As a Result of a 15.6% Increase in Sales Volume, John B. Sanfilippo & Son, Inc. Net Sales Increased by $10.1 Million

  As a Result of a 15.6% Increase in Sales Volume, John B. Sanfilippo & Son,
  Inc. Net Sales Increased by $10.1 Million

Quarterly Comparison Overview:

  *Net sales increased by $10.1 million
  *Sales volume increased by 15.6%
  *Gross profit dollars increased by $0.8 million
  *Net income decreased by $1.1 million

Business Wire

ELGIN, Ill. -- April 30, 2013

John B. Sanfilippo & Son, Inc. (Nasdaq: JBSS) (hereinafter the “Company”)
today announced operating results for its fiscal 2013 third quarter. Net
income for the third quarter of fiscal 2013 was $0.3 million, or $0.03 per
share diluted, compared to net income of $1.4 million, or $0.13 per share
diluted, for the third quarter of fiscal 2012. Net income for the first three
quarters of fiscal 2013 was $16.2 million, or $1.47 per share diluted,
compared to net income of $13.2 million, or $1.23 per share diluted, for the
first three quarters of fiscal 2012.

Net sales increased to $163.8 million for the third quarter of fiscal 2013
from $153.8 million for the third quarter of fiscal 2012. The increase in net
sales was attributable to a 15.6% increase in sales volume, which is measured
in pounds sold to customers. Sales volume increased by double digits in
percentage terms in all distribution channels in the quarterly comparison.
Approximately 50% of the total sales volume increase occurred in the consumer
distribution channel led by gains in volume of 12% for private brand products,
55% for Fisher snack nuts and 33% for Fisher recipe nuts (formerly referred to
as Fisher baking nuts). The increase in sales volume for private brand
products was driven mainly by lower peanut and cashew prices and new
distribution gained at existing private brand customers. The increase in sales
volume for Fisher snack and recipe nuts was driven mainly by distribution
gains with new customers and increased advertising and promotional activity.
The sales volume increase in the commercial ingredients channel came from
increased almond volume to an existing customer and increased peanut volume
generated by lower selling prices. The sales volume increase in the contract
packaging channel was generated by increased peanut volume from lower selling
prices and increased snack mix volume from a new product line launched by a
major contract packaging customer. Sales volume increased in the export
channel from increased sales of inshell walnuts because most of the inshell
walnut export shipments in the current fiscal year were delayed into the
current third quarter due to a late harvest whereas most export shipments of
inshell walnuts last fiscal year occurred in the second quarter.

Net sales increased to $556.9 million for the first three quarters of fiscal
2013 from $533.9 million for the first three quarters of fiscal 2012. The
increase in net sales was primarily attributable to higher selling prices that
existed in the first two quarters of fiscal 2013. Sales volume for the first
three quarters of fiscal 2013 increased slightly in comparison to sales volume
for the first three quarters of fiscal 2012 as the significant increase in
sales volume in the current third quarter more than offset the decline in
sales volume for the first two quarters of fiscal 2013.

Gross profit margin, as a percentage of net sales, declined to 14.0% for the
third quarter of fiscal 2013 from 14.4% for the third quarter of fiscal 2012
while gross profit increased by $0.8 million in the quarterly comparison. The
decline in gross profit margin occurred primarily because of higher commodity
acquisition costs for almonds and trail mixes and a shift in walnuts sales to
lower margin sales of inshell walnuts for export. The declines in gross profit
margins on sales of these products were offset in large part by lower
commodity acquisition costs for pecans and cashews.

Gross profit margin for the first three quarters of fiscal 2013, as a
percentage of net sales, increased to 16.2% from 14.9% for the first three
quarters of fiscal 2012. This increase in gross profit margin was primarily
due to a shift in sales volume to our higher-margin Fisher branded products
and improved alignment of selling prices and commodity acquisition costs
during the first half of fiscal 2013 compared to the first half of fiscal
2012.

Total operating expenses for the current quarter increased to 11.9% of net
sales from 11.7% of net sales for the third quarter of fiscal 2012. The
increase in total operating expenses, as a percentage of net sales, in the
quarterly comparison was due mainly to increases in compensation expense,
shipping costs from increased volume and advertising and marketing spending to
support the Fisher brand. Total operating expenses for the first three
quarters of fiscal 2013 increased to 10.5% of net sales from 10.1% of net
sales for the same year to date period in fiscal 2012. The increase in total
operating expenses, as a percentage of net sales in the year to date
comparison was primarily attributable to increased advertising and marketing
spending to support the Fisher brand.

Interest expense for the third quarter of fiscal 2013 declined to $1.2 million
from $1.4 million for the third quarter of fiscal 2012. Interest expense for
the current year to date period was $3.5 million compared to $4.0 million for
the first three quarters of fiscal 2012. The declines in interest expense in
the quarterly and year to date comparisons primarily resulted from lower
average short-term borrowings.

During the current third quarter, the Company entered into a Stock Purchase
Agreement with a newly-formed entity named ARMA Energy, Inc. (“AEI”) whereby
the Company received approximately 71% of the preferred stock of AEI in
exchange for past expenses incurred to support the ARMA brand. In addition,
the Company sold all of its proprietary and intellectual property rights to
the ARMA brand to AEI in exchange for a secured promissory note in the
principal amount of $0.5 million payable over five years. The investment in
AEI and the sale of the ARMA brand did not result in a gain in the current
third quarter for accounting purposes. For tax purposes, the Company has
recognized a capital contribution on the investment and a taxable gain on the
sale of the ARMA brand. As a result of the investment in AEI and the sale of
the ARMA brand, income tax expense increased by $0.8 million in the quarterly
comparison.

The value of total inventories on hand at the end of the current third quarter
decreased by $10.1 million or 5.7% when compared to the value of total
inventories on hand at the end of the third quarter of fiscal 2012 primarily
due to lower commodity acquisition costs for pecans, peanuts and cashews. As a
result of lower acquisition costs for these nuts, the weighted average cost
per pound of raw nut input stocks on hand at the end of the current third
quarter decreased by 20.9% compared to the weighted average cost per pound of
raw nut input stocks on hand at the end of last year’s third quarter.
Similarly, the weighted average cost per pound of finished goods on hand
decreased by 12.9% compared to the weighted average cost per pound at the end
of the third quarter of fiscal 2012.

“We are extremely pleased with our sales growth during the third quarter,
particularly for our Fisher brand,” stated Jeffrey T. Sanfilippo, Chief
Executive Officer. “Sales volume grew significantly in all of our distribution
channels, which generally suggests that our direct customers and the end-user
consumers are reacting positively to lower prices for many of the key products
that we sell. The lower prices for peanuts, cashews and pecans are anticipated
to continue during our fourth quarter. We will continue our strategic focus on
our branded products, including increasing our presence internationally,
especially in China,” Mr. Sanfilippo concluded.

The Company will host an investor conference call and webcast on Wednesday,
May 1, 2013, at 10:00 a.m. Eastern (9:00 a.m. Central) to discuss these
results. To participate in the call via telephone, dial 888-713-4214 from the
U.S. or 617-213-4866 internationally and enter the participant passcode of
60717990. This call is being webcast by Thomson/CCBN and can be accessed at
the Company’s website at www.jbssinc.com.

Some of the statements of Jeffrey T. Sanfilippo 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) the risks associated with our vertically integrated model with respect to
pecans, peanuts and walnuts; (ii) sales activity for the Company’s products,
such as a decline in sales to one or more key customers, a decline in sales of
private brand products or changing consumer preferences; (iii) changes in the
availability and costs of raw materials and the impact of fixed price
commitments with customers; (iv) 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; (v) 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, and decreases in
the value of inventory held for other entities, where the Company is
financially responsible for such losses; (vi) the Company’s ability to
appropriately respond to, or lessen the negative impact of, competitive and
pricing pressures; (vii) 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; (viii) the ability of the Company to
retain key personnel; (ix) the effect of the actions and decisions of the
group that has the majority of the voting power with regard to the Company’s
outstanding common equity (which may make a takeover or change in control more
difficult), including the effect of any agreements pursuant to which such
group has pledged a substantial amount of its securities of the Company; (x)
the potential negative impact of government regulations, including the Public
Health Security and Bioterrorism Preparedness and Response Act and laws and
regulations pertaining to food safety, such as the Food Safety Modernization
Act; (xi) the Company’s ability to do business in emerging markets while
protecting its intellectual property in such markets; (xii) uncertainty in
economic conditions, including the potential for economic downturn; (xiii) the
Company’s ability to obtain additional capital, if needed; (xiv) the timing
and occurrence (or nonoccurrence) of other transactions and events which may
be subject to circumstances beyond the Company’s control; (xv) the adverse
effect of litigation and/or legal settlements, including potential unfavorable
outcomes exceeding any amounts accrued; (xvi) losses associated with our
status as a licensed nut warehouse operator under the United States Warehouse
Act; (xvii) the inability to implement our Strategic Plan or realize other
efficiency measures; (xviii) technology disruptions or failures; (xix) the
inability to protect the Company’s intellectual property or avoid intellectual
property disputes; and (xx) the Company’s ability to successfully integrate
and/or identify acquisitions and joint ventures.

John B. Sanfilippo & Son, Inc. is a processor, packager, marketer and
distributor of nut and dried fruit based products that are sold under a
variety of private brands and under the Company’s Fisher®, Orchard Valley
Harvest^TM and Sunshine Country® brand names.

                                             
                                                
                                                
JOHN B. SANFILIPPO & SON, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in thousands, except earnings per share)
                                                
                  For the Quarter Ended         For the Thirty-nine Weeks
                                                Ended
                  March 28,     March 29,      March 28,        March 29,
                  2013           2012           2013              2012
Net sales         $ 163,815      $ 153,760      $  556,941        $ 533,869
Cost of sales     140,936        131,666        466,813           454,568
Gross profit      22,879         22,094         90,128            79,301
Operating
expenses:
Selling           11,565         10,948         36,342            33,293
expenses
Administrative    7,990          7,113          22,167            20,702
expenses
Total operating   19,555         18,061         58,509            53,995
expenses
Income from       3,324          4,033          31,619            25,306
operations
Other expense:
Interest          1,171          1,369          3,521             4,010
expense
Rental and
miscellaneous     364            407            1,183             1,014
expense, net
Total other       1,535          1,776          4,704             5,024
expense, net
Income before     1,789          2,257          26,915            20,282
income taxes
Income tax        1,447          817            10,738            7,046
expense
Net income        $ 342          $ 1,440        $  16,177         $ 13,236
Basic earnings
per common        $ 0.03         $ 0.13         $  1.49           $ 1.24
share
Diluted
earnings per      $ 0.03         $ 0.13         $  1.47           $ 1.23
common share
                                                                    
Weighted
average shares
outstanding
-- Basic           10,898,304    10,742,881     10,844,341      10,712,319
-- Diluted         11,024,738    10,857,406     10,974,029      10,802,653
                                                                    
                                                                    
                                                                    

JOHN B. SANFILIPPO & SON, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in thousands, except per share amounts)
                                                               
                                                                             
                                       March 28,     June 28,      March 29,

                                       2013          2012          2012
ASSETS
CURRENT ASSETS:
Cash                                   $ 1,506       $ 2,459       $ 2,675
Accounts receivable, net               51,355        49,867        41,048
Inventories                            166,754       146,384       176,868
Deferred income taxes                  4,913         4,823         4,882
Prepaid expenses and other current     5,558         3,284         4,157
assets
Asset held for sale                    6,175         --            --
                                       236,261       206,817       229,630
                                                                             
PROPERTIES, NET:                       136,328       146,711       148,709
                                                                             
OTHER ASSETS:
Intangibles, net                       8,643         10,944        11,687
Other                                  7,945         7,255         6,853
                                       16,588        18,199        18,540
                                      $ 389,177     $ 371,727     $ 396,879
                                                                             
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Revolving credit facility borrowings   $ 42,047      $ 45,848      $ 68,856
Current maturities of long-term debt   12,130        12,724        10,185
Accounts payable                       42,532        33,044        39,606
Book overdraft                         9,112         1,947         4,734
Accrued expenses                       24,391        26,144        21,560
Income taxes payable                   1,192         --            110
                                       131,404       119,707       145,051
LONG-TERM LIABILITIES:
Long-term debt                         34,351        36,206        40,182
Retirement plan                        13,531        13,335        10,710
Deferred income taxes                  959           460           1,839
Other                                  923           1,006         1,035
                                       49,764        51,007        53,766
STOCKHOLDERS' EQUITY:
Class A Common Stock                   26            26            26
Common Stock                           84            83            82
Capital in excess of par value         105,152       103,876       103,368
Retained earnings                      107,847       102,559       98,673
Accumulated other comprehensive loss   (3,896    )   (4,327    )   (2,883    )
Treasury stock                         (1,204    )   (1,204    )   (1,204    )
                                       208,009       201,013       198,062
                                       $ 389,177     $ 371,727     $ 396,879

Contact:

John B. Sanfilippo & Son, Inc.
Company Contact:
Michael J. Valentine
Chief Financial Officer
847-214-4509