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Armanino Foods of Distinction, Inc. Reports Highest Quarterly and Year to Date Sales and Earnings Ever

Donnerstag, 13.10.2016 17:30



HAYWARD, Calif. --(BUSINESS WIRE)--

Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported its highest quarterly and year to date sales and earnings ever.

Net sales for the third quarter of 2016 were $9,388,778 compared to $8,488,032 for the same period last year, an increase of 11%. Income from continuing operations before taxes for Q3 2016 were $1,822,134 compared to $1,586,641 for the same quarter in 2015, an increase of 15%. Earnings per share in Q3 2016 were $0.036 compared to $0.030 in Q3 2015, an increase of 20%.

Net sales for the first nine months of 2016 were $27,084,339 compared to $25,641,861 for the same period in 2015, an increase of 6%. Income from continuing operations in this period for 2016 were $5,279,123 compared to the 2015 figure of $5,021,088, an increase of 5%. Earnings per share for the nine months of 2016 amounted to $0.104 compared to the $0.096 posted in 2015, an increase of 8%.

Edmond J. Pera, President and CEO of Armanino Foods stated, “Financial performance in both our US and Asian markets was strong this quarter. We achieved higher quarterly sales with existing customers across all of our core products. As we stated in last quarter’s report, timing delays in closing several domestic deals affected sales in the Q2. Those same Q2 delayed sales were booked in Q3 and were part of the growth in our sales this quarter.”

Pera continued, “Our Board of Directors recently gave its approval for us to secure a $3.5 million credit facility to expand our manufacturing plant capacity. This project is expected to help us double our plant capacity, and increase production efficiencies. The Company also negotiated an extension of the lease on its existing plant facility. This extension carries a 5 year term beginning January 1, 2017, and contains two 5 year renewal options. Construction for the plant expansion project is scheduled to begin around the end of December 2016, and expected to be completed shortly after the end of the first quarter of 2017.”

Pera concluded, “The Company is cautiously optimistic about it financial performance for the remainder of this year. We continue to work on several significant domestic relationships that we are trying to close before year end. We remain guarded on our outlook with our Asian markets due to continued weak economic conditions in that part of the world. Our current sales pipeline and cash position remain strong.”

Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items such as pestos, Bolognese, Alfredo sauce 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. Armanino’s Organic line includes classic Basil Pesto. Frozen pastas, sauces and meatballs are also offered by Armanino Foods.

 
Armanino Foods of Distinction, Inc.

Results for Quarter Ended September 30, 2016 (Unaudited)

           

2016

2015

 
Net Sales $9,388,778 $8,488,032
Income from Cont. Operations Before Taxes $1,822,134 $1,586,641
Net Income $1,147,944 $972,351
Basic Income Per Common Share $0.036 $0.030
Weighted Average Common Shares Outstanding 32,065,645 32,065,645
Diluted Income/(Loss) Per Common Share $0.036 $0.030
Diluted Weighted Average Common Shares Outstanding 32,065,645 32,065,645
 
 
Results for Nine Months Ended September 30, 2016 (Unaudited)
 

2016

2015

Net Sales $27,084,339 $25,641,861
Income From Cont. Operations Before Taxes $5,279,123 $5,021,088
Net Income $3,325,847 $3,076,899
Basic Income Per Common Share $0.104 $0.096
Weighted Average Common Shares Outstanding 32,065,645 32,065,645
Diluted Income/(Loss) Per Common Share $0.104 $0.096
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.

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