Armanino Foods Files for 15-Day Extension for OTCQX 2024 Annual Financial Disclosure
Armanino Foods (OTCQX: AMNF) has filed for a 15-day extension with OTC Markets for its 2024 Annual Financial Disclosure. The delay is attributed to additional accounting requirements following the company's recent uplisting to OTCQX Best Market and the departure of the CEO in January, which led to the CFO assuming the Acting CEO role.
Board Chairman Douglas Nichols confirmed that management is working to complete the audit within the extension period, with the timeline dependent on the new independent auditing firm's procedures. Despite these temporary reporting delays, the company's operations remain robust, with expectations to report record sales and net income for Q1 2025.
Armanino Foods specializes in manufacturing frozen Italian specialty food items, offering various pesto flavors, sauces, frozen pastas, and meatballs for foodservice, retail, and industrial markets.
Armanino Foods (OTCQX: AMNF) ha richiesto un'estensione di 15 giorni presso OTC Markets per la sua Dichiarazione Finanziaria Annuale 2024. Il ritardo è attribuito a requisiti contabili aggiuntivi dopo il recente passaggio dell'azienda al mercato OTCQX Best e alla partenza del CEO a gennaio, che ha portato il CFO ad assumere il ruolo di CEO ad interim.
Il Presidente del Consiglio Douglas Nichols ha confermato che la direzione sta lavorando per completare la revisione entro il periodo di estensione, con la tempistica che dipende dalle procedure della nuova società di revisione indipendente. Nonostante questi ritardi temporanei nella reportistica, le operazioni dell'azienda rimangono solide, con aspettative di riportare vendite record e utile netto per il primo trimestre del 2025.
Armanino Foods si specializza nella produzione di prodotti alimentari italiani surgelati, offrendo vari gusti di pesto, salse, pasta surgelata e polpette per i mercati della ristorazione, al dettaglio e industriali.
Armanino Foods (OTCQX: AMNF) ha presentado una solicitud de extensión de 15 días ante OTC Markets para su Declaración Financiera Anual 2024. El retraso se atribuye a requisitos contables adicionales tras el reciente ascenso de la empresa al mercado OTCQX Best y la salida del CEO en enero, lo que llevó al CFO a asumir el rol de CEO interino.
El Presidente de la Junta, Douglas Nichols, confirmó que la dirección está trabajando para completar la auditoría dentro del período de extensión, con la línea de tiempo dependiendo de los procedimientos de la nueva firma de auditoría independiente. A pesar de estos retrasos temporales en los informes, las operaciones de la empresa siguen siendo sólidas, con expectativas de reportar ventas récord y un ingreso neto para el primer trimestre de 2025.
Armanino Foods se especializa en la fabricación de productos alimenticios italianos congelados, ofreciendo varios sabores de pesto, salsas, pastas congeladas y albóndigas para los mercados de servicios de alimentos, venta al por menor e industrial.
Armanino Foods (OTCQX: AMNF)는 2024년 연간 재무 공시를 위해 OTC Markets에 15일 연장을 신청했습니다. 이 지연은 회사가 최근 OTCQX Best Market으로 상장된 것과 1월에 CEO가 떠나면서 CFO가 임시 CEO 역할을 맡게 된 추가 회계 요구 사항 때문입니다.
이사회 의장 더글라스 니콜스는 경영진이 연장 기간 내에 감사 작업을 완료하기 위해 노력하고 있으며, 일정은 새로운 독립 감사 회사의 절차에 따라 달라진다고 확인했습니다. 이러한 일시적인 보고 지연에도 불구하고 회사의 운영은 여전히 견고하며, 2025년 1분기에 기록적인 매출과 순이익을 보고할 것으로 기대하고 있습니다.
Armanino Foods는 다양한 페스토 맛, 소스, 냉동 파스타 및 미트볼을 제공하는 냉동 이탈리안 스페셜티 식품을 제조하는 전문 기업입니다. 이들은 외식, 소매 및 산업 시장을 대상으로 하고 있습니다.
Armanino Foods (OTCQX: AMNF) a demandé une prolongation de 15 jours auprès d'OTC Markets pour sa Déclaration Financière Annuelle 2024. Ce retard est attribué à des exigences comptables supplémentaires suite à la récente montée de l'entreprise au marché OTCQX Best et au départ du PDG en janvier, ce qui a conduit le CFO à assumer le rôle de PDG par intérim.
Le Président du Conseil, Douglas Nichols, a confirmé que la direction s'efforce de terminer l'audit dans le délai de prolongation, le calendrier dépendant des procédures de la nouvelle société d'audit indépendante. Malgré ces retards temporaires de reporting, les opérations de l'entreprise restent solides, avec des attentes de rapporter des ventes record et un revenu net pour le premier trimestre 2025.
Armanino Foods se spécialise dans la fabrication d'articles alimentaires italiens surgelés, offrant divers parfums de pesto, sauces, pâtes surgelées et boulettes de viande pour les marchés de la restauration, du détail et de l'industrie.
Armanino Foods (OTCQX: AMNF) hat bei OTC Markets eine 15-tägige Verlängerung für die Jahresfinanzberichterstattung 2024 beantragt. Die Verzögerung wird auf zusätzliche buchhalterische Anforderungen zurückgeführt, die sich aus der kürzlichen Auflistung des Unternehmens im OTCQX Best Market und dem Abgang des CEO im Januar ergeben haben, was dazu führte, dass der CFO die Rolle des amtierenden CEO übernahm.
Der Vorsitzende des Vorstands, Douglas Nichols, bestätigte, dass das Management daran arbeitet, die Prüfung innerhalb des Verlängerungszeitraums abzuschließen, wobei der Zeitrahmen von den Verfahren der neuen unabhängigen Wirtschaftsprüfungsgesellschaft abhängt. Trotz dieser vorübergehenden Berichtsverzögerungen bleiben die Geschäfte des Unternehmens robust, mit der Erwartung, im ersten Quartal 2025 Rekordverkäufe und Nettogewinn zu berichten.
Armanino Foods ist auf die Herstellung von gefrorenen italienischen Spezialitäten spezialisiert und bietet verschiedene Pesto-Sorten, Saucen, gefrorene Nudeln und Fleischbällchen für die Gastronomie, den Einzelhandel und die Industrie an.
- Expected record sales and net income for Q1 2025
- Successful uplisting to OTCQX Best Market in 2024
- Delay in filing 2024 Annual Financial Disclosure
- CEO departure and leadership transition
The Company recently uplisted to the OTCQX Best Market in 2024, and the additional accounting and disclosure requirements have placed an added burden on the Company’s internal accounting staff. Compounding the burden was the departure of the Company’s CEO in January, which resulted in the Company’s CFO stepping in as Acting CEO.
“This year also marks the first audit with a new independent auditing firm. While our previous auditors have continued to assist us through this transition, we are not yet at the finish line in completing the year-end audit,” said Douglas Nichols, Chairman of the Board.
Nichols continued, “Management and staff are working diligently to complete the audit and file within the 15-day extension period. Of course, the final timeline also depends on the completion of our auditors’ procedures, and we expect more clarity on that soon.”
Despite these temporary delays in the audit process, Armanino’s operations remain strong. For Q1 2025, the Company anticipates reporting another quarter of record sales and net income.
“We thank our shareholders for their ongoing trust and patience as we work through these reporting requirements. We remain committed to full transparency and to upholding the high standards that have defined Armanino for decades,” Mr. Nichols added.
Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items to the foodservice, retail, and industrial markets. In addition to a classic Basil Pesto, Armanino offers other flavors and sauces including Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic, Light Basil Pesto, Chimichurri, Harissa, Bolognese, and Alfredo. Armanino’s organic line includes classic Basil Pesto. Finally, Armanino Foods also offers cheese shakers, frozen pastas, and meatballs.
Cautionary Statements Regarding Forward-Looking Information
Statements in this news release regarding our expectations and beliefs about our future financial performance and trends in our markets are “forward-looking statements” as defined in the Private Securities Litigations Reform Act of 1995. Forward-looking statements often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”
The forward-looking statements in this news release regarding our future financial performance are based on current information and because our business is subject to several risks and uncertainties, actual operating results in the future may differ significantly from the future financial performance expected at the current time. Those risks and uncertainties may include, among others: economic factors affecting consumer confidence and discretionary spending and reducing the consumption of food prepared away from home; the extent and duration of the negative impact of the COVID-19 pandemic and its consequences on the Company; cost inflation/deflation and commodity volatility; competition; reliance on third party suppliers and interruption of product supply or increases in product costs; changes in the Company’s relationships with customers and group purchasing organizations; the Company’s ability to increase or maintain the highest margin portions of the Company’s business; achievement of expected benefits from cost savings initiatives; increases in fuel costs; changes in consumer eating habits; cost and pricing structures and other governmental regulation, including actions taken by national, state and local governments to contain and/or respond to the COVID-19 pandemic and its consequences; product recalls and product liability claims; and our reputation in the industry. The forward-looking statements contained in this press release speak only as of the date of this press release and are based on information and estimates available to the Company at this time. We undertake no obligation to update or revise any forward-looking statements, except as may be required by law.
The best source of information on the company is the OTC Markets website (http://www.otcmarkets.com/stock/AMNF/company-info).
View source version on businesswire.com: https://www.businesswire.com/news/home/20250331684870/en/
For further information, please contact:
Edgar Estonina
CFO
(510) 441-9300
amnf@armaninofoods.com
Source: Armanino Foods of Distinction, Inc.
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