FOR IMMEDIATE RELEASE
THURSDAY, AUGUST 22, 2002

JOHN B. SANFILIPPO ANNOUNCES RECORD NET INCOME FOR FISCAL 2002

Fiscal 2002 Net Sales Increase 2.5% Over the Prior Year
Fourth Quarter Fiscal 2002 Net Sales Increase 5.2% Over the Prior Year
Total Debt at the End of Fiscal 2002 Decreases 22% from the Prior Year End

Elk Grove Village, IL, August 22, 2002 -- John B. Sanfilippo & Son, Inc. (Nasdaq: JBSS) today announced operating results for its fiscal 2002 fourth quarter and year ended June 27, 2002. Net income for the fourth quarter increased to approximately $1.6 million, or 17 cents per share, from approximately $1.4 million, or 15 cents per share, for the fourth quarter of fiscal 2001. Fiscal 2002 net income increased to approximately $7.7 million, or 84 cents per share, from approximately $7.6 million, or 83 cents per share, for fiscal 2001. Fiscal 2002 net income was the highest recorded in the Company's history.

Fiscal 2002 fourth quarter net sales increased to $78.6 million from $74.8 million in the fiscal 2001 fourth quarter. The gross profit margin, as a percentage of net sales, for the fiscal 2002 fourth quarter was 14.2 percent compared with 15.3 percent for the fourth quarter of fiscal 2001. Net sales for fiscal 2002 were approximately $343.2 million versus net sales of approximately $334.9 for fiscal 2001. The gross profit margin for fiscal 2002 decreased to 14.1 percent of net sales from 15.4 percent of net sales for fiscal 2001. The decreases in the gross profit margins for both the quarter and the year-end were primarily attributable to the increase in the sales of private label products as a percentage of the total sales mix.

Selling and administrative expenses as a percentage of net sales were 9.5 percent in the fourth quarter of fiscal 2002 compared with 9.7 percent in the fiscal 2001 fourth quarter. For fiscal 2002, selling and administrative expenses, as a percentage of net sales fell to 8.9 percent from 9.3 percent in fiscal 2001. Operating income for the fourth quarter of fiscal 2002 was approximately $3.7 million versus approximately $4.1 million in the fourth quarter of the prior year. Operating income for fiscal 2002 decreased to $17.9 from $20.4 for fiscal 2001. Given the reduction in debt in the fourth quarter of 2002 and lower interest rates, interest expense for that quarter decreased to $1.3 million from approximately $1.9 million for the fourth quarter of 2001. For fiscal 2002, interest expense was approximately $5.8 million versus approximately $8.4 million for fiscal 2001.

"Fiscal 2002 was another record year in both sales and net income," stated Jasper B. Sanfilippo, Chairman of the Board and Chief Executive Officer. "The Company benefited from selling and administrative cost reduction initiatives implemented during the fiscal year. Additionally, the lower average levels of inventory throughout the year improved cash flow, allowing the Company to reduce its debt levels significantly. These changes, coupled with the favorable media exposure that nuts have recently received and a more industry-friendly farm bill, should provide the basis for another successful year", 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 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.

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^TM, Sunshine Country^®, Flavor Tree^® and Texas Pride^TM brand names. The company also markets and distributes a diverse product line of other food and snack items.