ARMANINO FOODS OF DISTINCTION, INC., ANNOUNCES RECORD FISCAL 2011 SALES, PROFITS, AND EARNINGS PER SHARE
Feb 17, 2012
OTC Disclosure News Service
Hayward, CA –
Armanino Foods of Distinction, Inc. (Pink Sheets Symbol: AMNF) today reported record sales and profits for the year 2011.
Sales in the fourth quarter were $5,981,843 reflecting an increase of 3.3% from the $5,793,003 posted in 2010. 2011 fourth quarter pre-tax profit from continuing operations was $644,063 compared to 2010’s fourth quarter profit of $793,139. Net income for the fourth quarter of 2011 was $487,434 compared to 2010’s fourth quarter net income of $562,584. On a per share basis, fourth quarter net income amounts to $0.015 as opposed to last year’s $0.016, which is a decrease of 7.8%.
For the twelve months ended December 31, 2011 sales were $24,834,623 up 8.5% from the $22,879,412 reported for the same period in 2010. Income from continuing operations before taxes rose 3.1%, from $3,630,684 a year ago to $3,743,460 in 2011. Net income for the year ended December 31, 2010 amounted to $2,306,986 compared to $2,391,566 in 2011. Basic income per common share for 2011 amounted to $0.071 versus $0.066 in 2010, an increase of 7.5%. All annual 2011 numbers are new records for the third year in a row.
Edmond J. Pera, President and CEO stated, “Armanino is pleased that it had another record breaking year in sales and profitability. Our success is further amplified in our earnings per share which have been positively affected by our first and second stock buyback programs. Demand for our core products in 2011 was strong and we continued to add onto our customer base including some national accounts.”
Pera added, “Although our sales have grown annually in each quarter of 2011, our profitability in the fourth quarter was adversely affected principally by higher raw material costs. We are managing our margins accordingly, cognizant that we are in a highly competitive environment.”
In conclusion, Pera stated, “We are optimistic in our ability to grow sales in 2012. Our light basil pesto, which contains 50% less fat and 25% less sodium, is currently being introduced to distributors whose sales teams are dedicated to selling health food products to retirement communities, hospitals, and schools. So far, our light basil pesto has shown favorable responses, although it is too early to tell if material sales will follow. As Armanino continues to gain market share and visibility we expect stronger competition in 2012. However, given our strong sales momentum and stable financial position, we are well poised in this landscape. Our balance sheet remains strong and we are confident in our ability to continue to pay dividends, amortize our debt, and fund possible future stock purchases and/or increase dividends from working capital.”
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 and Roasted Garlic. Armanino’s Organic line includes classic Basil Pesto. Frozen pastas, sauces, meatballs and Focaccia are also offered by Armanino Foods.
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