Sorry I did not do this sooner - I'll be better next time.
The longer I own these shares the better I like them - that's a good feeling.
Cautious forward guidance combined with strong cash and assets is a very nice combination that makes for good sleep.
Very refreshing 1% top line growth and 3% bottom line growth.
Add to that 900,000 spent on new capacity and third quarter it ramps = very strong future free cash flow.
No doubt a lot of depreciation will minimize taxes and increase free cash flow.
If they can maintain profitability while the new equipment ramps - they'll be able to market the new capacity with in the new accounts that have already been accomplished, as well as additional new accounts being pursued.
Lastly it is refreshing to see a company that has the same amount of diluted shares outstanding in both 2016 AND 2015.
That good ole management being conservative and stock holder friendly is a thing of beauty in the long run!
Armanino Foods Announces Highest Ever First Quarter Financial ResultsHAYWARD, CA (April 13, 2017) Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) today reported its highest ever first quarter results for the period ending March 31, 2017.
Net sales for the first quarter ended March 31, 2017 were $9,088,013 compared to $8,991,242 for the first quarter of 2016, an increase of 1%. Income from operations for the first quarter of 2017 was $1,735,874 compared to $1,721,360 for the comparable quarter a year ago, an increase of 1%. Net income for the first quarter of 2017 was $1,111,610 compared to $1,084,457, an increase of 3%. Earnings per share for the first quarter of 2017 was $0.0347, compared to $0.0338 for the same quarter a year ago, an increase of 3%.
Edmond J. Pera, President and CEO of Armanino Foods said, “We are very pleased with our record breaking results for the first quarter. In addition to being our highest ever first quarter financial results, the results also mark the 55th quarter in a row of profitability, and our second highest level of quarterly net sales. The growth in our revenue this quarter was driven by the strength in our domestic markets which offset weaker sales from our Asian markets which declined for a second quarter in a row. The company continues to aggressively invest in domestic promotional expenditures in order to grow in the US market. Subsequent to the end of this quarter, we secured business from a new and substantial US customer and anticipate fulfilling initial orders for this business sometime in the next few months. While we are cautiously optimistic about sales in our domestic markets, we remain guarded on our outlook on sales in our Asian markets due to the lingering effects of a soft economy in that part of the world.”
Pera continued, “After a longer than expected process to obtain required building permits, we finally began construction on our plant expansion project in February and have made significant progress on this project since then. Our current expectation is to complete this project before the end of the third quarter this year. As of the end of this first quarter, we have spent a total of $904,220 on this project.”
Pera concluded, “Our sales’ pipeline and our cash position currently remain strong. We are cautiously optimistic about our financial performance for the remainder of this 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, Alfredo sauce, and Bolognese sauce. Armanino’s Organic line includes classic Basil Pesto. Frozen pastas and meatballs are also offered by Armanino Foods.
Glad I added at 2.14 !
Armanino Foods of Distinction, Inc.
Results for the Quarter Ended 3/31/17 (Unaudited)
|Income From Cont. Operations Before Taxes||$1,735,874||$1,721,360|
|Basic Income Per Common Share||$0.0347||$0.0338|
|Weighted Average Common Shares Outstanding||32,065,645||32,065,645|
|Diluted Income/(Loss) Per Common Share||$0.0347||$0.0338|
|Diluted Weighted Average Common Shares Outstanding||32,065,645||32,065,645|