FOR IMMEDIATE RELEASE
MONDAY, APRIL 22, 2002

Third Quarter Net Sales Increase 6% Over the Prior Year
Third Quarter EPS Increases to $0.03 from $0.02 in the Prior Year
Institutional Debt Levels Declined from a Year Ago

Elk Grove Village, IL, April 22, 2002 -- John B. Sanfilippo & Son, Inc. (Nasdaq: JBSS) today announced operating results for the third quarter of fiscal 2002, ended March 28, 2002. Net income was approximately $268,000 or 3 cents per share versus net income of approximately $153,000 or 2 cents per share for the third quarter of fiscal 2001. For the current nine-month period, net income was approximately $6.1 million or 67 cents per share compared to approximately $6.2 million or 68 cents per share in fiscal 2001.

Net sales increased to approximately $67.1 million in the third quarter of fiscal 2002 from net sales of approximately $63.1 million in the third quarter of fiscal 2001. The increase in quarterly net sales came from gains in consumer and contract packaging sales. Gross profit margin decreased to 12.9 percent in the third quarter of fiscal 2002 from a gross profit margin of 15.4 percent in the third quarter of fiscal 2001. The gains in private label consumer sales and contract packaging sales, which typically have lower gross margins, led to the decrease in the gross profit margin percentage.

Net sales for the current nine-month period were approximately $264.6 million versus net sales of approximately $260.1 for fiscal 2001. Increases in consumer, foodservice and contract packaging sales, which were partially offset by a decrease in industrial sales, led to the increase in net sales for the current nine-month period. Gross profit margin decreased from 15.5 percent of net sales for the nine-month period in fiscal 2001 to 14.0 percent of net sales for the current nine-month period. As with the current quarter, increases in private label and contract packaging sales during the current nine-month period led to the decrease in gross profit margin percentage.

As a percentage of net sales, selling and administrative expenses decreased to 10.3 percent for the third quarter of fiscal 2002 from 11.7 percent for the third quarter of fiscal 2001. For the nine-month period, selling and administrative expenses were 8.7 percent of net sales versus 9.2 percent of net sales in fiscal 2001. The decrease in selling expense as a percentage of net sales for both the quarterly and nine-month periods was due to lower promotional activity in the consumer distribution channel and cost reductions.

Operating income was 2.6 percent of net sales versus 3.7 percent of net sales for the third quarter of the previous fiscal year. Operating income for the nine-month period was 5.4 percent of net sales compared to 6.3 percent of net sales for fiscal 2001. Interest expense fell from approximately $2.3 million for the third quarter of fiscal 2001 to approximately $1.4 million for the third quarter of fiscal 2002. Interest expense for the nine-month period has also decreased from approximately $6.4 million for fiscal 2001 to approximately $4.4 million for fiscal 2002. Interest bearing debt at the end of the third quarter of fiscal 2002 fell 20 percent from the debt level at the end of the third quarter of fiscal 2001. Decreases in interest bearing debt and interest rates accounted for the decreases in interest expense for both the quarter and the nine-month period.

"We are very pleased with both the growth in sales and earnings for what can be a very challenging season since the third quarter is the Company's lowest volume quarter. We believe that the growth in the third quarter provides the momentum the Company will need to finish fiscal 2002 on a successful note," stated Jasper B. Sanfilippo, Chairman of the Board and Chief Executive Officer.

John B. Sanfilippo & Son, Inc. is a processor, packager, marketer and distributor of shelled and in-shell nuts and sesame sticks that are sold under a variety of private labels and under the company's Evon's^®, Fisher^®, 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.

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 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; and (v) the timing and occurrence (or nonoccurrence) of other transactions and events which may be subject to circumstances beyond the company's control.

Financial Tables