-7820 (Address of Principal Executive Offices) (Zip Code) Delaware 36-2419677 (I.R.S. Employer Identification No.) (847) 289-1800 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 1 ...

John B. Sanfilippo & Son, Inc. (NASDAQ:JBSS) Q2 2020 Results Conference Call January 30, 2020 10:00 AM ET Company Participants Michael Valentine - Chief Financial Officer Jeffrey Sanfilippo - CEO Jasper Sanfilippo - COO Conference Call Participants Chris McGinnis - Sidoti Tim Call - Capital Management Corporation Operator Ladies and gentlemen, thank you for standing by and welcome to the John B. Sanfilippo & Son Second Quarter Fiscal 2020 Operating Results Conference call. At this time, all participants are ...

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 December 26, 2019 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 ...

PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements for the quarter ended September 26, 2019, including detailed notes on accounting policies and financial items [Consolidated Statements of Comprehensive Income](index=4&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) For the quarter ended September 26, 2019, net sales increased 6.6% to $217.8 million, with net income rising 95.7% to $12.9 million and diluted EPS reaching $1.12 Consolidated Statements of Comprehensive Income (Q1 FY20 vs Q1 FY19) | Metric | Q1 2020 (ended Sep 26, 2019) | Q1 2019 (ended Sep 27, 2018) | Change | | :--- | :--- | :--- | :--- | | **Net Sales** | $217,846 | $204,288 | +6.6% | | **Gross Profit** | $42,248 | $32,954 | +28.2% | | **Income from Operations** | $19,062 | $10,052 | +89.6% | | **Net Income** | $12,926 | $6,606 | +95.7% | | **Net Income per Share (Diluted)** | $1.12 | $0.57 | +96.5% | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of September 26, 2019, total assets were $393.2 million, total liabilities decreased to $159.2 million, and total stockholders' equity increased to $234.1 million Key Balance Sheet Items (in thousands) | Account | Sep 26, 2019 | June 27, 2019 | Sep 27, 2018 | | :--- | :--- | :--- | :--- | | **Total Current Assets** | $223,105 | $225,340 | $245,323 | | Inventories | $156,453 | $157,024 | $181,031 | | **Total Assets** | $393,222 | $391,304 | $415,427 | | **Total Current Liabilities** | $104,407 | $83,906 | $140,002 | | Revolving credit facility borrowings | $16,042 | $0 | $51,941 | | **Total Liabilities** | $159,172 | $136,749 | $194,080 | | **Total Stockholders' Equity** | $234,050 | $254,555 | $221,347 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities increased to $22.5 million, while investing activities used $3.1 million and financing activities used $20.1 million Cash Flow Summary (in thousands) | Activity | Q1 2020 (ended Sep 26, 2019) | Q1 2019 (ended Sep 27, 2018) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $22,468 | $15,675 | | **Net cash used in investing activities** | ($3,102) | ($4,768) | | **Net cash used in financing activities** | ($20,070) | ($11,141) | | **Net Decrease in Cash** | ($704) | ($234) | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, including the adoption of new lease standards, revenue breakdown, and subsequent events like a facility fire and special dividend declaration - The company is a leading processor and distributor of nuts (peanuts, pecans, cashews, etc.) and other snack products, sold under private brands and its own brands like Fisher and Orchard Valley Harvest[26](index=26&type=chunk) Revenue by Distribution Channel (in thousands) | Distribution Channel | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | Consumer | $157,146 | $139,444 | | Commercial Ingredients | $36,888 | $37,202 | | Contract Packaging | $23,812 | $27,642 | | **Total** | **$217,846** | **$204,288** | - The company adopted the new lease standard (Topic 842) on June 28, 2019, recognizing operating lease right-of-use assets of **$5.4 million** and liabilities of **$5.3 million** on its Consolidated Balance Sheet[38](index=38&type=chunk)[40](index=40&type=chunk) - Subsequent to the quarter's end, a fire occurred at the Garysburg, NC peanut processing facility, destroying roasting equipment, but is not expected to materially affect FY2020 financial performance due to insurance and alternative supply[76](index=76&type=chunk) - On October 29, 2019, the Board of Directors declared a special cash dividend of **$2.00 per share**, payable on December 10, 2019[77](index=77&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong quarterly performance to increased sales volume and lower acquisition costs for key nuts, boosting gross profit margins and improving cash flow from operations [Results of Operations](index=21&type=section&id=Results%20of%20Operations) Net sales increased 6.6% to $217.8 million driven by a 9.1% rise in sales volume, with gross profit surging 28.2% to $42.2 million due to higher volume and lower commodity costs - Net sales increased **6.6%** in Q1 2020, while sales volume (pounds sold) increased **9.1%** year-over-year[93](index=93&type=chunk) Net Sales by Distribution Channel (in thousands) | Distribution Channel | Q1 2020 | Q1 2019 | % Change | | :--- | :--- | :--- | :--- | | Consumer | $157,146 | $139,444 | +12.7% | | Commercial Ingredients | $36,888 | $37,202 | -0.8% | | Contract Packaging | $23,812 | $27,642 | -13.9% | | **Total** | **$217,846** | **$204,288** | **+6.6%** | - The increase in consumer channel sales was driven by private brand snack nuts and trail mixes, though Fisher recipe nuts sales volume decreased **30.3%** due to lost distribution[96](index=96&type=chunk) - Gross profit margin increased to **19.4%** in Q1 2020 from **16.1%** in Q1 2019, mainly due to higher sales volume and lower commodity acquisition costs for cashews, pecans, and walnuts[99](index=99&type=chunk) - Net income for Q1 2020 was **$12.9 million** (**$1.12 per diluted share**), compared to **$6.6 million** (**$0.57 per diluted share**) in Q1 2019[109](index=109&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with $22.5 million in operating cash flow, decreased inventories, and $97.5 million available credit, while forecasting $15.0 million in capital expenditures Cash Flow Summary (in thousands) | Activity | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | Operating activities | $22,468 | $15,675 | | Investing activities | ($3,102) | ($4,768) | | Financing activities | ($20,070) | ($11,141) | - Total inventories decreased by **$24.6 million** (**13.6%**) compared to the prior year, mainly due to lower acquisition costs for pecans, cashews, and walnuts[114](index=114&type=chunk) - The company expects total capital expenditures for fiscal 2020 to be approximately **$15.0 million**[117](index=117&type=chunk) - As of September 26, 2019, the company had **$97.5 million** of available credit under its Credit Facility and was in compliance with all financial covenants[125](index=125&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) There has been no material change in the company's assessment of market risk sensitivity since its last Annual Report on Form 10-K - There has been no material change in the company's market risk sensitivity since the last Annual Report on Form 10-K[137](index=137&type=chunk) [Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 26, 2019, with no material changes to internal control over financial reporting - The CEO and CFO concluded that as of September 26, 2019, the company's disclosure controls and procedures were effective[139](index=139&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[140](index=140&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=28&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings in the ordinary course of business, not expected to materially affect its financial position or results - The company is involved in various legal proceedings in the ordinary course of business, which are not expected to have a material adverse effect on its financial condition[65](index=65&type=chunk)[142](index=142&type=chunk) [Risk Factors](index=28&type=section&id=Item%201A.%20Risk%20Factors) No significant changes to the risk factors identified in the company's Annual Report on Form 10-K were reported for the first quarter of fiscal 2020 - No significant changes to the risk factors disclosed in the Annual Report on Form 10-K for the fiscal year ended June 27, 2019 were reported for the first quarter of fiscal 2020[144](index=144&type=chunk) [Exhibits](index=28&type=section&id=Item%206.%20Exhibits) This section provides an index of all exhibits filed with the Form 10-Q, including officer certifications and XBRL data files - This section lists the exhibits filed with the report, including officer certifications and XBRL data[147](index=147&type=chunk)[151](index=151&type=chunk)

Financial Data and Key Metrics Changes - Net sales for Q1 fiscal 2020 increased by 6.6% to $217.8 million compared to $204.3 million in Q1 fiscal 2019, driven by a 9.1% increase in sales volume [4][10] - Gross profit rose by 28.2% to $42.2 million, with gross profit margin increasing to 19.4% from 16.1% year-over-year [8] - Net income was $12.9 million or $1.12 per diluted share, compared to $6.6 million or $0.57 per diluted share in the prior year [10] Business Line Data and Key Metrics Changes - Consumer distribution channel sales volume increased by 17.4%, contributing significantly to the overall sales volume growth [5][20] - Contract packaging distribution channel saw a decline of 13% in sales volume due to customer-related changes [5][23] - Sales volume for Fisher recipe nuts fell by 30.3%, while Orchard Valley Harvest brand increased by 12.4% [7] Market Data and Key Metrics Changes - The total nut category saw a 1% increase in sales dollars and pound volume in Q1, with overall prices remaining flat [26] - Fisher recipe nuts experienced a 22% decrease in dollars and a 25% decrease in pound sales, leading to a loss in market share [27] - The snack category increased by 2% in dollar sales and 1% in pound sales, with Fisher snack increasing 8% in sales dollars but declining 3% in pound volume [28] Company Strategy and Development Direction - The company aims to enhance its innovation pipeline across major business segments to support growth [16] - Strategic plans for the next three years are being defined to ensure sustainable growth and maintain competitive advantage [35][36] - The management team is focused on developing business plans that create shareholder value and provide relevant products and services [36] Management's Comments on Operating Environment and Future Outlook - Management noted that while raw material prices are beginning to increase, inventory positions are well balanced to mitigate negative impacts [41][42] - The company is optimistic about potential volume growth in the back half of the year due to new programs and product launches [50][51] - Management expressed confidence in the effectiveness of holiday promotional programs to compete against private brands [19] Other Important Information - The company increased its regular annual dividend by 9% to $0.60 per share and paid a special dividend of $2.40 per share in Q1 [14] - The total value of inventories declined by 13.6% year-over-year, primarily due to lower acquisition costs for key commodities [11] Q&A Session Summary Question: Impact of raw material price increases on competitive landscape - Management indicated that most prices are already committed, and while rising prices pose challenges, they are well-positioned with balanced inventory [41][42] Question: New product offerings and distribution points - The Orchard Valley Harvest brand has a current distribution of about 45%, with positive feedback on new products launched recently [44][45] Question: Addressing volume decline in Fisher recipe nuts - Management is optimistic about regaining volume through expanded distribution at other retailers and strong promotional programs [46][47] Question: Year-over-year comparisons for Fisher recipe nuts - Management expects comparisons to level off by January, with most of the impact already seen [61][63]