HAYWARD, Calif.--(BUSINESS WIRE)--
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) today reported its highest ever first quarter results for net sales and net income for the period ending March 31, 2019.
Net sales for the first quarter ended March 31, 2019 were $9,769,191, compared to $9,434,960 for the first quarter of 2018, an increase of 4%. Income before taxes for the first quarter of 2019 was $1,890,243, compared to $1,680,622 for the comparable quarter a year ago, an increase of 12%. Net income for the first quarter of 2019 was $1,436,496, compared to $1,310,885, an increase of 10%. Earnings per share for the first quarter of 2019 was $0.0448, compared to $0.0409 for the same quarter a year ago, an increase of 10%.
Edmond J. Pera, President and CEO of Armanino Foods said, “We are pleased with our continued track record of record-breaking results for the quarter. This is now our 63rd quarter in a row of profitability. We experienced sales and profit growth in both our US and Asian markets.”
Pera continued, “In order to remain competitive, the Company continues to aggressively invest in higher promotional expenditures in our US market. Further, this year we slightly increased our estimated tax rate because we expect that certain one-time tax benefits from 2018 will not carry over into 2019. We plan to continue investing in strategic planning efforts to find ways to profitably reinvest into our business.”
Pera concluded, “Our sales pipeline remains strong, and our cash position is significantly higher than it was at this time last year. While we are excited about several promising opportunities that we are pursuing, we are also cautious about the upcoming 2nd quarter of this year because last year’s 2nd quarter was impacted by significant timing differences. As we previously mentioned in the 2nd quarter of 2018, several customers had increased their purchases in advance of price increases which were implemented on July 1, 2018. We believe that the prior year effect of these timing differences will be offset in total by the end of this year. For further perspective, the 2nd and 3rd quarter of 2018 posted respectively the highest and second highest quarterly net sales in the Company’s history.
Lastly, we are encouraged by the development of several new products which we are confident will be well-received by existing and targeted customers, as well as in new markets. We anticipate that the sale of these new products will start to ramp up sometime in the 2nd half of this year. Given all of this, our overall outlook on the Company’s financial performance for the entire year remains cautiously optimistic.”
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 for and 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, and Light Basil Pesto. It also offers sauces including Chimichurri, Harissa, Creamy Garlic, Italian Salsa Verde, Romesco, Bolognese and Alfredo sauces. Armanino’s Organic line includes classic Basil Pesto. Cheese shakers, as well as frozen pastas and meatballs, are also offered by Armanino Foods.
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Armanino Foods of Distinction, Inc. |
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| 2019 | 2018 | |||
| Net Sales | $9,769,191 | $9,434,960 | ||
| Income Before Taxes | $1,890,243 | $1,680,622 | ||
| Net Income | $1,436,496 | $1,310,885 | ||
| Basic/Diluted Income Per Common Share | $0.0448 | $0.0409 | ||
| Basic/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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