HAYWARD, Calif.--(BUSINESS WIRE)--
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported record-breaking sales and earnings for the fourth quarter and for the year ended December 31, 2019.
Net sales for the fourth quarter of 2019 were $10,929,061 compared to $10,265,532 for the previous year, an increase of 6%. Income before taxes for Q4 2019 were $1,795,737 compared to $1,670,855 for the same quarter in 2018, an increase of 7%. Net income for this period increased to $1,422,805 (or $0.0444 per share), from $1,230,706 (or $0.0384 per share) for the previous year, an increase of 16%.
Net sales for the year ended December 31, 2019 were $42,551,202 compared to $41,838,018 for 2018, an increase of 2%. Income before taxes for 2019 were $8,181,402, compared to the 2018 figure of $8,126,086, an increase of 1%. Net income for the year ended December 31, 2019 was $6,484,997 (or $0.2022 per share), compared to $6,265,786 (or $0.1954 per share) for 2018, an increase of 3%.
Edmond J. Pera, President and CEO of Armanino Foods stated, “We are pleased with our record breaking results for the fourth quarter thanks to strong year over year growth in sales across all of our market channels, regions and product categories. This is our 65th quarter in a row of profitability.”
Pera continued, “We continue to invest aggressively in promotional expenditures as part of our sales and marketing strategies. Based on the continued year over year growth in our gross sales which increased by 9% this quarter, and 5% for this year we believe that this strategy is working. At the same time we are evaluating different strategies to identify how we can manage these expenditures in ways that helps us to grow sales more profitably. Gross sales this past fourth quarter were our second highest quarterly gross sales ever; however, because of the ramp up in our promotional spending it was the third highest quarter for net sales in our history. Net sales are equal to gross sales less promotional expenditures. Further, in 2019 we made additional investments in our infrastructure, and in more efficient equipment to replace aging machinery. These investments will result in greater operational efficiencies and lower our overhead and production costs in the coming years.”
Pera concluded, “Overall, we are cautiously optimistic about our financial performance in 2020. We continue to believe that our current sales pipeline in the US is strong. Our margins remain healthy thanks to operational efficiencies that we are realizing as a result of prior years’ investments in our plant operations. Our cash position remains strong, and we are paying down our debt according to schedule.”
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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Results for Quarter Ended December 31, 2019 (Unaudited) |
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2019 |
2018 |
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Net Sales |
$10,929,061 |
$10,265,532 |
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Income Before Taxes |
$1,795,737 |
$1,670,855 |
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Net Income |
$1,422,805 |
$1,230,706 |
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Basic/Diluted Income Per Common Share |
$0.0444 |
$0.0384 |
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Basic/Diluted Weighted Average Common Shares Outstanding |
32,065,645 |
32,065,645 |
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Results for Twelve Months Ended December 31, 2019 (Unaudited) |
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2019 |
2018 |
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Net Sales |
$42,551,202 |
$41,838,018 |
||
Income Before Taxes |
$8,181,402 |
$8,126,086 |
||
Net Income |
$6,484,997 |
$6,265,786 |
||
Basic/Diluted Income Per Common Share |
$0.2022 |
$0.1954 |
||
Basic/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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