Armanino Foods of Distinction Inc. (OTC:AMNF) Issues Q4 Earnings
Naples, FL --News Direct-- TopNewsGuide - Market News & Commentary
Despite recent economic downturns, the market for frozen food products is still strong, and many of the companies operating in that industry are currently working extremely hard to expand their operations. One of the companies that could well be worth tracking at this point is Armanino Foods of Distinction Inc. (OTCMKTS:AMNF), which is involved in the production and marketing of frozen food products in the United States.
The company is well known for offering a wide range of goods, such as gourmet beef, Italian-style beef, Italian-style pork, smoked turkey meatballs, different kinds of pesto, cheeses, and many other essentials. The company offers all these products under the Armanino brand, and the products are marketed through a number of food brokers. The products are sold to retail distributors, food service distributors, industrial accounts, and also to club-like stores. The company, which is based out of Hayward, California, was established in 1978 and is currently one of the major players in its industry.
The company has performed strongly for a long time, and last week, on March 3, Armanino Foods of Distinction announced that it had managed to generate the highest-ever fourth-quarter net sales, highest-ever annual net sales, and highest-ever annual pre-tax profits in the periods that ended on December 31, 2022. That being said, it should also be noted that it was also the 78th straight quarter in which the company had managed to stay profitable.
The company managed to generate net sales to the tune of $13,717,899 in the fourth quarter, which reflected a year-on-year rise of 15% from the $11,924,678 it had generated in net sales in the prior-year quarter. The pre-tax income in the fourth quarter stood at $2,045,138, and that remained largely unchanged given the pre-tax income in the prior year period was $2,040,241.
The net income for the fiscal year was $1,446,209, reflecting a drop of 20% year over year from the $1,796,842 that had been generated in the previous year. The net sales for the year came in at a strong $57,873,545; that reflected a year-on-year rise of 21% from the $43,824,030 generated in the previous year.
Analysts and investors alike have taken notice of the company's strong performance. It is also important to note that Armanino Foods of Distinction is a company that pays out dividends, which may be another factor for many investors.
Last year, on December 19, 2022, the company announced that it was going to pay out a regular quarterly cash dividend to the tune of as much as $0.03 per share. All shareholders of record as of January 3, 2023, were entitled to the dividends, which were going to be paid out on January 23, 2023. It was also noted at the time that Armanino Foods of Distinction had also paid out special dividends on ten occasions to its loyal shareholders.
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Contact Details
Mark McKelvie
+1 585-301-7700
Company Website
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