Armanino Foods of Distinction, Inc. Announces Record Sales and Earnings for
the Fourth Quarter and Year Ended December 31, 2013
HAYWARD, Calif. -- February 13, 2014
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) today reported record
sales and profits for the fourth quarter and year ended December 31, 2013.
Net sales in the fourth quarter were $7,561,504, an increase of 7% from the
$7,089,753 posted in 2012’s fourth quarter. Pre-tax profit from continuing
operations for the same period in 2013 was $1,202,383, compared to 2012’s
fourth quarter profit of $908,676, an increase of 32%. Net income for the
fourth quarter of 2013 reached $837,351, comparing favorably to 2012’s fourth
quarter net income of $657,260, an increase of 27%. Earnings per share for the
fourth quarter of 2013 were $0.026 compared to $0.020 in 2012, an increase of
30%. All fourth quarter 2013 results described above are records.
For the twelve months ended December 31, 2013 net sales were $28,866,545, up
3% from the $27,960,113 reported in calendar year 2012. Income from continuing
operations before taxes rose 16%, from $4,544,584 a year ago to $5,263,925 in
2013. Net income for the year ended December 31, 2012 amounted to $2,888,663,
compared to $3,328,365 in 2013, an increase of 15%. Basic income per common
share for 2013 amounted to $0.104, versus $0.090 in 2012, an increase of 16%.
All annual 2013 numbers reported above are new records for the fifth year in a
Edmond J. Pera, President and CEO stated, “We are particularly pleased that
our earnings figures for all four quarters in 2013 exceeded the comparable
periods a year ago.”
Pera continued, “There were several significant factors that affected our 2013
performance which were not immediately apparent when reviewing our numbers.
First, we implemented a price increase in our principal products early in the
year that allowed us to maintain margins in the face of commodity and
ingredient cost inflation. This price increase, coupled with robust domestic
sales, were significant factors behind the growth in our revenue and profits.
Second, although in the first three quarters of 2013 our international sales
lagged behind our performance in the same periods of the prior year, they
picked up in the fourth quarter and ended up slightly above the sales numbers
posted for last year’s fourth quarter. Finally, the manufacturing,
distribution and marketing of the four new products we introduced in the last
quarter of the year did not utilize our new equipment which we believe will
provide us a marketplace advantage in some channels beginning in the first
half of 2014. Products which utilize the new equipment are expected to add
incremental revenue to our international distributor and domestic accounts.”
Pera concluded, “We believe that our sales pipeline remains strong. For that
reason we are cautiously optimistic about our financial performance and
financial position in 2014.”
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, Alfredo sauce, and Bolognese
sauce. Armanino’s Organic line includes classic Basil Pesto. Frozen pastas and
meatballs are also offered by Armanino Foods.
Armanino Foods of Distinction, Inc.
Results for the Quarter Ended 12/31/13 (Unaudited)
Net Sales $ 7,561,504 $ 7,089,753
Income From Cont. Operations Before Taxes $ 1,202,383 $ 908,676
Net Income $ 837,351 $ 657,260
Basic Income Per Common Share $ 0.026 $ 0.020
Weighted Average Common Shares Outstanding 32,065,645 32,082,141
Diluted Income/(Loss) Per Common Share $ 0.026 $ 0.020
Diluted Weighted Average Common Shares 32,065,645 32,136,565
Results for 12-Months Ending 12/31/13 (Unaudited)
Net Sales $ 28,866,545 $ 27,960,113
Income From Cont. Operations Before Taxes $ 5,263,925 $ 4,544,584
Net Income $ 3,328,365 $ 2,888,663
Basic Income Per Common Share $ 0.104 $ 0.090
Weighted Average Common Shares Outstanding 32,052,768 32,261,634
Diluted Income/(Loss) Per Common Share $ 0.104 $ 0.089
Diluted Weighted Average Common Shares 32,085,093 32,299,167
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
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
Armanino Foods of Distinction, Inc.
Edgar Estonina, 510-441-9300
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