Latest news with #Sanfilippo
Business Wire
a day ago
- Business
- Business Wire
John B. Sanfilippo & Son, Inc. Reports Fiscal 2025 Fourth Quarter and Full Year Results
ELGIN, Ill.--(BUSINESS WIRE)-- John B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) (the 'Company') today announced financial results for its fiscal 2025 fourth quarter and full year ended June 26, 2025. Fourth Quarter Summary Sales volume decreased 5.4 million pounds, or 5.9%, to 86.2 million pounds Net sales decreased $0.5 million, or 0.2%, to $269.1 million Gross profit decreased 2.4% to $48.8 million Diluted EPS increased 33.7% to $1.15 per share Full Year Summary Sales volume increased 11.7 million pounds, or 3.4%, to 358.3 million pounds Net Sales increased $40.5 million, or 3.8%, to 1.11 billion Gross profit decreased 5.0% to $203.5 million Diluted EPS decreased 2.3% to $5.03 per share CEO Commentary 'I'm proud of how our team navigated a challenging and constantly evolving operating environment throughout fiscal 2025. We responded swiftly and decisively to address short-term financial impacts, while remaining focused on executing our Long-Range Plan in spite of a challenging macroeconomic and consumer environment,' stated Jeffrey T. Sanfilippo, Chief Executive Officer. 'Although our financial performance fell short of our expectations, we gained positive momentum as the year progressed—highlighted by year-over-year diluted EPS growth of 49.6% and 33.7% in the third and fourth quarters, respectively, enhanced spending discipline and increased efficiencies in our operations. We also increased our net sales to a record $1.11 billion, surpassing the $1 billion mark for two years in a row. We continued to make significant investments in our manufacturing capabilities and infrastructure, laying the foundation for future profitable growth. In addition, we recently increased our annual dividend by 5.9% to $0.90 per share and declared a special dividend of $0.60 per share. Both dividends will be paid on September 11, 2025. This marks the fourteenth consecutive year of returning capital through dividends to our shareholders.' 'I want to sincerely thank all our employees for their dedication, resilience and hard work this year. Their commitment drives our success and positions us for a strong future,' Mr. Sanfilippo concluded. Fourth Quarter Results Net Sales Net sales for the fourth quarter of fiscal 2025 decreased slightly by $0.5 million, or 0.2%, to $269.1 million. This slight decline was primarily driven by a 5.9% decrease in sales volume (pounds sold to customers), which was largely offset by a 6.0% increase in the weighted average selling price per pound. The increase in the weighted average selling price per pound was mainly due to higher commodity acquisition costs for peanuts and all major tree nuts, except for pecans. Sales volume declined for all major product types, with the exception of peanuts, walnuts and pecans. Sales Volume Consumer Distribution Channel - 11.5% Private Brand -10.7% This sales volume decrease was driven by a 16.7% reduction in bars volume. This was mainly due to reduced sales to a mass merchandising retailer following an increase in bar sales due to a national brand recall in the same quarter of the previous year. Our strategic decision to reduce sales to a grocery retailer and lost distribution at another grocery retailer further contributed to the decline in bars volume. These decreases were partially offset by new bars distribution at two customers. Additionally, sales volume in all other product types decreased 8.5%, mainly due to the discontinuation of peanut butter along with softer demand for snack and trail mix, mixed nuts and almonds all at the same mass merchandising retailer driven by higher retail prices. However, these decreases were partially mitigated by increased sales of walnuts and pecans at that same retailer. Branded* -19.7% The sales volume decrease was primarily driven by a 42.9% reduction in Orchard Valley Harvest sales due to lost distribution to a major customer in the non-food sector. Commercial Ingredients Distribution Channel + 8.7% This sales volume increase was mainly driven by increased peanut butter volume to existing customers, which was further supplemented by an increase in peanut volume. Contract Manufacturing Distribution Channel +18.7% This sales volume increase was driven by the increased granola volume processed at our Lakeville facility. Snack nut sales to a new customer and increased peanut sales volume to a major customer also contributed to the overall increase. Gross Profit Gross profit decreased $1.2 million to $48.8 million. This decrease was primarily driven by higher commodity acquisition costs for nearly all tree nuts and peanuts. However, the impact was significantly offset by increased production volume, lower manufacturing spending and improved manufacturing efficiencies. Gross profit margin decreased to 18.1% of net sales from 18.5% of net sales in the prior comparable quarter mainly due to the factors mentioned above. Operating Expenses, net Total operating expenses decreased $6.7 million in the quarterly comparison primarily due to lower incentive compensation expenses. The decrease also reflected reduced freight expense, lower third-party warehouse expenses and lower marketing and insights spending driven in part by lower sales volume in the Consumer distribution channel. These decreases were partially offset by higher rent associated with our new facility in Huntley, Illinois. As a percentage of net sales, total operating expenses decreased to 10.6% from 13.1% in the prior comparable quarter, driven by the factors noted above. Inventory The value of total inventories on hand at the end of the current fourth quarter increased $58.0 million, or 29.5%. The increase was due to higher commodity acquisition costs across all major tree nuts, as well as higher on-hand quantities of finished goods in preparation for anticipated seasonal demand The weighted average cost per pound of raw nut and dried fruit input stock on hand increased 30.4% year over year mainly due to higher acquisition costs for almost all major tree nuts. Full Year Results Net sales increased 3.8% to $1.11 billion. Excluding the fiscal 2025 first quarter impact of the acquired snack bar assets located at Lakeville, Minnesota (the 'Lakeville Acquisition'), which was completed on September 29, 2023 (the first day of our second fiscal quarter of fiscal 2024), net sales remained relatively unchanged. Sales volume increased 3.4%, primarily due to the Lakeville Acquisition. Excluding the impact of the Lakeville Acquisition, sales volume decreased 1.7%, reflecting a 4.0% decrease in the consumer channel which was partially offset by a 15.4% increase in the contract manufacturing channel Gross profit margin decreased from 20.1% to 18.4% of net sales. This decrease was mainly attributable to increased commodity acquisition costs for substantially all major tree nuts except pecans, as well as competitive pricing pressures and strategic pricing decisions, which were offset by the factors cited above and improved profitability on bars due to manufacturing efficiencies. Operating expenses decreased $10.2 million to $118.8 million. The decrease in total operating expenses was primarily driven by lower incentive compensation, advertising and consumer insight expenses. These decreases were partially offset by the one-time bargain purchase gain from the Lakeville Acquisition, which did not repeat in the current fiscal year, as well as in increases in wages and rent expenses attributable to the Huntley, Illinois warehouse. Diluted EPS decreased 2.3%, or $0.12 per diluted share, to $5.03. In closing, Mr. Sanfilippo commented, 'As we enter fiscal year 2026, we have strong momentum and optimism as we continue to execute our strategic plan. We are actively pursuing additional opportunities to grow sales volume across all three of our distribution channels and are encouraged by early signs of success. At the same time, we remain focused on disciplined cost management and driving further operational efficiencies. That said, we recognize that significant external uncertainties remain, including tariffs, inflation, unpredictable commodity costs and broader macroeconomic challenges. These factors will require us to stay agile and responsive as the year progresses. We are committed to taking the necessary actions to deliver long-term sustainable growth, enhance margins, and continue to create value for our shareholders.' Conference Call The Company will host an investor conference call and webcast on Thursday, August 21, 2025, at 10:00 a.m. Eastern (9:00 a.m. Central) to discuss these results. To participate in the call via telephone, please register using the following Participant Registration link: Once registered, attendees will receive a dial-in number and their own unique PIN number. This call is also being webcast by Notified and can be accessed at the Company's website at About John B. Sanfilippo & Son, Inc. Based in Elgin, Illinois, John B. Sanfilippo & Son, Inc. is a processor, packager, marketer and distributor of nut and dried fruit products, snack bars, and dried cheese snacks, that are sold under the Company's Fisher ®, Orchard Valley Harvest ®, Squirrel Brand ®, Southern Style Nuts ® and Just the Cheese ® brand names and under a variety of private brands. Forward Looking Statements Some of the statements in this release are forward-looking. These forward-looking statements may be generally identified by the use of forward-looking words and phrases such as 'will', 'intends', 'may', 'believes', 'anticipates', 'should' and 'expects' and are based on the Company's current expectations or beliefs concerning future events and involve risks and uncertainties. Consequently, the Company's actual results could differ materially. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or other factors that affect the subject of these statements, except where expressly required to do so by law. Among the factors that could cause results to differ materially from current expectations are: (i) sales activity for the Company's products, such as a decline in sales to one or more key customers, or to customers or in the nut and bars categories generally, in some or all channels, a change in product mix to lower price products, a decline in sales of private brand products or changing consumer preferences, including a shift from higher margin products to lower margin products; (ii) changes in the availability and costs of raw materials and ingredients due to tariffs and other import restrictions and the impact of fixed price commitments with customers; (iii) the ability to pass on price increases to customers if commodity costs rise and the potential for a negative impact on demand for, and sales of, our products from price increases; (iv) the ability to measure and estimate bulk inventory, fluctuations in the value and quantity of the Company's nut inventories due to fluctuations in the market prices of nuts and bulk inventory estimation adjustments, respectively; (v) the Company's ability to appropriately respond to, or lessen the negative impact of, competitive and pricing pressures; (vi) losses associated with product recalls, product contamination, food labeling or other food safety issues, or the potential for lost sales or product liability if customers lose confidence in the safety of the Company's products or in nuts or nut products in general, or are harmed as a result of using the Company's products; (vii) the ability of the Company to control costs (including inflationary costs) and manage shortages or other disruptions in areas such as inputs, transportation and labor; (viii) uncertainty in economic conditions, including the potential for inflation or economic downturn leading to decreased consumer demand; (ix) the timing and occurrence (or nonoccurrence) of other transactions and events which may be subject to circumstances beyond the Company's control; (x) the adverse effect of labor unrest or disputes, litigation and/or legal settlements, including potential unfavorable outcomes exceeding any amounts accrued; (xi) losses due to significant disruptions at any of our production or processing facilities, our inability to meet or fulfill customer orders on a timely basis, if at all, or employee unavailability due to labor shortages; (xii) the ability to implement our Long-Range Plan, including growing our branded and private brand product sales, diversifying our product offerings (including by the launch of new products) and expanding into alternative sales channels; (xiii) technology disruptions or failures or the occurrence of cybersecurity incidents or breaches; (xiv) the inability to protect the Company's brand value, intellectual property or avoid intellectual property disputes; (xv) our ability to manage the impacts of changing weather patterns on raw material availability due to climate change; and (xvi) our ability to operate our acquired snack bar assets and realize efficiencies and synergies from such acquisition.
Business Wire
15-07-2025
- Business
- Business Wire
John B. Sanfilippo & Son, Inc. Declares $0.60 Per Share Special Dividend and a Regular Annual Dividend of $0.90 Per Share
ELGIN, Ill.--(BUSINESS WIRE)-- John B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) (the 'Company') today announced that its Board of Directors (the 'Board') declared a special cash dividend (the 'Special Dividend') of $0.60 per share on all issued and outstanding shares of Common Stock of the Company and $0.60 per share on all issued and outstanding shares of Class A Common Stock of the Company. In addition to the Special Dividend, the Board declared a regular annual cash dividend (the 'Annual Dividend') of $0.90 per share on all issued and outstanding shares of Common Stock of the Company and $0.90 per share on all issued and outstanding shares of Class A Common Stock of the Company. The aggregate payment of both the Special Dividend and Annual Dividend will return approximately $17.7 million to Company stockholders. The Special Dividend and the Annual Dividend will be paid on September 11, 2025, to stockholders of record as of the close of business on August 19, 2025. 'We are pleased to announce the $0.60 per share Special Dividend and the $0.90 per share Annual Dividend,' stated Jeffrey T. Sanfilippo, Chairman and Chief Executive Officer. 'Our financial performance over the first three quarters of fiscal 2025 has provided us the opportunity to declare the Special Dividend and increase our Annual Dividend by $0.05 per share over last year's Annual Dividend. This year marks the eighth year in a row we have increased our Annual Dividend. These dividends, like our previous dividends, further reinforce our goal of creating long-term stockholder value through the responsible use of cash. Furthermore, these dividends would not be possible without the hard work and dedication of all our employees,' Mr. Sanfilippo concluded. ABOUT THE COMPANY John B. Sanfilippo & Son, Inc. is a processor, packager, marketer and distributor of nut and dried fruit-based products, snack bars, and dried cheese snacks that are sold under a variety of private brands and under the Company's Fisher®, Orchard Valley Harvest®, Squirrel Brand®, Southern Style Nuts®, and Just the Cheese® brand names. Forward Looking Statements Some of the statements in this release are forward-looking. These forward-looking statements may be generally identified by the use of forward-looking words and phrases such as 'will', 'intends', 'may', 'believes', 'anticipates', 'should' and 'expects' and are based on the Company's current expectations or beliefs concerning future events and involve risks and uncertainties. Consequently, the Company's actual results could differ materially. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or other factors that affect the subject of these statements, except where expressly required to do so by law. Among the factors that could cause results to differ materially from current expectations are: (i) sales activity for the Company's products, such as a decline in sales to one or more key customers, or to customers or in the nut category generally, in some or all channels, a change in product mix to lower price products, a decline in sales of private brand products or changing consumer preferences, including a shift from higher margin products to lower margin products; (ii) changes in the availability and costs of raw materials and ingredients due to tariffs and other import restrictions and the impact of fixed price commitments with customers; (iii) the ability to pass on price increases to customers if commodity costs rise and the potential for a negative impact on demand for, and sales of, our products from price increases; (iv) the ability to measure and estimate bulk inventory, fluctuations in the value and quantity of the Company's nut inventories due to fluctuations in the market prices of nuts and bulk inventory estimation adjustments, respectively; (v) the Company's ability to appropriately respond to, or lessen the negative impact of, competitive and pricing pressures; (vi) losses associated with product recalls, product contamination, food labeling or other food safety issues, or the potential for lost sales or product liability if customers lose confidence in the safety of the Company's products or in nuts or nut products in general, or are harmed as a result of using the Company's products; (vii) the ability of the Company to control costs (including inflationary costs) and manage shortages or other disruptions in areas such as inputs, transportation and labor; (viii) uncertainty in economic conditions, including the potential for inflation or economic downturn leading to decreased consumer demand; (ix) the timing and occurrence (or nonoccurrence) of other transactions and events which may be subject to circumstances beyond the Company's control; (x) the adverse effect of labor unrest or disputes, litigation and/or legal settlements, including potential unfavorable outcomes exceeding any amounts accrued; (xi) losses due to significant disruptions at any of our production or processing facilities or employee unavailability due to labor shortages; (xii) the ability to implement our Long-Range Plan, including growing our branded and private brand product sales, diversifying our product offerings (including by the launch of new products) and expanding into alternative sales channels; (xiii) technology disruptions or failures or the occurrence of cybersecurity incidents or breaches; (xiv) the inability to protect the Company's brand value, intellectual property or avoid intellectual property disputes; (xv) our ability to manage the impacts of changing weather patterns on raw material availability due to climate change; and (xvi) our ability to operate our acquired snack bar assets and realize efficiencies and synergies from such acquisition.
Business Insider
12-07-2025
- Business
- Business Insider
Ultragenyx receives CRL from FDA for UX111 gene therapy
Ultragenyx (RARE) Pharmaceutical announced that the U.S. Food and Drug Administration has issued a Complete Response Letter for its Biologics License Application for UX111 AAV gene therapy as a treatment for patients with Sanfilippo syndrome type A. 'Our goal is to get UX111 to patients as quickly as possible knowing how critical this first therapy is to the Sanfilippo community. We have been diligently responding to the recent CMC observations and our priority is to resolve them so that we can resubmit the BLA as soon as possible,' said Emil D. Kakkis, M.D., Ph.D., chief executive officer and president of Ultragenyx. 'We believe the CMC observations are readily addressable and many have already been addressed. While the CRL will delay the potential approval of UX111 to 2026, we are working with urgency to respond and resubmit.' In the CRL, the FDA requested that the company provide additional information and improvements related to specific aspects of CMC and observations from the recently completed manufacturing facility inspections. The company believes that these observations are readily addressable, related to facilities and processes, and are not directly related to the quality of the product. The company will be working with the FDA over the next few months to resolve the observations. Once resolution is achieved, the company expects to resubmit the BLA and anticipates up to a 6-month review period to follow the resubmission. Clinical review had been ongoing and the FDA has acknowledged that the neurodevelopmental outcome data provided to date are robust and the biomarker data provide additional supportive evidence. The CRL did not note any review issues related to the clinical data package nor clinical inspections, and asked that updated clinical data from current patients be included in the resubmission.
The Star
07-06-2025
- Business
- The Star
Human coders are still better than AI, says this expert developer
Your team members may be tempted to rely on AI to help them write code for your company, either for cost or speed rationales or because they lack particular expertise. But you should be wary. — Pixabay In the complex 'will AI steal my job?' debate, software developers are among the workers most immediately at risk from powerful AI tools. It's certainly looking like the tech sector wants to reduce the number of humans working those jobs. Bold statements from the likes of Meta's Mark Zuckerberg and Anthropic's Dario Amodei support this since both of them say AI is already able to take over some code-writing roles. But a new blog post from a prominent coding expert strongly disputes their arguments, and supports some AI critics' position that AI really can't code. Salvatore Sanfilippo, an Italian developer who created Redis (an online database which calls itself the 'world's fastest data platform' and is beloved by coders building real-time apps), published a blog post this week, provocatively titled 'Human coders are still better than LLMs.' His title refers to large language model systems that power AI chatbots like OpenAI's ChatGPT and Anthropic's Claude. Sanfilippo said he's 'not anti-AI' and actually does 'use LLMs routinely,' and explained some specific interactions he'd had with Google's Gemini AI about writing code. These left him convinced that AIs are 'incredibly behind human intelligence,' so he wanted to make a point about it. The billions invested in the technology and the potential upending of the workforce mean it's 'impossible to have balanced conversations' on the matter, he wrote. Sanfilippo blogged that he was trying to 'fix a complicated bug' in Redis's systems. He made an attempt himself, and then asked Gemini, 'hey, what we can do here? Is there a super fast way' to implement his fix? Then, using detailed examples of the kind of software he was working with and the problem he was trying to fix, he blogged about the back-and-forth dialogue he had with Gemini as he tried to coax it toward an acceptable answer. After numerous interactions where the AI couldn't improve on his idea or really help much, he said he 'asked Gemini to do an analysis of (his last idea, and it was finally happy.' We can ignore the detailed code itself and just concentrate on Sanfilippo's final paragraph. 'All this to say: I just finished the analysis and stopped to write this blog post, I'm not sure if I'm going to use this system (but likely yes), but, the creativity of humans still have an edge, we are capable of really thinking out of the box, envisioning strange and imprecise solutions that can work better than others,' he wrote. 'This is something that is extremely hard for LLMs.' Gemini was useful, he admitted, to simply 'verify' his bug-fix ideas, but it couldn't outperform him and actually solve the problem itself. This stance from an expert coder goes up against some other pro-AI statements. Zuckerberg has said he plans to fire mid-level coders from Meta to save money, employing AI instead. In March, Amodei hit the headlines when he boldly predicted that all code would be written by AIs inside a year. Meanwhile, on the flip side, a February report from Microsoft warned that young coders coming out of college were already so reliant on AI to help them that they failed to understand the hard computer science behind the systems they were working on –something that may trip them up if they encountered a complex issue like Sanfilippo's bug. Commenters on a piece talking about Sanfilippo's blog post on coding news site Hacker News broadly agreed with his argument. One commenter likened the issue to a popular meme about social media: 'You know that saying that the best way to get an answer online is to post a wrong answer? That's what LLMs do for me.' Another writer noted that AIs were useful because even though they give pretty terrible coding advice, 'It still saves me time, because even 50 percent accuracy is still half that I don't have to write myself.' Lastly, another coder pointed out a very human benefit from using AI: 'I have ADHD and starting is the hardest part for me. With an LLM it gets me from 0 to 20% (or more) and I can nail it for the rest. It's way less stressful for me to start now.' Why should you care about this? At first glance, it looks like a very inside-baseball discussion about specific coding issues. You should care because your team members may be tempted to rely on AI to help them write code for your company, either for cost or speed rationales or because they lack particular expertise. But you should be wary. AIs are known to be unreliable, and Sanfilippo's argument, supported by other coders' comments, point out that AI really isn't capable of certain key coding tasks. For now, at least, coders' jobs may be safe… and if your team does use AI to code, they should double and triple check the AI's advice before implementing it in your IT system. – Inc./Tribune News Service
Yahoo
21-05-2025
- Politics
- Yahoo
Sanfilippo claims Dem nomination in Erie city controller's race
Democrat Brooke Sanfilippo claimed her party's nomination for Erie city controller in the May 20 municipal primary, setting up a November showdown with Republican Matt Strupczewski, who ran unopposed for the GOP nomination. According to unofficial vote totals from the Erie County Courthouse, Sanfilippo, a 46-year-old pension and 401(k) administration manager, garnered 3,795 votes, or 39.03%, ahead of two current members of Erie City Council, Ed Brzezinski (3,250 votes) and Chuck Nelson (2,654 votes). Erie elections: Four controller candidates state why you should vote for them Current City Controller Teresa Stankiewicz, a Democrat, is prohibited from running again because of the city's limit of three consecutive terms. The city controller currently earns $38,000 annually. However, City Council in September approved a 97% yearly salary boost for the controller's post, increasing that salary to $75,000 a year. The city's controller watches over various aspects of city finances, including contracts, purchase orders and pension funds. The controller is also tasked with verifying/auditing city records and accounts. Replay: Coverage of the Erie County municipal primary on May 20 "City council voted to make the salary higher so they could attract a more qualified candidate. I think I am that candidate," Sanfilippo said. "We worked hard on this campaign. We've been in every neighborhood in Erie (campaigning) and I feel that we really succeeded tonight." Contact Kevin Flowers at kflowers@ Follow him on X at @ETNflowers. This article originally appeared on Erie Times-News: Sanfilippo, Strupczewski score wins in Erie controller's race
