Armanino Foods of Distinction, Inc. Reports Highest Quarterly and Q2 YTD Sales and Profits in Company’s History
Armanino Foods of Distinction (OTC Pink: AMNF) reported record-breaking Q2 2024 results. Net sales reached $17,481,452, up 16% year-over-year, while net income soared to $3,804,581, an 89% increase. The company achieved its highest quarterly and Q2 YTD sales and profits in its history, marking the 84th consecutive profitable quarter.
For the first six months of 2024, net sales grew 6% to $33,201,768, with net income increasing 56% to $6,123,249. The company's strong performance is attributed to margin improvement efforts, lower commodity costs, and enhanced manufacturing efficiencies. Despite the positive results, management remains cautious about potential industry slowdown and is focusing on diversifying its sales portfolio and seeking operational efficiencies.
Armanino Foods of Distinction (OTC Pink: AMNF) ha riportato risultati record per il secondo trimestre del 2024. Le vendite nette hanno raggiunto i $17,481,452, in aumento del 16% rispetto all'anno precedente, mentre il reddito netto è salito a $3,804,581, con un incremento dell'89%. L'azienda ha ottenuto i suoi massimi vendite e profitti trimestrali e YTD nel secondo trimestre della sua storia, segnando il 84° trimestre consecutivo di utili.
Per i primi sei mesi del 2024, le vendite nette sono cresciute del 6% a $33,201,768, con il reddito netto aumentato del 56% a $6,123,249. Le solide performance dell'azienda sono attribuibili ai miglioramenti nei margini, ai costi delle materie prime più bassi e a una maggiore efficienza nella produzione. Nonostante i risultati positivi, la dirigenza rimane cauta riguardo a un potenziale rallentamento del settore e si sta concentrando sulla diversificazione del proprio portafoglio vendite e sulla ricerca di efficienze operative.
Armanino Foods of Distinction (OTC Pink: AMNF) reportó resultados récord para el segundo trimestre de 2024. Las ventas netas alcanzaron los $17,481,452, un aumento del 16% en comparación con el año anterior, mientras que el ingreso neto se disparó a $3,804,581, un incremento del 89%. La compañía logró sus máximas ventas y ganancias trimestrales y del segundo trimestre hasta la fecha en su historia, marcando el 84° trimestre consecutivo de ganancias.
Durante los primeros seis meses de 2024, las ventas netas crecieron un 6% a $33,201,768, con un aumento del ingreso neto del 56% a $6,123,249. El sólido desempeño de la empresa se atribuye a los esfuerzos por mejorar los márgenes, a la reducción de costos de materias primas y a una mayor eficiencia en la producción. A pesar de los resultados positivos, la gerencia se mantiene cautelosa ante un posible desaceleramiento en la industria y se centra en diversificar su cartera de ventas y buscar eficiencias operativas.
Armanino Foods of Distinction (OTC Pink: AMNF)는 2024년 2분기 기록적인 실적을 발표했습니다. 순매출은 $17,481,452에 달해 전년 대비 16% 증가했으며, 순이익은 $3,804,581로 89% 상승했습니다. 회사는 역사상 최고의 분기 및 2분기 누적 매출과 이익을 달성하였으며, 84분기 연속 흑자를 기록했습니다.
2024년 상반기 동안 순매출은 6% 증가한 $33,201,768에 이르렀고, 순이익은 56% 증가하여 $6,123,249에 달했습니다. 회사의 강력한 실적은 마진 개선 노력, 원자재 비용 하락, 제조 효율성 향상에 기인합니다. 긍정적인 결과에도 불구하고, 경영진은 산업의 잠재적 둔화에 대해 신중을 기하고 있으며, 판매 포트폴리오 다각화와 운영 효율성 확보에 집중하고 있습니다.
Armanino Foods of Distinction (OTC Pink: AMNF) a rapporté des résultats record pour le deuxième trimestre 2024. Les ventes nettes ont atteint 17,481,452 $, en hausse de 16 % par rapport à l'année précédente, tandis que le bénéfice net a grimpé à 3,804,581 $, soit une augmentation de 89 %. L'entreprise a enregistré ses meilleures ventes et bénéfices trimestriels et cumulés du deuxième trimestre de son histoire, marquant le 84e trimestre consécutif bénéficiaire.
Au cours des six premiers mois de 2024, les ventes nettes ont augmenté de 6 % pour atteindre 33,201,768 $, avec un bénéfice net en hausse de 56 % à 6,123,249 $. Les solides performances de l'entreprise sont attribuées à des efforts d'amélioration des marges, à la baisse des coûts des matières premières et à une efficacité accrue de la production. Malgré ces résultats positifs, la direction reste prudente quant à un éventuel ralentissement du secteur et se concentre sur la diversification de son portefeuille de ventes et la recherche d'efficacités opérationnelles.
Armanino Foods of Distinction (OTC Pink: AMNF) hat Rekordergebnisse für das 2. Quartal 2024 gemeldet. Die Nettoumsätze erreichten 17,481,452 $, was einem Anstieg von 16 % im Vergleich zum Vorjahr entspricht, während der Nettoertrag auf 3,804,581 $ anstieg, was einem Plus von 89 % entspricht. Das Unternehmen erzielte die höchsten vierteljährlichen und YTD-Umsätze und -gewinne im 2. Quartal seiner Geschichte und markiert das 84. aufeinanderfolgende profitable Quartal.
In den ersten sechs Monaten des Jahres 2024 wuchsen die Nettoumsätze um 6 % auf 33,201,768 $, wobei der Nettoertrag um 56 % auf 6,123,249 $ zunahm. Die starke Leistung des Unternehmens wird auf die Bemühungen zur Margenverbesserung, niedrigere Rohstoffkosten und verbesserte Produktionseffizienz zurückgeführt. Trotz der positiven Ergebnisse bleibt das Management vorsichtig hinsichtlich einer möglichen Branchenverlangsamung und konzentriert sich auf die Diversifizierung seines Verkaufsportfolios sowie auf das Streben nach operativen Effizienzen.
- Record-breaking Q2 2024 net sales of $17,481,452, up 16% year-over-year
- Q2 2024 net income increased by 89% to $3,804,581
- Highest quarterly and Q2 YTD sales and profits in company history
- 84th consecutive profitable quarter
- First half 2024 net sales grew 6% to $33,201,768
- First half 2024 net income increased 56% to $6,123,249
- Margin improvements driven by lower commodity costs and improved manufacturing efficiencies
- 10% increase in regular dividend
- Net working capital decreased by 2% to $22,944,962 from December 31, 2023
- Current liabilities increased by 11% to $13.5M at the end of Q2 2024
- Management cautious about potential industry slowdown
Net sales for the second quarter of 2024 were
Net sales for the first six months of 2024 were
Net working capital for the period ending June 30, 2024 decreased to
Tim Anderson, President and CEO, stated, “We continue to benefit from our margin improvement efforts as demonstrated in the achievement of the highest quarterly and first half profits in the Company’s history. Sales have also rebounded to record Q2 and first half results. Our margin improvements are results of our continued efforts in lowering our cost structure across multiple areas of our business. These improvements are driven by lower commodity costs and improved manufacturing and process efficiencies, including those associated with our ongoing capital improvement projects. Although we very pleased with our performance, we continue to be somewhat cautious about the near term as there is some indication of industry slowdown.”
Anderson continued, “We remain confident in our efforts to outperform the industry by further diversifying our sales portfolio through organic and inorganic growth opportunities, including innovative business opportunities while mitigating core business risk. In addition, we will continue to seek further operational efficiencies in pursuit of optimal cost structure and lower input costs to offset potential lower demand and suppliers competing on pricing.”
Anderson concluded, “We are proud of 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, meatballs, and prepared meals.
Armanino Foods of Distinction, Inc. Results for Quarter Ended June 30, 2024 (Unaudited) |
||||||
|
|
2024 |
|
2023 |
||
|
|
|
||||
NET SALES |
$ |
17,481,452 |
$ |
15,036,330 |
||
COST OF GOODS SOLD |
|
10,208,172 |
|
9,861,121 |
||
GROSS PROFIT |
|
7,273,325 |
|
5,175,209 |
||
OPERATING EXPENSES: |
|
|
||||
General, administrative and selling expense |
|
1,165,638 |
|
997,332 |
||
Salaries & wages |
|
979,381 |
|
1,297,836 |
||
Commissions |
|
292,158 |
|
270,446 |
||
Total Operating Expenses |
|
2,437,177 |
|
2,565,614 |
||
INCOME FROM OPERATIONS |
|
4,836,148 |
|
2,609,595 |
||
OTHER INCOME (EXPENSE) |
|
277,536 |
|
83,111 |
||
INCOME BEFORE INCOME TAXES |
|
5,113,685 |
|
2,692,706 |
||
INCOME TAX EXPENSE, NET |
|
1,309,103 |
|
683,948 |
||
NET INCOME |
$ |
3,804,581 |
$ |
2,008,758 |
||
|
||||||
Basic/Diluted Income Per Common Share |
$ |
0.1186 |
$ |
0.0626 |
||
Weighted Average Common Shares Outstanding |
|
32,065,645 |
|
32,065,645 |
||
|
|
|
||||
Armanino Foods of Distinction, Inc. Results for the Six Month Ended June 30, 2024 (Unaudited) |
||||||
|
|
2024 |
|
2023 |
||
NET SALES |
$ |
33,201,768 |
$ |
31,388,196 |
||
COST OF GOODS SOLD |
|
19,898,103 |
|
21,401,681 |
||
GROSS PROFIT |
|
13,303,665 |
|
9,986,515 |
||
OPERATING EXPENSES: |
|
|
||||
General, administrative and selling expense |
|
2,599,075 |
|
1,866,955 |
||
Salaries & wages |
|
2,514,056 |
|
2,499,411 |
||
Commissions |
|
521,323 |
|
500,141 |
||
Total Operating Expenses |
|
5,634,454 |
|
4,866,507 |
||
INCOME FROM OPERATIONS |
|
7,669,211 |
|
5,120,008 |
||
OTHER INCOME (EXPENSE) |
|
560,962 |
|
148,232 |
||
INCOME BEFORE INCOME TAXES |
|
8,230,173 |
|
5,268,240 |
||
INCOME TAX EXPENSE, NET |
|
2,106,924 |
|
1,343,285 |
||
NET INCOME |
$ |
6,123,249 |
$ |
3,924,955 |
||
|
||||||
Basic/Diluted Income Per Common Share |
$ |
0.1910 |
$ |
0.1224 |
||
Weighted Average Common Shares Outstanding |
|
32,065,645 |
|
32,065,645 |
||
|
|
|
||||
Armanino Foods of Distinction, Inc. Working Capital (Unaudited) |
||||||
|
June 30, 2024 |
December 31, 2023 |
||||
CURRENT ASSETS: |
|
|
||||
Cash and cash equivalents |
$ |
21,393,112 |
$ |
22,177,386 |
||
Accounts receivable, net |
|
8,445,165 |
|
8,067,266 |
||
Inventories, net |
|
5,621,461 |
|
4,681,212 |
||
Prepaid expenses |
|
966,786 |
|
719,929 |
||
Total Current Assets |
|
36,426,524 |
|
35,645,793 |
||
|
|
|
||||
CURRENT LIABILITIES: |
|
|
||||
Accounts payable, and contract liabilities |
|
8,702,006 |
|
7,321,319 |
||
Accrued payroll and payroll taxes |
|
2,965,835 |
|
2,906,660 |
||
Operating lease liability – current portion |
|
649,738 |
|
649,738 |
||
Dividends payable |
|
1,163,983 |
|
1,058,167 |
||
Income taxes payable |
- |
|
228,672 |
|||
Total Current Liabilities |
|
13,481,562 |
|
12,164,556 |
||
|
||||||
Net Working Capital |
$ |
22,944,962 |
$ |
23,481,237 |
||
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/20240722459403/en/
For further information, please contact:
Edgar Estonina
COO/CFO
(510) 441-9300
IR@armaninofoods.com
Source: Armanino Foods of Distinction, Inc.
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