HAYWARD, Calif.--(BUSINESS WIRE)--Armanino Foods of Distinction, Inc. (OTC Pink Sheets Symbol: AMNF) reported record quarterly sales and earnings, breaking the marks set in the same quarter last year. Six month figures are also Company records.
Net sales for the second quarter of 2013 were $7,246,520 as compared to $7,097,885 for Q2 2012, an increase of 2%.
Income from continuing operations for the second quarter of 2013 was $1,388,447 compared to $1,304,763 for the same quarter in 2012, an increase of 6%. Earnings per share for the second quarter of 2013 were $0.027 compared to $0.025 for the second quarter of 2012, an increase of 8%.
For the six month period ended June 30, 2013 net sales were $13,915,592 compared to $13,781,499 a year ago, an increase of 1%. Income from continuing operations for 2013 rose by 11% to $2,604,642 from $2,351,354 for the same period in 2012. Earnings per share for the first six months of 2013 amounted to $0.050 compared to $0.045 posted in 2012, an increase of 11%.
Edmond J. Pera, President and CEO of Armanino Foods said, “Despite the fact that our international sales for the first half of 2013 are down from a year ago, we were able to set company records since our domestic business, which is the bulk of our sales and profits, remains robust and is well above last year’s levels. While we do not see international sales picking up in the short run, we are optimistic that the introduction of additional products from our new equipment will add to our international and domestic sales in the fourth quarter.”
Pera concluded, “We believe our current strategies to build our overall sales and profits are working and we are cautiously optimistic about the future.”
Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items such as pestos, sauces and filled pastas to the foodservice, retail, and industrial markets. In addition to a classic Basil Pesto Armanino offers other flavors such as Light Basil Pesto, Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke and Roasted Garlic. Armanino’s Organic line includes classic Basil Pesto. Frozen Pastas, Sauces and Meatballs are also offered by Armanino Foods.
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Armanino Foods of Distinction, Inc. Results for Quarter Ended June 30, 2013 (Unaudited) |
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2013 |
2012 |
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| Net Sales | $7,246,520 | $7,097,885 | ||||
| Income From Cont. Operations Before Taxes | $1,388,447 | $1,304,763 | ||||
| Net Income | $851,453 | $800,405 | ||||
| Basic Income Per Common Share | $0.027 | $0.025 | ||||
| Weighted Average Common Shares Outstanding | 32,063,447 | 32,307,505 | ||||
| Diluted Income/(Loss) Per Common Share | $0.026 | $0.025 | ||||
| Diluted Weighted Average Common Shares Outstanding | 32,139,239 | 32,332,194 | ||||
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Results for Six Months Ending June 30, 2013 (Unaudited) |
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2013 |
2012 |
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| Net Sales | $13,915,592 | $13,781,499 | ||||
| Income From Cont. Operations Before Taxes | $2,604,642 | $2,351,354 | ||||
| Net Income | $1,597,805 | $1,443,326 | ||||
| Basic Income Per Common Share | $0.050 | $0.045 | ||||
| Weighted Average Common Shares Outstanding | 32,039,678 | 32,411,129 | ||||
| Diluted Income/(Loss) Per Common Share | $0.050 | $0.044 | ||||
| Diluted Weighted Average Common Shares Outstanding | 32,114,044 | 32,435,913 | ||||
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This press release contains forward-looking statements within the meaning of U.S. securities laws, including statements regarding the Company’s goals and growth prospects. These forward looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those projected, including general economic conditions, fluctuations in customer demand, competitive factors such as pricing pressures on existing products, and the timing and market acceptance of new product introductions, the Company’s ability to achieve manufacturing efficiencies necessary for profitable sales at current pricing, and the risk factors listed from time-to-time in the Company’s annual and quarterly reports. The Company assumes no obligation to update the information included in this press release.
