Armanino Foods of Distinction, Inc., Reports Net Sales and Earnings for the Second Quarter

Rhea-AI Summary

Armanino Foods of Distinction (OTC Pink: AMNF) reported strong financial results for Q2 2021, with net sales rising to $10,741,975, a 109% increase from $5,135,598 in Q2 2020. Income before taxes surged 293% to $1,724,756, and net income reached $1,321,163, or $0.0412 per share. For the first half of 2021, net sales increased 35% to $20,041,645, while net income grew 525% to $2,435,411 or $0.0760 per share. CEO Tim Anderson expressed confidence in continued growth despite potential challenges from the pandemic.

Positive

• Net sales increased 109% year-over-year in Q2 2021.
• Income before taxes increased 293%, showing strong profitability.
• Net income rose 285%, indicating improved financial health over the past year.
• Continued cost control over COGS and promotional expenses.
• Financial resources and brand strength position the company well for future growth.

Negative

• Cautious outlook due to rising COVID-19 infection rates linked to the Delta variant.

Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported an increase in its net sales and net income before and after taxes for the second quarter ending June 30, 2021 relative to the same timeframe in 2020.

Net sales for the second quarter ending June 30, 2021 were $10,741,975, compared to $5,135,598 for the second quarter of 2020, an increase of 109%. Income/<loss> before taxes for the second quarter of 2021 was $1,724,756, compared to <$894,853> for the comparable quarter a year ago, an increase of 293%. Net income/<loss> for this period increased to $1,321,163, or $0.0412 per share, from <$715,883>, or <$0.0223> per share for the previous year, an increase of 285%.

Net sales for the first six months of 2021 were $20,041,645 compared to $14,896,444 for the same period last year, an increase of 35%. Income before taxes in this period for 2021 was $3,171,830, compared to the 2020 amount of $487,032, an increase of 551%. Net income for the first six months of 2021 was $2,435,411, or $0.0760 per share, compared to $389,626, or $0.0122 per share posted for the same period in 2020, an increase of 525%.

Tim Anderson, President and CEO of Armanino Foods said, “Sales and profits continue to improve since the beginning of the pandemic driven by the opening of the economy and progress in executing against our key growth strategies. Quarter over quarter results continue to improve representing progress over the last four quarters since Q2 2020. In addition, we continue to control our overall costs, particularly related to COGS and promotional expenses. Another key highlight is that our Q2 2021 Net Sales results were near historical highs achieved in Q2 2019.”

Anderson continued, “Although we remain somewhat guarded on the future outlook in light of a recent uptick in infection rates related to the Delta variant of the COVID-19 virus, we are confident in our direction and believe we can effectively manage through these uncertain times. We will continue to make investments to reposition the Company for recovery and 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.”

Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items such as pestos, Bolognese, Alfredo sauce 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, Creamy Garlic, Harissa, Romesco, Chimichurri, and Light Basil Pesto. Armanino’s Organic line includes classic Basil Pesto. Frozen pastas, sauces and meatballs are also offered by Armanino Foods.

Armanino Foods of Distinction, Inc. Results for Quarter Ended June 30, 2021 (Unaudited)
		2021			2020
Net Sales		$10,741,975			$5,135,598
Income/<Loss> Before Taxes		$1,724,756			<$894,853>
Net Income/<Loss>		$1,321,163			<$715,883>
Basic/Diluted Income/<Loss> Per Common Share		$0.0412			<$0.0223>
Weighted Average Common Shares Outstanding		32,065,645			32,065,645
Armanino Foods of Distinction, Inc. Results for Six Months Ending June 30, 2021 (Unaudited)
		2021			2020
Net Sales		$20,041,645			$14,896,444
Income Before Taxes		$3,171,830			$487,032
Net Income		$2,435,411			$389,626
Basic/Diluted Income/<Loss> Per Common Share		$0.0760			$0.0122
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.

The best source of information on the company is the OTC Markets website http://www.otcmarkets.com/stock/amnf/company-info, or the Company website http://www.armaninofoods.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210726005254/en/

FAQ

What are the Q2 2021 financial results for AMNF?

In Q2 2021, Armanino Foods reported net sales of $10,741,975, a 109% increase from Q2 2020, with net income of $1,321,163 or $0.0412 per share.

How did AMNF perform in the first half of 2021?

For the first six months of 2021, AMNF achieved net sales of $20,041,645, up 35% year-over-year, and net income of $2,435,411, representing a 525% increase.

What are the company's growth strategies moving forward?

Armanino Foods plans to invest in new products, explore new markets, and consider potential acquisitions as part of its growth strategy.

What challenges does AMNF anticipate?

The company is cautious about future performance due to a recent uptick in COVID-19 infections, particularly the Delta variant.