John B. Sanfilippo & Son, Inc. (NASDAQ:JBSS) Q4 2024 Earnings Call Transcript August 21, 2024 10:00 AM ET
Company Participants
Jeffrey Sanfilippo - CEO
Frank Pellegrino - CFO
Jeffrey Sanfilippo
[Technical Difficulty] 2024 Fourth Quarter Earnings Conference Call. Thank you for joining us. On the call with me today is Frank Pellegrino, our CFO; and Jasper Sanfilippo, our COO.
We may make some forward-looking statements today. These statements are based on our current expectations and they involve certain risks and uncertainties. The factors that could negatively impact results are explained in the various SEC filings that we have made, including Forms 10-K and 10-Q. We encourage you to refer to the filings to learn more about these risks and uncertainties that are inherent in our business.
I am proud to report a successful and historic fiscal 2024 as we exceeded $1 billion in sales for the first time in our company's history. We also successfully executed a key component of our strategic plan by further diversifying our product offerings through the acquisition, integration and optimization of our Lakeville bar facility and operations.
We raised our annual dividend by 6.3% to $0.85 per share and supplemented our annual dividend with an additional special dividend of $1.25 per share, both of which will be paid on September 11, 2024. These results were due to our team's unyielding perseverance and leadership as we navigated through a challenging operating environment in fiscal 2024.
Additionally, we recognized and rewarded our talented team members for their outstanding contributions in executing our strategic plan. I am so proud of our associates across the company who worked hard on expanding our product portfolio. Their dedication to quality, service and innovation, their commitment to our customers and consumers is remarkable.
Our snack and nutrition bar offering generated approximately $131 million in net sales for the fiscal year, of which $120 million was related to the Lakeville acquisition. In addition, we made substantial progress in optimizing the operations in Lakeville ahead of schedule and are excited about the expected impact it will have on our operating results in fiscal 2025 and beyond. Through the hard work of our team, our net sales from Lakeville operations were at the top end of our original range and dilution per share from the Lakeville acquisition. In the last -- and for the fiscal year was approximately $0.17 per share, which was significantly better than our original expected per share dilution of $0.80 to a $1.00.