US nut producer John B. Sanfilippo & Son today (Monday) announced operating results for the third quarter ended March 24, 2005, showing its highest ever Q3 income.
Net income was $2.1 million compared with $1.6m for the third quarter of fiscal 2004. Net income for the first three quarters of fiscal 2005 was $11.0m compared to approximately $19.2mfor the same period in fiscal 2004.
Net sales increased to $120.0m in the third quarter from $100.2m in the third quarter of fiscal 2004 due mainly to higher average selling prices.
“Despite increasing tree nut costs, we reported the highest net income for a third quarter in the company’s history,” said chairman and CEO Jasper Sanfilippo. “The credit goes to our employees, who worked hard during the quarter to control costs and improve efficiency.”
“Additionally, our selling prices are now much more in line with our costs than they were in the first and second quarters of the current fiscal year,” he said. “We expect tree nut costs to continue to rise throughout the summer, however our commodity positions are more in balance with our needs than they were last year at this time, so I believe that we are prepared to meet this challenge.”