Armanino Foods of Distinction, Inc. Reports Highest Quarterly Net Sales and Earnings in its History

HAYWARD, Calif.--()--Armanino Foods of Distinction, Inc. (OTC Pink:AMNF) today reported its highest quarterly net sales and earnings ever, as well as record breaking sales and earnings for the six month period ending June 30, 2017.

Net sales for the second quarter ended June 30, 2017 were $10,264,703 compared to $8,704,319 for the same period last year, an increase of 18%. Income from operations for the second quarter of 2017 was $2,000,667 compared to $1,735,629 for the comparable quarter a year ago, an increase of 15%. Earnings per share for the second quarter of 2017 was $0.0399, compared to $0.0341 for the same quarter a year ago, an increase of 17%.

Net sales for the six months of 2017 were $19,352,716 compared to $17,695,561 for the same period last year, an increase of 9%. Income from continuing operations in this period for 2017 were $3,736,541, compared to the 2016 figure of $3,456,989, an increase of 8%. Earnings per share for the six months of 2017 amounted to $0.0746 compared to the $0.0679 posted for the same period in 2016, an increase of 10%.

Edmond J. Pera, President and CEO of Armanino Foods stated, “We are very pleased with our record breaking results for this quarter. Sales to our existing customer base were strong across all product categories this period. Existing customer sales were augmented by sales to new US based customers who initiated strong inventory positions of our products because of strong demand. Sales in our Asian markets were higher this quarter than the same period last year; however, year to date sales are still down.”

Pera continued, “While we are obviously pleased with our results so far in 2017 we remain cautiously optimistic about our financial performance for the remainder of this year. Although our current sales pipeline is strong, we don’t believe that the high rate of growth we experienced in the second quarter will be repeated in the next two quarters, particularly since business from a previously announced new customer has been delayed for consideration into 2018. We remain guarded with our outlook in our Asian markets because weak economic conditions continue to plague that part of the world.”

Pera concluded, “Our cash position remains strong. After reaching the half way mark on our plant expansion project we remain on schedule and within budget. As of the end of the second quarter, we have invested approximately $1.4 million on this project.”

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 Quarter Ended June 30, 2017 (Unaudited)
 
 

2017

 

2016

Net Sales $10,264,703 $8,704,319
Income From Cont. Operations Before Taxes $2,000,667 $1,735,629
Net Income $1,280,427 $1,093,446
Basic Income Per Common Share $0.0399 $0.0341
Weighted Average Common Shares Outstanding 32,065,645 32,065,645
Diluted Income/(Loss) Per Common Share $0.0399 $0.0341
Diluted Weighted Average Common Shares Outstanding 32,065,645 32,065,645
 
Armanino Foods of Distinction, Inc.
Results for Six Months Ending June 30, 2017 (Unaudited)
 

2017

2016

Net Sales $19,352,716 $17,695,561
Income From Cont. Operations Before Taxes $3,736,541 $3,456,989
Net Income $2,392,038 $2,177,903
Basic Income Per Common Share $0.0746 $0.0679
Weighted Average Common Shares Outstanding 32,065,645 32,065,645
Diluted Income/(Loss) Per Common Share $0.0746 $0.0679
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

Contacts

Armanino Foods of Distinction, Inc.
Edgar Estonina, 510-441-9300
COO
amnf@armaninofoods.com

Contacts

Armanino Foods of Distinction, Inc.
Edgar Estonina, 510-441-9300
COO
amnf@armaninofoods.com