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Armanino Foods Posts Best Six Months' Sales in History

Posted on: Thursday, 24 July 2008, 15:00 CDT

Armanino Foods of Distinction, Inc. (Pink Sheets:AMNF) today reported its highest sales for the first six months of any year in the Company's history and its second best for pre-tax profits during the same period.

For the three months ended June 30, 2008, net sales rose 6% from the $4,732,528 recorded last year, to the $5,016,755 this year. Pre-tax income for the same period rose to $500,015 from $485,459 a year ago. After-tax income rose slightly to $312,509 from $303,630 a year ago, yielding earnings per share of $0.009 in both quarters.

For the first six months of 2008, net sales hit a record number and pre-tax profits were the second highest in history. Net sales rose 8% to $9,508,417 from $8,825,827 in 2007. Pre-tax profits were $687,913 up 29% from the $534,176 posted a year ago.

William Armanino, the Company's Chairman and CEO said, "Our food service sales force continues to open multi-store chain accounts as well as garnering additional industrial business. We continue to invest promotional dollars with our distributors who are helping to develop additional non-chain business." Armanino continued, "We have continued to expand our retail sales force and have recently instituted a price increase to offset rising costs and increased transportation expenses. We are in the process of opening new accounts with 4 or 5 small to mid-size West Coast chain stores which should yield positive future results."

Armanino concluded, "Despite uncertain economic times, we continue to be positive about the balance of 2008 in terms of both sales and profitability."

Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items such as pesto sauces and filled pastas to the food service, 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, Ancho and Mediterranean. Armanino's Organic line includes the classic Basil Pesto as well as the Dried Tomato & Garlic pesto. Frozen pastas, meatballs, other frozen meat and poultry products, spreads and Focaccia are also offered by Armanino.

Armanino Foods of Distinction, Inc. Results For The Second Quarter Ended June 30, 2008 (Unaudited) ---------------------------------------------------------------------- 2008 2007 ---------------------------------------------======================--- ---------------------------------------------------------------------- Net Sales $5,016,755 $4,732,528 ---------------------------------------------------------------------- Income From Cont. Operations Before Taxes 500,015 485,459 ---------------------------------------------------------------------- Net Income 312,509 303,630 ---------------------------------------------------------------------- Basic Income Per Common Share $0.009 $0.009 ---------------------------------------------------------------------- Weighted Average Common Shares Outstanding 34,664,380 34,636,380 ---------------------------------------------------------------------- Diluted Income/(Loss) Per Common Share $0.009 $0.009 ---------------------------------------------------------------------- Diluted Weighted Average Common Shares Outstanding 35,210,308 35,191,096(a) ---------------------------------------------------------------------- ---------------------------------------------------------------------- Results For The Six Months Ended June 30, 2008 (Unaudited) ---------------------------------------------------------------------- 2008 2007 ---------------------------------------------======================--- ---------------------------------------------------------------------- Net Sales $9,508,417 $8,825,827 ---------------------------------------------------------------------- Income From Cont. Operations Before Taxes 687,913 534,176 ---------------------------------------------------------------------- Net Income 434,627 340,848 ---------------------------------------------------------------------- Basic Income Per Common Share $0.013 $0.010 ---------------------------------------------------------------------- Weighted Average Common Shares Outstanding 34,664,380 34,636,380 ---------------------------------------------------------------------- Diluted Income/(Loss) Per Common Share $0.012 $0.010 ---------------------------------------------------------------------- Diluted Weighted Average Common Shares Outstanding 35,209,030 35,209,884(a) ---------------------------------------------------------------------- (a) Note: Shares shown at post 2:1 split of March 2008 ---------------------------------------------------------------------- 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

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