Armanino Foods of Distinction, Inc. Reports Net Sales and Earnings for the Fourth Quarter; Earnings Continue to Grow
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported a 21% decline in net sales for Q4 2020 at $8,597,794, down from $10,929,061 the previous year. Net income dropped 36% to $909,476 (or $0.0284 per share). For the full year, net sales fell 25% to $31,815,652, and net income decreased 69% to $2,022,458 (or $0.0631 per share). Despite these declines, the company has maintained profitability for 70 consecutive quarters and noted increased earnings compared to Q3 2020, attributing this to cost controls and investments in technology.
- Company has been profitable for 70 consecutive quarters.
- Q4 2020 earnings improved compared to Q3 2020.
- Cost control measures in place are yielding positive results.
- Investments in technology improving manufacturing efficiencies.
- Net sales decreased by 21% in Q4 compared to the previous year.
- Net income fell by 36% in Q4 compared to the previous year.
- Annual net income declined by 69% compared to 2019.
- Income before taxes decreased by 72% year-over-year.
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported a year over year decrease in its net sales and net income for the fourth quarter ending December 31, 2020, but growth in earnings from last quarter. The Company continues the streak of being profitable for the 70th quarter in a row.
Net sales for the fourth quarter of 2020 were
Net sales for the year ended December 31, 2020 were
Tim Anderson, President and CEO of Armanino Foods stated, “We are pleased that our profits for the fourth quarter continued to grow versus the third quarter, 2020. This growth was largely attributable to our ability to control our overall costs and expenses. Specifically, this included efforts to control our promotional and G&A spending. Furthermore, investments in technology to improve manufacturing efficiencies continue to reduce our relative production costs, offset by the effect of selling a larger mix of higher cost products. We also continued to benefit from various cost cutting measures put in place since the beginning of the COVID pandemic. Additionally, prior year investments in tax strategies materialized this quarter and lowered our overall annual tax rate.”
Anderson continued, “We continue to make investments to reposition the Company for recovery from the current economic environment for sustained future growth with an eye towards new products, new markets, and potential acquisitions. Given our financial resources, the strength of our brand, and proven track record of management excellence, we remain confident in our ability to achieve our long-term vision for the Company despite the current economic environment.”
Anderson concluded, “We are more hopeful that the worst of the COVID 19 effects are behind us as COVID vaccinations roll out, and recent trends in COVID infections have declined. Further, sales over the past 5 weeks have trended stronger, exceeding normal pre-pandemic levels. At the same time, current market conditions and near-term demand growth are still uncertain because of reports that there are new strains of the COVID virus. Because of this, we remain guarded about our financial outlook.”
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.
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2020 |
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2019 |
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Net Sales |
$ |
8,597,794 |
$ |
10,929,061 |
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Income Before Taxes |
$ |
919,734 |
$ |
1,795,737 |
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Net Income |
$ |
909,746 |
$ |
1,422,805 |
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Basic/Diluted Income Per Common Share |
$ |
0.0284 |
$ |
0.0444 |
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Weighted Average Common Shares Outstanding |
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32,065,645 |
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32,065,645 |
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Results for the Year Ended December 31, 2020 (Unaudited) |
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2020 |
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2019 |
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Net Sales |
$ |
31,815,652 |
$ |
42,551,202 |
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Income Before Taxes |
$ |
2,311,034 |
$ |
8,181,402 |
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Net Income |
$ |
2,022,458 |
$ |
6,484,997 |
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Basic/Diluted Income Per Common Share |
$ |
0.0631 |
$ |
0.2022 |
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Weighted Average Common Shares Outstanding |
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32,065,645 |
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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/20210222005372/en/
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