• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Armanino Foods Posts Record Quarterly Sales and Pre-Tax Earnings

Posted on: Monday, 29 October 2007, 12:00 CDT

Armanino Foods of Distinction, Inc. (Pink Sheets: AMNF) today reported the best quarter in its history for sales and pre-tax earnings.

For the three months ended September 30, 2007, sales rose 17% to $4,823,548 from $4,125,947 recorded last year. Pre-tax income for the quarter was $516,269 up from $200,272 for the same quarter a year ago, an increase of 158%. Quarterly earnings per share for the third quarter were two cents this year compared to one cent last year.

For the nine months ended September 30, 2007, sales are 12% above the same period for 2006, rising to $13,649,375 from $12,236,351. Pre-tax earnings for 2007's 9 month period reached $1,050,445 compared to $896,700 a year ago, an increase of 17%.

William Armanino, the Company's Chairman and CEO, said, "We are extremely pleased with our sales and earnings growth. The increased experience and knowledge of our sales force and broker and distributor networks have allowed us to make significant inroads into finding new accounts. Our increased focus on food service chains has resulted in converting many of them to Armanino products. Based on preliminary indications, we are optimistic that the fourth quarter will also show positive sales and profit results."

Armanino concluded, "To increase our Company's transparency to our shareholders and investor communication, we have expanded our financial reporting to give greater insight into our financial statements. This information can be found on our website, "armaninofoods.com" as well as at "www.pinksheets.com."

Armanino is an international food company that manufactures and markets frozen basil pesto and numerous other pestos and sauces such as Cilantro, Dried Tomato Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic, Organic Basil, Organic Dried Tomato Garlic pesto, Mushroom, Alfredo sauces, filled pasta products, meatballs, cooked poultry products, garlic spreads and Focaccia to the food service, industrial, institutional industry.

Armanino Foods of Distinction, Inc.

Results For The Third Quarter Ended September 30, 2007 (Unaudited)

2007

2006

Net Sales

$

4,823,548

$

4,125,947

Income From Cont. Operations Before Taxes

$

516,269

200,272

Net Income

$

322,424

162,166

Basic Income Per Common Share

$

0.02

$

0.01

Weighted Average Common Shares Outstanding

17,318,190

17,318,190

Diluted Income/(Loss) Per Common Share

$

0.02

$

0.01

Diluted Weighted Average Common Shares Outstanding

17,591,668

17,569,788

Results For The Nine Months Ended September 30, 2007 (Unaudited)

2007

2006

Net Sales

$

13,649,375

$

12,236,351

Income From Cont. Operations Before Taxes

$

1,050,445

$

896,700

Net Income

$

663,272

$

666,989

Basic Income Per Common Share

$

0.04

$

0.04

Weighted Average Common Shares Outstanding

17,318,190

17,318,190

Diluted Income/(Loss) Per Common Share

$

0.04

$

0.04

Diluted Weighted Average Common Shares Outstanding

17,600,518

17,506,869

This press release contains forward-looking statements within the meaning of U.S. securities laws. These forward looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those projected. The Company assumes no obligation to update the information included in this press release.

Source: Business Wire

More News in this Category