Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) today reported
record sales and profits for the fourth quarter and year ended December
31, 2015.
Net sales in the fourth quarter were $9,044,580, an increase of 16% from
the $7,793,293 posted in 2014’s fourth quarter. Pre-tax profit from
continuing operations for the same period in 2015 was $1,376,184,
compared to 2014’s fourth quarter profit of $1,185,039, an increase of
16%. Net income for the fourth quarter of 2015 reached $954,237, up 10%
from $868,034 in net income from the same period last year. Earnings per
share for the fourth quarter of 2015 was $0.030 compared to $0.027 in
2014, an increase of 11%.
For the twelve months ended December 31, 2015, net sales were
$34,686,441, up 10% from the $31,461,816 reported in calendar year 2014.
Income from continuing operations before taxes rose 6%, from $6,046,747
a year ago to $6,397,271 in 2015. Net income for the year ended December
31, 2014 amounted to $3,847,176, compared to $4,031,138 in 2015, an
increase of 5%. Basic income per common share for 2015 amounted to
$0.126, versus $0.120 in 2014, an increase of 5%. All annual 2015
numbers reported above are new records for the seventh year in a row.
Edmond J. Pera, President and CEO stated, “We are very pleased with our
strong fourth quarter results and continued annual growth.”
Pera continued, “On-going growth in sales within our domestic markets
fueled the year over year increase in our quarterly and annual
performance. Fourth quarter sales in our Asian markets picked up
significant momentum over the previous quarter this year. We continued
to spend aggressively in promotional investments to increase our US
market share and profitability in the short and long term.”
Pera concluded, “We are cautiously optimistic about our sales and
profitability in 2016. The sales pipeline in our US markets appears
strong, and we are working on several exciting and significant projects.
Preliminary indications for the first quarter of 2016 show that orders
for delivery to our Asian markets are trending higher than the same
period last year. However, given the current weak economic environment
in that part of the world, and the strong dollar, we remain guarded with
regard to our longer term outlook in those markets. Our cash position
remains healthy and is significantly higher than it was in the same
period last year. To meet expected higher demand we are in the process
of making significant investments to increase our manufacturing
capacity. At the same time we are on track to fully pay off our long
term debt before the end of the second quarter in 2017.”
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.
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Results for the Quarter Ended 12/31/15 (Unaudited)
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2015
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2014
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Net Sales
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$
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9,044,580
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$
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7,793,293
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Income From Cont. Operations Before Taxes
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$
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1,376,184
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$
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1,185,039
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Net Income
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$
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954,237
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$
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868,034
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Basic Income Per Common Share
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$
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0.030
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$
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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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32,065,645
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Diluted Income/(Loss) Per Common Share
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$
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0.030
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$
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0.027
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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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Results for 12-Months Ending 12/31/15 (Unaudited)
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2015
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2014
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Net Sales
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$
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34,686,441
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$
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31,461,816
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Income From Cont. Operations Before Taxes
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$
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6,397,271
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$
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6,046,747
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Net Income
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$
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4,031,138
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$
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3,847,176
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Basic Income Per Common Share
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$
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0.126
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$
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0.120
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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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$
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0.126
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$
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0.120
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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
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