FOR IMMEDIATE RELEASE
TUESDAY, OCTOBER 29, 2002

First Quarter Net Sales Increase 10%
EPS of $.18 per Share Surpasses First Quarter Record
Interest bearing Debt Declines 21% During the Quarter

Elk Grove Village, IL, October 29, 2002 -- John B. Sanfilippo & Son, Inc. (Nasdaq: JBSS) today announced operating results for the first quarter of fiscal 2003, ended September 26, 2002. Net income was approximately $1.68 million or 18 cents per share versus net income of approximately $1.08 million or 12 cents per share for the first quarter of fiscal 2002.

Net sales increased substantially to approximately $93.1 million in the first quarter of fiscal 2003 from net sales of approximately $84.8 million in the first quarter of fiscal 2002. The increase in quarterly net sales came from sales increases in the consumer, export and contract manufacturing distribution channels. Gross profit margin decreased to 11.9 percent of net sales in the first quarter of fiscal 2003 from a gross profit margin of 13.2 percent of net sales in the first quarter of fiscal 2002. The decrease in gross profit margin was primarily attributed to the adjustment of the Company's peanut inventory standard costs to reflect the new farm bill's anticipated effect on the peanut market.

Selling and administrative expenses, as a percentage of net sales, fell considerably from 9.3 percent for the first quarter of fiscal 2002 to 7.8 percent for the first quarter of fiscal 2003. Continued cost cutting measures undertaken in the Company's sales and marketing departments led to a decrease in selling expenses. Operating income rose from 3.9 percent of net sales for the first quarter of fiscal 2002 to 4.1 percent of net sales for the first quarter of fiscal 2003. Interest bearing debt decreased from $69.6 million at the end of the fourth quarter of fiscal 2002 to $55.0 million at the end of the first quarter of fiscal 2003. Over the last twelve months, interest bearing debt decreased $18.5 million. As a result of lower borrowings and lower interest rates, the Company's interest expense declined from $1.6 million in the first quarter of fiscal 2002 to $1.2 million in the first quarter of fiscal 2003.

"With the substantial revenue growth and the effectiveness of cost cutting measures realized during the first quarter, fiscal 2003 is off to a remarkable start," stated Jasper B. Sanfilippo, Chairman and Chief Executive Officer. "Furthermore, the anticipated benefits to be derived from the new farm bill and the Company's dominant position in the pecan shelling industry should combine to deliver another prosperous 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, Fisher^®, Evon's^®, 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.

Financial Tables