Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported record breaking sales and the highest quarterly and year to date profits ever for the three and nine-month periods ending September 30, 2023.
Net sales for the third quarter of 2023 were $16,080,356 compared to $15,400,353 for the same period last year, an increase of 4%. Income before taxes for Q3 2023 was $3,050,211 compared to $2,055,215 for the same quarter in 2022, an increase of 48%. Net income for this period was $2,263,972 (or $0.0706 per share), compared to $1,553,742 (or $0.0485 per share) for the same quarter a year ago, an increase of 46%.
Net sales for the first nine months of 2023 were $47,468,553 compared to $44,155,647 for the same period last year, an increase of 7.5%. Income before taxes for this period was $8,318,451, compared to the 2022 amount of $6,822,703, an increase of 22%. Net income for the first nine months of 2023 was $6,188,927 (or $0.1930 per share), compared to $5,157,964 (or $0.1609 per share) posted for the same period in 2022, an increase of 20%.
Tim Anderson, President, and CEO of Armanino Foods commented, “We are proud to report a record-breaking quarter and year-to-date sales through Q3. Our quarterly results reflect the highest Q3 sales with record quarterly profits, while year-to-date sales and profits are also at correspondingly record levels. Our continued margin improvement is driven by our ongoing cost reduction efforts that effectively support our growth while simultaneously mitigating ongoing inflationary headwinds. We also continue to successfully execute our innovative sales and marketing strategies that support the growth of our base business through new channels, segments, and markets.”
Anderson concluded, “With our working capital at an all-time high, we are well-positioned to continue to invest in diversified channels to capitalize on growth trends and pursue strategic acquisition and partnership opportunities.”
Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items such as pestos, sauces and filled pastas to the foodservice, retail, and industrial markets. In addition to a classic Basil Pesto Armanino offers other flavors such as Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic, Light Basil Pesto, Chimichurri, Harissa, Bolognese, Alfredo sauce, Creamy Garlic, and Romesco. Armanino’s organic line includes classic Basil Pesto. Armanino Foods also offers cheese shakers, frozen pastas, and meatballs.
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Armanino Foods of Distinction, Inc.
Results for Quarter Ended September 30, 2023 (Unaudited)
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2023
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2022
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Net Sales
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$
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16,080,356
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$
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15,400,353
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Income/<Loss> Before Taxes
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$
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3,050,211
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$
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2,055,215
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Net Income/<Loss>
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$
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2,263,972
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$
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1,553,742
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Basic/Diluted Income/<Loss> Per Common Share
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$
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0.0706
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$
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0.0485
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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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Armanino Foods of Distinction, Inc.
Results for nine Months Ending September 30, 2023 (Unaudited)
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2023
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2022
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Net Sales
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$
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47,468,553
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$
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44,155,647
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Income Before Taxes
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$
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8,318,451
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$
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6,822,703
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Net Income
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$
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6,188,927
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$
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5,157,964
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Basic/Diluted Income/<Loss> Per Common Share
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$
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0.1930
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$
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0.1609
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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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Armanino Foods of Distinction, Inc.
Working Capital as of September 30, 2023 and December 31, 2022 (Unaudited)
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2023
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2022
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Current Assets
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$
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33,671,246
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$
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30,679,550
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Less Current Liabilities
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$
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11,042,956
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$
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10,861,575
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Working Capital
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$
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22,628,290
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$
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19,817,975
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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: https://www.businesswire.com/news/home/20231016778910/en/