PLEASANTON, Calif.--(BUSINESS WIRE)--Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported its highest ever sales and profits for the fourth quarter and fiscal year.
Net sales for the fourth quarter of 2023 were $16,092,538 compared to $13,717,899 for the same period last year, an increase of 17%. Income before taxes for Q4 2023 was $3,355,709 compared to $2,045,138 for the same quarter in 2022, an increase of 64%. Net income for this period was $2,569,156 (or $0.0801 per share), compared to $1,446,209 (or $0. 0451 per share) for the same quarter a year ago, an increase of 78%.
Net sales for the year ending 2023 were $63,561,091 compared to $57,873,545 for the same period in 2022, an increase of 10%. Income before taxes for this period was $11,674,160, compared to the 2022 figure of $8,867,258, an increase of 32%. Annual net income for 2023 was $8,758,085 (or $0.2731 per share), compared to $6,603,589 (or $0.2059 per share) for the same period a year ago, an increase of 33%.
Tim Anderson, President and CEO of Armanino Foods, commented, “We are proud to report double-digit, record-breaking annual net sales and profit results. Shareholder value increased for the year in line with record operating results (not including the three percent dividend payout), resulting in a total +36% return to our shareholders. Sales increases continue to be driven by organic growth with existing customers, new distribution, new products, and for Q4, from customers shipping ahead in anticipation of 2024 first quarter sales. The effects of customers’ forward shipping have us somewhat guarded in our outlook for the first quarter, but we remain confident in our long-term growth trajectory. Our margins continue to improve to near pre-pandemic levels, despite our increase in investment spending and obstacles presented by ongoing economic headwinds. Overall, we continue to outpace the economic trends in our sector driven by our continued focus on our transformative growth strategy.
Anderson continued, “Our margins continue to improve, driven by our focus on optimizing our operations and implementing more disciplined buying practices. We are currently in the final stages of upgrading our infrastructure with an expected completion date by late 2024. Our efforts are reflected in the significant increase in sales, profits, and shareholder value throughout 2023.”
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.
Armanino Foods of Distinction, Inc. Results for Quarter Ended December 31, 2023 (Unaudited) |
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2023 |
2022 |
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Net Sales |
$ |
16,092,538 |
$ |
13,717,899 |
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Income Before Taxes |
$ |
3,355,709 |
$ |
2,045,138 |
||
Net Income |
$ |
2,569,156 |
$ |
1,446,209 |
||
Basic Income Per Common Share |
$ |
0.0801 |
$ |
0.0451 |
||
Weighted Average Common Shares Outstanding |
|
32,065,645 |
|
32,065,645 |
||
Diluted Income/(Loss) Per Common Share |
$ |
0.0801 |
$ |
0.0451 |
||
Diluted Weighted Average Common Shares Outstanding |
|
32,065,645 |
|
32,065,645 |
||
|
|
|
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Results for the Year Ended December 31, 2023 (Unaudited) |
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|
|
||||
|
|
2023 |
|
2022 |
||
Net Sales |
$ |
63,561,091 |
$ |
57,873,545 |
||
Income Before Taxes |
$ |
11,674,160 |
$ |
8,867,258 |
||
Net Income |
$ |
8,758,085 |
$ |
6,603,589 |
||
Basic Income Per Common Share |
$ |
0.2731 |
$ |
0.2059 |
||
Weighted Average Common Shares Outstanding |
|
32,065,645 |
|
32,065,645 |
||
Diluted Income/(Loss) Per Common Share |
$ |
0.2731 |
$ |
0.2059 |
||
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.
