Armanino Foods of Distinction, Inc. Announces Record Sales and Earnings for the Fourth Quarter and Year Ended December 31, 2013
HAYWARD, Calif.--(BUSINESS WIRE)--Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) today reported record sales and profits for the fourth quarter and year ended December 31, 2013.
“We believe that our sales pipeline remains strong. For that reason we are cautiously optimistic about our financial performance and financial position in 2014.”
Net sales in the fourth quarter were $7,561,504, an increase of 7% from the $7,089,753 posted in 2012’s fourth quarter. Pre-tax profit from continuing operations for the same period in 2013 was $1,202,383, compared to 2012’s fourth quarter profit of $908,676, an increase of 32%. Net income for the fourth quarter of 2013 reached $837,351, comparing favorably to 2012’s fourth quarter net income of $657,260, an increase of 27%. Earnings per share for the fourth quarter of 2013 were $0.026 compared to $0.020 in 2012, an increase of 30%. All fourth quarter 2013 results described above are records.
For the twelve months ended December 31, 2013 net sales were $28,866,545, up 3% from the $27,960,113 reported in calendar year 2012. Income from continuing operations before taxes rose 16%, from $4,544,584 a year ago to $5,263,925 in 2013. Net income for the year ended December 31, 2012 amounted to $2,888,663, compared to $3,328,365 in 2013, an increase of 15%. Basic income per common share for 2013 amounted to $0.104, versus $0.090 in 2012, an increase of 16%. All annual 2013 numbers reported above are new records for the fifth year in a row.
Edmond J. Pera, President and CEO stated, “We are particularly pleased that our earnings figures for all four quarters in 2013 exceeded the comparable periods a year ago.”
Pera continued, “There were several significant factors that affected our 2013 performance which were not immediately apparent when reviewing our numbers. First, we implemented a price increase in our principal products early in the year that allowed us to maintain margins in the face of commodity and ingredient cost inflation. This price increase, coupled with robust domestic sales, were significant factors behind the growth in our revenue and profits. Second, although in the first three quarters of 2013 our international sales lagged behind our performance in the same periods of the prior year, they picked up in the fourth quarter and ended up slightly above the sales numbers posted for last year’s fourth quarter. Finally, the manufacturing, distribution and marketing of the four new products we introduced in the last quarter of the year did not utilize our new equipment which we believe will provide us a marketplace advantage in some channels beginning in the first half of 2014. Products which utilize the new equipment are expected to add incremental revenue to our international distributor and domestic accounts.”
Pera concluded, “We believe that our sales pipeline remains strong. For that reason we are cautiously optimistic about our financial performance and financial position in 2014.”
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 12/31/13 (Unaudited)|
|Income From Cont. Operations Before Taxes||$||1,202,383||$||908,676|
|Basic Income Per Common Share||$||0.026||$||0.020|
|Weighted Average Common Shares Outstanding||32,065,645||32,082,141|
|Diluted Income/(Loss) Per Common Share||$||0.026||$||0.020|
|Diluted Weighted Average Common Shares Outstanding||32,065,645||32,136,565|
|Results for 12-Months Ending 12/31/13 (Unaudited)|
|Income From Cont. Operations Before Taxes||$||5,263,925||$||4,544,584|
|Basic Income Per Common Share||$||0.104||$||0.090|
|Weighted Average Common Shares Outstanding||32,052,768||32,261,634|
|Diluted Income/(Loss) Per Common Share||$||0.104||$||0.089|
|Diluted Weighted Average Common Shares Outstanding||32,085,093||32,299,167|
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.