FOR
IMMEDIATE
RELEASE
June 9,
1998
JOHN
B. SANFILIPPO
EXPECTS
TO REPORT
LOWER NET
INCOME FOR
FOURTH QUARTER;
FISCAL 1998
STILL PROFITABLE
Sales
and Marketing
Departments
Restructured;
"Positive
Acceptance"
for New
Fisher Product
ELK
GROVE VILLAGE,
Ill, June
9, 1998--
John
B. Sanfilippo
& Son
(Nasdaq:
JBSS)
today announced
that based
on current
sales activity,
it expects
fiscal fourth-quarter
1998 earnings
to be in
the range
of breakeven
to a net
profit of
$0.05 per
share. For
the comparable
period in
fiscal 1997,
net income
was $643,000,
or $0.07
per share.
Fiscal 1998
will remain
profitable;
through
the first
nine months,
the company
reported
net income
of $4.6
million,
or $0.50
per share
on a diluted
basis and
$0.51 basic
per share.
The company
posted a
loss of
$0.06 per
share for
fiscal 1997.
The expectations
for the
fourth quarter
result from
soft sales
and order
backlog
across all
channels
of distribution,
coupled
with increased
carrying
costs due
to higher
inventory
levels.
Final audited
operating
results
for fiscal
1998 will
be announced
August 26,
1998, as
originally
scheduled.
Consumer
Sales and
Marketing
Departments
Restructured
John B.
Sanfilippo
& Son,
Inc. also
announced
that it
has restructured
its consumer
sales and
marketing
departments
under the
direction
of Jeffrey
Sanfilippo,
Vice President
Sales and
Marketing.
Sanfilippo
joined the
company
in 1991
and previously
was in charge
of its West
Coast and
direct-store
delivery
consumer
operations.
The company's
two offices
will be
combined
and based
in Elk Grove
Village,
Ill. headquarters.
"We
believe
this restructuring
will enhance
our consumer
focus and
help grow
the business,"
stated Jasper
B. Sanfilippo,
Chairman
and Chief
Executive
Officer.
"We
will continue
to investigate
all avenues
for cost
savings."
New Fisher
Product
Shipped
In May 1998,
John B.
Sanfilippo
& Son,
Inc. introduced
the Fisher
Snack 'N
Serve Nut
BowlTM.
The bowl
is ready
to serve,
reclosable
and microwaveable.
Proprietary
technology
provides
the Snack
'N Serve
Nut BowlTM
with improved
shelf life
versus current
can items,
and the
clear top
allows the
product
to be visible
to the consumer.
The initial
items consist
of Jumbo
Cashews,
Deluxe Mixed
Nuts, Party
Peanuts,
California
Style Trail
Mix, Bayou
Blend and
Fiesta Mix.
"We've
begun to
ship our
new Fisher
product,
and I am
pleased
to report
that we
have been
receiving
positive
acceptance
from the
grocery
trade,"
Sanfilippo
said.
John B.
Sanfilippo
& Son,
Inc. is
a processor,
packager,
marketer
and distributor
of shelled,
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
BowlTM,
Sunshine
Country®,
Flavor Tree®
and Texas
PrideTM
brand names.
The company
also markets
and distributes
a diverse
product
line of
other food
and snack
items.
Statements
in this
press release
regarding
the company's
earnings
expectations
for the
fourth quarter
of 1998
and related
matters,
including
the company's
expected
earnings
results
for the
fourth quarter
of 1998,
are forward
looking
and are
identified
by the use
of the following
forward-looking
words and
phrases:
"expected,"
"expects,"
"is
designed
to"
and "aid
in growing."
These forward-looking
statements
are based
on the company's
current
expectations.
Because
forward-looking
statements
involve
risks and
uncertainties,
the company's
actual results
could differ
materially.
Among these
factors
that could
cause results
to differ
materially
from current
expectations
are: (i)
sales activity
for the
company's
products
for the
remainder
of the fourth
quarter
of 1998;
(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;
and (iv)
the time
and occurrence
(or non-occurrence)
of other
transactions
and events
which may
be subject
to circumstances
beyond the
company's
control.
For
further
information
on John
B. Sanfilippo
free of
charge via
fax, simply
dial 1-800-PRO-INFO
and enter
"JBSS."