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For
Immediate Release
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For
More Information Contact:
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April 24, 2008
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Edmond
J. Pera, COO
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(510) 441-9300
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Armanino Foods of Distinction, Inc.
Announces First Quarter Financial Results |
Hayward, CA (April 24, 2008) Armanino Foods of Distinction, Inc. (Pink Sheets Symbol: AMNF) today reported its financial results for the first quarter ended March 31, 2008.
Net sales for the first quarter ended March 31, 2008, were $4,491,662 compared to $4,093,299 for the first quarter of 2007, an increase of 10%.
Income from operations before income taxes for the first quarter ended March 31, 2008 resulted in operating income of $187,898 compared to operating income of $48,717 for the same quarter a year ago, an increase of 286%.
The Company reported net income of $122,118 compared to net income of $37,217 for the comparable quarter a year ago. Basic income per common share for the quarter ended March 31, 2008 amounted to $0.004 as opposed to $0.001 for the same quarter a year ago.
William J. Armanino, President and CEO of Armanino Foods said, “The first quarter, traditionally our slowest, showed a significant increase over last year’s first quarter, as continued gains from sales to new accounts, principally food service chains such as sandwich and pizza shops, helped to increase sales.”
Armanino continued, “We are introducing in the second quarter an array of new pesto sauces and pasta products for our Food Service customers. A more limited number of pastas will be sold at retail through in-store deli’s.” Armanino concluded, “Although our focus groups have been excited about the prospects for these new products, and are pleased with the number of new accounts we have opened and will continue to open over the course of the year, we remain cautiously optimistic about the remainder of 2008.”
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, Roasted Garlic, Ancho Chile and Mediterranean. Armanino’s Organic line includes the classic Basil Pesto as well as Dried Tomato & Garlic pesto. Frozen pastas, sauces, spreads, meatballs, and Focaccia are also offered by Armanino Foods.
Armanino Foods of Distinction, Inc. |
Results For The First Quarter Ended March 31, 2008 (Unaudited) |
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2008 |
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2007 |
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Net Sales |
$4,491,662 |
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$4,093,299 |
Income From Cont. Operations Before Taxes |
$187,898 |
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$48,717 |
Net Income |
$122,118 |
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$37,217 |
Basic Income Per Common Share |
$0.004 |
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$0.001 |
Weighted Average Common Shares Outstanding |
34,664,380 |
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34,636,380 |
Diluted Income Per Common Share |
$0.003 |
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$0.001 |
Diluted Weighted Average Common Shares Outstanding |
35,207,751 |
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35,228,674 |
Note: Shares shown at post 2:1 split of March 2008
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 thoseprojected. The Company assumes no obligation to update the information included in this press release.
For further information please contact:
Edgar Estonina
Controller
(510) 441-9300
armaninofoods@armanino.biz
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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 SEC reports. The Company assumes no obligation to update
the information included in this press release.
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