HAYWARD, Calif.--(BUSINESS WIRE)--
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported an increase in its net sales and net income before and after taxes for the second quarter ending June 30, 2021 relative to the same timeframe in 2020.
Net sales for the second quarter ending June 30, 2021 were $10,741,975, compared to $5,135,598 for the second quarter of 2020, an increase of 109%. Income/
Net sales for the first six months of 2021 were $20,041,645 compared to $14,896,444 for the same period last year, an increase of 35%. Income before taxes in this period for 2021 was $3,171,830, compared to the 2020 amount of $487,032, an increase of 551%. Net income for the first six months of 2021 was $2,435,411, or $0.0760 per share, compared to $389,626, or $0.0122 per share posted for the same period in 2020, an increase of 525%.
Tim Anderson, President and CEO of Armanino Foods said, “Sales and profits continue to improve since the beginning of the pandemic driven by the opening of the economy and progress in executing against our key growth strategies. Quarter over quarter results continue to improve representing progress over the last four quarters since Q2 2020. In addition, we continue to control our overall costs, particularly related to COGS and promotional expenses. Another key highlight is that our Q2 2021 Net Sales results were near historical highs achieved in Q2 2019.”
Anderson continued, “Although we remain somewhat guarded on the future outlook in light of a recent uptick in infection rates related to the Delta variant of the COVID-19 virus, we are confident in our direction and believe we can effectively manage through these uncertain times. We will continue to make investments to reposition the Company for recovery and sustained future growth with an eye towards new products, new markets, and potential acquisitions. Given our financial resources, the strength of our brand, and proven track record of management excellence, we remain confident in our ability to achieve our long‐term vision for the Company.”
Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items such as pestos, Bolognese, Alfredo sauce 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, Creamy Garlic, Harissa, Romesco, Chimichurri, and Light Basil Pesto. Armanino’s Organic line includes classic Basil Pesto. Frozen pastas, sauces and meatballs are also offered by Armanino Foods.
Armanino Foods of Distinction, Inc.
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2021 |
2020 |
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Net Sales |
$10,741,975 |
$5,135,598 |
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Income/ |
$1,724,756 |
<$894,853> |
|||
Net Income/ |
$1,321,163 |
<$715,883> |
|||
Basic/Diluted Income/ |
$0.0412 |
<$0.0223> |
|||
Weighted Average Common Shares Outstanding |
32,065,645 |
32,065,645 |
|||
|
|
|
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Armanino Foods of Distinction, Inc.
|
|||||
|
2021 |
2020 |
|||
Net Sales |
$20,041,645 |
$14,896,444 |
|||
Income Before Taxes |
$3,171,830 |
$487,032 |
|||
Net Income |
$2,435,411 |
$389,626 |
|||
Basic/Diluted Income/ |
$0.0760 |
$0.0122 |
|||
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.
The best source of information on the company is the OTC Markets website , or the Company website .
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