FOR IMMEDIATE RELEASE
TUESDAY, OCTOBER 24, 2001

EPS of $.12 per Share Approaches Last Year's First Quarter Record Institutional Debt Continues to Decline

Elk Grove Village, IL, October 24, 2001 -- John B. Sanfilippo & Son, Inc. (Nasdaq: JBSS) today announced operating results for the first quarter of fiscal 2002, ended September 27, 2001. Net income was approximately $1.08 million or 12 cents per share versus net income of approximately $1.25 million or 14 cents per share for the first quarter of fiscal 2001.

Net sales increased slightly to approximately $84.8 million in the first quarter of fiscal 2002 from net sales of approximately $84.5 million in the first quarter of fiscal 2001. The increase in quarterly net sales within the consumer distribution channel was mostly offset by a decrease in industrial sales. Gross profit margin decreased to 13.2 percent of net sales in the first quarter of fiscal 2002 from a gross profit margin of 13.9 percent of net sales in the first quarter of fiscal 2001. The decrease in gross profit margin was mainly attributed to a decrease in the gross profit margin on industrial sales.

As a percentage of net sales, selling and administrative expenses were 9.3 percent for the first quarter of fiscal 2002 versus 9.1 percent for the first quarter of fiscal 2001. A considerable increase in the Company's overall health insurance costs more than offset decreases in direct selling expenses during the quarter. Operating income was 3.9 percent of net sales versus 4.8 percent of net sales for the first quarter of the previous fiscal year. Institutional borrowings decreased $15.8 million from the borrowing levels of the fourth quarter of fiscal 2001 and $11.9 million from the borrowing levels of the first quarter of fiscal 2001. As a result of lower borrowings and lower interest rates, the Company's interest expense declined from $2.1 million in the first quarter of fiscal 2001 to $1.7 million in the first quarter of fiscal 2002.

In the first quarter of fiscal 2002, the Company elected to comply in advance with certain accounting pronouncements, which are scheduled to be effective in the Company's third fiscal quarter. The pronouncements require the reclassification of certain expenses as a reduction of revenues and had no effect on net income. All current and prior period financial information cited herein has been adjusted to reflect these pronouncements and is, therefore, comparable. The reclassification of these expenses may have an impact when comparing the currently reported income statement with income statements reported in press releases pertaining to prior fiscal quarters.

"Fiscal 2002 is off to a good start with the Company reporting one of the best first quarter earnings levels in its history," stated Jasper B. Sanfilippo, Chairman and Chief Executive Officer. "Furthermore, the Company continues to lower its borrowing levels, which should create a solid foundation for building another successful year", added Mr. Sanfilippo.

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.

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.

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