HAYWARD, Calif.--(BUSINESS WIRE)--
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported record sales and profits for the fourth quarter and year ended December 31, 2017.
Net sales for the fourth quarter of 2017 were $9,635,547 compared to $8,609,759 for the same period last year, an increase of 12%. Income from continuing operations before taxes for Q4 2017 were $1,444,553 compared to $1,253,389 for the same quarter in 2016, an increase of 15%. Net income for the quarter grew from $900,266 last year to $1,376,546, an increase of 53%.
Net sales for the twelve months of 2017 were $38,993,196 compared to $35,694,186 for the same period in 2016, an increase of 9%. Income from continuing operations before taxes for 2017 were $7,240,769 compared to the 2016 figure of $6,532,558, an increase of 11%. Annual net income grew from $4,226,141 last year to $5,086,774, an increase of 20%.
Edmond J. Pera, President and CEO of Armanino Foods stated, “We are extremely pleased with our record breaking results this quarter, and for the year ended. All of this was achieved under the backdrop of a major reconstruction project during most of 2017 which was completed on time and within budget. This quarter marks the Company’s 58th quarter in a row of profitability; on an annual basis, this marks the company’s 15th profitable year in a row.”
Pera continued, “Sales to existing US domestic customers were strong across all product lines. We continued, however to experience weaker sales in our Asian markets; as such, our outlook for our Asian markets remains guarded. Strong sales growth, as well as the non-recurring impact of tax benefits associated with our reconstruction project, were the driving factors behind the growth in our profitability. Q4 is now the Company’s highest quarterly profit ever. This is the third quarter in a row that we have broken this record. Armanino is cautiously optimistic about our sales and profitability in 2018. Our current sales pipeline in the US is strong. As a result of our newly designed plant, we believe that we are well-positioned to enter into new markets which we will aggressively pursue. We anticipate that we will need to continue to invest in promotional expenditures to help grow our US market share.”
Pera concluded, “Our current cash position is very healthy and significantly higher than it was this same time a year ago as a result of the growth in our profitability this year. The newly enacted tax laws which took effect on January 1, 2018, will significantly decrease our core federal tax rate from 34% to 21%. This factor will be a prominent consideration in our planning for investments in our future business strategies, and working capital allocation in 2018.”
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 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. | ||||
| Results for Quarter Ended December 31, 2017 (Unaudited) | ||||
|
2017 |
2016 |
|||
| Net Sales | $9,635,547 | $8,609,759 | ||
| Income from Cont. Operations Before Taxes | $1,444,553 | $1,253,389 | ||
| Net Income | $1,376,546 | $900,266 | ||
| Basic Income Per Common Share | $0.0429 | $0.0281 | ||
| Weighted Average Common Shares Outstanding | 32,065,645 | 32,065,645 | ||
| Diluted Income/(Loss) Per Common Share | $0.0429 | $0.0281 | ||
| Diluted Weighted Average Common Shares Outstanding | 32,065,645 | 32,065,645 | ||
| Results for the Twelve Months Ended December 31, 2017 (Unaudited) | ||||
|
2017 |
2016 |
|||
| Net Sales | $38,993,196 | $35,694,186 | ||
| Income From Cont. Operations Before Taxes | $7,240,769 | $6,532,558 | ||
| Net Income | $5,086,774 | $4,226,141 | ||
| Basic Income Per Common Share | $0.1586 | $0.1318 | ||
| Weighted Average Common Shares Outstanding | 32,065,645 | 32,065,645 | ||
| Diluted Income/(Loss) Per Common Share | $0.1586 | $0.1318 | ||
| 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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