AMNF Armanino Foods of Distinction Inc New (PK)

Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) today reported record sales and profits for the year ended December 31, 2014.

Net sales in the fourth quarter were $7,793,923, an increase of 3% from the $7,561,504 posted in 2013’s fourth quarter. Pre-tax profit from continuing operations for the same period in 2014 was, $1,185,039 compared to 2013’s fourth quarter profit of $1,202,383, a decrease of 1%. Net income for the fourth quarter of 2014 reached $868,034, up 4% from $837,351 in net income from the same period last year. Earnings per share for the fourth quarter of 2014 were $0.027 compared to $0.026 in 2013, an increase of 4%.

For the twelve months ended December 31, 2014 net sales were $31,461,816, up 9% from the $28,866,545 reported in calendar year 2013. Income from continuing operations before taxes rose 15%, from $5,263,925 a year ago to $6,046,747 in 2014. Net income for the year ended December 31, 2013 amounted to $3,328,365, compared to $3,847,176 in 2014, an increase of 16%. Basic income per common share for 2014 amounted to$0.120, versus $0.104 in 2013, an increase of 15%. All annual 2014 numbers reported above are new records for the sixth year in a row.

Edmond J. Pera, President and CEO stated, “We are extremely proud of the continuation of our strong annual financial results.”

Pera continued, “Investments in promotional programs have contributed to our growth in sales with new and existing domestic customers. Also, the sales of products made with our new manufacturing equipment have started to ramp up. Sales in Asia have recovered from the previous year’s decline and ended the year at their highest levels ever. This growth is mainly due to sales to our existing customer base, and, to a lesser degree, to the addition of sales to first-time customers in new markets in Asia. Various timing differences related to the beginning and end of the fourth quarter were the main factors why sales and net income grew at a slower pace compared to previous quarters this year, and also why pretax profitability decreased from the prior year.”

Pera concluded, “Preliminary indications for the first quarter of 2015 are that our sales are off to a strong start in the new year. Our sales pipeline appears strong. For these reasons we are cautiously optimistic about our financial performance and financial position in 2015. In the near term we intend to leverage the strength of our financial performance by continuing to invest in promotional expenditures with the goal of expanding our market share in several domestic markets in a profitable way.”

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, Alfredo sauce, and Bolognese sauce. Armanino’s Organic line includes classic Basil Pesto. Frozen pastas, meatballs and cheese shakers are also offered by Armanino Foods.

  Armanino Foods of Distinction, Inc. Results for the Quarter Ended 12/31/14 (Unaudited)  

2014

 

2013

Net Sales $ 7,793,923 $ 7,561,504 Income From Cont. Operations Before Taxes $ 1,185,039 $ 1,202,383 Net Income $ 868,034 $ 837,351 Basic Income Per Common Share $ 0.027 $ 0.026 Weighted Average Common Shares Outstanding 32,065,645 32,065,645 Diluted Income/(Loss) Per Common Share $ 0.027 $ 0.026 Diluted Weighted Average Common Shares Outstanding 32,065,645 32,065,645  

Results for 12-Months Ending 12/31/14 (Unaudited)

2014

2013

Net Sales $ 31,461,816 $ 28,866,545 Income From Cont. Operations Before Taxes $ 6,046,747 $ 5,263,925 Net Income $ 3,847,176 $ 3,328,365 Basic Income Per Common Share $ 0.120 $ 0.104 Weighted Average Common Shares Outstanding 32,065,645 32,052,768 Diluted Income/(Loss) Per Common Share $ 0.120 $ 0.104 Diluted Weighted Average Common Shares Outstanding 32,065,645 32,085,093  

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.com

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