Armanino Foods of Distinction, Inc. (OTC Pink Sheets Symbol: AMNF)
reported today that it achieved the highest second quarter sales and
earnings in its history. Six month figures for both sales and profits
were the highest in the Company’s history.
Net sales for the second quarter of 2015 were $9,010,012 as compared to
$7,664,883 for Q2 2014, an increase of 17.5%.
Income from continuing operations for the second quarter of 2015 was
$1,868,470 compared to $1,591,231 for the same quarter in 2014, an
increase of 17.4%. Earnings per share for the second quarter of 2015
were $0.036 compared to $0.030 for the second quarter of 2014, an
increase of 20%.
For the six month period ended June 30, 2015 net sales were $17,153,829
compared to $14,971,208 for the same period a year ago, an increase of
14.6%. Income from continuing operations for this six month period rose
by 14.9% to $3,434,447 from $2,989,499 for the same period in 2014.
Earnings per share for the first six months of 2015 amounted to $0.066
compared to $0.057 posted in 2014, an increase of 15.8%.
Edmond J. Pera, President and CEO of Armanino Foods said, “We are very
pleased with our strong financial performance for the quarter and year
to date. The Company’s sales and profits reached new records because of
solid and growing domestic sales in the second quarter. We posted
excellent profit numbers despite incurring higher than normal
promotional expenses.”
Pera added, “We will continue to invest heavily in promotional
expenditures this year in order to profitably grow our domestic markets
in the current and future years. We are on schedule to install a new
piece of manufacturing equipment before the end of the third quarter.
This new equipment will replace an older existing one and increase our
manufacturing capacity.”
Pera concluded, “We are cautiously optimistic about our prospects for
the remainder of this year. Our overall sales pipeline remains robust.”
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, 2015 (Unaudited)
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2015
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2014
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Net Sales
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$9,010,012
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$7,664,883
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Income From Cont. Operations Before Taxes
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$1,868,470
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$1,591,231
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Net Income
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$1,144,803
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$975,151
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Basic Income Per Common Share
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$0.036
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$0.030
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Weighted Average Common Shares Outstanding
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32,065,645
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32,065,645
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Diluted Income/(Loss) Per Common Share
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$0.036
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$0.030
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Diluted Weighted Average Common Shares Outstanding
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32,065,645
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32,065,645
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Armanino Foods of Distinction, Inc. Results for Six Months
Ending June 30, 2015 (Unaudited)
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2015
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2014
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Net Sales
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$17,153,829
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$14,971,208
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Income From Cont. Operations Before Taxes
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$3,434,447
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$2,989,499
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Net Income
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$2,104,548
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$1,832,594
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Basic Income Per Common Share
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$0.066
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$0.057
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Weighted Average Common Shares Outstanding
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32,065,645
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32,065,645
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Diluted Income/(Loss) Per Common Share
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$0.066
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$0.057
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Diluted Weighted Average Common Shares Outstanding
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32,065,645
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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.
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
View source version on businesswire.com: http://www.businesswire.com/news/home/20150716005966/en/
Copyright Business Wire 2015