ELGIN, Ill.--(BUSINESS WIRE)--John B. Sanfilippo & Son, Inc. announced operating results for both its fiscal 2016 fourth quarter and fiscal year ended June 30, 2016. Net income for the fourth quarter of fiscal 2016 was $7.3 million, or $0.64 per share diluted, compared to net income of $8.5 million, or $0.75 per share diluted, for the fourth quarter of fiscal 2015. Net income for fiscal 2016 was $30.4 million compared to net income of $29.3 million for fiscal 2015. Diluted earnings per share for fiscal 2016 was $2.68 compared to $2.61 for fiscal 2015. Both the current fourth quarter and fiscal year contained an additional week compared to the same periods in fiscal 2015.
Fiscal 2016 fourth quarter net sales increased by 4.6% to $231.5 million from net sales of $221.4 million for the fourth quarter of fiscal 2015 due to a 10.4% increase in sales volume, which is defined as pounds sold to customers. The favorable impact upon net sales from the increase in sales volume was offset in part by a significant decline in selling prices for walnuts. Sales volume increased in all distribution channels, and sales volume increased for all major product types except pecans.
The sales volume increase in the consumer channel was due in part to a 10.3% increase in sales volume with existing private brand customers. Sales volume for our branded products in the consumer channel also increased as follows:
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Fisher recipe nuts |
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14.9% |
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Fisher snack nuts and peanut butter |
28.9% |
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Orchard Valley Harvest and Sunshine Country produce products |
136.6% |
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The sales volume increase for Fisher recipe nuts came mainly from increased sales of walnuts as a result of the introduction of new large package sizes and from distribution gains with new customers. The sales volume increase for Fisher snack nuts and peanut butter was generated mainly by distribution gains with new and existing customers. The sales volume increases for ourOrchard Valley Harvest and Sunshine Country produce brands came mainly from product line expansion and increased promotional and merchandising activities. Partially offsetting the above noted sales volume increase was a significant sales volume decrease in Fisher Nut Exactly due to reduced merchandising support from a key customer and reduced distribution opportunities in the club channel.
The sales volume increase in the contract packaging channel was primarily due to increased sales with existing customers. The sales volume increase in the commercial ingredients channel was mainly due to increased sales of peanut butter to existing food service customers. The sales volume increase in the export channel came from increased sales of bulk inshell walnuts.
Fiscal 2016 net sales increased by 7.3% to $952.1 million from $887.2 million for fiscal 2015 mainly due to a 6.6% increase in sales volume. Sales volume increased in all distribution channels, and sales volume increased for all major nut types except almonds and pecans. The sales volume increase in the consumer channel was due primarily to significant increases in sales of our branded products. The increase in sales volume in the contract packaging channel was primarily attributable to increased sales with existing customers due in large part to new item introductions and increased promotional activity implemented by customers in this channel. The increase in sales volume in the commercial ingredients channel came mainly from increased sales of peanuts to peanut oil stock crushers and to other peanut shellers and increased sales of cashew products to an existing customer. As was the case in the quarterly comparison, the sales volume increase in the export channel came primarily from increased sales of bulk inshell walnuts. Full report.
