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Armanino
Foods Exceeds
Best Pre-Tax Quarterly Earnings Mark
Set
a Year Ago
HAYWARD, CA
(July 25, 2007) Armanino Foods of Distinction, Inc. (Pink Sheets Symbol: AMNF)
today reported that on a pre-tax basis it recorded its most profitable quarter
in its history, edging out last year’s previous best by $6,000.
For the three months ended June 30, 2007, sales rose 8% from the
$4,378,386 recorded last year to the $4,732,528 recorded this year. Pre-tax
income for the same period rose to $485,459 from $479,451 a year ago. After- tax
income declined to $303,630 this year from $332,467 a year ago.
Last year’s after-tax income results were aided by favorable tax
credits. Earnings per share were two cents in both quarters.
For the
first six months of 2007, sales rose 9% to $8,825,827 from $8,110,403 in 2006.
Net income per share declined from three cents for the same period last year to
two cents this year.
William Armanino, the Company’s chairman and CEO said, “The growth and
maturation of our in-house sales force and our broker and distributor network
during the last two years, a recently implemented price increase in some of our
products and a number of promotions conducted in our food service and retail
sectors all contributed to our profit and sales increase.”
He added, “We believe this favorable trend in both sales and pre-tax
earnings will continue for the balance of the year. We are currently launching
organic pesto flavors into both of our core market segments, which we expect to
also increase sales growth in the future.”
Armanino
Foods of Distinction, Inc. is an international food company that manufactures
and markets frozen Italian specialty food items such as pesto sauces and filled
pastas to the food service, 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 and Roasted Garlic. Armanino’s Organic line includes the classic
Basil Pesto as well as the Dried Tomato & Garlic pesto. Frozen pastas,
meatballs, other frozen meat and poultry products, spreads and Focaccia are also
offered by Armanino.
2nd 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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