AMNF Armanino Foods of Distinction Inc New (QX)

Armanino Foods of Distinction, Inc. (OTC Pink Sheets Symbol: AMNF) today reported its highest quarterly sales, profits and earnings per share in the Company’s history. Year to date results for sales, profits and earnings per share are also Company records.

Net sales for the second quarter of 2012 were $7,097,885 as compared to $6,290,645 for Q2 2011, an increase of 13%.

Income from continuing operations before taxes for the second quarter of 2012 was $1,304,763 compared to $1,088,307 for the same quarter in 2011, an increase of 20%. Earnings per share for the second quarter of 2012 were $0.025 as opposed to $0.020 for the second quarter of 2011, an increase of 25%.

For the first six months of 2012 net sales were $13,781,499 compared to $12,155,115 a year ago, an increase of 13%. Income from continuing operations for 2012’s second quarter rose by 18% to $2,351,354 from $1,993,594 for the same period in 2011. Earnings per share for the first six months of 2012 amounted to $0.045 compared to $0.036 posted in 2011, an increase of 24%. The increase in earnings per share from period to period has been fueled not only by increased profitability but by the impact of our stock repurchase program as well.

Edmond J. Pera, President and CEO of Armanino Foods, said, “International sales in the second quarter were especially strong contributing to the sales increase.”

Pera continued, “We expect our margins to remain healthy for the remainder of this year thanks to raw materials pricing contracts that we have in place through the end of 2012. As usual, we will closely monitor the outlook of our material costs so that we can manage our margins appropriately. We currently do not have any plans to raise our selling prices and plan to use this pricing strategy to try and increase our market share. We continue to see a greater consumer awareness of pesto sauces in the market place which in our opinion could lead to overall market expansion.”

Pera concluded, “We believe that our current strategies are working well toward helping us achieve our overall objectives.”

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 Light Basil Pesto, Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke and Roasted Garlic. 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, 2012 (Unaudited)    

     2012

 

     2011

Net Sales $7,097,885 $6,290,645 Income From Cont. Operations Before Taxes $1,304,763 $1,088,307 Net Income $800,405 $668,013 Basic Income Per Common Share $0.025

$0.020

Weighted Average Common Shares Outstanding 32,307,505 33,715,144 Diluted Income/(Loss) Per Common Share $0.025

$0.020

Diluted Weighted Average Common Shares Outstanding 32,332,194 33,762,343     Armanino Foods of Distinction, Inc.Results for Six Months Ending June 30, 2012 (Unaudited)  

     2012

     2011

Net Sales $13,781,499 $12,155,115 Income From Cont. Operations Before Taxes $2,351,354 $1,993,594 Net Income $1,443,326 $1,227,738 Basic Income Per Common Share $0.045 $0.036 Weighted Average Common Shares Outstanding 32,411,129 34,278,751 Diluted Income/(Loss) Per Common Share $0.044 $0.036 Diluted Weighted Average Common Shares Outstanding 32,435,913 34,335,009   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.