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FY 2016 ANNUAL STOCKHOLDER MEETINGNovember 2, 2016
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• JBSS Overview and Results - Jeffrey Sanfilippo Chairman & CEO
• FY 2016 Financial Milestones - Mike Valentine CFO & Group President
• Brand Marketing Overview - Howard Brandeisky Sr. VP Global Marketing & Customer Solutions
• JBSS FY 2017 Strategic Plan - Jeffrey Sanfilippo Chairman & CEO
• Closing Remarks - Jeffrey Sanfilippo Chairman & CEO
Agenda
2
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Some of the statements in this presentation and any statements by management constitute “forward-looking statements” about John B. Sanfilippo & Son, Inc. Such statements include, in
particular, statements about our plans, strategies, business prospects, changes and trends in our business and the markets in which we operate. In some cases, you can identify forward-looking statements by the use of words such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,”
“anticipate,” “intend,” “believe,” “estimate,” “forecast,” “predict,” “propose,” “potential” or “continue” or the negative of those terms or other comparable terminology. These statements
represent our present expectations or beliefs concerning future events and are not guarantees. Such statements speak only as of the date they are made, and we do not undertake any
obligation to update any forward-looking statement.
We caution that forward-looking statements are qualified by important factors, risks and uncertainties that could cause actual results to differ materially from those in the forward- looking statements. Our periodic reports filed with the Securities and Exchange Commission, including our Forms 10-K and 10-Q and any amendments thereto, describe some of these factors, risks
and uncertainties.
Forward-Looking Statements
3
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CONSISTENT SUCCESS OVER PAST 5 FISCAL YEARS
Diluted EPS improvement of 70% from FY 12 to FY 16
4
$1.58
$1.98
$2.36$2.61 $2.68
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
FY12
FY13
FY14
FY15
FY16
Diluted EPS FY 12-FY 16
Net Sales increased by 7% over FY 15 to a record $952.1 million
$650,000
$700,000
$750,000
$800,000
$850,000
$900,000
$950,000
$1,000,000
FY 12 FY 13 FY 14 FY 15 FY 16
Net Sales FY 12 - FY 16
$952,059,000
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JBSS STOCK PERFORMANCE VS RUSSEL 2000 OVER THE LAST TWO YEARS
5
10/31/14$37.15
10/31/16$50.68
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VisionTo be the global source for nuts,
committed to quality,
expertise and innovation that
delivers an unmatched
experience to our customer
and consumer
Core ValuesIntegrityPeople
InvestmentCustomer Driven
QualityInnovationExecution
Continuous ImprovementSafety
Resource Conservation
6
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FY 2016 CORPORATE RESULTS
7
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8
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Fisher recipe nuts increased pound market share by +2.6 points.
Fisher snack nuts pound market share grew +0.6 point in the high franchise Midwest.
Strong growth in Produce Nut category.
FY 2016 Accomplishments
9
Source : IRI FY Ending 6/26/16 Total US MULO for Recipe Nuts ; Fisher Core (Milwaukee, Minneapolis, Chicago, and St Louis) MULO for Fisher Snack
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10
Leveraged our innovation capabilities to launch 30 new items for our key Contract Manufacturing customers.
Optimized Food Service and Industrial ingredient customer and product portfolios.
Expanded Fisher brand awareness and distribution in the Commercial Ingredients channel.
FY 2016 Accomplishments
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Sampling of Fisher snacks in Middle East with positive consumer engagement.
China Ecommerce Holiday… Fisher sold $20,000 in one day.
Successful sell through of Fisher gift pack for Chinese New Year.
FY 2016 ACCOMPLISHMENTS
11
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NUT CATEGORY REVIEW
12
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$4.63 $5.24 $5.54 $5.62 $5.85 $6.07
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
Price Per Pound
Steady Increase in Nut Retail Prices Since FY 2011
Source: IRI: Total Nut Category – Multi Outlet Geography Time Periods: to FY 11 Year Ending 7/3/11 to FY 2016 data ending 6/26/16
13
+ 31% since FY 2011
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48.0%43.0% 41.0% 39.0%
35.0%
23.0%
15.0% 14.0%
ALMOND PISTACHIO MIXED NUTS CASHEW WALNUT MACADAMIANUT
PEANUT PECAN
% Increase in Price Per Pound Since FY '11
Retail Prices Up Across Most Major Nut Types over the Last 5 Years
14
Source: IRI: Total Nut Category – Multi Outlet Geography Time Periods: to FY 11 Year Ending 7/3/11 to FY 2016 data ending 6/26/16
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4,771
5,3055,659
5,9086,120 6,261
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
Category $ Sales (M)
Steady Category $ Growth
1,030
1,0141,022
1,0511,046
1,031
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
Category Pound Sales (M)
15Source: IRI: Total Nut Category – Multi Outlet Geography Time Periods: to FY 11 Year Ending 7/3/11 to FY 2016 data ending 6/26/16
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SALES CHANNEL UPDATES
16
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Commercial Ingredients
23%
Contract Pkg.15%
Consumer 59%
Export3%
$561
Fiscal 2016 Net Sales $952 Million
Business Channel Diversification
(Millions of $)
17
$31$223
$137
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18
Fiscal 2016 Net Sales $561 Million
Consumer59%
vs. FY 15
FY 2016 Consumer Channel
6.1%The picture can't be displayed.The picture can't be displayed. The picture can't be displayed. The picture can't be displayed.
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Commercial Ingredients
23%
7.3%
Fiscal 2016 Net Sales $223 Million
FY 2016 Commercial Ingredients Channel
vs. FY 15
19
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19.4%vs. FY 15
Contract Packaging 15%
FY 2016 Contract Packaging Channel
Fiscal 2016 Net Sales $137 Million20
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Export3%
-13.1%
vs. FY 15
FY 2016 Export Channel
Fiscal 2016 Net Sales $31 Million
21
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INVESTMENTS IN FOOD SAFETY
22
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FOOD SAFETY MODERNIZATION ACT (FSMA)
• FSMA signed by President Obama in 2011.
• FSMA final rules issued 2015.
• We are compliant to FSMA requirements as of Sept. 2016.
Public Health Imperative • Foodborne illness is a significant
public health burden.
• About 48 million get sick each year from foodborne illnesses.
• Infants, pregnant women, elderly, immune-compromised individuals aremore susceptible to foodborne illnesses.
• Pathogen and allergen recalls remain elevated.
23Source: http://www.fda.gov/food/resourcesforyou/consumers/ucm103263.htm
Source: https://wwwnc.cdc.gov/eid/article/17/1/p2-1101_articleSource: https://www.ncbi.nlm.nih.gov/pubmed?cmd=Retrieve&db=PubMed&list_uids=21192848&dopt=Abstract
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WHAT WE HAVE DONE TO MEET AND EXCEED FOOD SAFETY COMPLIANCE AT JBSS
• We increased our competency. Approximately 30 associates are Preventive Control Qualified Individuals and help assure food safety compliance on a daily basis.
• Food Safety Plans have been developed and implemented for all production lines.
• We validated every roasting line to assure food safety.
• Vendor assurance, environmental monitoring, hygienic zone control, and product protection programs were evaluated and upgraded.
24
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INVESTMENTS FOR FOOD SAFETY AND QUALITY
• Completed Food Safety Capital Projects– Selma, TX – Raw vs. Processed Segregation – Gustine, CA – Raw vs. Processed Segregation– Bainbridge, GA – Enclosed Cooler Dock & Raw vs. Processed
Segregation
• In Process Food Safety Capital Projects– Elgin, IL – EB Dust Collection System– Elgin, IL – Enhanced Metal Detectors to meet higher standards– Elgin, IL – Employee Production Changeover Segregation– Bainbridge, GA – Metal Detector for Blanching Pack Out
New Raw Inspection Room in Selma, TX
25
Over $2,700,000 spent to date
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WHAT SETS US APART ON FOOD SAFETY• We strive for best in class! We believe our preventive controls are at
industry standard or best in class.
• Vertical integration and selective processing and supplier partnerships provide optimal consumer quality while assuring product safety.
• We are nimble! Our technical teams are embedded in project launches and timelines to best partner with customers and allow speed to market.
26
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FY 2016 FINANCIAL MILESTONES
27
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$0
$25
$50
$75
$100
$125
$150
$175
$200
$225
$250
$275
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
JBSS STOCKHOLDERS’ EQUITY FYs 1991- 2016
28
In millions of $
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JBSS NET SALES FYs 1991- 2016
$0
$200
$400
$600
$800
$1,000
$1,20019
91
1992
1993
1994
1995
1996
1997
(6 M
O)
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
29
Increased Pound Volume and Prices
De-emphasizedIndustrial Sales,
Lower Prices
Low Carb Diet Run Up
$952million
In millions of $
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JBSS TOTAL OUTSTANDING DEBT FYs 1991- 2016
$0
$20
$40
$60
$80
$100
$120
$140
$160
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
30
In millions of $
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JBSS TOTAL OUTSTANDING DEBT AS % OF NET SALES FYs 1991 – 2016
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
55.0%
60.0%
65.0%
70.0%
75.0%
31
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EBITDA
EBITDA consists of earnings before interest, taxes, depreciation,amortization and noncontrolling interest. EBITDA is not a measurementof financial performance under accounting principles generallyaccepted in the United States of America ("GAAP"), and does notrepresent cash flow from operations. EBITDA is presented solely as asupplemental disclosure because management believes that it isimportant in evaluating JBSS's financial performance and marketvaluation. In conformity with Regulation G, a reconciliation of EBITDAto the most directly comparable financial measures calculated andpresented in accordance with GAAP is presented in the following slide.
32
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RECONCILIATION OF NET INCOME (LOSS) TO EBITDA
33
FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
(in $,000's)
NET INCOME (LOSS) (13,577) (5,957) 6,917 14,425 2,835 17,122 21,760 26,287 29,305 30,395
INTEREST EXPENSE 9,347 10,502 7,646 5,653 6,444 5,364 4,754 4,354 3,966 3,492
INCOME TAX EXPENSE (BENEFIT) (7,520) (897) (259) 8,447 (49) 9,099 13,536 13,545 15,559 16,067
DEPRECIATION / AMORTIZATION 13,584 15,742 15,922 15,825 16,968 17,117 16,717 16,278 16,284 16,585
EBITDA 1,834 19,390 30,226 44,350 26,198 48,702 56,767 60,464 65,114 66,539
NET SALES 540,858 541,771 553,846 561,633 674,212 700,575 734,334 778,622 887,245 952,059
EBITDA MARGIN (% OF NET SALES) 0.3% 3.6% 5.5% 7.9% 3.9% 7.0% 7.7% 7.8% 7.3% 7.0%
POUNDS SOLD (000‘s) 246,142 221,958 217,465 224,302 232,746 212,553 221,762 240,417 253,514 270,144
EBITDA PER POUND SOLD 0.007 0.087 0.139 0.198 0.113 0.229 0.256 0.251 0.257 0.246
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EBITDA*
-$15,000
-$10,000
-$5,000
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
$50,000
$55,000
$60,000
$65,000
$70,000
$75,000
* EBITDA is a non-GAAP measure. See slide entitled “Reconciliation of Net Income (Loss) to EBITDA” for reconciliation to GAAP measure
34
(in $ thousands)
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35
PEANUT AND TREE NUT SPOT MARKET PRICES VS. JBSS ROLLING 4 QTR. GROSS MARGIN %
0.0%
1.5%
3.0%
4.5%
6.0%
7.5%
9.0%
10.5%
12.0%
13.5%
15.0%
16.5%
18.0%
19.5%
21.0%
22.5%
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
$4.50
$5.00
$5.50
$6.00
$6.50
$7.00
$7.50Se
p-01
Dec
-01
Mar
-02
Jun-
02Se
p-02
Dec
-02
Mar
-03
Jun-
03Se
p-03
Dec
-03
Mar
-04
Jun-
04Se
p-04
Dec
-04
Mar
-05
Jun-
05Se
p-05
Dec
-05
Mar
-06
Jun-
06Se
p-06
Dec
-06
Mar
-07
Jun-
07Se
p-07
Dec
-07
Mar
-08
Jun-
08Se
p-08
Dec
-08
Mar
-09
Jun-
09Se
p-09
Dec
-09
Mar
-10
Jun-
10Se
p-10
Dec
-10
Mar
-11
Jun-
11Se
p-11
Dec
-11
Mar
-12
Jun-
12Se
p-12
Dec
-12
Mar
-13
Jun-
13Se
p-13
Dec
-13
Mar
-14
Jun-
14Se
p-14
Dec
-14
Mar
-15
Jun-
15Se
p-15
Dec
-15
Mar
-16
Jun-
16Se
p-16
rolling 4Q gm% cashews 320's almonds nps 25/27peanuts jumbo runners pecans fcy. jr. mammoth 1/2's walnuts combo 1/2's & pcs.
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Net Sales ($3,484) (1.5%)
Sales Volume (Lbs. Sold) 5,900 9.7%
Gross Profit $3,270 9.8%
Net Income $2,190 27.4%
Earnings Per Share (Diluted)
$0.18 25.4%
Operating Cash Flows $647 1.6%
Total Debt ($30,077) (48.2%)
36
$ Change % Change
Financial Highlights: Q1 2017 vs. Q1 2016(in 000’s except EPS)
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FY 2016 Brand Marketing Overview
37
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Snack Nuts
Grow Brands
38
Recipe Nuts
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39
Recipe Nuts
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Strong Growth for Fisher Recipe in FY 16Total Fisher Recipe Brand Growth FY 16 vs. FY 15
+6%
+12%
POUND SALES DOLLAR NET SALES
40Source: JBSS shipment data
Recipe Nuts
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Fisher Recipe continues to Grow Market Share
15.6%18.0%
20.1%22.7%
FY 2013 FY 2014 FY 2015 FY 2016
Fisher Recipe Pound Share Total US MULO
41Source: IRI: Total Recipe Nut Category – Multi Outlet Geography – FY 2013 - 2016 Data Ending 6/26/16
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42Source: IRI: Total Nut Category – Multi Outlet Geography Time Periods: to FY 13 Year Ending 6/30/13 to FY 2016 data ending 6/26/16
44% 47% 47%55%
FY 13 FY 14 FY 15 FY 16
Fisher Recipe Distribution
Steady Growth in Fisher Recipe Nut Distribution
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No Preservatives and Non-GMO Messages are Key Drivers for Growth
43
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FROM TO
Packaging Graphics Refresh
44
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Continue to Build Fisher Brand Equity with Food Network Sponsorship
45
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Integrated Marketing Key to Building Brand Equity
Food Network
Public Relations
National Print
In-Store Programs
Social Media
Original PR photo content created and photographed by the Fisher Fresh Thinkers Influencer Network 46
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FISHER LAUNCHED NEW RECIPE VIDEO CONTENT
Show Video of Apple and Almond Hand Pies
47
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48
“Fisher Fresh Thinkers” blogger network
Original photo content created and photographed by the Fisher Fresh Thinkers Influencer Network
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49
Snack Nuts
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Strong Growth on Fisher Snack in FY 16Total Fisher Snack Brand Growth FY 16 vs. FY 15
+5%
+10%
POUND SALES DOLLAR NET SALES
50Source: JBSS shipment data
Snack Nuts
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Fisher Snack Nut Strategy Focuses on Midwest High Franchise Markets
51
Snack Nuts
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3.13.5
3.94.5
FY 2013 FY 2014 FY 2015 FY 2016
Fisher Snack Nuts Pound Share(High Franchise Markets)
We Are Growing our Pound Share in High Franchise Markets
52Source: IRI: Total Snack Nut Category – Core Franchise (Minneapolis, Milwaukee, Chicago and St. Louis) Multi Outlet Geography –Periods: FY 13 to FY 16 data ending 6/26/16.
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50%
58%
FY 12 FY 16
Fisher Snack ACV (Core)
Fisher Snack ACV (Core)
11,789
21,130
FY 12 FY 16
Fisher Pound Velocity (Core)
Fisher Pound Velocity (Core)
53Source: IRI: Total Nut Category – Fisher Core (St. Louis, Milwaukee, Chicago, Minneapolis MULO)Time Periods: to FY 12 Year Ending 7/1/12 to FY 2016 data ending 6/26/16
Fisher Snack Share Driven by Distribution and Velocity Growth
ACV: measure of total retail sales for a given geography as measured by All Commodity Volume (ACV)Velocity is pounds sold per points of distribution
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Driving Results on our Core Dry Roast Peanut Business
54
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New Look for Fisher Snack Nuts
55
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Fisher Nut Exactly Brings Innovation to the Snack Portfolio
56
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Pure and Simple Goodness57
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Strong Growth of Our Produce BrandsProduce Brand Growth FY 16 vs. FY 15*
+41%
+55%
POUND SALES DOLLAR NET SALES58Source: JBSS shipment data * Includes Orchard Valley Harvest and Sunshine Country
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Strong Share Growth in Produce Nut Category over the last 2 Fiscal Years
59Source: IRI: Total Produce Nut Category – Multi Outlet Geography Time Periods: to FY 13 Year Ending 6/30/13 to FY 2016 data ending 6/26/16
0.6% 0.6%
0.9%1.1%
FY 13 FY 14 FY 15 FY 16
TOTAL JBSS PRODUCE POUND SHARE
TOTAL JBSS PRODUCE POUND SHARE
Includes Orchard Valley Harvest and Sunshine Country
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60Source: IRI: Total Produce Nut Category – Multi Outlet Geography Time Periods: to FY 13 Year Ending 6/30/13 to FY 2016 data ending 6/26/16
14%
29%33%
37%
FY 13 FY 14 FY 15 FY 16
TOTAL JBSS PRODUCE ACV DISTRIBUTION
TOTAL JBSS PRODUCE ACV DISTRIBUTION
JBSS Distribution in the Produce Nut Category Continues to Increase
ACV: measure of total retail sales for a given geography as measured by All Commodity Volume (ACV)
Includes Orchard Valley Harvest and Sunshine Country
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Consumers want healthy snacking options (3)
(1) Source: Instantly poll of 4,200 people in the US between 9/15 and 9/21 2015(2) Source: The Hartman Group, Reinventing health & nutrition study 2010/2013(3) Source: Symphony IRI Group, 2013
Consumers want clean, simple ingredients (1,2)
Consumers want portable snacking options (3)
NO Artificial Ingredients
61
Orchard Valley Harvest Delivers on Three Important Consumer Trends
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Source:The Hartman Group : Eating Occasions, Compass 2012The Hartman Group: Reimagining Health and Wellness, 2013
Snacking accounts for over 53% of all eating occasions in the U.S.
38% of consumers snack several times per day
Multi-Packs and Grab ‘n Go Mini’s
62
We Continue to Expand our Portfolio to Address Consumer Demand for On-The-Go Goodness
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P | 14
High Impact Displays Drive Growth at Retail
63
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NO ARTIFICIAL INGREDIENTS
Public RelationsPrint
Integrated Marketing Support
64
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Expanding to Front of House Foodservice Locations
65
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FY 2017 STRATEGY UPDATE
66
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67
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What: Maintain Fisher Recipe Nuts #1 Share Position Nationally
69
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How: “No Preservatives” and Non-GMO Messages are Key Drivers for growth
70
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How: Continue to Build Fisher Brand Equity with Food Network Sponsorship & Integrated Marketing
71
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Display support
HOW: LAUNCH INNOVATION & SUPPORT IN-STORE DISPLAYS
Innovation
P | 14 72
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What: Grow distribution with existing and potential customers so consumers can purchase JBSS
products
73
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How: Develop and Launch Sales in Alternative Channels
Dollar Stores
E-Commerce
Non-Commercial Foodservice
Club Stores
74
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How: Launch innovative products, sizes and marketing programs to build consumer demand
?
How many locations can we reach?
75
Dollar Stores = 34,000
E-Commerce =Millions
Non-Commercial = 40,000 locations
Club/Hardware Stores =
4,000
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Who: Alternate Channel Customers
76
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Pepsico AwardSupplier of the
Year
What: Be Preferred Partner to Build Profitable Volume of Value-Added Nuts & Snacks
77
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Global Procurement Expertise
Quality, Food Safety, Freshness
How: Establish Trust and Competitive Advantage
78
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How: Operational Excellence
Inventory
Defects
Over Proces
sing
Over Producti
onTransportat
ion
Motion
Waiting
Intellect
79
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8281
CLOSING COMMENTS
80
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Future
Passion for Nuts- It’s All We Do
1959
The company expands into largerdowntown Chicago facilities & begins diversification into other nut types.
1922Gaspare Sanfilippo and his son John founded a pecan shelling company in Chicago, Illinois as a small storefront operation.
1986-1987
1968
The company acquires Texas based Sunshine Nut Company, Crane Walnut and expands facility in Gustine, California.
Ground breaking occurs on new One Million sq.
ft. corporate HQ, manufacturing &
roasting plant.
1992-1994
1995 2005
Expansion of Gustine, Cafacility to include almond manufacturing, roasting &
packaging.
Corporate headquarters move and facility consolidation is completed.
2002
Shelling/blanching/processing facilityis built in Bainbridge, Georgia, making
the company a vertically integrated supplier of runner-type peanuts.
2016
Fisher became #1 recipe nut brand in the US.
2010
Acquisition of Orchard Valley Harvest, Inc.One of the nation’s leading suppliersof products in the produce category.
2007
First Private Label customer acquired.
81
JBSS acquires the Fisher brand.
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JBSS HISTORY
82
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JBSS HISTORYAll Stockholders invited to our 2 story building to see the exhibit. 1703 N. Randall Rd. entrance to office building -look for Fisher logo.
83
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84
JBSS MissionTo be the global leader of quality driven,
innovative nut solutions that enhance the customer and consumer experience
and achieve consistent, profitable growth for our shareholders. We will
accomplish this through our commitment to a dynamic infrastructure
that maximizes the potential of our brands, people and processes.
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85
Thank You!We Look Forward to a Successful FY 2017