HAYWARD, Calif.--(BUSINESS WIRE)--Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported its highest quarterly and annual net sales ever for the fourth quarter and year ending December 31, 2021, respectively. Fourth quarter earnings continued the Company’s upward trend of quarter over quarter growth since the beginning of the pandemic. The Company continued its streak of being profitable on a year-to-date basis for seventy-four quarters in a row.
Net sales for the fourth quarter of 2021 were $11,924,678 compared to $8,597,794 for the same period last year, an increase of 39%. Income before taxes for Q4 2021 was $2,040,241 compared to $919,734 for the same quarter in 2020, an increase of 122%. Net income for this period was $1,796,842 (or $0.0560 per share), compared to $909,746 (or $0.0284 per share) for the same quarter a year ago, an increase of 98%.
Net sales for the year ending 2021 were $43,824,030 compared to $31,815,652 for the same period in 2020, an increase of 38%. Income before taxes for this period was $7,218,149, compared to the 2020 figure of $2,311,034, an increase of 212%. Annual net income for 2021 was $5,730,793 (or $0.1787 per share), compared to $2,022,458 (or $0.0631 per share) for the same period a year ago, an increase of 183%.
Tim Anderson, President and CEO of Armanino Foods, stated, “We are pleased to report that for second quarter in a row we have achieved record breaking quarterly sales, which also culminated in the highest annual sales ever, beating the previous pre-pandemic records in 2019. Not only did our Q4 2021 net income surpass our prior year, but it also surpassed the pre-pandemic Q4 2019. Labor and supply shortages; inflation; and logistical challenges had a significant impact on our cost of goods. As a result, additional measures have been put in place to further mitigate risks and reduce costs moving forward. If our cost of sales were proportionate to 2019 levels, then our 2021 profits could have been the highest in the Company’s history. We continue to outpace economic trends in our sector in large part due to the development and implementation of our transformative strategy for growth and profitability for the long-term.”
Anderson continued, “The effects of the Omicron variant and inflationary pressure have us guarded for the near term as the global rise in COVID cases over the past few months have disrupted our sales distribution channels. However, we are confident that we will continue to successfully navigate through the current economic challenges and beyond.”
Anderson concluded, “We remain committed to investing in our brand, while optimizing marketing and cost spend to position the Company for sustained growth with a focus on new products, new markets and potential acquisitions.”
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.
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2021 |
2020 |
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Net Sales |
$11,924,678 |
$8,597,794 |
Income Before Taxes |
$2,040,241 |
$919,734 |
Net Income |
$1,796,842 |
$909,746 |
Basic Income Per Common Share |
$0.0560 |
$0.0284 |
Weighted Average Common Shares Outstanding |
32,065,645 |
32,065,645 |
Diluted Income/(Loss) Per Common Share |
$0.0560 |
$0.0284 |
Diluted Weighted Average Common Shares Outstanding |
32,065,645 |
32,065,645 |
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Results for the Year Ended December 31, 2021 (Unaudited) |
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2021 |
2020 |
Net Sales |
$43,824,030 |
$31,815,652 |
Income Before Taxes |
$7,218,149 |
$2,311,034 |
Net Income |
$5,730,793 |
$2,022,458 |
Basic Income Per Common Share |
$0.1787 |
$0.0631 |
Weighted Average Common Shares Outstanding |
32,065,645 |
32,065,645 |
Diluted Income/(Loss) Per Common Share |
$0.1787 |
$0.0631 |
Diluted Weighted Average Common Shares Outstanding |
32,065,645 |
32,065,645 |
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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. |
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