Armanino Foods of Distinction, Inc. Reports Highest Quarterly and Annual Sales and Profits in Company’s History; Increases Stock Buyback Program to $12M
Additionally, the Board authorized a
Douglas R. Nichols, Chairman of the Board stated, “The Board is pleased to announce this
Net sales for the fourth quarter of 2024 were
Net sales for the year ending December 31, 2024 were
Net working capital for the period ending December 31, 2024 increased to a record breaking level of
Edgar Estonina, CFO as well as acting President and CEO, stated, “We are very proud of our record breaking performance this year. We have consistently shattered our annual year over year sales and profits for a second year in a row; and, for three quarters in a row we have consistently achieved the highest quarterly sales and profits ever. The key drivers behind this performance have largely been the successful implementation of our sales and operational strategies which included better procurement of raw materials, and improved manufacturing and process efficiencies associated with the Company’s ongoing capital improvement projects. Additionally, we benefited from one-time benefits in the fourth quarter associated with the refund of previous trade spend deductions, as well as volume discounts related to the procurement of raw materials.”
Estonina concluded, “We remain somewhat cautious in the near term as we believe there is some indication of industry slowdown. To mitigate the potential for lower demand we will continue to seek further operational efficiencies in pursuit of improving our already low-cost structure, and continue to pursue competitive pricing on our supplies and raw materials. Management remains confident in the Company’s financial position. Net working capital is at an all-time high. We remain committed to making appropriate investments 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 December 31 -- Unaudited (In millions except per share amounts and shares outstanding) |
||||||||
|
2024 |
2023 |
||||||
NET SALES |
$ |
18.5 |
$ |
16.1 |
||||
COST OF GOODS SOLD |
|
9.2 |
|
9.8 |
||||
GROSS PROFIT |
|
9.3 |
|
6.3 |
||||
OPERATING EXPENSES: |
|
|
||||||
General, administrative and selling expense |
|
1.6 |
|
1.3 |
||||
Salaries & wages |
|
2.1 |
|
1.5 |
||||
Commissions |
|
0.3 |
|
0.3 |
||||
Total Operating Expenses |
|
4.0 |
|
3.1 |
||||
INCOME FROM OPERATIONS |
|
5.3 |
|
3.2 |
||||
OTHER INCOME (EXPENSE) |
|
0.3 |
|
0.2 |
||||
INCOME BEFORE INCOME TAXES |
|
5.6 |
|
3.4 |
||||
INCOME TAX EXPENSE, NET |
|
1.4 |
|
0.8 |
||||
NET INCOME |
$ |
4.2 |
$ |
2.6 |
||||
|
||||||||
Basic/Diluted Income Per Common Share |
$ |
0.13 |
$ |
0.08 |
||||
Weighted Average Common Shares Outstanding |
|
31,972,213 |
|
32,065,645 |
||||
|
|
|
||||||
Armanino Foods of Distinction, Inc. Results for the Twelve Months Ended December 31 – Unaudited (In millions except per share amounts and shares outstanding) |
||||||||
|
2024 |
2023 |
||||||
NET SALES |
$ |
69.4 |
$ |
63.6 |
||||
COST OF GOODS SOLD |
|
38.8 |
|
41.7 |
||||
GROSS PROFIT |
|
30.6 |
|
21.9 |
||||
OPERATING EXPENSES: |
|
|
||||||
General, administrative and selling expense |
|
5.1 |
|
4.5 |
||||
Salaries & wages |
|
6.2 |
|
5.2 |
||||
Commissions |
|
1.0 |
|
1.0 |
||||
Total Operating Expenses |
|
12.3 |
|
10.7 |
||||
INCOME FROM OPERATIONS |
|
18.3 |
|
11.2 |
||||
OTHER INCOME (EXPENSE) |
|
1.1 |
|
0.5 |
||||
INCOME BEFORE INCOME TAXES |
|
19.4 |
|
11.7 |
||||
INCOME TAX EXPENSE, NET |
|
5.0 |
|
2.9 |
||||
NET INCOME |
$ |
14.4 |
$ |
8.8 |
||||
|
||||||||
Basic/Diluted Income Per Common Share |
$ |
0.45 |
$ |
0.27 |
||||
Weighted Average Common Shares Outstanding |
|
32,038,819 |
|
32,065,645 |
||||
|
|
|
||||||
Armanino Foods of Distinction, Inc. Net Working Capital as of December 31 -- Unaudited (In millions) |
||||||||
|
2024 |
2023 |
||||||
CURRENT ASSETS: |
|
|
||||||
Cash and cash equivalents |
$ |
28.1 |
$ |
22.1 |
||||
Accounts receivable, net |
|
8.6 |
|
8.1 |
||||
Inventories, net |
|
4.4 |
|
4.7 |
||||
Prepaid expenses |
|
0.9 |
|
0.7 |
||||
Total Current Assets |
|
42.0 |
|
35.6 |
||||
|
|
|
||||||
CURRENT LIABILITIES: |
|
|
||||||
Accounts payable, and contract liabilities |
|
6.4 |
|
7.4 |
||||
Accrued payroll and payroll taxes |
|
5.5 |
|
2.9 |
||||
Operating lease liability – current portion |
|
0.7 |
|
0.6 |
||||
Dividends payable |
|
1.2 |
|
1.1 |
||||
Income taxes payable |
|
1.6 |
|
0.2 |
||||
Total Current Liabilities |
|
15.4 |
|
12.2 |
||||
|
||||||||
Net Working Capital |
$ |
26.6 |
$ |
23.4 |
||||
Armanino Foods of Distinction, Inc. Summary of Common Stock Repurchased -- Unaudited |
|
Shares of Common Stock Repurchased |
Total Repurchase |
||||
Q3-2024 Common Stock Repurchased |
67,408 |
$ |
382,851 |
|||
Q4-2024 Common Stock Repurchased |
94,637 |
$ |
689,182 |
|||
Q1-2025 Common Stock Repurchased (2/28/25 to Date) |
285,639 |
$ |
2,176,830 |
|||
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/20250303033272/en/
For further information, please contact:
Edgar Estonina
Interim CEO, CFO
(510) 441-9300
IR@armaninofoods.com
Source: Armanino Foods of Distinction, Inc.