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Our fiscal year ends on the final Thursday of June each year, and typically consists of fifty-two weeks (four thirteen-week quarters).
−Removed: However, the fiscal year ended June 30, 2022 consisted of fifty-three weeks with our fourth quarter containing fourteen weeks.
Additional information on the comparability of the periods presented is as follows:
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• References herein to fiscal 2025, fiscal 2024 and fiscal 2023 are to the fiscal years ended June 26, 2025, June 27, 2024 and June 29, 2023, respectively.
−Removed: We are one of the leading processors and distributors of peanuts, pecans, cashews, walnuts, almonds and other nuts in the United States.
−Removed: These nuts are sold under our Fisher , Orchard Valley Harvest , Squirrel Brand and Southern Style Nuts brand names and under a variety of private brands.
−Removed: Additionally, with our acquisition of certain snack bar assets in the second quarter of fiscal 2024, and our internally developed nutrition bar products, we offer our private brand customers a complete portfolio of snack bars.
−Removed: We market and distribute, and in most cases, manufacture or process, a diverse product line of food and snack products, including nutrition bars, snack bars, peanut butter, almond butter, cashew butter, candy and confections, snack and trail mixes, sunflower kernels, dried fruit, corn snacks, chickpea snacks, sesame sticks, other sesame snack products and baked cheese snack products under our brand names, including Just the Cheese , and under private brands.
+Added: We are one of the leading processors and distributors of peanuts, pecans, cashews, walnuts, almonds and other nuts in the United States, and we also manufacture and distribute complete portfolio of snack and nutrition bars (“bars”).
+Added: These nuts are primarily sold under a variety of private brand names, as well as under our Fisher , Orchard Valley Harvest , Squirrel Brand and Southern Style Nuts brand names.
+Added: We market and distribute, and in most cases, manufacture or process, a diverse product line of food and snack products, including bars, peanut butter, almond butter, cashew butter, candy and confections, snack and trail mixes, granola, sunflower kernels, dried fruit, corn snacks, sesame sticks, other sesame snack products and baked cheese snack products under our brand names, including Just the Cheese , and under private brands.
Our products are sold through three primary distribution channels, including food retailers in the consumer channel, commercial ingredient users and contract manufacturing customers.
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Segment Reporting
−Removed: We operate in a single reporting unit and operating segment that consists of selling various nut and nut related products through three distribution channels.
+Added: We operate in a single reporting unit and operating segment that consists of selling various nut and nut related products and bars through three distribution channels with a similar distribution model.
See Part II, Item 8 — “Financial Statements and Supplementary Data” for our net sales, net income and total assets.
Narrative Description of Business
−Removed: We are one of the leading processors and distributors of tree nuts and peanuts in the United States.
−Removed: We manufacture and market the Fisher, Orchard Valley Harvest, Squirrel Brand and Southern Style Nuts brand names and manufacture and distribute numerous private brands as well, including private brand snack bars.
+Added: We are one of the leading processors and distributors of tree nuts and peanuts in the United States, and we also manufacture and distribute a complete portfolio of private brand bars.
+Added: We primarily manufacture and distribute private brand products, as well as manufacture and market nut products under the Fisher, Orchard Valley Harvest, Squirrel Brand and Southern Style Nuts brand names.
Through a deliberate strategy of focused capital expenditures and complementary acquisitions, we have built a generally vertically integrated nut processing operation that enables us to control almost every step of the process for pecans, peanuts and walnuts, including procurement from growers, shelling, processing, packaging and marketing.
Vertical integration allows us to enhance product quality and, in most crop years, purchase inshell pecans, peanuts and walnuts from growers at lower costs as opposed to purchasing these nut meats from other shellers.
−Removed: We believe that our business model typically works to our advantage in terms of cost savings and provides us with better insight into crop development.
+Added: We believe that our business model typically works to our advantage in terms of increased cost savings for raw materials and provides us with better insight into crop development.
Our brands are some of the most well-recognized in the packaged food industry.
−Removed: In recent years, we have developed Fisher recipe nuts as the leading brand in the category through strong marketing campaigns, merchandising, and promotional support.
−Removed: We have increased distribution and launched innovation with our Orchard Valley Harvest and Fisher snack nut brands in many retailers.
−Removed: We have also expanded into new channels with Southern Style Nuts and Squirrel Brand .
+Added: In recent years, we have developed Fisher recipe nuts among the leading brands in the category through strong marketing campaigns, merchandising, and promotional support to retailers.
+Added: We launched innovation with our Orchard Valley Harvest and increased distribution on our Fisher snack nut brands in many retailers and also expanded into new channels with Southern Style Nuts and Squirrel Brand .
Our branded and private brand products are sold through the major distribution channels to significant buyers of nuts, including food and other retailers (both brick and mortar and e-commerce), commercial ingredient users and contract manufacturing customers.
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(ii) Principal Products
−Removed: Our principal products are raw and processed nuts and snack bars.
−Removed: Including trail and snack mixes, these products accounted for approximately 92% of our gross sales for both fiscal 2024 and fiscal 2023 and 94% fiscal 2022.
+Added: Our principal products are raw and processed nuts and bars.
+Added: Including trail and snack mixes, these products accounted for approximately 92% of our gross sales for the last three fiscal years.
The nut product line includes almonds, pecans, peanuts, black walnuts, English walnuts, cashews, macadamia nuts, pistachios, pine nuts, Brazil nuts and filberts.
Our nut products are sold in numerous package styles and sizes, and we offer our nut products in a variety of different styles and seasonings.
−Removed: The snack bar product line includes chewy, fruit and grain, sweet and salty, dipped, crunchy, energy, fiber and nut bars.
+Added: The bar product line includes chewy granola, fruit and grain, sweet and salty, dipped chewy granola, crunchy, energy, fiber and nut bars.
We sell our products domestically to retailers and wholesalers as well as to commercial ingredient and contract manufacturing customers.
For more information about our revenues in our various distribution channels, see Part II, Item 8 — “Financial Statements and Supplementary Data”.
−Removed: We acquire all of our peanuts and walnuts directly from domestic growers.
−Removed: The majority of our pecans are acquired from domestic growers with the remainder acquired from growers in Mexico.
−Removed: We purchase the balance of our raw nuts from importers, trading companies and domestic processors.
Furthermore, we manufacture and market peanut butter in several sizes and varieties.
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Additionally, bulk food products are sold to commercial ingredient users.
−Removed: Moreover, an assortment of sunflower kernels, pepitas, snack mixes, almond butter, cashew butter, candy and confections, corn snacks, chickpea snacks, sesame sticks and other sesame snack products are sold to retail supermarkets, mass merchandisers and commercial ingredient users with a wide variety of toppings for ice cream and yogurt sold to commercial ingredient users.
+Added: Moreover, an assortment of sunflower kernels, pepitas, snack mixes, almond butter, cashew butter, candy and confections, corn snacks, sesame sticks and other sesame snack products are sold to retail supermarkets, mass merchandisers and commercial ingredient users with a wide variety of toppings for ice cream and yogurt sold to commercial ingredient users.
(iii) Customers and Channels
We sell our products to approximately 210 customers through the consumer, commercial ingredient and contract manufacturing distribution channels.
−Removed: The consumer channel supplies nut-based and snack bar products, including consumer-packaged products, to retailers in the United States including supermarket chains, wholesalers, supercenters, internet retailers and other retail outlets.
+Added: The consumer channel is our largest channel by sales and supplies nut-based and bar products, including consumer-packaged products, to retailers in the United States including supermarket chains, wholesalers, supercenters, internet retailers and other retail outlets.
We sell products through the consumer channel under our brand names, including the Fisher , Orchard Valley Harvest, Squirrel Brand, Southern Style Nuts and Just the Cheese brands, as well as under our customers’ private brands.
The commercial ingredient channel supplies nut-based products to other manufacturers to use as ingredients in their final food products such as bakery, confection, cereal and ice cream.
−Removed: This produces nut-based products that are customized to the specifications of chefs, national restaurant chains, foodservice distributors, fast food chains, institutions and hotel kitchens.
+Added: This channel produces nut-based products that are customized to the specifications of chefs, national restaurant chains, foodservice distributors, fast food chains, institutions and hotel kitchens.
We sell products through the commercial ingredient channel under our Fisher brand and our customers’ private brands.
−Removed: Our contract manufacturing channel primarily processes and packages nut and fruit-based snacks for other food manufacturers under their brand names and in accordance with their specifications.
+Added: Our contract manufacturing channel primarily processes and packages nut and fruit-based snacks for other food companies under their brand names and in accordance with their specifications.
We are dependent on a few significant customers for a majority of our total net sales, particularly in the consumer channel.
−Removed: Net sales to Wal-Mart Stores, Inc.
+Added: Net sales to Walmart Inc.
accounted for approximately 40% of our net sales for fiscal 2025, 39% of our net sales for fiscal 2024 and 36% of our net sales for fiscal 2023.
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The majority of our products are shipped from our facilities by contract and common carriers.
−Removed: We operate a retail store at our Elgin headquarters.
+Added: We also operate a retail store at our Elgin headquarters.
This store sells Fisher snack and recipe products, Orchard Valley Harvest, Squirrel Brand, Southern Style Nut and Just the Cheese products, bulk foods and other products, produced by us and other vendors directly to consumers.
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A significant portion of our branded marketing efforts are focused on compelling consumer campaigns that include advertisements (e.g., online video, social and influencer activations and partnerships, search engine marketing and media partnerships), product sampling and coupon offers.
−Removed: Our integrated marketing efforts for the Fisher brand include partnerships with chefs, influencers and media partnerships.
+Added: Our integrated marketing efforts for the Fisher brand include influencers and media partnerships.
Additionally, shipper display units and other point of sale promotions are utilized in retail stores in an effort to gain additional temporary product placement and to drive sales volume.
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Through participation in several trade associations, funding of industry research and sponsorship of educational programs, we support efforts to increase awareness of the health benefits, convenience and versatility of nuts as both a snack and a recipe ingredient among existing and future consumers of nuts.
−Removed: We also manufacture trail mixes and snack bars that are designed to give our customers and their families options in their snacking choices that range from healthy to indulgent.
−Removed: We expect to contine increasing our participation and funding with trade associations and groups to focus on sustainability efforts while continuing to partner with farmers to further mitigate climate and other environmental risks.
+Added: We also manufacture trail mixes and bars that are designed to give our customers and their families options in their snacking choices that range from healthy to indulgent.
+Added: We expect to continue increasing our participation and funding with trade associations and groups to focus on sustainability efforts while continuing to partner with farmers to further mitigate climate and other environmental risks.
(vi) Competition
−Removed: Our nuts, snack bars, and other snack food products compete against products manufactured and sold by numerous other companies offering branded and private brand products in the snack food industry, some of whom are substantially larger and have greater resources than us.
+Added: Our nuts, bars and other snack food products compete against products manufactured and sold by numerous other companies offering branded and private brand products in the snack food industry, some of whom are substantially larger, have greater resources than us and may be better positioned relative to potential tariffs.
In the nut industry, we compete with, among others, Hormel Foods Corp.
(Planters brand), Diamond brand and numerous regional snack food processors.
−Removed: In the snack bar industry, we compete with, among others, General Mills (Nature Valley brand), Frito Lay (Quaker brand), Mondelez (Clif brand), Kellonova (Nutragrain brand), Mars (Kind brand) as well as regional snack bar manufacturers.
+Added: In the bar industry, we compete with, among others, General Mills (Nature Valley brand), PepsiCo, Inc.
+Added: (Quaker brand), Mondelez (CLIF brand), Kellanova (Nutrigrain brand), Mars (KIND brand) as well as regional bar manufacturers.
Competitive factors in our markets include price, product quality, customer service, breadth of product line, brand name awareness, method of distribution, sales promotion, category management, service level compliance and innovation.
−Removed: The combination of our generally vertically integrated operating model with respect to pecans, peanuts and walnuts, our product quality, product offering, brand strength, innovation, distribution model and our focus on nut, snack bar and nut related products generally enable us to compete in each of these categories;
+Added: The combination of our generally vertically integrated operating model with respect to pecans, peanuts and walnuts, our product quality, product offering, brand strength, innovation, distribution model and our focus on nut, bar and nut related products generally enable us to compete in each of these categories;
however there can be no guarantee that our products will continue to be competitive with many of our larger competitors.
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Cashew nuts are imported from Vietnam and certain West African countries.
−Removed: For fiscal 2024, approximately 28% of the dollar value of our total nut purchases was from foreign sources.
+Added: For fiscal 2025, approximately 28% of the dollar value of our total nut and dried fruit purchases was from foreign sources.
Competition in the nut shelling industry is driven by shellers’ ability to access and purchase raw nuts, to shell the nuts efficiently and to sell the nuts to processors.
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See Part I, Item 1A — “Risk Factors”.
+Added: Certain products in the bar industry are seasonal as well and we maintain significant inventories of certain bar products in the fourth quarter of our fiscal year for sales in the first quarter of our fiscal year.
We purchase other inventory items and packaging materials such as roasting oils, seasonings, plastic jars, labels, wrappers, boxes, stand-up bags and composite and clear-plastic cans from other third parties.
−Removed: Material costs, including tree nuts, peanuts, other commodities, packaging and other edible ingredients represented approximately 72% of our total cost of sales for fiscal 2024.
+Added: Material costs, including tree nuts, peanuts, other commodities, packaging and other edible ingredients, including rolled oats, represented approximately 73% of our total cost of sales for fiscal 2025.
(viii) Trademarks and Patents
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As of June 26, 2025, we had approximately 1,900 full-time employees.
−Removed: We recognize that, in order for our company to be successful, our employees must be healthy, well-trained and motivated to do their best every day.
−Removed: Therefore, we relentlessly focus on attracting, retaining and effectively engaging our employees.
+Added: We recognize that for our company to be successful, our employees must be healthy, well-trained and motivated to do their best every day.
+Added: Therefore, we focus on attracting, retaining and effectively engaging our employees.
The key aspects of our human resources program and objectives are as follows:
Health and Safety :
−Removed: As a producer, manufacturer and processor of nuts, nut-related products and snack bars, we are subject to extensive food and employee safety laws and regulations.
+Added: As a producer, manufacturer and processor of nuts, nut-related products and bars, we are subject to extensive food and employee safety laws and regulations.
We place a high priority on employee health and safety as part of our continuous improvement culture.
−Removed: Our total occupational injury rate remains in line with the food manufacturing industry average.
−Removed: We continue to enhance our safety programs by investing in systems and controls focused on injury and accident prevention, as well as risk elimination.
−Removed: During fiscal 2024, we continued focusing on refining our programs, including lock-out tag-out, forklift training and emergency evacuation, which help us to reduce safety risks, along with enhancing machine guarding on our manufacturing lines to increase employee safety.
−Removed: We believe properly prioritizing risks and addressing the most critical safety matters helps us to be proactive in building a sustainable safety culture.
−Removed: Diversity, Equity and Inclusion:
−Removed: We recognize that our business is stronger and more successful when supported by a diverse workforce.
−Removed: Our goal is to maintain and promote diversity among our employees, foster an inclusive and equitable environment where differences are celebrated and provide adequate support to achieve our goal.
−Removed: In fiscal 2024, our Diversity, Equity and Inclusion council organized various events facilitated through our Employee Resource Groups.
−Removed: Our leadership team also completed equity training to learn inclusive communication strategies to further advance equity and inclusion in the workplace.
+Added: Our commitment to safety is reflected in our proactive approach to injury and accident prevention, as well as risk elimination.
+Added: Our total occupational injury rate remains in line with the food manufacturing industry average, but we strive to surpass these standards through continuous enhancement of our safety programs.
+Added: We invest in advanced systems and controls, focusing on training, machine guarding and forklift safety, to ensure a safe working environment.
+Added: During fiscal 2025, we continued refining our programs, emphasizing the most critical safety matters.
+Added: By prioritizing risks and addressing them proactively, we are dedicated to building a sustainable safety culture that protects our employees and upholds the highest standards of health and safety.
Training, Development and Promotion:
−Removed: We believe that training, developing and promoting our employees is an important part of our vibrant employee culture.
−Removed: These measures enhance our performance and are an important component of maintaining employee satisfaction.
−Removed: We offer training to our employees on a variety of subjects related to professional development, workplace fundamentals, business, computer applications and industry specific subjects such as our Nutology-101 courses.
−Removed: In fiscal 2024, 34 employees participated in our Leadership Development program.
−Removed: As a result of the program many participants were able to move into roles of increasing responsibility with us.
−Removed: In fiscal 2024, approximately 15% of our employees received promotions and a promotion-related salary increases.
−Removed: We also conduct annual mandatory training for all employees covering topics such as food safety, workplace safety and various regulatory and compliance related subjects.
−Removed: Our mentorship program pairs emerging talent with executive leadership, which is designed to broaden talent networks, increase exposure to cross-functional initiatives and build leadership competencies.
−Removed: In fiscal 2024, we introduced our new leadership competency matrix, highlighting a variety of skills, capabilities and behaviors, that is designed to help us develop impactful leaders and better measure leadership effectiveness.
+Added: We believe that training, developing and promoting our employees is a cornerstone of our vibrant employee culture.
+Added: By investing in our existing talent, we enhance performance and maintain high levels of employee satisfaction.
+Added: Our commitment to upskilling our workforce is reflected in the variety of training programs we offer, covering professional development, workplace fundamentals, business, computer applications and industry-specific subjects such as our Nutology-101 courses.
+Added: We also conduct annual mandatory training for all employees on topics such as food safety, workplace safety and various regulatory and compliance-related subjects.
+Added: Our mentorship program pairs emerging talent with executive leadership, broadening talent networks, increasing exposure to cross-functional initiatives and building leadership competencies.
+Added: By prioritizing the development of our existing employees, we foster a sustainable and impactful leadership culture.
+Added: In fiscal 2025, approximately 13% of our employees were promoted into roles with greater responsibilities.
Employee Engagement:
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Approximately 17% of our employees participate in the SVA program and approximately 83% participate in the TTP program.
−Removed: In addition, approximately 15% of our employees received special discretionary bonuses, primarily related to our acquisition, integration and optimization of the Lakeville snack bar business.
In addition to the SVA and TTP incentive programs, we offer annual sales incentives to our sales and marketing employees and annual monetary leadership awards to our top performers across all functions.
−Removed: We are also proud to offer a comprehensive and competitive benefits package designed to meet the diverse needs of our employees at every stage of life, which includes a company-sponsored healthcare program, a student loan repayment program, a 401(k) program with a generous company matching contribution and a non-qualified deferred compensation plan to provide executives with the opportunity to accumulate assets for retirement on a tax-deferred basis.
−Removed: In fiscal 2024, we enhanced our 401(k) program by introducing a Roth 401(k) option.
+Added: We are also proud to offer a comprehensive and competitive benefits package designed to meet the diverse needs of our employees at every stage of life, which includes a company-sponsored healthcare program, a student loan repayment program, a 401(k) program with a competitive company matching contribution and a non-qualified deferred compensation plan to provide executives with the opportunity to accumulate assets for retirement on a tax-deferred basis.
We continue to closely monitor the competitiveness of our compensation programs.
−Removed: In fiscal 2024, more than 92% of our employees received wage adjustments.
+Added: In fiscal 2025, 93% of our employees received wage adjustments.
Codes of Conduct;
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We maintain codes of conduct and ethics policies designed to promote ethical conduct of our employees and agents.
−Removed: We have also implemented a robust program to address employee concerns and complaints, which includes an anonymous incident reporting system, periodic employee surveys and suggestion boxes that can result in monetary awards.
+Added: We maintain a robust program to address employee concerns and complaints, which includes an anonymous incident reporting system, periodic employee surveys and suggestion boxes that can result in monetary awards.
Our employees are made aware of such reporting system through various communication methods, including assurances against retaliation.
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Peanuts, pecans and walnuts, three of our principal raw materials, are primarily purchased between September and February and are processed throughout the year until the following harvest.
−Removed: Demand for snack bars is the highest during our first fiscal quarter.
+Added: Demand for bars is the highest during our first fiscal quarter.
As a result of this seasonality, our personnel requirements rise during the first half of our fiscal year.
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A portion of our annual capital expenditure budget is allocated for compliance with government-mandated food safety standards.
−Removed: Compliance with food safety standards and other government regulations may have an impact on our operations and earnings, particularly if we fail to satisfy such standards or regulations and our products are recalled, harm our consumers or harm our Company’s reputation and standing as a leader of branded and private brand nut, snack bars, and other snack products.
+Added: Compliance with food safety standards and other government regulations may have an impact on our operations and earnings, particularly if we fail to satisfy such standards or regulations and our products are recalled, harm our consumers or harm our Company’s reputation and standing as a leader of branded and private brand nut, bar, and other snack products.
See Part I, Item 1A — “Risk Factors”.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.