☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 36-2419677 | |||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||
1703 North Randall Road Elgin, Illinois | 60123-7820 | |||
(Address of Principal Executive Offices) | (Zip Code) | |||
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||
Common Stock, $.01 par value per share | JBSS | The NASDAQ Stock Market LLC (NASDAQ Global Select Market) |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
Emerging growth company | ☐ |
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For the Quarter Ended | For the Twenty-six WeeksEnded | For the Quarter Ended | ||||||||||||||||||||||
December 24, 2020 | December 26, 2019 | December 24, 2020 | December 26, 2019 | September 23, 2021 | September 24, 2020 | |||||||||||||||||||
Net sales | $ | 233,575 | $ | 246,423 | $ | 443,848 | $ | 464,269 | $ | 226,329 | $ | 210,273 | ||||||||||||
Cost of sales | 180,780 | 196,443 | 351,721 | 372,041 | 174,526 | 170,941 | ||||||||||||||||||
Gross profit | 52,795 | 49,980 | 92,127 | 92,228 | 51,803 | 39,332 | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Selling expenses | 17,694 | 16,103 | 29,778 | 30,215 | 17,745 | 12,084 | ||||||||||||||||||
Administrative expenses | 7,305 | 9,411 | 15,680 | 18,485 | 9,069 | 8,375 | ||||||||||||||||||
Gain on sale of facility, net | (2,349 | ) | — | |||||||||||||||||||||
Total operating expenses | 24,999 | 25,514 | 45,458 | 48,700 | 24,465 | 20,459 | ||||||||||||||||||
Income from operations | 27,796 | 24,466 | 46,669 | 43,528 | 27,338 | 18,873 | ||||||||||||||||||
Other expense: | ||||||||||||||||||||||||
Interest expense including $165, $232, $332 and $479 to related parties | 376 | 435 | 826 | 956 | ||||||||||||||||||||
Interest expense including $189 and $167 to related parties | 371 | 450 | ||||||||||||||||||||||
Rental and miscellaneous expense, net | 365 | 274 | 797 | 678 | 348 | 432 | ||||||||||||||||||
Other expense | 629 | 567 | 1,259 | 1,133 | 618 | 630 | ||||||||||||||||||
Total other expense, net | 1,370 | 1,276 | 2,882 | 2,767 | 1,337 | 1,512 | ||||||||||||||||||
Income before income taxes | 26,426 | 23,190 | 43,787 | 40,761 | 26,001 | 17,361 | ||||||||||||||||||
Income tax expense | 6,541 | 5,729 | 11,090 | 10,374 | 6,752 | 4,549 | ||||||||||||||||||
Net income | $ | 19,885 | $ | 17,461 | $ | 32,697 | $ | 30,387 | $ | 19,249 | $ | 12,812 | ||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||
Amortization of prior service cost and actuarial loss included in net periodic pension cost | 414 | 344 | 830 | 687 | ||||||||||||||||||||
Amortization of prior service cost and actuarial loss included in net periodic cost | 364 | 416 | ||||||||||||||||||||||
Income tax expense related to pension adjustments | (103 | ) | (86 | ) | (207 | ) | (172 | ) | (95 | ) | (104 | ) | ||||||||||||
Other comprehensive income, net of tax | 311 | 258 | 623 | 515 | ||||||||||||||||||||
Other comprehensive income, net of tax: | 269 | 312 | ||||||||||||||||||||||
Comprehensive income | $ | 20,196 | $ | 17,719 | $ | 33,320 | $ | 30,902 | $ | 19,518 | $ | 13,124 | ||||||||||||
Net income per common share-basic | $ | 1.73 | $ | 1.52 | $ | 2.85 | $ | 2.65 | $ | 1.67 | $ | 1.12 | ||||||||||||
Net income per common share-diluted | $ | 1.72 | $ | 1.52 | $ | 2.83 | $ | 2.64 | $ | 1.66 | $ | 1.11 | ||||||||||||
December 24, 2020 | June 25, 2020 | December 26, 2019 | September 23, 2021 | June 24, 2021 | September 24, 2020 | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash | $ | 1,763 | $ | 1,535 | $ | 1,393 | $ | 539 | $ | 672 | $ | 743 | ||||||||||||
Accounts receivable, less allowance for doubtful accounts of $325, $391 and $425 | 60,495 | 56,953 | 52,653 | |||||||||||||||||||||
Accounts receivable, less allowance for doubtful accounts of $311, $291 and $371 | 71,890 | 66,334 | 69,881 | |||||||||||||||||||||
Inventories | 155,371 | 172,068 | 172,340 | 152,603 | 147,998 | 150,371 | ||||||||||||||||||
Prepaid expenses and other current assets | 9,872 | 8,315 | 5,992 | 10,407 | 8,568 | 6,353 | ||||||||||||||||||
Assets held for sale | — | 1,595 | — | |||||||||||||||||||||
TOTAL CURRENT ASSETS | 227,501 | 238,871 | 232,378 | 235,439 | 225,167 | 227,348 | ||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT: | ||||||||||||||||||||||||
Land | 9,277 | 9,285 | 9,285 | 9,150 | 9,150 | 9,277 | ||||||||||||||||||
Buildings | 110,611 | 110,294 | 109,671 | 102,661 | 102,666 | 110,397 | ||||||||||||||||||
Machinery and equipment | 224,458 | 218,021 | 212,532 | 226,618 | 225,529 | 221,545 | ||||||||||||||||||
Furniture and leasehold improvements | 5,199 | 5,179 | 5,160 | 5,295 | 5,287 | 5,186 | ||||||||||||||||||
Vehicles | 642 | 682 | 682 | 614 | 614 | 637 | ||||||||||||||||||
Construction in progress | 6,577 | 2,244 | 3,817 | 16,593 | 12,301 | 4,370 | ||||||||||||||||||
356,764 | 345,705 | 341,147 | 360,931 | 355,547 | 351,412 | |||||||||||||||||||
Less: Accumulated depreciation | 244,447 | 239,013 | 233,825 | 242,422 | 238,471 | 241,987 | ||||||||||||||||||
112,317 | 106,692 | 107,322 | 118,509 | 117,076 | 109,425 | |||||||||||||||||||
Rental investment property, less accumulated depreciation of $12,422, $12,018 and $11,615 | 16,701 | 17,105 | 17,508 | |||||||||||||||||||||
Rental investment property, less accumulated depreciation of $13,027, $12,825 and $12,220 | 16,096 | 16,298 | 16,903 | |||||||||||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT | 129,018 | 123,797 | 124,830 | 134,605 | 133,374 | 126,328 | ||||||||||||||||||
Intangible assets, net | 10,968 | 12,125 | 13,282 | 9,457 | 9,961 | 11,547 | ||||||||||||||||||
Cash surrender value of officers’ life insurance and other assets | 9,017 | 11,875 | 9,124 | 9,542 | 10,732 | 10,697 | ||||||||||||||||||
Deferred income taxes | 7,288 | 6,788 | 5,616 | 5,297 | 6,087 | 6,987 | ||||||||||||||||||
Goodwill | 9,650 | 9,650 | 9,650 | 9,650 | 9,650 | 9,650 | ||||||||||||||||||
Operating lease right-of-use | 4,119 | 4,351 | 4,823 | 3,171 | 3,484 | 4,201 | ||||||||||||||||||
TOTAL ASSETS | $ | 397,561 | $ | 407,457 | $ | 399,703 | $ | 407,161 | $ | 398,455 | $ | 396,758 | ||||||||||||
December 24, 2020 | June 25, 2020 | December 26, 2019 | ||||||||||
LIABILITIES & STOCKHOLDERS’ EQUITY | ||||||||||||
CURRENT LIABILITIES: | ||||||||||||
Revolving credit facility borrowings | $ | 9,169 | $ | 27,008 | $ | 13,495 | ||||||
Current maturities of long-term debt, including related party debt of $605, $585 and $565 and net of unamortized debt issuance costs of $20, $25 and $30 | 3,780 | 5,285 | 7,110 | |||||||||
Accounts payable | 52,140 | 36,323 | 70,979 | |||||||||
Bank overdraft | 1,510 | 2,041 | 1,349 | |||||||||
Accrued payroll and related benefits | 13,470 | 25,641 | 13,429 | |||||||||
Other accrued expenses | 10,907 | 10,729 | 11,027 | |||||||||
Income taxes payable | 7,012 | 5,141 | 347 | |||||||||
TOTAL CURRENT LIABILITIES | 97,988 | 112,168 | 117,736 | |||||||||
LONG-TERM LIABILITIES: | ||||||||||||
Long-term debt, less current maturities, including related party debt of $8,639, $8,947 and $9,244 and net of unamortized debt issuance costs of $10, $19 and $30 | 12,817 | 14,730 | 16,597 | |||||||||
Retirement plan | 32,146 | 31,573 | 25,212 | |||||||||
Long-term operating lease liabilities, net of current portion | 2,704 | 2,990 | 3,456 | |||||||||
Other | 7,899 | 7,758 | 7,786 | |||||||||
TOTAL LONG-TERM LIABILITIES | 55,566 | 57,051 | 53,051 | |||||||||
TOTAL LIABILITIES | 153,554 | 169,219 | 170,787 | |||||||||
COMMITMENTS AND CONTINGENCIES | 0 | 0 | 0 | |||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||
Class A Common Stock, convertible to Common Stock on a per share basis, cumulative voting rights of ten votes per share, $.01 par value; 10,000,000 shares authorized, 2,597,426 shares issued and outstanding | 26 | 26 | 26 | |||||||||
Common Stock, non-cumulative voting rights of one vote per share, $.01 par value; 17,000,000 shares authorized, 8,983,588, 8,939,890 and 8,937,236 shares issued | 90 | 89 | 89 | |||||||||
Capital in excess of par value | 125,032 | 123,899 | 122,984 | |||||||||
Retained earnings | 128,070 | 124,058 | 111,807 | |||||||||
Accumulated other comprehensive loss | (8,007 | ) | (8,630 | ) | (4,786 | ) | ||||||
Treasury stock, at cost; 117,900 shares of Common Stock | (1,204 | ) | (1,204 | ) | (1,204 | ) | ||||||
TOTAL STOCKHOLDERS’ EQUITY | 244,007 | 238,238 | 228,916 | |||||||||
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY | $ | 397,561 | $ | 407,457 | $ | 399,703 | ||||||
September 23, 2021 | June 24, 2021 | September 24, 2020 | ||||||||||
LIABILITIES & STOCKHOLDERS’ EQUITY | ||||||||||||
CURRENT LIABILITIES: | ||||||||||||
Revolving credit facility borrowings | $ | 45,264 | $ | 8,653 | $ | 44,168 | ||||||
Current maturities of long-term debt, including related party debt of $572, $627 and $595 and net of unamortized debt issuance costs of $12, $15 and $22 | 3,858 | 3,875 | 4,372 | |||||||||
Accounts payable | 46,103 | 48,861 | 41,441 | |||||||||
Bank overdraft | 171 | 1,093 | 85 | |||||||||
Accrued payroll and related benefits | 11,410 | 24,109 | 11,511 | |||||||||
Other accrued expenses | 17,028 | 13,613 | 16,058 | |||||||||
TOTAL CURRENT LIABILITIES | 123,834 | 100,204 | 117,635 | |||||||||
LONG-TERM LIABILITIES: | ||||||||||||
Long-term debt, less current maturities, including related party debt of $8,240, $8,320 and $8,794 and net of unamortized debt issuance costs of $2, $4 and $15 | 9,939 | 10,855 | 13,780 | |||||||||
Retirement plan | 35,257 | 34,919 | 31,860 | |||||||||
Long-term operating lease liabilities, net of current portion | 1,804 | 2,103 | 2,807 | |||||||||
Other | 8,162 | 7,880 | 7,377 | |||||||||
TOTAL LONG-TERM LIABILITIES | 55,162 | 55,757 | 55,824 | |||||||||
TOTAL LIABILITIES | 178,996 | 155,961 | 173,459 | |||||||||
COMMITMENTS AND CONTINGENCIES | 0 | 0 | 0 | |||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||
Class A Common Stock, convertible to Common Stock on a per share basis, cumulative voting rights of ten votes per share, $.01 par value; 10,000,000 shares authorized, 2,597,426 shares issued and outstanding | 26 | 26 | 26 | |||||||||
Common Stock, non-cumulative voting rights of one vote per share, $.01 par value; 17,000,000 shares authorized 8,989,980, 8,988,812 and 8,940,111 shares issued | 90 | 90 | 89 | |||||||||
Capital in excess of par value | 126,958 | 126,271 | 124,521 | |||||||||
Retained earnings | 111,051 | 126,336 | 108,185 | |||||||||
Accumulated other comprehensive loss | (8,756 | ) | (9,025 | ) | (8,318 | ) | ||||||
Treasury stock, at cost; 117,900 shares of Common Stock | (1,204 | ) | (1,204 | ) | (1,204 | ) | ||||||
TOTAL STOCKHOLDERS’ EQUITY | 228,165 | 242,494 | 223,299 | |||||||||
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY | $ | 407,161 | $ | 398,455 | $ | 396,758 | ||||||
Class A Common Stock | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Total | ||||||||||||||||||||||||||||||||
Balance, June 25, 2020 | 2,597,426 | $ | 26 | 8,939,890 | $ | 89 | $ | 123,899 | $ | 124,058 | $ | (8,630 | ) | $ | (1,204 | ) | $ | 238,238 | ||||||||||||||||||
Net income | 12,812 | 12,812 | ||||||||||||||||||||||||||||||||||
Cash dividends ($2.50 per share) | (28,685 | ) | (28,685 | ) | ||||||||||||||||||||||||||||||||
Pension liability amortization, net of income tax expense of $104 | 312 | 312 | ||||||||||||||||||||||||||||||||||
Equity award exercises | 221 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 622 | 622 | ||||||||||||||||||||||||||||||||||
Balance, September 24, 2020 | 2,597,426 | $ | 26 | 8,940,111 | $ | 89 | $ | 124,521 | $ | 108,185 | $ | (8,318 | ) | $ | (1,204 | ) | $ | 223,299 | ||||||||||||||||||
Net income | 19,885 | 19,885 | ||||||||||||||||||||||||||||||||||
Pension liability amortization, net of income tax expense of $103 | 311 | 311 | ||||||||||||||||||||||||||||||||||
Equity award exercises, net of shares withheld for employee taxes | 43,477 | 1 | (487 | ) | (486 | ) | ||||||||||||||||||||||||||||||
Stock-based compensation expense | 998 | 998 | ||||||||||||||||||||||||||||||||||
Balance, December 24, 2020 | 2,597,426 | $ | 26 | 8,983,588 | $ | 90 | $ | 125,032 | $ | 128,070 | $ | (8,007 | ) | $ | (1,204 | ) | $ | 244,007 | ||||||||||||||||||
Class A Common Stock | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Total | ||||||||||||||||||||||||||||||||
Balance, June 24, 2021 | 2,597,426 | $ | 26 | 8,988,812 | $ | 90 | $ | 126,271 | $ | 126,336 | $ | (9,025 | ) | $ | (1,204 | ) | $ | 242,494 | ||||||||||||||||||
Net income | 19,249 | 19,249 | ||||||||||||||||||||||||||||||||||
Cash dividends ($3.00 per share) | (34,534 | ) | (34,534 | ) | ||||||||||||||||||||||||||||||||
Pension liability amortization, net of income tax expense of $95 | 269 | 269 | ||||||||||||||||||||||||||||||||||
Equity award exercises, net of shares withheld for employee taxes | 1,168 | — | (16 | ) | (16 | ) | ||||||||||||||||||||||||||||||
Stock-based compensation expense | 703 | 703 | ||||||||||||||||||||||||||||||||||
Balance, September 23, 2021 | 2,597,426 | $ | 26 | 8,989,980 | $ | 90 | $ | 126,958 | $ | 111,051 | $ | (8,756 | ) | $ | (1,204 | ) | $ | 228,165 | ||||||||||||||||||
Balance, June 25, 2020 | 2,597,426 | $ | 26 | 8,939,890 | $ | 89 | $ | 123,899 | $ | 124,058 | $ | (8,630 | ) | $ | (1,204 | ) | $ | 238,238 | ||||||||||||||||||
Net income | 12,812 | 12,812 | ||||||||||||||||||||||||||||||||||
Cash dividends ($2.50 per share) | (28,685 | ) | (28,685 | ) | ||||||||||||||||||||||||||||||||
Pension liability amortization, net of income tax expense of $104 | 312 | 312 | ||||||||||||||||||||||||||||||||||
Equity award exercises, net of shares withheld for employee taxes | 221 | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 622 | 622 | ||||||||||||||||||||||||||||||||||
Balance, September 24, 2020 | 2,597,426 | $ | 26 | 8,940,111 | $ | 89 | $ | 124,521 | $ | 108,185 | $ | (8,318 | ) | $ | (1,204 | ) | $ | 223,299 |
Class A Common Stock | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Total | ||||||||||||||||||||||||||||||||
Balance, June 27, 2019 | 2,597,426 | $ | 26 | 8,909,406 | $ | 89 | $ | 122,257 | $ | 137,712 | $ | (4,325 | ) | $ | (1,204 | ) | $ | 254,555 | ||||||||||||||||||
Net income | 12,926 | 12,926 | ||||||||||||||||||||||||||||||||||
Cash dividends ($3.00 per share) | (34,321 | ) | (34,321 | ) | ||||||||||||||||||||||||||||||||
Pension liability amortization, net of income tax expense of $86 | 257 | 257 | ||||||||||||||||||||||||||||||||||
Impact of adopting ASU 2018-02 | 976 | (976 | ) | 0 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 633 | 633 | ||||||||||||||||||||||||||||||||||
Balance, September 26, 2019 | 2,597,426 | $ | 26 | 8,909,406 | $ | 89 | $ | 122,890 | $ | 117,293 | $ | (5,044 | ) | $ | (1,204 | ) | $ | 234,050 | ||||||||||||||||||
Net income | 17,461 | 17,461 | ||||||||||||||||||||||||||||||||||
Cash dividends ($2.00 per share) | (22,947 | ) | (22,947 | ) | ||||||||||||||||||||||||||||||||
Pension liability amortization, net of income tax expense of $86 | 258 | 258 | ||||||||||||||||||||||||||||||||||
Equity award exercises, net of shares withheld for employee taxes | 27,830 | 0 | (761 | ) | (761 | ) | ||||||||||||||||||||||||||||||
Stock-based compensation expense | 855 | 855 | ||||||||||||||||||||||||||||||||||
Balance, December 26, 2019 | 2,597,426 | $ | 26 | 8,937,236 | $ | 89 | $ | 122,984 | $ | 111,807 | $ | (4,786 | ) | $ | (1,204 | ) | $ | 228,916 | ||||||||||||||||||
For the Twenty-six Weeks Ended | For the Quarter Ended | |||||||||||||||
December 24, 2020 | �� | December 26, 2019 | September 23, 2021 | September 24, 2020 | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||
Net income | $ | 32,697 | $ | 30,387 | $ | 19,249 | $ | 12,812 | ||||||||
Depreciation and amortization | 9,089 | 9,225 | 4,596 | 4,368 | ||||||||||||
Gain on disposition of assets, net | (2,530 | ) | (33 | ) | (2,299 | ) | (241 | ) | ||||||||
Deferred income tax (benefit) expense | (500 | ) | 107 | |||||||||||||
Deferred income tax expense (benefit) | 790 | (199 | ) | |||||||||||||
Stock-based compensation expense | 1,620 | 1,488 | 703 | 622 | ||||||||||||
Change in assets and liabilities: | ||||||||||||||||
Accounts receivable, net | (1,247 | ) | 8,316 | (5,556 | ) | (12,928 | ) | |||||||||
Inventories | 16,697 | (15,316 | ) | (4,605 | ) | 21,697 | ||||||||||
Prepaid expenses and other current assets | (1,557 | ) | (345 | ) | (1,839 | ) | 1,962 | |||||||||
Accounts payable | 16,244 | 28,486 | (1,631 | ) | 5,661 | |||||||||||
Accrued expenses | (11,993 | ) | (8,964 | ) | (12,089 | ) | (13,970 | ) | ||||||||
Income taxes payable | 1,871 | (640 | ) | 2,805 | 28 | |||||||||||
Other long-term assets and liabilities | 344 | 582 | 172 | 166 | ||||||||||||
Other, net | 1,200 | 992 | 607 | 599 | ||||||||||||
Net cash provided by operating activities | 61,935 | 54,285 | 903 | 20,577 | ||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||
Purchases of property, plant and equipment | (11,121 | ) | (6,465 | ) | (5,110 | ) | (6,298 | ) | ||||||||
Proceeds from insurance recoveries | 0 | 232 | ||||||||||||||
Proceeds from disposition of assets, net | 3,945 | 269 | ||||||||||||||
Other | 387 | 85 | (72 | ) | 11 | |||||||||||
Net cash used in investing activities | (10,734 | ) | (6,148 | ) | (1,237 | ) | (6,018 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||
Net short-term (repayments) borrowings | (17,839 | ) | 13,495 | |||||||||||||
Debt issue costs | 0 | (218 | ) | |||||||||||||
Net short-term borrowings | 36,611 | 17,160 | ||||||||||||||
Principal payments on long-term debt | (3,432 | ) | (4,031 | ) | (938 | ) | (1,870 | ) | ||||||||
(Decrease) increase in bank overdraft | (531 | ) | 448 | |||||||||||||
Decrease in bank overdraft | (922 | ) | (1,956 | ) | ||||||||||||
Dividends paid | (28,685 | ) | (57,268 | ) | (34,534 | ) | (28,685 | ) | ||||||||
Taxes paid related to net share settlement of equity awards | (486 | ) | (761 | ) | (16 | ) | — | |||||||||
Net cash used in financing activities | (50,973 | ) | (48,335 | ) | ||||||||||||
Net cash provided by (used in) financing activities | 201 | (15,351 | ) | |||||||||||||
NET INCREASE (DECREASE) IN CASH | 228 | (198 | ) | |||||||||||||
NET DECREASE IN CASH | (133 | ) | (792 | ) | ||||||||||||
Cash, beginning of period | 1,535 | 1,591 | 672 | 1,535 | ||||||||||||
Cash, end of period | $ | 1,763 | $ | 1,393 | $ | 539 | $ | 743 | ||||||||
Supplemental disclosure of non-cash activities: | ||||||||||||||||
Right-of-use No. 2016-02 transition | $ | 0 | $ | 5,361 |
For the Quarter Ended | ||||||||
Distribution Channel | September 23, 2021 | September 24, 2020 | ||||||
Consumer | $ | 179,761 | $ | 166,757 | ||||
Commercial Ingredients | 28,156 | 22,811 | ||||||
Contract Packaging | 18,412 | 20,705 | ||||||
Total | $ | 226,329 | $ | 210,273 | ||||
For the Quarter Ended | For the Twenty-six Weeks Ended | |||||||||||||||
Distribution Channel | December 24, 2020 | December 26, 2019 | December 24, 2020 | December 26, 2019 | ||||||||||||
Consumer | $ | 192,029 | $ | 188,086 | $ | 358,786 | $ | 345,232 | ||||||||
Commercial Ingredients | 20,536 | 34,247 | 43,347 | 71,135 | ||||||||||||
Contract Packaging | 21,010 | 24,090 | 41,715 | 47,902 | ||||||||||||
Total | $ | 233,575 | $ | 246,423 | $ | 443,848 | $ | 464,269 | ||||||||
December 24, 2020 | June 25, 2020 | December 26, 2019 | Affected Line Item in Consolidated Balance Sheet | September 23, 2021 | June 24, 2021 | September 24, 2020 | Affected Line Item in Consolidated Balance Sheet | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Operating lease right-of-use | $ | 4,119 | $ | 4,351 | $ | 4,823 | Operating lease right-of-use | $ | 3,171 | $ | 3,484 | $ | 4,201 | Operating lease right-of-use | ||||||||||||||
Total lease right-of-use | $ | 4,119 | $ | 4,351 | $ | 4,823 | $ | 3,171 | $ | 3,484 | $ | 4,201 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Current: | ||||||||||||||||||||||||||||
Operating leases | $ | 1,429 | $ | 1,376 | $ | 1,354 | Other accrued expenses | $ | 1,412 | $ | 1,430 | $ | 1,405 | Other accrued expenses | ||||||||||||||
Noncurrent: | ||||||||||||||||||||||||||||
Operating leases | 2,704 | 2,990 | 3,456 | Long-term operating lease liabilities | 1,804 | 2,103 | 2,807 | Long-term operating lease liabilities | ||||||||||||||||||||
Total lease liabilities | $ | 4,133 | $ | 4,366 | $ | 4,810 | $ | 3,216 | $ | 3,533 | $ | 4,212 | ||||||||||||||||
For the Quarter Ended | For the Twenty-six Weeks Ended | For the Quarter ended September 23, 2021 | For the Quarter ended September 24, 2020 | |||||||||||||||||||||
December 24, 2020 | December 26, 2019 | December 24, 2020 | December 26, 2019 | |||||||||||||||||||||
Operating lease costs (a) | $ | 477 | $ | 460 | $ | 950 | $ | 834 | ||||||||||||||||
Operating lease costs ( a ) | $ | 444 | $ | 473 | ||||||||||||||||||||
Variable lease costs (b) | 17 | 15 | 37 | 31 | 17 | 20 | ||||||||||||||||||
Total Lease Cost | $ | 494 | $ | 475 | $ | 987 | $ | 865 | $ | 461 | $ | 493 | ||||||||||||
(a) | Includes short-term leases which are immaterial. |
(b) | Variable lease costs consist of sales tax. |
For the Twenty-six Weeks Ended | ||||||||||||||||
December 24, 2020 | December 26, 2019 | For the Quarter ended September 23, 2021 | For the Quarter ended September 24, 2020 | |||||||||||||
Operating cash flows information: | ||||||||||||||||
Cash paid for amounts included in measurements for lease liabilities | $ | 810 | $ | 770 | $ | 397 | $ | 406 | ||||||||
Non-cash activity: | ||||||||||||||||
Right-of-use | $ | 490 | $ | 163 | $ | 45 | $ | 206 |
December 24, 2020 | June 25, 2020 | December 26, 2019 | September 23, 2021 | June 24, 2021 | September 24, 2020 | |||||||||||||||||||
Weighted Average Remaining Lease Term (in years) | 3.1 | 3.4 | 3.8 | 2.6 | 2.8 | 3.2 | ||||||||||||||||||
Weighted Average Discount Rate | 4.3 | % | 4.4 | % | 4.5 | % | 4.2 | % | 4.3 | % | 4.3 | % |
Fiscal year ending | ||||
June 24, 2021 (excluding the twenty-six weeks ended December 24, 2020) | $ | 801 | ||
June 30, 2022 | 1,489 | |||
June 29, 2023 | 1,236 | |||
June 27, 2024 | 593 | |||
June 26, 2025 | 231 | |||
June 25, 2026 | 59 | |||
Thereafter | 0 | |||
Total lease payment | 4,409 | |||
Less imputed interest | (276 | ) | ||
Present value of operating lease liabilities | $ | 4,133 | ||
Fiscal year ending | ||||
June 30, 2022 (excluding the quarter ended September 23, 2021) | $ | 1,162 | ||
June 29, 2023 | 1,270 | |||
June 27, 2024 | 626 | |||
June 26, 2025 | 251 | |||
June 25, 2026 | 77 | |||
June 24, 2027 | 4 | |||
Thereafter | — | |||
Total lease payment | 3,390 | |||
Less imputed interest | (174 | ) | ||
Present value of operating lease liabilities | $ | 3,216 | ||
For the Quarter ended | For the Twenty-six weeks ended | |||||||||||||||
December 24, 2020 | December 26, 2019 | December 24, 2020 | December 26, 2019 | |||||||||||||
Lease income related to lease payments | $ | 452 | $ | 462 | $ | 903 | $ | 1,005 |
For the Quarter Ended September 23, 2021 | For the Quarter Ended September 24, 2020 | |||||||
Lease income related to lease payments | $ | 410 | $ | 451 |
Fiscal year ending | ||||
June 24, 2021 (excluding the twenty-six weeks ended December 24, 2020) | $ | 983 | ||
June 30, 2022 | 1,708 | |||
June 29, 2023 | 1,737 | |||
June 27, 2024 | 1,766 | |||
June 26, 2025 | 1,228 | |||
June 25, 2026 | 670 | |||
Thereafter | 614 | |||
$8,706 |
Fiscal year ending | ||||
June 24, 2022 (excluding the quarter ended September 23, 2021) | $ | 1,316 | ||
June 29, 2023 | 1,794 | |||
June 27, 2024 | 1,818 | |||
June 26, 2025 | 1,228 | |||
June 25, 2026 | 670 | |||
June 24, 2027 | 614 | |||
Thereafter | — | |||
Total | $ | 7,440 | ||
December 24, 2020 | June 25, 2020 | December 26, 2019 | ||||||||||||||
Raw material and supplies | $ | 66,793 | $ | 69,276 | $ | $$ | 81,135 | |||||||||
Work-in-process | 88,578 | 102,792 | 91,205 | |||||||||||||
Total | $ | 155,371 | $ | 172,068 | $ | 172,340 | ||||||||||
September 23, 2021 | June 24, 2021 | September 24, 2020 | ||||||||||
Raw material and supplies | $ | 55,159 | $ | 64,219 | $ | 46,518 | ||||||
Work-in-process | 97,444 | 83,779 | 103,853 | |||||||||
Total | $ | 152,603 | $ | 147,998 | $ | 150,371 | ||||||
December 24, 2020 | June 25, 2020 | December 26, 2019 | September 23, 2021 | June 24, 2021 | September 24, 2020 | |||||||||||||||||||
Customer relationships | $ | 21,100 | $ | 21,100 | $ | 21,100 | $ | 21,100 | $ | 21,100 | $ | 21,100 | ||||||||||||
Brand names | 16,990 | 16,990 | 16,990 | 16,990 | 16,990 | 16,990 | ||||||||||||||||||
Non-compete agreement | 270 | 270 | 270 | 270 | 270 | 270 | ||||||||||||||||||
38,360 | 38,360 | 38,360 | 38,360 | 38,360 | 38,360 | |||||||||||||||||||
Less accumulated amortization: | ||||||||||||||||||||||||
Customer relationships | (17,008 | ) | (16,223 | ) | (15,438 | ) | (17,961 | ) | (17,643 | ) | (16,615 | ) | ||||||||||||
Brand names | (10,217 | ) | (9,873 | ) | (9,527 | ) | (10,735 | ) | (10,562 | ) | (10,045 | ) | ||||||||||||
Non-compete agreement | (167 | ) | (139 | ) | (113 | ) | (207 | ) | (194 | ) | (153 | ) | ||||||||||||
(27,392) | (26,235) | (25,078) | (28,903 | ) | (28,399 | ) | (26,813 | ) | ||||||||||||||||
Net intangible assets | $ | 10,968 | $ | 12,125 | $ | 13,282 | $ | 9,457 | $ | 9,961 | $ | 11,547 | ||||||||||||
Fiscal year ending | ||||
June 30, 2022 | $ | 1,896 | ||
June 29, 2023 | 1,657 | |||
June 27, 2024 | 1,414 | |||
June 26, 2025 | 1,156 | |||
June 25, 2026 | 861 |
Fiscal year ending | ||||
June 29, 2023 | 1,657 | |||
June 27, 2024 | 1,414 | |||
June 26, 2025 | 1,156 | |||
June 25, 2026 | 861 | |||
June 24, 2027 | 690 |
For the Quarter Ended | For the Twenty-six Weeks Ended | For the Quarter Ended | ||||||||||||||||||||||
December 24, 2020 | December 26, 2019 | December 24, 2020 | December 26, 2019 | September 23, 2021 | September 24, 2020 | |||||||||||||||||||
Weighted average number of shares outstanding – basic | 11,493,759 | 11,458,524 | 11,485,523 | 11,451,542 | 11,519,472 | 11,477,287 | ||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||
Restricted stock units | 39,767 | 66,863 | 56,534 | 80,640 | ||||||||||||||||||||
Stock options and restricted stock units | 69,012 | 73,300 | ||||||||||||||||||||||
Weighted average number of shares outstanding – diluted | 11,533,526 | 11,525,387 | 11,542,057 | 11,532,182 | 11,588,484 | 11,550,587 | ||||||||||||||||||
Restricted Stock Units | Shares | Weighted Average Grant Date Fair Value | ||||||
Outstanding at June 25, 2020 | 166,879 | $ | 51.62 | |||||
Activity: | ||||||||
Granted | 54,966 | 68.97 | ||||||
Vested (a) | (50,602 | ) | 47.76 | |||||
Forfeited | (1,064 | ) | 68.66 | |||||
Outstanding at December 24, 2020 | 170,179 | $ | 58.27 | |||||
For the Quarter Ended | For the Twenty-six Weeks Ended | |||||||||||||||
December 24, 2020 | December 26, 2019 | December 24, 2020 | December 26, 2019 | |||||||||||||
Stock-based compensation expense | $ | 998 | $ | 855 | $ | 1,620 | $ | 1,488 |
For the Quarter Ended | For the Twenty-six Weeks Ended | For the Quarter Ended | ||||||||||||||||||||||
December 24, 2020 | December 26, 2019 | December 24, 2020 | December 26, 2019 | September 23, 2021 | September 24, 2020 | |||||||||||||||||||
Service cost | $ | 236 | $ | 178 | $ | 472 | $ | 356 | $ | 248 | $ | 236 | ||||||||||||
Interest cost | 215 | 223 | 429 | 446 | 254 | 214 | ||||||||||||||||||
Amortization of prior service cost | 119 | 240 | 239 | 479 | — | 120 | ||||||||||||||||||
Amortization of loss | 295 | 104 | 591 | 208 | 364 | 296 | ||||||||||||||||||
Net periodic benefit cost | $ | 865 | $ | 745 | $ | 1,731 | $ | 1,489 | $ | 866 | $ | 866 | ||||||||||||
For the Twenty-Six Weeks Ended | ||||||||||||||||
Changes to AOCL (a) | For the Quarter Ended | |||||||||||||||
December 24, 2020 | December 26, 2019 | September 23, 2021 | September 24, 2020 | |||||||||||||
Balance at beginning of period | $ | (8,630 | ) | $ | (4,325 | ) | $ | (9,025 | ) | $ | (8,630 | ) | ||||
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 830 | 687 | 364 | 416 | ||||||||||||
Tax effect | (207 | ) | (172 | ) | (95 | ) | (104 | ) | ||||||||
Net current-period other comprehensive income | 623 | 515 | 269 | 312 | ||||||||||||
Impact of adopting ASU 2018-02 | 0 | (976 | ) | |||||||||||||
Balance at end of period | $ | (8,007 | ) | $ | (4,786 | ) | $ | (8,756 | ) | $ | (8,318 | ) | ||||
(a) |
For the Quarter Ended | For the Twenty-six Weeks Ended | Affected line item in the Consolidated Statements of Comprehensive Income | ||||||||||||||||||||||||||||
Reclassifications from AOCL to earnings (b) | For the Quarter Ended | Affected line item in the Consolidated Statements of Comprehensive Income | ||||||||||||||||||||||||||||
December 24, 2020 | December 26, 2019 | December 24, 2020 | December 26, 2019 | Affected line item in the Consolidated Statements of Comprehensive Income | September 23, 2021 | September 24, 2020 | ||||||||||||||||||||||||
Amortization of defined benefit pension items: | ||||||||||||||||||||||||||||||
Unrecognized prior service cost | $ | (119 | ) | $ | (240 | ) | $ | (239 | ) | $ | (479 | ) | Other expense | $ | 0 | $ | (120 | ) | Other expense | |||||||||||
Unrecognized net loss | (295 | ) | (104 | ) | (591 | ) | (208 | ) | Other expense | (364 | ) | (296 | ) | Other expense | ||||||||||||||||
Total before tax | (414 | ) | (344 | ) | (830 | ) | (687 | ) | (364 | ) | (416 | ) | ||||||||||||||||||
Tax effect | 103 | 86 | 207 | 172 | Income tax expense | 95 | 104 | Income tax expense | ||||||||||||||||||||||
Amortization of defined pension items, net of tax | $ | (311 | ) | $ | (258 | ) | $ | (623 | ) | $ | (515 | ) | $ | (269 | ) | $ | (312 | ) | ||||||||||||
(b) | Amounts in parenthesis indicate debits to expense. See Note 9 – “Retirement Plan” above for additional details. |
Level 1 | – | Quoted prices in active markets that are accessible at the measurement date for identical assets and liabilities. | ||||
Level 2 | – | Observable inputs other than quoted prices in active markets. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. | ||||
Level 3 | – | Unobservable inputs for which there is little or no market data available. |
December 24, 2020 | June 25, 2020 | December 26, 2019 | September 23, 2021 | June 24, 2021 | September 24, 2020 | |||||||||||||||||||
Carrying value of long-term debt: | $ | 16,627 | $ | 20,059 | $ | 23,767 | $ | 13,812 | $ | 14,749 | $ | 18,189 | ||||||||||||
Fair value of long-term debt: | 17,180 | 20,186 | 24,164 | 15,360 | 16,210 | 18,489 |
For the Quarter Ended | For the Twenty-six Weeks Ended | For the Quarter Ended | ||||||||||||||||||||||
Product Type | December 24, 2020 | December 26, 2019 | December 24, 2020 | December 26, 2019 | September 23, 2021 | September 24, 2020 | ||||||||||||||||||
Peanuts | 18.8 | % | 15.8 | % | 19.1 | % | 16.8 | % | 17.7 | % | 19.5 | % | ||||||||||||
Pecans | 15.0 | 16.2 | 12.0 | 13.0 | 8.6 | 8.6 | ||||||||||||||||||
Cashews & Mixed Nuts | 23.1 | 22.7 | 23.4 | 22.7 | 22.4 | 23.7 | ||||||||||||||||||
Walnuts | 7.2 | 8.7 | 6.9 | 7.9 | 5.7 | 6.6 | ||||||||||||||||||
Almonds | 9.2 | 13.2 | 10.8 | 14.8 | 10.6 | 12.7 | ||||||||||||||||||
Trail & Snack Mixes | 22.2 | 18.3 | 22.5 | 19.3 | 28.2 | 22.8 | ||||||||||||||||||
Other | 4.5 | 5.1 | 5.3 | 5.5 | 6.8 | 6.1 | ||||||||||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||
For the Quarter Ended | For the Quarter Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Distribution Channel | December 24, 2020 | Percentage of Total | December 26, 2019 | Percentage of Total | $ Change | Percent Change | September 23, 2021 | Percentage of Total | September 24, 2020 | Percentage of Total | $ Change | Percent Change | ||||||||||||||||||||||||||||||||||||
Consumer (1) | $ | 192,029 | 82.2 | % | $ | 188,086 | 76.3 | % | $ | 3,943 | 2.1 | % | $ | 179,761 | 79.4 | % | $ | 166,757 | 79.3 | % | $ | 13,004 | 7.8 | % | ||||||||||||||||||||||||
Commercial Ingredients | 20,536 | 8.8 | 34,247 | 13.9 | (13,711 | ) | (40.0 | ) | 28,156 | 12.4 | 22,811 | 10.9 | 5,345 | 23.4 | ||||||||||||||||||||||||||||||||||
Contract Packaging | 21,010 | 9.0 | 24,090 | 9.8 | (3,080 | ) | (12.8 | ) | 18,412 | 8.2 | 20,705 | 9.8 | (2,293 | ) | (11.1 | ) | ||||||||||||||||||||||||||||||||
Total | $ | 233,575 | 100.0 | % | $ | 246,423 | 100.0 | % | $ | (12,848 | ) | (5.2 | )% | $ | 226,329 | 100.0 | % | $ | 210,273 | 100.0 | % | $ | 16,056 | 7.6 | % | |||||||||||||||||||||||
(1) | Sales of branded products were approximately Fisher Orchard Valley Harvest products accounting for the |
For the Twenty-six Weeks Ended | ||||||||||||||||||||||||
Distribution Channel | December 24, 2020 | Percentage of Total | December 26, 2019 | Percentage of Total | $ Change | Percent Change | ||||||||||||||||||
Consumer (1) | $ | 358,786 | 80.8 | % | $ | 345,232 | 74.4 | % | $ | 13,554 | 3.9 | % | ||||||||||||
Commercial Ingredients | 43,347 | 9.8 | 71,135 | 15.3 | (27,788 | ) | (39.1 | ) | ||||||||||||||||
Contract Packaging | 41,715 | 9.4 | 47,902 | 10.3 | (6,187 | ) | (12.9 | ) | ||||||||||||||||
Total | $ | 443,848 | 100.0 | % | $ | 464,269 | 100.0 | % | $ | (20,421 | ) | (4.4 | )% | |||||||||||
December 24, 2020 | December 26, 2019 | $ Change | September 23, 2021 | September 24, 2020 | $ Change | |||||||||||||||||||
Operating activities | $ | 61,935 | $ | 54,285 | $ | 7,650 | $ | 903 | $ | 20,577 | $ | (19,674 | ) | |||||||||||
Investing activities | (10,734 | ) | (6,148 | ) | (4,586 | ) | (1,237 | ) | (6,018 | ) | 4,781 | |||||||||||||
Financing activities | (50,973 | ) | (48,335 | ) | (2,638 | ) | 201 | (15,351 | ) | 15,552 | ||||||||||||||
Net increase in cash | $ | 228 | $ | (198 | ) | $ | 426 | |||||||||||||||||
Net decrease in cash | $ | (133 | ) | $ | (792 | ) | $ | 659 | ||||||||||||||||
Exhibit No. | Description | |
3.1 | ||
3.2 | ||
*10.1 | ||
*10.2 | ||
*10.3 | ||
*10.4 | ||
*10.5 | ||
*10.6 | ||
*10.7 | Form of Non-Employee Director Restricted Stock Unit Award Agreement (non-deferral) under 2014 Omnibus Plan (fiscal 2018, 2019, 2020 and 2021 awards cycle) (incorporated by reference from Exhibit 10.38 to the Form 10-Q for the quarter ended December 24, 2015) |
32.2 | Certification of | |
101.INS | ||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
* | Indicates a management contract or compensatory plan or arrangement. |
JOHN B. SANFILIPPO & SON, INC. | ||
By | /s/ | |
Frank S. Pellegrino | ||
Chief Financial Officer, |