Armanino Foods of Distinction, Inc. (OTC Pink Sheets Symbol: AMNF) today reported record first quarter profits and earnings per share.
Net sales for the first quarter ended March 31, 2013 were $6,669,072 compared to $6,683,614 for the first quarter of 2012, a slight decrease of approximately 0.2%.
Income from operations before taxes for the first quarter of 2013 was $1,216,261 compared to $1,046,592 for the comparable quarter a year ago, an increase of about 16% which is a Company first quarter record.
Earnings per share for the first quarter of 2013 was $0.0233 compared to $0.0197 for the same quarter a year ago, an increase of more than 18%.
Edmond J. Pera, President and CEO of Armanino Foods, said, “We are pleased with our record-breaking profitability for the first quarter. Favorable changes to our sales product mix, as well as our recent sales price increases, were significant factors contributing to our strong financial results. While our sales for the first part of the quarter were below last year’s level, activity for the latter part of the quarter picked up significantly with the quarter ending with very strong results. This trending suggests to us that, as we have seen before, customers ramped up their purchases prior to year end 2012 in anticipation of the 2013 price increases.”
Pera concluded, “We are cautiously optimistic that our sales and profitability will remain strong 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, 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 and Alfredo sauce. Armanino’s Organic line includes classic Basil Pesto. Frozen pastas and meatballs are also offered by Armanino Foods.