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Hi David,

It ran up considerably since the earnings report.

1995 1996 1997 1998 1999 2000 2001 2002
SALES ($MILL) 277.7 294.4 133.1 317.4 319.2 333.3 341.4 343.2

Revenue growth is slow. only approximately 3%+ over the last 7 years.

But that changed in 2003 as sales went up 19%. Net income was up 94%.

Net sales for fiscal 2003 increased by more than $65 million to approximately $408.5 million from net sales of approximately $343.2 for fiscal 2002. Due to the addition of new customers and increased sales at existing customers, fourth quarter and fiscal year net sales increased significantly in the Company's consumer, industrial and export distribution channels. The gross profit margin for fiscal 2003 increased to 15.1 percent of net sales from 14.1 percent of net sales for fiscal 2002. The gains in the gross profit margins for both the quarter and the year were primarily attributable to lower peanut costs and increased plant utilization from the volume gain.

The first quarter was very good too.

Basic EPS of $.77 per Share Increases 328% over the 2003 First Quarter

ELK GROVE VILLAGE, Ill., Oct 22, 2003 (BUSINESS WIRE) -- John B. Sanfilippo & Son, Inc. (JBSS) today announced record operating results for its fiscal 2004 first quarter. Net income was approximately $7.2 million, or 77 cents per share basic (76 cents per share diluted). The current first quarter net income more than quadrupled the first quarter 2003 net income of approximately $1.7 million or 18 cents per share (basic and diluted).

The PE is still low. It may still be a bargain.

Good to meet you David.

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