HAYWARD, Calif.--(EON: Enhanced Online News)--Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) today reported its highest ever first quarter results for the period ending March 31, 2017.
“Our sales’ pipeline and our cash position currently remain strong. We are cautiously optimistic about our financial performance for the remainder of this year.”
Net sales for the first quarter ended March 31, 2017 were $9,088,013 compared to $8,991,242 for the first quarter of 2016, an increase of 1%. Income from operations for the first quarter of 2017 was $1,735,874 compared to $1,721,360 for the comparable quarter a year ago, an increase of 1%. Net income for the first quarter of 2017 was $1,111,610 compared to $1,084,457, an increase of 3%. Earnings per share for the first quarter of 2017 was $0.0347, compared to $0.0338 for the same quarter a year ago, an increase of 3%.
Edmond J. Pera, President and CEO of Armanino Foods said, “We are very pleased with our record breaking results for the first quarter. In addition to being our highest ever first quarter financial results, the results also mark the 55th quarter in a row of profitability, and our second highest level of quarterly net sales. The growth in our revenue this quarter was driven by the strength in our domestic markets which offset weaker sales from our Asian markets which declined for a second quarter in a row. The company continues to aggressively invest in domestic promotional expenditures in order to grow in the US market. Subsequent to the end of this quarter, we secured business from a new and substantial US customer and anticipate fulfilling initial orders for this business sometime in the next few months. While we are cautiously optimistic about sales in our domestic markets, we remain guarded on our outlook on sales in our Asian markets due to the lingering effects of a soft economy in that part of the world.”
Pera continued, “After a longer than expected process to obtain required building permits, we finally began construction on our plant expansion project in February and have made significant progress on this project since then. Our current expectation is to complete this project before the end of the third quarter this year. As of the end of this first quarter, we have spent a total of $904,220 on this project.”
Pera concluded, “Our sales’ pipeline and our cash position currently remain strong. We are cautiously optimistic about our financial performance for the remainder of this year.”
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, Alfredo sauce, and Bolognese sauce. Armanino’s Organic line includes classic Basil Pesto. Frozen pastas and meatballs are also offered by Armanino Foods.
|Armanino Foods of Distinction, Inc.|
|Results for the Quarter Ended 3/31/17 (Unaudited)|
|Income From Cont. Operations Before Taxes||$1,735,874||$1,721,360|
|Basic Income Per Common Share||$0.0347||$0.0338|
|Weighted Average Common Shares Outstanding||32,065,645||32,065,645|
|Diluted Income/(Loss) Per Common Share||$0.0347||$0.0338|
|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.