Armanino Foods of Distinction, Inc., Reports Highest Quarterly and Annual Net Sales Ever

Rhea-AI Summary

Armanino Foods of Distinction, Inc. (AMNF) reported record-breaking financial results for Q4 and the full year ending December 31, 2021. Q4 net sales reached $11,924,678, a 39% increase from the previous year. Net income rose by 98% to $1,796,842 ($0.0560 per share). For the year, net sales were $43,824,030, up 38%, and net income was $5,730,793 ($0.1787 per share), reflecting an increase of 183%. The company has maintained profitability for 74 consecutive quarters but faces challenges related to inflation and supply chain disruptions.

Positive

• Record Q4 net sales of $11,924,678, up 39% year-over-year.
• Net income for Q4 2021 was $1,796,842, representing a 98% increase.
• Annual net sales for 2021 reached $43,824,030, a 38% growth compared to 2020.
• Net income for the year was $5,730,793, an increase of 183%.

Negative

• Inflation and logistical challenges impacting cost of goods.
• Sales distribution disruptions due to the Omicron variant.

HAYWARD, Calif.--(BUSINESS WIRE)-- Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported its highest quarterly and annual net sales ever for the fourth quarter and year ending December 31, 2021, respectively. Fourth quarter earnings continued the Company’s upward trend of quarter over quarter growth since the beginning of the pandemic. The Company continued its streak of being profitable on a year-to-date basis for seventy-four quarters in a row.

Net sales for the fourth quarter of 2021 were $11,924,678 compared to $8,597,794 for the same period last year, an increase of 39%. Income before taxes for Q4 2021 was $2,040,241 compared to $919,734 for the same quarter in 2020, an increase of 122%. Net income for this period was $1,796,842 (or $0.0560 per share), compared to $909,746 (or $0.0284 per share) for the same quarter a year ago, an increase of 98%.

Net sales for the year ending 2021 were $43,824,030 compared to $31,815,652 for the same period in 2020, an increase of 38%. Income before taxes for this period was $7,218,149, compared to the 2020 figure of $2,311,034, an increase of 212%. Annual net income for 2021 was $5,730,793 (or $0.1787 per share), compared to $2,022,458 (or $0.0631 per share) for the same period a year ago, an increase of 183%.

Tim Anderson, President and CEO of Armanino Foods, stated, “We are pleased to report that for second quarter in a row we have achieved record breaking quarterly sales, which also culminated in the highest annual sales ever, beating the previous pre-pandemic records in 2019. Not only did our Q4 2021 net income surpass our prior year, but it also surpassed the pre-pandemic Q4 2019. Labor and supply shortages; inflation; and logistical challenges had a significant impact on our cost of goods. As a result, additional measures have been put in place to further mitigate risks and reduce costs moving forward. If our cost of sales were proportionate to 2019 levels, then our 2021 profits could have been the highest in the Company’s history. We continue to outpace economic trends in our sector in large part due to the development and implementation of our transformative strategy for growth and profitability for the long-term.”

Anderson continued, “The effects of the Omicron variant and inflationary pressure have us guarded for the near term as the global rise in COVID cases over the past few months have disrupted our sales distribution channels. However, we are confident that we will continue to successfully navigate through the current economic challenges and beyond.”

Anderson concluded, “We remain committed to investing in our brand, while optimizing marketing and cost spend to 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 December 31, 2021 (Unaudited)
	2021	2020
Net Sales	$11,924,678	$8,597,794
Income Before Taxes	$2,040,241	$919,734
Net Income	$1,796,842	$909,746
Basic Income Per Common Share	$0.0560	$0.0284
Weighted Average Common Shares Outstanding	32,065,645	32,065,645
Diluted Income/(Loss) Per Common Share	$0.0560	$0.0284
Diluted Weighted Average Common Shares Outstanding	32,065,645	32,065,645
Results for the Year Ended December 31, 2021 (Unaudited)
	2021	2020
Net Sales	$43,824,030	$31,815,652
Income Before Taxes	$7,218,149	$2,311,034
Net Income	$5,730,793	$2,022,458
Basic Income Per Common Share	$0.1787	$0.0631
Weighted Average Common Shares Outstanding	32,065,645	32,065,645
Diluted Income/(Loss) Per Common Share	$0.1787	$0.0631
Diluted 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.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220310005439/en/

For further information, please contact:

Edgar Estonina

COO/CFO

(510) 441-9300

AMNF@armaninofoods.com

Source: Armanino Foods of Distinction, Inc. Armanino

FAQ

What were Armanino Foods' Q4 2021 net sales?

Armanino Foods reported Q4 2021 net sales of $11,924,678.

How much did Armanino Foods' net income increase in Q4 2021?

Net income for Q4 2021 increased by 98% to $1,796,842.

What was Armanino Foods' annual net income for 2021?

The annual net income for Armanino Foods in 2021 was $5,730,793.

How has Armanino Foods been affected by inflation?

Inflation and logistical challenges have impacted Armanino Foods' costs of goods sold.

What challenges does Armanino Foods face due to COVID-19?

The company faces sales distribution disruptions from the Omicron variant.