John B. Sanfilippo & Son said yesterday (18 August) it had returned to profitability after “three challenging years” as it posted an increase in full-year earnings.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Net income for fiscal year 2009 was US$6.9m compared to a net loss of $6m, in 2008.
The results for the current year included, on a pre-tax basis, $1.7m of charges related to last year’s pistachio recall in the US.
The 2008 results included debt extinguishment costs of $6.7m and restructuring costs of $1.8m.
Net sales for the period to 25 June increase to $553.8m from $541.8m in the previous year. Total pounds of all products shipped to customers in the current fiscal year declined by 1.8% from 2008, due to a fall in the sale of peanuts in the industrial channel to other peanut shellers and peanut oil processors.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“Our company has returned to profitability after three challenging years,” said CEO Jeffrey Sanfilippo. “This turnaround in operating performance occurred as a result of exiting almond handling, aligning commodity procurement and selling activities, eliminating unprofitable items, completing the facility consolidation project and improving manufacturing efficiencies in the Elgin facility over the last two fiscal years.”
Earlier this year, the company recalled a number of pistachio products supplied by Setton Pistachio of Terra Bella, the California-based firm at the centre of the pistachio recall.
Sanfilippo said it is now committed to making additional changes in the company to “generate growth and to further improve operating results”.
For the fourth-quarter, net income reached $4m from $2.7m a year ago. Sales increased to $127.5m from $125.3m, as total pounds of all products shipped to customers increased 9.5% year-on-year.
