Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported the
highest quarterly sales and earnings in its history. Nine month figures
are also Company records.
Net sales for the third quarter of 2013 were $7,389,449 as compared to
$7,088, 861 for Q3 2012, an increase of 4%.
Income from continuing operations before taxes for Q3 2013 were
$1,456,901 compared to $1,284,554 for the same quarter in 2012, an
increase of 13%. Earnings per share in Q3 2013 were $0.028 compared to
$0.025 in 2012, an increase of 12%.
Net sales for the nine months of 2013 were $21,305,041 compared to
$20,870,360 in 2012, an increase of 2%. Income from continuing
operations were $4,061,543 compared to the 2012 figure of $3,635,908, an
increase of 12%. Earnings per share for the first nine months of 2013
amounted to $0.078 compared to the $0.069 posted in 2012, an increase of
13%.
Edmond J. Pera, President and CEO of Armanino Foods stated, “The
strength of our domestic business drove the Company’s overall record
breaking sales and profits through the end of the third quarter. We are
cautiously optimistic that this positive trend will continue for the
rest of this year. While we saw a strong uptick in our international
sales late in the third quarter, it is too early to tell how strategies
that we have been working on will impact fourth quarter sales
internationally.”
Pera continued, “In the fourth quarter we will be introducing four new
product offerings which received good acceptance in our test markets.”
Pera concluded, “Our balance sheet and financial metrics remain strong.
We are cautiously optimistic about our financial performance and
financial position for the remainder of this year.”
Armanino Foods of Distinction, Inc. is an international food company
that manufactures and markets frozen Italian specialty food items such
as pestos, Bolognese, sauces and filled pastas to the foodservice,
retail, and industrial markets. In addition to a classic Basil Pesto
Armanino offers other flavors such as Cilantro, Dried Tomato & Garlic,
Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic
and Light Basil Pesto. Armanino’s Organic line includes classic Basil
Pesto. Frozen pastas, sauce and meatballs are also offered by Armanino
Foods.
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Armanino Foods of Distinction, Inc.
Results for Quarter Ended September 30, 2013 (Unaudited)
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2013
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2012
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Net Sales
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$
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7,389,449
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$
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7,088,861
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Income from Cont. Operations Before Taxes
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$
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1,456,901
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$
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1,284,554
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Net Income
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$
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893,210
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$
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788,078
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Basic Income Per Common Share
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$
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0.028
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$
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0.025
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Weighted Average Common Shares Outstanding
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32,065,645
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32,145,385
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Diluted Income/(Loss) Per Common Share
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$
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0.028
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$
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0.024
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Diluted Weighted Average Common Shares Outstanding
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32,170,835
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32,188,570
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Results for Nine Months Ending September 30, 2013 (Unaudited)
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2013
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2012
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Net Sales
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$
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21,305,041
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$
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20,870,360
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Income From Cont. Operations Before Taxes
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$
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4,061,543
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$
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3,635,908
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Net Income
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$
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2,491,014
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$
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2,231,404
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Basic Income Per Common Share
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$
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0.078
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$
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0.069
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Weighted Average Common Shares Outstanding
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32,048,429
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32,321,901
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Diluted Income/(Loss) Per Common Share
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$
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0.078
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$
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0.069
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Diluted Weighted Average Common Shares Outstanding
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32,133,069
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32,352,819
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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.
The best source of information on the company is the OTC Markets website http://www.otcmarkets.com/stock/amnf/company-info
or the Company website http://www.armaninofoods.com
Copyright Business Wire 2013