HAYWARD, Calif.--(BUSINESS WIRE)--
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported a year over year decrease in its net sales and net income for the third quarter ending September 30, 2020, but relative improvement across several metrics. Third quarter earnings eclipsed the second quarter loss, enabling the Company to continue its streak of being profitable on a year to date basis for 69 quarters in a row.
Net sales for the third quarter of 2020 were $8,321,414 compared to $10,334,608 for the same period last year, a decrease of 19%. Income before taxes for Q3 2020 was $904,267 compared to $1,725,189 for the same quarter in 2019, a decrease of 48%. Net income for this period was $723,356 (or $0.0226 per share), compared to $1,520,319 (or $0.0474 per share) for the same quarter a year ago, a decrease of 52%.
Net sales for the first nine months of 2020 were $23,217,858 compared to $31,622,142 for the same period in 2019, a decrease of 27%. Income before taxes for the nine months ending September 30th of this year was $1,391,299, compared to the 2019 figure of $6,385,665, a decrease of 78%. Net income for this period was $1,112,982 (or $0.0347 per share), compared to $5,062,192 (or $0.1579 per share) for the same period a year ago, a decrease of 78%.
Tim Anderson, President and CEO of Armanino Foods stated, “We are pleased our profits for this third quarter reversed the losses we incurred last quarter and that we remain profitable on a year to date basis. Specifically, this quarter’s net income of $723,356 more than made up for the <$715,883> net loss we incurred last quarter. Since the height of the pandemic in April 2020, the Company experienced consistent growth in sales and profits ending the second quarter with net income starting in June 2020. This growth trend continued into the third quarter where we ended with a surge in sales at the end of the quarter which prompted us to increase production to meet the higher demand.”
Anderson continued, “Our efforts to reposition the Company for recovery from the current economic environment for sustained future growth is working as illustrated by the consistent increase in sales, positive reversal of margins and continued cost reductions across all functions within the Company. Given our financial resources, the strength of our brand, and proven track record of management excellence, we have confidence in our ability to achieve our long-term vision for the Company despite the current economic environment.”
Anderson concluded, “While we are hopeful that the worst of the COVID 19 effects are behind, current market conditions and near-term demand growth are uncertain, so we remain guarded with our financial outlook 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, Chimichurri, Harissa, Bolognese, Alfredo sauce, Creamy Garlic, and Romesco. Armanino’s organic line includes classic Basil Pesto. Armanino Foods also offers cheese shakers, frozen pastas, and meatballs.
Armanino Foods of Distinction, Inc. Results for Quarter Ended September 30, 2020 (Unaudited) |
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2020 |
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2019 |
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Net Sales |
$8,321,414 |
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$10,334,608 |
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Income Before Taxes |
$904,267 |
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$1,725,189 |
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Net Income |
$723,356 |
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$1,520,319 |
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Basic Income Per Common Share |
$0.0226 |
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$0.0474 |
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Weighted Average Common Shares Outstanding |
32,065,645 |
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32,065,645 |
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Diluted Income/(Loss) Per Common Share |
$0.0226 |
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$0.0474 |
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Diluted Weighted Average Common Shares Outstanding |
32,065,645 |
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32,065,645 |
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Results for Nine Months Ended September 30, 2020 (Unaudited) |
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2020 |
|
2019 |
|
Net Sales |
$23,217,858 |
|
$31,622,142 |
|
Income Before Taxes |
$1,391,299 |
|
$6,385,665 |
|
Net Income |
$1,112,982 |
|
$5,062,192 |
|
Basic Income Per Common Share |
$0.0347 |
|
$0.1579 |
|
Weighted Average Common Shares Outstanding |
32,065,645 |
|
32,065,645 |
|
Diluted Income/(Loss) Per Common Share |
$0.0347 |
|
$0.1579 |
|
Diluted Weighted Average Common Shares Outstanding |
32,065,645 |
|
32,065,645 |
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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. |
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