| |
|
about
• history • news •
production
• marketing
Armanino
Foods of Distinction, Inc.
Announces
Third Quarter Financial Results
Hayward, CA
(November 2, 2005) Armanino Foods of Distinction, Inc. (Pink Sheets Symbol:
ARMF
) announced today net sales and operating and
net income for the third quarter and nine month periods ended September 30,
2005.
Net sales for the third quarter ended
September 30, 2005
amounted to $3,883,935 as compared to
$3,249,171 for the same period in 2004, an increase of 20%. The percentage
increase in net sales, one of the highest in the Company’s history, was
attributable to higher food service sales. Net sales for the nine months ended
September 30, 2005
were $10,635,240 as compared to $9,705,248, an
increase of 10%.
Income from continuing operations before taxes for the third quarter of
2005 was $319,593 compared to $102,792 for the third quarter of 2004, an
increase of 211%. This increase is also attributable to higher food service
sales. Income from continuing operations before income taxes for the nine months
ended
September 30, 2005
was $661,875 compared to $332,930, an increase
of 99%.
Net income for the third quarter of 2005 amounted to $177,969 or $0.05 per share
compared to the September 2004 quarter which amounted to $72,982 or $0.02 per
share. Net income for the nine months ended
September 30, 2005
amounted to $403,875 or $0.11 per share
compared to $236,380 or $0.07 per share for the nine months ended
September 30, 2004
.
William J. Armanino, President and CEO of Armanino Foods said, “Our decision
to double our food service sales team in 2004 is now paying dividends as is
evident by our significant sales increase in the quarter. We anticipate that this favorable momentum will continue.”
Armanino continued, “We are currently marketing two 100% organic pestos and
have revitalized all of our retail pasta packaging.
In addition we have upgraded the quality of our pasta products to truly
gourmet status. We believe that these decisions will add to our sales growth in
future quarters.”
Armanino concluded, “We believe our strong balance sheet with no long term
debt and more than adequate cash reserves will allow us to maintain our current
dividend policy.”
Armanino is an international food company that manufactures and markets frozen
pestos, filled pasta products, meatballs, cooked meat, cooked poultry products,
garlic spreads and focaccia to the retail, food service, club stores,
institutional, and industrial food industry segments.
Third Quarter
Financials
This
press release contains forward-looking statements within the meaning of
U.S.
securities laws. These forward looking statements are subject to certain risks
and uncertainties that could cause the actual results to differ materially from
those projected. The Company assumes no obligation to update the information
included in this press release.
|