HAYWARD, Calif.--(BUSINESS WIRE)--Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) today reported record breaking sales and earnings for the year ended December 31, 2016, despite lower results for the fourth quarter then ended.
Net sales in the fourth quarter were $8,609,759, a decrease of 5% from the $9,044,580 posted in 2015’s fourth quarter. Pre-tax profit from continuing operations for the same period in 2016 was $1,253,389, compared to 2015’s fourth quarter profit of $1,376,184, a decrease of 9%. Net income for the fourth quarter of 2016 reached $900,266, down 6% from $954,237 in net income from the same period last year. Earnings per share for the fourth quarter of 2016 was $0.0281 compared to $0.0298 in 2015, a decrease of 6%.
For the twelve months ended December 31, 2016, net sales were $35,694,186, up 3% from the $34,686,441 reported in calendar year 2015. Income from continuing operations before taxes rose 2%, from $6,397,271 a year ago to $6,532,558 in 2016. Net income for the year ended December 31, 2016 amounted to $4,226,141, compared to $4,031,138 in 2015, an increase of 5%. Basic income per common share for 2016 amounted to $0.1318, versus $0.1257 in 2015, an increase of 5%. All annual 2016 numbers reported above are new records.
Edmond J. Pera, President and CEO stated, “Despite comparatively lower sales and profits for the fourth quarter, we are pleased with our record breaking annual performance this year. 2016 marks the fourteenth year in a row of record breaking financial performance, and the 54th quarter in a row of quarterly profitability.”
Pera continued, “Our US Domestic sales were strong with growth both in the fourth quarter and for the year. While annual sales in our Asian markets were above the prior year, fourth quarter sales were significantly down reflective of the impact of the continued soft economy in that part of the world. The Company took advantage of higher research and development tax credits stemming from work that it did in 2016 on its plant expansion project.”
Pera concluded, “Armanino is cautiously optimistic about our sales and profitability in 2017. Because of our strong financial health, we are able to continue to invest in promotional efforts to increase market share in our US markets. We are working on several exciting and significant projects in our US markets that we expect to close in 2017. Given the continued weak economic environment in our Asian markets, we remain guarded with regard to our outlook in those markets. Our cash position remains healthy. We remain committed to our $3.5 million plant expansion project in order to help us keep up with the food safety requirements of our customers and the expected growth in demand for our products. Our current estimate is to complete this project sometime before the end of the third quarter of 2017.”
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 Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic, Light Basil Pesto, Alfredo sauce, and Bolognese sauce. Armanino’s Organic line includes classic Basil Pesto. Frozen pastas and meatballs are also offered by Armanino Foods.
| Armanino Foods of Distinction, Inc. | ||||||
| Results for the Quarter Ended 12/31/16 | ||||||
|
2016 |
2015 |
|||||
| Net Sales | $ | 8,609,759 | $ | 9,044,580 | ||
| Income From Cont. Operations Before Taxes | $ | 1,253,389 | $ | 1,376,184 | ||
| Net Income | $ | 900,266 | $ | 954,237 | ||
| Basic Income Per Common Share | $ | 0.0281 | $ | 0.0298 | ||
| Weighted Average Common Shares Outstanding | 32,065,645 | 32,065,645 | ||||
| Diluted Income/(Loss) Per Common Share | $ | 0.0281 | $ | 0.0298 | ||
| Diluted Weighted Average Common Shares Outstanding | 32,065,645 | 32,065,645 | ||||
| Results for 12-Months Ending 12/31/16 | ||||||
|
2016 |
2015 |
|||||
| Net Sales | $ | 35,694,186 | $ | 34,686,441 | ||
| Income From Cont. Operations Before Taxes | $ | 6,532,558 | $ | 6,397,271 | ||
| Net Income | $ | 4,226,141 | $ | 4,031,138 | ||
| Basic Income Per Common Share | $ | 0.1318 | $ | 0.1257 | ||
| Weighted Average Common Shares Outstanding | 32,065,645 | 32,065,645 | ||||
| Diluted Income/(Loss) Per Common Share | $ | 0.1318 | $ | 0.1257 | ||
| Diluted Weighted Average Common Shares Outstanding | 32,065,645 | 32,065,645 | ||||
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.
The best source of information on the company is the OTC Markets website http://www.otcmarkets.com/stock/amnf/company-info or the Company website http://www.armaninofoods.com
