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Armanino Foods of Distinction, Inc. Reports Highest Ever Sales for Third Quarter and the Highest Ever Sales and Profits for the Nine Months Ended September 30, 2022
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Positive)
Tags
Rhea-AI Summary
Armanino Foods (OTC Pink: AMNF) reported record quarterly and year-to-date sales for the periods ending September 30, 2022. Q3 sales reached $15,400,353, up 30% from last year, with a net income of $1,553,742 ($0.0485 per share), a 4% increase. Year-to-date sales totaled $44,155,647, a 38% increase from 2021. The company also overcame macroeconomic challenges, including rising costs, while investing in growth opportunities and diversifying its customer base.
Positive
Q3 2022 net sales increased by 30% to $15,400,353 compared to Q3 2021.
Q3 2022 net income rose by 4% to $1,553,742 ($0.0485 per share).
Year-to-date sales increased by 38% to $44,155,647.
Year-to-date net income grew by 31% to $5,157,964 ($0.1609 per share).
Successful penetration into new sales channels and customer diversification.
Negative
Elevated cost of goods sold (COGS) due to higher commodity costs.
Macroeconomic challenges impacting the industry.
HAYWARD, Calif.--(BUSINESS WIRE)--
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported its highest ever quarterly sales and year-to-date sales and profits for the three and nine month periods ending September 30, 2022.
Net sales for the third quarter of 2022 were $15,400,353 compared to $11,857,707 for the same period last year, an increase of 30%. Income before taxes for Q3 2022 was $2,055,215 compared to $2,006,080 for the same quarter in 2021, an increase of 2%. Net income for this period was $1,553,742 (or $0.0485 per share), compared to $1,498,542 (or $0.0467 per share) for the same quarter a year ago, an increase of 4%.
Net sales for the first nine months of 2022 were $44,155,647 compared to $31,899,352 for the same period last year, an increase of 38%. Income before taxes for this period was $6,822,703, compared to the 2021 amount of $5,177,909, an increase of 32%. Net income for the first nine months of 2022 was $5,157,964, or $0.1609 per share, compared to $3,933,953 (or $0.1227 per share) per share posted for the same period in 2021, an increase of 31%.
Tim Anderson, President and CEO of Armanino Foods commented, “We are proud to report another record-breaking year with year-to-date sales through Q3 surpassing last year’s record results for the entire year. We also posted the highest year to date profits through Q3 in our Company’s history. This quarter’s results reflect continued sales momentum that includes penetrating new sales channels and further diversifying our customer portfolio. It also achieved the second highest quarterly sales on record, with profits greater than the same period last year despite macroeconomic challenges and industry headwinds. Those challenges and headwinds consisted primarily of elevated cost of goods sold (COGS) caused by higher commodity costs throughout 2022. It appears, though, that some of those costs have started to normalize over the past few weeks. The impact of these sustained inflationary pressures have been mitigated by the reduction of our controllable costs as a percentage of net sales on a year-to-date basis.”
Anderson concluded, “We 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 September 30, 2022 (Unaudited)
2022
2021
Net Sales
$15,400,353
$11,857,707
Income/<Loss> Before Taxes
$2,055,215
$2,006,080
Net Income/<Loss>
$1,553,742
$1,498,542
Basic/Diluted Income/<Loss> Per Common Share
$0.0485
$0.0467
Weighted Average Common Shares Outstanding
32,065,645
32,065,645
Armanino Foods of Distinction, Inc. Results for nine Months Ending September 30, 2022 (Unaudited)
2022
2021
Net Sales
$44,155,647
$31,899,352
Income Before Taxes
$6,822,703
$5,177,909
Net Income
$5,157,964
$3,933,953
Basic/Diluted Income/<Loss> Per Common Share
$0.1609
$0.1227
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.
