AMNF Armanino Foods of Distinction Inc New (PK)

Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported the highest quarterly sales and earnings in its history. Nine month figures are also Company records.

Net sales for the third quarter of 2014 were $8,697,316 as compared to $7,389,449 for Q3 2013, an increase of 18%.

Income from continuing operations before taxes for Q3 2014 were $1,872,209 compared to $1,456,901 for the same quarter in 2013, an increase of 29%. Earnings per share in Q3 2014 were $0.036 compared to $0.028 in 2013, an increase of 29%.

Net sales for the first nine months of 2014 were $23,668,523 compared to $21,305,041 for the same period in 2013, an increase of 11%. Income from continuing operations in this period for 2014 were $4,861,708 compared to the 2013 figure of $4,061,543, an increase of 20%. Earnings per share for the nine months of 2014 amounted to $0.093 compared to the $0.078 posted in 2013, an increase of 19%.

Edmond J. Pera, President and CEO of Armanino Foods stated, “Our sales gains across all geographic territories of our business were very strong especially in the latter part of the quarter.”

Pera continued, “Our investment in promotional expenditures is paying off, and we plan to continue this model for the near term with a goal of obtaining additional market share in several domestic market territories.”

Pera concluded, “Our cash position remains healthy and we continue to be cautiously optimistic about our domestic and international prospects over the coming months.”

Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items such as pestos, Bolognese, 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, sauce and meatballs are also offered by Armanino Foods.

Armanino Foods of Distinction, Inc.

Results for Quarter Ended September 30, 2014 (Unaudited)

 

2014

   

2013

  Net Sales $8,697,316 $7,389,449 Income from Cont. Operations Before Taxes $1,872,209 $1,456,901 Net Income $1,146,548 $893,210 Basic Income Per Common Share $0.036 $0.028 Weighted Average Common Shares Outstanding 32,065,645 32,065,645 Diluted Income/(Loss) Per Common Share $0.036 $0.028 Diluted Weighted Average Common Shares Outstanding 32,065,645 32,170,835  

Results for Nine Months Ending September 30, 2014 (Unaudited)

2014

2013

Net Sales $23,668,523 $21,305,041 Income From Cont. Operations Before Taxes $4,861,708 $4,061,543 Net Income $2,979,142 $2,491,014 Basic Income Per Common Share $0.093 $0.078 Weighted Average Common Shares Outstanding 32,065,645 32,048,429 Diluted Income/(Loss) Per Common Share $0.093 $0.078 Diluted Weighted Average Common Shares Outstanding 32,065,645 32,133,069  

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.

Armanino Foods of Distinction, Inc.Edgar Estonina, 510-441-9300CFOAMNF@armaninofoods.com