John B. Sanfilippo & Son, Inc. (Nasdaq: JBSS) today announced operating results for its fiscal 2000 fourth quarter and year ended June 29, 2000. Net income for the fourth quarter increased 207 percent to $1.4 million, or 16 cents per basic and diluted share, from $500,000, or 5 cents per basic and diluted share, for the fourth quarter of fiscal 1999. Fiscal 2000 net income grew 276 percent to $6.8 million, or 74 cents per basic and diluted share, from $1.8 million, or 20 cents per basic and diluted share, for fiscal 1999. Fiscal 2000 net income was the highest recorded in the company's history.

Fiscal 2000 fourth-quarter net sales increased 5 percent to $78.0 million from $74.3 million in the fiscal 1999 fourth quarter. The fiscal 2000 fourth quarter was a 14-week period versus a 13-week period in fiscal 1999. The gross margin as a percentage of net sales for the fiscal 2000 fourth quarter was 19.3 percent compared with 16.2 percent for the fourth quarter of fiscal 1999. This favorable performance was the result of improved plant efficiencies and product mix. Selling and administrative expenses as a percentage of net sales were 13.5 percent in the fourth quarter of fiscal 2000 compared with 12.3 percent in the fiscal 1999 fourth quarter. The increase was due to higher spending for customer programs and promotions. Operating income for the fourth quarter of fiscal 2000 was $4.5 million, a 55.1 percent increase from $2.9 million for the fourth quarter of fiscal 1999.

Fiscal 2000 net sales rose 4.4 percent to $333.3 million from $319.2 million for fiscal 1999. Fiscal 2000 consisted of 53 weeks and fiscal 1999, 52 weeks. The gross margin as a percentage of net sales was 18.4 percent for fiscal 2000 versus 15.9 percent for fiscal 1999. Selling and administrative expenses as a percentage of net sales for fiscal 2000 were 12.8 percent compared with 12.2 percent for fiscal 1999. Fiscal 2000 operating income jumped 55.9 percent to $18.6 million from $11.9 million in the prior year. Interest expense for fiscal 2000 was $8.0 million versus $9.3 million for the prior year.

"Fiscal 2000 was a good year in sales, profits and category growth," stated Jasper B. Sanfilippo, chairman of the board and chief executive officer. "The consolidation and cost control actions taken in the fourth quarter of fiscal 1999 paid off in fiscal 2000, and the efforts of all our employees contributed to these improved results. We believe fiscal 2001 will be a continuation of this trend."

John B. Sanfilippo & Son, Inc. is a processor, packager, marketer and distributor of shelled and in-shell nuts and sesame sticks that are sold under a variety of private labels and under the company's Evon's®, Fisher®, Snack 'N Serve Nut Bowl(TM), Sunshine Country®, Flavor Tree® and Texas Pride(TM) brand names. The company also markets and distributes a diverse product line of other food and snack items.

The statement of Jasper B. Sanfilippo in this release is forward looking. This forward-looking statement is based on the company's current expectations and involves risks and uncertainties. Consequently, the company's actual results could differ materially. Among the factors that could cause results to differ materially from current expectations are: (i) sales activity for the company's products; (ii) changes in the availability and costs of raw materials for the production of the company's products; (iii) fluctuations in the value of the company's inventories of pecans, walnuts or other nuts due to fluctuations in the market prices of these nuts; (iv) the company's ability to lessen the negative impact of competitive pressures by reducing its selling prices and increasing sales volume while at the same time maintaining profit margins by reducing costs; and (v) the timing and occurrence (or non- occurrence) of other transactions and events which may be subject to circumstances beyond the company's control.

For further information on John B. Sanfilippo free of charge via fax, simply dial 1-800-PRO-INFO and enter "JBSS."

Or visit the company's website at www.fishernuts.com


                        JOHN B. SANFILIPPO & SON, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except earnings per share)

For the Quarter Ended For the Year Ended
(Unaudited)
June 29, June 24, June 29, June 24,
2000 1999 2000 1999

Net sales $77,987 $74,316 $333,318 $319,239
Cost of sales 62,920 62,302 272,025 268,333
Gross profit 15,067 12,014 61,293 50,906

Selling expenses 8,118 7,254 34,000 29,870
Administrative expenses 2,449 1,858 8,696 9,108
10,567 9,112 42,696 38,978

Income from operations 4,500 2,902 18,597 11,928

Other income (expense):
Interest expense (2,336) (2,236) (8,036) (9,269)
Interest income 4 8 33 31
Gain on disposition
of properties 26 10 84 20
Rental income 189 138 584 459
(2,117) (2,080) (7,335) (8,759)

Income before income taxes 2,383 822 11,262 3,169
Income tax expense 953 356 4,505 1,373

Net income $1,430 $466 $6,757 $1,796

Basic and diluted earnings
per share $0.16 $0.05 $0.74 $0.20

Weighted average shares
outstanding
-- basic 9,148,565 9,148,565 9,148,565 9,148,565
-- diluted 9,148,724 9,148,565 9,148,727 9,148,931


JOHN B. SANFILIPPO & SON, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)

June 29, June 24,
2000 1999
ASSETS

CURRENT ASSETS:
Cash $1,113 $1,393
Accounts receivable, net 24,068 24,105
Inventories 105,760 89,033
Deferred income taxes 910 519
Income taxes receivable -- 94
Prepaid expenses and other
current assets 2,708 3,355
TOTAL CURRENT ASSETS 134,559 118,499

PROPERTIES, NET 69,761 72,774
OTHER ASSETS 11,493 13,951
TOTAL ASSETS $215,813 $205,224

June 29, June 24,
2000 1999
LIABILITIES & STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
Notes payable $41,874 $36,411
Current maturities of long-term debt 5,702 5,672
Accounts payable 11,851 9,839
Drafts payable 5,747 5,540
Accrued expenses 8,756 7,522
Income taxes payable 461 --
TOTAL CURRENT LIABILITIES 74,391 64,984

LONG-TERM DEBT 51,779 57,508
LONG-TERM DEFERRED INCOME TAXES 2,892 2,738
54,671 60,246

STOCKHOLDERS' EQUITY:
Class A common stock 37 37
Common stock 56 56
Capital in excess of par value 57,196 57,196
Retained earnings 30,666 23,909
Treasury stock (1,204) (1,204)
86,751 79,994
TOTAL LIABILITIES & STOCKHOLDERS'
EQUITY $215,813 $205,224