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Armanino Foods of Distinction, Inc. Reports Highest Quarterly Sales and Profitablity in its History

July 16, 2014

HAYWARD, Calif.--(BUSINESS WIRE)-- Armanino Foods of Distinction, Inc. (OTC Pink Sheets Symbol: AMNF) reported today that its second quarter had achieved the highest quarterly sales and earnings in its history. Six month figures also set Company records.

Net sales for the second quarter of 2014 were $7,664,883 as compared to $7,246,520 for Q2 2013, an increase of 6%.

Income from continuing operations for the second quarter of 2014 was $1,591,231 compared to $1,388,447 for the same quarter in 2013, an increase of 15%. Earnings per share for the second quarter of 2014 were $0.030 compared to $0.027 for the second quarter of 2013, an increase of 11%.

For the six month period ended June 30, 2014 net sales were $14,971,208 compared to $13,915,592 a year ago, an increase of 8%. Income from continuing operations for the six month period rose by 15% to $2,989,499 from $2,604,642 for the same period in 2013. Earnings per share for the first six months of 2014 amounted to $0.057 compared to $0.050 posted in 2013, an increase of 14%.

Edmond J. Pera, President and CEO of Armanino Foods said, “We are very pleased with the upward momentum of our financial performance in the second quarter and year to date as the Company’s sales and profitability reached record breaking levels. Our second quarter domestic sales, fueled by higher than normal promotional activities and their associated expenses, were solid.”

Pera concluded, “Our domestic and international sales pipelines are robust, and our cash position and balance sheet are strong. We are cautiously optimistic about our prospects for the remainder of this year as our flavorful natural products, wide distribution network, excellent quality assurance programs and customer service continue to be well received by the foodservice and industrial food market segments.”

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, 2014 (Unaudited)
 
     

2014

     

2013

Net Sales $7,664,883$7,246,520
Income From Cont. Operations Before Taxes $1,591,231$1,388,447
Net Income $975,151$851,453
Basic Income Per Common Share $0.030$0.027
Weighted Average Common Shares Outstanding 32,065,645 32,063,447
Diluted Income/(Loss) Per Common Share $0.030$0.026
Diluted Weighted Average Common Shares Outstanding 32,065,645 32,139,239
 
Armanino Foods of Distinction, Inc.

Results for Six Months Ending June 30, 2014 (Unaudited)
 

2014

2013

Net Sales $14,971,208$13,915,592
Income From Cont. Operations Before Taxes $2,989,499$2,604,642
Net Income $1,832,594$1,597,805
Basic Income Per Common Share $0.057$0.050
Weighted Average Common Shares Outstanding 32,065,645 32,039,678
Diluted Income/(Loss) Per Common Share $0.057$0.050
Diluted Weighted Average Common Shares Outstanding 32,065,645 32,114,044
 


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, 510-441-9300

CFO

AMNF@armaninofoods.com


Source: Armanino Foods of Distinction, Inc.


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