Armanino Foods of Distinction, Inc. Reports Record Breaking Net Sales and Earnings for the Third Quarter and the Highest Quarterly Profit Ever

HAYWARD, Calif.--()--Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported record breaking financial results for the third quarter, and the highest quarterly profit ever.

Net sales for the third quarter of 2017 were $10,004,933 compared to $9,388,778 for the same period last year, an increase of 7%. Income from continuing operations before taxes for Q3 2017 were $2,059,674 compared to $1,822,134 for the same quarter in 2016, an increase of 13%. Earnings per share in Q3 2017 were $0.0411 compared to $0.0358 in Q3 2016, an increase of 15%.

Net sales for the first nine months of 2017 were $29,357,649 compared to $27,084,339 for the same period in 2016, an increase of 8%. Income from continuing operations in this period for 2017 were $5,796,215 compared to the 2016 figure of $5,279,123, an increase of 10%. Earnings per share for the nine months of 2017 amounted to $0.1157 compared to the $0.1037 posted in 2016, an increase of 12%.

Edmond J. Pera, President and CEO of Armanino Foods stated, “We are very pleased with our record breaking results this quarter. In addition to breaking records for the third quarter, this is also the Company’s highest quarterly profit ever. Sales to existing US domestic customers were strong across all product lines. Our exceptional performance in the domestic market was partially offset by weaker sales in our Asian markets which were down for this quarter, as well as on a year to date basis.”

Pera continued, “We remain cautiously optimistic about our financial performance for the remainder of this year. Our current sales pipeline and our cash position are strong. We continue to remain guarded in our outlook for our Asian markets, principally Japan, due to our recent performance in those markets and the continued weak currency and stagnant economic conditions that are forecasted to persist in those markets.”

Pera concluded, “The plant expansion project has been completed on time and within our $3.5 million budget. We have successfully transitioned into our newly designed facility where we have been operating now for almost a month. In the next several months we will continue to refine our use of new equipment.”

Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items such as pestos, Bolognese, Alfredo sauce 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 and Light Basil Pesto. Armanino’s Organic line includes classic Basil Pesto. Frozen pastas, sauces and meatballs are also offered by Armanino Foods.

 
Armanino Foods of Distinction, Inc.

Results for Quarter Ended September 30, 2017 (Unaudited)

   

2017

2016

 
Net Sales $10,004,933 $9,388,778
Income from Cont. Operations Before Taxes $2,059,674 $1,822,134
Net Income $1,318,919 $1,147,944
Basic Income Per Common Share $0.0411 $0.0358
Weighted Average Common Shares Outstanding 32,065,645 32,065,645
Diluted Income/(Loss) Per Common Share $0.0411 $0.0358
Diluted Weighted Average Common Shares Outstanding 32,065,645 32,065,645
 
Results for Nine Months Ended September 30, 2017 (Unaudited)
 

2017

2016

Net Sales $29,357,649 $27,084,339
Income From Cont. Operations Before Taxes $5,796,215 $5,279,123
Net Income $3,710,229 $3,325,847
Basic Income Per Common Share $0.1157 $0.1037
Weighted Average Common Shares Outstanding 32,065,645 32,065,645
Diluted Income/(Loss) Per Common Share $0.1157 $0.1037
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.

Contacts

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

Release Summary

ARMANINO FOODS OF DISTINCTION, INC. REPORTS RECORD BREAKING NET SALES AND EARNINGS FOR THE THIRD QUARTER AND THE HIGHEST QUARTERLY PROFIT EVER

Contacts

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