Armanino Foods of Distinction, Inc. Reports Highest Ever Quarterly Net Sales, and the Highest First Quarter Profits

Rhea-AI Summary

Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported record-breaking first quarter results for 2023, marking its highest quarterly sales and profits. Net sales increased by 32% to $16,351,867, while income before taxes rose by 34% to $2,575,535. Net income reached $1,916,198 ($.0598 per share), reflecting a 32% increase compared to the prior year. The company has achieved profitability for 79 consecutive quarters. While management expressed optimism about the results and ongoing cost efficiencies, they also highlighted concerns regarding potential economic pressures that may affect future performance.

Positive

• Record sales of $16,351,867 for Q1 2023, up 32% year-over-year.
• Net income increased to $1,916,198 (or $0.0598 per share), a 32% rise from the previous year.
• 79 consecutive quarters of profitability, indicating strong operational performance.

Negative

• Management cautioned about potential economic pressures impacting future results.

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, 2023. Armanino continued its streak of being profitable on a year-to-date basis for the 79^th quarter in a row.

Net sales for the first quarter of 2023 were $16,351,867 compared to $12,430,753 for the same period last year, an increase of 32%. Income before taxes for Q1 2023 was $2,575,535 compared to $1,921,247 for the same quarter in 2022, an increase of 34%. Net income for this period was $1,916,198 (or $.0598 per share), compared to $1,452,463 (or $.0453 per share) for the same quarter a year ago, an increase of 32%.

Tim Anderson, President and CEO of Armanino Foods, stated, “Our first quarter results significantly outpaced the prior year and is the seventh consecutive quarter of record net sales and pretax income, significantly outpacing industry trends. Our sustained efforts to strategically broaden our portfolio of products through various channels are responsible for driving strong growth for the Company. In addition, we continue to lower our cost structure across multiple areas of our business including COGS and promotional expenses driven by lower commodity costs and improved manufacturing and process efficiencies including those associated with our ongoing capital improvement projects.”

Anderson continued, “While we are pleased with the current trending of our financial and operational performance, we also remain somewhat guarded due to the uncertainty of the impact of sustained economic pressures that could negatively impact our future results. As a result, we seek to realize greater cost efficiencies as we enter the final stage of our capital projects.”

Anderson concluded, “We are confident in our financial position and remain committed to making appropriate investments in our efforts to grow sales profitably with a focus on new products, new markets, operational efficiencies, 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 March 31, 2023 (Unaudited)
	2023	2022
Net Sales	$16,351,867	$12,430,753
Income Before Taxes	$2,575,535	$1,921,247
Net Income	$1,916,198	$1,452,463
Basic/Diluted Income Per Common Share	$0.0598	$0.0453
Weighted Average Common Shares Outstanding	32,065,645	32,065,645

Cautionary Statements Regarding Forward-Looking Information:

The declaration of cash dividends in the future, pursuant to the Company’s dividend policy, is subject to final determination each quarter by the Board of Directors based on a number of factors, including the Company’s financial performance and its available cash resources. For this reason, as well as others, there can be no assurance that dividends in the future will be equal or similar to the amount described in this press release or that the Board of Directors will not decide to suspend or discontinue the payment of cash dividends in the future.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230424005373/en/

For further information, please contact:

Edgar Estonina

COO/CFO

(510) 441-9300

AMNF@armaninofoods.com

Source: Armanino Foods of Distinction, Inc.

FAQ

What are the latest sales figures for Armanino Foods (AMNF) in Q1 2023?

Armanino Foods reported net sales of $16,351,867 for Q1 2023, a 32% increase from the previous year.

How much did Armanino Foods' net income increase in Q1 2023?

Net income for Armanino Foods in Q1 2023 was $1,916,198, marking a 32% increase from the previous year.

How long has Armanino Foods been profitable?

Armanino Foods has achieved profitability for 79 consecutive quarters.

What concerns did Armanino Foods express regarding future performance?

Management expressed concerns about sustained economic pressures that may negatively impact future results.

What was the income before taxes for Armanino Foods in Q1 2023?

Income before taxes for Q1 2023 was $2,575,535, an increase of 34% compared to Q1 2022.