Armanino Foods of Distinction, Inc. Announces Record Sales and Pre-Tax Profits for the Year
Armanino Foods of Distinction, Inc., (Pink Sheets:AMNF) today reported record sales and pre-tax profit for calendar year 2008.
For the twelve months ended December 31, 2008, sales were $19,860,278, up 4% from the $19,057,058 reported for the same period in 2007. Income from continuing operations before taxes rose 8%, from $1,479,823 a year ago to $1,595,030 in 2008. Earnings per share declined from $0.026 in 2007 to $0.020 in 2008, reflecting the extraordinary loss absorbed in the third quarter of 2008 associated with the discontinued operations of its meatball line.
Sales in the fourth quarter were $5,148,358, reflecting a decline of 5% from the record of $5,407,683 posted in 2007. 2008 fourth quarter pre-tax profit from continuing operations was $395,130 compared to 2007 fourth quarter profit of $432,029, a decline of 9%.
“Our sales and profits for 2008 were very satisfactory given the economic environment,” commented Edmond Pera, the Company’s President and CEO.
“We continue to put a major emphasis on marketing and selling to food service chains, which has successfully resulted in broadening the reach of our product lines,” Pera said.
“We are also optimistic about 2009 as we anticipate growth in all of our major markets. Higher costs, which spiked in 2008, have now settled to normal levels which should help reduce pressure on our margins,” Pera concluded.
Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items such as pesto sauces, filled pastas and lasagna 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, Ancho Chile, Mediterranean, Alfredo, Mushroom and White sauce. Armanino’s Organic line includes the classic Basil Pesto as well as Dried Tomato & Garlic Pesto. Frozen pastas, sauces, spreads, meatballs and Focaccia are also offered by Armanino Foods.
Armanino Foods of Distinction, Inc.
Results For The Quarter Ended 12/31/08 (unaudited)
2008
2007
Net Sales $ 5,148,358 $ 5,407,683
Income From Cont. Operations Before Taxes $ 395,130 $ 432,029
Net Income Before Discontinued Operations $ 233,966 $ 250,701
Income/(Loss) From Discontinued Operations (Net of Taxes) - $ 487
Net Income $ 233,966 $ 251,188
Basic Income/(Loss) Per Common Share:
Net Income Before Discontinued Operations $ 0.007 $ 0.007
Income/(Loss) From Discontinued Operations (Net of Taxes) - $ 0.000
Net Income $ 0.007 $ 0.007
Diluted Income/(Loss) Per Common Share:
Net Income Before Discontinued Operations $ 0.007 $ 0.007
Income/(Loss) From Discontinued Operations (Net of Taxes) - $ 0.000
Net Income $ 0.007 $ 0.007
Common Shares Outstanding:
Weighted Average* 34,677,780 34,642,162
Diluted Weighted Average* 34,902,937 35,228,932
*Note: Shares shown at post 2:1 split of March 2008
Results For 12- Months Ended 12/31/08 (unaudited)
2008
2007
Net Sales $ 19,860,278 $ 19,057,058
Income From Cont. Operations Before Taxes $ 1,595,030 $ 1,479,823
Net Income Before Discontinued Operations $ 988,405 $ 912,356
Income/(Loss) From Discontinued Operations (Net of Taxes) $ (294,118 ) $ 2,104
Net Income $ 694,287 $ 914,460
Basic Income/(Loss) Per Common Share:
Net Income Before Discontinued Operations $ 0.029 $ 0.026
Income/(Loss) From Discontinued Operations (Net of Taxes) $ (0.008 ) $ 0.000
Net Income $ 0.020 $ 0.026
Diluted Income/(Loss) Per Common Share:
Net Income Before Discontinued Operations $ 0.028 $ 0.026
Income/(Loss) From Discontinued Operations (Net of Taxes) $ (0.008 ) $ 0.000
Net Income $ 0.020 $ 0.026
Common Shares Outstanding:
Weighted Average* 34,669,469 34,637,838
Diluted Weighted Average* 35,156,628 35,192,082
*Note: Shares shown at post 2:1 split of March 2008
This press release contains forward-looking statements within the meaning of U.S. securities laws. These forward looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those projected. The Company assumes no obligation to update the information included in this press release.
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