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Armanino Foods of Distinction, Inc. Reports Highest Ever Quarterly and First Half Sales and Profits
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) announced record sales and profits for Q2 2022, marking its 76th consecutive quarter of profitability. Net sales surged to $16.32 million, a 52% increase from $10.74 million year-over-year. Income before taxes rose by 65% to $2.85 million, and net income reached $2.15 million ($0.0671 per share), up 63%. For the first half of 2022, net sales totaled $28.76 million (+43%), with net income of $3.60 million (+48%). The CEO expressed confidence in navigating economic challenges while focusing on growth strategies.
Positive
Record Q2 2022 net sales of $16.32 million, up 52% from last year.
Q2 2022 income before taxes increased 65% to $2.85 million.
Net income for Q2 2022 at $2.15 million ($0.0671 per share), a 63% rise.
First half 2022 net sales reached $28.76 million, a 43% increase.
Net income for the first half of 2022 at $3.60 million ($0.1124 per share), up 48%.
Negative
Continued economic headwinds due to inflationary cost pressures affecting profit margins.
HAYWARD, Calif.--(BUSINESS WIRE)--
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported its highest quarterly and first half sales and profits for the period ending June 30, 2022. Armanino continued its streak of 76 consecutive quarters of profitability.
Net sales for the second quarter of 2022 were $16,324,541 compared to $10,741,975 for the same period last year, an increase of 52%. Income before taxes for Q2 2022 was $2,846,241 compared to $1,724,756 for the same quarter in 2022, an increase of 65%. Net income for this period was $2,151,758 (or $.0671 per share), compared to $1,321,163 (or $0.0412 per share) for the same quarter a year ago, an increase of 63%.
Net sales for the first six months of 2022 were $28,755,294 compared to $20,041,645 for the same period last year, an increase of 43%. Income before taxes in this period for 2022 was $4,767,488, compared to the 2021 amount of $3,171,830, an increase of 50%. Net income for the first six months of 2022 was $3,604,221, or $0.1124 per share, compared to $2,435,411, or $0.0760 per share posted for the same period in 2021, an increase of 48%.
Tim Anderson, President and CEO of Armanino Foods, stated, “These results represent record quarter and first half sales and profits as well as four consecutive quarters of record net sales. In addition, profit margins as a percentage of both gross and net sales for this quarter continue to grow illustrating our ability to effectively manage our cost structure throughout the company despite elevated COGS driven by inflationary pressures across a number of categories. While we are likely to continue to experience significant economic headwinds as a result of cost pressures, the net effects are expected to be mitigated by our continued success in executing on our long-term strategies. As a result, we are confident that we will continue to navigate through the current economic environment and other market conditions.”
Anderson concluded, “Based on the strength of our financial performance and balance sheet to date, we remain committed to structurally enhancing our operating model to better position the Company for sustained growth with a focus on new products, new markets and potential acquisitions.”
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 June 30, 2022 (Unaudited)
2022
2021
Net Sales
$16,324,541
$10,741,975
Income/<Loss> Before Taxes
$2,846,241
$1,724,756
Net Income/<Loss>
$2,151,758
$1,321,163
Basic/Diluted Income/<Loss> Per Common Share
$0.0671
$0.0412
Weighted Average Common Shares Outstanding
32,065,645
32,065,645
Armanino Foods of Distinction, Inc. Results for Six Months Ending June 30, 2022 (Unaudited)
2022
2021
Net Sales
$28,755,294
$20,041,645
Income Before Taxes
$4,767,488
$3,171,830
Net Income
$3,604,221
$2,435,411
Basic/Diluted Income/<Loss> Per Common Share
$0.1124
$0.0760
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.
In Q2 2022, Armanino Foods reported net sales of $16.32 million, a 52% increase from the previous year.
How much did Armanino Foods' net income increase in Q2 2022?
Net income for Q2 2022 was $2.15 million, which is a 63% increase compared to the same quarter in 2021.
What were the financial results for the first half of 2022 for AMNF?
For the first half of 2022, Armanino Foods reported net sales of $28.76 million and net income of $3.60 million, marking increases of 43% and 48% respectively.
How many consecutive quarters of profitability has Armanino Foods achieved?
Armanino Foods has achieved 76 consecutive quarters of profitability.
What challenges is Armanino Foods facing amid its growth?
The company faces economic headwinds due to inflationary cost pressures impacting its profit margins.
