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.) |
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(Address of Principal Executive Offices) |
(Zip Code) |
Title of Each Class |
Trading Symbol |
Name of Each Exchange on Which Registered | ||
, $.01 par value per share |
The NASDAQ Stock Market LLC (NASDAQ Global Select Market) |
☒ | Accelerated filer | ☐ | ||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||
Emerging growth company |
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3 |
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30 |
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30 |
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30 |
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30 |
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30 |
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31 |
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35 |
For the Quarter Ended |
For the Thirty-Nine Weeks Ended |
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March 25, 2021 |
March 26, 2020 |
March 25, 2021 |
March 26, 2020 |
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Net sales |
$ | $ | $ | $ | ||||||||||||
Cost of sales |
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Gross profit |
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Operating expenses: |
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Selling expenses |
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Administrative expenses |
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Total operating expenses |
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Income from operations |
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Other expense: |
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Interest expense including $ |
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Rental and miscellaneous expense, net |
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Other expense |
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Total other expense, net |
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Income before income taxes |
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Income tax expense |
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Net income |
$ | $ | $ | $ | ||||||||||||
Other comprehensive income: |
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Amortization of prior service cost and actuarial loss included in net periodic pension cost |
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Income tax expense related to pension adjustments |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
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Other comprehensive income, net of tax |
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Comprehensive income |
$ | $ | $ | $ | ||||||||||||
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Net income per common share-basic |
$ | $ | $ | $ | ||||||||||||
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Net income per common share-diluted |
$ | $ | $ | $ | ||||||||||||
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March 25, 2021 |
June 25, 2020 |
March 26, 2020 |
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ASSETS |
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CURRENT ASSETS: |
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Cash |
$ | $ | $ | |||||||||
Accounts receivable, less allowance for doubtful accounts of $ |
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Inventories |
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Prepaid expenses and other current assets |
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TOTAL CURRENT ASSETS |
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PROPERTY, PLANT AND EQUIPMENT: |
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Land |
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Buildings |
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Machinery and equipment |
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Furniture and leasehold improvements |
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Vehicles |
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Construction in progress |
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Less: Accumulated depreciation |
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Rental investment property, less accumulated depreciation of $ |
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TOTAL PROPERTY, PLANT AND EQUIPMENT |
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Intangible assets, net |
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Cash surrender value of officers’ life insurance and other assets |
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Deferred income taxes |
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Goodwill |
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Operating lease right-of-use |
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TOTAL ASSETS |
$ | $ | $ | |||||||||
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March 25, 2021 |
June 25, 2020 |
March 26, 2020 |
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LIABILITIES & STOCKHOLDERS’ EQUITY |
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CURRENT LIABILITIES: |
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Revolving credit facility borrowings |
$ | $ | $ | |||||||||
Current maturities of long-term debt, including related party debt of $ |
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Accounts payable |
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Bank overdraft |
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Accrued payroll and related benefits |
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Other accrued expenses |
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TOTAL CURRENT LIABILITIES |
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LONG-TERM LIABILITIES: |
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Long-term debt, less current maturities, including related party debt of $ |
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Retirement plan |
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Long-term operating lease liabilities, net of current portion |
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Other |
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TOTAL LONG-TERM LIABILITIES |
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TOTAL LIABILITIES |
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COMMITMENTS AND CONTINGENCIES |
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STOCKHOLDERS’ EQUITY: |
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Class A Common Stock, convertible to Common Stock on a per share basis, cumulative voting rights of ten votes per share, $ par value; |
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Common Stock, non-cumulative voting rights of one vote per share, $ par value; |
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Capital in excess of par value |
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Retained earnings |
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Accumulated other comprehensive loss |
( |
) | ( |
) | ( |
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Treasury stock, at cost; |
( |
) | ( |
) | ( |
) | ||||||
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TOTAL STOCKHOLDERS’ EQUITY |
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TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY |
$ | $ | $ | |||||||||
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Class A Common Stock |
Common Stock |
Capital in Excess of Par Value |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Treasury Stock |
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Shares |
Amount |
Shares |
Amount |
Total |
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Balance, June 25, 2020 |
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||||||||||||||||||||||||
Net income |
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Cash dividends ($ |
( |
) | ( |
) | |||||||||||||||||||||||||||||||||||||||||
Pension liability amortization, net of income tax expense of $ |
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Equity award exercises |
— | — | — | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense |
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Balance, September 24, 2020 |
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||||||||||||||||||||||||
Net income |
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Pension liability amortization, net of income tax expense of $ |
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Equity award exercises , net of shares withheld for employee taxes |
( |
) | ( |
) | |||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense |
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Balance, December 24, 2020 |
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||||||||||||||||||||||||
Net income |
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Cash dividends ($ |
( |
) | ( |
) | |||||||||||||||||||||||||||||||||||||||||
Pension liability amortization, net of income tax expense of $ |
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Equity award exercises , net of shares withheld for employee taxes |
— | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense |
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Balance, March 25, 2021 |
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||||||||||||||||||||||||
Class A Common Stock |
Common Stock |
Capital in Excess of Par Value |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Treasury Stock |
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Shares |
Amount |
Shares |
Amount |
Total |
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Balance, June 27, 2019 |
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||||||||||||||
Net income |
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Cash dividends ($ |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
Pension liability amortization, net of income tax expense of $ |
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Impact of adopting ASU 2018-02 |
( |
) | ||||||||||||||||||||||||||||||||||||
Stock-based compensation expense |
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Balance, September 26, 2019 |
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||||||||||||||
Net income |
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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 |
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Balance, December 26, 2019 |
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||||||||||||||
Net income |
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Pension liability amortization, net of income tax expense of $ |
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Equity award exercises , net of shares withheld for employee taxes |
— | ( |
) | ( |
) | |||||||||||||||||||||||||||||||||
Stock-based compensation expense |
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Balance, March 26, 2020 |
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||||||||||||||
For the Thirty-Nine |
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March 25, |
March 26, |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income |
$ | $ | ||||||
Depreciation and amortization |
||||||||
Gain on disposition of assets, net |
( |
) | ( |
) | ||||
Deferred income tax expense (benefit) |
( |
) | ||||||
Stock-based compensation expense |
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Change in assets and liabilities: |
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Accounts receivable, net |
( |
) | ( |
) | ||||
Inventories |
( |
) | ||||||
Prepaid expenses and other current assets |
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Accounts payable |
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Accrued expenses |
( |
) | ( |
) | ||||
Income taxes payable |
( |
) | ||||||
Other long-term assets and liabilities |
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Other, net |
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Net cash provided by operating activities |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Purchases of property, plant and equipment |
( |
) | ( |
) | ||||
Proceeds from insurance recoveries |
||||||||
Other |
( |
) | ( |
) | ||||
Net cash used in investing activities |
( |
) | ( |
) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
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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 DECREASE IN CASH |
( |
) | ( |
) | ||||
Cash, beginning of period |
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Cash, end of period |
$ | $ | ||||||
Supplemental disclosure of non-cash activities: |
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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 third quarter of fiscal 2021 and fiscal 2020 are to the quarters ended March 25, 2021 and March 26, 2020, respectively. |
• | References herein to the first three quarters or first thirty-nine weeks of fiscal 2021 and fiscal 2020 are to the thirty-nine weeks ended March 25, 2021 and March 26, 2020, respectively. |
For the Quarter Ended |
For the Thirty-Nine Ended |
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Distribution Channel |
March 25, 2021 |
March 26, 2020 |
March 25, 2021 |
March 26, 2020 |
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Consumer |
$ | $ | $ | $ | ||||||||||||
Commercial Ingredients |
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Contract Packaging |
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Total |
$ | $ | $ | $ | ||||||||||||
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March 25, 2021 |
June 25, 2020 |
March 26, 2020 |
Affected Line Item in Consolidated Balance Sheet |
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Assets |
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Operating lease right-of-use |
$ | $ | $ | Operating lease right-of-use | ||||||||||||
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Total lease right-of-use |
$ | $ | $ | |||||||||||||
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Liabilities |
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Current: |
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Operating leases |
$ | $ | $ | Other accrued expenses | ||||||||||||
Noncurrent: |
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Operating leases |
Long-term operating lease liabilities | |||||||||||||||
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Total lease liabilities |
$ | $ | $ | |||||||||||||
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For the Quarter Ended |
For the Thirty-nine |
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March 25, 2021 |
March 26, 2020 |
March 25, 2021 |
March 26, 2020 |
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Operating lease costs (a) |
$ | $ | $ | $ | ||||||||||||
Variable lease costs (b) |
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Total Lease Cost |
$ | $ | $ | $ | ||||||||||||
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(a) |
Includes short-term leases which are immaterial. |
(b) |
Variable lease costs consist of sales tax. |
For the Thirty-nine |
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March 25, 2021 |
March 26, 2020 |
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Operating cash flows information: |
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Cash paid for amounts included in measurements for lease liabilities |
$ | $ | ||||||
Non-cash activity: |
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Right-of-use |
$ | $ |
March 25, 2021 |
June 25, 2020 |
March 26, 2020 |
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Weighted Average Remaining Lease Term (in years) |
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Weighted Average Discount Rate |
% | % | % |
Fiscal year ending |
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June 24, 2021 (excluding the thirty-nine weeks ended March 25, 2021) |
$ | |||
June 30, 2022 |
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June 29, 2023 |
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June 27, 2024 |
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June 26, 2025 |
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June 25, 2026 |
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Thereafter |
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Total lease payment |
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Less imputed interest |
( |
) | ||
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Present value of operating lease liabilities |
$ | |||
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For the Quarter ended |
For the Thirty-nine |
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March 25, 2021 |
March 26, 2020 |
March 25, 2021 |
March 26, 2020 |
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Lease income related to lease payments |
$ | |
$ | |
$ | |
$ | |
Fiscal year ending |
||||
June 24, 2021 (excluding the thirty-nine weeks ended March 25, 2021) |
$ | |||
June 30, 2022 |
||||
June 29, 2023 |
||||
June 27, 2024 |
||||
June 26, 2025 |
||||
June 25, 2026 |
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Thereafter |
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|
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$ |
March 25, 2021 |
June 25, 2020 |
March 26, 2020 |
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Raw material and supplies |
$ | $ | $ | |||||||||
Work-in-process |
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Total |
$ | $ | $ | |||||||||
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March 25, |
June 25, |
March 26, |
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Customer relationships |
$ | $ | $ | |||||||||
Brand names |
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Non-compete agreement |
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Less accumulated amortization: |
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Customer relationships |
( |
) | ( |
) | ( |
) | ||||||
Brand names |
( |
) | ( |
) | ( |
) | ||||||
Non-compete agreement |
( |
) | ( |
) | ( |
) | ||||||
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( |
) | ( |
) | ( |
) | |||||||
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|||||||
Net intangible assets |
$ | $ | $ | |||||||||
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Fiscal year ending |
||||
June 30, 2022 |
$ | |||
June 29, 2023 |
||||
June 27, 2024 |
||||
June 26, 2025 |
||||
June 25, 2026 |
For the Quarter Ended |
For the Thirty-Nine Weeks Ended |
|||||||||||||||
March 25, 2021 |
March 26, 2020 |
March 25, 2021 |
March 26, 2020 |
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Weighted average number of shares outstanding – basic |
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Effect of dilutive securities: |
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Stock options and restricted stock units |
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Weighted average number of shares outstanding – diluted |
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|
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For the Quarter Ended |
For the Thirty-Nine Weeks Ended |
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March 25, 2021 |
March 26, 2020 |
March 25, 2021 |
March 26, 2020 |
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Weighted average number of anti-dilutive awards: |
||||||||||||||||
Weighted average exercise price per award: |
$ | $ | $ | $ |
Restricted Stock Units |
Shares |
Weighted Average Grant Date Fair Value |
||||||
Outstanding at June 25, |
$ | |||||||
Activity: |
||||||||
Granted |
||||||||
Vested (a) |
( |
) | ||||||
Forfeited |
( |
) | ||||||
|
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|
|
|||||
Outstanding at March 25, 2021 |
$ | |||||||
|
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|
|
(a) |
The number of RSUs vested includes shares that were withheld on behalf of employees to satisfy the statutory income tax withholding requirements. |
For the Quarter Ended |
For the Thirty-Nine Ended |
|||||||||||||||
March 25, 2021 |
March 26, 2020 |
March 25, 2021 |
March 26, 2020 |
|||||||||||||
Stock-based compensation expense |
$ | $ | $ | $ |
For the Quarter Ended |
For the Thirty-Nine Ended |
|||||||||||||||
March 25, 2021 |
March 26, 2020 |
March 25, 2021 |
March 26, 2020 |
|||||||||||||
Service cost |
$ | $ | $ | $ | ||||||||||||
Interest cost |
||||||||||||||||
Amortization of prior service cost |
||||||||||||||||
Amortization of loss |
||||||||||||||||
Net periodic benefit cost |
$ | $ | $ | $ | ||||||||||||
For the Thirty-Nine Weeks Ended |
||||||||
Changes to AOCL (a) |
March 25, 2021 |
March 26, 2020 |
||||||
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 |
$ | ( |
) | $ | ( |
) | ||
(a) |
Amounts in parenthesis indicate debits/expense. |
Affected line item in the Consolidated Statements of Comprehensive Income |
||||||||||||||||||||
Reclassifications from AOCL to earnings (b) |
For the Quarter Ended |
For the Thirty-Nine Weeks Ended |
||||||||||||||||||
March 25, 2021 |
March 26, 2020 |
March 25, 2021 |
March 26, 2020 |
|||||||||||||||||
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 |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||||||
(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. |
March 25, 2021 |
June 25, 2020 |
March 26, 2020 |
||||||||||
Carrying value of long-term debt: |
$ | $ | $ | |||||||||
Fair value of long-term debt: |
• | References herein to fiscal 2021 and fiscal 2010 are to the fiscal year ending June 24, 2021 and the fiscal year ended June 25, 2020, respectively. |
• | References herein to the third quarter of fiscal 2021 and fiscal 2020 are to the quarters ended March 25, 2021 and March 26, 2020, respectively. |
• | References herein to the first three quarters or first thirty-nine weeks of fiscal 2021 and fiscal 2021 are to the thirty-nine weeks ended March 25, 2021 and March 26, 2020, respectively. |
For the Quarter Ended |
For the Thirty-Nine Weeks Ended |
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Product Type |
March 25, 2021 |
March 26, 2020 |
March 25, 2021 |
March 26, 2020 |
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Peanuts |
19.5 | % | 19.5 | % | 19.2 | % | 17.7 | % | ||||||||
Pecans |
7.8 | 7.0 | 10.7 | 11.2 | ||||||||||||
Cashews & Mixed Nuts |
23.1 | 23.0 | 23.3 | 22.8 | ||||||||||||
Walnuts |
5.4 | 6.1 | 6.4 | 7.4 | ||||||||||||
Almonds |
10.5 | 16.1 | 10.7 | 15.2 | ||||||||||||
Trail & Snack Mixes |
27.8 | 22.6 | 24.1 | 20.3 | ||||||||||||
Other |
5.9 | 5.7 | 5.6 | 5.4 | ||||||||||||
|
|
|
|
|
|
|
|
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Total |
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
|
|
|
|
|
|
|
|
For the Quarter Ended |
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Distribution Channel |
March 25, 2021 |
Percentage of Total |
March 26, 2020 |
Percentage of Total |
$ Change |
Percent Change |
||||||||||||||||||
Consumer (1) |
$ | 169,415 | 81.5 | % | $ | 158,616 | 75.0 | % | $ | 10,799 | 6.8 | % | ||||||||||||
Commercial Ingredients |
21,052 | 10.1 | 30,312 | 14.3 | (9,260 | ) | (30.5 | ) | ||||||||||||||||
Contract Packaging |
17,425 | 8.4 | 22,696 | 10.7 | (5,271 | ) | (23.2 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ | 207,892 | 100.0 | % | $ | 211,624 | 100.0 | % | $ | (3,732 | ) | (1.8 | )% | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Sales of branded products were approximately 20% and 24% of total consumer sales during the third quarter of fiscal 2021 and fiscal 2020, respectively. Fisher Orchard Valley Harvest |
For the Thirty-nine Weeks Ended |
||||||||||||||||||||||||
Distribution Channel |
March 25, 2021 |
Percentage of Total |
March 26, 2020 |
Percentage of Total |
$ Change |
Percent Change |
||||||||||||||||||
Consumer (1) |
$ | 528,201 | 81.0 | % | $ | 503,848 | 74.6 | % | $ | 24,353 | 4.8 | % | ||||||||||||
Commercial Ingredients |
64,399 | 9.9 | 101,447 | 15.0 | (37,048 | ) | (36.5 | ) | ||||||||||||||||
Contract Packaging |
59,140 | 9.1 | 70,598 | 10.4 | (11,458 | ) | (16.2 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ | 651,740 | 100.0 | % | $ | 675,893 | 100.0 | % | $ | (24,153 | ) | (3.6 | )% | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Sales of branded products were approximately 25% and 29% of total consumer sales during the first thirty-nine weeks of fiscal 2021 and fiscal 2020, respectively. Fisher Orchard Valley Harvest |
For the Thirty-Nine Weeks Ended |
||||||||||||
March 25, 2021 |
March 26, 2020 |
$ Change |
||||||||||
Operating activities |
$ | 77,026 | $ | 34,962 | $ | 42,064 | ||||||
Investing activities |
(13,620 | ) | (10,533 | ) | (3,087 | ) | ||||||
Financing activities |
(63,898 | ) | (25,027 | ) | (38,871 | ) | ||||||
|
|
|
|
|
|
|||||||
Net decrease in cash |
$ | (492 | ) | $ | (598 | ) | $ | 106 | ||||
|
|
|
|
|
|
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 | |
101.INS | Inline eXtensible Business Reporting Language (XBRL) Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
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/ MICHAEL J. VALENTINE | |
Michael J. Valentine | ||
Chief Financial Officer, Group President and Secretary |