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Armanino Foods
of Distinction, Inc.
Announces
First Quarter Financial Results
HAYWARD, Calif., April 25, 2007 – Armanino Foods of Distinction, Inc.
(AMNF) today reported its financial results for the first quarter ended March 31, 2007.
Net sales for the first quarter ended March 31, 2007, were $4,093,299 compared to $3,732,017 for the first quarter of 2006, an increase of 9.7%.
Income from operations before income taxes for the first quarter ended March 31, 2007 resulted in income of $48,717 compared to income of $216,978 for the same quarter a year ago.
The company reported basic earnings per share of $0.00 for the quarter ended March 31, 2007 compared to $0.01 for the like 2006 quarter.
William J. Armanino, President and CEO of Armanino Foods said, “The first quarter is traditionally our slowest quarter of the year in terms of sales and profitability. In addition, this year our first quarter profits were impacted by the absorption of significant increases in raw material costs which decreased our profit margins. Last year’s first quarter’s high pre-tax earnings were not so impacted. Notwithstanding the impact of these higher costs, the 2007 first quarter earnings were the second highest in the last five years.”
Armanino concluded, “We have just recently instituted a price increase which will help our earnings going forward. We are working hard to have a record year in terms of sales and profits.”
Armanino is an international food company that manufactures and markets frozen Basil pesto and numerous other pestos and sauces such as Cilantro, Dried Tomato Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic, Organic Basil, Organic Dried Tomato Garlic pesto, Mushroom, Alfredo sauces, filled pasta products, meatballs, cooked poultry products, garlic spreads and Focaccia to the food service, industrial, institutional industry.
1st Qtr Chart
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.
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