10-18-13 11:00 AM EDT | Email Article

Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported the highest quarterly sales and earnings in its history. Nine month figures are also Company records.

Net sales for the third quarter of 2013 were $7,389,449 as compared to $7,088, 861 for Q3 2012, an increase of 4%.

Income from continuing operations before taxes for Q3 2013 were $1,456,901 compared to $1,284,554 for the same quarter in 2012, an increase of 13%. Earnings per share in Q3 2013 were $0.028 compared to $0.025 in 2012, an increase of 12%.

Net sales for the nine months of 2013 were $21,305,041 compared to $20,870,360 in 2012, an increase of 2%. Income from continuing operations were $4,061,543 compared to the 2012 figure of $3,635,908, an increase of 12%. Earnings per share for the first nine months of 2013 amounted to $0.078 compared to the $0.069 posted in 2012, an increase of 13%.

Edmond J. Pera, President and CEO of Armanino Foods stated, “The strength of our domestic business drove the Company’s overall record breaking sales and profits through the end of the third quarter. We are cautiously optimistic that this positive trend will continue for the rest of this year. While we saw a strong uptick in our international sales late in the third quarter, it is too early to tell how strategies that we have been working on will impact fourth quarter sales internationally.”

Pera continued, “In the fourth quarter we will be introducing four new product offerings which received good acceptance in our test markets.”

Pera concluded, “Our balance sheet and financial metrics remain strong. We are cautiously optimistic about our financial performance and financial position for the remainder of this year.”

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

Armanino Foods of Distinction, Inc.

Results for Quarter Ended September 30, 2013 (Unaudited)

       

2013

       

2012

Net Sales $ 7,389,449 $ 7,088,861
Income from Cont. Operations Before Taxes $ 1,456,901 $ 1,284,554
Net Income $ 893,210 $ 788,078
Basic Income Per Common Share $ 0.028 $ 0.025
Weighted Average Common Shares Outstanding 32,065,645 32,145,385
Diluted Income/(Loss) Per Common Share $ 0.028 $ 0.024
Diluted Weighted Average Common Shares Outstanding 32,170,835 32,188,570
 

Results for Nine Months Ending September 30, 2013 (Unaudited)

2013

2012

Net Sales $ 21,305,041 $ 20,870,360
Income From Cont. Operations Before Taxes $ 4,061,543 $ 3,635,908
Net Income $ 2,491,014 $ 2,231,404
Basic Income Per Common Share $ 0.078 $ 0.069
Weighted Average Common Shares Outstanding 32,048,429 32,321,901
Diluted Income/(Loss) Per Common Share $ 0.078 $ 0.069
Diluted Weighted Average Common Shares Outstanding 32,133,069 32,352,819
 

 

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

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Morningstar - 2013/10/18 - Armanino Foods of Distinction, Inc. Reports Highest Quarterly Sales and Income in Its History
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