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Armanino Foods of Distinction, Inc., Reports Year to

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Amigo Mike   Tuesday, 08/23/16 01:20:11 PM
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Armanino Foods of Distinction, Inc., Reports Year to Date Record Sales and Earnings Despite Lower Results for the Second Quarter of 2016

July 15, 2016

HAYWARD, Calif.--(BUSINESS WIRE)--

Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) today reported record breaking sales and earnings for the six months ending June 30, 2016, despite lower results for the second quarter.

Net sales for the second quarter ended June 30, 2016 were $8,704,319 compared to $9,010,012 for the same period last year, a decrease of 3%. Income from operations for the second quarter of 2016 was $1,735,629 compared to $1,868,470 for the comparable quarter a year ago, a decrease of 7%. Earnings per share for the first quarter of 2016 was $0.034, compared to $0.036 for the same quarter a year ago, a decrease of 6%.

Net sales for the six months of 2016 were $17,695,561 compared to $17,153,829 for the same period last year, an increase of 3%. Income from continuing operations in this period for 2016 were $3,456,989, compared to the 2015 figure of $3,434,447, an increase of 1%. Earnings per share for the six months of 2016 amounted to $0.068 compared to the $0.066 posted in 2015, an increase of 3%. Both year to date sales and year to date profits for the 2016 six month period are record breaking results.

Edmond J. Pera, President and CEO of Armanino Foods stated, “Year to date sales in both our US and Asian markets are higher this year than in any prior year. Second quarter sales are lower than the same period last year mainly due to timing delays in closing several domestic deals, as well as the effects of weak economic conditions in our Asian markets. To put our quarterly results into perspective, we were up against very strong sales’ results in last year’s second quarter which was our second highest sales quarter ever. Further, profits for Q2 2016 are currently the third highest ever; last year’s second quarter profits were the second highest.”

Pera continued, “The Company has been working on several significant domestic relationships, and after a long cycle of product testing and customizing, we believe we are close to finalizing. Although we expect sales in our Asian markets to pick up in the third quarter, we remain guarded on the near term outlook for that market since it continues to be subject to currency challenges and slower economic growth.”

Pera concluded, “Our current sales pipeline and cash position remain strong. The Company remains cautiously optimistic about its ability to achieve a strong end to this fiscal year. We continue to be committed to investing in our plant expansion in order to meet expected future demand, and are still in the process of planning this significant undertaking.”

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 Quarter Ended June 30, 2016 (Unaudited)

2016

2015

Net Sales $8,704,319 $9,010,012
Income From Cont. Operations Before Taxes $1,735,629 $1,868,470
Net Income $1,093,446 $1,144,803
Basic Income Per Common Share $0.034 $0.036
Weighted Average Common Shares Outstanding 32,065,645 32,065,645
Diluted Income/(Loss) Per Common Share $0.034 $0.036
Diluted Weighted Average Common Shares Outstanding 32,065,645 32,065,645


Armanino Foods of Distinction, Inc.
Results for Six Months Ending June 30, 2016 (Unaudited)

2016

2015

Net Sales $17,695,561 $17,153,829
Income From Cont. Operations Before Taxes $3,456,989 $3,434,447
Net Income $2,177,903 $2,104,548
Basic Income Per Common Share $0.068 $0.066
Weighted Average Common Shares Outstanding 32,065,645 32,065,645
Diluted Income/(Loss) Per Common Share $0.068 $0.066
Diluted Weighted Average Common Shares Outstanding 32,065,645 32,065,645

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.

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