Sanfilippo John B & Son Inc 10-Q for FY2021 Q2
Sanfilippo John B & Son Inc (JBSS)
About this 10-Q
Sanfilippo John B & Son Inc filed this 10-Q on January 27, 2021, covering the quarter ended December 24, 2020 (FY2021 Q2).
Headline figures
Quarter ended December 24, 2020, as reported in this filing, compared with the same period a year earlier where the filing states it.
- Revenue
- $233.58M
- down 5.2% from $246.42M a year earlier
- Net income
- $19.89M
- up 13.9% from net income of $17.46M a year earlier
- Diluted EPS
- $1.72
- up 13.2% from $1.52 a year earlier
| 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 |
(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) | |||
| |
||||
(Address of Principal Executive Offices) |
(Zip Code) | |||
( |
||||
(Registrant’s Telephone Number, Including Area Code) |
||||
| Title of Each Class |
Trading Symbol |
Name of Each Exchange on Which Registered | ||
| The (NASDAQ Global Select Market) |
| ☒ | Accelerated filer | ☐ | ||||
Non-accelerated filer |
☐ | Smaller reporting company | ||||
| Emerging growth company | ||||||
Page |
||||
3 |
||||
4 |
||||
6 |
||||
7 |
||||
8 |
||||
18 |
||||
29 |
||||
29 |
||||
29 |
||||
29 |
||||
30 |
||||
33 |
||||
For the Quarter Ended |
For the Twenty-six WeeksEnded |
|||||||||||||||
December 24, 2020 |
December 26, 2019 |
December 24, 2020 |
December 26, 2019 |
|||||||||||||
Net sales |
$ | $ | $ | $ | ||||||||||||
Cost of sales |
||||||||||||||||
Gross profit |
||||||||||||||||
Operating expenses: |
||||||||||||||||
Selling expenses |
||||||||||||||||
Administrative expenses |
||||||||||||||||
Total operating expenses |
||||||||||||||||
Income from operations |
||||||||||||||||
Other expense: |
||||||||||||||||
Interest expense including $ |
||||||||||||||||
Rental and miscellaneous expense, net |
||||||||||||||||
Other expense |
||||||||||||||||
Total other expense, net |
||||||||||||||||
Income before income taxes |
||||||||||||||||
Income tax expense |
||||||||||||||||
Net income |
$ | $ | $ | $ | ||||||||||||
Other comprehensive income: |
||||||||||||||||
Amortization of prior service cost and actuarial loss included in net periodic pension cost |
||||||||||||||||
Income tax expense related to pension adjustments |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Other comprehensive income, net of tax |
||||||||||||||||
Comprehensive income |
$ | $ | $ | $ | ||||||||||||
Net income per common share-basic |
$ | $ | $ | $ | ||||||||||||
Net income per common share-diluted |
$ | $ | $ | $ | ||||||||||||
December 24, 2020 |
June 25, 2020 |
December 26, 2019 |
||||||||||
| ASSETS |
||||||||||||
| CURRENT ASSETS: |
||||||||||||
| Cash |
$ | $ | $ | |||||||||
| Accounts receivable, less allowance for doubtful accounts of $ |
||||||||||||
| Inventories |
||||||||||||
| Prepaid expenses and other current assets |
||||||||||||
| |
|
|
|
|
|
|||||||
| TOTAL CURRENT ASSETS |
||||||||||||
| |
|
|
|
|
|
|||||||
| PROPERTY, PLANT AND EQUIPMENT: |
||||||||||||
| Land |
||||||||||||
| Buildings |
||||||||||||
| Machinery and equipment |
||||||||||||
| Furniture and leasehold improvements |
||||||||||||
| Vehicles |
||||||||||||
| Construction in progress |
||||||||||||
| |
|
|
|
|
|
|||||||
| Less: Accumulated depreciation |
||||||||||||
| |
|
|
|
|
|
|||||||
| Rental investment property, less accumulated depreciation of $ |
||||||||||||
| |
|
|
|
|
|
|||||||
| TOTAL PROPERTY, PLANT AND EQUIPMENT |
||||||||||||
| |
|
|
|
|
|
|||||||
| Intangible assets, net |
||||||||||||
| Cash surrender value of officers’ life insurance and other assets |
||||||||||||
| Deferred income taxes |
||||||||||||
| Goodwill |
||||||||||||
| Operating lease right-of-use |
||||||||||||
| |
|
|
|
|
|
|||||||
| TOTAL ASSETS |
$ | $ | $ | |||||||||
| |
|
|
|
|
|
|||||||
December 24, 2020 |
June 25, 2020 |
December 26, 2019 |
||||||||||
| LIABILITIES & STOCKHOLDERS’ EQUITY |
||||||||||||
| CURRENT LIABILITIES: |
||||||||||||
| Revolving credit facility borrowings |
$ | $ | $ | |||||||||
| Current maturities of long-term debt, including related party debt of $ |
||||||||||||
| Accounts payable |
||||||||||||
| Bank overdraft |
||||||||||||
| Accrued payroll and related benefits |
||||||||||||
| Other accrued expenses |
||||||||||||
| Income taxes payable |
||||||||||||
| |
|
|
|
|
|
|||||||
| TOTAL CURRENT LIABILITIES |
||||||||||||
| |
|
|
|
|
|
|||||||
| LONG-TERM LIABILITIES: |
||||||||||||
| Long-term debt, less current maturities, including related party debt of $ |
||||||||||||
| Retirement plan |
||||||||||||
| Long-term operating lease liabilities, net of current portion |
||||||||||||
| Other |
||||||||||||
| |
|
|
|
|
|
|||||||
| TOTAL LONG-TERM LIABILITIES |
||||||||||||
| |
|
|
|
|
|
|||||||
| TOTAL LIABILITIES |
||||||||||||
| |
|
|
|
|
|
|||||||
| COMMITMENTS AND CONTINGENCIES |
||||||||||||
| STOCKHOLDERS’ EQUITY: |
||||||||||||
| Class A Common Stock, convertible to Common Stock on a per share basis, cumulative voting rights of ten votes per share, $ par value; |
||||||||||||
| Common Stock, non-cumulative voting rights of one vote per share, $ par value; |
||||||||||||
| Capital in excess of par value |
||||||||||||
| Retained earnings |
||||||||||||
| Accumulated other comprehensive loss |
( |
) | ( |
) | ( |
) | ||||||
| Treasury stock, at cost; |
( |
) | ( |
) | ( |
) | ||||||
| |
|
|
|
|
|
|||||||
| TOTAL STOCKHOLDERS’ EQUITY |
||||||||||||
| |
|
|
|
|
|
|||||||
| TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY |
$ | $ | $ | |||||||||
| |
|
|
|
|
|
|||||||
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 |
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||||||||||||
Net income |
||||||||||||||||||||||||||||||||||||
Cash dividends ($ |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Pension liability amortization, net of income tax expense of $ |
||||||||||||||||||||||||||||||||||||
Equity award exercises |
||||||||||||||||||||||||||||||||||||
Stock-based compensation expense |
||||||||||||||||||||||||||||||||||||
Balance, September 24, 2020 |
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||||||||||||
Net income |
||||||||||||||||||||||||||||||||||||
Pension liability amortization, net of income tax expense of $ |
||||||||||||||||||||||||||||||||||||
Equity award exercises, net of shares withheld for employee taxes |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Stock-based compensation expense |
||||||||||||||||||||||||||||||||||||
Balance, December 24, 2020 |
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||||||||||||
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 |
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||||||||||||
Net income |
||||||||||||||||||||||||||||||||||||
Cash dividends ($ |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Pension liability amortization, net of income tax expense of $ |
||||||||||||||||||||||||||||||||||||
Impact of adopting ASU 2018-02 |
( |
) | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense |
||||||||||||||||||||||||||||||||||||
Balance, September 26, 2019 |
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||||||||||||
Net income |
||||||||||||||||||||||||||||||||||||
Cash dividends ($ |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Pension liability amortization, net of income tax expense of $ |
||||||||||||||||||||||||||||||||||||
Equity award exercises, net of shares withheld for employee taxes |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Stock-based compensation expense |
||||||||||||||||||||||||||||||||||||
Balance, December 26, 2019 |
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||||||||||||
For the Twenty-six Weeks Ended |
||||||||
December 24, 2020 |
December 26, 2019 |
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||
Net income |
$ | $ | ||||||
Depreciation and amortization |
||||||||
Gain on disposition of assets, net |
( |
) | ( |
) | ||||
Deferred income tax (benefit) expense |
( |
) | ||||||
Stock-based compensation expense |
||||||||
Change in assets and liabilities: |
||||||||
Accounts receivable, net |
( |
) | ||||||
Inventories |
( |
) | ||||||
Prepaid expenses and other current assets |
( |
) | ( |
) | ||||
Accounts payable |
||||||||
Accrued expenses |
( |
) | ( |
) | ||||
Income taxes payable |
( |
) | ||||||
Other long-term assets and liabilities |
||||||||
Other, net |
||||||||
Net cash provided by operating activities |
||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||||
Purchases of property, plant and equipment |
( |
) | ( |
) | ||||
Proceeds from insurance recoveries |
||||||||
Other |
||||||||
Net cash used in investing activities |
( |
) | ( |
) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||
Net short-term (repayments) borrowings |
( |
) | ||||||
Debt issue costs |
( |
) | ||||||
Principal payments on long-term debt |
( |
) | ( |
) | ||||
(Decrease) increase in bank overdraft |
( |
) | ||||||
Dividends paid |
( |
) | ( |
) | ||||
Taxes paid related to net share settlement of equity awards |
( |
) | ( |
) | ||||
Net cash used in financing activities |
( |
) | ( |
) | ||||
NET INCREASE (DECREASE) IN CASH |
( |
) | ||||||
Cash, beginning of period |
||||||||
Cash, end of period |
$ | $ | ||||||
Supplemental disclosure of non-cash activities: |
||||||||
Right-of-use No. 2016-02 transition |
$ | $ | ||||||
| • | References herein to fiscal 2021 and fiscal 2020 are to the fiscal year ending June 24, 2021 and the fiscal year ended June 25, 2020, respectively. |
| • | References herein to the second quarter of fiscal 2021 and fiscal 2020 are to the quarters ended December 24, 2020 and December 26, 2019, respectively. |
| • | References herein to the first half or first twenty-six weeks of fiscal 2021 and fiscal 2020 are to the twenty-six weeks ended December 24, 2020 and December 26, 2019, respectively. |
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 |
$ | $ | $ | $ | ||||||||||||
| Commercial Ingredients |
||||||||||||||||
| Contract Packaging |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
$ | $ | $ | $ | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
December 24, 2020 |
June 25, 2020 |
December 26, 2019 |
Affected Line Item in Consolidated Balance Sheet | |||||||||||
Assets |
||||||||||||||
| Operating lease right-of-use |
$ | $ | $ | Operating lease right-of-use | ||||||||||
| |
|
|
|
|
|
|||||||||
| Total lease right-of-use |
$ | $ | $ | |||||||||||
| |
|
|
|
|
|
|||||||||
Liabilities |
||||||||||||||
| Current: |
||||||||||||||
| Operating leases |
$ | $ | $ | Other accrued expenses | ||||||||||
| Noncurrent: |
||||||||||||||
| Operating leases |
Long-term operating lease liabilities | |||||||||||||
| |
|
|
|
|
|
|||||||||
| Total lease liabilities |
$ | $ | $ | |||||||||||
| |
|
|
|
|
|
|||||||||
For the Quarter Ended |
For the Twenty-six Weeks Ended |
|||||||||||||||
December 24, 2020 |
December 26, 2019 |
December 24, 2020 |
December 26, 2019 |
|||||||||||||
| Operating lease costs (a) |
$ | $ | $ | $ | ||||||||||||
| Variable lease costs (b) |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total Lease Cost |
$ | $ | $ | $ | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
(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 |
|||||||
| Operating cash flows information: |
||||||||
| Cash paid for amounts included in measurements for lease liabilities |
$ | $ | ||||||
| Non-cash activity: |
||||||||
| Right-of-use |
$ | $ | ||||||
December 24, 2020 |
June 25, 2020 |
December 26, 2019 |
||||||||||
| Weighted Average Remaining Lease Term (in years) |
||||||||||||
| Weighted Average Discount Rate |
% | % | % | |||||||||
| Fiscal year ending |
||||
| June 24, 2021 (excluding the twenty-six weeks ended December 24, 2020) |
$ | |||
| June 30, 2022 |
||||
| June 29, 2023 |
||||
| June 27, 2024 |
||||
| June 26, 2025 |
||||
| June 25, 2026 |
||||
| Thereafter |
||||
| |
|
|||
| Total lease payment |
||||
| Less imputed interest |
( |
) | ||
| |
|
|||
| Present value of operating lease liabilities |
$ | |||
| |
|
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 |
$ | $ | $ | $ | ||||||||||||
Fiscal year ending |
||||
June 24, 2021 (excluding the twenty-six weeks ended December 24, 2020) |
$ | |||
June 30, 2022 |
||||
June 29, 2023 |
||||
June 27, 2024 |
||||
June 26, 2025 |
||||
June 25, 2026 |
||||
Thereafter |
||||
$ |
||||
December 24, 2020 |
June 25, 2020 |
December 26, 2019 |
||||||||||||||
Raw material and supplies |
$ | $ | $ | $$ | ||||||||||||
Work-in-process |
||||||||||||||||
Total |
$ | $ | $ | |||||||||||||
December 24, 2020 |
June 25, 2020 |
December 26, 2019 |
||||||||||
Customer relationships |
$ | $ | $ | |||||||||
Brand names |
||||||||||||
Non-compete agreement |
||||||||||||
Less accumulated amortization: |
||||||||||||
Customer relationships |
( |
) | ( |
) | ( |
) | ||||||
Brand names |
( |
) | ( |
) | ( |
) | ||||||
Non-compete agreement |
( |
) | ( |
) | ( |
) | ||||||
| ( |
( |
( |
||||||||||
Net intangible assets |
$ | $ | $ | |||||||||
Fiscal year ending |
||||
June 30, 2022 |
$ | |||
June 29, 2023 |
||||
June 27, 2024 |
||||
June 26, 2025 |
||||
June 25, 2026 |
||||
For the Quarter Ended |
For the Twenty-six Weeks Ended |
|||||||||||||||
December 24, 2020 |
December 26, 2019 |
December 24, 2020 |
December 26, 2019 |
|||||||||||||
Weighted average number of shares outstanding – basic |
||||||||||||||||
Effect of dilutive securities: |
||||||||||||||||
Restricted stock units |
||||||||||||||||
Weighted average number of shares outstanding – diluted |
||||||||||||||||
Restricted Stock Units |
Shares |
Weighted Average Grant Date Fair Value |
||||||
Outstanding at June 25, 2020 |
$ | |||||||
Activity: |
||||||||
Granted |
||||||||
Vested (a) |
( |
) | ||||||
Forfeited |
( |
) | ||||||
Outstanding at December 24, 2020 |
$ | |||||||
(a) |
The number of RSUs vested includes shares that were withheld on behalf of employees to satisfy statutory tax withholding requirements. |
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 |
$ | $ | $ | $ | ||||||||||||
For the Quarter Ended |
For the Twenty-six Weeks Ended |
|||||||||||||||
December 24, 2020 |
December 26, 2019 |
December 24, 2020 |
December 26, 2019 |
|||||||||||||
| Service cost |
$ | $ | $ | $ | ||||||||||||
| Interest cost |
||||||||||||||||
| Amortization of prior service cost |
||||||||||||||||
| Amortization of loss |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net periodic benefit cost |
$ | $ | $ | $ | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
For the Twenty-Six Weeks Ended |
||||||||
| Changes to AOCL (a) |
December 24, 2020 |
December 26, 2019 |
||||||
| Balance at beginning of period |
$ | ( |
) | $ | ( |
) | ||
| Other comprehensive income before reclassifications |
||||||||
| Amounts reclassified from accumulated other comprehensive loss |
||||||||
| Tax effect |
( |
) | ( |
) | ||||
| |
|
|
|
|||||
| Net current-period other comprehensive income |
||||||||
| Impact of adopting ASU 2018-02 |
( |
) | ||||||
| |
|
|
|
|||||
| Balance at end of period |
$ | ( |
) | $ | ( |
) | ||
| |
|
|
|
|||||
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) |
December 24, 2020 |
December 26, 2019 |
December 24, 2020 |
December 26, 2019 |
||||||||||||||
| Amortization of defined benefit pension items: |
||||||||||||||||||
| Unrecognized prior service cost |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | Other expense | |||||
| Unrecognized net loss |
( |
) | ( |
) | ( |
) | ( |
) | Other expense | |||||||||
| |
|
|
|
|
|
|
|
|||||||||||
| Total before tax |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
| Tax effect |
Income tax expense | |||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||
| Amortization of defined pension items, net of tax |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||||
| |
|
|
|
|
|
|
|
|||||||||||
| 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 |
||||||||||
| Carrying value of long-term debt: |
$ | $ | $ | |||||||||
| Fair value of long-term debt: |
||||||||||||
| • | References herein to fiscal 2021 and fiscal 2020 are to the fiscal year ending June 24, 2021 and the fiscal year ended June 25, 2020, respectively. |
| • | References herein to the second quarter of fiscal 2021 and fiscal 2020 are to the quarters ended December 24, 2020 and December 26, 2019, respectively. |
| • | References herein to the first half or first twenty-six weeks of fiscal 2021 and fiscal 2020 are to the twenty-six weeks ended December 24, 2020 and December 26, 2019, respectively. |
For the Quarter Ended |
For the Twenty-six Weeks Ended |
|||||||||||||||
| Product Type |
December 24, 2020 |
December 26, 2019 |
December 24, 2020 |
December 26, 2019 |
||||||||||||
| Peanuts |
18.8 | % | 15.8 | % | 19.1 | % | 16.8 | % | ||||||||
| Pecans |
15.0 | 16.2 | 12.0 | 13.0 | ||||||||||||
| Cashews & Mixed Nuts |
23.1 | 22.7 | 23.4 | 22.7 | ||||||||||||
| Walnuts |
7.2 | 8.7 | 6.9 | 7.9 | ||||||||||||
| Almonds |
9.2 | 13.2 | 10.8 | 14.8 | ||||||||||||
| Trail & Snack Mixes |
22.2 | 18.3 | 22.5 | 19.3 | ||||||||||||
| Other |
4.5 | 5.1 | 5.3 | 5.5 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
For the Quarter Ended |
||||||||||||||||||||||||
| Distribution Channel |
December 24, 2020 |
Percentage of Total |
December 26, 2019 |
Percentage of Total |
$ Change |
Percent Change |
||||||||||||||||||
| Consumer (1) |
$ | 192,029 | 82.2 | % | $ | 188,086 | 76.3 | % | $ | 3,943 | 2.1 | % | ||||||||||||
| Commercial Ingredients |
20,536 | 8.8 | 34,247 | 13.9 | (13,711 | ) | (40.0 | ) | ||||||||||||||||
| Contract Packaging |
21,010 | 9.0 | 24,090 | 9.8 | (3,080 | ) | (12.8 | ) | ||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total |
$ | 233,575 | 100.0 | % | $ | 246,423 | 100.0 | % | $ | (12,848 | ) | (5.2 | )% | |||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| (1) | Sales of branded products were approximately 30% and 33% of total consumer sales during each of the second quarter of fiscal 2021 and fiscal 2020, respectively. Fisher |
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 | )% | |||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| (1) | Sales of branded products were approximately 27% and 31% of total consumer sales during the first twenty-six weeks of fiscal 2021 and fiscal 2020, respectively. Fisher twenty-six weeks of fiscal 2021 and fiscal 2020, respectively, with branded produce |
December 24, 2020 |
December 26, 2019 |
$ Change |
||||||||||
| Operating activities |
$ | 61,935 | $ | 54,285 | $ | 7,650 | ||||||
| Investing activities |
(10,734 | ) | (6,148 | ) | (4,586 | ) | ||||||
| Financing activities |
(50,973 | ) | (48,335 | ) | (2,638 | ) | ||||||
| |
|
|
|
|
|
|||||||
| Net increase in cash |
$ | 228 | $ | (198 | ) | $ | 426 | |||||
| |
|
|
|
|
|
|||||||
| 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) | |
| Exhibit No. |
Description | |
| 32.2 | Certification of Michael J. Valentine pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended | |
| 101.INS | XBRL Instance Document | |
| 101.SCH | XBRL Taxonomy Extension Schema Document | |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
| 101.PRE | 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/ MICHAEL J. VALENTINE | |
| Michael J. Valentine | ||
| Chief Financial Officer, Group President and Secretary | ||
EXHIBIT 10.10
[Employee FY 2021 RSU]
John B. Sanfilippo & Son, Inc. 2014 Omnibus Incentive Plan
RESTRICTED STOCK UNIT AWARD AGREEMENT
[Insert Date]
[Insert Name of Participant]
In accordance with the terms of the John B. Sanfilippo & Son, Inc. 2014 Omnibus Incentive Plan (the “Plan”), pursuant to action of the Compensation Committee (the “Committee”) of the Board of John B. Sanfilippo & Son, Inc. (the “Company”), the Company hereby grants to you (the “Recipient”), subject to the terms and conditions set forth in this Restricted Stock Unit Award Agreement (including Annex A hereto), Restricted Stock Units (“RSUs”), as set forth below.
Unless otherwise specified, capitalized terms used herein or in Annex A shall have the meanings specified in the Plan. The terms and conditions of the Plan are incorporated by reference and govern except to the extent that, when permitted by the Plan, this RSU Award Agreement provides otherwise.
Each RSU corresponds to one Share and is an unfunded and unsecured promise by the Company to deliver such Share on a future date as set forth herein. Until such delivery, you only have the rights of a general unsecured creditor of the Company and not as a stockholder with respect to the Shares underlying your RSUs.
| Number of RSUs Granted: |
[#] | |
| Date of Grant: |
[xx/xx/xxxx] | |
| Period of Restriction: |
Date of Grant through [xx/xx/xxxx] | |
| Share Payment Date: |
Each RSU will convert to the right to receive one Share on the day following the date the Period of Restriction ends (including due to accelerated vesting as contemplated in Annex A) with respect to that RSU, with the Share being delivered to the Recipient as soon as administratively possible thereafter (but no later than 60 days thereafter), or such other date(s) as are specified by the Recipient in a valid deferral election filed with the Company or as may be required pursuant to Section 3 of Annex A. |
1
[Employee FY 2021 RSU]
| Dividend Equivalents: | If a valid deferral election is made by the Recipient, then during the period from the first day after the Period of Restriction through the Share Payment Date, each RSU shall include a right to Dividend Equivalents, if any, in respect of such period and for which the applicable record date occurs during such period. Such Dividend Equivalents shall be paid to the Recipient on a current basis (less applicable withholding). “Dividend Equivalents” are a right to receive an amount equal to the dividends or property distributions that would have been made in respect of each Share underlying an RSU (other than dividends or distributions of securities to the extent covered in Section 4.4 of the Plan). |
RSUs are subject to forfeiture as provided herein (including Annex A) and the Plan.
Further terms and conditions of your Award of RSUs are set forth in Annex A, which is an integral part of this RSU Award Agreement.
By accepting this Award, you hereby acknowledge the receipt of a copy of this RSU Award Agreement including Annex A, and a copy of the Plan and agree to be bound by all terms and provisions hereof (including Annex A) and thereto.
| John B. Sanfilippo & Son, Inc. |
| Recipient: |
| Print Name: |
2
[Employee FY 2021 RSU]
Annex A
Restricted Stock Unit Award Agreement
Further Terms and Conditions of Award. It is understood and agreed that the Award of RSUs evidenced by the RSU Award Agreement to which this is annexed is subject to the following additional terms and conditions:
| 1. | Termination of Service. Upon the Recipient’s Termination of Service, all unvested RSUs (RSUs for which the Period of Restriction has not lapsed) shall be treated as follows: |
| a. | Death or Disability – If the Recipient’s Termination of Service is on account of death or Disability, then all of the unvested RSUs shall immediately become nonforfeitable and the restrictions with respect to such RSUs shall lapse as of the date of death or the date the Committee determines that the Disability occurred, as applicable. |
| b. | Normal Retirement with Proper Advance Notice – Notwithstanding Section 13(b) of the Plan, if the Recipient’s Termination of Service is on account of Normal Retirement (as defined below) and the Recipient provided at least 365 days advance written notice of the Recipient’s intent to exercise this Normal Retirement provision to the head of the Company’s Human Resources Department, then all unvested RSUs shall immediately become nonforfeitable and the restrictions with respect to such RSUs shall lapse as of the date of such Termination of Service. For the purposes of this RSU Award Agreement, “Normal Retirement” shall mean the Recipient’s Termination of Service, other than death or Disability, after the date the Recipient has (i) been continuously employed by the Company or any Subsidiary of the Company for at least seven (7) years and (ii) achieved the age of at least 62. |
| c. | Early Retirement with Proper Advance Notice – Notwithstanding Section 13(b) of the Plan, if the Recipient’s Termination of Service is on account of Early Retirement (as defined below) and the Recipient provided at least 365 days advanced written notice of the Recipient’s intent to exercise this Early Retirement provision to the head of the Company’s Human Resources Department, then the restrictions with respect to such RSUs shall lapse as of the date of such Termination of Service with respect to the number of RSUs subject to this RSU Award Agreement multiplied by a fraction (which shall not be greater than 1), the numerator of which is the number of whole months that have elapsed from the Date of Grant to the date of Termination of Service and the denominator of which is 36. The remainder of the RSUs shall be forfeited and canceled as of the date of the Participant’s Termination of Service. For the purposes of this RSU Award Agreement, “Early Retirement” shall mean the Recipient’s Termination of Service, other than death or Disability, after the date the Recipient has (i) been continuously employed by the Company or any Subsidiary of the Company for at least ten (10) years and (ii) achieved the age of at least 55. |
3
[Employee FY 2021 RSU]
| d. | Normal Retirement or Early Retirement without Proper Advance Notice – If the Recipient’s Termination of Service is on account of Normal Retirement or Early Retirement and the Recipient failed to provide at least 365 days advance written notice in accordance with this RSU Award Agreement to the head of the Company’s Human Resources Department, then all unvested RSUs shall be forfeited as of the end of the day of such Termination of Service unless the Committee, in its sole discretion, determines that all or some portion of such unvested RSUs shall become nonforfeitable and the restrictions with respect to such RSUs shall lapse as of the date of Normal Retirement or Early Retirement. |
| e. | Any Other Reason – If the Recipient’s Termination of Service is on account of any other reason, then all unvested RSUs shall be forfeited as of the end of the day of such Termination of Service. |
| 2. | Share Payment Date Deferral. If the Recipient makes a valid deferral election with respect to the RSUs in accordance with the requirements of Code Section 409A and as prescribed by the Committee, then the Shares underlying the RSUs for which restrictions have lapsed shall be paid out in accordance with such deferral election. |
| 3. | Six-Month Delay Due to Code Section 409A. Notwithstanding anything else herein to the contrary, if Recipient is a “specified employee” for purposes of Code Section 409A at the time of the Recipient’s Termination of Service and if an exception under Code Section 409A does not apply, any payment to the Recipient under this RSU Award Agreement that is payable on account of a Termination of Service (other than death or Disability) shall be delayed until six (6) months after the Recipient’s Termination of Service (other than death or Disability) as required by Code Section 409A. Normal and Early Retirements with proper notice may be subject to this six-month delay. |
| 4. | Fractional Shares. If any calculation of Shares to be awarded or to be forfeited or to be released from restrictions or limitations would result in a fraction, any fraction of 0.5 or greater will be rounded to one, and any fraction of less than 0.5 will be rounded to zero. |
| 5. | Tax Withholding. With respect to the minimum statutory tax withholding required upon the date the Period of Restriction ends, the Company may satisfy such withholding requirements by (a) withholding from other wages, compensation and amounts otherwise owed to the Recipient or, (b) at the written election of the Participant, by withholding Shares upon the date that the restrictions lapse to such RSUs, in whole or in part, but only with regard to that portion of the RSUs for which the Period of Restriction has ended. Unless the withholding of such Shares is not allowed under applicable tax or securities law or has materially adverse accounting consequences, the Recipient may elect, in writing, for the Company to withhold additional Shares beyond the number required to satisfy the minimum statutory tax withholding, up to the maximum applicable federal and state tax rates. If the obligation for any taxes is satisfied by withholding in Shares, for tax purposes, the Recipient is deemed to have been issued the full number of Shares subject to the RSUs, notwithstanding that a number of the Shares are so withheld. |
| 6. | Ratification of Actions. By accepting the RSU Award or other benefit under the Plan, the Recipient and each person claiming under or through him shall be conclusively deemed to have indicated the Recipient’s acceptance and ratification of, and consent to, any action taken under the Plan or the RSU Award by the Company, the Board or the Committee. |
4
[Employee FY 2021 RSU]
| 7. | Notices. Any notice hereunder to the Company shall be addressed to the head of the Company’s Human Resources Department, and any notice hereunder to Recipient shall be addressed to him or her at the address contained in the Company’s records, subject to the right of either party to designate at any time hereafter in writing some other address. |
| 8. | Nontransferability. Recipient may not sell, transfer, assign, pledge or otherwise dispose of the RSUs covered by this RSU Award Agreement, other than by will or by the laws of descent and distribution. |
| 9. | No Employment Rights. This RSU Award Agreement does not provide Recipient with any rights to continued employment with the Company or a Subsidiary. The Company and its Subsidiaries reserve the right to terminate Recipient’s employment at any time, with or without cause. |
| 10. | Trade Secrets and Confidential Information. Recipient shall not at any time directly or indirectly, either during or after the term of employment with the Company, divulge any Trade Secrets (as defined below) or any Confidential Information (as defined below) to any other person or business entity, nor use or permit the use of any Trade Secrets or any Confidential Information, other than on behalf of the Company and pursuant to the discharge of the responsibilities of Recipient as an employee. Upon the cessation of Recipient’s employment with the Company under any circumstances, Recipient shall promptly tender to the Company all documents, lists, records, cellular devices, computers, computer stored media and data (with accompanying passwords) and any other items, and reproductions thereof, of any kind in Recipient’s possession or control containing Trade Secrets or Confidential Information. Recipient agrees to carefully guard (a) the Trade Secrets and Confidential Information and (b) similar information owned by others which Recipient knows the Company is obligated by contract or other duty to keep confidential. |
| a. | Trade Secrets – As used herein, the term “Trade Secrets” shall include any information that derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons or business entities who can obtain economic value from its disclosure or use. As used herein, Trade Secrets shall not include information which is known, or shall become known through no fault of the Recipient, to the public or generally known within the industry of businesses comparable to the Company. All Trade Secrets imparted to Recipient by the Company, or otherwise obtained by Recipient, at any time, relating to the Company’s business operations, product data, customer or prospect lists or information, procurement data or practices, customer specification information and related data, pricing and cost data, marketing information, computer programs, business strategies, information regarding products under research and development, recipes, product formulae, manufacturing processes and any other such proprietary and confidential information is revealed and entrusted to Recipient in confidence, solely in connection with and for the purpose of employment on behalf of the Company. Recipient agrees that Trade Secrets are and remain the sole property of the Company. |
| b. | Confidential Information – As used herein, the term “Confidential Information” shall include Trade Secrets and all other confidential and/or proprietary information that does not rise to the level of Trade Secrets that is imparted, revealed |
5
[Employee FY 2021 RSU]
| and/or entrusted to Recipient by the Company in confidence. Confidential Information that is not Trade Secrets includes, but is not limited to, information regarding the Company’s operations, procurement processes, product information regarding products under research and development, methods of doing business, supplier and grower information, and accounting and legal information. As used herein, Confidential Information shall not include any information that is (a) generally known within the industry of businesses comparable to the Company or to the public, other than as a result of the breach of this RSU Award Agreement by Recipient or any breach of confidentiality obligations or other duties by third parties, (b) made legitimately available to Recipient by a third party without breach of any confidentiality obligation or other duty, or (c) required by law or legal process to be disclosed; provided that Recipient shall give prompt written notice to the Company of such requirement, disclose no more information than is so required, and cooperate with any attempts by the Company to obtain a protective order or similar treatment. All Confidential Information imparted to Recipient by the Company, or otherwise obtained by Recipient, at any time, is revealed and entrusted to Recipient in confidence, solely in connection with and for the purpose of employment on behalf of the Company. Recipient agrees that Confidential Information is and remains the sole property of the Company. |
| c. | Notice of Immunity – Pursuant to the Defend Trade Secrets Act of 2016, Recipient understands that: Recipient shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of Trade Secrets that are made in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney, in each case, solely for the purpose of reporting or investigating a suspected violation of law. Recipient shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of Trade Secrets that are made in a complaint or other document that is filed in a lawsuit or other proceeding, if such filing is made under seal. Recipient who files a lawsuit for retaliation by the Company for reporting a suspected violation of law may disclose Trade Secrets to the attorney of Recipient and use the Trade Secrets information in the court proceeding if Recipient (a) files any document containing the Trade Secrets under seal, and (b) does not disclose the Trade Secrets, except pursuant to court order. |
| 11. | Non-Solicitation and Non-Disparagement. |
| a. | Restrictions as to Solicitation of Employees – Recipient agrees that, during his employment with the Company and for a period of 12 months from the cessation of Recipient’s employment with the Company for any reason, including retirement, voluntary resignation, cessation as a result of performance or for or without cause, Recipient shall not solicit, hire or cause to be hired any employees of the Company for employment in any line of business or attempt to induce or encourage any such employee to leave the employ of the Company. Recipient also agrees not to make such solicitations indirectly. Recipient also shall not, directly or indirectly, aid or assist any other person, firm, corporation or other business entity in performing any of the aforesaid acts. This applies to actions Recipient may take in any capacity, including, but not limited to, as proprietor, partner, joint venturer, stockholder, director, officer, trustee, principal, agent, servant, employee, or in any other capacity. It is agreed this restriction is reasonable and necessary to protect the goodwill and confidential information of the Company. |
6
[Employee FY 2021 RSU]
| b. | Non-Disparagement – Recipient agrees not to willingly or knowingly make any statement or criticism that would reasonably be expected to cause the Company’s customers, suppliers or other business partners embarrassment, humiliation or otherwise cause or contribute to the Company’s customers, suppliers or other business partners being held in disrepute by the public or by the customers, suppliers, other business partners or employees of the Company, except as required by law. Recipient agrees not to willingly or knowingly make any statement or criticism that would reasonably be expected to cause the Company embarrassment, humiliation or otherwise cause or contribute to the Company being held in disrepute by the public or the customers, suppliers, other business partners or employees of the Company, or otherwise disparage or harm the reputation of the Company. However, nothing in this RSU Award Agreement will be construed to prohibit Recipient from filing a charge with, reporting possible violations to, or participating or cooperating with any governmental agency or entity, including but not limited to the Equal Employment Opportunity Commission, the Department of Justice, the Securities and Exchange Commission, Congress, or any agency Inspector General, or making other disclosures that are protected under the whistleblower, anti-discrimination or antiretaliation provisions of federal, state or local law or regulation; provided, that Recipient may not disclose Company information that is protected by the attorney-client privilege, except as expressly authorized by law; provided further, Recipient does not need the prior authorization of the Company to make any such reports or disclosures, and Recipient is not required to notify the Company that Recipient has made such reports or disclosures. |
| 12. | Cooperation. At any time subsequent to the cessation of Recipient’s employment with the Company for any reason, Recipient agrees to cooperate fully with the Company in the defense, prosecution or conduct of any claims, actions, investigations, or reviews now in existence or which may be initiated in the future against, involving or on behalf of the Company or any Subsidiary which relate to events or occurrences that transpired during Recipient’s employment with the Company (“Matters”). Recipient’s cooperation in connection with such Matters will include, but not be limited to, being available for telephone conferences with outside counsel and/or personnel of the Company, being available for interviews, depositions and/or to act as a witness on behalf of the Company, if reasonably requested. The Company will reimburse Recipient for all reasonable out-of-pocket expenses incurred by Recipient in connection with such cooperation with respect to such Matters. |
| 13. | Remedies. Recipient understands and agrees that money damages would not be a sufficient remedy for any breach of this RSU Award Agreement and that if Recipient should breach, or threaten to commit a breach, of any of the provisions of this RSU Award Agreement, the Company is entitled to seek equitable relief, including injunction and specific performance, as a remedy of such breach, in each case without any requirement to post a bond or other surety. Such remedies shall not be deemed to be the exclusive remedies for a breach of this RSU Award Agreement, but shall be in addition to all other remedies available at law or equity to the Company. The restrictions contained in this RSU Award Agreement do not supersede or reduce any rights that the Company may have pursuant to Federal or State law |
7
[Employee FY 2021 RSU]
| pertaining to any Trade Secrets or Confidential Information and, in the event that any such law provides greater protections with respect to any Trade Secrets or Confidential Information than the protections contained in this RSU Award Agreement, such greater protections shall apply. |
| 14. | Governing Law and Severability. This RSU Award Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. To the extent not preempted by Federal law, the RSU Award Agreement will be governed by and construed in accordance with the laws of the State of Delaware, without regard to conflicts of law provisions. The provisions of this RSU Award Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. |
| 15. | Definitions. Capitalized terms not otherwise defined in the RSU Award Agreement or in this Annex A attached thereto shall have the meanings given them in the Plan. |
| 16. | Code Section 409A. It is intended that this RSU Award Agreement will either comply with or be exempt from Code Section 409A to the extent applicable, and the Plan and the RSU Award Agreement shall be interpreted and construed on a basis consistent with such intent. The RSU Award Agreement may be amended in any respect deemed necessary (including retroactively) by the Committee in order to preserve compliance with (or exemption from) Code Section 409A. The preceding shall not be construed as a guarantee of any particular tax effect for any benefits or amounts deferred or paid pursuant to this RSU Award Agreement. |
| 17. | Waiver. The Recipient and every person claiming under or through the Recipient hereby waives to the fullest extent permitted by applicable law any right to a trial by jury with respect to any litigation directly or indirectly arising out of, under, or in connection with the Plan or this RSU Award Agreement issued pursuant to the Plan. |
| 18. | Interpretation. The Committee shall have final authority to interpret and construe the Plan and this RSU Award Agreement and Annex A and to make any and all determinations thereunder, and its decision shall be binding and conclusive upon the Recipient and his/her legal representative in respect of any questions arising under the Plan or this RSU Award Agreement and Annex A. |
| 19. | Securities Laws. The Recipient acknowledges that certain restrictions under state or federal securities laws may apply with respect to the Shares underlying the RSUs granted pursuant to this RSU Award Agreement, even after the Shares have been delivered to the Recipient. Specifically, Recipient acknowledges that, to the extent he or she is an “affiliate” of the Company (as that term is defined by the Securities Act of 1933), the Shares underlying the RSUs granted pursuant to this RSU Award Agreement are subject to certain trading restrictions under applicable securities laws (including particularly the Securities and Exchange Commission’s Rule 144). Recipient hereby agrees to execute such documents and take such actions as the Company may reasonably require with respect to state and federal securities laws and any restrictions on the resale of such shares which may pertain under such laws. |
8
[Employee FY 2021 RSU]
| 20. | Compensation Recovery. This RSU Award Agreement shall be subject to any compensation recovery policy adopted by the Company, including any policy required to comply with applicable law or listing standards, as such policy may be amended from time to time in the sole discretion of the Company. As consideration for and by accepting the RSUs, the Recipient agrees that all prior equity awards made by the Company to the Recipient shall become subject to the terms and conditions of the provisions of this Section 20. |
| 21. | Data Collection. The Recipient hereby explicitly and unambiguously consents to the collection, use, holding and transfer, in electronic or other form, of his or her personal data as described in this RSU Award Agreement by the Company for the exclusive purpose of implementing, administering and managing the Recipient’s participation in the Plan. The Recipient understands that the Company may hold certain personal information about the Recipient, including his or her name, home address and telephone number, date of birth, social security number or other identification number, salary, nationality, job title, any Shares held in the Company, details of all options or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in the Recipient’s favor, for the purpose of implementing, administering and managing the Plan (“Data”). Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan. The Recipient may request a list with the names and addresses of any recipients of the Data by contacting the head of the Company’s Human Resources Department. The Recipient authorizes any such third parties to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing his or her participation in the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the Recipient may elect to deposit any shares acquired upon settlement of the RSUs. Data will be held only as long as is necessary to implement, administer and manage the Recipient’s participation in the Plan. The Recipient may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the head of the Company’s Human Resources Department. Refusing or withdrawing his or her consent may affect the Recipient’s ability to participate in the Plan. For more information on the consequences of a refusal to consent or withdrawal of consent, the Recipient may contact the head of the Company’s Human Resources Department. |
9
Exhibit 31.1
CERTIFICATION
I, Jeffrey T. Sanfilippo, certify that:
| 1. | I have reviewed this Report on Form 10-Q of John B. Sanfilippo & Son, Inc. for the quarter ended December 24, 2020; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| (a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| (b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
| (d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
| 5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
| (a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
| (b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
January 27, 2021
| /s/ Jeffrey T. Sanfilippo |
| Jeffrey T. Sanfilippo |
| Chairman of the Board and |
| Chief Executive Officer |
Exhibit 31.2
CERTIFICATION
I, Michael J. Valentine, certify that:
| 1. | I have reviewed this Report on Form 10-Q of John B. Sanfilippo & Son, Inc. for the quarter ended December 24, 2020; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| (a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| (b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
| (d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
| 5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
| (a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
| (b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
January 27, 2021
| /s/ Michael J. Valentine |
| Michael J. Valentine |
| Chief Financial Officer, Group |
| President and Secretary |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of John B. Sanfilippo & Son, Inc. (the “Company”) on Form 10-Q for the quarter ended December 24, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jeffrey T. Sanfilippo, Chief Executive Officer and Chairman of the Board, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that based on my knowledge:
| 1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| 2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
January 27, 2021
| /s/ Jeffrey T. Sanfilippo |
| Jeffrey T. Sanfilippo |
| Chief Executive Officer and Chairman of the Board |
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of John B. Sanfilippo & Son, Inc. (the “Company”) on Form 10-Q for the quarter ended December 24, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael J. Valentine, Chief Financial Officer, Group President and Secretary, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that based on my knowledge:
| 1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| 2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
January 27, 2021
| /s/ Michael J. Valentine |
| Michael J. Valentine |
| Chief Financial Officer, Group President and Secretary |