John B. Sanfilippo & Son, Inc. Declares $1.00 Per Share Special Dividend

Rhea-AI Summary

John B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) declared a special cash dividend of $1.00 per share on all shares of Common and Class A Common Stock. This Special Dividend totals approximately $11.7 million and will be paid on December 21, 2022 to stockholders of record as of December 2, 2022. Chairman and CEO Jeffrey T. Sanfilippo stated that the decision reflects the company’s strong financial performance and commitment to long-term stockholder value.

Positive

• Special Dividend of $1.00 per share enhances shareholder returns.
• Total payout of approximately $11.7 million indicates strong financial health.

Negative

• Potential risks linked to changing consumer preferences could impact future sales.
• Economic uncertainties, including inflation and COVID-19, may pose challenges.

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 $1.00 per share on all issued and outstanding shares of Common Stock of the Company and $1.00 per share on all issued and outstanding shares of Class A Common Stock of the Company. The Special Dividend will return approximately $11.7 million to JBSS stockholders.

The Special Dividend will be paid on December 21, 2022, to stockholders of record as of the close of business on December 2, 2022.

“We are pleased to announce the $1.00 per share Special Dividend,” stated Jeffrey T. Sanfilippo, Chairman and Chief Executive Officer. “Our financial performance over the last several quarters have provided us the opportunity to declare the Special Dividend to be paid in the second quarter of fiscal 2023. 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 that are sold under a variety of private brands and under the Company’s Fisher®, Orchard Valley Harvest®, Squirrel Brand®, and Southern Style Nuts® 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 (of branded products, private label products or otherwise), or to customers 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 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 including competition in the recipe nut category; (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 in areas such as inputs, transportation and labor; (viii) uncertainty in economic conditions, including the potential for inflation or economic downturn, particularly in light of COVID-19 or armed hostilities; (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, illness or quarantine; (xii) the ability to implement our Long-Range Plan, including growing our branded and private brand product sales and expanding into alternative sales channels; (xiii) technology disruptions or failures; (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) the ability of the Company to respond to or manage the outbreak of COVID-19 or other infectious diseases and the various implications thereof.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221103006291/en/

Company

Frank S. Pellegrino

Chief Financial Officer

847-214-4138

Investor Relations

John Beisler or Steven Hooser

Three Part Advisors, LLC

817-310-8776

Source: John B. Sanfilippo & Son, Inc.

FAQ

What is the special dividend amount declared by JBSS?

John B. Sanfilippo & Son, Inc. declared a special cash dividend of $1.00 per share.

When will the special dividend be paid to JBSS stockholders?

The special dividend will be paid on December 21, 2022.

What is the record date for the JBSS special dividend?

Stockholders of record will be determined as of December 2, 2022.

How much will JBSS pay in total for the special dividend?

The total payout for the special dividend will be approximately $11.7 million.

What is the significance of the special dividend for JBSS investors?

The special dividend reinforces JBSS's commitment to long-term stockholder value.