Armanino Foods of Distinction, Inc.

Reports Highest First Half Sales and

ProfitsPress Release | 07/17/2023
Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported its highest first-
half sales and profits for the six month period ending June 30, 2023. Armanino is
proud to continue its streak of 80 consecutive quarters of profitability.
Net sales for the second quarter of 2023 were $15,036,330 compared to $16,324,541
for the same period last year, a decrease of 8%. Income before taxes for Q2 2023 was
$2,692,707 compared to $2,846,241 for the same quarter in 2023, a decrease of 5%.
Net income for this period was $2,008,759 (or $.0626 per share) compared to
$2,151,758 (or $.0671 per share) for the same quarter a year ago, a decrease of 7%.
Net sales for the first six months of 2023 were $31,388,196 compared to $28,755,294
for the same period last year, an increase of 9%. Income before taxes in this period
for 2023 was $5,268,241 compared to the 2022 amount of $4,767,488, an increase of
11%. Net income for the first six months of 2023 was $3,924,956, or $0.1224 per
share, compared to $3,604,221, or $0.1124 per share, posted for the same period in
2022, an increase of 9%.
Tim Anderson, President and CEO of Armanino Foods, stated, “We continue to track
toward record sales and profits for 2023 with YTD results outpacing prior year
results. While our Q2 Net Sales results reflect a shortfall versus 2022 due to
economic headwinds and somewhat one-time prior year sales benefit, our overall
performance for the first six months continue to outpace 2022 results, which set
records for both sales and net income. Going forward, we see continued success in
executing our long-term strategies as well as lower prices on key commodities
which drive COGS. In addition, we expect to complete soon the capital
improvements to our production facility. As such, we expect ongoing benefits from
operational efficiencies that should help mitigate the impact of potential future
economic headwinds.”
Anderson concluded, “Based on the strength of our financial performance and
balance sheet to date, we remain committed to structurally enhancing our operating
model to better position the Company for sustained growth with a focus on 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 June 30, 2023 (Unaudited)
    2023     2022  
15,036,33 16,324,54
Net Sales $ $
0 1
Income/ Before Taxes $ 2,692,707   $ 2,846,241  
Net Income/ $ 2,008,759   $ 2,151,758  
Basic/Diluted Income/ Per Common Share $ 0.0626   $ 0.0671  
Weighted Average Common Shares 32,065,64 32,065,64
      
Outstanding 5 5
     
Armanino Foods of Distinction, Inc.
Results for Six Months Ending June 30, 2023 (Unaudited)
    2023     2022  
31,388,19 28,755,29
Net Sales $  $  
6 4
Income Before Taxes $ 5,268,241   $ 4,767,488  
Net Income $ 3,924,956   $ 3,604,221  
Basic/Diluted Income/ Per Common Share $ 0.1224   $ 0.1124  
Weighted Average Common Shares 32,065,64 32,065,64
      
Outstanding 5 5
     
Armanino Foods of Distinction, Inc.
Working Capital as of June 30, 2023 (Unaudited)
    2023     2022  
30,593,53 27,944,31
Current Assets $  $  
7 2
Less Current Liabilities $ 7,932,104   $ 8,935,160  
22,661,43 19,009,15
Working Capital $  $  
3 2
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.