HAYWARD, Calif.--(BUSINESS WIRE)--Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) today reported record sales and profits for the first quarter ending March 31, 2016.
Net sales for the first quarter ended March 31, 2016 were $8,991,242 compared to $8,143,817 for the first quarter of 2016, an increase of 10%. Income from operations for the first quarter of 2016 was $1,721,360 compared to $1,565,976 for the comparable quarter a year ago, an increase of 10%. Net income for the first quarter of 2016 was $1,084,457 compared to $959,746, an increase of 13%. Earnings per share for the first quarter of 2016 was $0.0338, compared to $0.0299 for the same quarter a year ago, an increase of 13%.
Edmond J. Pera, President and CEO of Armanino Foods said, “We are very pleased with our record breaking results for the first quarter. The growth in our revenue came from both our domestic and Asian markets. We secured business from a new and substantial US customer which ramped up its purchases this quarter in order to build up its initial inventory. Our strategy of aggressively investing in domestic promotional expenditures has been a contributing factor behind the growth of our US markets. While the natural consequence of this strategy has been lower incremental margins, the company has been able to solidly maintain its overall profitability. The year over year growth rate of first quarter sales within our Asian markets was at its highest level compared to any of the previous four quarters. Further, this is the second quarter in a row that we have seen growth within this region. Despite these positive trends, our outlook regarding sales into our Asian markets remains guarded.”
Pera continued, “To ensure that the Company has enough capacity to meet expected higher demand, we are currently in the process of planning for substantial investments to expand our manufacturing plant capacity. The estimated cost for this project and our plan to fund it will be determined within the second quarter of this year. Our goal is to begin construction in the third quarter of this year, and to complete it by the end of this year or shortly thereafter.”
Pera concluded, “Our sales pipeline and our cash position currently remain strong. We are cautiously optimistic about our financial performance for the remainder of this year.”
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.
|Income From Cont. Operations Before Taxes||$1,721,360||$1,565,976|
|Basic Income Per Common Share||$0.0338||$0.0299|
|Weighted Average Common Shares Outstanding||32,065,645||32,065,645|
|Diluted Income/(Loss) Per Common Share||$0.0338||$0.0299|
|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.