ELGIN, Ill.--(BUSINESS WIRE)--John B. Sanfilippo & Son, Inc. (hereinafter the “Company”) today announced operating results for its fiscal 2015 third quarter.
Quarterly Comparison Overview:
- Net sales increased by 20.1%
- Sales volume increased by 9.1%
- Gross profit increased by 30.6%
- Net income increased by 77.1%
Net income for the first three quarters of fiscal 2015 was $20.8 million, or $1.86 per share diluted, compared to net income of $19.7 million, or $1.77 per share diluted, for the first three quarters of fiscal 2014. Both net income and earnings per share diluted were the highest amounts ever reported by the Company for a fiscal quarter ending in March. Net income for the 2014 third quarter and 2014 year to date period included a reduction in income tax expense of $0.6 million, or $0.06 per share diluted, which was attributable to the tax benefit that resulted from an income tax loss from the divestiture of the Company’s investment in ARMA Energy, Inc.
Net sales increased to $209.4 million for the third quarter of fiscal 2015 from $174.3 million for the third quarter of fiscal 2014. The increase in net sales was attributable to a 10.1% increase in selling prices and a 9.1% increase in sales volume, which is defined as pounds sold to customers. Volume increased for all major product types except pecans.
Volume declined for Fisher recipe nuts and snack nuts by 4.8% and 10.0%, respectively, in the quarterly comparison. The decline in Fisher recipe nut volume was due to reduced merchandising activity at a major customer. The decline in Fisher snack nut volume was due to a change in the timing of merchandising activity at a major customer where that promotional activity occurred in the second quarter of fiscal 2015 as opposed to the third quarter of fiscal 2014. View the full report here.
