Armanino Foods of Distinction Reports Record First Quarter Sales and Net Income
Posted on: Tuesday, 25 April 2006, 12:00 CDT
Armanino Foods of Distinction (AMNF) today reported record sales and net income for the first quarter of 2006.
The company said that for the three months ending March 31st, 2006, sales rose from $3,129,268 in the same period last year to $3,732,017 in the current quarter.
In the same period, net income after taxes almost sextupled, from $24,753 in 2005 to $172,357 this year. This was an actual percentage increase of 596%.
"These are the best first quarter results we have reported in the company's entire history," said William Armanino, the company's president and CEO, "and we are particularly gratified because these gains, coming in what normally is our slowest quarter, resulted from improvement in both our food service and retail markets.
"In large part," he continued, "these gratifying increases resulted from the investments we made last year in expanding and strengthening our sales force. The gains make us optimistic that we will report solid sales and earnings throughout the year."
Earnings per share for the first quarter of 2006 were a penny, versus zero in the same period last year.
Armanino is an international food company that manufactures and markets frozen Basil pesto sauce and numerous other sauces such as Cilantro, Dried Tomato Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Mushroom, Alfredo and organic 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 First Quarter Ended March 31, 2006 (Unaudited) ---------------------------------------------------------------------- 2006 2005 ---------------------------------------------- ----------- ----------- ---------------------------------------------- ----------- ----------- Net Sales $3,732,017 $3,129,268 ---------------------------------------------- ----------- ----------- Income From Cont. Operations Before Taxes $216,978 $34,863 ---------------------------------------------- ----------- ----------- Net Income $172,357 $24,753 ---------------------------------------------- ----------- ----------- Basic Income Per Common Share $0.01 $0.00 ---------------------------------------------- ----------- ----------- Weighted Average Common Shares Outstanding 17,318,190 17,166,540 ---------------------------------------------- ----------- ----------- Diluted Income Per Common Share $0.01 $0.00 ---------------------------------------------- ----------- ----------- Diluted Weighted Average Common Shares Outstanding 17,401,357 18,152,035 ---------------------------------------------- ----------- ----------- Note: Shares shown at post 5:1 split of Dec. 2005 ----------------------------------------------------------------------Source: Business Wire
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