Armanino Foods of Distinction, Inc. Reports Record Breaking Sales and the Highest Quarterly and Year to Date Profits Ever for the Third Quarter and Nine Months Ended September 30, 2023
- Armanino Foods of Distinction reported record-breaking sales and profits for the third quarter of 2023. Net sales increased by 4% compared to the same period last year, while income before taxes increased by 48%. Net income also saw a significant increase of 46%. For the first nine months of 2023, net sales increased by 7.5% and income before taxes increased by 22%. Net income for this period increased by 20%. The company's margin improvement is driven by ongoing cost reduction efforts. Armanino Foods is well-positioned to invest in diversified channels and pursue strategic acquisition and partnership opportunities.
- None.
Net sales for the third quarter of 2023 were
Net sales for the first nine months of 2023 were
Tim Anderson, President, and CEO of Armanino Foods commented, “We are proud to report a record-breaking quarter and year-to-date sales through Q3. Our quarterly results reflect the highest Q3 sales with record quarterly profits, while year-to-date sales and profits are also at correspondingly record levels. Our continued margin improvement is driven by our ongoing cost reduction efforts that effectively support our growth while simultaneously mitigating ongoing inflationary headwinds. We also continue to successfully execute our innovative sales and marketing strategies that support the growth of our base business through new channels, segments, and markets.”
Anderson concluded, “With our working capital at an all-time high, we are well-positioned to continue to invest in diversified channels to capitalize on growth trends and pursue strategic acquisition and partnership opportunities.”
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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|
2023 |
|
2022 |
Net Sales |
$ |
16,080,356 |
$ |
15,400,353 |
Income/<Loss> Before Taxes |
$ |
3,050,211 |
$ |
2,055,215 |
Net Income/<Loss> |
$ |
2,263,972 |
$ |
1,553,742 |
Basic/Diluted Income/<Loss> Per Common Share |
$ |
0.0706 |
$ |
0.0485 |
Weighted Average Common Shares Outstanding |
|
32,065,645 |
|
32,065,645 |
|
|
|
||
Armanino Foods of Distinction, Inc.
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||||
|
|
2023 |
|
2022 |
Net Sales |
$ |
47,468,553 |
$ |
44,155,647 |
Income Before Taxes |
$ |
8,318,451 |
$ |
6,822,703 |
Net Income |
$ |
6,188,927 |
$ |
5,157,964 |
Basic/Diluted Income/<Loss> Per Common Share |
$ |
0.1930 |
$ |
0.1609 |
Weighted Average Common Shares Outstanding |
|
32,065,645 |
|
32,065,645 |
|
|
|
||
Armanino Foods of Distinction, Inc.
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||||
|
|
2023 |
|
2022 |
Current Assets |
$ |
33,671,246 |
$ |
30,679,550 |
Less Current Liabilities |
$ |
11,042,956 |
$ |
10,861,575 |
Working Capital |
$ |
22,628,290 |
$ |
19,817,975 |
This press release contains forward-looking statements within the meaning of
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/20231016778910/en/
Edgar Estonina
COO/CFO
510-441-9300
amnf@armaninofoods.com
Source: Armanino Foods of Distinction, Inc.
FAQ
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