SI
SI
discoversearch

Microcap & Penny Stocks : ARMF (Armanino Foods of Distinction)
AMNF 2.31+0.4%Oct 20 5:19 PM EDTNews

 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: robert b furman who wrote (40)9/29/2017 11:33:39 AM
From: robert b furman1 Recommendation

Recommended By
E_K_S

   of 44
 
A nice solid earnings report :

Armanino Foods Of Distinction, INC., Reports Highest Quarterly Net Sales And Earnings In Its HistoryHAYWARD, CA (July 14, 2017) Armanino Foods of Distinction, Inc. (OTC Pink: AMNF) today reported its highest quarterly net sales and earnings ever, as well as record breaking sales and earnings for the six month period ending June 30, 2017.

Net sales for the second quarter ended June 30, 2017 were $10,264,703 compared to $8,704,319 for the same period last year, an increase of 18%. Income from operations for the second quarter of 2017 was $2,000,667 compared to $1,735,629 for the comparable quarter a year ago, an increase of 15%. Earnings per share for the second quarter of 2017 was $0.0399, compared to $0.0341 for the same quarter a year ago, an increase of 17%.

Net sales for the six months of 2017 were $19,352,716 compared to $17,695,561 for the same period last year, an increase of 9%. Income from continuing operations in this period for 2017 were $3,736,541, compared to the 2016 figure of $3,456,989, an increase of 8%. Earnings per share for the six months of 2017 amounted to $0.0746 compared to the $0.0679 posted for the same period in 2016, an increase of 10%.

Edmond J. Pera, President and CEO of Armanino Foods stated, “We are very pleased with our record breaking results for this quarter. Sales to our existing customer base were strong across all product categories this period. Existing customer sales were augmented by sales to new US based customers who initiated strong inventory positions of our products because of strong demand. Sales in our Asian markets were higher this quarter than the same period last year; however, year to date sales are still down.”

Pera continued, “While we are obviously pleased with our results so far in 2017 we remain cautiously optimistic about our financial performance for the remainder of this year. Although our current sales pipeline is strong, we don’t believe that the high rate of growth we experienced in the second quarter will be repeated in the next two quarters, particularly since business from a previously announced new customer has been delayed for consideration into 2018. We remain guarded with our outlook in our Asian markets because weak economic conditions continue to plague that part of the world.”

Pera concluded, “Our cash position remains strong. After reaching the half way mark on our plant expansion project we remain on schedule and within budget. As of the end of the second quarter, we have invested approximately $1.4 million on this project.”

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.





Armanino Foods of Distinction, Inc.
Results for Quarter Ended June 30, 2017
(Unaudited)



2017

2016

Net Sales

$10,264,703

$8,704,319

Income From Cont. Operations Before Taxes

$2,000,667

$1,735,629

Net Income

$1,280,427

$1,093,446

Basic Income Per Common Share

$0.0399

$0.0341

Weighted Average Common Shares Outstanding

32,065,645

32,065,645

Diluted Income/(Loss) Per Common Share

$0.0399

$0.0341

Diluted Weighted Average Common Shares Outstanding

32,065,645

32,065,645



Armanino Foods of Distinction, Inc.
Results for Six Months Ending June 30, 2017
(Unaudited)



2017

2016

Net Sales

$19,352,716

$17,695,561

Income From Cont. Operations Before Taxes

$3,736,541

$3,456,989

Net Income

$2,392,038

$2,177,903

Basic Income Per Common Share

$0.0746

$0.0679

Weighted Average Common Shares Outstanding

32,065,645

32,065,645

Diluted Income/(Loss) Per Common Share

$0.0746

$0.0679

Diluted Weighted Average Common Shares Outstanding

32,065,645

32,065,645




Next one should be due mid month next month - hoping for more record sales and soon completion to their expansion!!




Bob
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

Copyright © 1995-2017 Knight Sac Media. All rights reserved.Stock quotes are delayed at least 15 minutes - See Terms of Use.