HAYWARD, Calif.--(BUSINESS WIRE)--Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) today reported its highest quarterly net sales and earnings ever, as well as record breaking sales and earnings for the six month period ending June 30, 2019.
Net sales for the second quarter ended June 30, 2019 were $11,518,343 compared to $11,445,347 for the same period last year, an increase of 1%. Income before taxes for the second quarter of 2019 was $2,770,233 compared to $2,476,001 for the comparable quarter a year ago, an increase of 12%. Net income for this period grew to $2,105,377 (or $0.0657 per share), from $1,931,281 (or $0.0602 per share) for the same quarter a year ago, an increase of 9%.
Net sales for the first six months of 2019 were $21,287,534 compared to $20,880,307 for the same period last year, an increase of 2%. Income before taxes in this period for 2019 was $4,660,476, compared to the 2018 amount of $4,156,624, an increase of 12%. Net income for the first six months of 2019 was $3,541,873 (or $0.1105 per share) compared to $3,242,166 (or $0.1011 per share) posted for the same period in 2018, an increase of 9%.
Edmond J. Pera, President and CEO of Armanino Foods stated, “We are very pleased that our streak of 64 quarters in a row of profitability remains unbroken, and that once again we set new records for the highest ever net sales, income before taxes, and net income for a quarter and six month period. In light of our cautionary outlook expressed in our release of last quarter, these results surpassed our expectations. That is, despite 2018’s records, achieved in part because several customers increased their purchases in advance of price increases effective July 1, 2018, the growth in demand for our core products from both existing and new customers propelled this year’s sales and profitability beyond last year’s results.”
Pera continued, “In the second half of this year we plan to continue to research new flavor profiles, and to ramp up the sale of recently introduced products. These initiatives will be targeted at our existing customers as well as new customers in new markets. We also will continue to seek opportunities to increase our profitability and shareholder value in furtherance of our strategic planning.”
Pera concluded, “Both our sales pipeline and cash position remain strong. Our pipeline includes some large and promising opportunities. We expect that sales of our new products will start to gain traction sometime in the 2nd half of this year. As we begin to see “pay-back” from our strategic planning investments, and the strong momentum in the sale of our core products, our outlook for the Company’s financial performance for the remainder of this year remains cautiously optimistic.”
Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian, and other 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, and Light Basil Pesto. It also offers sauces including Chimichurri, Harissa, Creamy Garlic, Italian Salsa Verde, Romesco, Bolognese sauce, and Alfredo sauce. Armanino’s Organic line includes classic Basil Pesto. Cheese shakers, as well as frozen pastas and meatballs are also offered by Armanino Foods.
Armanino Foods of Distinction, Inc.
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2019 |
2018 |
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Net Sales |
$11,518,343 |
$11,445,347 |
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Income Before Taxes |
$2,770,233 |
$2,476,001 |
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Net Income |
$2,105,377 |
$1,931,281 |
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Basic Income Per Common Share |
$0.0657 |
$0.0602 |
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Weighted Average Common Shares Outstanding |
32,065,645 |
32,065,645 |
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Diluted Income/(Loss) Per Common Share |
$0.0657 |
$0.0602 |
|||
Diluted Weighted Average Common Shares Outstanding |
32,065,645 |
32,065,645 |
|||
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|
|
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Armanino Foods of Distinction, Inc.
|
|||||
|
2019 |
2018 |
|||
Net Sales |
$21,287,534 |
$20,880,307 |
|||
Income Before Taxes |
$4,660,476 |
$4,156,624 |
|||
Net Income |
$3,541,873 |
$3,242,166 |
|||
Basic Income Per Common Share |
$0.1105 |
$0.1011 |
|||
Weighted Average Common Shares Outstanding |
32,065,645 |
32,065,645 |
|||
Diluted Income/(Loss) Per Common Share |
$0.1105 |
$0.1011 |
|||
Diluted Weighted Average Common Shares Outstanding |
32,065,645 |
32,065,645 |
|||
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
