Elgin, IL, August 28, 2008 -- John B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) today announced operating results for its fiscal 2008 fourth quarter and year ended June 26, 2008. Net income for the fourth quarter of fiscal 2008 was $2.7 million, or $0.25 per share diluted, compared to a net loss of $3.8 million, or $0.36 per share diluted, for the fourth quarter of fiscal 2007.
The net loss for fiscal 2008 was $6.0 million, or $0.56 per share diluted, compared to a net loss of $13.6 million, or $1.28 per share diluted, for fiscal 2007. The net loss for the current fiscal year included, on a pre-tax basis, debt extinguishment costs of $6.7 million and restructuring costs of $1.8 million.
Fiscal 2008 fourth quarter net sales increased by $2.3 million, or 1.9%, to $125.3 million from net sales of approximately $122.9 million for the fourth quarter of fiscal 2007. Total pounds of all products shipped to customers in the fourth quarter of fiscal 2008 decreased by 16.2% in comparison to total pounds shipped to customers in the fourth quarter of fiscal 2007. Pounds of almonds, macadamias, mixed nuts, peanuts and walnuts shipped to customers declined in the quarterly comparison. Total pounds of all products shipped to customers declined in all distribution channels except the food service channel in the fourth quarter of fiscal 2008 compared to the same quarter in the prior year. The increase in net sales was attributable mainly to price increases for almonds, cashews, fruit and nut mixes, mixed nuts, peanuts and walnuts implemented in the fourth quarter of fiscal 2008, which contributed to a 21.6% increase in weighted average selling price from the fourth quarter of fiscal 2007 to the fourth quarter of fiscal 2008. Price increases were implemented in response to rising costs for these commodities in the fourth quarter. In addition, a shift in sales from the industrial channel to the consumer and food service channels, which typically deliver higher selling prices, contributed to the increase in the weighted average selling price.