-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KR/A3zzDGKIOj9x/SuU/blxO6/cJlcfd1FXgfwIoOYB0Bnoi/G4CtFV6k71KfVYE wX9qw6gSGQL4yQOioFXQgw== 0000880117-03-000027.txt : 20030821 0000880117-03-000027.hdr.sgml : 20030821 20030821090821 ACCESSION NUMBER: 0000880117-03-000027 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030819 ITEM INFORMATION: FILED AS OF DATE: 20030821 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SANFILIPPO JOHN B & SON INC CENTRAL INDEX KEY: 0000880117 STANDARD INDUSTRIAL CLASSIFICATION: SUGAR & CONFECTIONERY PRODUCTS [2060] IRS NUMBER: 362419677 STATE OF INCORPORATION: DE FISCAL YEAR END: 0624 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19681 FILM NUMBER: 03859120 BUSINESS ADDRESS: STREET 1: 2299 BUSSE RD CITY: ELK GROVE VILLAGE STATE: IL ZIP: 60007-6057 BUSINESS PHONE: 8475932300 MAIL ADDRESS: STREET 1: 2299 BUSSE RD CITY: ELK GROVE VILLAGE STATE: IL ZIP: 60007-6057 8-K 1 a8k081903.txt SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ---------------------------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported) August 19, 2003 --------------- JOHN B. SANFILIPPO & SON, INC. - --------------------------------------------------------------------- (Exact Name of Registrant as Specified in its Charter) Delaware 0-19681 36-2419677 - --------------------------------------------------------------------- (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 2299 Busse Road, Elk Grove Village, Illinois 60007 - --------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code 847-593-2300 ------------ - --------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) John B. Sanfilippo & Son, Inc. (the "Registrant") submits the following information: ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits - --------------------------------------------------------------------------- (c) Exhibits The exhibits filed herewith are listed in the Exhibit Index which follows the signature page of this Current Report on Form 8-K. ITEM 12. Results of Operations and Financial Condition - ------------------------------------------------------ On August 19, 2003, the Registrant issued a press release regarding its financial results for the fourth quarter and fiscal year ended June 26, 2003. The press release is attached hereto as Exhibit 99.1 and incorporated by reference herein. SIGNATURE --------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. JOHN B. SANFILIPPO & SON, INC. Date: August 21, 2003 By: /s/ Michael J. Valentine ---------------------------- Michael J. Valentine Executive Vice President Finance, Chief Financial Officer and Corporate Secretary EXHIBIT INDEX ------------- Exhibit Number Description - ------- ----------- 99.1 Press Release dated August 19, 2003 EX-99 3 ex99-1081903.txt EXHIBIT 99.1 ============ JOHN B. SANFILIPPO & SON, INC. ------------------------------ NEWS RELEASE ------------ COMPANY CONTACT: Michael J. Valentine Executive Vice President Finance and Chief Financial Officer (847) 871-6509 FOR IMMEDIATE RELEASE TUESDAY, AUGUST 19, 2003 JOHN B. SANFILIPPO ANNOUNCES RECORD NET INCOME FOR FISCAL 2003 Fiscal 2003 Net Income Increases 95% Over the Prior Year -------------------------------------------------------- Fiscal 2003 Net Sales Increase 19% Over the Prior Year ------------------------------------------------------ Elk Grove Village, IL, August 19, 2003 -- John B. Sanfilippo & Son, Inc. (Nasdaq: JBSS) today announced operating results for its fiscal 2003 fourth quarter and year ended June 26, 2003. Net income for the current fourth quarter more than doubled to approximately $3.5 million, or 38 cents per share basic (37 cents per share diluted) from approximately $1.6 million, or 17 cents per share (basic and diluted), for the fourth quarter of fiscal 2002. Fiscal 2003 net income increased by more than 95 percent to approximately $15.0 million, or $1.63 per share basic ($1.61 per share diluted) from approximately $7.7 million, or 84 cents per share (basic and diluted), for fiscal 2002. Fiscal 2003 net income surpassed the previous net income record, which was reported in fiscal 2002. Net sales for the fiscal 2003 fourth quarter increased by more than 23 percent to approximately $96.9 million from approximately $78.6 million in the fiscal 2002 fourth quarter. The gross profit margin, as a percentage of net sales, for the fiscal 2003 fourth quarter was 15.3 percent compared with 14.2 percent for the fourth quarter of fiscal 2002. Net sales for fiscal 2003 increased by more than $65 million to approximately $408.5 million from net sales of approximately $343.2 for fiscal 2002. Due to the addition of new customers and increased sales at existing customers, fourth quarter and fiscal year net sales increased significantly in the Company's consumer, industrial and export distribution channels. The gross profit margin for fiscal 2003 increased to 15.1 percent of net sales from 14.1 percent of net sales for fiscal 2002. The gains in the gross profit margins for both the quarter and the year were primarily attributable to lower peanut costs and increased plant utilization from the volume gain. Selling and administrative expenses, as a percentage of net sales, fell to 8.2 percent in the fourth quarter of fiscal 2003 from 9.5 percent in the fiscal 2002 fourth quarter. For fiscal 2003, selling and administrative expenses, as a percentage of net sales, fell to 8.0 percent from 8.9 percent in fiscal 2002. The decreases were primarily the result of increased sales and the Company's effort to control spending in these areas. Operating income for the fourth quarter of fiscal 2003 was approximately $6.9 million versus approximately $3.7 million in the fourth quarter of the prior year. Operating income for fiscal 2003 rose to approximately $28.8 from approximately $17.9 for fiscal 2002. Interest expense in the fourth quarter of fiscal 2003 was approximately $1.2 million in comparison to approximately $1.3 million in the fourth quarter of 2002. For fiscal 2003, interest expense was approximately $4.7 million versus approximately $5.8 million for fiscal 2002. Reduction of long-term debt and lower interest rates on short-term debt accounted for the decline in interest expense for both the quarter and the fiscal year. "For the fourth consecutive year, the Company has reported record earnings, and the current year's earnings almost doubled the record earnings reported last year," stated Jasper B. Sanfilippo, Chairman of the Board and Chief Executive Officer. "This year's earnings performance was fueled by a remarkable increase in sales in almost all of the Company's distribution channels. Additionally, cost control efforts allowed the Company to capture an increasing portion of the gross margin that was generated by these sales increases, as selling and administrative expenses rose by only $2.3 million while net sales increased by $65.3 million. The Company continued to pay down it long-term debt, which lowered its overall borrowing cost", added Mr. Sanfilippo. Fiscal 2003 truly was an impressive year in both sales and earnings growth, and we expect that momentum to continue through the first quarter of fiscal 2004, after which sales growth is expected to more closely resemble historical growth levels for the remainder of 2004," concluded Mr. Sanfilippo. The statement of Jasper B. Sanfilippo in this release is forward- looking. This forward-looking statement is based on the Company's current expectations and involves risks and uncertainties. Consequently, the Company's actual results could differ materially. Among the factors that could cause results to differ materially from current expectations are: (i) sales activity for the Company's products; (ii) changes in the availability and costs of raw materials for the production of the Company's products; (iii) fluctuations in the value of the Company's inventories of pecans, walnuts, almonds, peanuts or other nuts due to fluctuations in the market prices of these nuts; (iv) the Company's ability to lessen the negative impact of competitive pressures by reducing its selling prices and increasing sales volume while at the same time maintaining profit margins by reducing costs; (v) the outcome of a pending governmental antitrust investigation of the peanut shelling industry; and (vi) the timing and occurrence (or nonoccurrence) of other transactions and events which may be subject to circumstances beyond the Company's control. John B. Sanfilippo & Son, Inc. is a processor, packager, marketer and distributor of shelled and in-shell nuts and extruded snacks that are sold under a variety of private labels and under the Company's Fisher, Evon's, Snack 'N Serve Nut Bowl, Sunshine Country, Flavor Tree and Texas Pride brand names. The Company also markets and distributes a diverse product line of other food and snack items.
JOHN B. SANFILIPPO & SON, INC. ------------------------------ CONSOLIDATED STATEMENTS OF OPERATIONS ------------------------------------- (Dollars in thousands, except earnings per share) For the Quarter Ended For the Year Ended --------------------- ----------------------- (Unaudited) June 26, June 27, June 26, June 27, 2003 2002 2003 2002 --------- --------- --------- --------- Net sales $96,945 $78,617 $408,534 $343,245 Cost of sales 82,124 67,459 347,041 294,931 --------- --------- --------- --------- Gross profit 14,821 11,158 61,493 48,314 --------- --------- --------- --------- Selling expenses 5,639 4,929 22,071 21,047 Administrative expenses 2,306 2,548 10,593 9,365 --------- --------- --------- --------- 7,945 7,477 32,664 30,412 --------- --------- --------- --------- Income from operations 6,876 3,681 28,829 17,902 --------- --------- --------- --------- Other income (expense): Interest expense (1,207) (1,334) (4,681) (5,757) Rental income 122 184 484 576 Miscellaneous -- 4 2 14 --------- --------- --------- --------- (1,085) (1,146) (4,195) (5,167) --------- --------- --------- --------- Income before income taxes 5,791 2,535 24,634 12,735 Income tax expense 2,258 964 9,607 5,044 --------- --------- --------- --------- Net income $3,533 $1,571 $15,027 $7,691 ========= ========= ========= ========= Basic earnings per share $0.38 $0.17 $1.63 $0.84 ========= ========= ========= ========= Diluted earnings per share $0.37 $0.17 $1.61 $0.84 ========= ========= ========= ========= Weighted average shares outstanding -- basic 9,306,324 9,150,684 9,198,957 9,149,672 ========= ========= ========= ========= -- diluted 9,481,839 9,209,053 9,332,889 9,194,951 ========= ========= ========= =========
JOHN B. SANFILIPPO & SON, INC. ------------------------------ CONSOLIDATED BALANCE SHEETS --------------------------- (Dollars in thousands) June 26, June 27, 2003 2002 --------- --------- ASSETS CURRENT ASSETS: Cash $2,448 $1,272 Accounts receivable, net 29,142 24,133 Inventories 112,016 99,485 Deferred income taxes 1,257 861 Income taxes receivable 469 -- Prepaid expenses and other current assets 2,192 3,032 --------- --------- 147,524 128,783 PROPERTIES, NET 67,117 67,462 OTHER ASSETS 9,086 10,570 --------- --------- $223,727 $206,815 ========= ========= June 26, June 27, 2003 2002 --------- --------- LIABILITIES & STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Notes payable $29,702 $23,519 Current maturities of long-term debt 10,776 5,683 Accounts payable 13,658 17,741 Drafts payable 5,507 4,049 Accrued expenses 12,699 10,098 Income taxes payable -- 298 --------- --------- 72,342 61,388 --------- --------- LONG-TERM DEBT 29,640 40,421 LONG-TERM DEFERRED INCOME TAXES 2,964 2,946 --------- --------- 32,604 43,367 --------- --------- STOCKHOLDERS' EQUITY: Class A common stock 37 37 Common stock 58 56 Capital in excess of par value 58,911 57,219 Retained earnings 60,979 45,952 Treasury stock (1,204) (1,204) --------- --------- 118,781 102,060 --------- --------- $223,727 $206,815 ========= ========= -----END PRIVACY-ENHANCED MESSAGE-----