Armanino Foods of Distinction, Inc. (OTC Pink Sheets Symbol: AMNF)
reported today that its second quarter had achieved the highest
quarterly sales and earnings in its history. Six month figures also set
Company records.
Net sales for the second quarter of 2014 were $7,664,883 as compared to
$7,246,520 for Q2 2013, an increase of 6%.
Income from continuing operations for the second quarter of 2014 was
$1,591,231 compared to $1,388,447 for the same quarter in 2013, an
increase of 15%. Earnings per share for the second quarter of 2014 were
$0.030 compared to $0.027 for the second quarter of 2013, an increase of
11%.
For the six month period ended June 30, 2014 net sales were $14,971,208
compared to $13,915,592 a year ago, an increase of 8%. Income from
continuing operations for the six month period rose by 15% to $2,989,499
from $2,604,642 for the same period in 2013. Earnings per share for the
first six months of 2014 amounted to $0.057 compared to $0.050 posted in
2013, an increase of 14%.
Edmond J. Pera, President and CEO of Armanino Foods said, “We are very
pleased with the upward momentum of our financial performance in the
second quarter and year to date as the Company’s sales and profitability
reached record breaking levels. Our second quarter domestic sales,
fueled by higher than normal promotional activities and their associated
expenses, were solid.”
Pera concluded, “Our domestic and international sales pipelines are
robust, and our cash position and balance sheet are strong. We are
cautiously optimistic about our prospects for the remainder of this year
as our flavorful natural products, wide distribution network, excellent
quality assurance programs and customer service continue to be well
received by the foodservice and industrial food market segments.”
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.
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Armanino Foods of Distinction, Inc.
Results for Quarter Ended
June 30, 2014 (Unaudited)
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2014
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2013
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Net Sales
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$7,664,883
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$7,246,520
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Income From Cont. Operations Before Taxes
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$1,591,231
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$1,388,447
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Net Income
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$975,151
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$851,453
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Basic Income Per Common Share
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$0.030
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$0.027
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Weighted Average Common Shares Outstanding
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32,065,645
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32,063,447
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Diluted Income/(Loss) Per Common Share
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$0.030
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$0.026
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Diluted Weighted Average Common Shares Outstanding
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32,065,645
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32,139,239
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Armanino Foods of Distinction, Inc.
Results for Six Months
Ending June 30, 2014 (Unaudited)
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2014
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2013
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Net Sales
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$14,971,208
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$13,915,592
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Income From Cont. Operations Before Taxes
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$2,989,499
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$2,604,642
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Net Income
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$1,832,594
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$1,597,805
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Basic Income Per Common Share
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$0.057
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$0.050
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Weighted Average Common Shares Outstanding
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32,065,645
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32,039,678
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Diluted Income/(Loss) Per Common Share
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$0.057
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$0.050
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Diluted Weighted Average Common Shares Outstanding
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32,065,645
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32,114,044
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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 2014