Armanino Foods of Distinction, Inc. Reports Highest Quarterly Sales and
Income in its History
HAYWARD, Calif. -- July 19, 2013
Armanino Foods of Distinction, Inc. (OTC Pink Sheets Symbol: AMNF) reported
record quarterly sales and earnings, breaking the marks set in the same
quarter last year. Six month figures are also Company records.
Net sales for the second quarter of 2013 were $7,246,520 as compared to
$7,097,885 for Q2 2012, an increase of 2%.
Income from continuing operations for the second quarter of 2013 was
$1,388,447 compared to $1,304,763 for the same quarter in 2012, an increase of
6%. Earnings per share for the second quarter of 2013 were $0.027 compared to
$0.025 for the second quarter of 2012, an increase of 8%.
For the six month period ended June 30, 2013 net sales were $13,915,592
compared to $13,781,499 a year ago, an increase of 1%. Income from continuing
operations for 2013 rose by 11% to $2,604,642 from $2,351,354 for the same
period in 2012. Earnings per share for the first six months of 2013 amounted
to $0.050 compared to $0.045 posted in 2012, an increase of 11%.
Edmond J. Pera, President and CEO of Armanino Foods said, “Despite the fact
that our international sales for the first half of 2013 are down from a year
ago, we were able to set company records since our domestic business, which is
the bulk of our sales and profits, remains robust and is well above last
year’s levels. While we do not see international sales picking up in the short
run, we are optimistic that the introduction of additional products from our
new equipment will add to our international and domestic sales in the fourth
Pera concluded, “We believe our current strategies to build our overall sales
and profits are working and we are cautiously optimistic about the future.”
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
Light Basil Pesto, Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper,
Southwest Chipotle, Artichoke and Roasted Garlic. 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 June 30, 2013 (Unaudited)
Net Sales $7,246,520 $7,097,885
Income From Cont. Operations Before Taxes $1,388,447 $1,304,763
Net Income $851,453 $800,405
Basic Income Per Common Share $0.027 $0.025
Weighted Average Common Shares Outstanding 32,063,447 32,307,505
Diluted Income/(Loss) Per Common Share $0.026 $0.025
Diluted Weighted Average Common Shares 32,139,239 32,332,194
Results for Six Months Ending June 30, 2013 (Unaudited)
Net Sales $13,915,592 $13,781,499
Income From Cont. Operations Before Taxes $2,604,642 $2,351,354
Net Income $1,597,805 $1,443,326
Basic Income Per Common Share $0.050 $0.045
Weighted Average Common Shares Outstanding 32,039,678 32,411,129
Diluted Income/(Loss) Per Common Share $0.050 $0.044
Diluted Weighted Average Common Shares 32,114,044 32,435,913
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
Armanino Foods of Distinction, Inc.
Edgar Estonina, 510-441-9300
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