John B. Sanfilippo & Son, Inc. Board Declares Special Cash Dividend of $2.00 per share of Common Stock and Class A Common Stock and Regular Annual Cash Dividend of $0.55 per share of Common Stock and Class A Common Stock

John B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) (the “Company”)
today announced that its Board of Directors (the “Board”) declared a
special cash dividend (the “Special Dividend”) of $2.00 per share on all
issued and outstanding shares of Common Stock of the Company and $2.00
per share on all issued and outstanding shares of Class A Common Stock
of the Company. In addition to the Special Dividend, the Board declared
a regular annual cash dividend (the “Annual Dividend”) of $0.55 per
share on all issued and outstanding shares of Common Stock of the
Company and $0.55 per share on all issued and outstanding shares of
Class A Common Stock of the Company. The aggregate payment for both
dividends will be approximately $29.2 million.

The Special Dividend and the Annual Dividend will be paid on August 17,
2018 to stockholders of record as of the close of business on August 3,

“We are pleased to announce the $2.00 per share Special Dividend and the
$0.55 per share Annual Dividend,” stated Jeffrey T. Sanfilippo, Chairman
and Chief Executive Officer. “Our financial performance in the first
three quarters of fiscal 2018 has provided us the opportunity to declare
the Special Dividend and increase our Annual Dividend by $0.05 per share
over last year’s Annual Dividend. These dividends, like our previous
dividends, further reinforce our goal of creating long-term stockholder
value through the responsible use of cash. Furthermore, these dividends
would not be possible without the hard work and dedication of all our
employees,” Mr. Sanfilippo concluded.


John B. Sanfilippo & Son, Inc. is a processor, packager, marketer and
distributor of nut and dried fruit based products that are sold under a
variety of private brands and under the Company’s Fisher®, Orchard
Valley Harvest®, Squirrel Brand®, Southern Style Nuts®
and Sunshine Country® brand names.


Some of the statements in this release are forward-looking. These
forward-looking statements may be generally identified by the use of
forward-looking words and phrases such as “will”, “intends”, “may”,
“believes”, “anticipates”, “should” and “expects” and are based on the
Company’s current expectations or beliefs concerning future events and
involve risks and uncertainties. Consequently, the Company’s actual
results could differ materially. The Company undertakes no obligation to
update publicly or otherwise revise any forward-looking statements,
whether as a result of new information, future events or other factors
that affect the subject of these statements, except where expressly
required to do so by law. Among the factors that could cause results to
differ materially from current expectations are: (i) the risks
associated with our vertically integrated model with respect to pecans,
peanuts and walnuts; (ii) sales activity for the Company’s products,
such as a decline in sales to one or more key customers, a change in
product mix to lower price products, a decline in sales of private brand
products or changing consumer preferences; (iii) changes in the
availability and costs of raw materials and the impact of fixed price
commitments with customers; (iv) the ability to pass on price increases
to customers if commodity costs rise and the potential for a negative
impact on demand for, and sales of, our products from price increases;
(v) the ability to measure and estimate bulk inventory, fluctuations in
the value and quantity of the Company’s nut inventories due to
fluctuations in the market prices of nuts and bulk inventory estimation
adjustments, respectively; (vi) the Company’s ability to appropriately
respond to, or lessen the negative impact of, competitive and pricing
pressures; (vii) losses associated with product recalls, product
contamination, food labeling or other food safety issues, or the
potential for lost sales or product liability if customers lose
confidence in the safety of the Company’s products or in nuts or nut
products in general, or are harmed as a result of using the Company’s
products; (viii) the ability of the Company to control expenses, such as
compensation, medical and administrative expenses; (ix) the potential
negative impact of government regulations and laws and regulations
pertaining to food safety, such as the Food Safety Modernization Act;
(x) uncertainty in economic conditions, including the potential for
economic downturn; (xi) the timing and occurrence (or nonoccurrence) of
other transactions and events which may be subject to circumstances
beyond the Company’s control; (xii) the adverse effect of labor unrest
or disputes, litigation and/or legal settlements, including potential
unfavorable outcomes exceeding any amounts accrued; (xiii) losses due to
significant disruptions at any of our production or processing
facilities; (xiv) the ability to implement our Strategic Plan, including
growing our branded and private brand product sales and expanding into
alternative sales channels; (xv) technology disruptions or failures;
(xvi) the inability to protect the Company’s brand value, intellectual
property or avoid intellectual property disputes; (xvii) the Company’s
ability to manage successfully the price gap between its private brand
products and those of its branded competitors; and (xviii) potential
increased industry-specific regulation pending the U.S. Food and Drug
Administration assessment of the risk of Salmonella contamination
associated with tree nuts.

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