Company Website:
http://www.armaninofoods.com
HAYWARD, Calif. -- (Business Wire)
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) today reported
record sales and profits for the first quarter ending March 31, 2014.
Net sales for the first quarter ended March 31, 2014 were $7,306,325
compared to $6,699,072 for the first quarter of 2012, an increase of
10%. Income from operations for the first quarter of 2014 was $1,398,268
compared to $1,216,261 for the comparable quarter a year ago, an
increase of 15%. Earnings per share for the first quarter of 2014 was
$0.0267, compared to $0.0233 for the same quarter a year ago, an
increase of 15%.
Edmond J. Pera, President and CEO of Armanino Foods said, “Our first
quarter sales in the western part of the United States and to our
international customers were very strong. Even though first quarter
sales in the eastern and mid-western parts of the U.S. initially started
out slow because of inclement weather, revenue had rebounded
significantly by the end of the quarter to make up enough ground to
result in higher year over year sales in those territories.”
Pera continued, “We invested in higher than normal promotional expenses
which helped fuel our sales increase, but these expenditures did affect
our first quarter bottom line. We expect that these strategic
expenditures will support the generation of additional sales and overall
profitability for future quarters.”
Pera concluded, “Both our sales pipeline and our cash position currently
remain strong. Armanino is cautiously optimistic about its prospects for
continued gains in revenue and profitability for the remainder of the
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, Alfredo sauce, and Bolognese sauce. Armanino’s Organic line
includes classic Basil Pesto. Frozen pastas and meatballs are also
offered by Armanino Foods.
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Armanino Foods of Distinction, Inc.
Results for the
Quarter Ended 3/31/14 (Unaudited)
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| 2014 |
| 2013 |
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Net Sales
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$7,306,325
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$6,669,072
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Income From Cont. Operations Before Taxes
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$1,398,268
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$1,216,261
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Net Income
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$857,443
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$746,419
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Basic Income Per Common Share
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$0.0267
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$0.0233
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Weighted Average Common Shares Outstanding
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32,065,645
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32,015,381
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Diluted Income/(Loss) Per Common Share
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$0.0267
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$0.0233
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Diluted Weighted Average Common Shares Outstanding
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32,065,645
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32,088,320
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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
Contacts:
Armanino Foods of Distinction, Inc.
Edgar Estonina, 510-441-9300
CFO
amnf@armaninofoods.com
Source: Armanino Foods of Distinction, Inc.
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