Sanfilippo John B & Son Inc. Files 10-Q for Period Ending March 28, 2024

TL;DR

<b>Sanfilippo John B & Son Inc. filed its quarterly report (10-Q) for the period ending March 28, 2024.</b>

AI Summary

SANFILIPPO JOHN B & SON INC (JBSS) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. The filing is a 10-Q for Sanfilippo John B & Son Inc. (JBSS) for the period ending March 28, 2024. The company is in the Sugar & Confectionery Products industry, SIC code 2060. The filing includes data points related to various financial statement items and equity components. Key dates mentioned include March 28, 2024 (period end) and May 1, 2024 (filing date). The company's principal business address is in Elgin, IL.

Why It Matters

For investors and stakeholders tracking SANFILIPPO JOHN B & SON INC, this filing contains several important signals. This 10-Q provides investors with an update on the company's financial performance and position as of the end of the third quarter of its fiscal year. Understanding the details within this filing is crucial for assessing the company's operational health, potential risks, and future outlook in the confectionery market.

Risk Assessment

Risk Level: — SANFILIPPO JOHN B & SON INC shows moderate risk based on this filing. The filing is a standard 10-Q, which is a routine periodic report and does not inherently contain significant new risks beyond those typically associated with publicly traded companies in this sector.

Analyst Insight

Monitor future filings for specific financial performance metrics and any disclosed changes in business strategy or market conditions.

Key Numbers

• 2024-03-28 — Period End Date (Conformed Period of Report)
• 2024-05-01 — Filing Date (Filed As Of Date)
• 2060 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• SANFILIPPO JOHN B & SON INC (company) — Filer name
• JBSS (company) — Ticker symbol
• 2024-03-28 (date) — Conformed period of report
• 2024-05-01 (date) — Filed as of date
• Elgin, IL (location) — Business address city and state
• 2060 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

Sanfilippo John B & Son Inc. operates within the Sugar & Confectionery Products industry, a sector characterized by consumer demand for sweet treats and snacks.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including the filing of quarterly reports (10-Q) to disclose financial and operational information.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management's discussion and analysis.
2. Compare the reported period's performance against previous periods and industry benchmarks.
3. Identify any new risk factors or significant events disclosed in the filing.

Key Dates

• 2024-03-28: Period End — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the standard quarterly update (10-Q) for the period ending March 28, 2024.

Key Financial Figures

• $0.01 — are s of the Registrant's Common Stock, $0.01 par value per share and 2,597,426 share

Filing Documents

• jbss-20240328.htm (10-Q) — 1756KB
• jbss-ex31_1.htm (EX-31.1) — 12KB
• jbss-ex31_2.htm (EX-31.2) — 12KB
• jbss-ex32_1.htm (EX-32.1) — 5KB
• jbss-ex32_2.htm (EX-32.2) — 5KB
• 0000950170-24-051300.txt (&nbsp;) — 7108KB
• jbss-20240328.xsd (EX-101.SCH) — 940KB
• jbss-20240328_htm.xml (XML) — 1247KB

Financial Information

Part I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 3 Consolidated Statements of Comprehensive Income for the Quarter and Thirty-Nine Weeks Ended March 28, 2024 and March 30, 2023 3 Consolidated Balance Sheets as of March 28, 2024, June 29, 2023 and March 30, 2023 4 Consolidated Statements of Stockholders' Equity for the Quarter and Thirty-Nine Weeks Ended March 28, 2024 and March 30, 2023 6 Consolidated Statements of Cash Flows for the Thirty-Nine Weeks Ended March 28, 2024 and March 30, 2023 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 29

Controls and Procedures

Item 4. Controls and Procedures 29

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 29

Risk Factors

Item 1A. Risk Factors 29

Other Information

Item 5. Other Information 29

Exhibits

Item 6. Exhibits 29 Signature 32 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Fi nancial Statements

Item 1. Fi nancial Statements JOHN B. SANFILIPPO & SON, INC. CONSOLID ATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Dollars in thousands, except share and per share amounts) For the Quarter Ended For the Thirty-Nine Weeks Ended March 28, 2024 March 30, 2023 March 28, 2024 March 30, 2023 Net sales $ 271,884 $ 238,535 $ 797,211 $ 765,464 Cost of sales 222,707 188,767 633,073 608,551 Gross profit 49,177 49,768 164,138 156,913 Operating expenses: Selling expenses 18,654 18,109 61,647 57,921 Administrative expenses 12,171 9,841 34,187 30,296 Bargain purchase gain, net — — ( 2,226 ) — Total operating expenses 30,825 27,950 93,608 88,217 Income from operations 18,352 21,818 70,530 68,696 Other expense: Interest expense including $ 171 , $ 186 , $ 524 and $ 568 to related parties 785 552 2,067 1,828 Rental and miscellaneous expense, net 324 371 940 1,084 Pension expense (excluding service costs) 350 349 1,050 1,046 Total other expense, net 1,459 1,272 4,057 3,958 Income before income taxes 16,893 20,546 66,473 64,738 Income tax expense 3,416 4,814 16,237 16,554 Net income $ 13,477 $ 15,732 $ 50,236 $ 48,184 Other comprehensive income: Amortization of actuarial loss included in net periodic pension cost — 7 — 21 Income tax expense related to pension adjustments — ( 2 ) — ( 5 ) Other comprehensive income, net of tax — 5 — 16 Comprehensive income $ 13,477 $ 15,737 $ 50,236 $ 48,200 Net income per common share-basic $ 1.16 $ 1.36 $ 4.33 $ 4.16 Net income per common share-diluted $ 1.15 $ 1.35 $ 4.30 $ 4.14 The accompanying unaudited notes are an integral part of these consolidated financial statements. 3 Table of Contents JOHN B. SANFILIPPO & SON, INC. CONSOLIDATED BALANCE SHEETS (U

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