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Armanino Foods of Distinction, Inc. Reports Highest Ever Quarterly Sales, and the Highest First Quarter Profits
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Rhea-AI Summary
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported record quarterly sales and profits for Q1 2022, marking the 75th consecutive profitable quarter. Net sales reached $12,430,753, a 34% increase from $9,299,670 last year. Income before taxes rose to $1,921,247, a 33% increase, while net income hit $1,452,463, up 30% year-over-year. CEO Tim Anderson highlighted the company's success despite economic challenges, emphasizing strategies for growth amidst external pressures. The outlook remains cautious due to geopolitical concerns and pandemic-related risks.
Positive
Record quarterly sales of $12,430,753, a 34% increase year-over-year.
Net income for Q1 2022 was $1,452,463, up 30% from the previous year.
Continued profitability for the 75th consecutive quarter.
Negative
Cautious outlook due to potential economic impacts from Eastern European political instability.
Concerns over a newly discovered strain of the Coronavirus that could affect business sentiment.
HAYWARD, Calif.--(BUSINESS WIRE)--
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported its highest quarterly sales and the highest first quarter profits ever for the first quarter ending March 31, 2022. Armanino continued its streak of being profitable on a year-to-date basis for the 75th quarter in a row.
Net sales for the first quarter of 2022 were $12,430,753 compared to $9,299,670 for the same period last year, an increase of 34%. Income before taxes for Q1 2022 was $1,921,247 compared to $1,447,074 for the same quarter in 2021, an increase of 33%. Net income for this period was $1,452,463 (or $.0453 per share), compared to $1,114,247 (or $0.0347 per share) for the same quarter a year ago, an increase of 30%.
Tim Anderson, President and CEO of Armanino Foods stated, “These results represent three consecutive quarters of record net sales and the highest income for the first quarter in our Company’s history. We continue to make significant progress implementing our strategies to expand into diversified channels, and despite broader economic challenges, controlling our overall costs and expenses as well. Our strategies have allowed us to successfully navigate through a myriad of challenges, including labor shortages, inflation, and logistical and supply chain challenges which may have otherwise had a significant impact on our business. As a result, we continue to outperform many industry benchmarks.”
Anderson concluded, “While we are pleased with the continued upward trend of the Company’s financial performance, we also remain guarded in the near term given the political instability in Eastern Europe which could negatively impact broad economic sentiment, as well as concerns about a newly discovered strain of the Coronavirus. Nonetheless, we remain committed to making strategic and operational investments to drive sustained growth with an eye towards new products, new markets, and potential acquisitions. Given our financial resources, the strength of our brand, and proven track record of management excellence, we remain confident in our ability to achieve our long-term vision for the Company.”
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, Chimichurri, Harissa, Bolognese, Alfredo sauce, Creamy Garlic, and Romesco. Armanino’s organic line includes classic Basil Pesto. Armanino Foods also offers cheese shakers, frozen pastas, and meatballs.
Armanino Foods of Distinction, Inc. Results for Quarter Ended March 31, 2022 (Unaudited)
2022
2021
Net Sales
$12,430,753
$9,299,670
Income Before Taxes
$1,921,247
$1,447,074
Net Income
$1,452,463
$1,114,247
Basic/Diluted Income Per Common Share
$0.0453
$0.0347
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.
