AMNF Armanino Foods of Distinction Inc New (PK)

Armanino Foods of Distinction, Inc. (OTC Pink Sheets Symbol:AMNF) today reported the second highest quarterly sales in the company’s history and record first quarter profits and earnings per share.

Net sales for the first quarter ended March 31, 2012 were $6,683,614 compared to $5,864,470 for the first quarter of 2011, an increase of 14%.

Income from operations before income taxes for the first quarter of 2012 was $1,046,592 compared to $905,286 for the comparable quarter a year ago, an increase of 16%.

Earnings per share for the first quarter of 2012 was $0.020 compared to $0.016 for the same quarter a year ago, an increase of 23%. A comparison of our EPS calculations from period to period should take into account the impacts of our stock repurchase program, which from year end 2010 to year end 2011, has reduced the number of outstanding shares by more than 6.6%.

Edmond J. Pera, President and CEO of Armanino Foods said, “Historically, our first quarter sales are the slowest of the year, but this year’s first quarter posted the second highest quarterly sales in our history.”

Pera continued, “Although our raw materials costs have edged up and have impacted our gross margins, we have decided not to raise prices at the present time. Rather, for the time being, we are using our “hold the line” pricing strategy to strive for greater market shares in our various regional markets.”

Pera concluded, “We believe our current sales strategies are currently working well and are the correct ones for the future.”

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 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 The First Quarter Ended March 31, 2012 (Unaudited)    

2012

 

2011

  Net Sales $ 6,683,614 $ 5,864,470   Income From Cont. Operations Before Taxes $ 1,046,592 $ 905,286   Net Income $ 642,921 $ 559,725   Basic Income Per Common Share $ 0.020 $ 0.016   Weighted Average Common Shares Outstanding 32,679,679 34,848,620   Diluted Income/(Loss) Per Common Share $ 0.020 $ 0.016   Diluted Weighted Average Common Shares Outstanding 32,704,559 34,913,938

 

This press release contains forward-looking statements within the meaning of U.S. securities laws. These forward looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those projected. The Company assumes no obligation to update the information included in this press release.