Armanino Foods of Distinction, Inc. Reports Net Sales and Earnings for the Fourth Quarter; Earnings Continue to Grow

HAYWARD, Calif.--()--Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported a year over year decrease in its net sales and net income for the fourth quarter ending December 31, 2020, but growth in earnings from last quarter. The Company continues the streak of being profitable for the 70th quarter in a row.

Net sales for the fourth quarter of 2020 were $8,597,794 compared to $10,929,061 for the same period last year, a decrease of 21%. Income before taxes for Q4 2020 was $919,734 compared to $1,795,737 for the same quarter in 2020, a decrease of 49%. Net income for this period was $909,476 (or $0.0284 per share), compared to $1,422,805 (or $0.0444 per share) for the same quarter a year ago, a decrease of 36%.

Net sales for the year ended December 31, 2020 were $31,815,652 compared to $42,551,202 for the same period in 2020, a decrease of 25%. Income before taxes for 2020 was $2,311,034, compared to the 2019 figure of $8,181,402, a decrease of 72%. Net income for the year ended December 31, 2020 was $2,022,458 (or $0.0631 per share), compared to $6,484,997 (or $0.2022 per share) for the same period a year ago, a decrease of 69%.

Tim Anderson, President and CEO of Armanino Foods stated, “We are pleased that our profits for the fourth quarter continued to grow versus the third quarter, 2020. This growth was largely attributable to our ability to control our overall costs and expenses. Specifically, this included efforts to control our promotional and G&A spending. Furthermore, investments in technology to improve manufacturing efficiencies continue to reduce our relative production costs, offset by the effect of selling a larger mix of higher cost products. We also continued to benefit from various cost cutting measures put in place since the beginning of the COVID pandemic. Additionally, prior year investments in tax strategies materialized this quarter and lowered our overall annual tax rate.”

Anderson continued, “We continue to make investments to reposition the Company for recovery from the current economic environment for sustained future growth with an eye towards new products, new markets, and potential acquisitions. Given our financial resources, the strength of our brand, and proven track record of management excellence, we remain confident in our ability to achieve our long-term vision for the Company despite the current economic environment.”

Anderson concluded, “We are more hopeful that the worst of the COVID 19 effects are behind us as COVID vaccinations roll out, and recent trends in COVID infections have declined. Further, sales over the past 5 weeks have trended stronger, exceeding normal pre-pandemic levels. At the same time, current market conditions and near-term demand growth are still uncertain because of reports that there are new strains of the COVID virus. Because of this, we remain guarded about our financial outlook.”

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, Chimichurri, Harissa, Bolognese, Alfredo sauce, Creamy Garlic, and Romesco. Armanino’s organic line includes classic Basil Pesto. Armanino Foods also offers cheese shakers, frozen pastas, and meatballs.

Armanino Foods of Distinction, Inc.
Results for Quarter Ended December 31, 2020 (Unaudited)

 

 

 

 

 

2020

 

2019

 

 

 

Net Sales

$

8,597,794

$

10,929,061

Income Before Taxes

$

919,734

$

1,795,737

Net Income

$

909,746

$

1,422,805

Basic/Diluted Income Per Common Share

$

0.0284

$

0.0444

Weighted Average Common Shares Outstanding

 

32,065,645

 

32,065,645

 

 

 

 

 

 

Results for the Year Ended December 31, 2020 (Unaudited)

 

 

 

 

 

2020

 

2019

Net Sales

$

31,815,652

$

42,551,202

Income Before Taxes

$

2,311,034

$

8,181,402

Net Income

$

2,022,458

$

6,484,997

Basic/Diluted Income Per Common Share

$

0.0631

$

0.2022

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

For further information, please contact:
Edgar Estonina
COO/CFO
(510) 441-9300
AMNF@armaninofoods.com

Contacts

For further information, please contact:
Edgar Estonina
COO/CFO
(510) 441-9300
AMNF@armaninofoods.com