XML 20 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Basis of Presentation
 9 Months Ended
Mar. 29, 2012
Basis of Presentation [Abstract]  
Basis of Presentation

Note 1 — Basis of Presentation

As used herein, unless the context otherwise indicates, the terms “Company”, “we”, “us”, “our” or “our Company” collectively refer to John B. Sanfilippo & Son, Inc. and JBSS Properties, LLC, a wholly-owned subsidiary of John B. Sanfilippo & Son, Inc. We were incorporated under the laws of the State of Delaware in 1979 as the successor by merger to an Illinois corporation that was incorporated in 1959. Our fiscal year ends on the final Thursday of June each year, and typically consists of fifty-two weeks (four thirteen-week quarters). References herein to fiscal 2012 are to the fiscal year ending June 28, 2012. References herein to fiscal 2011 are to the fiscal year ended June 30, 2011 which consisted of fifty-three weeks (the fourth quarter consisting of fourteen weeks). References herein to the third quarter of fiscal 2012 are to the quarter ended March 29, 2012. References herein to the third quarter of fiscal 2011 are to the quarter ended March 24, 2011. References herein to the first thirty-nine weeks of fiscal 2012 are to the thirty-nine weeks ended March 29, 2012. References herein to the first thirty-nine weeks of fiscal 2011 are to the thirty-nine weeks ended March 24, 2011.

The accompanying unaudited financial statements fairly present the consolidated statements of operations and comprehensive income, consolidated balance sheets and consolidated statements of cash flows, and reflect all adjustments, consisting only of normal recurring adjustments which are necessary for the fair presentation of the results of the interim periods.

The interim results of operations are not necessarily indicative of the results to be expected for a full year. The balance sheet data as of June 30, 2011 was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States of America. Accordingly, these unaudited financial statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2011 Annual Report on Form 10-K for the fiscal year ended June 30, 2011.

As is discussed in our 2011 Annual Report on Form 10-K, we identified an adjustment to correct the presentation of amounts paid as contingent consideration in the consolidated statement of cash flows for the thirty-nine weeks ended March 24, 2011. We originally presented the $4,135 payment of contingent consideration as a decrease in the change of accrued expenses in the operating activities section of the cash flow statement for the thirty-nine weeks ended March 24, 2011. The appropriate classification of payments not exceeding the acquisition date fair value of contingent consideration is to record the amount as an outflow in the financing activities section of the consolidated statement of cash flows. This contingent consideration was related to the Orchard Valley Harvest, Inc. (“OVH”) earn-out liability as discussed in further detail in Note 3 to these Consolidated Financial Statements. We have appropriately revised the consolidated statement of cash flows for the thirty-nine weeks ended March 24, 2011 which is included in this Quarterly Report on Form 10-Q.