Armanino Foods of Distinction, Inc. Reports Record Breaking Net Sales and Earnings for the Third Quarter

Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) reported record breaking financial results for the third quarter, by posting the second highest quarterly net sales and earnings (including both income from operations before taxes, and net income) in the Company’s history. These results are on the heels of last quarter’s financial performance which were the Company’s highest quarterly net sales and earnings ever.

Net sales for the third quarter of 2018 were $10,692,153 compared to $10,004,933 for the same period last year, an increase of 7%. Income from operations before taxes for Q3 2018 were $2,298,602 compared to $2,059,674 for the same quarter in 2017, an increase of 12%. Net income for this period grew to $1,792,909 (or $0.0559 per share), from $1,318,191 (or $0.0411 per share) for the same quarter a year ago, an increase of 36%.

Net sales for the first nine months of 2018 were $31,572,486 compared to $29,357,649 for the same period in 2017, an increase of 8%. Income from operations for the nine months ending September 30th of this year were $6,455,231, compared to the 2017 figure of $5,796,215, an increase of 11%. Net income for this period grew to $5,035,080 (or $0.1570 per share), from $3,710,229 (or $0.1157 per share) for the same period a year ago, an increase of 36%.

Edmond J. Pera, President and CEO of Armanino Foods stated, “We are very pleased with our record breaking results this quarter which are now the Company’s second highest quarterly net sales and profits in the Company’s history. This is the Company’s 61st quarter in a row of profitability.”

Pera continued, “Thanks to continuing strong sales and pre-tax profitability, as well as the lower federal corporate tax rate, our cash position is very strong. We continue to reinvest in the Company by funding our strategic planning initiatives that we previously disclosed related to product development, digital marketing, and tax planning. We intend to pursue new product ideas which have come out of these initiatives. Most immediately, we will be ramping up our pursuit of potential opportunities in several new US domestic market categories. To support all of this, we are investing approximately $750,000 to add new manufacturing equipment which we believe will help us to compete effectively in these new markets. This new equipment will increase our overall capacity and efficiency, and is scheduled to be installed sometime around the end of this year. In addition to new equipment we have also invested in raising the caliber of our R&D department in pursuit of new markets and products.”

Pera concluded, “We remain cautiously optimistic about our financial performance for the remainder of this year. The Company’s current sales pipeline and its cash position are 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.

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