Thugmuffin
3 years ago
$AMNF Armanino Foods of Distinction, Inc. Reports Highest Ever Quarterly Sales, and the Highest First Quarter ProfitsPress Release | 04/20/2022
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported its highest quarterly sales and the highest first quarter profits ever for the first quarter ending March 31, 2022. Armanino continued its streak of being profitable on a year-to-date basis for the 75th quarter in a row.
Net sales for the first quarter of 2022 were $12,430,753 compared to $9,299,670 for the same period last year, an increase of 34%. Income before taxes for Q1 2022 was $1,921,247 compared to $1,447,074 for the same quarter in 2021, an increase of 33%. Net income for this period was $1,452,463 (or $.0453 per share), compared to $1,114,247 (or $0.0347 per share) for the same quarter a year ago, an increase of 30%.
Tim Anderson, President and CEO of Armanino Foods stated, “These results represent three consecutive quarters of record net sales and the highest income for the first quarter in our Company’s history. We continue to make significant progress implementing our strategies to expand into diversified channels, and despite broader economic challenges, controlling our overall costs and expenses as well. Our strategies have allowed us to successfully navigate through a myriad of challenges, including labor shortages, inflation, and logistical and supply chain challenges which may have otherwise had a significant impact on our business. As a result, we continue to outperform many industry benchmarks.”
Anderson concluded, “While we are pleased with the continued upward trend of the Company’s financial performance, we also remain guarded in the near term given the political instability in Eastern Europe which could negatively impact broad economic sentiment, as well as concerns about a newly discovered strain of the Coronavirus. Nonetheless, we remain committed to making strategic and operational investments to drive sustained 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, 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.
Results for Quarter Ended March 31, 2022 (Unaudited)
2022
2021
Net Sales
$12,430,753
$9,299,670
Income Before Taxes
$1,921,247
$1,447,074
Net Income
$1,452,463
$1,114,247
Basic/Diluted Income Per Common Share
$0.0453
$0.0347
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220420005402/en/
AskMuncher
3 years ago
$AMNF Armanino Foods of Distinction, Inc. Announces Regular Quarterly Dividend
Press Release | 12/20/2021
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.0275 per share payable to shareholders of record on January 4, 2022. The dividend will be disbursed on or about January 24, 2022. This is the Company’s 86th consecutive quarterly dividend. In addition, the Company has had ten special dividends.
Douglas R. Nichols, Chairman of the Board, stated, “We remain confident in the Company’s management and the financial strength of Armanino Foods. The Company’s working capital is healthy, and aside from normal levels of trade payables, it is debt free. Its sales and profitability have consistently trended upward throughout 2021. As a result of the Company’s continued success, the Board of Directors is certain in its decision to declare another quarterly dividend.”
Tim Anderson, President and CEO, commented, “Material changes have taken place in the organization, which have helped us successfully weather the ongoing pandemic and economic challenges, while setting up the organization for record growth. We expect to exceed sales projections, while optimizing marketing and cost spend. In addition, despite labor shortages, inflation and logistics challenges that continue to plague our industry, Armanino is confident that sales will achieve record levels for the year.”
Anderson continued, “Given our financial resources, and the strength of our brand we remain committed to making investments to reposition the Company for recovery and sustained future growth with an eye towards new products, new markets, and potential acquisitions.”
Armanino Foods of Distinction, Inc. is an international food company that manufactures, and markets frozen Italian specialty food items to the foodservice, retail, and industrial markets. In addition to a classic Basil Pesto, Armanino offers other flavors and sauces including as Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic, Light Basil Pesto, Chimichurri, Harissa, Bolognese, and Alfredo. Armanino’s organic line includes classic Basil Pesto. Finally, Armanino Foods also offers cheese shakers, frozen pastas, and meatballs.
The best source of information on the company is the OTC Markets website (http://www.otcmarkets.com/stock/AMNF/company-info).
View source version on businesswire.com: https://www.businesswire.com/news/home/20211219005149/en/
AskMuncher
3 years ago
$AMNF Armanino Foods of Distinction, Inc., Reports Highest Quarterly Sales Ever, and Record-Breaking Year to Date Net Sales for the Third Quarter
Press Release | 10/25/2021
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported its highest quarterly sales ever and record-breaking net sales for the third quarter year to date ending September 30, 2021. Third quarter earnings continued its upward trend of quarter over quarter growth since the beginning of the pandemic. The Company continued its streak of being profitable on a year-to-date basis for 73 quarters in a row.
Net sales for the third quarter of 2021 were $11,857,707 compared to $8,321,414 for the same period last year, an increase of 42%. Income before taxes for Q3 2021 was $2,006,080 compared to $904,267 for the same quarter in 2020, an increase of 122%. Net income for this period was $1,498,542 (or $0.0467 per share), compared to $723,356 (or $0.0226 per share) for the same quarter a year ago, an increase of 107%.
Net sales for the first nine months of 2021 were $31,899,352 compared to $23,217,858 for the same period in 2020, an increase of 37%. Income before taxes for the nine months ending September 30th of this year was $5,177,909, compared to the 2020 figure of $1,391,299, an increase of 272%. Net income for this period was $3,933,953 (or $0.1227 per share), compared to $1,112,982 (or $0.0347 per share) for the same period a year ago, an increase of 254%.
Tim Anderson, President and CEO of Armanino Foods, stated, “We are pleased to report record sales for the quarter and year to date as we continue to outpace economic trends in our sector. In fact, the company’s sales and profits continue to trend upward as the development and implementation of our transformative strategy has set up Armanino Foods for growth and profitability for the long-term.”
Anderson continued, “While the effects of the Delta variant and inflationary pressure continue to have us somewhat guarded in the near term, the Company continues to experience consistent growth in sales and profits. We have also made necessary adjustments in our operating model to support and grow our margins as we continue to navigate through the current economic challenges.”
Anderson concluded, “We are confident in our direction and believe that we will continue to effectively manage through these uncertain times. Given our financial resources, the strength of our brand, and proven track record of management excellence, Armanino Foods remains committed towards making investments to reposition the Company for recovery and sustained future growth with an eye towards new products, new markets, and potential acquisitions.”
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.
Results for Quarter Ended September 30, 2021 (Unaudited)
2021
2020
Net Sales
$11,857,707
$8,321,414
Income Before Taxes
$2,006,080
$904,267
Net Income
$1,498,542
$723,356
Basic Income Per Common Share
$0.0467
$0.0226
Weighted Average Common Shares Outstanding
32,065,645
32,065,645
Diluted Income/(Loss) Per Common Share
$0.0467
$0.0226
Diluted Weighted Average Common Shares Outstanding
32,065,645
32,065,645
Results for Nine Months Ended September 30, 2021 (Unaudited)
2021
2020
Net Sales
$31,899,352
$23,217,858
Income Before Taxes
$5,177,909
$1,391,299
Net Income
$3,933,953
$1,112,982
Basic Income Per Common Share
$0.1227
$0.0347
Weighted Average Common Shares Outstanding
32,065,645
32,065,645
Diluted Income/(Loss) Per Common Share
$0.1227
$0.0347
Diluted 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211025005298/en/
AskMuncher
3 years ago
$AMNF Armanino Foods of Distinction, Inc., Reports Net Sales and Earnings for the Second Quarter
Press Release | 07/26/2021
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/ 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/ 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/ Before Taxes
$1,724,756
<$894,853>
Net Income/
$1,321,163
<$715,883>
Basic/Diluted Income/ 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/ 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.c
AskMuncher
3 years ago
$AMNF Herborium To Develop Proprietary Protein Bar with Unique Skin Benefits and Weight Management Properties
Press Release | 06/28/2021
Houston, June 28, 2021 (GLOBE NEWSWIRE) -- Houston, Texas , June 28, 2021 Herborium Group, Inc. (OTC Pink: HBRM), a Botanical Therapeutics Company and the provider of unique, all botanical medicinal products with a strong records of efficacy and safety, (Botanical Therapeutics®) announced today that it will be launching its new, proprietary protein derma - bar that combines the benefits of clear, healthy and youthful skin with healthy weight management, in the 4th Quarter of 2021. . The bar that comes in different flavors to satisfy diversified consumers pallet is targeting a rapidly growing population of protein bar favoring consumers in particular and functional foods customers at large. The target distributors such as Whole Foods, TraderJoe, Walmart and Target will be canvased to distribute this highly competitive product. There is no protein bar on the market that also targets skin health.
“Fortune Business Insights” says that the global protein bar market size is expected to reach USD 7.03 billion globally by 2027 with the US market alone achieving over $3 Billion. In addition, the uniqueness of Herborium’s Derma-Bar is based on the fact that it also belongs to the category of “beauty positioned supplements” that grew 61% in sales in USA in the past year. This represent the largest growth among countries with the top seven highest sales in the category. The US posted $144 million in sales of beauty supplements in 2020 compared to $89 million the previous year and made it to the top five countries for sales, overcoming Germany and France which have had stronger sales than the US in the past few years. The fact that the Herborium bar belongs to two not just one fast growing categories of products provides an additional factor positively shaping revenues expectations for Herborium.
Herborium’s CEO Dr. Agnes Olszewski noted, “We are very happy to introduce our new proprietary addition to Herborium product portfolio. We expect this new product to generate significant revenues and improve Herborium’s recognition as a prominent natural health and wellness expert. While awaiting the final manufacturing to be completed we are going to continue with our content development to support our present star product AcnEase for all types of skin blemishes and acne, oily skin and symptoms of rosacea, our adjunct skincare stem cell products family and of course our new product addition.”
“Herborium is clearly becoming a destination point for natural skin health and wellness. Adding this new product to our product portfolio represents next step in solidifying this position. Herborium’s Derma-Bar should stand as a beacon of quality and science in this sector as it was developed in collaboration with medical professionals and herbalist a like.” Concluded Dr. Olszewski.
About Herborium Group, Inc.
Herborium Group, Inc., a botanical therapeutics company that develops, license and markets proprietary, botanical based medicinal products to consumers and healthcare professionals. The Company business model focuses on emerging market opportunities spearheaded by the growth of a new market sector located between high-cost, high-risk, ethical pharmaceuticals and commoditized classic nutraceuticals (supplements). The Company uses clinical validation and a proactive regulatory strategy based on the FDA Guidance for Industry: Botanical Drug Products to establish and maintain a differential advantage. Herborium has secured a pipeline of botanical ingredients based products in the areas of dermatological needs, wellness and energy, women’s health and selected sexual disorders and has built the versatile, technologically advanced, interactive content platform to support consumer needs. Herborium Group sells its products in the United States, the United Kingdom, and continental Europe through a network of distributors, specialty retailers, and e-commerce. For more information, please visit www.herborium.com, www.acnease.com, www.acnease.fr and www.acneasesp.com
Safe Harbor Statement: This release contains forward-looking statements with respect to the results of operations and business of Herborium Group, Inc., which involves risks and uncertainties. The Company's actual future results could materially differ from those discussed. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward looking statements be subject to the "Safe Harbors" provision of the Private Securities Litigation Reform Act of 1995.
Herborium Group, Inc. CustomerService@Herborium.com ; Investorrelations@Herborium.com
AskMuncher
4 years ago
$AMNF Armanino Foods of Distinction, Inc. Reports First Quarter Sales and Profits; Earnings Grow Above Prepandemic Levels
Press Release | 04/23/2021
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported a year over year 1% increase in earnings with a 4.7% decrease in net sales for the first quarter ending March 31, 2021. In addition, the Company generated growth in income before taxes and net income which exceeded the previous 4 quarters. It is also notable that Armanino continues the streak of being profitable on a year-to-date basis for the 71st quarter in a row.
Net sales for the first quarter of 2021 were $9,299,670 compared to $9,760,846 for the same period last year, a decrease of 4.7%. Income before taxes for Q1 2021 was $1,447,074 compared to $1,381,886 for the same quarter in 2020, an increase of 5.0%. Net income for this period was $1,114,247 (or $0.0347 per share), compared to $1,105,508 (or $0.0345 per share) for the same quarter a year ago, an increase of 1.0%.
Tim Anderson, President and CEO of Armanino Foods stated, “We are on track with our plans to position the Company for recovery from the impact of COVID-19, while also continuing to strategically invest in diversified channels to capitalize on growth trends. Our success on those fronts is demonstrated by our recent three quarter results of consecutive growth in sales and profits with profits exceeding pre-COVID levels this past quarter. This growth was largely attributable to our ability to control our overall costs and expenses across the entire company including promotions, COGS, G&A and Operations. Sales growth was primarily driven by the easing of COVID restrictions and return to food eaten away from home. But it was also due to customers increasing their inventory levels in anticipation of greater future sales.
Anderson continued, “We are currently trending significantly higher than prior year April sales and 2021 January sales so we are hopeful that our results will continue to improve. This gives us confidence that we continue to be on track with our plans to position the Company for recovery from the impact of COVID-19.”
Anderson concluded, “We are increasingly optimistic that the worst of the COVID-19 effects are behind us now that COVID vaccinations are now available to all adults in the US, and as many state and local governments continue to lift pandemic restrictions. As a result, we remain committed to making strategic and operational investments to drive sustained 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, 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.
Results for Quarter Ended March 31, 2021 (Unaudited)
2021
2020
Net Sales
$9,299,670
$9,760,846
Income Before Taxes
$1,447,074
$1,381,886
Net Income
$1,114,247
$1,105,508
Basic/Diluted Income Per Common Share
$0.0347
$0.0345
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210423005148/en/
AskMuncher
4 years ago
$AMNF Retail Industry Veteran Jim Gillis Joins Armanino Foods of Distinction, Inc. Board of Directors to Build Market Presence
Press Release | 11/09/2020
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) today announced Jim Gillis is joining the company’s board of directors effective immediately. Gillis is a President and CEO of Gillis & Associates, a corporate and equity fund advisory firm in the consumer packaged goods industry, and brings more than 40 years of experience to the board.
“We are thrilled to welcome an executive with Jim’s expertise and business network to our board. He will not only provide a vision for the direction of Armanino Foods, his connections will help make that vision a reality and help us dramatically broaden our horizons,” said Tim Anderson, President and CEO of Armanino Foods.
Gillis, who sits on several corporate boards, was previously Managing Partner of Burke • Gillis • Juliano Group (BGJ), a leading management consulting firm focused on delivering solutions to the retail value chain. He retired as President and CEO of Source Interlink Companies, a premier marketing, merchandising and fulfillment company of entertainment products, after increasing revenues from $38 million to $2.5 billion. Gillis was also President, CEO and Owner of Brand Manufacturing Corporation, a leading designer and manufacturer of retail display systems, and Managing Partner of Aders, Wilcox, Gillis Group, a global developer of trade relationships serving major brand marketers and retailers worldwide.
“Armanino Foods has an amazing variety of high-quality products, a strong leadership team, a great workforce and excellent production facilities. I look forward to working with Tim and the rest of the board to help the company realize its full potential,” said Gillis.
About Armanino Foods of Distinction
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201109005628/e
AskMuncher
4 years ago
$AMNF Armanino Foods of Distinction, Inc. Reports Net Sales and Earnings for the Third Quarter Reversing Second Quarter Loss
Press Release | 10/19/2020
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported a year over year decrease in its net sales and net income for the third quarter ending September 30, 2020, but relative improvement across several metrics. Third quarter earnings eclipsed the second quarter loss, enabling the Company to continue its streak of being profitable on a year to date basis for 69 quarters in a row.
Net sales for the third quarter of 2020 were $8,321,414 compared to $10,334,608 for the same period last year, a decrease of 19%. Income before taxes for Q3 2020 was $904,267 compared to $1,725,189 for the same quarter in 2019, a decrease of 48%. Net income for this period was $723,356 (or $0.0226 per share), compared to $1,520,319 (or $0.0474 per share) for the same quarter a year ago, a decrease of 52%.
Net sales for the first nine months of 2020 were $23,217,858 compared to $31,622,142 for the same period in 2019, a decrease of 27%. Income before taxes for the nine months ending September 30th of this year was $1,391,299, compared to the 2019 figure of $6,385,665, a decrease of 78%. Net income for this period was $1,112,982 (or $0.0347 per share), compared to $5,062,192 (or $0.1579 per share) for the same period a year ago, a decrease of 78%.
Tim Anderson, President and CEO of Armanino Foods stated, “We are pleased our profits for this third quarter reversed the losses we incurred last quarter and that we remain profitable on a year to date basis. Specifically, this quarter’s net income of $723,356 more than made up for the <$715,883> net loss we incurred last quarter. Since the height of the pandemic in April 2020, the Company experienced consistent growth in sales and profits ending the second quarter with net income starting in June 2020. This growth trend continued into the third quarter where we ended with a surge in sales at the end of the quarter which prompted us to increase production to meet the higher demand.”
Anderson continued, “Our efforts to reposition the Company for recovery from the current economic environment for sustained future growth is working as illustrated by the consistent increase in sales, positive reversal of margins and continued cost reductions across all functions within the Company. Given our financial resources, the strength of our brand, and proven track record of management excellence, we have confidence in our ability to achieve our long-term vision for the Company despite the current economic environment.”
Anderson concluded, “While we are hopeful that the worst of the COVID 19 effects are behind, current market conditions and near-term demand growth are uncertain, so we remain guarded with our financial outlook for the remainder of the year.”
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.
Results for Quarter Ended September 30, 2020 (Unaudited)
2020
2019
Net Sales
$8,321,414
$10,334,608
Income Before Taxes
$904,267
$1,725,189
Net Income
$723,356
$1,520,319
Basic Income Per Common Share
$0.0226
$0.0474
Weighted Average Common Shares Outstanding
32,065,645
32,065,645
Diluted Income/(Loss) Per Common Share
$0.0226
$0.0474
Diluted Weighted Average Common Shares Outstanding
32,065,645
32,065,645
Results for Nine Months Ended September 30, 2020 (Unaudited)
2020
2019
Net Sales
$23,217,858
$31,622,142
Income Before Taxes
$1,391,299
$6,385,665
Net Income
$1,112,982
$5,062,192
Basic Income Per Common Share
$0.0347
$0.1579
Weighted Average Common Shares Outstanding
32,065,645
32,065,645
Diluted Income/(Loss) Per Common Share
$0.0347
$0.1579
Diluted 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.
AskMuncher
4 years ago
$AMNF Armanino Foods of Distinction, Inc. Declares a Regular Quarterly Dividend Of $0.0175
Press Release | 09/21/2020
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) today announced that its board of directors has declared a quarterly cash dividend of $0.0175 per share. The dividend will be payable to shareholders of record on October 1, 2020 and will be disbursed on or about October 26, 2020. This is the Company’s 81st consecutive quarterly dividend. In addition, the Company has had ten special dividends.
Douglas R. Nichols, Chairman of the board stated, “Armanino Foods is pleased that we are able to continue our proud tradition of rewarding our shareholders with another quarterly dividend as we are confident that the worst of the COVID 19 effects are behind us and our current positive financial results will continue. Similar to what we did in the prior quarter, rather than resume paying our dividend at our previous rate of $0.0275 per share, we will pay down our line of credit with the $320,000 in savings from the dividend reduction.”
Tim Anderson, President and CEO commented, “Starting in June 2020, the Company has achieved a consistent month over month growth in our sales and profitability. We expect this trend to continue through the end of the third quarter ending September 30, 2020. A surge in sales orders this month have prompted us to increase production to fulfill the demand. With the increase in sales and along with it margins, as well as multiple cost cutting measures, we have enough working capital to continue to fund our operations, while at the same time embarking upon a series of growth initiatives beyond our current business model. We are confident that given our financial resources, the strength of our brand, and our proven track record of management excellence, that we will be successful in executing these initiatives. However, we remain guarded in providing guidance on our financial outlook for the remainder of this year due to unprecedented uncertainty regarding the COVID 19 pandemic.”
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.
The best source of information on the company is the OTC Markets website (http://www.otcmarkets.com/stock/AMNF/company-info).
View source version on businesswire.com: https://www.businesswire.com/news/home/20200921005252/en/
AskMuncher
5 years ago
$AMNF OTC DISCLOSURE & NEWS SERVICE
Armanino Foods of Distinction, Inc. Declares a Regular Quarterly Dividend Of $0.0175
Press Release | 06/19/2020
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) today announced that its board of directors have declared a quarterly cash dividend of $0.0175 per share. This level is a decrease of approximately 36% from the prior regular quarterly dividend amount of $0.0275. The dividend will be payable to shareholders of record on July 1, 2020 and will be disbursed on or about July 24, 2020. This is the Company’s 80th consecutive quarterly dividend. In addition, the Company has had ten special dividends.
Douglas R. Nichols, Chairman of the board stated, “As previously disclosed, we expect to report a loss for our second quarter ending June 30, 2020; however, thanks to the strength of our balance sheet, Armanino Foods will continue our proud tradition of rewarding our shareholders with a quarterly dividend payment despite the adverse effect that the COVID 19 pandemic has had on our business in Q2. Because we are seeing sales continue to improve and have implemented many cost savings measures since the beginning of the pandemic, we are comfortable with paying a reduced dividend, and are confident of our financial position even if a second wave of the virus emerges. The $320,000 savings from the dividend reduction will be utilized to payoff an equipment loan with a balance that closely approximates the dividend savings. That loan was otherwise scheduled to mature at the end of 2022. This strategy, coupled with our cost reductions across all functions, enables us to reinvest in our core business and strategic growth initiatives. Due to unprecedented uncertainty regarding the COVID 19 pandemic, we remain guarded on the outlook of our financial performance for the remainder of this year. It is the board’s intention to reinstate the dividend to $0.0275 per share as soon as business conditions return to historic levels.”
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.
Amigo Mike
8 years ago
Armanino Foods of Distinction, Inc. Reports Highest Quarterly and Year to Date Sales and Earnings Ever
Business Wire Armanino Foods of Distinction, Inc.
10 hours ago
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HAYWARD, Calif.--(BUSINESS WIRE)--
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported its highest quarterly and year to date sales and earnings ever.
Net sales for the third quarter of 2016 were $9,388,778 compared to $8,488,032 for the same period last year, an increase of 11%. Income from continuing operations before taxes for Q3 2016 were $1,822,134 compared to $1,586,641 for the same quarter in 2015, an increase of 15%. Earnings per share in Q3 2016 were $0.036 compared to $0.030 in Q3 2015, an increase of 20%.
Net sales for the first nine months of 2016 were $27,084,339 compared to $25,641,861 for the same period in 2015, an increase of 6%. Income from continuing operations in this period for 2016 were $5,279,123 compared to the 2015 figure of $5,021,088, an increase of 5%. Earnings per share for the nine months of 2016 amounted to $0.104 compared to the $0.096 posted in 2015, an increase of 8%.
Edmond J. Pera, President and CEO of Armanino Foods stated, “Financial performance in both our US and Asian markets was strong this quarter. We achieved higher quarterly sales with existing customers across all of our core products. As we stated in last quarter’s report, timing delays in closing several domestic deals affected sales in the Q2. Those same Q2 delayed sales were booked in Q3 and were part of the growth in our sales this quarter.”
Pera continued, “Our Board of Directors recently gave its approval for us to secure a $3.5 million credit facility to expand our manufacturing plant capacity. This project is expected to help us double our plant capacity, and increase production efficiencies. The Company also negotiated an extension of the lease on its existing plant facility. This extension carries a 5 year term beginning January 1, 2017, and contains two 5 year renewal options. Construction for the plant expansion project is scheduled to begin around the end of December 2016, and expected to be completed shortly after the end of the first quarter of 2017.”
Pera concluded, “The Company is cautiously optimistic about it financial performance for the remainder of this year. We continue to work on several significant domestic relationships that we are trying to close before year end. We remain guarded on our outlook with our Asian markets due to continued weak economic conditions in that part of the world. Our current sales pipeline and cash position remain strong.”
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 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 September 30, 2016 (Unaudited)
2016
2015
Net Sales $9,388,778 $8,488,032
Income from Cont. Operations Before Taxes $1,822,134 $1,586,641
Net Income $1,147,944 $972,351
Basic Income Per Common Share $0.036 $0.030
Weighted Average Common Shares Outstanding 32,065,645 32,065,645
Diluted Income/(Loss) Per Common Share $0.036 $0.030
Diluted Weighted Average Common Shares Outstanding 32,065,645 32,065,645
Results for Nine Months Ended September 30, 2016 (Unaudited)
2016
2015
Net Sales $27,084,339 $25,641,861
Income From Cont. Operations Before Taxes $5,279,123 $5,021,088
Net Income $3,325,847 $3,076,899
Basic Income Per Common Share $0.104 $0.096
Weighted Average Common Shares Outstanding 32,065,645 32,065,645
Diluted Income/(Loss) Per Common Share $0.104 $0.096
Diluted 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.
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