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Armanino Foods of Distinction, Inc., Reports Highest Quarterly Sales Ever, and Record-Breaking Year to Date Net Sales for the Third Quarter
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Positive)
Tags
Rhea-AI Summary
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported record-breaking quarterly sales of $11,857,707 for Q3 2021, a 42% increase from $8,321,414 in Q3 2020. Year-to-date net sales reached $31,899,352, a 37% rise from $23,217,858 in 2020. Net income for Q3 was $1,498,542 (or $0.0467 per share), up 107% year-over-year. The company has been profitable for 73 consecutive quarters. CEO Tim Anderson emphasized continuous growth despite challenges from the Delta variant and inflation.
Positive
Record quarterly sales of $11,857,707, a 42% increase year-over-year.
Net income for Q3 rose to $1,498,542, up 107% from the previous year.
Year-to-date net sales increased by 37%, reaching $31,899,352.
Negative
Cited potential challenges from the Delta variant and inflationary pressures.
HAYWARD, Calif.--(BUSINESS WIRE)--
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported its highest quarterly sales ever and record-breaking net sales for the third quarter year to date ending September 30, 2021. Third quarter earnings continued its 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 73 quarters in a row.
Net sales for the third quarter of 2021 were $11,857,707 compared to $8,321,414 for the same period last year, an increase of 42%. Income before taxes for Q3 2021 was $2,006,080 compared to $904,267 for the same quarter in 2020, an increase of 122%. Net income for this period was $1,498,542 (or $0.0467 per share), compared to $723,356 (or $0.0226 per share) for the same quarter a year ago, an increase of 107%.
Net sales for the first nine months of 2021 were $31,899,352 compared to $23,217,858 for the same period in 2020, an increase of 37%. Income before taxes for the nine months ending September 30th of this year was $5,177,909, compared to the 2020 figure of $1,391,299, an increase of 272%. Net income for this period was $3,933,953 (or $0.1227 per share), compared to $1,112,982 (or $0.0347 per share) for the same period a year ago, an increase of 254%.
Tim Anderson, President and CEO of Armanino Foods, stated, “We are pleased to report record sales for the quarter and year to date as we continue to outpace economic trends in our sector. In fact, the company’s sales and profits continue to trend upward as the development and implementation of our transformative strategy has set up Armanino Foods for growth and profitability for the long-term.”
Anderson continued, “While the effects of the Delta variant and inflationary pressure continue to have us somewhat guarded in the near term, the Company continues to experience consistent growth in sales and profits. We have also made necessary adjustments in our operating model to support and grow our margins as we continue to navigate through the current economic challenges.”
Anderson concluded, “We are confident in our direction and believe that we will continue to effectively manage through these uncertain times. Given our financial resources, the strength of our brand, and proven track record of management excellence, Armanino Foods remains committed towards making investments to reposition the Company for recovery and sustained future growth with an eye towards 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 September 30, 2021 (Unaudited)
2021
2020
Net Sales
$11,857,707
$8,321,414
Income Before Taxes
$2,006,080
$904,267
Net Income
$1,498,542
$723,356
Basic Income Per Common Share
$0.0467
$0.0226
Weighted Average Common Shares Outstanding
32,065,645
32,065,645
Diluted Income/(Loss) Per Common Share
$0.0467
$0.0226
Diluted Weighted Average Common Shares Outstanding
32,065,645
32,065,645
Results for Nine Months Ended September 30, 2021 (Unaudited)
2021
2020
Net Sales
$31,899,352
$23,217,858
Income Before Taxes
$5,177,909
$1,391,299
Net Income
$3,933,953
$1,112,982
Basic Income Per Common Share
$0.1227
$0.0347
Weighted Average Common Shares Outstanding
32,065,645
32,065,645
Diluted Income/(Loss) Per Common Share
$0.1227
$0.0347
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.
