Armanino Foods of Distinction, Inc. Reports Highest First Half Sales and Profits
HAYWARD, Calif., July 17, 2023--(BUSINESS WIRE)--Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported its highest first-half sales and profits for the six month period ending June 30, 2023. Armanino is proud to continue its streak of 80 consecutive quarters of profitability.
Net sales for the second quarter of 2023 were $15,036,330 compared to $16,324,541 for the same period last year, a decrease of 8%. Income before taxes for Q2 2023 was $2,692,707 compared to $2,846,241 for the same quarter in 2023, a decrease of 5%. Net income for this period was $2,008,759 (or $.0626 per share) compared to $2,151,758 (or $.0671 per share) for the same quarter a year ago, a decrease of 7%.
Net sales for the first six months of 2023 were $31,388,196 compared to $28,755,294 for the same period last year, an increase of 9%. Income before taxes in this period for 2023 was $5,268,241 compared to the 2022 amount of $4,767,488, an increase of 11%. Net income for the first six months of 2023 was $3,924,956, or $0.1224 per share, compared to $3,604,221, or $0.1124 per share, posted for the same period in 2022, an increase of 9%.
Tim Anderson, President and CEO of Armanino Foods, stated, "We continue to track toward record sales and profits for 2023 with YTD results outpacing prior year results. While our Q2 Net Sales results reflect a shortfall versus 2022 due to economic headwinds and somewhat one-time prior year sales benefit, our overall performance for the first six months continue to outpace 2022 results, which set records for both sales and net income. Going forward, we see continued success in executing our long-term strategies as well as lower prices on key commodities which drive COGS. In addition, we expect to complete soon the capital improvements to our production facility. As such, we expect ongoing benefits from operational efficiencies that should help mitigate the impact of potential future economic headwinds."
Anderson concluded, "Based on the strength of our financial performance and balance sheet to date, we remain committed to structurally enhancing our operating model to better position the Company for sustained growth with a focus on new products, new markets and potential acquisitions."
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, Chimichurri, Harissa, Bolognese, Alfredo sauce, Creamy Garlic and Romesco. Armanino’s organic line includes classic Basil Pesto. Armanino Foods also offers cheese shakers, frozen pastas and meatballs.
Armanino Foods of Distinction, Inc. | ||||||
2023 | 2022 | |||||
Net Sales | $ | 15,036,330 | $ | 16,324,541 | ||
Income/<Loss> Before Taxes | $ | 2,692,707 | $ | 2,846,241 | ||
Net Income/<Loss> | $ | 2,008,759 | $ | 2,151,758 | ||
Basic/Diluted Income/<Loss> Per Common Share | $ | 0.0626 | $ | 0.0671 | ||
Weighted Average Common Shares Outstanding | 32,065,645 | 32,065,645 | ||||
Armanino Foods of Distinction, Inc. | ||||||
2023 | 2022 | |||||
Net Sales | $ | 31,388,196 | $ | 28,755,294 | ||
Income Before Taxes | $ | 5,268,241 | $ | 4,767,488 | ||
Net Income | $ | 3,924,956 | $ | 3,604,221 | ||
Basic/Diluted Income/<Loss> Per Common Share | $ | 0.1224 | $ | 0.1124 | ||
Weighted Average Common Shares Outstanding | 32,065,645 | 32,065,645 | ||||
Armanino Foods of Distinction, Inc. | ||||||
2023 | 2022 | |||||
Current Assets | $ | 30,593,537 | $ | 27,944,312 | ||
Less Current Liabilities | $ | 7,932,104 | $ | 8,935,160 | ||
Working Capital | $ | 22,661,433 | $ | 19,009,152 | ||
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230717633293/en/
Contacts
Edgar Estonina
COO/CFO
510-441-9300
amnf@armaninofoods.com
