HAYWARD, Calif.--(BUSINESS WIRE)--
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported its highest ever fourth quarter net sales, annual net sales and annual pretax profits for the periods ending December 31, 2022. The Company extended its profitability streak to seventy-eight consecutive quarters.
Net sales for the fourth quarter of 2022 were $13,717,899 compared to $11,924,678 for the same period last year, an increase of 15%. Income before taxes for Q4 2022 was $2,045,138 compared to $2,040,241 for the same quarter in 2021, which is effectively unchanged on a year-over-year basis. Net income for this period was $1,446,209 (or $0.0451 per share), compared to $1,796,842 (or $0.0560 per share) for the same quarter a year ago, a decrease of 20%.
Net sales for the year ending 2022 were $57,873,545 compared to $43,824,030 for the same period in 2021, an increase of 32%. Income before taxes for this period was $8,867,258, compared to the 2021 figure of $7,218,149, an increase of 23%. Annual net income for 2022 was $6,603,589 (or $0.2059 per share), compared to $5,730,793 (or $0.1787 per share) for the same period a year ago, an increase of 15%.
Tim Anderson, President and CEO of Armanino Foods, commented, “We are proud to report accelerated financial results with record net sales for the second year in a row. These excellent results include a significant increase in net sales of $14,049,515 versus prior year. This is remarkably four times higher than any other year in the Company’s history. We are also reporting record profits that are significantly higher than last year as well as the previous record year increase in 2018. These results were achieved despite the economic headwinds associated with labor shortages, supply chain challenges and record high inflationary pressures that squeezed margins. Net income results are slightly skewed when compared to the prior year due to onetime employee retention credits that were recognized in the fourth quarter of 2021. These tax credits were not available in 2022. Overall, we continue to outpace the economic trends in our sector driven by our focus and execution of our transformative strategy for growth and profitability for the long-term.”
Anderson continued, “We are currently in the final stages of our capital expenditures project that we expect will result in improved manufacturing processes and increased cost efficiencies. This project started last fall and is expected to be completed by mid-summer of this year; with implementation, cost savings, and anticipated margin improvement starting by the fourth quarter of this year. The Company has also negotiated a 5-year lease on a new storage facility that is nearly twice the size of our previous one. This new facility will provide much needed storage capacity to meet the growing demand for our products.”
Anderson concluded, “We remain committed to investing in our brand, while optimizing marketing and 'cost spend' to position the Company for sustained growth as we focus on new products, new markets and potential acquisitions. We are confident that we can achieve our objectives despite possible additional macroeconomic headwinds ahead that may negatively affect our industry.”
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. |
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Results for Quarter Ended December 31, 2022 (Unaudited) |
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2022 |
2021 |
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|
|
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Net Sales |
$ |
13,717,899 |
$ |
11,924,678 |
||
Income Before Taxes |
$ |
2,045,138 |
$ |
2,040,241 |
||
Net Income |
$ |
1,446,209 |
$ |
1,796,842 |
||
Basic Income Per Common Share |
$ |
0.0451 |
$ |
0.0560 |
||
Weighted Average Common Shares Outstanding |
|
32,065,645 |
|
32,065,645 |
||
Diluted Income/(Loss) Per Common Share |
$ |
0.0451 |
$ |
0.0560 |
||
Diluted Weighted Average Common Shares Outstanding |
|
32,065,645 |
|
32,065,645 |
||
|
|
|
||||
Results for the Year Ended December 31, 2022 (Unaudited) |
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|
|
|
||||
|
2022 |
2021 |
||||
Net Sales |
$ |
57,873,545 |
$ |
43,824,030 |
||
Income Before Taxes |
$ |
8,867,258 |
$ |
7,218,149 |
||
Net Income |
$ |
6,603,589 |
$ |
5,730,793 |
||
Basic Income Per Common Share |
$ |
0.2059 |
$ |
0.1787 |
||
Weighted Average Common Shares Outstanding |
|
32,065,645 |
|
32,065,645 |
||
Diluted Income/(Loss) Per Common Share |
$ |
0.2059 |
$ |
0.1787 |
||
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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